Document:

Exhibit 4.1

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                           JOHN DEERE OWNER TRUST 2006

                      Class A-1 5.36417% Asset Backed Notes

                       Class A-2 5.41% Asset Backed Notes

                       Class A-3 5.38% Asset Backed Notes

                       Class A-4 5.39% Asset Backed Notes

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                                    INDENTURE

                            Dated as of June 15, 2006

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

                              THE BANK OF NEW YORK

                                Indenture Trustee

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                                Table of Contents

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                                    ARTICLE I

                   DEFINITIONS AND INCORPORATION BY REFERENCE

SECTION 1.01.  Definitions....................................................2
SECTION 1.02.  Incorporation by Reference of Trust Indenture Act..............8
SECTION 1.03.  Rules of Construction..........................................9
SECTION 1.04.  Calculations of Interest.......................................9

                                   ARTICLE II

                                    THE NOTES

SECTION 2.01.  Form  10
SECTION 2.02.  Execution, Authentication and Delivery........................10
SECTION 2.03.  Temporary Notes...............................................11
SECTION 2.04.  Registration; Registration of Transfer and Exchange...........11
SECTION 2.05.  Mutilated, Destroyed, Lost or Stolen Notes....................12
SECTION 2.06.  Persons Deemed Owner..........................................13
SECTION 2.07.  Payment of Principal and Interest; Defaulted Interest.........13
SECTION 2.08.  Cancellation..................................................14
SECTION 2.09.  Release of Collateral.........................................14
SECTION 2.10.  Book-Entry Notes..............................................15
SECTION 2.11.  Notices to Clearing Agency....................................15
SECTION 2.12.  Definitive Notes..............................................16
SECTION 2.13.  Notes as Indebtedness for Tax Purposes........................16

                                   ARTICLE III

                                    COVENANTS

SECTION 3.01.  Payment of Principal and Interest.............................16
SECTION 3.02.  Maintenance of Office or Agency...............................16
SECTION 3.03.  Money for Payments To Be Held in Trust........................17
SECTION 3.04.  Existence.....................................................18
SECTION 3.05.  Protection of Trust Estate....................................18
SECTION 3.06.  Opinions as to Trust Estate...................................20
SECTION 3.07.  Performance of Obligations; Servicing of Receivables..........20
SECTION 3.08.  Negative Covenants............................................22
SECTION 3.09.  Annual Statement as to Compliance.............................23
SECTION 3.10.  Issuing Entity May Consolidate, etc., Only on Certain Terms...23
SECTION 3.11.  Successor or Transferee.......................................25
SECTION 3.12.  No Other Business.............................................25

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SECTION 3.13.  No Borrowing..................................................25
SECTION 3.14.  Servicer's Obligations........................................25
SECTION 3.15.  Guarantees, Loans, Advances and Other Liabilities.............25
SECTION 3.16.  Capital Expenditures..........................................25
SECTION 3.17.  Removal of Administrator......................................26
SECTION 3.18.  Restricted Payments...........................................26
SECTION 3.19.  Notice of Events of Default...................................26
SECTION 3.20.  Further Instruments and Acts..................................26

                                   ARTICLE IV

                           SATISFACTION AND DISCHARGE

SECTION 4.01.  Satisfaction and Discharge of Indenture.......................26
SECTION 4.02.  Application of Trust Money....................................27
SECTION 4.03.  Repayment of Moneys Held by Paying Agent......................28

                                    ARTICLE V

                                    REMEDIES

SECTION 5.01.  Events of Default.............................................28
SECTION 5.02.  Acceleration of Maturity; Rescission and Annulment............29
SECTION 5.03.  Collection of Indebtedness and Suits for Enforcement by
               Indenture Trustee.............................................30
SECTION 5.04.  Remedies; Priorities..........................................32
SECTION 5.05.  Optional Preservation of the Receivables......................33
SECTION 5.06.  Limitation of Suits...........................................33
SECTION 5.07.  Unconditional Rights of Noteholders To Receive Principal
               and Interest..................................................34
SECTION 5.08.  Restoration of Rights and Remedies............................34
SECTION 5.09.  Rights and Remedies Cumulative................................34
SECTION 5.10.  Delay or Omission Not a Waiver................................34
SECTION 5.11.  Control by Noteholders........................................35
SECTION 5.12.  Waiver of Past Defaults.......................................35
SECTION 5.13.  Undertaking for Costs.........................................35
SECTION 5.14.  Waiver of Stay or Extension Laws..............................36
SECTION 5.15.  Action on Notes...............................................36
SECTION 5.16.  Performance and Enforcement of Certain Obligations............36

                                   ARTICLE VI

                              THE INDENTURE TRUSTEE

SECTION 6.01.  Duties of Indenture Trustee...................................37
SECTION 6.02.  Rights of Indenture Trustee...................................39
SECTION 6.03.  Individual Rights of Indenture Trustee........................40
SECTION 6.04.  Indenture Trustee's Disclaimer................................40

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SECTION 6.05.  Notice of Defaults............................................40
SECTION 6.06.  Reports by Indenture Trustee to Holders.......................40
SECTION 6.07.  Compensation and Indemnity....................................40
SECTION 6.08.  Replacement of Indenture Trustee..............................41
SECTION 6.09.  Successor Indenture Trustee by Merger.........................42
SECTION 6.10.  Appointment of Co-Trustee or Separate Trustee.................42
SECTION 6.11.  Eligibility; Disqualification.................................44
SECTION 6.12.  Preferential Collection of Claims Against Issuing Entity......44

                                   ARTICLE VII

                         NOTEHOLDERS' LISTS AND REPORTS

SECTION 7.01.  Issuing Entity To Furnish Indenture Trustee Names and
               Addresses of Noteholders......................................44
SECTION 7.02.  Preservation of Information; Communications to Noteholders....44
SECTION 7.03.  Reports by Issuing Entity.....................................44
SECTION 7.04.  Reports by Indenture Trustee..................................45

                                  ARTICLE VIII

                      ACCOUNTS, DISBURSEMENTS AND RELEASES

SECTION 8.01.  Collection of Money...........................................45
SECTION 8.02.  Trust Accounts................................................46
SECTION 8.03.  General Provisions Regarding Accounts.........................46
SECTION 8.04.  Release of Trust Estate.......................................47
SECTION 8.05.  Opinion of Counsel............................................48

                                   ARTICLE IX

                             SUPPLEMENTAL INDENTURES

SECTION 9.01.  Supplemental Indentures Without Consent of Noteholders........48
SECTION 9.02.  Supplemental Indentures with Consent of Noteholders...........49
SECTION 9.03.  Execution of Supplemental Indentures..........................51
SECTION 9.04.  Effect of Supplemental Indenture..............................51
SECTION 9.05.  Conformity with Trust Indenture Act...........................51
SECTION 9.06.  Reference in Notes to Supplemental Indentures.................51

                                    ARTICLE X

                               REDEMPTION OF NOTES

SECTION 10.01.  Redemption...................................................52
SECTION 10.02.  Form of Redemption Notice....................................52
SECTION 10.03.  Notes Payable on Redemption Date.............................53

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                                   ARTICLE XI

                                  MISCELLANEOUS

SECTION 11.01.  Compliance Certificates and Opinions, etc....................53
SECTION 11.02.  Form of Documents Delivered to Indenture Trustee.............54
SECTION 11.03.  Acts of Noteholders..........................................55
SECTION 11.04.  Notices, etc., to Indenture Trustee, Issuing Entity
                and Rating Agencies..........................................56
SECTION 11.05.  Notices to Noteholders; Waiver...............................56
SECTION 11.06.  Alternate Payment and Notice Provisions......................57
SECTION 11.07.  Conflict with Trust Indenture Act............................57
SECTION 11.08.  Effect of Headings and Table of Contents.....................57
SECTION 11.09.  Successors and Assigns.......................................57
SECTION 11.10.  Separability.................................................57
SECTION 11.11.  Benefits of Indenture........................................58
SECTION 11.12.  Legal Holidays...............................................58
SECTION 11.13.  GOVERNING LAW................................................58
SECTION 11.14.  Counterparts.................................................58
SECTION 11.15.  Recording of Indenture.......................................58
SECTION 11.16.  Trust Obligation.............................................58
SECTION 11.17.  No Petition..................................................58
SECTION 11.18.  Subordination Agreement......................................59
SECTION 11.19.  No Recourse..................................................59
SECTION 11.20.  Inspection...................................................59
SECTION 11.21.  Limitation of Liability......................................59

                                    EXHIBITS
                Testimonium, Signatures and Seals Acknowledgments

Exhibit A    Schedule of Receivables
Exhibit B    Form of Sale and Servicing Agreement
Exhibit C    Form of Depository Agreement
Exhibit D    Form of Class A-1 Note
Exhibit E    Form of Class A-2 Note
Exhibit F    Form of Class A-3 Note
Exhibit G    Form of Class A-4 Note

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         INDENTURE dated as of June 15, 2006, between JOHN DEERE OWNER TRUST
2006, a Delaware statutory trust (the "Issuing Entity"), and THE BANK OF NEW
YORK, a New York banking corporation, solely as trustee and not in its
individual capacity (the "Indenture Trustee").

         Each party agrees as follows for the benefit of the other party and for
the equal and ratable benefit of the Holders of the Issuing Entity's Class A-1
5.36417% Asset Backed Notes (the "Class A-1 Notes"), Class A-2 5.41% Asset
Backed Notes (the "Class A-2 Notes"), Class A-3 5.38% Asset Backed Notes (the
"Class A-3 Notes") and the Class A-4 5.39% Asset Backed Notes (the "Class A-4
Notes" and together with the Class A-1 Notes, the Class A-2 Notes and the Class
A-3 Notes, the "Notes"):

                                 GRANTING CLAUSE

         The Issuing Entity hereby Grants to the Indenture Trustee at the
Closing Date, as trustee for the benefit of the Holders of the Notes, all of the
Issuing Entity's right, title and interest, whether now owned or hereafter
acquired, in and to (a) the Receivables and all moneys due thereon on or after
the Cut-off Date; (b) the security interests in the Financed Equipment granted
by Obligors pursuant to the Receivables and any other interest of the Issuing
Entity in the Financed Equipment; (c) any proceeds with respect to the
Receivables from claims on any physical damage, credit life or disability
insurance policies covering Financed Equipment or Obligors; (d) the Purchase
Agreement, including the right assigned to the Issuing Entity to cause JDCC to
repurchase Receivables from the Seller under certain circumstances; (e) all
funds on deposit from time to time in the Trust Accounts, including the Reserve
Account Initial Deposit, and in all investments and proceeds thereof (including
all income thereon); (f) the Sale and Servicing Agreement (including all rights
of the Seller under the Purchase Agreement assigned to the Issuing Entity
pursuant to the Sale and Servicing Agreement); and (g) all present and future
claims, demands, causes and choses in action in respect of any or all of the
foregoing and all payments on or under and all proceeds of every kind and nature
whatsoever in respect of any or all of the foregoing, including all proceeds of
the conversion, voluntary or involuntary, into cash or other liquid property,
all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances,
chattel paper, checks, deposit accounts, insurance proceeds, condemnation
awards, rights to payment of any and every kind and other forms of obligations
and receivables, instruments and other property which at any time constitute all
or part of or are included in the proceeds of any of the foregoing
(collectively, the "Collateral"). This Indenture shall constitute a security
agreement for purposes of the Uniform Commercial Code as in effect in the States
of New York and Delaware on the date hereof.

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

         The Indenture Trustee, as Indenture Trustee on behalf of the Holders of
the Notes, acknowledges such Grant, and accepts the trusts under this Indenture
in accordance with the provisions of this Indenture for the use and benefit of
such Holders.

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                                   ARTICLE I

                   DEFINITIONS AND INCORPORATION BY REFERENCE

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

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

         "Administration Agreement" means the Administration Agreement dated as
of June 15, 2006, among the Administrator, the Issuing Entity and the Indenture
Trustee as amended or supplemented from time to time.

         "Administrator" means the administrator under the Administration
Agreement.

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

         "Authorized Officer" means, with respect to the Issuing Entity, any
officer of the Owner Trustee who is authorized to act for the Owner Trustee in
matters relating to the Issuing Entity and who is identified on the list of
Authorized Officers, containing the specimen signature of each such Person,
delivered by the Owner Trustee to the Indenture Trustee on the Closing Date (as
such list may be modified or supplemented from time to time thereafter) and, so
long as the Administration Agreement is in effect, any Assistant Treasurer, any
Vice President or more senior officer of the Administrator who is authorized to
act for the Administrator in matters relating to the Issuing Entity and to be
acted upon by the Administrator pursuant to the Administration Agreement and who
is identified on the list of Authorized Officers (containing the specimen
signatures of such officers) delivered by the Administrator to the Indenture
Trustee on the Closing Date (as such list may be modified or supplemented from
time to time thereafter); provided, however, that for purposes of Section 3.09
and Section 1(a)(J) of the Administration Agreement such officer of the
Administrator must be any of the president, controller, chief executive officer,
chief financial officer or chief accounting officer.

         "Bankruptcy Code" means the United States Bankruptcy Code, Title 11 of
the United States Code, as amended.

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

         "Book Entry Notes" means a beneficial interest in the Notes, ownership
and transfers of which shall be made through book entries by a Clearing Agency
as described in Section 2.10.

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

         "Certificate" has the meaning assigned to it in the Trust Agreement.

         "Certificate of Trust" means the certificate of trust of the Issuing
Entity substantially in the form of Exhibit A to the Trust Agreement.

         "Class A-1 Note" means a Class A-1 5.36417% Asset-Backed Note,
substantially in the form of Exhibit D.

         "Class A-1 Note Interest Rate" means 5.36417% per annum.

         "Class A-2 Note" means a Class A-2 5.41% Asset Backed Note,
substantially in the form of Exhibit E.

         "Class A-2 Note Interest Rate" means 5.41% per annum.

         "Class A-3 Note" means a Class A-3 5.38% Asset Backed Note,
substantially in the form of Exhibit F.

         "Class A-3 Note Interest Rate" means 5.38% per annum.

         "Class A-4 Note" means a Class A-4 5.39% Asset Backed Note,
substantially in the form of Exhibit G.

         "Class A-4 Note Interest Rate" means 5.39% per annum.

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

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

         "Closing Date" means June 20, 2006.

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

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

         "Corporate Trust Office" means the principal office of the Indenture
Trustee at which at any particular time its corporate trust business shall be
administered which office at the date of the execution of this Indenture is
located at 101 Barclay Street, New York, NY 10286, Attention: Corporate Trustee
Administration, facsimile No.: 212-815-3883, or at such other address as the
Indenture Trustee may designate from time to time by notice to the Noteholders
and the Issuing Entity, or the principal corporate trust office of any successor
Indenture Trustee

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(the address of which the successor Indenture Trustee will notify the
Noteholders and the Issuing Entity).

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

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

         "Depository Agreement" means the agreement among the Issuing Entity and
The Depository Trust Company, as the initial Clearing Agency, dated the Closing
Date, substantially in the form of Exhibit C, as amended or supplemented from
time to time.

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

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

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

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

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

         "Holder" or "Noteholder" means the Person in whose name a Class A-1
Note, a Class A-2 Note, a Class A-3 Note or a Class A-4 Note is registered on
the Note Register.

         "Indenture" means this Indenture as amended or supplemented from time
to time.

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

         "Independent" means, when used with respect to any specified Person,
that the Person (a) is in fact independent of the Issuing Entity, any other
obligor upon the Notes, the Seller and any Affiliate of any of the foregoing
Persons, (b) does not have any direct financial

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interest or any material indirect financial interest in the Issuing Entity, any
such other obligor, the Seller or any Affiliate of any of the foregoing Persons
and (c) is not connected with the Issuing Entity, any such other obligor, the
Seller or any Affiliate of any of the foregoing Persons as an officer, employee,
promoter, underwriter, trustee, partner, director or person performing similar
functions.

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

         "Issuing Entity" means John Deere Owner Trust 2006 until a successor
replaces it and, thereafter, means the successor and, for purposes of any
provision contained herein and required by the TIA, each other obligor on the
Notes.

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

         "JDCC" means John Deere Capital Corporation, a Delaware corporation,
and its successors.

         "Note Interest Rate" means the per annum interest rate borne by a Note.

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

         "Note Register" and "Note Registrar" have the respective meanings
specified in Section 2.04.

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

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

         "Opinion of Counsel" means one or more written opinions of counsel who
may, except as otherwise expressly provided in this Indenture, be employees of
or counsel to the

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Issuing Entity and which opinion or opinions shall be addressed to the Indenture
Trustee as Indenture Trustee, and shall comply with any applicable requirements
of Section 11.01.

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

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

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

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

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

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

         "Owner Trustee" means U.S. Bank Trust National Association not in its
individual capacity but solely as Owner Trustee under the Trust Agreement, or
any successor Owner Trustee under the Trust Agreement.

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

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         "Payment Date" means the 15th day of each month, or, if any such date
is not a Business Day, the next succeeding Business Day, commencing July 17,
2006; provided, however, that if any Class A-1 Notes are outstanding after the
Payment Date in June 2007, Payment Date shall also mean, solely in the context
of determining the date for final payment of the Class A-1 Notes and the
interest accrual period for the Class A-1 Notes from the Payment Date in June
2007 to but excluding such final payment, the Special Payment Date.

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

         "Predecessor Note" means, with respect to any particular Note, every
previous Note evidencing all or a portion of the same debt as that evidenced by
such particular Note; and, for the purpose of this definition, any Note
authenticated and delivered under Section 2.05 in lieu of a mutilated, lost,
destroyed or stolen Note shall be deemed to evidence the same debt as the
mutilated, lost, destroyed or stolen Note.

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

         "Protected Purchaser" has the meaning specified in Article Eight of the
UCC.

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

         "Rating Agency Condition" means, with respect to any action, that each
Rating Agency shall have been given 10 days' prior notice thereof and that each
of the Rating Agencies shall have notified the Seller, the Servicer and the
Issuing Entity in writing that such action will not result in a reduction or
withdrawal of the then current ratings of the Notes.

         "Record Date" means, with respect to a Payment Date or Redemption Date,
the close of business on the day immediately preceding such Payment Date or
Redemption Date, unless Definitive Notes are issued, in which case the Record
Date with respect to such Definitive Notes as to any Payment Date shall be the
last day of the immediately preceding calendar month.

         "Redemption Date" means the Payment Date specified by the Servicer or
the Issuing Entity pursuant to Section 10.01(a) or (b), as applicable.

         "Redemption Price" means in the case of (a) a redemption of the Notes
pursuant to Section 10.01(a), an amount equal to the Outstanding Amount of the
Notes redeemed plus accrued and unpaid interest on the Notes at the related Note
Interest Rate to but excluding the Redemption Date, or (b) a payment made to
Noteholders pursuant to Section 10.01(b), the amount on deposit in the Note
Distribution Account, but not in excess of the amount specified in clause (a)
above.

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

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

         "Sale and Servicing Agreement" means the Sale and Servicing Agreement
dated as of June 15, 2006 among the Issuing Entity, the Seller and the Servicer,
in the form of Exhibit B, as amended or supplemented from time to time.

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

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

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

         "Trust Accounts" mean the Collection Account, the Note Distribution
Account and the Reserve Account established pursuant to Section 5.01 of the Sale
and Servicing Agreement.

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

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

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

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

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

         "Commission" means the Securities and Exchange Commission.

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<PAGE>

         "indenture securities" means the Notes.

         "indenture security holder" means a Noteholder.

         "indenture to be qualified" means this Indenture.

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

         "obligor" on the indenture securities means the Issuing Entity and any
other obligor on the indenture securities.

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

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

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

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

                (iii)  "or" is not exclusive;

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

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

         SECTION 1.04. Calculations of Interest. All calculations of interest in
respect of the Class A-1 Notes made hereunder shall be computed on the basis of
the actual number of days in the related period of accrual divided by 360.
Interest in respect of the Class A-1 Notes shall accrue from and including the
Closing Date or from and including the most recent Payment Date to which
interest has been paid to but excluding the current Payment Date. For the
avoidance of doubt, if any Class A-1 Notes are outstanding after the Payment
Date in June 2007, interest on the Class A-1 Notes will accrue from and
including the Payment Date in June 2007 to but excluding the Special Payment
Date. All calculations of interest in respect of the Class A-2 Notes, the Class
A-3 Notes and the Class A-4 Notes made hereunder shall be made on the basis of a
360-day year consisting of twelve 30-day months. Interest on the Class A-2
Notes, the Class A-3 Notes and the Class A-4 Notes in respect of a Payment Date
will accrue from and including the 15th day of the month preceding such Payment
Date (or the Closing Date in the case of the first Payment Date) to and
including the 14th day of the month of such Payment Date.

                                       9

<PAGE>

                                   ARTICLE II

                                   THE NOTES

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

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

         Each Note shall be dated the date of its authentication. The terms of
the Notes set forth in Exhibits D, E, F and G are part of the terms of this
Indenture.

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

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

         The Indenture Trustee shall upon Issuing Entity Order authenticate and
deliver Class A-1 Notes for original issue in an aggregate principal amount of
$183,500,000, Class A-2 Notes for original issue in an aggregate principal
amount of $123,000,000, Class A-3 Notes for original issue in an aggregate
principal amount of $272,000,000 and Class A-4 Notes for original issue in an
aggregate principal amount of $211,970,000. The aggregate principal amount of
Class A-1, Class A-2, Class A-3 and Class A-4 Notes outstanding at any time may
not exceed such amounts, respectively, except as provided in Section 2.05.

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

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

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<PAGE>

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

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

         SECTION 2.04. Registration; Registration of Transfer and Exchange.
The Issuing Entity shall cause to be kept a register (the "Note Register") in
which, subject to such reasonable regulations as it may prescribe, the Issuing
Entity shall provide for the registration of Notes and the registration of
transfers of Notes. The Indenture Trustee shall be "Note Registrar" for the
purpose of registering Notes and transfers of Notes as herein provided. Upon any
resignation of any Note Registrar, the Issuing Entity shall promptly appoint a
successor or, if it elects not to make such an appointment, assume the duties of
Note Registrar.

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

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

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

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<PAGE>

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

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

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

         Each Noteholder, by its acceptance of a Note (and each Note Owner, by
its acceptance of a beneficial interest in a Note) will be deemed to have
represented that (x) it is not, and is not acquiring the Note on behalf of, or
with "plan assets" (as determined under Department of Labor Regulation ss.
2510.3-101 or otherwise) of, an "employee benefit plan" (as defined in Section
3(3) of ERISA) that is subject to Title I of ERISA, or a "plan" (as defined in
section 4975 of the Code) that is subject to 4975 of the Code, or any employee
benefit plan subject to a federal, state, or local law similar to Title I of
ERISA or Section 4975 of the Code, or (y) its acquisition and holding of the
Note do not give rise to a transaction prohibited under Section 406 of ERISA or
Section 4975 of the Code or under any applicable similar law for which an
exemption, all of the conditions of which are satisfied, is not available.

         SECTION 2.05. Mutilated, Destroyed, Lost or Stolen Notes. If (i) any
mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee
receives evidence to its satisfaction of the destruction, loss or theft of any
Note, and (ii) there is delivered to the Indenture Trustee such security or
indemnity as may be required by it to hold the Issuing Entity and the Indenture
Trustee harmless, then, in the absence of notice to the Issuing Entity, the Note
Registrar or the Indenture Trustee that such Note has been acquired by a
Protected Purchaser, and provided that the requirements of Section 8-405 of the
UCC are met, the Issuing Entity shall execute and upon its request the Indenture
Trustee shall authenticate and deliver, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Note, a replacement Note of the same Class;
provided, however, that if any such destroyed, lost or stolen Note, but not a
mutilated Note, shall have become or within seven days shall be due and payable,
or shall have been called for redemption, instead of issuing a replacement Note,
the Issuing Entity may pay such destroyed, lost or stolen Note when so due or
payable or upon the Redemption Date without surrender thereof. If, after the
delivery of such replacement Note or payment of a destroyed, lost or stolen Note
pursuant to the proviso to the preceding sentence, a Protected Purchaser of the
original Note in lieu of which such replacement Note was issued presents for
payment such

                                       12

<PAGE>

original Note, the Issuing Entity and the Indenture Trustee shall be entitled to
recover such replacement Note (or such payment) from the Person to whom it was
delivered or any Person taking such replacement Note from such Person to whom
such replacement Note was delivered or any assignee of such Person, except a
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 Issuing Entity or the Indenture Trustee in connection therewith.

