Document:

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                                                                   EXHIBIT 10.28

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                  RECEIVABLES PURCHASE AND SERVICING AGREEMENT

                           DATED AS OF APRIL 11, 2002,

                                  BY AND AMONG

                              WNC RECEIVABLES, LLC,
                                   AS SELLER,

                              WABASH FINANCING LLC,
                                  AS SERVICER,

                        WNC RECEIVABLES MANAGEMENT CORP.,
                             AS INDEPENDENT MEMBER,

                                       AND

                      GENERAL ELECTRIC CAPITAL CORPORATION,
                        AS INITIAL PURCHASER AND AS AGENT

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                                       WNC Receivables, LLC Receivables Purchase
                                                         and Servicing Agreement

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TABLE OF CONTENTS

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ARTICLE I. DEFINITIONS AND INTERPRETATION.........................................................................1
         Section 1.01. Definitions................................................................................1
         Section 1.02. Rules of Construction......................................................................2

ARTICLE II. AMOUNTS AND TERMS OF PURCHASES........................................................................2
         Section 2.01. Purchases..................................................................................2
         Section 2.02. Optional Changes in Maximum Purchase Limit.................................................2
         Section 2.03. Investment Base Certificates; Notices Relating to Purchases and Reductions in Capital
                           Investment.............................................................................3
         Section 2.04. Conveyance of Receivables..................................................................4
         Section 2.05. Facility Termination Date..................................................................5
         Section 2.06. Daily Yield................................................................................5
         Section 2.07. Fees.......................................................................................6
         Section 2.08. Time and Method of Payments................................................................6
         Section 2.09. Capital Requirements; Additional Costs; Illegality.........................................7
         Section 2.10. Breakage Costs.............................................................................8
         Section 2.11. Purchase Excess............................................................................8

ARTICLE III. CONDITIONS PRECEDENT.................................................................................9
         Section 3.01. Conditions to Effectiveness of Agreement...................................................9
         Section 3.02. Conditions Precedent to All Purchases.....................................................10

ARTICLE IV. REPRESENTATIONS AND WARRANTIES.......................................................................11
         Section 4.01. Representations and Warranties of the Seller..............................................11
         Section 4.02. Representations and Warranties of the Servicer............................................17
         Section 4.03. Representations and Warranties of the Independent Member..................................18

ARTICLE V. GENERAL COVENANTS OF THE SELLER AND THE INDEPENDENT MEMBER............................................22
         Section 5.01. Affirmative Covenants of the Seller.......................................................22
         Section 5.02. Reporting Requirements of the Seller; Bringdown Certificates..............................24
         Section 5.03. Negative Covenants of the Seller..........................................................24
         Section 5.04. Affirmative Covenants of Independent Member...............................................26
         Section 5.05. Negative Covenants of Independent Member..................................................28
         Section 5.06. Post-Closing Deliveries...................................................................29

ARTICLE VI. COLLECTIONS AND DISBURSEMENTS........................................................................30
         Section 6.01. Establishment of Accounts.................................................................30
         Section 6.02. Funding of Collection Account.............................................................32
         Section 6.03. Daily Disbursements From the Collection Account...........................................32
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         Section 6.04. [Reserved]................................................................................33
         Section 6.05. Liquidation Settlement Procedures.........................................................33
         Section 6.06. Termination Procedures....................................................................34

ARTICLE VII. SERVICER PROVISIONS.................................................................................35
         Section 7.01. Appointment of the Servicer...............................................................35
         Section 7.02. Duties and Responsibilities of the Servicer...............................................35
         Section 7.03. Collections on Receivables................................................................35
         Section 7.04. Authorization of the Servicer.............................................................36
         Section 7.05. Servicing Fees............................................................................36
         Section 7.06. Representations and Warranties of the Servicer............................................37
         Section 7.07. Covenants of the Servicer.................................................................38

ARTICLE VIII. GRANT OF SECURITY INTERESTS........................................................................39
         Section 8.01. Seller's Grant of Security Interest.......................................................39
         Section 8.02. Seller's Certification....................................................................40
         Section 8.03. [Reserved]................................................................................40
         Section 8.04. Delivery of Collateral....................................................................40
         Section 8.05. Seller Remains Liable.....................................................................41
         Section 8.06. Covenants of the Seller and the Servicer Regarding the Seller Collateral..................41

ARTICLE IX. TERMINATION EVENTS...................................................................................44
         Section 9.01. Termination Events........................................................................44
         Section 9.02. Events of Servicer Termination............................................................47

ARTICLE X. REMEDIES..............................................................................................49
         Section 10.01. Actions Upon Termination Event...........................................................49
         Section 10.02. Exercise of Remedies.....................................................................51
         Section 10.03. Power of Attorney........................................................................51
         Section 10.04. Continuing Security Interest.............................................................51

ARTICLE XI. SUCCESSOR SERVICER PROVISIONS........................................................................52
         Section 11.01. Servicer Not to Resign...................................................................52
         Section 11.02. Appointment of the Successor Servicer....................................................52
         Section 11.03. Duties of the Servicer...................................................................52
         Section 11.04. Effect of Termination or Resignation.....................................................53

ARTICLE XII. INDEMNIFICATION.....................................................................................53
         Section 12.01. Indemnities by the Seller................................................................53
         Section 12.02. Indemnities by the Servicer..............................................................55
         Section 12.03. Limitation of Damages; Indemnified Persons...............................................56

ARTICLE XIII. AGENT..............................................................................................56
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         Section 13.01. Authorization and Action.................................................................56
         Section 13.02. Reliance.................................................................................56
         Section 13.03. GECC and Affiliates......................................................................57

ARTICLE XIV. MISCELLANEOUS.......................................................................................57
         Section 14.01. Notices..................................................................................57
         Section 14.02. Assignment and Participations............................................................58
         Section 14.03. Termination; Survival of Seller Secured Obligations Upon Facility Termination Date.......60
         Section 14.04. Costs, Expenses and Taxes................................................................60
         Section 14.05. Confidentiality..........................................................................62
         Section 14.06. Binding Effect; Successors and Assigns...................................................62
         Section 14.07. Complete Agreement; Modification of Agreement............................................62
         Section 14.08. Amendments and Waivers...................................................................62
         Section 14.09. No Waiver; Remedies......................................................................63
         Section 14.10. GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL.............................63
         Section 14.11. Counterparts.............................................................................64
         Section 14.12. Severability.............................................................................65
         Section 14.13. Section Titles...........................................................................65
         Section 14.14. Further Assurances.......................................................................65
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                         EXHIBITS, SCHEDULES AND ANNEXES

Exhibit 2.02(a)         Form of Commitment Reduction Notice
Exhibit 2.02(b)         Form of Commitment Termination Notice
Exhibit 2.03(a)(i)      Form of Daily Investment Base Certificate
Exhibit 2.03(a)(ii)     Form of Weekly Investment Base Certificate
Exhibit 2.03(a)(iii)    Form of Monthly Report
Exhibit 2.03(b)         Form of Purchase Request
Exhibit 2.04(a)         Form of Purchase Assignment
Exhibit 5.02            Form of Bringdown Certificate
Exhibit 10.03           Form of Power of Attorney
Exhibit A               Credit and Collection Policy

Schedule 4.01(b)        Seller's Executive Offices; Collateral Locations;
                        Legal or Other Names; Organizational Identification
                        Number FEIN
Schedule 4.01(h)        Membership Interests of Seller; Equity Interests of
                        Independent Member
Schedule 4.01(r)        Seller's Deposit and Disbursement Accounts
Schedule 5.05(b)        Independent Member's Existing Liens

Annex 5.02              Reporting Requirements of the Seller
Annex 7.02              Investment Reports
Annex X                 Definitions

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     THIS RECEIVABLES PURCHASE AND SERVICING AGREEMENT (as amended, supplemented
or otherwise modified and in effect from time to time, this "Agreement") is
entered into as of April 11, 2002, by and among WNC RECEIVABLES, LLC, a Delaware
limited liability company (the "Seller"), WABASH FINANCING LLC, a Delaware
limited liability company ("WFL"), in its capacity as servicer hereunder (in
such capacity, the "Servicer"), WNC RECEIVABLES MANAGEMENT CORP., a Delaware
corporation (the "Independent Member"), and GENERAL ELECTRIC CAPITAL
CORPORATION, a Delaware corporation, as the sole initial purchaser (a
"Purchaser" and, together with its successors and assigns, the "Purchasers") and
as administrative agent for the Purchasers hereunder (in such capacity, the
"Agent").