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

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

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

         SECTION 2.06. Persons Deemed Owner. Prior to due presentment for
registration of transfer of any Note, the Issuing Entity, the Indenture Trustee
and any agent of the Issuing Entity or the Indenture Trustee shall treat the
Person in whose name any Note is registered (as of the day of determination) as
the owner of such Note for the purpose of receiving payments of principal of and
interest, if any, on such Note and for all other purposes whatsoever, whether or
not such Note be overdue, and neither the Issuing Entity, the Indenture Trustee
nor any agent of the Issuing Entity or the Indenture Trustee shall be affected
by notice to the contrary.

         SECTION 2.07. Payment of Principal and Interest; Defaulted Interest.
(a) The Notes shall accrue interest as provided in the forms of the Class A-1
Note, Class A-2 Note, Class A-3 Note and Class A-4 Note set forth in Exhibits D,
E, F and G, respectively, and such interest shall be payable on each Payment
Date as specified therein. Any installment of interest or principal, if any,
payable on any Note which is punctually paid or duly provided for by the Issuing
Entity on the applicable Payment Date shall be paid to the Person in whose name
such Note (or one or more Predecessor Notes) is registered on the Record Date,
by check mailed first-class, postage prepaid to such Person's address as it
appears on the Note Register on such Record Date, except that, unless Definitive
Notes have been issued pursuant to Section 2.12, with respect to Notes
registered on the Record Date in the name of the nominee of the Clearing Agency
(initially, such nominee to be Cede & Co.), payment will be made by wire
transfer in immediately available funds to the account designated by such
nominee and except for the final installment of principal payable with respect
to such Note on a Payment Date (and except for the Redemption Price for any Note
called for redemption pursuant to Section 10.01(a)) which shall be payable as
provided below. The funds represented by any such checks returned undelivered
shall be held in accordance with Section 3.03.

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<PAGE>

        (b)  The principal of each Note shall be payable in installments on each
Payment Date as provided in the forms of the Class A-1 Note, Class A-2 Note,
Class A-3 Note and Class A-4 Note set forth in Exhibits D, E, F and G,
respectively. Notwithstanding the foregoing, the entire unpaid principal amount
of the Notes shall be due and payable, if not previously paid, on the date on
which an Event of Default shall have occurred and be continuing, if the
Indenture Trustee or the Holders of the Notes representing not less than a
majority of the Outstanding Amount of the Notes have declared the Notes to be
immediately due and payable in the manner provided in Section 5.02. All
principal payments on each Class of Notes shall be made pro rata to the
Noteholders of such Class entitled thereto. Upon notice to the Indenture Trustee
by the Issuing Entity, the Indenture Trustee shall notify the Person in whose
name a Note is registered at the close of business on the Record Date preceding
the Payment Date on which the Issuing Entity expects that the final installment
of principal of and interest on such Note will be paid. Such notice shall be
mailed no later than five Business Days prior to such final Payment Date and
shall specify that such final installment will be payable only upon presentation
and surrender of such Note and shall specify the place where such Note may be
presented and surrendered for payment of such installment. Notices in connection
with redemptions of Notes shall be mailed to Noteholders as provided in Section
10.02.

        (c)  If the Issuing Entity defaults in a payment of interest on the
Notes, the Issuing Entity shall pay defaulted interest (plus interest on such
defaulted interest at a rate per annum equal to the sum of (i) the applicable
Note Interest Rate and (ii) 1.0%, to the extent lawful) in any lawful manner.
The Issuing Entity may pay such defaulted interest and interest on such
defaulted interest to the persons who are Noteholders on a subsequent special
record date, which date shall be at least five Business Days prior to the
payment date. The Issuing Entity shall fix or cause to be fixed any such special
record date and payment date, and, at least 10 days before any such special
record date, the Issuing Entity shall mail to each Noteholder a notice that
states the special record date, the payment date and the amount of defaulted
interest and interest on such defaulted interest to be paid.

         SECTION 2.08. Cancellation. All Notes surrendered for payment,
registration of transfer, exchange or redemption shall, if surrendered to any
Person other than the Indenture Trustee, be delivered to the Indenture Trustee
and shall be promptly cancelled by the Indenture Trustee. The Issuing Entity may
at any time deliver to the Indenture Trustee for cancellation any Notes
previously authenticated and delivered hereunder which the Issuing Entity may
have acquired in any manner whatsoever, and all Notes so delivered shall be
promptly cancelled by the Indenture Trustee. No Notes shall be authenticated in
lieu of or in exchange for any Notes cancelled as provided in this Section,
except as expressly permitted by this Indenture. All cancelled Notes may be held
or disposed of by the Indenture Trustee in accordance with its standard
retention or disposal policy as in effect at the time unless the Issuing Entity
shall direct by an Issuing Entity Order that they be returned to it; provided
that the Notes have not been previously disposed of by the Indenture Trustee.

         SECTION 2.09. Release of Collateral. Subject to Section 11.01, the
Indenture Trustee shall release property from the lien of this Indenture only
upon receipt of an Issuing Entity Request accompanied by an Officer's
Certificate, an Opinion of Counsel and Independent Certificates in accordance
with TIA ss.ss. 314(c) and 314(d)(l) or an Opinion of Counsel in lieu of

                                       14

<PAGE>

such Independent Certificates to the effect that the TIA does not require any
such Independent Certificates.

         SECTION 2.10. Book-Entry Notes. The Notes, upon original issuance,
will be issued in the form of a typewritten Note or Notes representing the
Book-Entry Notes, to be delivered to The Depository Trust Company, the initial
Clearing Agency, by, or on behalf of, the Issuing Entity. Such Note shall
initially be registered on the Note Register in the name of Cede & Co., the
nominee of the initial Clearing Agency, and no Note Owner will receive a
Definitive Note (as hereinafter defined) representing such Note Owner's interest
in such Note, except as provided in Section 2.12. Unless and until definitive,
fully registered Notes (the "Definitive Notes") have been issued to Note Owners
pursuant to Section 2.12:

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

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

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

                  (iv) the rights of Note Owners shall be exercised only through
         the Clearing Agency and shall be limited to those established by law
         and agreements between such Note Owners and the Clearing Agency and/or
         the Clearing Agency Participants; pursuant to the Depository Agreement,
         unless and until Definitive Notes are issued pursuant to Section 2.12,
         the initial Clearing Agency will make book-entry transfers among the
         Clearing Agency Participants and receive and transmit payments of
         principal of and interest on the Notes to such Clearing Agency
         Participants; and

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

         SECTION 2.11. Notices to Clearing Agency. Whenever a notice or other
communication to the Noteholders is required under this Indenture, unless and
until Definitive Notes shall have been issued to Note Owners pursuant to Section
2.12, the Indenture Trustee shall give all such notices and communications
specified herein to be given to Holders of the Notes to the Clearing Agency, and
shall have no obligation to the Note Owners or other Holders of the Notes.

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<PAGE>

         SECTION 2.12. Definitive Notes. If (i) the Administrator advises the
Indenture Trustee in writing that the Clearing Agency is no longer willing or
able to properly discharge its responsibilities with respect to the Notes, and
the Administrator is unable to locate a qualified successor, (ii) the
Administrator at its option advises the Indenture Trustee in writing that it
elects to terminate the book-entry system through the Clearing Agency or (iii)
after the occurrence of an Event of Default or a Servicer Default, Note Owners
representing beneficial interests aggregating at least a majority of the
Outstanding Amount of the Notes advise the Clearing Agency in writing that the
continuation of a book-entry system through the Clearing Agency is no longer in
the best interests of the Note Owners, then the Clearing Agency shall notify all
Note Owners and the Indenture Trustee of the occurrence of any such event and of
the availability of Definitive Notes to Note Owners requesting the same. Upon
surrender to the Indenture Trustee of the typewritten Note or Notes representing
the Book-Entry Notes by the Clearing Agency, accompanied by registration
instructions, the Issuing Entity shall execute and the Indenture Trustee shall
authenticate the Definitive Notes in accordance with the instructions of the
Clearing Agency. None of the Issuing Entity, the Note Registrar or the Indenture
Trustee shall be liable for any delay in delivery of such instructions and may
conclusively rely on, and shall be protected in relying on, such instructions.
Upon the issuance of Definitive Notes, the Indenture Trustee shall recognize the
Holders of the Definitive Notes as Noteholders.

         SECTION 2.13. Notes as Indebtedness for Tax Purposes. The Issuing
Entity is entering into this Indenture with the intention that, for federal,
State and local income and franchise tax purposes, each Note will qualify as
indebtedness secured by the Collateral.

                                  ARTICLE III

                                   COVENANTS

         SECTION 3.01. Payment of Principal and Interest. The Issuing Entity
will duly and punctually pay the principal of and interest on the Notes in
accordance with the terms of the Notes and this Indenture. Without limiting the
foregoing, the Issuing Entity will cause to be distributed all amounts on
deposit in the Note Distribution Account on a Payment Date. Amounts properly
withheld under the Code by any Person from a payment to any Noteholder of
interest and/or principal shall be considered as having been paid by the Issuing
Entity to such Noteholder for all purposes of this Indenture.

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

                                       16

<PAGE>

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

         At or before noon (New York time) on each Payment Date and Redemption
Date, the Issuing Entity shall deposit or cause to be deposited in the Note
Distribution Account an aggregate sum sufficient to pay the amounts then
becoming due under the Notes, such sum to be held in trust for the benefit of
the Persons entitled thereto and (unless the Paying Agent is the Indenture
Trustee) shall promptly notify the Indenture Trustee of its action or failure so
to act.

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

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

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

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

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

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

         The Issuing Entity may at any time, for the purpose of obtaining the
satisfaction and discharge of this Indenture or for any other purpose, by
Issuing Entity Order direct any Paying Agent to pay to the Indenture Trustee all
sums held in trust by such Paying Agent, such sums to be held by the Indenture
Trustee upon the same trusts as those upon which the sums were held by such
Paying Agent; and upon such payment by any Paying Agent to the Indenture

                                       17

<PAGE>

Trustee, such Paying Agent shall be released from all further liability with
respect to such money.

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

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

         SECTION 3.05. Protection of Trust Estate. (a) The Issuing Entity
will from time to time prepare, execute, deliver and file all such supplements
and amendments hereto and all such financing statements, continuation
statements, instruments of further assurance and other instruments, and will
take such other action necessary or advisable to:

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

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

                  (iii) enforce any of the Collateral; or

                                       18

<PAGE>

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

         The Issuing Entity hereby designates the Indenture Trustee, and hereby
authorizes the Indenture Trustee as its agent and attorney-in-fact, to execute
any financing statement, continuation statement or other instrument delivered to
the Indenture Trustee pursuant to this Section.

         (b)   The Issuing Entity hereby represents and warrants that, as to the
Collateral pledged to the Indenture Trustee for the benefit of the Noteholders,
on the Closing Date:

                  (i) the Indenture creates a valid and continuing security
         interest (as defined in the applicable UCC) in the Collateral that is
         in existence in favor of the Indenture Trustee, which security interest
         is prior to all other liens, and is enforceable as such as against
         creditors of and purchasers from the Issuing Entity;

                  (ii) the Receivables constitute "tangible chattel paper" under
         the applicable UCC;

                  (iii) the Issuing Entity owns and has good and marketable
         title to such Collateral free and clear of any liens, claims or
         encumbrances of any Person, other than the interest Granted under this
         Indenture;

                  (iv) the Issuing Entity has acquired its ownership in such
         Collateral in good faith without notice of any adverse claim;

                  (v) the Trust Accounts are not in the name of any person other
         than the Indenture Trustee and the Issuing Entity has not consented to
         the bank maintaining the Trust Accounts to comply with the instructions
         of any person other than the Indenture Trustee;

                  (vi) the Issuing Entity has not assigned, pledged, sold,
         granted a security interest in or otherwise conveyed any interest in
         such Collateral (or, if any such interest has been assigned, pledged or
         otherwise encumbered, it has been released) other than interests
         Granted pursuant to this Indenture;

                  (vii) the Issuing Entity has caused or will have caused,
         within ten days after the Closing Date, the filing of all appropriate
         financing statements in the proper filing office in the appropriate
         jurisdiction under the applicable law in order to perfect the security
         interest Granted hereunder in the Receivables;

                  (viii) other than its Granting hereunder, the Issuing Entity
         has not Granted such Collateral, the Issuing Entity has not authorized
         the filing of and is not aware of any financing statements against the
         Issuing Entity that include a description of such Collateral other than
         the financing statement in favor of the Indenture Trustee, and the
         Issuing Entity is not aware of any judgment or tax lien filing against
         it; and

                                       19

<PAGE>

                  (ix) the information relating to such Collateral set forth in
         the Schedule of Receivables (attached hereto as Exhibit A) is correct.

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

         (b) On or before February 28 in each calendar year, beginning in 2007,
the Issuing Entity shall furnish to the Indenture Trustee an Opinion of Counsel
either stating that, in the opinion of such counsel, such action has been taken
with respect to the recording, filing, re-recording and refiling of this
Indenture, any indentures supplemental hereto and any other requisite documents
and with respect to the execution and filing of any financing statements and
continuation statements as is necessary to maintain the lien and security
interest created by this Indenture and reciting the details of such action or
stating that in the opinion of such counsel no such action is necessary to
maintain such lien and security interest. Such Opinion of Counsel shall also
describe the recording, filing, re-recording and refiling of this Indenture, any
indentures supplemental hereto and any other requisite documents and the
execution and filing of any financing statements and continuation statements
that will, in the opinion of such counsel, be required to maintain the lien and
security interest of this Indenture until February 28 in the following calendar
year.

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

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

         (c) The Issuing Entity will punctually perform and observe all of its
obligations and agreements contained in this Indenture, the Basic Documents and
in the instruments and agreements included in the Trust Estate, including but
not limited to filing or causing to be filed all UCC financing statements and
continuation statements required to be filed by the terms of this Indenture and
the Sale and Servicing Agreement in accordance with and within the time periods
provided for herein and therein. Except as otherwise expressly provided

                                       20

<PAGE>

therein, the Issuing Entity shall not waive, amend, modify, supplement or
terminate any Basic Document or any provision thereof without the consent of the
Indenture Trustee or the Holders of at least a majority of the Outstanding
Amount of the Notes.

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

         (e) As promptly as possible after the giving of notice of termination
to the Servicer of the Servicer's rights and powers pursuant to Section 8.01 of
the Sale and Servicing Agreement, the Issuing Entity shall appoint a successor
servicer (the "Successor Servicer"), and such Successor Servicer shall accept
its appointment by a written assumption in a form acceptable to the Indenture
Trustee. In the event that a Successor Servicer has not been appointed and
accepted its appointment at the time when the Servicer ceases to act as
Servicer, the Indenture Trustee without further action shall automatically be
appointed the Successor Servicer, subject to Section 8.02 of the Sale and
Servicing Agreement. The Indenture Trustee may resign as the Servicer by giving
written notice of such resignation to the Issuing Entity and in such event will
be released from such duties and obligations, such release not to be effective
until the date a new servicer enters into a servicing agreement with the Issuing
Entity as provided below. In each case of either the appointment of the
Indenture Trustee (or any Affiliate as provided below) as Successor Servicer, or
resignation of the Indenture Trustee as Servicer, the Indenture Trustee shall
provide to the Depositor, in writing, such information as reasonably requested
by the Depositor to comply with its reporting obligation under the Exchange Act
with respect to a successor Servicer or the resignation of the Servicer. Upon
delivery of any such notice to the Issuing Entity, the Issuing Entity shall
obtain a new servicer as the Successor Servicer under the Sale and Servicing
Agreement. Any Successor Servicer other than the Indenture Trustee shall (i) be
an established financial institution having a net worth of not less than
$50,000,000 and whose regular business includes the servicing of equipment
receivables, (ii) enter into a servicing agreement with the Issuing Entity
having substantially the same provisions as the provisions of the Sale and
Servicing Agreement applicable to the Servicer and (iii) shall provide to the
Depositor, in writing, such information as reasonably requested by the Depositor
to comply with its reporting obligation under the Exchange Act with respect to a
successor Servicer. If within 30 days after the delivery of the notice referred
to above, the Issuing Entity shall not have obtained such a new servicer, the
Indenture Trustee may appoint, or may petition a court of competent jurisdiction
to appoint, a Successor Servicer. In connection with any such appointment, the
Indenture Trustee may make such arrangements for the compensation of such
successor as it and such successor shall agree, subject to the limitations set
forth below and in the Sale and Servicing Agreement, and in accordance with
Section 8.02 of the Sale and Servicing Agreement, the Issuing Entity shall enter
into an agreement with such successor for the servicing of the Receivables (such
agreement to be in form and substance satisfactory to the Indenture Trustee). If
the Indenture Trustee shall succeed to the Servicer's duties as servicer of the
Receivables as provided herein, it shall do so in its capacity as servicer and
not in its capacity as Indenture Trustee and, accordingly, the provisions of
Article VI hereof

                                       21

<PAGE>

shall be inapplicable to the Indenture Trustee in its duties as the successor to
the Servicer and the servicing of the Receivables. In case the Indenture Trustee
shall become successor to the Servicer under the Sale and Servicing Agreement,
the Indenture Trustee shall be entitled to appoint as Servicer any one of its
affiliates, provided that it shall be fully liable for the actions and omissions
of such affiliate in such capacity as Successor Servicer.

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

         (g) Without derogating from the absolute nature of the assignment
granted to the Indenture Trustee under this Indenture or the rights of the
Indenture Trustee hereunder, the Issuing Entity agrees that it will not, without
the prior written consent of the Indenture Trustee or the Holders of at least a
majority in Outstanding Amount of the Notes, amend, modify, waive, supplement,
terminate or surrender, or agree to any amendment, modification, supplement,
termination, waiver or surrender of, the terms of any Collateral (except to the
extent otherwise provided in the Sale and Servicing Agreement) or the Basic
Documents, or waive timely performance or observance by the Servicer or the
Seller under the Sale and Servicing Agreement or JDCC under the Purchase
Agreement; provided, however, that no such amendment shall (i) increase or
reduce in any manner the amount of, or accelerate or delay the timing of,
collections of payments on Receivables or distributions that are required to be
made for the benefit of the Noteholders or (ii) reduce the aforesaid percentage
of the Notes which are required to consent to any such amendment, without the
consent of the holders of all the outstanding Notes. If any such amendment,
modification, supplement or waiver shall be so consented to by the Indenture
Trustee or such Holders, the Issuing Entity agrees, promptly following a request
by the Indenture Trustee to do so, to execute and deliver, in its own name and
at its own expense, such agreements, instruments, consents and other documents
as the Indenture Trustee may reasonably deem necessary or appropriate in the
circumstances.

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

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

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

                                       22

<PAGE>

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

         SECTION 3.09. Annual Statement as to Compliance. The Issuing Entity
will deliver to the Indenture Trustee, within 120 days after the end of each
fiscal year of the Issuing Entity (commencing with the fiscal year ending in
2006), an Officer's Certificate stating, as to the Authorized Officer signing
such Officer's Certificate, that

                  (i) a review of the activities of the Issuing Entity during
         the 12-month period ending at the end of such fiscal year (or in the
         case of the fiscal year ending October 2006, the period from the
         Closing Date to October 31, 2006) and of performance under this
         Indenture has been made under such Authorized Officer's supervision;
         and

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

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

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

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

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

                                       23

<PAGE>

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

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

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

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

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

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

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

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

                                       24

<PAGE>

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

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

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

         (b) Upon a conveyance or transfer of all the assets and properties of
the Issuing Entity pursuant to Section 3.10(b), the Issuing Entity will be
released from every covenant and agreement of this Indenture to be observed or
performed on the part of the Issuing Entity with respect to the Notes
immediately upon the delivery to and acceptance by the Indenture Trustee of the
Officer's Certificate and Opinion of Counsel specified in Section 3.10(b)(vi)
stating that the Issuing Entity is to be so released.

         SECTION 3.12. No Other Business. The Issuing Entity shall not engage in
any business other than financing, purchasing, owning, selling and managing the
Receivables in the manner contemplated by this Indenture and the Basic
Documents, issuing the Notes and Certificates and activities incidental thereto.

         SECTION 3.13. No Borrowing. The Issuing Entity shall not issue, incur,
assume, guarantee or otherwise become liable, directly or indirectly, for any
indebtedness except for the Notes.

         SECTION 3.14. Servicer's Obligations. The Issuing Entity shall cause
the Servicer to comply with Sections 4.09, 4.10, 4.11 and 5.06 of the Sale and
Servicing Agreement.

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

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

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<PAGE>

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

         SECTION 3.18. Restricted Payments. The Issuing Entity shall not,
directly or indirectly, (i) pay any dividend or make any distribution (by
reduction of capital or otherwise), whether in cash, property, securities or a
combination thereof, to the Owner Trustee or any owner of a beneficial interest
in the Issuing Entity or otherwise with respect to any ownership or equity
interest or security in or of the Issuing Entity or to the Servicer, (ii)
redeem, purchase, retire or otherwise acquire for value any such ownership or
equity interest or security or (iii) set aside or otherwise segregate any
amounts for any such purpose; provided, however, that the Issuing Entity may
make, or cause to be made, (x) distributions to the Servicer, the Owner Trustee
and the Certificateholders as permitted by, and to the extent funds are
available for such purpose under, the Sale and Servicing Agreement and (y)
payments to the Indenture Trustee pursuant to Section 1(a)(ii) of the
Administration Agreement. The Issuing Entity will not, directly or indirectly,
make payments to or distributions from the Collection Account except in
accordance with this Indenture and the Basic Documents.

         SECTION 3.19. Notice of Events of Default. The Issuing Entity agrees to
give the Indenture Trustee and the Rating Agencies prompt written notice of each
Event of Default hereunder and, within five days after obtaining knowledge of
any of the following occurrences, written notice of each default on the part of
the Servicer or the Seller of its obligations under the Sale and Servicing
Agreement and each default on the part of JDCC of its obligations under the
Purchase Agreement.

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

                                   ARTICLE IV

                           SATISFACTION AND DISCHARGE

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

                                       26

<PAGE>

                  (A) either

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

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

                                  (a)   have become due and payable,

                                  (b)   will become due and payable at the Class
                           A-4 Final Scheduled Payment Date within one year, or

                                  (c)   are to be called for redemption within
                           one year under arrangements satisfactory to the
                           Indenture Trustee for the giving of notice of
                           redemption by the Indenture Trustee in the name, and
                           at the expense, of the Issuing Entity, and the
                           Issuing Entity, in the case of clause (a), (b) or (c)
                           immediately above, has irrevocably deposited or
                           caused to be irrevocably deposited with the Indenture
                           Trustee cash or direct obligations of or obligations
                           guaranteed by the United States of America (which
                           will mature prior to the date such amounts are
                           payable), in trust for such purpose, in an amount
                           sufficient to pay and discharge the entire
                           indebtedness on such Notes not theretofore delivered
                           to the Indenture Trustee for cancellation as of such
                           day of discharge or when due on the Class A-4 Final
                           Scheduled Payment Date or Redemption Date (if Notes
                           shall have been called for redemption pursuant to
                           Section 10.01(a)), as the case may be;

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

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

         SECTION 4.02. Application of Trust Money. All moneys deposited with the
Indenture Trustee pursuant to Section 4.01 shall be held in trust and applied by
it, in accordance with the provisions of the Notes and this Indenture, to the
payment, either directly or through any Paying Agent, as the Indenture Trustee
may determine, to the Holders of the particular Notes for

                                       27

<PAGE>

the payment or redemption of which such moneys have been deposited with the
Indenture Trustee, of all sums due and to become due thereon for principal and
interest; but such moneys need not be segregated from other funds except to the
extent required herein or in the Sale and Servicing Agreement or required by
law.

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

                                   ARTICLE V

                                    REMEDIES

         SECTION 5.01. Events of Default. "Event of Default", wherever used
herein, means any one of the following events (whatever the reason for such
Event of Default and whether it shall be voluntary or involuntary or be effected
by operation of law or pursuant to any judgment, decree or order of any court or
any order, rule or regulation of any administrative or governmental body):

                  (i) default in the payment of any interest on any Note when
         the same becomes due and payable, and such default shall continue for a
         period of five days; or

                  (ii) default in the payment of the principal of or any
         installment of the principal of any Note when the same becomes due and
         payable; or

                  (iii) default in the observance or performance of any covenant
         or agreement of the Issuing Entity made in this Indenture (other than a
         covenant or agreement, a default in the observance or performance of
         which is elsewhere in this Section specifically dealt with), or any
         representation or warranty of the Issuing Entity made in this Indenture
         or in any certificate or other writing delivered pursuant hereto or in
         connection herewith proving to have been incorrect in any material
         respect as of the time when the same shall have been made, and such
         default shall continue or not be cured, or the circumstance or
         condition in respect of which such representation or warranty was
         incorrect shall not have been eliminated or otherwise cured, for a
         period of 30 days after there shall have been given, by registered or
         certified mail, to the Issuing Entity by the Indenture Trustee or to
         the Issuing Entity and the Indenture Trustee by the Holders of at least
         25% of the Outstanding Amount of the Notes, a written notice specifying
         such default or incorrect representation or warranty and requiring it
         to be remedied and stating that such notice is a "Notice of Default"
         hereunder; or

                  (iv) the filing of a decree or order for relief by a court
         having jurisdiction in the premises in respect of the Issuing Entity or
         any substantial part of the Trust Estate in an involuntary case under
         any applicable federal or State bankruptcy, insolvency or other similar
         law now or hereafter in effect, or appointing a receiver,

                                       28

<PAGE>

         liquidator, assignee, custodian, trustee, sequestrator or similar
         official for the Issuing Entity or for any substantial part of the
         Trust Estate, or ordering the winding-up or liquidation of the Issuing
         Entity's affairs, and such decree or order shall remain unstayed and in
         effect for a period of 90 consecutive days; or

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

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

         SECTION 5.02. Acceleration of Maturity; Rescission and Annulment. If an
Event of Default should occur and be continuing, then and in every such case the
Indenture Trustee or the Holders of Notes representing a majority of the
Outstanding Amount of the Notes may declare all the Notes to be immediately due
and payable, by a notice in writing to the Issuing Entity (and to the Indenture
Trustee if given by Noteholders), and upon any such declaration the unpaid
principal amount of the Notes, together with accrued and unpaid interest thereon
through the date of acceleration, shall become immediately due and payable.

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

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

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

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

                                       29

<PAGE>

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

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

         SECTION 5.03. Collection of Indebtedness and Suits for Enforcement by
Indenture Trustee. (a) The Issuing Entity covenants that if (i) default is made
in the payment of any interest on any Note when the same becomes due and
payable, and such default continues for a period of five days, or (ii) default
is made in the payment of the principal of or any installment of the principal
of any Note when the same becomes due and payable, the Issuing Entity will, upon
demand of the Indenture Trustee, pay to it, for the benefit of the Holders of
the Notes, the whole amount then due and payable on such Notes for principal and
interest, with interest upon the overdue principal, and, to the extent payment
at such rate of interest shall be legally enforceable, upon overdue installments
of interest, at a rate per annum equal to the sum of (i) the respective Note
Interest Rate borne by such Notes and (ii) 1.0% and in addition thereto such
further amount as shall be sufficient to cover the costs and expenses of
collection, including the reasonable compensation, expenses, disbursements and
advances of the Indenture Trustee and its agents and counsel.

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

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

         (d) In case there shall be pending, relative to the Issuing Entity or
any other obligor upon the Notes or any Person having or claiming an ownership
interest in the Trust Estate, Proceedings under the Bankruptcy Code or any other
applicable federal or State bankruptcy, insolvency or other similar law, or in
case a receiver, assignee or trustee in bankruptcy or reorganization,
liquidator, sequestrator or similar official shall have been appointed for or
taken possession of the Issuing Entity or its property or such other obligor or
Person, or in case of any other comparable judicial Proceedings relative to the
Issuing Entity or other obligor upon the Notes, or to the creditors or property
of the Issuing Entity or such other obligor, the Indenture Trustee, irrespective
of whether the principal of any Notes shall then be due and payable as therein
expressed or by declaration or otherwise and irrespective of whether

                                       30

<PAGE>

the Indenture Trustee shall have made any demand pursuant to the provisions of
this Section, shall be entitled and empowered, by intervention in such
Proceedings or otherwise:

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

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

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

                  (iv) to file such proofs of claim and other papers or
         documents as may be necessary or advisable in order to have the claims
         of the Indenture Trustee or the Holders of Notes allowed in any
         judicial proceedings relative to the Issuing Entity, its creditors and
         its property; and any trustee, receiver, liquidator, custodian or other
         similar official in any such Proceeding is hereby authorized by each of
         such Noteholders to make payments to the Indenture Trustee, and, in the
         event that the Indenture Trustee shall consent to the making of
         payments directly to such Noteholders, to pay to the Indenture Trustee
         such amounts as shall be sufficient to cover reasonable compensation to
         the Indenture Trustee, each predecessor Indenture Trustee and their
         respective agents, attorneys and counsel, and all other expenses and
         liabilities incurred, and all advances made, by the Indenture Trustee
         and each predecessor Indenture Trustee except as a result of negligence
         or bad faith.

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

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

                                       31

<PAGE>

and their respective agents and attorneys, shall be for the ratable benefit of
the Holders of the Notes.

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

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

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

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

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

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

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

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<PAGE>

                  FIRST: to the Indenture Trustee for amounts due under Section
         6.07 and the Owner Trustee for amounts due under Sections 8.01 and 8.02
         of the Trust Agreement, pro rata on the basis of the amount due to
         each;

                  SECOND: to the Noteholders in the following amounts and the
         following order of priority:

                      (i) to the Noteholders, accrued and unpaid interest on the
         Outstanding Amount of each class of Notes at the applicable Note
         Interest Rate (such amount to be applied pro rata on the basis of the
         total interest due on the Notes);

                      (ii) to the Noteholders on account of principal until the
         Outstanding Amount of the Notes is reduced to zero (such amount to be
         applied pro rata on the basis of the Outstanding Amount of each class
         of Notes); and

                  THIRD: to the Issuing Entity for distribution to the
         Certificateholder.

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

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

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

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

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

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

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<PAGE>

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

                  (v) no direction inconsistent with such written request has
         been given to the Indenture Trustee during such 60-day period by the
         Holders of a majority of the Outstanding Amount of the Notes; it being
         understood and intended that no one or more Holders of Notes shall have
         any right in any manner whatever by virtue of, or by availing of, any
         provision of this Indenture to affect, disturb or prejudice the rights
         of any other Holders of Notes or to obtain or to seek to obtain
         priority or preference over any other Holders or to enforce any right
         under this Indenture, except in the manner herein provided.

         In the event the Indenture Trustee shall receive conflicting or
inconsistent requests and indemnity from two or more groups of Holders of Notes,
each representing less than a majority of the Outstanding Amount of the Notes,
the Indenture Trustee in its sole discretion may determine what action, if any,
shall be taken, notwithstanding any other provisions of this Indenture, and
shall have no liability to any person for such action or inaction.

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

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

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

         SECTION 5.10. Delay or Omission Not a Waiver. No delay or omission of
the Indenture Trustee or any Holder of any Note to exercise any right or remedy
accruing upon any Default or Event of Default shall impair any such right or
remedy or constitute a waiver of any such Default or Event of Default or an
acquiescence therein. Every right and remedy given by

                                       34

<PAGE>

this Article V or by law to the Indenture Trustee or to the Noteholders may be
exercised from time to time, and as often as may be deemed expedient, by the
Indenture Trustee or by the Noteholders, as the case may be.

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

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

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

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

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

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

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

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

         SECTION 5.13. Undertaking for Costs. All parties to this Indenture
agree, and each Holder of any Note by such Holder's acceptance thereof shall be
deemed to have agreed, that any court may in its discretion require, in any suit
for the enforcement of any right or

                                       35

<PAGE>

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

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

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

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

         (b) If an Event of Default has occurred and is continuing, the
Indenture Trustee at the direction (which direction shall be in writing or by
telephone (confirmed in writing promptly thereafter)) of the Holders of 66-2/3%
of the Outstanding Amount of the Notes shall

                                       36

<PAGE>

exercise all rights, remedies, powers, privileges and claims of the Issuing
Entity against the Seller or the Servicer under or in connection with the Sale
and Servicing Agreement, including the right or power to take any action to
compel or secure performance or observance by the Seller or the Servicer of each
of their obligations to the Issuing Entity thereunder and to give any consent,
request, notice, direction, approval, extension or waiver under the Sale and
Servicing Agreement, and any right of the Issuing Entity to take such action
shall be suspended.

         (c) Promptly following a request from the Indenture Trustee to do so
and at the Administrator's expense, the Issuing Entity agrees to take all such
lawful action as the Indenture Trustee may request to compel or secure the
performance and observance by JDCC of each of its obligations to the Seller
under or in connection with the Purchase Agreement in accordance with the terms
thereof, and to exercise any and all rights, remedies, powers and privileges
lawfully available to the Issuing Entity under or in connection with the
Purchase Agreement to the extent and in the manner directed by the Indenture
Trustee, including the transmission of notices of default on the part of the
Seller thereunder and the institution of legal or administrative actions or
proceedings to compel or secure performance by JDCC of each of its obligations
under the Purchase Agreement.

         (d) If an Event of Default has occurred and is continuing, the
Indenture Trustee at the direction (which direction shall be in writing or by
telephone (confirmed in writing promptly thereafter)) of the Holders of 66-2/3%
of the Outstanding Amount of the Notes shall exercise all rights, remedies,
powers, privileges and claims of the Seller against JDCC under or in connection
with the Purchase Agreement to the extent granted as security for the Notes
hereunder, including the right or power to take any action to compel or secure
performance or observance by JDCC of each of its obligations to the Seller
thereunder and to give any consent, request, notice, direction, approval,
extension or waiver under the Purchase Agreement, and any right of the Seller to
take such action shall be suspended.

         Notwithstanding the foregoing, the Indenture Trustee shall have no duty
or obligation to monitor the Servicer's, the Seller's or JDCC's performance of
any of their obligations under or in connection with the Sale and Servicing
Agreement or the Purchase Agreement.

                                   ARTICLE VI

                              THE INDENTURE TRUSTEE

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

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

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

                                       37

<PAGE>

                  (ii) in the absence of bad faith on its part, the Indenture
         Trustee may conclusively rely, as to the truth of the statements and
         the correctness of the opinions expressed therein, upon certificates or
         opinions furnished to the Indenture Trustee and conforming to the
         requirements of this Indenture; however, the Indenture Trustee shall
         examine the certificates and opinions which by any provision hereof are
         specifically required to be furnished to the Indenture Trustee to
         determine whether or not they conform on their face to the requirements
         of this Indenture, but need not confirm or investigate the accuracy of
         any mathematical calculations or other facts stated therein.

         The Indenture Trustee shall not be required to determine, confirm or
recalculate the information contained in the Servicer's Certificate delivered to
it pursuant to the Sale and Servicing Agreement.

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

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

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

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

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

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

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

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

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

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<PAGE>

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

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

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

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

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

         (f) The Indenture Trustee shall be under no obligation to exercise any
of the rights or powers vested in it by this Indenture at the request or
direction of any of the Holders pursuant to this Indenture, unless such Holders
shall have offered to the Indenture Trustee security or indemnity satisfactory
to the Indenture Trustee against the costs, expenses and liabilities which might
be incurred by it in compliance with such request or direction.

         (g) The Indenture Trustee shall not be deemed to have notice of any
default or Event of Default unless a Responsible Officer of the Indenture
Trustee has actual knowledge thereof or unless written notice of any event which
is in fact such a default is received by the Indenture Trustee at the Corporate
Trust Office of the Indenture Trustee, and such notice references the Notes and
this Indenture.

         (h) The rights, privileges, protections, immunities and benefits given
to the Indenture Trustee, including, without limitation, its right to be
indemnified are extended to, and shall be enforceable by, the Indenture Trustee
in each of its capacities hereunder, and to each agent, custodian and other
Person employed to act hereunder.

         (i) in no event shall the Trustee be responsible or liable for special,
indirect, or consequential loss or damage of any kind whatsoever (including, but
not limited to, loss of profit) irrespective of whether the Trustee has been
advised of the likelihood of such loss or damage and regardless of the form of
action.

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<PAGE>

         SECTION 6.03. Individual Rights of Indenture Trustee. The Indenture
Trustee in its individual or any other capacity may become the owner or pledgee
of Notes and may otherwise deal with the Issuing Entity or its affiliates with
the same rights it would have if it were not Indenture Trustee. Any Paying
Agent, Note Registrar, co-registrar or co-paying agent may do the same with like
rights. However, the Indenture Trustee must comply with Sections 6.10 and 6.11.

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

         SECTION 6.05. Notice of Defaults. If a Default occurs and is continuing
and if it is actually known to a Responsible Officer of the Indenture Trustee,
the Indenture Trustee shall mail to each Noteholder notice of the Default within
90 days after it occurs. Except in the case of a Default in payment of principal
of or interest on any Note (including payments pursuant to the redemption
provisions of such Note), the Indenture Trustee may withhold the notice if and
so long as a committee of its Responsible Officers in good faith determines that
withholding the notice is in the interests of Noteholders; and provided that in
the case of any default of the character specified in Section 5.01(iii), no such
notice to Holders shall be given until at least 30 days after the occurrence
thereof.

         SECTION 6.06. Reports by Indenture Trustee to Holders. The Indenture
Trustee shall deliver to each Noteholder such information as may be required to
enable such holder to prepare its federal and State income tax returns. The
Indenture Trustee shall only be required to provide to the Noteholders the
information given to it by the Servicer. The Indenture Trustee shall not be
required to determine, confirm or recompute any such information.

         SECTION 6.07. Compensation and Indemnity. The Issuing Entity shall or
shall cause the Servicer (pursuant to the Sale and Servicing Agreement) to pay
to the Indenture Trustee from time to time reasonable compensation for its
services. The Indenture Trustee's compensation shall not be limited by any law
on compensation of a trustee of an express trust. The Issuing Entity shall or
shall cause the Servicer (pursuant to the Sale and Servicing Agreement) to
reimburse the Indenture Trustee for all reasonable out-of-pocket expenses
incurred or made by it, including pursuant to Section 6.08 and costs of
collection, in addition to the compensation for its services. Such expenses
shall include the reasonable compensation and expenses, disbursements and
advances of the Indenture Trustee's agents, counsel, accountants and experts.
The Issuing Entity shall or shall cause the Servicer (pursuant to the Sale and
Servicing Agreement) to indemnify the Indenture Trustee against any and all
loss, liability, claim, damage or expense (including the fees of either in-house
counsel or outside counsel, but not both) incurred by it in connection with the
administration of this trust and the performance of its duties hereunder. The
Indenture Trustee shall notify the Issuing Entity and the Servicer promptly of
any claim for which it may seek indemnity. Failure by the Indenture Trustee to
so notify the Issuing Entity and the Servicer shall not relieve the Issuing
Entity or the Servicer of its obligations hereunder. The Issuing Entity shall or
shall cause the Servicer to defend the claim

                                       40

<PAGE>

and the Indenture Trustee may have separate counsel and the Issuing Entity shall
or shall cause the Servicer to pay the fees and expenses of such counsel.
Neither the Issuing Entity nor the Servicer need reimburse any expense or
indemnify against any loss, liability or expense incurred by the Indenture
Trustee through the Indenture Trustee's own wilful misconduct, negligence or bad
faith.

         The Issuing Entity's payment obligations to the Indenture Trustee
pursuant to this Section shall survive the discharge of this Indenture. When the
Indenture Trustee incurs expenses after the occurrence of a Default specified in
Section 5.01(iv) or (v) with respect to the Issuing Entity, the expenses are
intended to constitute expenses of administration under the Bankruptcy Code or
any other applicable federal or State bankruptcy, insolvency or similar law.

         SECTION 6.08. Replacement of Indenture Trustee. No resignation or
removal of the Indenture Trustee and no appointment of a successor Indenture
Trustee shall become effective until the acceptance of appointment by the
successor Indenture Trustee pursuant to this Section 6.08. The Indenture Trustee
may resign at any time by so notifying the Issuing Entity and the Depositor, and
will provide all information reasonably requested by the Depositor in order to
comply with its reporting obligation under Item 6.02 of Form 8-K with respect to
the resignation of the Indenture Trustee. The Holders of a majority in
Outstanding Amount of the Notes may remove the Indenture Trustee by so notifying
the Indenture Trustee and the Depositor and may appoint a successor Indenture
Trustee. The Issuing Entity shall remove the Indenture Trustee if:

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

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

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

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

         The Depositor may remove the Indenture Trustee if the Indenture Trustee
fails to comply with Section 3.07(e), Section 6.08 or Section 6.09 of the
Indenture with respect to notice to or providing information to the Depositor,
or with Section 4.16 of the Sale and Servicing Agreement, in each case if such
failure continues for the lesser or 10 days or such period in which the
applicable report required to be filed under the Exchange Act can be filed
timely (without taking into account any extensions).

         If the Indenture Trustee resigns or is removed or if a vacancy exists
in the office of Indenture Trustee for any reason (the Indenture Trustee in such
event being referred to herein as the retiring Indenture Trustee), the Issuing
Entity shall promptly appoint a successor Indenture Trustee, which successor
shall be, if JDCC is the Servicer, reasonably acceptable to the Seller.

         A successor Indenture Trustee shall deliver a written acceptance of its
appointment to the retiring Indenture Trustee and to the Issuing Entity and
shall also provide all information reasonably requested by the Depositor in
order to comply with its reporting

                                       41

<PAGE>

obligation under the Exchange Act with respect to the replacement Indenture
Trustee. Thereupon the resignation or removal of the retiring Indenture Trustee
shall become effective, and the successor Indenture Trustee shall have all the
rights, powers and duties of the Indenture Trustee under this Indenture. The
successor Indenture Trustee shall mail a notice of its succession to
Noteholders. The retiring Indenture Trustee shall promptly transfer all property
held by it as Indenture Trustee to the successor Indenture Trustee.

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

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

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

         SECTION 6.09. Successor Indenture Trustee by Merger. If the Indenture
Trustee consolidates with, merges or converts into, or transfers all or
substantially all its corporate trust business or assets to, another corporation
or banking association, the resulting, surviving or transferee corporation or
banking association without any further act shall be the successor Indenture
Trustee. The Indenture Trustee shall provide the Rating Agencies and the
Depositor prior written notice of any such transaction, provided that such
corporation or banking association shall be otherwise qualified and eligible
under Section 6.11. The Indenture Trustee shall provide the Depositor with
written notice of such event no later than one (1) Business Day after the
effective date of such merger, together with the information reasonably
requested by the Depositor in order to comply with its reporting obligation
under the Exchange Act with respect to a successor Indenture Trustee.

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

         SECTION 6.10. Appointment of Co-Trustee or Separate Trustee. (a)
Notwithstanding any other provisions of this Indenture, at any time, for the
purpose of meeting any legal requirement of any jurisdiction in which any part
of the Trust may at the time be located, the Indenture Trustee shall have the
power and may execute and deliver all instruments to appoint one or more Persons
reasonably acceptable to the Issuing Entity to act as a co-trustee

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<PAGE>

or co-trustees, or separate trustee or separate trustees, of all or any part of
the Trust, and to vest in such Person or Persons, in such capacity and for the
benefit of the Noteholders, such title to the Trust, or any part hereof, and,
subject to the other provisions of this Section, such powers, duties,
obligations, rights and trusts as the Indenture Trustee may consider necessary
or desirable. No co-trustee or separate trustee hereunder shall be required to
meet the terms of eligibility as a successor trustee under Section 6.11 and no
notice to Noteholders of the appointment of any co-trustee or separate trustee
shall be required under Section 6.08.

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

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

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

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

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

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

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<PAGE>

         SECTION 6.11. Eligibility; Disqualification. The Indenture Trustee
shall at all times satisfy the requirements of TIA ss. 310(a). The Indenture
Trustee shall have a combined capital and surplus of at least $50,000,000 as set
forth in its most recent published annual report of condition and its long-term
unsecured debt shall be rated at least Baa3 by Moody's. The Indenture Trustee
shall comply with TIA ss. 310(b), including the optional provision permitted by
the second sentence of TIA ss. 310(b)(9); provided, however, that there shall be
excluded from the operation of TIA ss. 310(b)(1) any indenture or indentures
under which other securities of the Issuing Entity are outstanding if the
requirements for such exclusion set forth in TIA ss. 310(b)(1) are met.

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

                                  ARTICLE VII

                         NOTEHOLDERS' LISTS AND REPORTS

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

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

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

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

         SECTION 7.03. Reports by Issuing Entity. (a) The Issuing Entity shall:

                  (i) file with the Indenture Trustee, within 15 days after the
         Issuing Entity is required to file the same with the Commission, copies
         of the annual reports and of the information, documents and other
         reports (or copies of such portions of any of the

                                       44

<PAGE>

         foregoing as the Commission may from time to time by rules and
         regulations prescribe) which the Issuing Entity may be required to file
         with the Commission pursuant to Section 13 or 15(d) of the Exchange
         Act;

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

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

         The Trustee shall have no obligation to confirm or investigate the
         accuracy of any mathematical calculations or other facts stated in the
         reports provided pursuant to this Section.

         (b) Unless the Issuing Entity otherwise determines, the fiscal year of
the Issuing Entity shall end on October 31 of each year.

         SECTION 7.04. Reports by Indenture Trustee. If required by TIA ss.
313(a), within 60 days after each February 1 beginning with February 1, 2007,
the Indenture Trustee shall mail to each Noteholder as required by TIA ss.
313(c) a brief report dated as of such date that complies with TIA ss. 313(a).
The Indenture Trustee also shall comply with TIA ss. 313(b).

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

                                  ARTICLE VIII

                      ACCOUNTS, DISBURSEMENTS AND RELEASES

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

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<PAGE>

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

         (b) Not less than two Business Days prior to each Payment Date, the
Total Distribution Amount with respect to the preceding Collection Period will
be deposited in the Collection Account as provided in Section 5.02 of the Sale
and Servicing Agreement. On or before each Payment Date, the Noteholders'
Distributable Amount with respect to the preceding Collection Period will be
transferred from the Collection Account, and/or the Reserve Account to the Note
Distribution Account as provided in Sections 5.04 and 5.05 of the Sale and
Servicing Agreement.

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

                  (i) accrued and unpaid interest on the Outstanding Amount of
         each class of Notes at the applicable Note Interest Rate (such amount
         to be applied pro rata on the basis of the total interest due on the
         Notes);

                  (ii) the Note Monthly Principal Distributable Amount in the
         following order of priority:

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

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

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

                           (d) to the Class A-4 Noteholders on account of
                  principal until the Outstanding Amount of the Class A-4 Notes
                  is reduced to zero.

         SECTION 8.03. General Provisions Regarding Accounts. (a) So long as no
Default or Event of Default shall have occurred and be continuing, all or a
portion of the funds in the Trust Accounts shall be invested in Eligible
Investments and reinvested by the Indenture Trustee upon Issuing Entity Order,
subject to the provisions of Section 5.01(b) of the Sale and Servicing
Agreement. All income or other gain from investments of monies deposited in the
Trust Accounts net of any investment expenses and any losses resulting from such
investments

                                       46

<PAGE>

shall be deposited by the Indenture Trustee in the Collection Account. The
Issuing Entity will not direct the Indenture Trustee to make any investment of
any funds or to sell any investment held in any of the Trust Accounts unless the
security interest granted and perfected in such account will continue to be
perfected in such investment or the proceeds of such sale, in either case
without any further action by any Person, and, in connection with any direction
to the Indenture Trustee to make any such investment or sale, if requested by
the Indenture Trustee, the Issuing Entity shall deliver to the Indenture Trustee
an Opinion of Counsel, acceptable to the Indenture Trustee, to such effect.

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

         (c) If (i) the Issuing Entity shall have failed to give investment
directions for any funds on deposit in the Trust Accounts to the Indenture
Trustee by 12:00 noon New York Time (or such other time as may be agreed by the
Issuing Entity and Indenture Trustee) on any Business Day or (ii) a Default or
Event of Default shall have occurred and be continuing with respect to the Notes
but the Notes shall not have been declared due and payable pursuant to Section
5.02, or, if such Notes shall have been declared due and payable following an
Event of Default, amounts collected or receivable from the Trust Estate are
being applied in accordance with Section 5.05 as if there had not been such a
declaration, then the Indenture Trustee shall, to the fullest extent
practicable, invest and reinvest funds in the Trust Accounts in one or more
Eligible Investments referred to in paragraph (b) of the definition of Eligible
Investments.