                                    RECITALS

         A. The Seller is a special purpose limited liability company owned by
Wabash National, L.P., a Delaware limited partnership, and NOAMTC, Inc., a
Delaware corporation (each, an "Originator", and collectively, the
"Originators") and by the Independent Member (the Independent Member, the
Originators, the Seller, WFL and the Performance Guarantor being sometimes
hereinafter referred to collectively as the "Seller Parties").

         B. The Seller has been formed for the purpose of purchasing, or
otherwise acquiring by capital contribution, all trade receivables of the
Originators.

         C. The Seller intends to sell, and subject to the terms and conditions
hereof, the Purchasers intend to purchase, undivided percentage interests in
such trade receivables from time to time as described herein.

         D. The Agent has been requested and is willing to act as Agent on
behalf of the Purchasers in connection with the making of such purchases.

         E. In order to effectuate the purposes of this Agreement, the
Purchasers desire to appoint WFL to service, administer and collect the
receivables acquired by the Purchasers pursuant to this Agreement and WFL is
willing to act in such capacity as Servicer hereunder on the terms and
conditions set forth herein.

                                    AGREEMENT

         NOW, THEREFORE, in consideration of the premises and the mutual
covenants hereinafter contained, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

                                       WNC Receivables, LLC Receivables Purchase
                                                         and Servicing Agreement
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                                   ARTICLE I.

                         DEFINITIONS AND INTERPRETATION

         Section 1.01. Definitions. Capitalized terms used herein and not
otherwise defined shall have the meanings ascribed to them in Annex X.

         Section 1.02. Rules of Construction. For purposes of this Agreement,
the rules of construction set forth in Annex X shall govern. All Appendices
hereto, or expressly identified to this Agreement, are incorporated herein by
reference and, taken together with this Agreement, shall constitute but a single
agreement.

                                  ARTICLE II.

                         AMOUNTS AND TERMS OF PURCHASES

         Section 2.01. Purchases. From and after the Closing Date and until the
Facility Termination Date and subject to the terms and conditions hereof, each
of the Purchasers severally agrees to purchase its Pro Rata Share of each
Purchaser Interest (each such purchase hereunder, a "Purchase") from the Seller
from time to time, and the Seller agrees to sell such Purchaser Interests to the
Purchasers. Under no circumstances shall the Purchasers make any Purchase if,
after giving effect thereto, a Purchase Excess would exist.

         Section 2.02. Optional Changes in Maximum Purchase Limit.

         (a) So long as no Incipient Termination Event or Termination Event
shall have occurred and be continuing, the Seller may, not more than twice
during each calendar year, reduce the Maximum Purchase Limit permanently;
provided that (i) the Seller shall give ten Business Days' prior written notice
of any such reduction to the Agent substantially in the form of Exhibit 2.02(a)
(each such notice, a "Commitment Reduction Notice"), (ii) any partial reduction
of the Maximum Purchase Limit shall be in a minimum amount of $5,000,000 or an
integral multiple thereof, (iii) no such reduction shall reduce the Maximum
Purchase Limit below $15,000,000, and (iv) any such reduction must be
accompanied by payment of the fee required by Section 2.02(c).

         (b) The Seller may at any time on at least 90 days' prior written
notice by the Seller to the Agent irrevocably terminate the Maximum Purchase
Limit; provided that (i) such notice of termination shall be substantially in
the form of Exhibit 2.02(b) (the "Commitment Termination Notice"), (ii) the
Seller shall reduce the Capital Investment to zero and make all payments
required by Section 2.03(c) at the time and in the manner specified therein, and
(iii) such reduction must be accompanied by payment of the fee required by
Section 2.02(c). Upon such termination, the Seller's right to request that the
Purchasers make Purchases hereunder shall simultaneously terminate and the
Facility Termination Date shall automatically occur.

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         (c) If all or any portion of the Maximum Purchase Limit is reduced or
terminated in accordance with this Section 2.02 prior to the first anniversary
of the Closing Date, then the Seller shall pay the Agent, for the ratable
account of the Purchasers, an amount equal to (i) the amount by which the
Maximum Purchase Limit is so reduced multiplied by (ii) 1.0%.

         (d) Each written notice required to be delivered pursuant to Sections
2.02(a) and (b) shall be irrevocable, shall be promptly delivered by the Agent
to the Purchasers and shall be effective (i) on the day of receipt if received
by the Agent not later than 4:00 p.m. (New York time) on any Business Day and
(ii) on the immediately succeeding Business Day if received by the Agent after
such time on such Business Day or if any such notice is received on a day other
than a Business Day (regardless of the time of day such notice is received).
Each such notice of termination or reduction shall specify, respectively, the
amount of, or the amount of the proposed reduction in, the Maximum Purchase
Limit.

         Section 2.03. Investment Base Certificates; Notices Relating to
Purchases and Reductions in Capital Investment.

                  (a) (i) Not later than 1:00 p.m. (New York time) on each
         Business Day (other than the first Business Day of each week), the
         Servicer shall deliver to the Agent for distribution to the Purchasers
         an Officer's Certificate in the form of Exhibit 2.03(a)(i) (each, a
         "Daily Investment Base Certificate").

                  (ii) Not later than 1:00 p.m. (New York time) on the first
         Business Day of each week, the Servicer shall deliver to the Agent for
         distribution to the Purchasers an Officer's Certificate for the period
         of the immediately preceding week in the form of Exhibit 2.03(a)(ii)
         (each, a "Weekly Investment Base Certificate"); provided that if (i) an
         Incipient Termination Event or a Termination Event shall have occurred
         and be continuing or (ii) the Agent, in good faith, believes that an
         Incipient Termination Event or a Termination Event is imminent or deems
         the Purchasers' rights or interests in the Transferred Receivables or
         the Seller Collateral insecure, the Servicer shall deliver a Weekly
         Investment Base Certificate to the Agent for distribution to the
         Purchasers at such more frequent intervals as the Agent may request
         from time to time.

                  (iii) Not later than the 18th day of each month, commencing
         with May 18, 2002 (or if any such day is not a Business Day, the next
         succeeding Business Day thereafter, the Servicer shall deliver to the
         Agent for distribution to the Purchasers a Monthly Report in the form
         of Exhibit 2.03(a)(iii) hereto.

                  (iv) Capital Investment Available shall be determined by the
         Agent based on information related to the Seller Collateral available
         to it, including (A) any information obtained in connection with any
         audit or reflected in the most recent Daily Investment Base
         Certificate, Weekly Investment Base Certificate or any other Investment
         Report delivered to the Agent for distribution to the Purchasers or (B)
         any other information that may be available to the Purchasers and the
         Agent.

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         (b) Each Purchase shall be made upon the provision of notice by the
Seller to the Agent in the manner provided herein. Any such notice must be given
in writing no later than 1:00 p.m. (New York time) (i) the day of the proposed
Purchase Date set forth therein if an Index Rate Purchase is being requested; or
(ii) at least two (2) LIBOR Business Days immediately preceding the proposed
Purchase Date set forth therein if a LIBOR Rate Purchase is being requested or
if the request is to convert a LIBOR Rate Purchase to an Index Rate Purchase, if
applicable. Each such notice (a "Purchase Request") shall (i) be substantially
in the form of Exhibit 2.03(b), (ii) be irrevocable and (iii) specify the amount
of the requested increase in Capital Investment (which shall be in an amount not
less than (i) $1,000,000 (or a larger integral multiple of $500,000) for a LIBOR
Rate Purchase request; or (ii) $100,000 (or a larger integral multiple of
$10,000) for an Index Rate Purchase request) and the proposed Purchase Date
(which shall be a Business Day), and shall include such other information as may
be required by any Purchaser or the Agent.

         Section 2.04. Conveyance of Receivables.

         (a) Purchase Assignment. On or prior to the Closing Date, the Seller
shall complete, execute and deliver to the Agent for the benefit of the
Purchasers an assignment substantially in the form of Exhibit 2.04(a) (the
"Purchase Assignment") in order to evidence the Purchases.

         (b) Funding of Collection Account; Increases in Capital Investment.

                  (i) Funding of Collection Account by Purchasers. Following
         receipt of any Purchase Request, and subject to satisfaction of the
         conditions set forth in Section 3.02, each of the Purchasers shall make
         available to or on behalf of the Seller on the Purchase Date specified
         therein such Purchaser's Pro Rata Share of the lesser of the requested
         increase in Capital Investment specified in such Purchase Request and
         Capital Investment Available by depositing such amount in same day
         funds into the Collection Account.

                  (ii) Payment of Purchase Price. Each of the Purchasers shall,
         or shall cause the Agent to, deposit into the Seller Account on each
         Business Day during the Revolving Period, in same day funds, all
         amounts on deposit in the Collection Account that are to be disbursed
         to or on behalf of the Seller pursuant to Section 6.03 as payment for
         the Purchaser Interests.

         (c) Vesting of Ownership.

                  (i) Effective on and as of each Purchase Date, the Agent on
         behalf of the Purchasers shall own each the Purchaser Interests sold by
         the Seller hereunder on such Purchase Date. The Seller shall not take
         any action inconsistent with such ownership and shall not claim any
         ownership interest in such Purchaser Interests.

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                  (ii) The Seller shall indicate in its Records that interests
         in the Transferred Receivables have been sold hereunder and that
         ownership of such interests is vested in the Agent on behalf of the
         Purchasers. In addition, the Seller shall respond to any inquiries with
         respect to the ownership of any Transferred Receivable by stating that
         interests therein have been sold hereunder and that ownership of such
         interests is vested in the Agent for the benefit of the Purchasers. The
         Seller and the Servicer shall hold all Contracts and other documents
         and incidents relating to such Transferred Receivables in trust for the
         benefit of the Agent on behalf of the Purchasers, as the owner thereof,
         and for the sole purpose of facilitating the servicing of such
         Transferred Receivables. The Seller and the Servicer hereby acknowledge
         that their retention and possession of such Contracts and documents
         shall at all times be at the sole discretion of the Agent and in a
         custodial capacity for the Agent's (on behalf of the Purchasers)
         benefit only.

         (d) Repurchases of Transferred Receivables. If any Originator is
required to repurchase Transferred Receivables from the Seller pursuant to
Section 4.05 of the Sale Agreement, each of the Purchasers shall sell and
reconvey its Pro Rata Share of the Purchaser Interests in such Transferred
Receivables to the Seller, if and to the extent a Purchase Excess exists or
would exist pursuant to such sale and reconveyance, for cash in an amount equal
to such Purchaser's Pro Rata Share of the Outstanding Balance of the Receivables
being repurchased.

         Section 2.05. Facility Termination Date. Notwithstanding anything to
the contrary set forth herein, the Purchasers shall not have any obligation to
purchase any additional Purchaser Interests from and after the Facility
Termination Date.

         Section 2.06. Daily Yield.

         (a) The Seller shall pay Daily Yield to the Agent, for the account of
the Purchasers, for each day on which any Capital Investment is outstanding, in
the manner and at the times specified in Sections 6.03 and 6.05.

         (b) Notwithstanding the foregoing, the Seller shall pay interest at the
applicable Daily Yield Rate on unpaid Daily Yield and on any other amount
payable by the Seller hereunder (to the extent permitted by law) that shall not
be paid in full when due (whether at stated maturity, by acceleration or
otherwise) for the period commencing on the due date thereof to (but excluding)
the date the same is indefeasibly paid in full.

         (c) Solely for purposes of calculating Daily Yield, funds will be
deemed to be credited to the outstanding Capital Investment one day after
receipt thereof.

         Section 2.07. Fees.

         (a) On or prior to the Closing Date, the Seller shall pay to the Agent,
for the account of itself and the Purchasers, the fees set forth in the Fee
Letter that are payable on the Closing Date.

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         (b) On each Settlement Date, the Seller shall pay to the Servicer or to
the Successor Servicer, as applicable, the Servicing Fee or the Successor
Servicing Fees and Expenses, respectively, in each case to the extent of
available funds therefor as provided in Section 6.03(b).

         Section 2.08. Time and Method of Payments.

         (a) Subject to the provisions of Sections 6.02, 6.03, and 6.05 all
payments in reduction of Capital Investment and all payments of Daily Yield,
fees and other amounts payable by the Seller hereunder shall be made in Dollars,
in immediately available funds, to the Agent (for its account or the account of
the Purchasers or the applicable Affected Parties or Indemnified Persons) not
later than 1:00 p.m. (New York time) on the due date therefor. Any such payment
made on such date but after such time shall be deemed to have been made on, and
Daily Yield shall continue to accrue and be payable thereon until, the next
succeeding Business Day. If any such payment becomes due on a day other than a
Business Day, the maturity thereof will be extended to the next succeeding
Business Day and Daily Yield thereon shall be payable during such extension. The
Agent is hereby authorized to add the amount of any Daily Yield, fees and other
amounts payable by the Seller hereunder which are not paid when due to the
Capital Investment.

         (b) Any and all payments by the Seller hereunder shall be made in
accordance with this Section 2.08 without setoff or counterclaim and free and
clear of and without deduction for any and all present or future taxes, levies,
imposts, deductions, charges or withholdings, excluding taxes on or measured by
the net income of any Affected Party imposed by the United States, the Affected
Party's jurisdiction of organization (or, in the case of an individual,
jurisdiction in which individual's primary residence is located) or any other
jurisdiction in which such Affected Party has established a taxable nexus other
than in connection with the transactions contemplated hereby and by the Sale
Agreement on or measured by the overall net income of such Affected Party to the
extent that the computation of such taxes is consistent with the Intended
Characterization (such non-excluded taxes, levies, imposts, deductions, charges
and withholdings being "Indemnified Taxes"). If the Seller shall be required by
law to deduct any Indemnified Taxes from or in respect of any sum payable
hereunder, (i) the sum payable shall be increased as much as shall be necessary
so that after making all required deductions (including deductions applicable to
additional sums payable under this Section 2.08) the Affected Party entitled to
receive any such payment receives an amount equal to the sum it would have
received had no such deductions been made, (ii) the Seller shall make such
deductions, and (iii) the Seller shall pay the full amount deducted to the
relevant taxing or other authority in accordance with applicable law. Within 30
days after the date of any payment of Indemnified Taxes, the Seller shall
furnish to the Agent the original or a certified copy of a receipt evidencing
payment thereof. The Seller shall indemnify any Affected Party from and against,
and, within ten days of demand therefor, pay any Affected Party for, the full
amount of Indemnified Taxes (together with any taxes imposed by any jurisdiction
on amounts payable under this Section 2.08) paid by such Affected Party and any
liability (including penalties, interest and expenses) arising therefrom or with
respect thereto, whether or not such Indemnified Taxes were correctly or legally
asserted.

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         (c) Any Purchaser exercising a right of setoff or otherwise receiving
any payment on account of the Seller Secured Obligations in excess of its Pro
Rata Share thereof shall purchase for cash (and the other Purchasers or holders
shall sell) such participations in each such other Purchaser's or holder's Pro
Rata Share of the Seller Secured Obligations as would be necessary to cause such
Purchaser to share the amount so offset or otherwise received with each other
Purchaser or holder in accordance with their respective Pro Rata Shares (other
than offset rights exercised by any Purchaser with respect to this Section 2.08
or Section 2.09).

         Section 2.09. Capital Requirements; Additional Costs; Illegality.

         (a) If the Agent on behalf of any Affected Party shall have determined
that the adoption after the date hereof of any law, treaty, governmental (or
quasi-governmental) rule, regulation, guideline or order regarding capital
adequacy, reserve requirements or similar requirements or compliance by such
Affected Party with any request or directive regarding capital adequacy, reserve
requirements or similar requirements (whether or not having the force of law)
from any central bank or other Governmental Authority increases or would have
the effect of increasing the amount of capital, reserves or other funds required
to be maintained by such Affected Party against commitments made by it under
this Agreement or any other Related Document and thereby reducing the rate of
return on such Affected Party's capital as a consequence of its commitments
hereunder or thereunder, then the Seller shall from time to time upon demand by
the Agent pay to the Agent on behalf of such Affected Party additional amounts
sufficient to compensate such Affected Party for the Seller's Share of such
reduction together with interest thereon from the date of any such demand until
payment in full at the applicable Daily Yield Rate. A certificate as to the
amount of that reduction and showing the basis of the computation thereof
submitted by the Agent to the Seller shall be final, binding and conclusive on
the parties hereto (absent manifest error) for all purposes.