         (d) The Bank of New York in its capacity as "Securities Intermediary"
with respect to a Trust Account established pursuant to the Transaction
Documents agrees that (x) if it has or subsequently obtains by agreement, by
operation of law or otherwise, a security interest in a Trust Account or any
financial asset credited thereto, such security interest shall be subordinate to
the security interest of the Indenture Trustee in such Trust Account and any
financial asset credited thereto and (y) the financial assets and other items
deposited to such an Eligible Deposit Account will not be subject to deduction,
set-off, banker's lien, or any other right in favor of any person other than the
Indenture Trustee.

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

         (b) The Indenture Trustee shall, at such time as there are no Notes
Outstanding and all sums due the Indenture Trustee pursuant to Section 6.07 have
been paid,

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<PAGE>

release any remaining portion of the Trust Estate that secured the
Notes from the lien of this Indenture and release to the Issuing Entity or any
other Person entitled thereto any funds then on deposit in the Trust Accounts.
The Indenture Trustee shall release property from the lien of this Indenture
pursuant to this Section 8.04(b) only upon receipt of an Issuing Entity Request
accompanied by an Officer's Certificate, an Opinion of Counsel and (if required
by the TIA) Independent Certificates in accordance with TIA ss.ss. 314(c) and
314(d)(1) meeting the applicable requirements of Section 11.01.

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

                                   ARTICLE IX

                             SUPPLEMENTAL INDENTURES

         SECTION 9.01. Supplemental Indentures Without Consent of Noteholders.
(a) Without the consent of the Holders of any Notes but with prior notice to the
Rating Agencies, the Issuing Entity and the Indenture Trustee, when authorized
by an Issuing Entity Order, at any time and from time to time, may enter into
one or more indentures supplemental hereto, in form satisfactory to the
Indenture Trustee, for any of the following purposes:

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

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

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

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

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<PAGE>

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

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

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

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

         (b) The Issuing Entity and the Indenture Trustee, when authorized by an
Issuing Entity Order, may, also without the consent of any of the Holders of the
Notes but with prior notice to the Rating Agencies, enter into an indenture or
indentures supplemental hereto for the purpose of adding any provisions to, or
changing in any manner or eliminating any of the provisions of, this Indenture
or of modifying in any manner the rights of the Holders of the Notes under this
Indenture; provided, however, that such action shall not adversely affect in any
material respect the interests of any Noteholder; provided that 10 days' prior
written notice of any such indenture or supplement indenture hereto be given to
each Rating Agency and, if a Rating Agency notifies the Indenture Trustee that
such indenture or supplement indenture hereto will result in a downgrading or
withdrawal of the then current rating of any Class of the Notes or the
Certificate, such amendment shall become effective with the consent of the
Holders of Notes evidencing not less than a majority of the Outstanding Amount
of the Notes and the consent of the Certificateholder; provided that any
solicitation of such consent shall disclose the resulting downgrading or
withdrawal as a result of such amendment.

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

                                       49

<PAGE>

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

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

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

                  (iv) reduce the percentage of the Outstanding Amount of the
         Notes required to direct the Indenture Trustee to direct the Issuing
         Entity to sell or liquidate the Trust Estate pursuant to Section 5.04;

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

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

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

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

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<PAGE>

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

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

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

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

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

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

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                                   ARTICLE X

                               REDEMPTION OF NOTES

         SECTION 10.01. Redemption. (a) The Notes are subject to redemption in
whole, but not in part, at the written direction of the Servicer pursuant to
Section 9.01(a) of the Sale and Servicing Agreement, on any Payment Date,
following the last day of a Collection Period as of which the Pool Balance is
10% or less of the Initial Pool Balance, for a purchase price equal to the
Redemption Price; provided, however, that the Issuing Entity has available funds
sufficient to pay the Redemption Price. The Servicer or the Issuing Entity shall
furnish the Rating Agencies notice of such redemption. If the Notes are to be
redeemed pursuant to this Section 10.01(a), the Servicer or the Issuing Entity
shall furnish notice of such election to the Indenture Trustee not later than 25
days prior to the Redemption Date and the Issuing Entity shall deposit with the
Indenture Trustee in the Note Distribution Account the Redemption Price of the
Notes to be redeemed whereupon all such Notes shall be due and payable on the
Redemption Date upon the furnishing of a notice complying with Section 10.02 to
each Holder of the Notes.

         (b) In the event that the assets of the Trust are sold pursuant to
Section 9.02 of the Trust Agreement, all amounts on deposit in the Note
Distribution Account shall be paid to the Noteholders up to the Outstanding
Amount of the Notes and all accrued and unpaid interest thereon. If amounts are
to be paid to Noteholders pursuant to this Section 10.01(b), the Servicer or the
Issuing Entity shall, to the extent practicable, furnish notice of such event to
the Indenture Trustee not later than 25 days prior to the Redemption Date
whereupon all such amounts shall be payable on the Redemption Date.

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

         All notices of redemption shall state:

                  (i) the Redemption Date;

                  (ii) the Redemption Price;

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

                  (iv) the CUSIP number.

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

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<PAGE>

         (b) Prior notice of redemption under Section 10.01(b) is not required
to be given to Noteholders.

         SECTION 10.03. Notes Payable on Redemption Date. The Notes or portions
thereof to be redeemed shall, following notice of redemption as required by
Section 10.02 (in the case of redemption pursuant to Section 10.01(a)), on the
Redemption Date become due and payable at the Redemption Price and (unless the
Issuing Entity shall default in the payment of the Redemption Price) no interest
shall accrue on the Redemption Price for any period after the date to which
accrued interest is calculated for purposes of calculating the Redemption Price.

                                   ARTICLE XI

                                  MISCELLANEOUS

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

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

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

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

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

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

         (b) (i) Prior to the deposit of any Collateral or other property or
securities with the Indenture Trustee that is to be made the basis for the
release of any property or securities subject to the lien of this Indenture, the
Issuing Entity shall, in addition to any obligation imposed in Section 11.01(a)
or elsewhere in this Indenture, furnish to the Indenture

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<PAGE>

Trustee an Officer's Certificate certifying or stating the opinion of each
person signing such certificate as to the fair value (within 90 days of such
deposit) to the Issuing Entity of the Collateral or other property or securities
to be so deposited.

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

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

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

                  (v) Notwithstanding Section 2.09, Section 3.10(b) or any other
         provision of this Section, the Issuing Entity may (A) collect,
         liquidate, sell or otherwise dispose of Receivables as and to the
         extent permitted or required by the Basic Documents and (B) make cash
         payments out of the Trust Accounts as and to the extent permitted or
         required by the Basic Documents.

         SECTION 11.02. Form of Documents Delivered to Indenture Trustee. In any
case where several matters are required to be certified by, or covered by an
opinion of, any specified Person, it is not necessary that all such matters be
certified by, or covered by the

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<PAGE>

opinion of, only one such Person, or that they be so certified or covered by
only one document, but one such Person may certify or give an opinion with
respect to some matters and one or more other such Persons as to other matters,
and any such Person may certify or give an opinion as to such matters in one or
several documents.

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

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

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

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

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

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<PAGE>

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

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

         SECTION 11.04. Notices, etc., to Indenture Trustee, Issuing Entity and
Rating Agencies. Any request, demand, authorization, direction, notice, consent,
waiver or Act of Noteholders or other documents provided or permitted by this
Indenture to be made upon, given or furnished to or filed with:

         (a) the Indenture Trustee by any Noteholder or by the Issuing Entity
shall be sufficient for every purpose hereunder if made, given, furnished or
filed in writing, or sent by facsimile, to or with the Indenture Trustee and
received at its Corporate Trust Office, or

         (b) the Issuing Entity by the Indenture Trustee or by any Noteholder
shall be sufficient for every purpose hereunder if in writing and mailed,
first-class, postage prepaid, or sent by facsimile, to the Issuing Entity
addressed to: John Deere Owner Trust 2006, in care of U.S. Bank Trust National
Association, 209 South LaSalle Street, Suite 300, Chicago, Illinois 60604,
Attention: Corporate Trust Administration, facsimile No.: 312-325-8905, or at
any other address previously furnished in writing to the Indenture Trustee by
the Issuing Entity. The Issuing Entity shall promptly transmit any notice
received by it from the Noteholders to the Indenture Trustee.

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

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

         Where this Indenture provides for notice in any manner, such notice may
be waived in writing by any Person entitled to receive such notice, either
before or after the event,

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<PAGE>

and such waiver shall be the equivalent of such notice. Waivers of notice by
Noteholders shall be filed with the Indenture Trustee but such filing shall not
be a condition precedent to the validity of any action taken in reliance upon
such a waiver.

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

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

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

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

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

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

         SECTION 11.09. Successors and Assigns. All covenants and agreements in
this Indenture and the Notes by the Issuing Entity shall bind its successors and
assigns, whether so expressed or not.

         All agreements of the Indenture Trustee in this Indenture shall bind
its successors, co-trustees and agents of the Indenture Trustee.

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

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<PAGE>

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

         SECTION 11.12. Legal Holidays. In any case where the date on which any
payment is due shall not be a Business Day, then (notwithstanding any other
provision of the Notes or this Indenture) payment need not be made on such date,
but may be made on the next succeeding Business Day with the same force and
effect as if made on the date on which nominally due.

         SECTION 11.13. GOVERNING LAW. THIS INDENTURE SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

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

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

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

         SECTION 11.17. No Petition. The Indenture Trustee, by entering into
this Indenture, and each Noteholder, by accepting a Note, hereby covenant and
agree that, prior to the end of the period that is one year and one day after
there has been paid in full all debt issued by

                                       58

<PAGE>

any securitization vehicle in respect of which the Seller holds any interest,
they will not institute against the Seller or the Trust, or join in, or assist
or encourage others to institute, any institution against the Seller or the
Trust of, any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings, or other proceedings under any United States federal or State
bankruptcy or similar law.

         SECTION 11.18. Subordination Agreement. Each Noteholder, by accepting a
Note, hereby covenants and agrees that, to the extent it is deemed to have any
interest in any assets of the Seller, or a securitization vehicle related to the
Seller, dedicated to other debt obligations of the Seller or debt obligations of
any other securitization vehicle related to the Seller, its interest in those
assets is subordinate to claims or rights of such other debtholders to those
other assets. Furthermore, each Noteholder, by accepting a Note, hereby
covenants and agrees that such agreement constitutes a subordination agreement
for purposes of Section 510(a) of the Bankruptcy Code.

         SECTION 11.19. No Recourse. Notwithstanding any provisions herein to
the contrary, all of the obligations of the Issuing Entity under or in
connection with the Notes and this Indenture are nonrecourse obligations of the
Issuing Entity payable solely from the Collateral and following realization of
the Collateral and its reduction to zero, any claims of the Noteholders and the
Indenture Trustee against the Issuing Entity shall be extinguished and shall not
thereafter revive. It is understood that the foregoing provisions of this
Section 11.19 shall not (i) prevent recourse to the Collateral for the sums due
or to become due under any security, instrument or agreement which is part of
the Collateral or (ii) constitute a waiver, release or discharge of any
indebtedness or obligation evidenced by the Notes or secured by this Indenture
(to the extent it relates to the obligation to make payments on the Notes) until
such Collateral has been realized and reduced to zero, whereupon any outstanding
indebtedness or obligation in respect of the Notes shall be extinguished and
shall not thereafter revive. It is further understood that the foregoing
provisions of this Section 11.19 shall not limit the right of any Person to name
the Issuing Entity as a party defendant in any Proceeding or in the exercise of
any other remedy under the Notes or this Indenture, so long as no judgment in
the nature of a deficiency judgment shall be asked for or (if obtained) enforced
against any such Person or entity.

         SECTION 11.20. Inspection. The Issuing Entity agrees that, on
reasonable prior notice, it will permit any representative of the Indenture
Trustee, during the Issuing Entity's normal business hours, to examine all the
books of account, records, reports, and other papers of the Issuing Entity, to
make copies and extracts therefrom, to cause such books to be audited by
independent certified public accountants, and to discuss the Issuing Entity's
affairs, finances and accounts with the Issuing Entity's officers, employees,
and independent certified public accountants, all at such reasonable times and
as often as may be reasonably requested. The Indenture Trustee shall and shall
cause its representatives to hold in confidence all such information except to
the extent disclosure may be required by law (and all reasonable applications
for confidential treatment are unavailing) and except to the extent that the
Indenture Trustee may reasonably determine that such disclosure is consistent
with its obligations hereunder.

         SECTION 11.21. Limitation of Liability. It is expressly understood that
(a) this Indenture is executed and delivered by U.S. Bank Trust National
Association, not individually or

                                       59

<PAGE>

personally but solely as Owner Trustee, in the exercise of the powers and
authority conferred and vested in it under the Trust Agreement, dated as of June
15, 2006 (the "Trust Agreement"), between John Deere Receivables, Inc. and U.S.
Bank Trust National Association, (b) each of the representations, undertakings
and agreements herein made on the part of the Issuing Entity is made and
intended not as personal representations, undertakings and agreements by U.S.
Bank Trust National Association, but is made and intended for the purpose for
binding only the Issuing Entity and (c) under no circumstances shall U.S. Bank
Trust National Association be personally liable for the breach or failure of any
obligation, representation, warranty or covenant made or undertaken by the
Issuing Entity under this Indenture or the other related documents.

                                       60

<PAGE>

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

                                JOHN DEERE OWNER TRUST 2006,

                                By:  U.S. BANK TRUST NATIONAL ASSOCIATION,
                                     not in its individual capacity but
                                     solely as Owner Trustee,

                                By:  /s/ Nancie J. Arvin
                                     -------------------------------------------
                                     Name:  Nancie J. Arvin
                                     Title: Vice President

                                     THE BANK OF NEW YORK
                                     not in its individual capacity but solely
                                     as Indenture Trustee and with respect to
                                     Section 8.03(d) as Securities Intermediary,

                                By:  /s/ Suhrita Das
                                     -------------------------------------------
                                     Name:  Suhrita Das
                                     Title: Assistant Vice President

                                       61

<PAGE>

                                                                       EXHIBIT A

                             Schedule of Receivables
                             -----------------------

                    [To be delivered to the Trust at Closing]

<PAGE>

                                                                       EXHIBIT B

                     [Form of Sale and Servicing Agreement]
                     --------------------------------------

<PAGE>

                                                                       EXHIBIT C

                         [Form of Depository Agreement]
                         ------------------------------

<PAGE>

                                                                       EXHIBIT D

REGISTERED                                                          $183,500,000

No. R

                       SEE REVERSE FOR CERTAIN DEFINITIONS

                              CUSIP NO. 477871 AA5

         [Unless this Note is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Issuing Entity
or its agent for registration of transfer, exchange or payment, and any Note
issued is registered in the name of Cede & Co. or in such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC) - ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

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

                           JOHN DEERE OWNER TRUST 2006

                          5.36417% ASSET BACKED NOTES,
                                    CLASS A-1

         John Deere Owner Trust 2006, a statutory trust organized and existing
under the laws of the State of Delaware (herein referred to as the "Issuing
Entity"), for value received, hereby promises to pay to Cede & Co., or
registered assigns, the principal sum of ONE HUNDRED EIGHTY THREE MILLION AND
FIVE HUNDRED THOUSAND DOLLARS payable on each Payment Date in an amount equal to
the result obtained by multiplying (i) a fraction the numerator of which is
$183,500,000 and the denominator of which is $183,500,000 by (ii) the aggregate
amount, if any, payable from the Note Distribution Account in respect of
principal of the Class A-1 Notes pursuant to Section 8.02(c) of the Indenture;
provided, however, that the entire unpaid principal amount of this Note shall be
due and payable on the earlier of July 13, 2007 and the Redemption Date, if any,
pursuant to Section 10.01(a) of the Indenture. The Issuing Entity will pay
interest on this Note at the Class A-1 Note Interest Rate on each Payment Date
until the principal of this Note is paid or made available for payment, on the
principal amount of this Note outstanding on the preceding Payment Date after
giving effect to all payments of principal made on such preceding Payment Date
(or on the initial principal amount of this Note from and including June 20,
2006 in the case of the first Payment Date). Interest on this Note will accrue
for each Payment Date from and including the most recent Payment Date (or, if no
interest has yet been paid on this Note, from and including June 20, 2006) to
but excluding such Payment Date. For the avoidance of doubt, if any Class A-1
Notes are outstanding after the Payment Date in June 2007, interest on the Class
A-1 Notes will accrue

                                      D-1

<PAGE>

from and including the Payment Date in June 2007 to but excluding the Special
Payment Date. Interest will be computed on the basis of the actual number of
days in the period for which such interest is payable divided by 360. Such
principal of and interest on this Note shall be paid in the manner specified on
the reverse hereof.

         The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuing
Entity 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 or obligatory for any purpose.

                                      D-2

<PAGE>

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

Date:                                JOHN DEERE OWNER TRUST 2006,

                                     By:  U.S. BANK TRUST NATIONAL
                                          ASSOCIATION,
                                          not in its individual capacity but
                                          solely as Owner Trustee under
                                          the Trust Agreement,

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

                     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:
                                          ------------------------------------
                                          Authorized Signatory

                                      D-3

<PAGE>

                                [REVERSE OF NOTE]

         This Note is one of the Class A-1 Notes of a duly authorized issue of
Notes of the Issuing Entity, designated as its Asset Backed Notes, all issued
under an Indenture dated as of June 15, 2006 (such indenture, as supplemented or
amended, is herein called the "Indenture"), between the Issuing Entity 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 indentures supplemental thereto reference is hereby made for a
statement of the respective rights and obligations thereunder of the Issuing
Entity, the Indenture Trustee and the Holders of the Notes. The Notes are
subject to all terms of the Indenture. All terms used in this Note that are
defined in the Indenture, as supplemented or amended, shall have the meanings
assigned to them in or pursuant to the Indenture, as so supplemented or amended.

         The Notes are and will be equally and ratably secured by the collateral
pledged as security therefor as provided in the Indenture.

         Principal of the Notes will be payable on each Payment Date in an
amount described on the face hereof.

         As described above, the entire unpaid principal amount of, together
with accrued and unpaid interest on, this Note shall be due and payable on the
earlier of July 13, 2007 and the Redemption Date, if any, pursuant to Section
10.01(a) of the Indenture. Notwithstanding the foregoing, the entire unpaid
principal amount of the Notes shall be due and payable on the date on which an
Event of Default shall have occurred and be continuing and the Indenture Trustee
or the Holders of the Notes representing not less than a majority of the
Outstanding Amount of the Notes have declared the Notes to be immediately due
and payable in the manner provided in Section 5.02 of the Indenture. All
principal payments on the Notes of a Class shall be made pro rata to the
Noteholders of such Class entitled thereto.

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

                                      D-4

only upon presentation and surrender of this Note at the Indenture Trustee's
principal Corporate Trust Office or at the office of the Indenture Trustee's
agent appointed for such purposes located in The City of New York.

         The Issuing Entity shall pay interest on overdue installments of
interest at a rate per annum equal to the sum of (i) the Class A-1 Note Interest
Rate and (ii) 1.0%, to the extent lawful.

         As provided in the Indenture, the Notes may be redeemed in whole, but
not in part, at the option of the Servicer, on any Payment Date, following the
last day of a Collection Period as of which the Pool Balance is 10% or less of
the Initial Pool Balance.

         As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note may be registered on the Note Register
upon surrender of this Note for registration of transfer at the office or agency
designated by the Issuing Entity pursuant to the Indenture, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Indenture Trustee duly executed by, the Holder hereof or his attorney duly
authorized in writing, with such signature guaranteed and such other documents
as the Indenture Trustee may require, and thereupon one or more new Notes of
authorized denominations and in the same aggregate principal amount will be
issued to the designated transferee or transferees. No service charge will be
charged for any registration of transfer or exchange of this Note, but the
transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

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

         Each Noteholder or Note Owner, by acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note covenants and agrees that prior
to the end of the period that is one year and one day after there has been paid
in full all debt issued by any securitization vehicle in respect of which the
Seller holds any interest, they will not institute against the Seller or the
Trust, or join in, or assist or encourage others to institute, any institution
against the Seller or the Trust of, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings, or other proceedings under any United
States federal or State bankruptcy or similar law.

                                      D-5

<PAGE>

         Prior to the due presentment for registration of transfer of this Note,
the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or
the Indenture Trustee shall treat the Person in whose name this Note (as of the
day of determination or as of such other date as may be specified in the
Indenture) is registered as the owner hereof for all purposes, whether or not
this Note be overdue, and neither the Issuing Entity, the Indenture Trustee nor
any such agent shall be affected by notice to the contrary.

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

         The Issuing Entity has entered into the Indenture and this Note is
issued with the intention that, for federal, State and local income and
franchise tax purposes, the Notes will qualify as indebtedness secured by the
Collateral. Each Noteholder, by its acceptance of a Note (and each Note Owner by
its acceptance of a beneficial interest in a Note), will be deemed to agree to
treat the Notes for federal, State and local income and franchise tax purposes
as indebtedness.

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

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

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

         This Note and the Indenture shall be construed in accordance with the
laws of the State of New York and the obligations, rights and remedies of the
parties hereunder and thereunder shall be determined in accordance with such
laws.

         No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Issuing Entity,
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.

                                      D-6

<PAGE>

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

                                      D-7

<PAGE>

                                   ASSIGNMENT

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

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

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

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

     ---------------------------------------------------------------------------
                          (name and address of assignee)

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

Dated:                                                                    NOTE:
       -------------------          --------------------------------------
                                    The signature to this assignment must
                                    correspond with the name of the registered
                                    owner as it appears on the face of the
                                    within Note in every particular, without
                                    alteration, enlargement or any change
                                    whatsoever.

                                    Signature Guaranteed:

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

                                    Signatures must be guaranteed by an
                                    "eligible guarantor institution" meeting the
                                    requirements of the Indenture Trustee which
                                    requirements will include membership or
                                    participation in STAMP or such other
                                    "signature guarantee program" as may be
                                    determined by the Indenture Trustee in
                                    addition to, or in substitution for, STAMP,
                                    all in accordance with the Securities
                                    Exchange Act of 1934, as amended.

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

                                       D-8

<PAGE>

                                                                       EXHIBIT E

REGISTERED                                                          $123,000,000

No. R

                       SEE REVERSE FOR CERTAIN DEFINITIONS

                              CUSIP NO. 477871 AB3

         [Unless this Note is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Issuing Entity
or its agent for registration of transfer, exchange or payment, and any Note
issued is registered in the name of Cede & Co. or in such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC) - ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

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

                           JOHN DEERE OWNER TRUST 2006

                            5.41% ASSET BACKED NOTES,
                                    CLASS A-2

     John Deere Owner Trust 2006, a statutory trust organized and existing
under the laws of the State of Delaware (herein referred to as the "Issuing
Entity"), for value received, hereby promises to pay to Cede & Co., or
registered assigns, the principal sum of ONE HUNDRED TWENTY THREE MILLION
DOLLARS payable on each Payment Date in an amount equal to the result obtained
by multiplying (i) a fraction the numerator of which is $123,000,000 and the
denominator of which is $123,000,000 by (ii) the aggregate amount, if any,
payable from the Note Distribution Account in respect of principal of the Class
A-2 Notes pursuant to Section 8.02(c) of the Indenture; provided, however, that
the entire unpaid principal amount of this Note shall be due and payable on the
earlier of November 17, 2008 and the Redemption Date, if any, pursuant to
Section 10.01(a) of the Indenture. Except as provided in the Indenture, no
payments of principal of the Class A-2 Notes shall be made until the principal
of the Class A-1 Notes has been paid in its entirety. The Issuing Entity will
pay interest on this Note at the Class A-2 Note Interest Rate on each Payment
Date until the principal of this Note is paid or made available for payment, on
the principal amount of this Note outstanding on the preceding Payment Date
after giving effect to all payments of principal made on such preceding Payment
Date (or on the initial principal amount of this Note from and including June
20, 2006 in the case of the first Payment Date). Interest on this Note will
accrue for each Payment Date from and including the 15th day of the month
preceding such Payment Date (or, from and including, June 20, 2006 in the case
of

                                      E-1

<PAGE>

the first Payment Date) to and including the 14th day of the month of such
Payment Date. Interest will be computed on the basis of a 360-day year
consisting of twelve 30-day months. Such principal of and interest on this Note
shall be paid in the manner specified on the reverse hereof.

         The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuing
Entity 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 or obligatory for any purpose.