         (b) If, due to any Regulatory Change, there shall be any increase in
the cost to any Affected Party of agreeing to make or making, funding or
maintaining any commitment hereunder, under any other Related Document,
including with respect to any Purchases, Capital Investment, or any reduction in
any amount receivable by such Affected Party hereunder or thereunder, including
with respect to any Purchases, Capital Investment (any such increase in cost or
reduction in amounts receivable are hereinafter referred to as "Additional
Costs"), then the Seller shall, from time to time upon demand by the Agent, pay
to the Agent on behalf of such Affected Party additional amounts sufficient to
compensate such Affected Party for the Seller's Share of such Additional Costs
together with interest thereon from the date demanded until payment in full
thereof at the applicable Daily Yield Rate. Such Affected Party agrees that, as
promptly as practicable after it becomes aware of any circumstance referred to
above that would result in any such Additional Costs, it shall, to the extent
not inconsistent with its internal policies of general application, use
reasonable commercial efforts to minimize costs and expenses incurred by it and
payable to it by the Seller pursuant to this Section 2.09(b).

         (c) Notwithstanding anything to the contrary contained herein, if the
introduction of or any change in any law or regulation (or any change in the
interpretation

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thereof) shall make it unlawful, or any central bank or other Governmental
Authority shall assert that it is unlawful, for any Purchaser to agree to make
or to make or to continue to fund or maintain any LIBOR Rate Purchase, then,
unless such Purchaser is able to make or to continue to fund or to maintain such
LIBOR Rate Purchase at another branch or office of such Purchaser without, in
Purchaser's opinion, adversely affecting it or its Purchases or the income
obtained therefrom, on notice thereof and demand therefor by such Purchaser to
Seller, Seller shall forthwith (i) repurchase all outstanding LIBOR Rate
Purchases; or (ii) convert all LIBOR Rate Purchases into Index Rate Purchases.

         (d) Determinations by any Affected Party for purposes of this Section
2.09 of the effect of any Regulatory Change on its costs of making, funding or
maintaining any commitments hereunder, under any other Related Document or on
amounts receivable by it hereunder or thereunder or of the additional amounts
required to compensate such Affected Party in respect of any Additional Costs
shall be set forth in a written notice to the Seller in reasonable detail and
shall be final, binding and conclusive on the Seller (absent manifest error) for
all purposes.

         Section 2.10. Breakage Costs. The Seller shall pay to the Agent for the
account of the applicable Purchaser, upon request of such Purchaser, such amount
as shall compensate the Purchaser for any loss, cost or expense incurred by such
Purchaser (as determined by such Purchaser) as a result of any reduction by the
Seller in Capital Investment (and accompanying loss of Daily Yield thereon)
other than on the maturity date of the financing used to fund such Capital
Investment, which compensation shall include an amount equal to any loss or
expense incurred by the Purchaser during the period from the date of such
reduction or to (but excluding) such maturity date if the rate of interest
obtainable by the Purchaser upon the redeployment of funds in an amount equal to
such reduction is less than the interest rate applicable to such financing
source (any such loss, cost or expense, "Breakage Costs"). The determination by
a Purchaser of the amount of any such loss or expense shall be set forth in a
written notice to the Seller in reasonable detail and shall be final, binding
and conclusive on the Seller (absent manifest error) for all purposes.

         Section 2.11. Purchase Excess. On each Business Day during the
Revolving Period and after completion of the disbursements specified in Section
6.03, the Agent shall notify the Seller and the Servicer of any Purchase Excess
on such day, and the Seller shall deposit the amount of such Purchase Excess in
the Collection Account by 1:00 p.m. (New York time) on the immediately
succeeding Business Day.

                                  ARTICLE III.

                              CONDITIONS PRECEDENT

         Section 3.01. Conditions to Effectiveness of Agreement. The Purchasers
shall not be obligated to purchase Purchaser Interests hereunder on the occasion
of the initial Purchase, nor shall the Purchasers or the Agent be obligated to
take, fulfill or perform any other

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action hereunder, until the following conditions have been satisfied, in the
sole discretion of, or waived in writing by, the Purchasers and the Agent:

         (a) Purchase Agreement; Other Related Documents. This Agreement shall
have been duly executed by, and delivered to, the parties hereto and the
Purchasers and the Agent shall have received such other documents, instruments,
agreements and legal opinions as each Purchaser and the Agent shall request in
connection with the transactions contemplated by this Agreement, including all
those listed in the Schedule of Documents, each in form and substance
satisfactory to each Purchaser and the Agent.

         (b) Governmental Approvals. Each of the Seller Parties shall have
obtained all required consents and approvals of all Persons, including all
requisite Governmental Authorities, to the execution, delivery and performance
of this Agreement and the other Related Documents to which it is a party and the
consummation of the transactions contemplated hereby or thereby.

         (c) Compliance with Laws. Each of the Seller Parties shall be in
compliance in all material respects with all applicable foreign, federal, state
and local laws and regulations, including those specifically referenced in
Section 5.01(a).

         (d) Payment of Fees. The Seller shall have paid all fees required to be
paid by it on the Closing Date, including all fees required hereunder and under
the Fee Letter, and shall have reimbursed each Purchaser for all fees, costs and
expenses of closing the transactions contemplated hereunder and under the other
Related Documents, including each Purchaser's legal and audit expenses, and
other document preparation costs.

         (e) Representations and Warranties. Each representation and warranty by
any of the Seller Parties contained herein and in each other Related Document to
which such Seller Party is a party shall be true and correct as of the Closing
Date, except to the extent that such representation or warranty expressly
relates solely to an earlier date.

         (f) No Termination Event. No Incipient Termination Event or Termination
Event hereunder shall have occurred and be continuing or would result after
giving effect to any of the transactions contemplated on the Closing Date.

         (g) Intercreditor Agreement. The Agent shall have received, in form and
substance satisfactory to the Agent, a fully executed Intercreditor Agreement.

         (h) Consents. The Agent shall have received, in form and substance
satisfactory to Agent, fully executed copies of all consents required from
creditors of the various members of the Parent Group necessary to permit the
transactions contemplated by the Sale Agreement and hereby.

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         Section 3.02. Conditions Precedent to All Purchases. The Purchasers
shall not be obligated to purchase Purchaser Interests hereunder on any Purchase
Date if, as of the date thereof:

         (a) any representation or warranty of the Seller, the Servicer or the
Independent Member contained herein or in any of the other Related Documents
shall be untrue or incorrect in any material respect as of such date, either
before or after giving effect to the Purchase of Purchaser Interests on such
date and to the application of the proceeds therefrom, except to the extent that
such representation or warranty expressly relates to an earlier date and except
for changes therein expressly permitted by this Agreement;

         (b) any event shall have occurred, or would result from the Purchase of
Purchaser Interests on such Purchase Date or from the application of the
proceeds therefrom, that constitutes an Incipient Termination Event, a
Termination Event, an Incipient Servicer Termination Event or an Event of
Servicer Termination;

         (c) the Seller or the Servicer is not in compliance with any of its
covenants or other agreements set forth herein, including, without limitation,
the delivery of Monthly Reports and Investment Base Certificates.

         (d) the Facility Termination Date shall have occurred;

         (e) either before or after giving effect to such Purchase and to the
application of the proceeds therefrom, a Purchase Excess would exist;

         (f) any of the Seller Parties shall fail to have taken such other
action, including delivery of approvals, consents, opinions, documents and
instruments to the Agent (on behalf of the Purchasers), as any Purchaser or the
Agent may reasonably request; or

         (g) the Agent shall have determined that any event or condition has
occurred that has had, or could reasonably be expected to have or result in, a
Material Adverse Effect

The delivery by the Seller of a Purchase Request and the acceptance by the
Seller of the funds from such Purchase on any Purchase Date shall be deemed to
constitute, as of any such Purchase Date, a representation and warranty by the
Seller that the conditions in this Section 3.02 have been satisfied.

                                  ARTICLE IV.

                         REPRESENTATIONS AND WARRANTIES

         Section 4.01. Representations and Warranties of the Seller. To induce
each Purchaser to purchase the Purchaser Interests and the Agent to take any
action hereunder, the Seller makes the following representations and warranties
to each Purchaser and the Agent as of

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the Closing Date and, except to the extent provided otherwise below, as of each
Purchase Date, each and all of which shall survive the execution and delivery of
this Agreement.

         (a) Legal Existence; Compliance with Law. The Seller (i) is a limited
liability company duly organized, validly existing and in good standing under
the laws of Delaware (which is Seller's only state of organization); (ii) is
duly qualified to conduct business and is in good standing in each other
jurisdiction where its ownership or lease of property or the conduct of its
business requires such qualification; (iii) has the requisite limited liability
company power and authority and the legal right to own, pledge, mortgage or
otherwise encumber and operate its properties, to lease the property it operates
under lease, and to conduct its business, in each case, as now, heretofore and
proposed to be conducted; (iv) has all licenses, permits, consents or approvals
from or by, and has made all filings with, and has given all notices to, all
Governmental Authorities having jurisdiction, to the extent required for such
ownership, operation and conduct; (v) is in compliance with its certificate of
formation and limited liability company agreement; and (vi) subject to specific
representations set forth herein regarding ERISA, tax and other laws, is in
compliance with all applicable provisions of law, except where the failure to
comply, individually or in the aggregate, could not reasonably be expected to
have a Material Adverse Effect.

         (b) Executive Offices; Collateral Locations; Legal or Other Names;
Organizational Identification Number; FEIN. As of the Closing Date, the current
location of the Seller's chief executive office, principal place of business,
other offices, the warehouses and premises within which any Seller Collateral is
stored or located, and the locations of its records concerning the Seller
Collateral (including originals of the Seller Assigned Agreements) are set forth
in Schedule 4.01(b) and none of such locations has changed within the past 12
months (or such shorter time as the Seller has been in existence). During the
prior five years (or such shorter time as the Seller has been in existence),
except as set forth in Schedule 4.01(b), the Seller has not been known as or
used any legal, fictitious or trade name. In addition, Schedule 4.01(b) lists
the organizational identification number issued by Seller's state of
organization or states that no such number has been issued and lists the federal
employer identification number of the Seller.

         (c) Power, Authorization, Enforceable Obligations. The execution,
delivery and performance by the Seller of this Agreement and the other Related
Documents to which it is a party, the creation and perfection of all Liens and
ownership interests provided for therein: (i) are within the Seller's limited
liability company powers; (ii) have been duly authorized by all necessary or
proper limited liability company and Equity Holder action; (iii) do not
contravene any provision of the Seller's certificate of formation or limited
liability company agreement; (iv) do not violate any law or regulation, or any
order or decree of any court or Governmental Authority; (v) do not conflict with
or result in the breach or termination of, constitute a default under or
accelerate or permit the acceleration of any performance required by, any
indenture, mortgage, deed of trust, lease, agreement or other instrument to
which the Seller or any Originator is a party or by which the Seller or any
Originator or any of the property of the Seller or any Originator is bound; (vi)
do not result in the creation or imposition of any Adverse Claim

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upon any of the property of the Seller or any Originator; and (vii) do not
require the consent or approval of any Governmental Authority or any other
Person, except those which have been duly obtained, made or complied with prior
to the Closing Date as provided in Section 3.01(b). The exercise by each of the
Purchasers, the Seller or the Agent of any of its rights and remedies under any
Related Document to which it is a party, do not require the consent or approval
of any Governmental Authority or any other Person (other than consents or
approvals solely relating to or required to be obtained by a Purchaser or the
Agent, and subject to the Bankruptcy Code), except those which will have been
duly obtained, made or complied with prior to the Closing Date as provided in
Section 3.01(b). On or prior to the Closing Date, each of the Related Documents
to which the Seller is a party shall have been duly executed and delivered by
the Seller and each such Related Document shall then constitute a legal, valid
and binding obligation of the Seller enforceable against it in accordance with
its terms.

         (d) No Litigation. No Litigation is now pending or, to the knowledge of
the Seller, threatened against the Seller that (i) challenges the Seller's right
or power to enter into or perform any of its obligations under the Related
Documents to which it is a party, or the validity or enforceability of any
Related Document or any action taken thereunder, (ii) seeks to prevent the
transfer, sale, pledge or contribution of any Receivable or the consummation of
any of the transactions contemplated under this Agreement or the other Related
Documents, or (iii) has a reasonable risk of being determined adversely to the
Seller and that, if so determined, could have a Material Adverse Effect. As of
the Closing Date there is no Litigation pending or threatened that seeks damages
or injunctive relief against, or alleges criminal misconduct by, the Seller.

         (e) Solvency. Both before and after giving effect to (i) the
transactions contemplated by this Agreement and the other Related Documents and
(ii) the payment and accrual of all transaction costs in connection with the
foregoing, the Seller is and will be Solvent.

         (f) Material Adverse Effect. Since the date of the Seller's
organization, (i) the Seller has not incurred any obligations, contingent or
non-contingent liabilities, liabilities for charges, long-term leases or unusual
forward or long-term commitments that, alone or in the aggregate, could
reasonably be expected to have a Material Adverse Effect, (ii) no contract,
lease or other agreement or instrument has been entered into by the Seller or
has become binding upon the Seller's assets and no law or regulation applicable
to the Seller has been adopted that has had or could reasonably be expected to
have a Material Adverse Effect and (iii) the Seller is not in default and no
third party is in default under any material contract, lease or other agreement
or instrument to which the Seller is a party that alone or in the aggregate
could reasonably be expected to have a Material Adverse Effect. Since the date
of the Seller's organization, no event has occurred that alone or together with
other events could reasonably be expected to have a Material Adverse Effect.

         (g) Ownership of Property; Liens. No Transferred Receivable is subject
to any Adverse Claim, none of the other properties and assets of the Seller are
subject to any Adverse Claims other than Permitted Seller Encumbrances, and
there are no facts, circumstances or conditions known to the Seller that may
result in (i) with respect to the Transferred

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Receivables, any Adverse Claims (including Adverse Claims arising under
Environmental Laws) and (ii) with respect to its other properties and assets,
any Adverse Claims (including Adverse Claims arising under Environmental Laws)
other than Permitted Seller Encumbrances. The Seller has received all
assignments, bills of sale and other documents, and has duly effected all
recordings, filings and other actions necessary to establish, protect and
perfect the Seller's right, title and interest in and to the Transferred
Receivables and its other properties and assets. The Seller has rights in and
the power to transfer the Transferred Receivables. The Seller has rights in and
the power to transfer each item of the Seller Collateral upon which it purports
to grant a Lien hereunder free and clear of any and all Liens other than
Permitted Seller Encumbrances. The Liens granted to the Agent for the benefit of
the Purchasers pursuant to Section 8.01 will at all times be fully perfected
first priority Liens in and to the Seller Collateral.

         (h) Ventures, Subsidiaries and Affiliates; Outstanding Equity Interests
and Indebtedness. The Seller has no Subsidiaries, is not engaged in any joint
venture or partnership with any other Person, and is not an Affiliate of any
other Person. All of the issued and outstanding Equity Interests of the Seller
are owned by each of its members in the amounts set forth on Schedule 4.01(h).
There are no outstanding rights to purchase, options, warrants or similar rights
or agreements pursuant to which the Seller may be required to issue, sell,
repurchase or redeem any of its Equity Interests or other equity securities or
any Equity Interest or other equity securities of its Subsidiaries. All
outstanding Indebtedness of the Seller as of the Closing Date is described in
Section 5.03(i).

         (i) Taxes. All tax returns, reports and statements, including
information returns, required by any Governmental Authority to be filed by the
Seller have been filed with the appropriate Governmental Authority on or before
the applicable due date (including any extensions thereof) and all charges have
been paid prior to the date on which any fine, penalty, interest or late charge
may be added thereto for nonpayment thereof (or any such fine, penalty,
interest, late charge or loss has been paid), excluding charges or other amounts
being contested in accordance with Section 5.01(e). Proper and accurate amounts
have been withheld by the Seller or such Affiliate from its respective employees
for all periods in full and complete compliance with all applicable federal,
state, local and foreign laws and such withholdings have been timely paid to the
respective Governmental Authorities. Seller has not executed or filed with the
IRS or any other Governmental Authority any agreement or other document
extending, or having the effect of extending, the period for assessment or
collection of any charges.