                                      E-2

<PAGE>

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

                                     Date JOHN DEERE OWNER TRUST 2006,

                                     By:  U.S. BANK TRUST NATIONAL
                                          ASSOCIATION,
                                          not in its individual capacity but
                                          solely as Owner Trustee under
                                          the Trust Agreement,

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

                     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:
                                          ------------------------------------
                                          Authorized Signatory

                                      E-3

<PAGE>

                                [REVERSE OF NOTE]

         This Note is one of the Class A-2 Notes of a duly authorized issue of
Notes of the Issuing Entity, designated as its Asset Backed Notes, all issued
under an Indenture dated as of June 15, 2006 (such indenture, as supplemented or
amended, is herein called the "Indenture"), between the Issuing Entity 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 indentures supplemental thereto reference is hereby made for a
statement of the respective rights and obligations thereunder of the Issuing
Entity, the Indenture Trustee and the Holders of the Notes. The Notes are
subject to all terms of the Indenture. All terms used in this Note that are
defined in the Indenture, as supplemented or amended, shall have the meanings
assigned to them in or pursuant to the Indenture, as so supplemented or amended.

         The Notes are and will be equally and ratably secured by the collateral
pledged as security therefor as provided in the Indenture.

         Principal of the Notes will be payable on each Payment Date in an
amount described on the face hereof.

         As described above, the entire unpaid principal amount of, together
with accrued and unpaid interest on, this Note shall be due and payable on the
earlier of November 17, 2008 and the Redemption Date, if any, pursuant to
Section 10.01(a) of the Indenture. Notwithstanding the foregoing, the entire
unpaid principal amount of the Notes shall be due and payable on the date on
which an Event of Default shall have occurred and be continuing and the
Indenture Trustee or the Holders of the Notes representing not less than a
majority of the Outstanding Amount of the Notes have declared the Notes to be
immediately due and payable in the manner provided in Section 5.02 of the
Indenture. All principal payments on the Notes of a Class shall be made pro rata
to the Noteholders of such Class entitled thereto.

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

                                      E-4

<PAGE>

only upon presentation and surrender of this Note at the Indenture Trustee's
principal Corporate Trust Office or at the office of the Indenture Trustee's
agent appointed for such purposes located in The City of New York.

         The Issuing Entity shall pay interest on overdue installments of
interest at a rate per annum equal to the sum of (i) the Class A-2 Note Interest
Rate and (ii) 1.0%, to the extent lawful.

         As provided in the Indenture, the Notes may be redeemed in whole, but
not in part, at the option of the Servicer, on any Payment Date, following the
last day of a Collection Period as of which the Pool Balance is 10% or less of
the Initial Pool Balance.

         As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note may be registered on the Note Register
upon surrender of this Note for registration of transfer at the office or agency
designated by the Issuing Entity pursuant to the Indenture, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Indenture Trustee duly executed by, the Holder hereof or his attorney duly
authorized in writing, with such signature guaranteed and such other documents
as the Indenture Trustee may require, and thereupon one or more new Notes of
authorized denominations and in the same aggregate principal amount will be
issued to the designated transferee or transferees. No service charge will be
charged for any registration of transfer or exchange of this Note, but the
transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

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

         Each Noteholder or Note Owner, by acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note covenants and agrees that prior
to the end of the period that is one year and one day after there has been paid
in full all debt issued by any securitization vehicle in respect of which the
Seller holds any interest, they will not institute against the Seller or the
Trust, or join in, or assist or encourage others to institute, any institution
against the Seller or the Trust of, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings, or other proceedings under any United
States federal or State bankruptcy or similar law.

                                      E-5

<PAGE>

         Prior to the due presentment for registration of transfer of this Note,
the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or
the Indenture Trustee shall treat the Person in whose name this Note (as of the
day of determination or as of such other date as may be specified in the
Indenture) is registered as the owner hereof for all purposes, whether or not
this Note be overdue, and neither the Issuing Entity, the Indenture Trustee nor
any such agent shall be affected by notice to the contrary.

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

         The Issuing Entity has entered into the Indenture and this Note is
issued with the intention that, for federal, State and local income and
franchise tax purposes, the Notes will qualify as indebtedness secured by the
Collateral. Each Noteholder, by its acceptance of a Note (and each Note Owner by
its acceptance of a beneficial interest in a Note), will be deemed to agree to
treat the Notes for federal, State and local income and franchise tax purposes
as indebtedness.

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

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

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

         This Note and the Indenture shall be construed in accordance with the
laws of the State of New York and the obligations, rights and remedies of the
parties hereunder and thereunder shall be determined in accordance with such
laws.

         No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Issuing Entity,
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.

                                      E-6

<PAGE>

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

                                      E-7

                                   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:                                                                    NOTE:
       -------------------          --------------------------------------
                                    The signature to this assignment must
                                    correspond with the name of the registered
                                    owner as it appears on the face of the
                                    within Note in every particular, without
                                    alteration, enlargement or any change
                                    whatsoever.

                                    Signature Guaranteed:

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

                                    Signatures must be guaranteed by an
                                    "eligible guarantor institution" meeting the
                                    requirements of the Indenture Trustee which
                                    requirements will include membership or
                                    participation in STAMP or such other
                                    "signature guarantee program" as may be
                                    determined by the Indenture Trustee in
                                    addition to, or in substitution for, STAMP,
                                    all in accordance with the Securities
                                    Exchange Act of 1934, as amended.

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

                                       E-8

<PAGE>

                                                                       EXHIBIT F

REGISTERED                                                          $272,000,000

No. R

                       SEE REVERSE FOR CERTAIN DEFINITIONS

                              CUSIP NO. 477871 AC1

         [Unless this Note is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Issuing Entity
or its agent for registration of transfer, exchange or payment, and any Note
issued is registered in the name of Cede & Co. or in such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC) - ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

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

                           JOHN DEERE OWNER TRUST 2006

                            5.38% ASSET BACKED NOTES,
                                    CLASS A-3

         John Deere Owner Trust 2006, a statutory trust organized and existing
under the laws of the State of Delaware (herein referred to as the "Issuing
Entity"), for value received, hereby promises to pay to Cede & Co., or
registered assigns, the principal sum of TWO HUNDRED SEVENTY TWO MILLION DOLLARS
payable on each Payment Date in an amount equal to the result obtained by
multiplying (i) a fraction the numerator of which is $272,000,000 and the
denominator of which is $272,000,000 by (ii) the aggregate amount, if any,
payable from the Note Distribution Account in respect of principal of the Class
A-3 Notes pursuant to Section 8.02(c) of the Indenture; provided, however, that
the entire unpaid principal amount of this Note shall be due and payable on the
earlier of July 15, 2010 and the Redemption Date, if any, pursuant to Section
10.01(a) of the Indenture. Except as provided in the Indenture, no payments of
principal of the Class A-3 Notes shall be made until the principal of each of
the Class A-1 Notes and the Class A-2 Notes has been paid in its entirety. The
Issuing Entity will pay interest on this Note at the Class A-3 Note Interest
Rate on each Payment Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the
preceding Payment Date after giving effect to all payments of principal made on
such preceding Payment Date (or on the initial principal amount of this Note
from and including June 20, 2006 in the case of the first Payment Date).
Interest on this Note will accrue

                                      F-1

<PAGE>

for each Payment Date from and including the 15th day of the month preceding
such Payment Date (or from and including June 20, 2006 in the case of the first
Payment Date) to and including the 14th day of the month of such Payment Date.
Interest will be computed on the basis of a 360-day year consisting of twelve
30-day months. Such principal of and interest on this Note shall be paid in the
manner specified on the reverse hereof.

         The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuing
Entity 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 or obligatory for any purpose.

                                      F-2

<PAGE>

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

                                     Date:JOHN DEERE OWNER TRUST 2006,

                                     By:  U.S. BANK TRUST NATIONAL
                                          ASSOCIATION,
                                          not in its individual capacity but
                                          solely as Owner Trustee under
                                          the Trust Agreement,

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

                     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:
                                          ------------------------------------
                                          Authorized Signatory

                                      F-3

<PAGE>

                                [REVERSE OF NOTE]

         This Note is one of the Class A-3 Notes of a duly authorized issue of
Notes of the Issuing Entity, designated as its Asset Backed Notes, all issued
under an Indenture dated as of June 15, 2006 (such indenture, as supplemented or
amended, is herein called the "Indenture"), between the Issuing Entity 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 indentures supplemental thereto reference is hereby made for a
statement of the respective rights and obligations thereunder of the Issuing
Entity, the Indenture Trustee and the Holders of the Notes. The Notes are
subject to all terms of the Indenture. All terms used in this Note that are
defined in the Indenture, as supplemented or amended, shall have the meanings
assigned to them in or pursuant to the Indenture, as so supplemented or amended.

         The Notes are and will be equally and ratably secured by the collateral
pledged as security therefor as provided in the Indenture.

         Principal of the Notes will be payable on each Payment Date in an
amount described on the face hereof.

         As described above, the entire unpaid principal amount of, together
with accrued and unpaid interest on, this Note shall be due and payable on the
earlier of July 15, 2010 and the Redemption Date, if any, pursuant to Section
10.01(a) of the Indenture. Notwithstanding the foregoing, the entire unpaid
principal amount of the Notes shall be due and payable on the date on which an
Event of Default shall have occurred and be continuing and the Indenture Trustee
or the Holders of the Notes representing not less than a majority of the
Outstanding Amount of the Notes have declared the Notes to be immediately due
and payable in the manner provided in Section 5.02 of the Indenture. All
principal payments on the Notes of a Class shall be made pro rata to the
Noteholders of such Class entitled thereto.

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

                                      F-4

<PAGE>

only upon presentation and surrender of this Note at the Indenture Trustee's
principal Corporate Trust Office or at the office of the Indenture Trustee's
agent appointed for such purposes located in The City of New York.

         The Issuing Entity shall pay interest on overdue installments of
interest at a rate per annum equal to the sum of (i) the Class A-3 Note Interest
Rate and (ii) 1.0%, to the extent lawful.

         As provided in the Indenture, the Notes may be redeemed in whole, but
not in part, at the option of the Servicer, on any Payment Date, following the
last day of a Collection Period as of which the Pool Balance is 10% or less of
the Initial Pool Balance.

         As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note may be registered on the Note Register
upon surrender of this Note for registration of transfer at the office or agency
designated by the Issuing Entity pursuant to the Indenture, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Indenture Trustee duly executed by, the Holder hereof or his attorney duly
authorized in writing, with such signature guaranteed and such other documents
as the Indenture Trustee may require, and thereupon one or more new Notes of
authorized denominations and in the same aggregate principal amount will be
issued to the designated transferee or transferees. No service charge will be
charged for any registration of transfer or exchange of this Note, but the
transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

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

         Each Noteholder or Note Owner, by acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note covenants and agrees that prior
to the end of the period that is one year and one day after there has been paid
in full all debt issued by any securitization vehicle in respect of which the
Seller holds any interest, they will not institute against the Seller or the
Trust, or join in, or assist or encourage others to institute, any institution
against the Seller or the Trust of, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings, or other proceedings under any United
States federal or State bankruptcy or similar law.

                                      F-5

<PAGE>

         Prior to the due presentment for registration of transfer of this Note,
the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or
the Indenture Trustee shall treat the Person in whose name this Note (as of the
day of determination or as of such other date as may be specified in the
Indenture) is registered as the owner hereof for all purposes, whether or not
this Note be overdue, and neither the Issuing Entity, the Indenture Trustee nor
any such agent shall be affected by notice to the contrary.

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

         The Issuing Entity has entered into the Indenture and this Note is
issued with the intention that, for federal, State and local income and
franchise tax purposes, the Notes will qualify as indebtedness secured by the
Collateral. Each Noteholder, by its acceptance of a Note (and each Note Owner by
its acceptance of a beneficial interest in a Note), will be deemed to agree to
treat the Notes for federal, State and local income and franchise tax purposes
as indebtedness.

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

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

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

         This Note and the Indenture shall be construed in accordance with the
laws of the State of New York and the obligations, rights and remedies of the
parties hereunder and thereunder shall be determined in accordance with such
laws.

         No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Issuing Entity,
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.

                                      F-6

<PAGE>

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

                                      F-7

<PAGE>

                                   ASSIGNMENT

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

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

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

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

     ---------------------------------------------------------------------------
                          (name and address of assignee)

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

Dated:                                                                    NOTE:
       -------------------          --------------------------------------
                                    The signature to this assignment must
                                    correspond with the name of the registered
                                    owner as it appears on the face of the
                                    within Note in every particular, without
                                    alteration, enlargement or any change
                                    whatsoever.

                                    Signature Guaranteed:

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

                                    Signatures must be guaranteed by an
                                    "eligible guarantor institution" meeting the
                                    requirements of the Indenture Trustee which
                                    requirements will include membership or
                                    participation in STAMP or such other
                                    "signature guarantee program" as may be
                                    determined by the Indenture Trustee in
                                    addition to, or in substitution for, STAMP,
                                    all in accordance with the Securities
                                    Exchange Act of 1934, as amended.

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

                                       F-8

<PAGE>

                                                                       EXHIBIT G

REGISTERED                                                          $211,970,000

No. R

                       SEE REVERSE FOR CERTAIN DEFINITIONS

                              CUSIP NO. 477871 AD 9

         [Unless this Note is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Issuing Entity
or its agent for registration of transfer, exchange or payment, and any Note
issued is registered in the name of Cede & Co. or in such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC) - ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

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

                           JOHN DEERE OWNER TRUST 2006

                            5.39% ASSET BACKED NOTES,
                                    CLASS A-4

         John Deere Owner Trust 2006, a statutory trust organized and existing
under the laws of the State of Delaware (herein referred to as the "Issuing
Entity"), for value received, hereby promises to pay to Cede & Co., or
registered assigns, the principal sum of TWO HUNDRED ELEVEN MILLION NINE HUNDRED
AND SEVENTY THOUSAND DOLLARS payable on each Payment Date in an amount equal to
the result obtained by multiplying (i) a fraction the numerator of which is
$211,970,000 and the denominator of which is $211,970,000 by (ii) the aggregate
amount, if any, payable from the Note Distribution Account in respect of
principal of the Class A-4 Notes pursuant to Section 8.02(c) of the Indenture;
provided, however, that the entire unpaid principal amount of this Note shall be
due and payable on the earlier of June 17, 2013 and the Redemption Date, if any,
pursuant to Section 10.01(a) of the Indenture. Except as provided in the
Indenture, no payments of principal of the Class A-4 Notes shall be made until
the principal of each of the Class A-1 Notes, the Class A-2 Notes and the Class
A-3 Notes has been paid in its entirety. The Issuing Entity will pay interest on
this Note at the Class A-4 Note Interest Rate on each Payment Date until the
principal of this Note is paid or made available for payment, on the principal
amount of this Note outstanding on the preceding Payment Date after giving
effect to all payments of principal made on such preceding Payment Date (or on
the initial principal amount of this Note from and including June 20, 2006

                                      G-1

<PAGE>

in the case of the first Payment Date). Interest on this Note will accrue for
each Payment Date from and including the 15th day of the month preceding such
Payment Date (or from and including June 20, 2006 in the case of the first
Payment Date) to and including the 14th day of the month of such Payment Date.
Interest will be computed on the basis of a 360-day year consisting of twelve
30-day months. Such principal of and interest on this Note shall be paid in the
manner specified on the reverse hereof.

         The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuing
Entity 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 or obligatory for any purpose.

                                      G-2

<PAGE>

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

                                     Date:JOHN DEERE OWNER TRUST 2006,

                                     By:  U.S. BANK TRUST NATIONAL
                                          ASSOCIATION,
                                          not in its individual capacity but
                                          solely as Owner Trustee under
                                          the Trust Agreement,

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

                     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:
                                          ------------------------------------
                                          Authorized Signatory

                                      G-3

<PAGE>

                                [REVERSE OF NOTE]

         This Note is one of the Class A-4 Notes of a duly authorized issue of
Notes of the Issuing Entity, designated as its Asset Backed Notes, all issued
under an Indenture dated as of June 15, 2006 (such indenture, as supplemented or
amended, is herein called the "Indenture"), between the Issuing Entity 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 indentures supplemental thereto reference is hereby made for a
statement of the respective rights and obligations thereunder of the Issuing
Entity, the Indenture Trustee and the Holders of the Notes. The Notes are
subject to all terms of the Indenture. All terms used in this Note that are
defined in the Indenture, as supplemented or amended, shall have the meanings
assigned to them in or pursuant to the Indenture, as so supplemented or amended.

         The Notes are and will be equally and ratably secured by the collateral
pledged as security therefor as provided in the Indenture.

         Principal of the Notes will be payable on each Payment Date in an
amount described on the face hereof.

         As described above, the entire unpaid principal amount of, together
with accrued and unpaid interest on, this Note shall be due and payable on the
earlier of June 17, 2013, and the Redemption Date, if any, pursuant to Section
10.01(a) of the Indenture. Notwithstanding the foregoing, the entire unpaid
principal amount of the Notes shall be due and payable on the date on which an
Event of Default shall have occurred and be continuing and the Indenture Trustee
or the Holders of the Notes representing not less than a majority of the
Outstanding Amount of the Notes have declared the Notes to be immediately due
and payable in the manner provided in Section 5.02 of the Indenture. All
principal payments on the Notes of a Class shall be made pro rata to the
Noteholders of such Class entitled thereto.

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

                                      G-4

<PAGE>

only upon presentation and surrender of this Note at the Indenture Trustee's
principal Corporate Trust Office or at the office of the Indenture Trustee's
agent appointed for such purposes located in The City of New York.

         The Issuing Entity shall pay interest on overdue installments of
interest at a rate per annum equal to the sum of (i) the Class A-4 Note Interest
Rate and (ii) 1.0%, to the extent lawful.

         As provided in the Indenture, the Notes may be redeemed in whole, but
not in part, at the option of the Servicer, on any Payment Date, following the
last day of a Collection Period as of which the Pool Balance is 10% or less of
the Initial Pool Balance.

         As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note may be registered on the Note Register
upon surrender of this Note for registration of transfer at the office or agency
designated by the Issuing Entity pursuant to the Indenture, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Indenture Trustee duly executed by, the Holder hereof or his attorney duly
authorized in writing, with such signature guaranteed and such other documents
as the Indenture Trustee may require, and thereupon one or more new Notes of
authorized denominations and in the same aggregate principal amount will be
issued to the designated transferee or transferees. No service charge will be
charged for any registration of transfer or exchange of this Note, but the
transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

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

         Each Noteholder or Note Owner, by acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note covenants and agrees that prior
to the end of the period that is one year and one day after there has been paid
in full all debt issued by any securitization vehicle in respect of which the
Seller holds any interest, they will not institute against the Seller or the
Trust, or join in, or assist or encourage others to institute, any institution
against the Seller or the Trust of, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings, or other proceedings under any United
States federal or State bankruptcy or similar law.

                                      G-5

<PAGE>

         Prior to the due presentment for registration of transfer of this Note,
the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or
the Indenture Trustee shall treat the Person in whose name this Note (as of the
day of determination or as of such other date as may be specified in the
Indenture) is registered as the owner hereof for all purposes, whether or not
this Note be overdue, and neither the Issuing Entity, the Indenture Trustee nor
any such agent shall be affected by notice to the contrary.

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

         The Issuing Entity has entered into the Indenture and this Note is
issued with the intention that, for federal, State and local income and
franchise tax purposes, the Notes will qualify as indebtedness secured by the
Collateral. Each Noteholder, by its acceptance of a Note (and each Note Owner by
its acceptance of a beneficial interest in a Note), will be deemed to agree to
treat the Notes for federal, State and local income and franchise tax purposes
as indebtedness.

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

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

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

         This Note and the Indenture shall be construed in accordance with the
laws of the State of New York and the obligations, rights and remedies of the
parties hereunder and thereunder shall be determined in accordance with such
laws.

         No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Issuing Entity,
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.

                                      G-6

<PAGE>

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

                                      G-7

<PAGE>

                                   ASSIGNMENT

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

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

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

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

     ---------------------------------------------------------------------------
                          (name and address of assignee)

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

Dated:                                                                    NOTE:
       -------------------          --------------------------------------
                                    The signature to this assignment must
                                    correspond with the name of the registered
                                    owner as it appears on the face of the
                                    within Note in every particular, without
                                    alteration, enlargement or any change
                                    whatsoever.

                                    Signature Guaranteed:

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

                                    Signatures must be guaranteed by an
                                    "eligible guarantor institution" meeting the
                                    requirements of the Indenture Trustee which
                                    requirements will include membership or
                                    participation in STAMP or such other
                                    "signature guarantee program" as may be
                                    determined by the Indenture Trustee in
                                    addition to, or in substitution for, STAMP,
                                    all in accordance with the Securities
                                    Exchange Act of 1934, as amended.

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

                                       G-8Exhibit 4.3

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

                           JOHN DEERE OWNER TRUST 2006

                                 TRUST AGREEMENT

                                     between

                          JOHN DEERE RECEIVABLES, INC.

                                       and

                      U.S. BANK TRUST NATIONAL ASSOCIATION
                                  Owner Trustee

                            Dated as of June 15, 2006

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

<PAGE>

                                Table of Contents

                                                                            Page

                                    ARTICLE I
                                   DEFINITIONS

SECTION 1.01 Capitalized Terms................................................1
SECTION 1.02 Other Definitional Provisions....................................2

                                   ARTICLE II
                                  ORGANIZATION

SECTION 2.01 Name.............................................................2
SECTION 2.02 Office...........................................................2
SECTION 2.03 Purposes and Powers..............................................2
SECTION 2.04 Appointment of Owner Trustee.....................................2
SECTION 2.05 Initial Capital Contribution of Trust Estate.....................2
SECTION 2.06 Declaration of Trust.............................................2
SECTION 2.07 Liability of the Owner...........................................2
SECTION 2.08 Title to Trust Property..........................................2
SECTION 2.09 Situs of Trust...................................................2
SECTION 2.10 Representations and Warranties of the Depositor..................2

                                   ARTICLE III
                      CERTIFICATE AND TRANSFER OF INTERESTS

SECTION 3.01 Initial Ownership................................................2
SECTION 3.02 The Certificate..................................................2
SECTION 3.03 Authentication of the Certificate................................2
SECTION 3.04 Exchange of the Certificate......................................2
SECTION 3.05 Mutilated, Destroyed, Lost or Stolen Certificate.................2
SECTION 3.06 Persons Deemed Owners............................................2
SECTION 3.07 Access to Certificateholder's Name and Address...................2
SECTION 3.08 Maintenance of Office or Agency..................................2
SECTION 3.09 Appointment of Paying Agent......................................2
SECTION 3.10 Depositor as Certificateholder...................................2

                                   ARTICLE IV
                            ACTIONS BY OWNER TRUSTEE

SECTION 4.01 Prior Notice to Owner with Respect to Certain Matters............2
SECTION 4.02 Action by the Owner with Respect to Certain Matters..............2
SECTION 4.03 Action by the Owner with Respect to Bankruptcy...................2
SECTION 4.04 Restrictions on the Owner's Power................................2

                                    ARTICLE V
                   APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

                                       i
<PAGE>

SECTION 5.01 Establishment of Trust Account...................................2
SECTION 5.02 Application of Trust Funds.......................................2
SECTION 5.03 Method of Payment................................................2
SECTION 5.04 No Segregation of Monies; No Interest............................2
SECTION 5.05 Accounting and Reports to the Owner, the Internal Revenue
     Service and Others.......................................................2

                                   ARTICLE VI
                      AUTHORITY AND DUTIES OF OWNER TRUSTEE

SECTION 6.01 General Authority................................................2
SECTION 6.02 General Duties...................................................2
SECTION 6.03 Action upon Instruction..........................................2
SECTION 6.04 No Duties Except as Specified in This Agreement or in
     Instructions.............................................................2
SECTION 6.05 No Action Except Under Specified Documents or Instructions.......2
SECTION 6.06 Restrictions.....................................................2

                                   ARTICLE VII
                          CONCERNING THE OWNER TRUSTEE

SECTION 7.01 Acceptance of Trusts and Duties..................................2
SECTION 7.02 Furnishing of Documents..........................................2
SECTION 7.03 Representations and Warranties...................................2
SECTION 7.04 Reliance; Advice of Counsel......................................2
SECTION 7.05 Not Acting in Individual Capacity................................2
SECTION 7.06 Owner Trustee Not Liable for Certificate or Receivables..........2
SECTION 7.07 Owner Trustee May Own Notes......................................2

                                  ARTICLE VIII
                          COMPENSATION OF OWNER TRUSTEE

SECTION 8.01 Owner Trustee's Fees and Expenses................................2
SECTION 8.02 Indemnification..................................................2
SECTION 8.03 Payments to the Owner Trustee....................................2

                                   ARTICLE IX
                         TERMINATION OF TRUST AGREEMENT

SECTION 9.01 Termination of Trust Agreement...................................2
SECTION 9.02 Dissolution upon Bankruptcy of the Depositor.....................2

                                    ARTICLE X
             SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

SECTION 10.01 Eligibility Requirements for Owner Trustee......................2
SECTION 10.02 Resignation or Removal of Owner Trustee.........................2
SECTION 10.03 Successor Owner Trustee.........................................2
SECTION 10.04 Merger or Consolidation of Owner Trustee........................2

                                       ii
<PAGE>

SECTION 10.05 Appointment of Co-Trustee or Separate Trustee...................2

                                   ARTICLE XI
                                  MISCELLANEOUS

SECTION 11.01 Supplements and Amendments......................................2
SECTION 11.02 No Legal Title to Owner Trust Estate in the Owner...............2
SECTION 11.03 Limitations on Rights of Others.................................2
SECTION 11.04 Notices.........................................................2
SECTION 11.05 Severability....................................................2
SECTION 11.06 Separate Counterparts...........................................2
SECTION 11.07 Successors and Assigns..........................................2
SECTION 11.08 Covenant of the Depositor.......................................2
SECTION 11.09 No Petition.....................................................2
SECTION 11.10 No Recourse.....................................................2
SECTION 11.11 Headings........................................................2
SECTION 11.12 GOVERNING LAW...................................................2
SECTION 11.13 Depositor Payment Obligation....................................2
SECTION 11.14 Administrator...................................................2
SECTION 11.15 Non-transferability of the Certificates(s)......................2

EXHIBIT A     Form of Certificate............................................A-1
EXHIBIT B     Certificate of Trust of John Deere Owner Trust 2006............B-1

                                      iii
<PAGE>

         TRUST AGREEMENT, dated as of June 15, 2006, between John Deere
Receivables, Inc., a Nevada corporation, as Depositor, and U.S. Bank Trust
National Association, a national banking association, as Owner Trustee.