         (j) Full Disclosure. All information contained in this Agreement, any
Investment Base Certificate or any of the other Related Documents, or any
written statement furnished by Seller or by the Servicer or any other Seller
Party on behalf of the Seller to the Agent for the benefit of the Purchasers
pursuant to the terms of this Agreement or any of the other Related Documents is
true and accurate in every material respect, and none of this Agreement, any
Investment Base Certificate or any of the other Related Documents, or any
written statement furnished by Seller or by the Servicer or any other Seller
Party on behalf of the Seller to the Agent for distribution to the Purchasers
pursuant to the terms of this Agreement or

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any of the other Related Documents is misleading as a result of the failure to
include therein a material fact.

         (k) ERISA. The Seller is in compliance with ERISA and has not incurred
and does not expect to incur any liabilities (except for premium payments
arising in the ordinary course of business) payable to the PBGC under ERISA.

         (l) Brokers. No broker or finder acting on behalf of the Seller was
employed or utilized in connection with this Agreement or the other Related
Documents or the transactions contemplated hereby or thereby and the Seller has
no obligation to any Person in respect of any finder's or brokerage fees in
connection therewith.

         (m) Margin Regulations. The Seller is not engaged in the business of
extending credit for the purpose of "purchasing" or "carrying" any "margin
security," as such terms are defined in Regulation U of the Federal Reserve
Board as now and from time to time hereafter in effect (such securities being
referred to herein as "Margin Stock"). The Seller owns no Margin Stock, and no
portion of the proceeds of the purchase price for Transferred Receivables sold
hereunder will be used, directly or indirectly, for the purpose of purchasing or
carrying any Margin Stock, for the purpose of reducing or retiring any
Indebtedness that was originally incurred to purchase or carry any Margin Stock
or for any other purpose that might cause any portion of such proceeds to be
considered a "purpose credit" within the meaning of Regulations T, U or X of the
Federal Reserve Board. The Seller will not take or permit to be taken any action
that might cause any Related Document to violate any regulation of the Federal
Reserve Board.

         (n) Nonapplicability of Bulk Sales Laws. No transaction contemplated by
this Agreement or any of the Related Documents requires compliance with any bulk
sales act or similar law.

         (o) Securities Act and Investment Company Act Exemptions. Each Purchase
of Purchaser Interests under this Agreement will constitute (i) a "current
transaction" within the meaning of Section 3(a)(3) of the Securities Act and
(ii) a purchase or other acquisition of notes, drafts, acceptances, open
accounts receivable or other obligations representing part or all of the sales
price of merchandise, insurance or services within the meaning of Section
3(c)(5) of the Investment Company Act.

         (p) Government Regulation. The Seller is not an "investment company" or
an "affiliated person" of, or "promoter" or "principal underwriter" for, an
"investment company," as such terms are defined in the Investment Company Act.
The Purchase of Purchaser Interests by the Purchasers hereunder, the application
of the proceeds thereof and the consummation of the transactions contemplated by
this Agreement and the other Related Documents will not violate any provision of
any such statute or any rule, regulation or order issued by the Securities and
Exchange Commission.

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         (q) Nonconsolidation. The Seller is operated in such a manner that the
separate legal existence of the Seller, on the one hand, and any member of the
Parent Group, on the other hand, would not be disregarded in the event of the
bankruptcy or insolvency of any member of the Parent Group and, without limiting
the generality of the foregoing:

                  (i) the Seller is a limited purpose limited liability company
         whose activities are restricted in its certificate of formation and
         limited liability company agreement to those activities expressly
         permitted hereunder and under the other Related Documents and the
         Seller has not engaged, and does not presently engage, in any activity
         other than those activities expressly permitted hereunder and under the
         other Related Documents, nor has the Seller entered into any agreement
         other than this Agreement, the other Related Documents to which it is a
         party and, with the prior written consent of the Required Purchasers
         and the Agent, any other agreement necessary to carry out more
         effectively the provisions and purposes hereof or thereof;

                  (ii) no member of the Parent Group or any individual at the
         time he or she is acting as an officer of any such member is or has
         been involved in the day-to-day management of the Seller;

                  (iii) other than the purchase and acceptance through capital
         contribution of Transferred Receivables, the payment of dividends and
         the return of capital to the Originators, the payment of Servicing Fees
         to the Servicer under this Agreement and the transactions evidenced by
         the Ancillary Services and Lease Agreement, the Seller engages and has
         engaged in no inter-entity transactions with any member of the Parent
         Group;

                  (iv) the Seller maintains limited liability company records
         and books of account separate from that of each member of the Parent
         Group, holds regular limited liability company meetings and otherwise
         observes limited liability company formalities and has a business
         office separate from that of each member of the Parent Group;

                  (v) the financial statements and books and records of the
         Seller and the Originators reflect the separate legal existence of the
         Seller;

                  (vi) (A) the Seller maintains its assets separately from the
         assets of each member of the Parent Group (including through the
         maintenance of separate bank accounts and except for any Records to the
         extent necessary to assist the Servicer in connection with the
         servicing of the Transferred Receivables), (B) the Seller's funds
         (including all money, checks and other cash proceeds) and assets, and
         records relating thereto, have not been and are not commingled with
         those of any member of the Parent Group and (C) the separate creditors
         of the Seller will be entitled to be satisfied out of the Seller's
         assets prior to any value in the Seller becoming available to the
         Seller's members;

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                  (vii) except as otherwise expressly permitted hereunder, under
         the other Related Documents and under the Seller's organizational
         documents, no member of the Parent Group (A) pays the Seller's
         expenses, (B) guarantees the Seller's obligations, or (C) advances
         funds to the Seller for the payment of expenses or otherwise;

                  (viii) all business correspondence and other communications of
         the Seller are conducted in the Seller's own name, on its own
         stationery and through a separately-listed telephone number;

                  (ix) the Seller does not act as agent for any member of the
         Parent Group, but instead presents itself to the public as a limited
         liability company separate from each such member and independently
         engaged in the business of purchasing and financing Receivables;

                  (x) the Seller maintains at least (A) one Independent Member
         (as defined in Seller's limited liability company agreement as in
         effect on the date hereof) that has two Independent Directors (as
         defined in Seller's limited liability company agreement as in effect on
         the date hereof) and (B) two Independent Managers (as defined in
         Seller's limited liability company agreement as in effect on the date
         hereof);

                  (xi) the Seller's certificate of formation and limited
         liability company agreement require (A) the affirmative vote of each
         manager, including the Independent Managers, and each member (including
         the Independent Member, pursuant to the authorization of its board of
         directors including the affirmative votes of its Independent Directors)
         before a voluntary petition under Section 301 of the Bankruptcy Code
         may be filed by the Seller, and (B) the Seller to maintain (1) correct
         and complete books and records of account and (2) minutes of the
         meetings and other proceedings of its members and managers.

         (r) Deposit and Disbursement Accounts. Schedule 4.01(r) lists all banks
and other financial institutions at which the Seller maintains deposit or other
bank accounts as of the Closing Date, including any Lockbox Accounts, and such
schedule correctly identifies the name, address and telephone number of each
depository, the name in which the account is held, a description of the purpose
of the account, and the complete account number therefor.

         (s) Transferred Receivables.

                  (i) Transfers. Each Transferred Receivable was purchased by or
         contributed to the Seller on the relevant Transfer Date pursuant to the
         Sale Agreement.

                  (ii) Eligibility. Each Transferred Receivable designated as an
         Eligible Receivable in each Investment Base Certificate constitutes an
         Eligible Receivable as of the date specified in such Investment Base
         Certificate.

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                  (iii) No Material Adverse Effect. The Seller has no knowledge
         of any fact (including any defaults by the Obligor thereunder on any
         other Receivable) that would cause it or should have caused it to
         expect that any payments on each Transferred Receivable designated as
         an Eligible Receivable in any Investment Base Certificate will not be
         paid in full when due or to expect any other Material Adverse Effect.

                  (iv) Nonavoidability of Transfers. The Seller shall (A) have
         received each Contributed Receivable as a contribution to the capital
         of the Seller by the applicable Originator and (B) (1) have purchased
         each Sold Receivable from the applicable Originator for cash
         consideration and (2) have accepted assignment of any Eligible
         Receivables transferred pursuant to Section 4.05 of the Sale Agreement,
         in each case in an amount that constitutes fair consideration and
         reasonably equivalent value therefor. Each Sale of a Sold Receivable
         effected pursuant to the terms of the Sale Agreement shall not have
         been made for or on account of an antecedent debt owed by any
         Originator to the Seller and no such Sale is or may be avoidable or
         subject to avoidance under any bankruptcy laws, rules or regulations.

         (t) Representations and Warranties in Other Related Documents. Each of
the representations and warranties of the Seller contained in the Related
Documents (other than this Agreement) is true and correct in all respects and
the Seller hereby makes each such representation and warranty to, and for the
benefit of, the Purchasers and the Agent as if the same were set forth in full
herein.

         (u) Servicing Software. The Seller has all necessary licenses and
rights to use the Servicing Software.

         Section 4.02. Representations and Warranties of the Servicer. To induce
the Purchasers to purchase the Purchaser Interests and the Agent to take any
action required to be performed by it hereunder, the Servicer represents and
warrants to the Purchasers and the Agent, which representation and warranty
shall survive the execution and delivery of this Agreement, that each of the
representations and warranties of the Servicer (whether made by the Servicer in
its capacity as an Originator or as Servicer) contained in any Related Document
is true and correct and, if made by the Servicer in its capacity as an
Originator, applies with equal force to the Servicer in its capacity as
Servicer, and the Servicer hereby makes each such representation and warranty
to, and for the benefit of, the Purchasers and the Agent as if the same were set
forth in full herein.

         Section 4.03. Representations and Warranties of the Independent Member.
To induce each Purchaser to purchase the Purchaser Interests and the Agent to
take any action hereunder, the Independent Member makes the following
representations and warranties to each Purchaser and the Agent as of the Closing
Date and, except to the extent provided otherwise below, as of each Purchase
Date, each and all of which shall survive the execution and delivery of this
Agreement.

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         (a) Legal Existence; Compliance with Law. The Independent Member (i) is
a corporation duly incorporated, validly existing and in good standing under the
laws of its jurisdiction of incorporation; (ii) is duly qualified to conduct
business and is in good standing in each other jurisdiction where its ownership
or lease of property or the conduct of its business requires such qualification;
(iii) has the requisite corporate power and authority and the legal right to
own, pledge, mortgage or otherwise encumber and operate its properties, to lease
the property it operates under lease, and to conduct its business, in each case,
as now, heretofore and proposed to be conducted; (iv) has all licenses, permits,
consents or approvals from or by, and has made all filings with, and has given
all notices to, all Governmental Authorities having jurisdiction, to the extent
required for such ownership, operation and conduct; (v) is in compliance with
its certification of incorporation; and (vi) subject to specific representations
set forth herein regarding ERISA, tax and other laws, is in compliance with all
applicable provisions of law, except where the failure to comply, individually
or in the aggregate, could not reasonably be expected to have a Material Adverse
Effect.

         (b) Power, Authorization, Enforceable Obligations. The execution,
delivery and performance by the Independent Member of this Agreement and the
other Related Documents to which it is a party, the creation and perfection of
all Liens and ownership interests provided for therein: (i) are within the
Independent Member's corporate powers; (ii) have been duly authorized by all
necessary or proper corporate and shareholder action; (iii) do not contravene
any provision of the Independent Member's certificate of incorporation; (iv) do
not violate any law or regulation, or any order or decree of any court or
Governmental Authority; (v) do not conflict with or result in the breach or
termination of, constitute a default under or accelerate or permit the
acceleration of any performance required by, any indenture, mortgage, deed of
trust, lease, agreement or other instrument to which the Independent Member is a
party or by which the Independent Member or any of the property of the
Independent Member is bound; (vi) do not result in the creation or imposition of
any Adverse Claim upon any of the property of the Independent Member; and (vii)
do not require the consent or approval of any Governmental Authority or any
other Person, except those which have been duly obtained, made or complied with
prior to the Closing Date as provided in Section 3.01(c). The exercise by each
of the Purchasers or the Agent of any of its rights and remedies under any
Related Document to which it is a party, do not require the consent or approval
of any Governmental Authority or any other Person (other than consents or
approvals solely relating to or required to be obtained by a Purchaser or the
Agent, and subject to the Bankruptcy Code), except those which will have been
duly obtained, made or complied with prior to the Closing Date as provided in
Section 3.01(c). On or prior to the Closing Date, each of the Related Documents
to which the Independent Member is a party shall have been duly executed and
delivered by the Independent Member and each such Related Document shall then
constitute a legal, valid and binding obligation of the Independent Member
enforceable against it in accordance with its terms.

         (c) No Litigation. No Litigation is now pending or, to the knowledge of
the Independent Member, threatened against the Independent Member that (i)
challenges the Independent Member's right or power to enter into or perform any
of its obligations under the Related Documents to which it is a party, or the
validity or enforceability of any Related

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Document or any action taken thereunder, or (ii) has a reasonable risk of being
determined adversely to the Independent Member and that, if so determined, could
have a Material Adverse Effect. As of the Closing Date there is no Litigation
pending or threatened that seeks damages or injunctive relief against, or
alleges criminal misconduct by, the Independent Member.

         (d) Solvency. Both before and after giving effect to the transactions
contemplated by this Agreement and the other Related Documents, the Independent
Member is and will be Solvent.

         (e) Material Adverse Effect. Since the date of the Independent Member's
organization, (i) the Independent Member has not incurred any obligations,
contingent or non-contingent liabilities, liabilities for charges, long-term
leases or unusual forward or long-term commitments that, alone or in the
aggregate, could reasonably be expected to have a Material Adverse Effect, (ii)
no contract, lease or other agreement or instrument has been entered into by the
Independent Member or has become binding upon the Independent Member's assets
and no law or regulation applicable to the Independent Member has been adopted
that has had or could reasonably be expected to have a Material Adverse Effect
and (iii) the Independent Member is not in default and no third party is in
default under any material contract, lease or other agreement or instrument to
which the Independent Member is a party that alone or in the aggregate could
reasonably be expected to have a Material Adverse Effect. Since the date of the
Independent Member's incorporation, no event has occurred that alone or together
with other events could reasonably be expected to have a Material Adverse
Effect.

         (f) Ownership of Property; Liens. No asset of the Independent Member is
subject to any Adverse Claim other than Permitted Independent Member
Encumbrances, and there are no facts, circumstances or conditions known to the
Independent Member that may result in any Adverse Claims (including Adverse
Claims arising under Environmental Laws) other than Permitted Independent Member
Encumbrances.

         (g) Ventures, Subsidiaries and Affiliates; Outstanding Equity Interests
and Indebtedness. Except for the Seller, the Independent Member has no
Subsidiaries and is not engaged in any joint venture or partnership with any
other Person. All of the issued and outstanding Equity Interests of the
Independent Member is owned by the Performance Guarantor. There are no
outstanding rights to purchase, options, warrants or similar rights or
agreements pursuant to which the Independent Member may be required to issue,
sell, repurchase or redeem any of its Equity Interests or other equity
securities or any Equity Interest or other equity securities of the Seller. As
of the Closing Date, the Independent Member has not outstanding Indebtedness.

         (h) Taxes. All tax returns, reports and statements, including
information returns, required by any Governmental Authority to be filed by the
Independent Member have been filed with the appropriate Governmental Authority
on or before the applicable due date (including any extensions thereof) and all
charges have been paid prior to the date on which any fine, penalty, interest or
late charge may be added thereto for nonpayment thereof (or any such

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                                       WNC Receivables, LLC Receivables Purchase
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fine, penalty, interest, late charge or loss has been paid), excluding charges
or other amounts being contested in accordance with Section 5.01(e). Proper and
accurate amounts have been withheld by the Independent Member from its employees
for all periods in full and complete compliance with all applicable federal,
state, local and foreign laws and such withholdings have been timely paid to the
respective Governmental Authorities. The Independent Member has not executed or
filed with the IRS or any other Governmental Authority any agreement or other
document extending, or having the effect of extending, the period for assessment
or collection of any charges.