                                    ARTICLE I

                                   Definitions

         SECTION 1.01 Capitalized Terms. For all purposes of this Agreement, the
following terms shall have the meanings set forth below:

         "Administration Agreement" means the Administration Agreement dated as
of June 15, 2006, among the Administrator, the Trust and the Indenture Trustee,
as the same may be amended, modified or supplemented from time to time.

         "Administrator" means John Deere Capital Corporation, a Delaware
corporation, or any successor Administrator under the Administration Agreement.

         "Agreement" shall mean this Trust Agreement, as the same may be amended
and supplemented from time to time.

         "Basic Documents" shall mean the Purchase Agreement, the Sale and
Servicing Agreement, the Indenture, the Administration Agreement, the Depository
Agreement and the other documents and certificates delivered in connection
therewith.

         "Certificate" shall mean a certificate evidencing the beneficial
interest of the Owner in the Trust, substantially in the form attached hereto as
Exhibit A.

         "Certificate Distribution Account" shall have the meaning assigned to
such term in Section 5.01.

         "Certificate of Trust" shall mean the Certificate of Trust in the form
of Exhibit B to be filed for the Trust pursuant to Section 3810(a) of the Trust
Statute.

         "Certificate Register" and "Certificate Registrar" shall mean the
register mentioned and the registrar appointed pursuant to Section 3.04.

         "Certificateholder" shall mean the Depositor.

         "Code" shall mean the Internal Revenue Code of 1986, as amended.

         "Corporate Trust Office" shall mean, with respect to the Owner Trustee,
the corporate trust office of the Owner Trustee located at 209 South LaSalle
Street, Suite 300, Chicago, IL 60604, Attention: Corporate Trust Administration;
or at such other address as the Owner Trustee may designate by notice to the
Owners and the Depositor, or the principal corporate trust office of any
successor Owner Trustee (the address of which the successor owner trustee will
notify the Owners and the Depositor).

                                       1
<PAGE>

         "Depositor" shall mean John Deere Receivables, Inc., in its capacity as
Depositor hereunder.

         "Depository Agreement" means the agreement among the Trust and The
Depository Trust Company, dated on or about the Closing Date, substantially in
the form of Exhibit C to the Indenture.

         "Expenses" shall have the meaning assigned to such term in Section
8.02.

         "Indenture" shall mean the Indenture, dated as of June 15, 2006,
between the Trust and the Indenture Trustee, as the same may be amended and
supplemented from time to time.

         "Indenture Trustee" shall mean The Bank of New York, not in its
individual capacity but solely as Indenture Trustee under the Indenture.

         "JDCC" shall mean John Deere Capital Corporation, a Delaware
corporation.

         "Owner" shall mean the Certificateholder.

         "Owner Trust Estate" shall mean all right, title and interest of the
Trust in and to the property and rights assigned to the Trust pursuant to
Article II of the Sale and Servicing Agreement, all funds on deposit from time
to time in the Trust Accounts and the Certificate Distribution Account and all
other property of the Trust from time to time, including any rights of the Owner
Trustee and the Trust pursuant to the Sale and Servicing Agreement and the
Administration Agreement.

         "Owner Trustee" shall mean U.S. Bank Trust National Association, a
national banking association, not in its individual capacity but solely as owner
trustee under this Agreement, and any successor Owner Trustee hereunder.

         "Paying Agent" shall mean any paying agent or co-paying agent appointed
pursuant to Section 3.09 and shall initially be U.S. Bank Trust National
Association.

         "Purchase Agreement" shall mean the Purchase Agreement, dated as of
June 15, 2006, between JDCC and the Depositor, as the same may be amended,
modified or supplemented from time to time.

         "Record Date" shall mean, with respect to any Payment Date, the close
of business on the last day of the calendar month immediately preceding the
calendar month in which the Payment Date occurs.

         "Representatives" means Deutsche Bank Securities Inc. and Merrill
Lynch, Pierce, Fenner & Smith Incorporated in their capacity as the
representatives under the Underwriting Agreement.

                                       2
<PAGE>

         "Sale and Servicing Agreement" shall mean the Sale and Servicing
Agreement among the Trust, the Depositor, as seller, and JDCC, as servicer,
dated as of June 15, 2006, as the same may be amended, modified or supplemented
from time to time.

         "Secretary of State" shall mean the Secretary of State of the State of
Delaware.

         "Treasury Regulations" shall mean regulations, including proposed or
temporary regulations, promulgated under the Code. References herein to specific
provisions of proposed or temporary regulations shall include analogous
provisions of final Treasury Regulations or other successor Treasury
Regulations.

         "Trust" shall mean the trust established by this Agreement.

         "Trust Statute" shall mean Chapter 38 of Title 12 of the Delaware Code,
12 Del. Code Section 3801 et seq., as the same may be amended from time to time.

         "Underwriting Agreement" means the Underwriting Agreement dated June
13, 2006 among JDCC, the Depositor and the Representatives set forth on the
signature pages thereto.

         SECTION 1.02 Other Definitional Provisions.

         (a) Capitalized terms used herein and not otherwise defined have the
meanings assigned to them in the Sale and Servicing Agreement or, if not defined
therein, in the Indenture.

         (b) All terms defined in this Agreement shall have the defined meanings
when used in any certificate or other document made or delivered pursuant hereto
unless otherwise defined therein.

         (c) As used in this Agreement and in any certificate or other document
made or delivered pursuant hereto or thereto, accounting terms not defined in
this Agreement or in any such certificate or other document, and accounting
terms partly defined in this Agreement or in any such certificate or other
document to the extent not defined, shall have the respective meanings given to
them under generally accepted accounting principles in the United States. To the
extent that the definitions of accounting terms in this Agreement or in any such
certificate or other document are inconsistent with the meanings of such terms
under generally accepted accounting principles in the United States, the
definitions contained in this Agreement or in any such certificate or other
document shall control.

         (d) The words "hereof," "herein," "hereunder" and words of similar
import when used in this Agreement shall refer to this Agreement as a whole and
not to any particular provision of this Agreement; Section and Exhibit
references contained in this Agreement are references to Sections and Exhibits
in or to this Agreement unless otherwise specified; and the term "including"
shall mean "including without limitation."

                                       3
<PAGE>

         (e) The definitions contained in this Agreement are applicable to the
singular as well as the plural forms of such terms and to the masculine as well
as to the feminine and neuter genders of such terms.

                                   ARTICLE II

                                  Organization

         SECTION 2.01 Name. The Trust created hereby shall be known as "John
Deere Owner Trust 2006" in which name the Owner Trustee may conduct the business
of the Trust, make and execute contracts and other instruments on behalf of the
Trust and sue and be sued.

         SECTION 2.02 Office. The office of the Trust shall be in care of the
Owner Trustee at the Corporate Trust Office or at such other address as the
Owner Trustee may designate by written notice to the Owners and the Depositor.

         SECTION 2.03 Purposes and Powers. The purpose of the Trust is to engage
in the following activities:

         (i) to issue the Notes pursuant to the Indenture and to sell the Notes
    upon the written order of the Depositor, and pursuant to this Agreement to
    issue a Certificate with a $12,040,248 aggregate principal amount to the
    Depositor upon the written order of the Depositor;

         (ii) with the proceeds of the sale of the Notes and the issuance of the
    Certificate, to pay the Depositor the amounts owed pursuant to Section 2.01
    of the Sale and Servicing Agreement, by directing the Representatives to
    wire transfer such proceeds in accordance with instructions received from
    the Depositor;

         (iii) with the proceeds from capital contributions from the Depositor,
    to fund the Reserve Account and to pay organizational and transactional
    expenses of the Trust;

         (iv) to assign, grant, transfer, pledge, mortgage and convey the Trust
    Estate pursuant to the Indenture and to hold, manage and distribute to the
    Owner pursuant to the terms of the Sale and Servicing Agreement any portion
    of the Trust Estate released from the Lien of, and remitted to the Trust
    pursuant to, the Indenture;

         (v) to enter into and perform its obligations under the Basic Documents
    to which it is to be a party;

         (vi) to engage in those activities, including entering into agreements,
    that are necessary, suitable or convenient to accomplish the foregoing or
    are incidental thereto or connected therewith; and

         (vii) subject to compliance with the Basic Documents, to engage in such
    other activities as may be required in connection with conservation of the
    Owner Trust Estate and the making of distributions to the Owner and the
    Noteholders.

                                       4
<PAGE>

The 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 Basic Documents.

         SECTION 2.04 Appointment of Owner Trustee. The Depositor hereby
appoints the Owner Trustee as trustee of the Trust effective as of the date
hereof, to have all the rights, powers and duties set forth herein.

         SECTION 2.05 Initial Capital Contribution of Trust Estate. The
Depositor hereby sells, assigns, transfers, conveys and sets over to the Owner
Trustee, as of the date hereof, the sum of $1.00. The Owner Trustee hereby
acknowledges receipt in trust from the Depositor, as of the date hereof, of the
foregoing contribution, which shall constitute the initial Owner Trust Estate
and shall be deposited in the Certificate Distribution Account. The Depositor
shall pay organizational expenses of the Trust as they may arise or shall, upon
the request of the Owner Trustee, promptly reimburse the Owner Trustee for any
such expenses paid by the Owner Trustee.

         SECTION 2.06 Declaration of Trust. The Owner Trustee hereby declares
that it will hold the Owner Trust Estate in trust upon and subject to the
conditions set forth herein for the use and benefit of the Owner, subject to the
obligations of the Trust under the Basic Documents. It is the intention of the
parties hereto that the Trust constitute a statutory trust under the Trust
Statute and that this Agreement constitute the governing instrument of such
statutory trust. It is the intention of the parties that the Trust will be
disregarded as an entity separate from the Owner for U.S. federal income tax
purposes as provided by Treasury Regulation Section 301.7701-3(b)(1)(ii). In the
event, however, that during its term the Trust has more than one beneficial
owner or member, then the parties agree, for U.S. federal income tax purposes,
to treat the Trust as a partnership and to take no action inconsistent with the
treatment of the Trust as a partnership. In such event, the parties agree that,
unless otherwise required by appropriate tax authorities, the Trust will elect
to be treated as a partnership and will file or cause to be filed annual or
other necessary returns, reports and other forms consistent with the
characterization of the Trust as a partnership for such tax purposes. Effective
as of the date hereof, the Owner Trustee shall have all rights, powers and
duties set forth herein and in the Trust Statute with respect to accomplishing
the purposes of the Trust. In no event shall the Trust elect to be treated as an
association taxable as a corporation. The Depositor shall make an election on
Internal Revenue Service Form 8832, Entity Classification Election, for the
Trust to be disregarded as a separate entity from the Owner.

         SECTION 2.07 Liability of the Owner.

         (a) The Depositor shall be liable directly to and will indemnify the
injured party for all losses, claims, damages, liabilities and expenses of the
Trust (including Expenses, to the extent not paid out of the Owner Trust Estate)
to the extent that the Depositor would be liable if the Trust were a partnership
under the Delaware Revised Uniform Limited Partnership Act in which the
Depositor were a general partner; provided, however, that the Depositor shall
not be liable for any losses incurred by a Certificateholder in the capacity of
an investor in the Certificate or a Noteholder in the capacity of an investor in
the Notes. In addition, any third party creditors of the Trust (other than in
connection with the obligations described in the preceding proviso for which the
Depositor shall not be liable) shall be deemed third party

                                       5
<PAGE>

beneficiaries of this paragraph. The obligations of the Depositor under this
paragraph shall be evidenced by the Certificate described in Section 3.10.

         (b) The Owner, other than to the extent set forth in paragraph (a),
shall not have any personal liability for any liability or obligation of the
Trust.

         SECTION 2.08 Title to Trust Property. Legal title to all the Owner
Trust Estate shall be vested at all times in the Trust as a separate legal
entity except where applicable law in any jurisdiction requires title to any
part of the Owner Trust Estate to be vested in a trustee or trustees, in which
case title shall be deemed to be vested in the Owner Trustee, a co-trustee
and/or a separate trustee, as the case may be.

         SECTION 2.09 Situs of Trust. The Trust will be located in the State of
Delaware. All bank accounts maintained by the Owner Trustee on behalf of the
Trust shall be located in the State of Delaware, the State of Illinois or the
State of New York. The Trust shall not have any employees in any State other
than Delaware; provided, however, that nothing herein shall restrict or prohibit
the Owner Trustee from having employees within or without the State of Delaware.

         SECTION 2.10 Representations and Warranties of the Depositor. The
Depositor hereby represents and warrants to the Owner Trustee that:

         (i) the Depositor is duly organized and validly existing as a
    corporation in good standing under the laws of the State of Nevada, with
    power and authority to own its properties and to conduct its business as
    such properties are currently owned and such business is presently
    conducted;

         (ii) the Depositor 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 failure to so qualify or to
    obtain such license or approval would render any Receivable unenforceable
    that would otherwise be enforceable by the Depositor, the Sub-Servicer or
    the Owner Trustee;

         (iii) the Depositor has the power and authority to execute and deliver
    this Agreement and to carry out its terms; the Depositor has full power and
    authority to sell and assign the property to be sold and assigned to and
    deposited with the Trust and the Depositor shall have duly authorized such
    sale and assignment and deposit to the Trust by all necessary corporate
    action; and the execution, delivery and performance of this Agreement has
    been duly authorized by the Depositor by all necessary corporate action; and

         (iv) the consummation of the transactions contemplated by this
    Agreement and the fulfillment of the terms hereof 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 Depositor, or any indenture, agreement or
    other instrument to which the Depositor is a party or by which it is bound;
    nor 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

                                       6
<PAGE>

    Basic Documents); nor violate any law or, to the best of the Depositor's
    knowledge, any order, rule or regulation applicable to the Depositor of any
    court or of any Federal or State regulatory body, administrative agency or
    other governmental instrumentality having jurisdiction over the Depositor or
    its properties.

                                  ARTICLE III

                      Certificate and Transfer of Interests

         SECTION 3.01 Initial Ownership. Upon the formation of the Trust by the
contribution by the Depositor pursuant to Section 2.05 and until the termination
of the Trust, the Depositor shall be the sole beneficiary of the Trust.

         SECTION 3.02 The Certificate. The Certificate shall be issued in
denominations of $100,000 and integral multiples of $1,000 in excess thereof;
provided, however, that one Certificate may be issued in a denomination that
includes any remaining portion of the initial Certificate Balance of the
Certificate. The Certificate shall be executed on behalf of the Trust by manual
or facsimile signature of a Trust Officer of the Owner Trustee. The Certificate
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 Trust, shall, when authenticated pursuant to Section 3.03, be 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 the Certificate or did not hold such offices at
the date of authentication and delivery of the Certificate.

         SECTION 3.03 Authentication of the Certificate. Concurrently with the
initial sale of the Receivables to the Trust pursuant to the Sale and Servicing
Agreement, the Owner Trustee shall cause the Certificate in an aggregate
principal amount equal to the initial Certificate Balance to be executed on
behalf of the Trust, authenticated and delivered to the Depositor. The
Certificate shall not entitle its holder to any benefit under this Agreement, or
be valid for any purpose, unless there shall appear on such Certificate a
certificate of authentication substantially in the form set forth in Exhibit A,
executed by the Owner Trustee or the Owner Trustee's authentication agent, by
manual signature; such authentication shall constitute conclusive evidence that
such Certificate shall have been duly authenticated and delivered hereunder. The
Certificate shall be dated the date of its authentication.

         SECTION 3.04 Exchange of the Certificate. The Certificate Registrar
shall keep or cause to be kept, at the office or agency maintained pursuant to
Section 3.08, a Certificate Register in which, subject to such reasonable
regulations as it may prescribe, the Owner Trustee shall provide for the
registration of the Certificate and of exchanges of the Certificate as herein
provided. U.S. Bank Trust National Association shall be the initial Certificate
Registrar.

         At the option of the Certificateholder, the Certificate may be
exchanged for other Certificates of authorized denominations of a like aggregate
amount upon surrender of the Certificate to be exchanged at the office or agency
maintained pursuant to Section 3.08.

                                       7
<PAGE>

         Every Certificate presented or surrendered for exchange shall be
accompanied by a written instrument of exchange in form satisfactory to the
Owner Trustee and the Certificate Registrar duly executed by the
Certificateholder or its attorney duly authorized in writing. Each Certificate
surrendered for registration of exchange shall be cancelled and subsequently
disposed of by the Owner Trustee in accordance with its customary practice.

         No service charge shall be made for any registration of transfer or
exchange of the Certificate, but the Owner 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 the
Certificate.

         SECTION 3.05 Mutilated, Destroyed, Lost or Stolen Certificate. If (a)
any mutilated Certificate shall be surrendered to the Certificate Registrar, or
if the Certificate Registrar shall receive evidence to its satisfaction of the
destruction, loss or theft of any Certificate and (b) there shall be delivered
to the Certificate Registrar and the Owner Trustee such security or indemnity as
may be required by them to save each of them harmless, then in the absence of
notice that such Certificate shall have been acquired by a protected purchaser,
the Owner Trustee on behalf of the Trust shall execute and the Owner Trustee, or
the Owner Trustee's authenticating agent, shall authenticate and deliver, in
exchange for or in lieu of any such mutilated, destroyed, lost or stolen
Certificate, a new Certificate of like tenor and denomination. In connection
with the issuance of any new Certificate under this Section, the Owner Trustee
or the Certificate Registrar may require the payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in connection
therewith. Any duplicate Certificate issued pursuant to this Section shall
constitute conclusive evidence of an ownership interest in the Trust, as if
originally issued, whether or not the lost, stolen or destroyed Certificate
shall be found at any time.

         SECTION 3.06 Persons Deemed Owners. The Owner Trustee or the
Certificate Registrar or any Paying Agent may treat the Person in whose name any
Certificate shall be registered in the Certificate Register as the owner of such
Certificate for the purpose of receiving distributions pursuant to Section 5.02
and for all other purposes whatsoever, and none of the Owner Trustee, the
Certificate Registrar or any Paying Agent shall be bound by any notice to the
contrary.

         SECTION 3.07 Access to Certificateholder's Name and Address. The Owner
Trustee shall furnish or cause to be furnished to the Servicer and the
Depositor, within 15 days after receipt by the Owner Trustee of a request
therefor from the Servicer or the Depositor in writing the name and address of
the Certificateholder as of the most recent Record Date.

         SECTION 3.08 Maintenance of Office or Agency. The Owner Trustee shall
maintain an office or offices or agency or agencies where the Certificate may be
surrendered for registration of exchange and where notices and demands to or
upon the Owner Trustee in respect of the Certificate and the Basic Documents may
be served. The Owner Trustee initially designates the Corporate Trust Office as
its office for such purposes. The Owner Trustee shall give prompt written notice
to the Depositor and to the Certificateholder of any change in the location of
the Certificate Register or any such office or agency.

                                       8
<PAGE>

         SECTION 3.09 Appointment of Paying Agent. The Paying Agent shall make
distributions to the Certificateholder from the Certificate Distribution Account
pursuant to Section 5.02 and shall report the amounts of such distributions to
the Owner Trustee. Any Paying Agent shall have the revocable power to withdraw
funds from the Certificate Distribution Account for the purpose of making the
distributions referred to above. The Owner Trustee may revoke such power and
remove the Paying Agent if the Owner 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 Paying Agent shall initially be U.S. Bank
Trust National Association, and any co-paying agent chosen by the Paying Agent
and acceptable to the Owner Trustee. The Paying Agent shall be permitted to
resign as Paying Agent upon 30 days' written notice to the Owner Trustee and the
Depositor. In the event that U.S. Bank Trust National Association shall no
longer be the Paying Agent, the Owner Trustee shall appoint a successor to act
as Paying Agent (which shall be a bank or trust company). The Owner Trustee
shall cause such successor Paying Agent or any additional Paying Agent appointed
by the Owner Trustee to execute and deliver to the Owner Trustee an instrument
in which such successor Paying Agent or additional Paying Agent shall agree with
the Owner Trustee that as Paying Agent, such successor Paying Agent or
additional Paying Agent will hold all sums, if any, held by it for payment to
the Certificateholder in trust for the benefit of the Certificateholder until
such sums shall be paid to the Certificateholder. The Paying Agent shall return
all unclaimed funds to the Owner Trustee and upon removal of a Paying Agent such
Paying Agent shall also return all funds in its possession to the Owner Trustee.
The provisions of Sections 7.01, 7.03, 7.04 and 8.01 shall apply to the Owner
Trustee also in its role as Paying Agent, for so long as the Owner 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 Depositor as Certificateholder. On the Closing Date, the
Depositor shall acquire the Certificate representing 100% of the initial
Certificate Balance and, thereafter, shall retain beneficial and record
ownership of the Certificate representing 100% of the Certificate Balance. Any
attempted transfer of any Certificate that would reduce such interest of the
Depositor below 100% of the Certificate Balance shall be void. The Owner Trustee
shall cause any Certificate issued to the Depositor to contain a legend stating
"THIS CERTIFICATE IS NOT TRANSFERABLE".

                                   ARTICLE IV

                            Actions by Owner Trustee

         SECTION 4.01 Prior Notice to Owner with Respect to Certain Matters.
With respect to the following matters, the Owner Trustee shall not take action
unless at least 30 days before the taking of such action, the Owner Trustee
shall have notified the Certificateholder in writing of the proposed action and
the Owner shall not have notified the Owner Trustee in writing prior to the 30th
day after such notice is given that the Owner has withheld consent or provided
alternative direction:

                                       9
<PAGE>

         (i) the initiation of any claim or lawsuit by the Trust (other than an
    action to collect on a Receivable) and the compromise of any action, claim
    or lawsuit brought by or against the Trust (other than an action to collect
    on a Receivable);

         (ii) the election by the Trust to file an amendment to the Certificate
    of Trust;

         (iii) the amendment of the Indenture by a supplemental indenture in
    circumstances where the consent of any Noteholder is required;

         (iv) the amendment of the Indenture by a supplemental indenture in
    circumstances where the consent of any Noteholder is not required and such
    amendment materially adversely affects the interest of the Owner;

         (v) 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 Owner; or

         (vi) 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.

         SECTION 4.02 Action by the Owner with Respect to Certain Matters. The
Owner Trustee shall not have the power, except upon the written direction of the
Owner and the Holders of not less than a majority of the Outstanding Amount of
the Notes, 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 under the
Sale and Servicing Agreement pursuant to Section 8.01 thereof or (d) except as
expressly provided in the Basic Documents, sell the Receivables after the
termination of the Indenture. The Owner Trustee shall take the actions referred
to in the preceding sentence only upon written instructions signed by the Owner.

         SECTION 4.03 Action by the Owner with Respect to Bankruptcy. The Owner
Trustee shall not have the power to commence a voluntary proceeding in
bankruptcy relating to the Trust without the prior written approval of the Owner
and the Holders of not less than a majority of the Outstanding Amount of the
Notes and the delivery to the Owner Trustee by the Owner of a certificate
certifying that the Owner reasonably believes that the Trust is insolvent.

         SECTION 4.04 Restrictions on the Owner's Power. The Owner shall not
direct the Owner Trustee to take or refrain from taking any action if such
action or inaction would be contrary to any obligation of the Trust or the Owner
Trustee under this Agreement or any of the Basic Documents or would be contrary
to Section 2.03 nor shall the Owner Trustee be obligated to follow any such
direction, if given.

                                       10
<PAGE>

                                   ARTICLE V

                   Application of Trust Funds; Certain Duties

         SECTION 5.01 Establishment of Trust Account. The Owner Trustee, for the
benefit of the Certificateholder, shall establish and maintain in the name of
the Trust an Eligible Deposit Account (the "Certificate Distribution Account"),
bearing a designation clearly indicating that the funds deposited therein are
held for the benefit of the Certificateholder.

         The Owner Trustee shall possess all right, title and interest in all
funds on deposit from time to time in the Certificate Distribution Account and
in all proceeds thereof. Except as otherwise provided herein, the Certificate
Distribution Account shall be under the sole dominion and control of the Owner
Trustee for the benefit of the Certificateholder. If, at any time, the
Certificate Distribution Account ceases to be an Eligible Deposit Account, the
Owner Trustee (or the Depositor on behalf of the Owner Trustee, if the
Certificate Distribution Account is not then held by the Owner Trustee or an
affiliate thereof) shall within 10 Business Days following notification of such
occurrence (or such longer period, not to exceed 30 calendar days, as to which
each Rating Agency may consent) establish a new Certificate Distribution Account
as an Eligible Deposit Account and shall transfer any cash and/or any
investments to such new Certificate Distribution Account.

         SECTION 5.02 Application of Trust Funds.

         (a) On each Payment Date, the Owner Trustee will distribute to the
Certificateholder, amounts deposited in the Certificate Distribution Account
pursuant to Sections 5.04 and 5.05 of the Sale and Servicing Agreement on such
Payment Date.

         (b) On each Payment Date, the Owner Trustee shall send to the
Certificateholder the statement provided to the Owner Trustee by the Servicer
pursuant to Section 5.06(a) of the Sale and Servicing Agreement on such Payment
Date.

         SECTION 5.03 Method of Payment. Subject to Section 9.01(c),
distributions required to be made to the Certificateholder on any Payment Date
shall be made to the Certificateholder of record on the preceding Record Date
either by wire transfer, in immediately available funds, to the account of the
Certificateholder at a bank or other entity having appropriate facilities
therefor, if the Certificateholder shall have provided to the Certificate
Registrar appropriate written instructions at least five Business Days prior to
such Payment Date or, if not, by check mailed to the Certificateholder at the
address of the Certificateholder appearing in the Certificate Register.

         SECTION 5.04 No Segregation of Monies; No Interest. Subject to Sections
5.01 and 5.02, monies received by the Owner Trustee hereunder need not be
segregated in any manner except to the extent required by law or the Sale and
Servicing Agreement and may be deposited under such general conditions as may be
prescribed by law, and the Owner Trustee shall not be liable for any interest
thereon.

                                       11
<PAGE>

         SECTION 5.05 Accounting and Reports to the Owner, the Internal Revenue
Service and Others. The Owner Trustee shall (a) maintain (or cause to be
maintained) the books of the Trust on a fiscal year basis ending October 31 (or
such other period as may be required by applicable law), with the first year
being a short year ending October 31, 2006, and on the accrual method of
accounting, (b) deliver to the Owner, as may be required by the Code and
applicable Treasury Regulations, such information as may be required to enable
the Owner to prepare its federal and state income tax returns, (c) file such tax
returns relating to the Trust as directed by the Owner and make such elections
as directed by the Owner 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 Trust's characterization as disregarded as a separate
entity from the Owner for U.S. federal income tax purposes, and (d) in the event
that during its term the Trust has more than one beneficial owner or member as
determined for such purposes, deliver to each beneficial owner or member and
file such returns as directed by the Owner to treat the Trust as a partnership.

                                   ARTICLE VI

                      Authority and Duties of Owner Trustee

         SECTION 6.01 General Authority. The Owner Trustee is authorized and
directed to execute and deliver the Basic Documents to which the Trust is to be
a party and each certificate or other document attached as an exhibit to or
contemplated by the Basic Documents to which the Trust is to be a party, or any
amendment thereto or other agreement, in each case, in such form as the
Depositor shall approve as evidenced conclusively by the delivery of such
certificates and documents to the Owner Trustee for the Owner Trustee's
execution thereof. In addition to the foregoing, the Owner Trustee is
authorized, but shall not be obligated, to take all actions required of the
Trust pursuant to the Basic Documents. The Owner Trustee is further authorized
from time to time to take such action as the Administrator directs in writing
with respect to the Basic Documents and shall, upon the written direction of the
Administrator, execute and deliver any amendments to this Agreement or any Basic
Documents presented by the Administrator for execution and delivery by the Owner
Trustee.

         SECTION 6.02 General Duties. It shall be the duty of the Owner Trustee
to discharge (or cause to be discharged) all of its responsibilities pursuant to
the terms of this Agreement and the Basic Documents and to administer the Trust
in the interest of the Owner, subject to the Basic Documents and in accordance
with the provisions of this Agreement. Notwithstanding the foregoing, the Owner
Trustee shall be deemed to have discharged its duties and responsibilities
hereunder and under the Basic Documents to the extent the Administrator has
agreed in the Administration Agreement to perform any act or to discharge any
duty of the Owner Trustee hereunder or under any Basic Document, and the Owner
Trustee shall not be liable for the default or failure of the Administrator to
carry out its obligations under the Administration Agreement.

         SECTION 6.03 Action upon Instruction.

                                       12
<PAGE>

         (a) Subject to Article IV, the Owner may, by written instruction,
direct the Owner Trustee in the management of the Trust. Such direction may be
exercised at any time by written instruction of the Owner pursuant to Article
IV.

         (b) The Owner Trustee shall not be required to take any action
hereunder or under any Basic Document if the Owner 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 Owner Trustee or is contrary to the terms
hereof or of any Basic Document or is otherwise contrary to law.

         (c) Whenever the Owner Trustee is unable to decide between alternative
courses of action permitted or required by the terms of this Agreement or any
Basic Document, the Owner Trustee shall promptly give notice (in such form as
shall be appropriate under the circumstances) to the Owner requesting
instruction as to the course of action to be adopted, and to the extent the
Owner Trustee acts in good faith in accordance with any written instruction of
the Owner received, the Owner Trustee shall not be liable on account of such
action to any Person. If the Owner Trustee shall not have received appropriate
instruction 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, not inconsistent with this Agreement or the Basic Documents,
as it shall deem to be in the best interest of the Owner, and shall have no
liability to any Person for such action or inaction.

         (d) In the event that the Owner Trustee is unsure as to the application
of any provision of this Agreement or any Basic Document or any such provision
is ambiguous as to its application, or is, or appears to be, in conflict with
any other applicable provision, or in the event that this Agreement permits any
determination by the Owner Trustee or is silent or is incomplete as to the
course of action that the Owner Trustee is required to take with respect to a
particular set of facts, the Owner Trustee may give notice (in such form as
shall be appropriate under the circumstances) to the Owner requesting
instruction and, to the extent that the Owner Trustee acts or refrains from
acting in good faith in accordance with any such instruction received, the Owner
Trustee shall not be liable, on account of such action or inaction, to any
Person. If the Owner Trustee shall not have received appropriate instruction
within 10 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, not inconsistent with this Agreement or the Basic Documents,
as it shall deem to be in the best interests of the Owner, and shall have no
liability to any Person for such action or inaction.

         SECTION 6.04 No Duties Except as Specified in This Agreement or in
Instructions. The Owner Trustee shall not have any duty or obligation to manage,
make any payment with respect to, register, record, sell, dispose of, or
otherwise deal with the Owner Trust Estate, or to otherwise take or refrain from
taking any action under, or in connection with, any document contemplated hereby
to which the Owner Trustee is a party, except as expressly provided by the terms
of this Agreement or in any document or written instruction received by the
Owner Trustee pursuant to Section 6.03; and no implied duties or obligations
shall be read into this Agreement or any Basic Document against the Owner
Trustee. The Owner Trustee shall have no responsibility for filing any financing
or continuation statement in any public office

                                       13
<PAGE>

at any time or to otherwise perfect or maintain the perfection of any security
interest or lien granted to it hereunder or to prepare or file any Securities
and Exchange Commission filing for the Trust or to record this Agreement or any
Basic Document. The Owner Trustee nevertheless agrees that it will, at its own
cost and expense, promptly take all action as may be necessary to discharge any
liens on any part of the Owner Trust Estate that result from actions by, or
claims against, the Owner Trustee that are not related to the ownership or the
administration of the Owner Trust Estate.

         SECTION 6.05 No Action Except Under Specified Documents or
Instructions. The Owner Trustee shall not manage, control, use, sell, dispose of
or otherwise deal with any part of the Owner Trust Estate except (a) in
accordance with the powers granted to and the authority conferred upon the Owner
Trustee pursuant to this Agreement, (b) in accordance with the Basic Documents
and (c) in accordance with any document or instruction delivered to the Owner
Trustee pursuant to Section 6.03.

         SECTION 6.06 Restrictions. The Owner Trustee shall not take any action
(a) that is inconsistent with the purposes of the Trust set forth in Section
2.03 or (b) that, to the actual knowledge of the Owner Trustee, would result in
the Trust's becoming taxable as a corporation for federal income tax purposes.
The Owner shall not direct the Owner Trustee to take action that would violate
the provisions of this Section. In no event shall the Trust elect to be treated
as an association taxable as a corporation.

                                  ARTICLE VII

                          Concerning the Owner Trustee

         SECTION 7.01 Acceptance of Trusts and Duties. The Owner 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 Owner
Trustee also agrees to disburse all moneys actually received by it constituting
part of the Owner Trust Estate upon the terms of the Basic Documents and this
Agreement. The Owner Trustee shall not be answerable or accountable hereunder or
under any Basic Document under any circumstances, except for (i) its own willful
misconduct or negligence or (ii) the inaccuracy of any representation or
warranty contained in Section 7.03 expressly made by the Owner Trustee. In
particular, but not by way of limitation (and subject to the exceptions set
forth in the preceding sentence):

         (i) the Owner Trustee shall not be liable for any error of judgment
    made in good faith by a responsible officer of the Owner Trustee;

         (ii) the Owner 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, the Depositor, the Indenture Trustee or the Owner;

         (iii) no provision of this Agreement or any Basic Document shall
    require the Owner 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 Basic Document, if the

                                       14
<PAGE>

    Owner 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;

         (iv) under no circumstances shall the Owner Trustee be liable for
    indebtedness evidenced by or arising under any of the Basic Documents,
    including the principal of and interest on the Notes;

         (v) the Owner Trustee shall not be responsible for or in respect of the
    validity or sufficiency of this Agreement or for the due execution hereof by
    the Depositor or for the form, character, genuineness, sufficiency, value or
    validity of any of the Owner Trust Estate or for or in respect of the
    validity or sufficiency of the Basic Documents, other than the certificate
    of authentication on the Certificate, and the Owner Trustee shall in no
    event assume or incur any liability, duty, or obligation to any Noteholder
    or to the Owner, other than as expressly provided for herein and in the
    Basic Documents;

         (vi) the Owner Trustee shall not be liable for the default or
    misconduct of the Administrator, the Indenture Trustee or the Servicer under
    any of the Basic Documents or otherwise and the Owner Trustee shall have no
    obligation or liability to perform the obligations of the Trust under this
    Agreement or the Basic Documents that are required to be performed by the
    Administrator under the Administration Agreement, the Indenture Trustee
    under the Indenture or the Servicer under the Sale and Servicing Agreement;

         (vii) the Owner Trustee shall be under no obligation to exercise any of
    the rights or powers vested in it by this Agreement, or to institute,
    conduct or defend any disclosure litigation under this Agreement or
    otherwise or in relation to this Agreement or any Basic Document, at the
    request, order or direction of the Owner, unless the Owner has offered to
    the Owner Trustee security or indemnity satisfactory to it against the
    costs, expenses and liabilities that may be incurred by the Owner Trustee
    therein or thereby. The right of the Owner Trustee to perform any
    discretionary act enumerated in this Agreement or in any Basic Document
    shall not be construed as a duty, and the Owner Trustee shall not be
    answerable for other than its negligence or willful misconduct in the
    performance of any such act; and

         (viii) notwithstanding any Person's right to instruct the Owner
    Trustee, except as required by law or regulation, neither the Owner Trustee
    nor any agent, employee, director or officer of the Owner Trustee shall have
    any obligation to execute any certificates or other documents required
    pursuant to the Sarbanes-Oxley Act of 2002 or the rules and regulations
    promulgated thereunder, and the refusal to comply with any such instructions
    shall not constitute a default or breach under any Basic Document.

         SECTION 7.02 Furnishing of Documents. The Owner Trustee shall furnish
to the Owner promptly upon receipt of a written reasonable request therefor,
duplicates or copies of all reports, notices, requests, demands, certificates,
financial statements and any other instruments furnished to the Owner Trustee
and in its possession under the Basic Documents.

                                       15
<PAGE>

         SECTION 7.03 Representations and Warranties. The Owner Trustee hereby
represents and warrants to the Depositor, for the benefit of the Owner, that:

         (i) it is a banking association duly organized and validly existing in
    good standing under the laws of the United States of America and it has all
    requisite corporate power and authority to execute, deliver and perform its
    obligations under this Agreement;

         (ii) it has taken all corporate action necessary to authorize the
    execution and delivery by it of this Agreement, and this Agreement will be
    executed and delivered by one of its officers who is duly authorized to
    execute and deliver this Agreement on its behalf; and

         (iii) neither the execution nor the delivery by it of this Agreement,
    nor the consummation by it of the transactions contemplated hereby, nor
    compliance by it with any of the terms or provisions hereof, will contravene
    any federal or Delaware law, governmental rule or regulation governing the
    banking or trust powers of the Owner Trustee, or constitute any default
    under its charter documents or by-laws.

         SECTION 7.04 Reliance; Advice of Counsel.

         (a) The Owner 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. The
Owner 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 Owner 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 Owner 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 Basic
Documents, the Owner Trustee (i) may act directly or through its agents or
attorneys pursuant to agreements entered into with any of them, and the Owner
Trustee shall not be liable for the conduct or misconduct of such agents or
attorneys if such agents or attorneys shall have been selected by the Owner
Trustee with reasonable care, and (ii) may consult with counsel, accountants and
other skilled persons to be selected with reasonable care and employed by it.
The Owner Trustee shall not be liable for anything done, suffered or omitted in
good faith by it in accordance with the written opinion or advice of any such
counsel, accountants or other such persons and not contrary to this Agreement or
any Basic Document.

         SECTION 7.05 Not Acting in Individual Capacity. Except as provided in
this Article VII, in accepting the trusts hereby created U.S. Bank Trust
National Association acts solely as Owner Trustee hereunder and not in its
individual capacity and all Persons having any claim against the Owner Trustee
by reason of the transactions contemplated by this Agreement

                                       16
<PAGE>

or any Basic Document shall look only to the Owner Trust Estate for payment or
satisfaction thereof.

         SECTION 7.06 Owner Trustee Not Liable for Certificate or Receivables.
The recitals contained herein and in the Certificate (other than the signature
of the Owner Trustee on the Certificate and its representations and warranties
in Section 7.03) shall be taken as the statements of the Depositor and the Owner
Trustee assumes no responsibility for the correctness thereof. The Owner Trustee
makes no representations as to the validity or sufficiency of this Agreement, of
any Basic Document or of the Certificate (other than the signature of the Owner
Trustee on the Certificate) or the Notes, or of any Receivable or related
documents. The Owner Trustee shall at no time have any responsibility or
liability for or with respect to the legality, validity and enforceability of
any Receivable, or the perfection and priority of any security interest created
by any Receivable in any Financed Equipment or the maintenance of any such
perfection and priority, or for or with respect to the sufficiency of the Owner
Trust Estate or its ability to generate the payments to be distributed to the
Certificateholder under this Agreement or the Noteholders under the Indenture,
including, without limitation: the existence, condition and ownership of any
Financed Equipment; the existence and enforceability of any insurance thereon:
the existence and contents of any Receivable on any computer or other record
thereof; the validity of the assignment of any Receivable to the Trust or of any
intervening assignment; the completeness of any Receivable; the performance or
enforcement of any Receivable; the compliance by the Depositor or the Servicer
with any warranty or representation made under any Basic 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 Owner Trustee.

         SECTION 7.07 Owner Trustee May Own Notes. The Owner Trustee in its
individual or any other capacity may become the owner or pledgee of Notes and
may deal with the Depositor, the Administrator, the Indenture Trustee and the
Servicer in banking transactions with the same rights as it would have if it
were not Owner Trustee.

                                  ARTICLE VIII

                          Compensation of Owner Trustee

         SECTION 8.01 Owner Trustee's Fees and Expenses. The Owner Trustee shall
receive as compensation for its services hereunder such fees as have been
separately agreed upon before the date hereof between the Depositor and the
Owner Trustee, and the Owner Trustee shall be entitled to be reimbursed by the
Depositor for its other reasonable expenses hereunder, including the reasonable
compensation, expenses and disbursements of such agents, representatives,
experts and counsel as the Owner Trustee may employ in connection with the
exercise and performance of its rights and its duties hereunder.

         SECTION 8.02 Indemnification. The Depositor shall be liable as primary
obligor for, and shall indemnify the Owner Trustee and its successors, assigns,
agents and servants (collectively, the "Indemnified Parties") from and against,
any and all liabilities, obligations, losses, damages, taxes, claims, actions
and suits, and any and all reasonable costs,

                                       17
<PAGE>

expenses and disbursements (including reasonable legal fees and expenses) of any
kind and nature whatsoever (collectively, "Expenses") which may at any time be
imposed on, incurred by, or asserted against the Owner Trustee or any
Indemnified Party in any way relating to or arising out of this Agreement, the
Basic Documents, the Owner Trust Estate, the administration of the Owner Trust
Estate or the action or inaction of the Owner Trustee hereunder, except only
that the Depositor shall not be liable for or required to indemnify the Owner
Trustee from and against Expenses arising or resulting from any of the matters
described in the third sentence of Section 7.01. The indemnities contained in
this Section shall survive the resignation or removal of the Owner Trustee or
the termination of this Agreement. In any event of any claim, action or
proceeding for which indemnity will be sought pursuant to this Section, the
Owner Trustee's choice of legal counsel shall be subject to the approval of the
Depositor, which approval shall not be unreasonably withheld.

         SECTION 8.03 Payments to the Owner Trustee. Any amounts paid to the
Owner Trustee pursuant to this Article VIII shall be deemed not to be a part of
the Owner Trust Estate immediately after such payment.

                                   ARTICLE IX

                         Termination of Trust Agreement

         SECTION 9.01 Termination of Trust Agreement.

         (a) The Trust shall dissolve and terminate in accordance with Section
3808 (d) and (e) of the Trust Act (i) upon the final distribution by the Owner
Trustee of all moneys or other property or proceeds of the Owner Trust Estate in
accordance with the terms of the Indenture, the Sale and Servicing Agreement and
Article V or (ii) at the time provided in Section 9.02. Any money or other
property held as part of the Owner Trust Estate following such distribution (and
following a final distribution of proceeds from a sale under Section 9.02) shall
be distributed to the Depositor.

         (b) Except as provided in Section 9.01(a), neither the Depositor nor
the Owner shall be entitled to revoke or terminate the Trust.

         (c) Notice of any dissolution of the Trust, specifying the Payment Date
upon which the Certificateholder shall surrender its Certificate to the Paying
Agent for payment of the final distribution and cancellation, shall be given by
the Owner Trustee by letter to the Certificateholder mailed within five Business
Days of receipt of notice of such termination from the Servicer given pursuant
to Section 9.01(c) of the Sale and Servicing Agreement, stating (i) the Payment
Date upon or with respect to which final payment of the Certificate shall be
made upon presentation and surrender of the Certificate at the office of the
Paying Agent therein designated, (ii) the amount of any such final payment and
(iii) that the Record Date otherwise applicable to such Payment Date is not
applicable, payments being made only upon presentation and surrender of the
Certificate at the office of the Paying Agent therein specified. The Owner
Trustee shall give such notice to the Certificate Registrar (if other than the
Owner Trustee) and the Paying Agent at the time such notice is given to the
Certificateholder. Upon presentation and

                                       18
<PAGE>

surrender of the Certificate, the Paying Agent shall cause to be distributed to
the Certificateholder amounts distributable on such Payment Date pursuant to
Section 5.02.

         In the event that the Certificateholder shall not surrender its
Certificate for cancellation within six months after the date specified in the
above mentioned written notice, the Owner Trustee shall give a second written
notice to the Certificateholder to surrender its Certificate for cancellation
and receive the final distribution with respect thereto. If within one year
after the second notice, the Certificate shall not have been surrendered for
cancellation, the Owner Trustee may take appropriate steps, or may appoint an
agent to take appropriate steps, to contact the Certificateholder concerning
surrender of its Certificate, and the cost thereof shall be paid out of the
funds and other assets that shall remain subject to this Agreement. Any funds
remaining in the Trust after exhaustion of such remedies shall be distributed by
the Owner Trustee to the Depositor.

         (d) Upon the winding up of the Trust and satisfaction of all
obligations in accordance with Section 3808 of the Trust Statute, the Owner
Trustee shall cause the Certificate of Trust to be canceled by filing a
certificate of cancellation with the Secretary of State in accordance with the
provisions of Section 3810 of the Trust Statute and the Trust shall terminate
and this Agreement (other than Article VIII) shall be of no further force or
effect.

         SECTION 9.02 Dissolution upon Bankruptcy of the Depositor. In the event
that an Insolvency Event shall occur with respect to the Depositor, the Trust
shall be dissolved in accordance with Section 9.01 90 days after the date of
such Insolvency Event, unless, before the end of such 90-day period, the Owner
Trustee shall have received written instructions from each of the Noteholders,
to the effect that each such party disapproves of the liquidation of the
Receivables and termination of the Trust. Promptly after the occurrence of any
Insolvency Event with respect to the Depositor, (i) the Depositor shall give the
Indenture Trustee and the Owner Trustee written notice of such Insolvency Event,
(ii) the Owner Trustee shall, upon the receipt of such written notice from the
Depositor, give prompt written notice to the Certificateholder and the Indenture
Trustee, of the occurrence of such event and (iii) the Indenture Trustee shall,
upon receipt of written notice of such Insolvency Event from the Owner Trustee
or the Depositor, give prompt written notice to the Noteholders of the
occurrence of such event; provided, however, that any failure to give a notice
required by this sentence shall not prevent or delay, in any manner, a
dissolution of the Trust pursuant to the first sentence of this Section 9.02.
Upon a dissolution pursuant to this Section, the Owner Trustee shall direct the
Indenture Trustee promptly to sell the assets of the Trust (other than the Trust
Accounts and the Certificate Distribution Account) in a commercially reasonable
manner and on commercially reasonable terms. The proceeds of such a sale of the
assets of the Trust shall be treated as collections under the Sale and Servicing
Agreement.

                                   ARTICLE X

             Successor Owner Trustees and Additional Owner Trustees

         SECTION 10.01 Eligibility Requirements for Owner Trustee. The Owner
Trustee shall at all times be a Person satisfying the provisions of Section
3807(a) of the Trust

                                       19
<PAGE>

Statute; authorized to exercise corporate trust powers; and having a combined
capital and surplus of at least $50,000,000 and subject to supervision or
examination by Federal or State authorities. If such Person shall publish
reports of condition at least annually, pursuant to law or to the requirements
of the aforesaid supervising or examining authority, then for the purpose of
this Section, the combined capital and surplus of such Person shall be deemed to
be its combined capital and surplus as set forth in its most recent report of
condition so published. In case at any time the Owner Trustee shall cease to be
eligible in accordance with the provisions of this Section, the Owner Trustee
shall resign immediately in the manner and with the effect specified in Section
10.02.

         SECTION 10.02 Resignation or Removal of Owner Trustee. The Owner
Trustee may at any time resign and be discharged from the trusts hereby created
by giving written notice thereof to the Administrator, provided, however, that
such resignation and discharge shall only be effective upon the appointment of a
successor Owner Trustee. The Owner Trustee shall provide to the Seller in
writing and in form and substance reasonably satisfactory to the Seller, all
information reasonably requested by the Seller in order to comply with its
reporting obligation under the Exchange Act with respect to the resignation of
the Owner Trustee. Upon receiving such notice of resignation, the Administrator
shall promptly appoint a successor Owner Trustee by written instrument, in
duplicate, one copy of which instrument shall be delivered to the resigning
Owner Trustee and one copy to the successor Owner Trustee. If no successor Owner
Trustee shall have been so appointed and have accepted appointment within 30
days after the giving of such notice of resignation, the resigning Owner Trustee
may petition any court of competent jurisdiction for the appointment of a
successor Owner Trustee.

         If at any time the Owner Trustee shall cease to be eligible in
accordance with the provisions of Section 10.01 and shall fail to resign after
written request therefor by the Administrator, or if at any time the Owner
Trustee shall be legally unable to act, or shall be adjudged bankrupt or
insolvent, or a receiver of the Owner Trustee or of its property shall be
appointed, or any public officer shall take charge or control of the Owner
Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation, then the Administrator may remove the Owner
Trustee. If at any time the Owner Trustee shall fail to comply with any of its
obligations under Section 10.02 or Section 10.04 of this Agreement or Section
4.16 of the Sale and Servicing Agreement during the period that the Seller is
required to file Exchange Act Reports with respect to the Trust and such failure
is not remedied within the lesser of ten calendar days and the period of time in
which the related Exchange Act Report is required to be filed (without taking
into account any extensions), then the Seller may remove the Owner Trustee. If
the Administrator or Seller shall remove the Owner Trustee under the authority
of the two immediately preceding sentences, the Administrator shall promptly
appoint a successor Owner Trustee, by written instrument, in triplicate, one
copy of which instrument shall be delivered to the outgoing Owner Trustee so
removed, one copy to the successor Owner Trustee, and one copy to the Seller,
together with the basis for removal and shall pay all fees owed to the outgoing
Owner Trustee.

         Any resignation or removal of the Owner Trustee and appointment of a
successor Owner Trustee pursuant to any of the provisions of this Section shall
not become effective until acceptance of appointment by the successor Owner
Trustee pursuant to Section 10.03 and

                                       20
<PAGE>

payment of all fees and expenses owed to the outgoing Owner Trustee. The
Administrator shall provide notice of such resignation or removal of the Owner
Trustee to each of the Rating Agencies.

         SECTION 10.03 Successor Owner Trustee. Any successor Owner Trustee
appointed pursuant to Section 10.02 shall execute, acknowledge and deliver to
the Administrator and to its predecessor Owner Trustee an instrument accepting
such appointment under this Agreement and deliver to the Seller in writing and
in form and substance reasonably satisfactory to the Seller, all information
reasonably requested by the Seller in order to comply with its reporting
obligation under the Exchange Act with respect to the successor Owner Trustee,
and thereupon the resignation or removal of the predecessor Owner Trustee shall
become effective and such successor Owner Trustee, without any further act, deed
or conveyance, shall become fully vested with all the rights, powers, duties,
and obligations of its predecessor under this Agreement and the Sale and
Servicing Agreement, with like effect as if originally named as Owner Trustee.
The predecessor Owner Trustee shall upon payment of its fees and expenses
deliver to the successor Owner Trustee all documents and statements and monies
held by it under this Agreement; and the Administrator and the predecessor Owner
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 Owner Trustee all such rights, powers, duties, and obligations.

         No successor Owner Trustee shall accept appointment as provided in this
Section unless at the time of such acceptance such successor Owner Trustee shall
be eligible pursuant to Section 10.01.

         Upon acceptance of appointment by a successor Owner Trustee pursuant to
this Section, the Administrator shall mail notice of the successor of such Owner
Trustee to all Certificateholders, the Indenture Trustee, the Noteholders and
the Rating Agencies. If the Administrator shall fail to mail such notice within
10 days after acceptance of appointment by the successor Owner Trustee, the
successor Owner Trustee shall cause such notice to be mailed at the expense of
the Administrator.

         SECTION 10.04 Merger or Consolidation of Owner Trustee. Any Person into
which the Owner 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 Owner Trustee shall be a party, or any corporation
succeeding to all or substantially all of the corporate trust business of the
Owner Trustee, shall be the successor of the Owner Trustee hereunder, provided
that such Person shall be eligible pursuant to Section 10.01, without the
execution or filing of any instrument or any further act on the part of any of
the parties hereto; anything herein to the contrary notwithstanding; provided
further that the Owner Trustee shall mail notice of such merger or consolidation
to the Rating Agencies and that the Owner Trustee will provide the Seller in
writing and in form and substance reasonably satisfactory to the Seller, all
information reasonably requested by the Seller in order to comply with its
reporting obligation under the Exchange Act with respect to the successor Owner
Trustee.

         SECTION 10.05 Appointment of Co-Trustee or Separate Trustee.
Notwithstanding any other provisions of this Agreement, at any time, for the
purpose of meeting

                                       21
<PAGE>

any legal requirements of any jurisdiction in which any part of the Owner Trust
Estate or any Financed Equipment may at the time be located, the Administrator
and the Owner Trustee acting jointly shall have the power and shall execute and
deliver all instruments to appoint one or more Persons approved by the Owner
Trustee to act as co-trustee, jointly with the Owner Trustee, or separate
trustee or separate trustees, of all or any part of the Owner Trust Estate, and
to vest in such Person, in such capacity, such title to the Trust, or any part
thereof, and, subject to the other provisions of this Section, such powers,
duties, obligations, rights and trusts as the Administrator and the Owner
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
so to do, the Owner 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 10.01 and no
notice of the appointment of any co-trustee or separate trustee shall be
required pursuant to Section 10.03.

         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 Owner Trustee shall be conferred upon and exercised or performed by
    the Owner 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 Owner 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 Owner Trustee shall be incompetent or
    unqualified to perform such act or acts, in which event such rights, powers,
    duties, and obligations (including the holding of title to the Trust or any
    portion thereof in any such jurisdiction) shall be exercised and performed
    singly by such separate trustee or co-trustee, but solely at the direction
    of the Owner 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; and

         (iii) the Administrator and the Owner Trustee acting jointly may at any
    time accept the resignation of or remove any separate trustee or co-trustee.

         Any notice, request or other writing given to the Owner 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 Owner
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 Owner Trustee. Each such instrument shall be filed with the Owner
Trustee and a copy thereof given to the Administrator.

         Any separate trustee or co-trustee may at any time appoint the Owner
Trustee, its agent or attorney-in-fact with full power and authority, to the
extent not prohibited by law, to do

                                       22
<PAGE>

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 Owner Trustee, to the extent
permitted by law, without the appointment of a new or successor trustee.

                                   ARTICLE XI

                                  Miscellaneous

         SECTION 11.01 Supplements and Amendments. This Agreement may be amended
by the Depositor and the Owner Trustee, without the consent of any of the
Noteholders or the Certificateholder, to cure any ambiguity, to correct or
supplement any provisions in this Agreement or for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions in
this Agreement or of modifying in any manner the rights of the Noteholders or
the Certificateholder; provided, however, that such action shall not adversely
affect in any material respect the interests of any Noteholder or the
Certificateholder, provided further that 10 days' prior written notice of any
such amendment be given to each Rating Agency and, if a Rating Agency notifies
the Owner Trustee that such amendment will result in a downgrading or withdrawal
of the then current rating of any class of the Notes, such amendment shall
become effective with the consent of the Holders of Notes evidencing not less
than a majority of the Outstanding Amount of the Notes; provided further that
any solicitation of such consent shall disclose the downgrading or withdrawal
that would result from such amendment.

         This Agreement may also be amended from time to time by the Depositor
and the Owner Trustee, with prior written notice to the Rating Agencies, with
the consent of the Holders of Notes evidencing not less than a majority of the
Outstanding Amount of the Notes and the consent of the Certificateholder (which
consents will not be unreasonably withheld) 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 Certificateholder; 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 Receivables or distributions that shall be
required to be made for the benefit of the Noteholders or the Certificateholder
or (b) reduce the aforesaid percentage of the Outstanding Amount of the Notes
required to consent to any such amendment or eliminate the consent of the
Certificateholder to any such amendment, without the consent of the holders of
all the outstanding Notes and the Certificate.

         Promptly after the execution of any such amendment or consent, the
Owner Trustee shall furnish written notification of the substance of such
amendment or consent to the Certificateholder, the Indenture Trustee and each of
the Rating Agencies.

         It shall not be necessary for the consent of the Certificateholder, the
Noteholders or the Indenture Trustee pursuant to this Section to approve the
particular form of any proposed amendment or consent, but it shall be sufficient
if such consent shall approve the substance thereof.

                                       23
<PAGE>

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

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

         SECTION 11.02 No Legal Title to Owner Trust Estate in the Owner. The
Owner shall not have legal title to any part of the Owner Trust Estate. The
Owner shall be entitled to receive distributions with respect to its undivided
ownership interest therein only in accordance with Articles V and IX. No
transfer, by operation of law or otherwise, of any right, title, and interest of
the Owner to and in its ownership interest in the 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 Owner Trust Estate.

         SECTION 11.03 Limitations on Rights of Others. Except for Section 2.07,
the provisions of this Agreement are solely for the benefit of the Owner
Trustee, the Depositor, the Owner, 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 Owner Trust
Estate or under or in respect of this Agreement or any covenants, conditions or
provisions contained herein.

         SECTION 11.04 Notices.

         (a) Unless otherwise expressly specified or permitted by the terms
hereof, all notices shall be in writing and shall be deemed given upon receipt
by the intended recipient or three Business Days after mailing if mailed by
certified mail, postage prepaid (except that notice to the Owner Trustee shall
be deemed given only upon actual receipt by the Owner Trustee), if to the Owner
Trustee, addressed to the Corporate Trust Office; if to the Depositor, addressed
to John Deere Receivables, Inc., 1 East First Street, Reno, Nevada 89501,
Attention of Manager, with a copy to Deere & Company, One John Deere Place,
Moline, Illinois 61265, Attention: Treasury Department, Assistant Treasurer; or,
as to each party, at such other address as shall be designated by such party in
a written notice to each other party.

         (b) Any notice required or permitted to be given to the
Certificateholder shall be given by first-class mail, postage prepaid, at the
address of the Certificateholder as shown in the Certificate Register. Any
notice so mailed within the time prescribed in this Agreement shall be
conclusively presumed to have been duly given, whether or not the
Certificateholder receives such notice.

         SECTION 11.05 Severability. Any provision of this Agreement or the
Certificate that is prohibited or unenforceable in any jurisdiction shall, as to
such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the

                                       24
<PAGE>

remaining provisions hereof or thereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

         SECTION 11.06 Separate Counterparts. This Agreement may be executed by
the parties hereto in separate counterparts, each of which when so executed and
delivered shall be an original, but all such counterparts shall together
constitute but one and the same instrument.

         SECTION 11.07 Successors and Assigns. All covenants and agreements
contained herein shall be binding upon, and inure to the benefit of, the
Depositor, the Owner Trustee and its successors and the Owner and its successors
and permitted assigns, all as herein provided. Any request, notice, direction,
consent, waiver or other instrument or action by the Owner shall bind the
successors and assigns of the Owner.

         SECTION 11.08 Covenant of the Depositor. In the event that any
litigation with claims in excess of $1,000,000 to which the Depositor is a party
which shall be reasonably likely to result in a material judgment against the
Depositor that the Depositor will not be able to satisfy shall be commenced by
the Owner (when the Owner is not the Depositor), during the period beginning
nine months following the commencement of such litigation and continuing until
such litigation is dismissed or otherwise terminated (and, if such litigation
has resulted in a final judgment against the Depositor, such judgment has been
satisfied) the Depositor shall not pay any dividend to JDCC, or make any
distribution on or in respect of its capital stock to JDCC, or repay the
principal amount of any indebtedness of the Depositor held by JDCC, unless (i)
after giving effect to such payment, distribution or repayment, the Depositor's
liquid assets shall not be less than the amount of actual damages claimed in
such litigation or (ii) the Rating Agency Condition shall have been satisfied
with respect to any such payment, distribution or repayment. The Depositor
further agrees that prior to the termination of the Trust it shall not revoke,
modify or otherwise amend any agreements with JDCC in effect on the Closing Date
in any manner that would adversely affect the rights of the Depositor to receive
from JDCC contributions of capital or payments on demand pursuant to such
agreements. The Depositor further covenants and agrees that it will not enter
into any transaction or take any action (other than any transaction or action
contemplated by this Agreement or any of the Basic Documents) if, as a result of
such transaction or action, any rating of either the Notes or the Certificate by
any of the Rating Agencies would be downgraded or withdrawn.

         SECTION 11.09 No Petition. The Owner Trustee on behalf of the Trust,
the Certificateholder, by accepting a Certificate, and the Indenture Trustee and
each Noteholder by accepting the benefits of this Agreement, hereby covenant and
agree that they will not at any time institute against the Depositor, or join in
any institution against the Depositor of, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings, or other proceedings under
any U.S. federal or State bankruptcy or similar law in connection with any
obligations relating to the Certificate, the Notes, this Agreement or any of the
Basic Documents.

         SECTION 11.10 No Recourse. The Certificateholder by accepting a
Certificate acknowledges that such Certificateholder's Certificate represents
beneficial interests in the Trust only and do not represent interests in or
obligations of the Seller, the Servicer, the Administrator, the Owner Trustee,
the Indenture Trustee or any Affiliate thereof and no recourse may be had

                                       25
<PAGE>

against such parties or their assets, except as may be expressly set forth or
contemplated in this Agreement, the Certificate or the Basic Documents.

         SECTION 11.11 Headings. The headings of the various Articles and
Sections herein are for convenience of reference only and shall not define or
limit any of the terms or provisions hereof.

         SECTION 11.12 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE.

         SECTION 11.13 Depositor Payment Obligation. The Depositor shall be
responsible for payment of the Administrator's fees under the Administration
Agreement and shall reimburse the Administrator for all expenses and liabilities
of the Administrator incurred thereunder.

         SECTION 11.14 Administrator. The Administrator is authorized to execute
on behalf of the Trust all such documents, reports, filings, instruments,
certificates and opinions as it shall be the duty of the Trust to prepare, file
or deliver pursuant to the Basic Documents. Upon request, the Owner Trustee
shall execute and deliver to the Administrator a power of attorney appointing
the Administrator the agent and attorney-in-fact of the Trust to execute all
such documents, reports, filings, instruments, certificates and opinions.

         SECTION 11.15 Non-transferability of the Certificates(s).
Notwithstanding anything herein to the contrary, the Certificate(s) is (are) not
transferable and shall remain registered in the name of John Deere Receivables,
Inc.

                                       26
<PAGE>

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

                                      U.S. BANK TRUST NATIONAL ASSOCIATION,
                                      as Owner Trustee,

                                      By:  /s/ Melissa A. Rosal
                                           -------------------------------------
                                           Name:  Melissa A. Rosal
                                           Title: Vice President

                                      JOHN DEERE RECEIVABLES, INC., as
                                      Depositor,

                                      By:  /s/ Katrin Watkins
                                           -------------------------------------
                                           Name:  Katrin Watkins
                                           Title: Assistant Secretary

<PAGE>

                                                                       EXHIBIT A

NUMBER                                                               $12,040,248
R-1

                       SEE REVERSE FOR CERTAIN DEFINITIONS

                           JOHN DEERE OWNER TRUST 2006

                            ASSET BACKED CERTIFICATE

evidencing an undivided interest in the Trust, as defined below, the property of
which includes a pool of equipment retail installment sale and loan contracts
secured by new and used agricultural, construction and forestry equipment and
sold to the Trust (as defined below) by John Deere Receivables, Inc.

(This Certificate does not represent an interest in or obligation of John Deere
Receivables, Inc., John Deere Capital Corporation, Deere & Company or any of
their respective affiliates, except to the extent described below.)

         THIS CERTIFIES THAT John Deere Receivables, Inc. is the registered
owner of twelve million forty thousand two hundred forty eight dollars of
nonassessable, fully-paid, undivided beneficial interest in John Deere Owner
Trust 2006 (the "Trust") formed by John Deere Receivables, Inc., a Nevada
corporation (the "Seller").

         THIS CERTIFICATE IS NOT TRANSFERABLE.

                          CERTIFICATE OF AUTHENTICATION

         This is the Certificate referred to in the within-mentioned Trust
Agreement.

         U.S. Bank Trust National Association,
         as Owner Trustee

         By:
            ----------------------

                                      A-1
<PAGE>

         The Trust was created pursuant to a Trust Agreement dated as of June
15, 2006 (the "Trust Agreement"), between the Seller and U.S. Bank Trust
National Association, as owner trustee (the "Owner 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 Trust Agreement or the Sale and Servicing
Agreement dated as of June 15, 2006 (the "Sale and Servicing Agreement"), among
the Trust, the Seller and John Deere Capital Corporation, as servicer (the
"Servicer"), as applicable.

         This Certificate is the duly authorized Certificate designated as the
"Asset Backed Certificate" (herein called the "Certificate"). Also issued under
the Indenture, dated as of June 15, 2006, between the Trust and The Bank of New
York, as Indenture Trustee, are the Class A-1 5.36417% Asset Backed Notes, the
Class A-2 5.41% Asset Backed Notes, the Class A-3 5.38% Asset Backed Notes and
the Class A-4 5.39% Asset Backed Notes (collectively, the "Notes"). This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Trust Agreement, to which Trust Agreement the holder of this
Certificate by virtue of the acceptance hereof assents and by which such holder
is bound. The property of the Trust includes a pool of retail installment sale
and loan contracts for agricultural, construction and forestry equipment (the
"Receivables"), all monies received on or after May 28, 2006 from payments on
the Receivables, security interests in the equipment financed thereby, certain
bank accounts and the proceeds thereof, proceeds from claims on certain
insurance policies and certain other rights under the Trust Agreement and the
Sale and Servicing Agreement, all right, title, and interest of the Seller in
and to the Purchase Agreement, dated as of June 15, 2006, between John Deere
Capital Corporation and the Seller and all proceeds of the foregoing. The rights
of the holders of the Certificate are subordinated to the rights of the holders
of the Notes, as set forth in the Sale and Servicing Agreement.

         Under the Trust Agreement, there will be distributed on the 15th day of
each month or, if such day is not a Business Day, the next Business Day (the
"Payment Date"), commencing on July 17, 2006, to the person in whose name this
Certificate is registered at the close of business on the last day of the month
(the "Record Date") immediately preceding the month in which such Payment Date
occurs the Certificateholder's undivided interest in the amount to be
distributed to the Certificateholder on such Payment Date.

         The holder of this Certificate acknowledges and agrees that its rights
to receive distributions in respect of this Certificate are subordinated to the
rights of the Noteholders as described in the Sale and Servicing Agreement and
the Indenture.

         It is the intention of the parties that the Trust will be disregarded
as an entity separate from the Certificateholder for U.S. federal income tax
purposes.

         The Certificateholder, by its acceptance of a Certificate, covenants
and agrees that the Certificateholder will not at any time institute against the
Seller, or join in any institution against the Seller of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any U.S. federal or State bankruptcy or similar law in
connection with any obligations relating to the Certificate, the Notes, the
Trust Agreement or any of the Basic Documents.

                                      A-2
<PAGE>

         Distributions on this Certificate will be made as provided in the Trust
Agreement by the Owner Trustee by wire transfer or check mailed to the
Certificateholder of record in the Certificate Register without the presentation
or surrender of this Certificate or the making of any notation hereon. Except as
otherwise provided in the Trust Agreement and notwithstanding the above, the
final distribution on this Certificate will be made after due notice by the
Owner Trustee of the pendency of such distribution and only upon presentation
and surrender of this Certificate at the office or agency maintained for the
purpose by the Owner Trustee.

         Reference is hereby made to the further provisions of this 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 Owner Trustee, by manual signature,
this Certificate shall not entitle the holder hereof to any benefit under the
Trust Agreement or the Sale and Servicing Agreement or be valid for any purpose.

         THIS CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF DELAWARE.

         IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Trust and not
in its individual capacity, has caused this Certificate to be duly executed.

                                        JOHN DEERE OWNER TRUST 2006

                                        By U.S. BANK TRUST NATIONAL
                                        ASSOCIATION, as Owner Trustee

Dated:                                  By:
                                           ------------------------------

                                      A-3
<PAGE>

                            (Reverse of Certificate)

         The Certificate does not represent an obligation of, or an interest in,
the Seller, the Servicer, Deere & Company, the Indenture Trustee, the Owner
Trustee or any affiliates of any of them 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 Trust Agreement or the Basic Documents. In addition, this
Certificate is not guaranteed by any governmental agency or instrumentality and
is limited in right of payment to certain collections with respect to the
Receivables (and certain other amounts), all as more specifically set forth
herein and in the Sale and Servicing Agreement. The Certificate is limited in
right of payment to certain collections and recoveries respecting the
Receivables, all as more specifically set forth in the Sale and Servicing
Agreement. A copy of each of the Sale and Servicing Agreement and the 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
the Certificateholder upon written request.

         The 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 Certificateholder under the Trust Agreement at any
time by the Seller and the Owner Trustee with the consent of the holders of the
Notes voting as a class evidencing not less than a majority of the outstanding
Notes and the consent of the Certificateholder (which consents shall not be
unreasonably withheld). Any such consent by the holder of this Certificate shall
be conclusive and binding on the holder of this Certificate and of any
Certificate issued upon the transfer hereof or in exchange hereof or in lieu
hereof whether or not notation of such consent is made upon this Certificate.
The Trust Agreement also permits the amendment thereof, in certain limited
circumstances, without the consent of the holder of the Certificate.

         As provided in the Trust Agreement, this Certificate is
non-transferable. The initial Certificate Registrar appointed under the Trust
Agreement is U.S. Bank Trust National Association.

         The Certificate is issuable only as a registered Certificate without
coupons in minimum denominations of at least $100,000. As provided in the Trust
Agreement and subject to certain limitations therein set forth, the Certificate
is exchangeable for new Certificates of authorized denominations evidencing the
same aggregate denomination, as requested by the holder surrendering the same.
No service charge will be made for any such exchange, but the Owner Trustee or
the Certificate Registrar may require payment of a sum sufficient to cover any
tax or governmental charge payable in connection therewith.

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

         The obligations and responsibilities created by the Trust Agreement and
the Trust created thereby shall terminate upon the payment to the
Certificateholder of all amounts required to be paid to it pursuant to the Trust
Agreement and the Sale and Servicing Agreement and the disposition of all
property held as part of the Trust. The Servicer of the Receivables may at its

                                      A-4
<PAGE>

option purchase the corpus of the Trust at a price specified in the Sale and
Servicing Agreement, and such purchase of the Receivables and other property of
the Trust will effect early retirement of the Certificate; however, such right
of purchase is exercisable only as of the last day of any Collection Period as
of which the Pool Balance is less than or equal to 10% of the initial principal
balance of the Receivables.

                                      A-5
<PAGE>

                                                                       EXHIBIT B

                             CERTIFICATE OF TRUST OF
                           JOHN DEERE OWNER TRUST 2006

         THIS Certificate of Trust of JOHN DEERE OWNER TRUST 2006 (the "Trust"),
dated as of June 15, 2006, is being duly executed and filed by U.S. Bank Trust
National Association, a Delaware banking corporation, as trustee, to form a
statutory trust under the Delaware Statutory trust Act (12 Del. Code, Section
3801 et seq.).

         1. Name. The name of the statutory trust formed hereby is JOHN DEERE
OWNER TRUST 2006.

         2. Delaware Trustee. The name and business address of the trustee of
the Trust in the State of Delaware is U.S. Bank Trust National Association, 300
Delaware Avenue, 8th Floor, Wilmington, Delaware 19809.

         3. This Certificate of Trust will be effective June 15, 2006.

         IN WITNESS WHEREOF, the undersigned, being the sole trustee of the
Trust, has executed this Certificate of Trust as of the date first above
written.

                                      U.S. BANK TRUST NATIONAL ASSOCIATION,
                                      not in its individual capacity but solely
                                      as trustee of the Trust.

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

                                      B-1

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