         (i) Full Disclosure. All information contained in this Agreement or any
of the other Related Documents, or any written statement furnished by or on
behalf of the Independent Member to either the Agent or the Purchasers pursuant
to the terms of this Agreement or any of the other Related Documents is true and
accurate in every material respect, and none of this Agreement or any of the
other Related Documents, or any written statement furnished by or on behalf of
the Independent Member to either the Agent or the Purchasers pursuant to the
terms of this Agreement or any of the other Related Documents is misleading as a
result of the failure to include therein a material fact.

         (j) ERISA. The Independent Member is in compliance with ERISA and has
not incurred and does not expect to incur any liabilities (except for premium
payments arising in the ordinary course of business) payable to the PBGC under
ERISA.

         (k) Nonconsolidation. The Independent Member is operated in such a
manner that the separate legal existence of the Independent Member, on the one
hand, and any other member of the Parent Group or Seller, on the other hand,
would not be disregarded in the event of the bankruptcy or insolvency of any
such other member of the Parent Group or Seller and, without limiting the
generality of the foregoing:

                  (i) the Independent Member is a limited purpose corporation
         whose activities are restricted in its certificate of incorporation to
         those activities expressly permitted hereunder and under the other
         Related Documents, and the Independent Member has not engaged, and does
         not presently engage, in any activity other than those activities
         expressly permitted hereunder and under the other Related Documents,
         nor has the Independent Member entered into any agreement other than
         this Agreement, the other Related Documents to which it is a party and,
         with the prior written consent of the Required Purchasers and the
         Agent, any other agreement necessary to carry out more effectively the
         provisions and purposes hereof or thereof;

                  (ii) none of the Seller, any member of the Parent Group nor
         any individual at the time he or she is acting as an officer of the
         Seller or any such member is or has been involved in the day-to-day
         management of the Independent Member;

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                                       WNC Receivables, LLC Receivables Purchase
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                  (iii) other than with respect to the acquisition of membership
         interests of the Seller, the Independent Member engages and has engaged
         in no inter-entity transactions with any member of the Parent Group or
         the Seller;

                  (iv) the Independent Member maintains corporate records and
         books of account separate from that of each member of the Parent Group
         and the Seller, holds regular corporate meetings and otherwise observes
         corporate formalities and has a business office separate from that of
         each member of the Parent Group and the Seller;

                  (v) the financial statements and books and records of the
         Independent Member, each member of the Parent Group and the Seller
         reflect the separate legal existence of the Independent Member;

                  (vi) (A) the Independent Member maintains its assets
         separately from the assets of each member of the Parent Group and the
         Seller, (B) the Independent Member's funds (including all money, checks
         and other cash proceeds) and assets, and records relating thereto, have
         not been and are not commingled with those of any member of the Parent
         Group or the Seller and (C) the separate creditors of the Independent
         Member will be entitled to be satisfied out of the Independent Member
         `s assets prior to any value in the Independent Member becoming
         available to the Independent Member's Equity Holders;

                  (vii) except as otherwise expressly permitted hereunder, under
         the other Related Documents and under the Independent Member's Organic
         Documents, none of the Seller or any member of the Parent Group (A)
         pays the Independent Member's expenses, (B) guarantees the Independent
         Member's obligations, or (C) advances funds to the Independent Member
         for the payment of expenses or otherwise;

                  (viii) all business correspondence and other communications of
         the Independent Member are conducted in the Independent Member's own
         name, on its own stationery and through a separately-listed telephone
         number;

                  (ix) the Independent Member does not act as agent for any
         member of the Parent Group or the Seller, but instead presents itself
         to the public as a corporation separate from the Seller and from each
         such member and independently engaged in the business of purchasing and
         financing Receivables;

                  (x) the Independent Member maintains at least two Independent
         Directors (as defined in Independent Member's certificate of
         incorporation) each of whom (A) is not a Equity Holder, director,
         officer, employee or associate, or any relative of the foregoing, of
         any member of the Parent Group (other than the Independent Member), all
         as provided in its Organic Document, (B) has (1) prior experience as an
         independent director for a corporation whose organizational documents
         required the unanimous consent of all independent directors before such
         company could consent to the

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         institution of bankruptcy or insolvency proceedings against it or could
         file a petition seeking relief under any applicable federal or state
         law relating to bankruptcy, and (ii) at least three years of employment
         experience with one or more entities that provide, in the ordinary
         course of the respective businesses, advisory, management or placement
         services to issuers of securitization or structured finance
         instruments, agreement or securities, and (iii) is otherwise acceptable
         to the Agent;

                  (xi) the Organic Document of the Independent Member requires
         (A) the affirmative vote of each independent director before a
         voluntary petition under Section 301 of the Bankruptcy Code may be
         filed by the Independent Member, and (B) the Independent Member to
         maintain (1) correct and complete books and records of account and (2)
         minutes of the meetings and other proceedings of its Equity Holders and
         board of directors.

                                   ARTICLE V.

           GENERAL COVENANTS OF THE SELLER AND THE INDEPENDENT MEMBER

         Section 5.01. Affirmative Covenants of the Seller. The Seller covenants
and agrees that from and after the Closing Date and until the Termination Date:

         (a) Compliance with Agreements and Applicable Laws. The Seller shall
perform each of its obligations under this Agreement and the other Related
Documents and comply with all federal, state and local laws and regulations
applicable to it and the Transferred Receivables, including those relating to
truth in lending, retail installment sales, fair credit billing, fair credit
reporting, equal credit opportunity, fair debt collection practices, privacy,
licensing, taxation, ERISA and labor matters and Environmental Laws and
Environmental Permits, except to the extent that the failure to so comply,
individually or in the aggregate, could not reasonably be expected to have a
Material Adverse Effect. The Seller shall comply in all respects with the Credit
and Collection Policies with respect to each Transferred Receivable and the
Contract therefor, except to the extent that such noncompliance could not
reasonably be expected to have a Material Adverse Effect.

         (b) Maintenance of Existence and Conduct of Business. The Seller shall:
(i) do or cause to be done all things necessary to preserve and keep in full
force and effect its legal existence and its rights and franchises; (ii)
continue to conduct its business substantially as now conducted or as otherwise
permitted hereunder and in accordance with (1) the terms of its certificate of
formation and limited liability company agreement, (2) Sections 4.01(q) and (r)
and (3) the assumptions set forth in each legal opinion of Baker & Daniels or
other counsel to the Seller from time to time delivered pursuant to Section
3.02(d) of the Sale Agreement with respect to issues of substantive
consolidation and true sale and absolute transfer; (iii) at all times maintain,
preserve and protect all of its assets and properties used or useful in the
conduct of its business, including all licenses, permits, charters and
registrations, and keep the same in good repair, working order and condition in
all material respects (taking into consideration ordinary

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wear and tear) and from time to time make, or cause to be made, all necessary or
appropriate repairs, replacements and improvements thereto consistent with
industry practices; and (iv) transact business only in its legal name as
reflected in the records of the Secretary of State of the State of Delaware. The
Seller shall keep adequate books and records with respect to its business
activities in which proper entries, reflecting all financial transactions, are
made in accordance with the Agreement Accounting Principles and on a basis
consistent with the financial statements delivered pursuant to Section 5.02(a).

         (c) Deposit of Collections. The Seller shall deposit or cause to be
deposited promptly into a Lockbox Account, and in any event no later than the
first Business Day after receipt thereof, all Collections Seller may receive
with respect to any Transferred Receivable.

         (d) Use of Proceeds. The Seller shall utilize the proceeds of the
Purchases made hereunder solely for (i) the purchase of Receivables from the
Originators pursuant to the Sale Agreement, (ii) the payment of lawful
distributions to its economic members, and (iii) the payment of administrative
fees or Servicing Fees or expenses to the Servicer or routine administrative or
operating expenses, in each case only as expressly permitted by and in
accordance with the terms of this Agreement and the other Related Documents.

         (e) Payment, Performance and Discharge of Obligations.

                  (i) Subject to Section 5.01(e)(ii), the Seller shall pay,
         perform and discharge or cause to be paid, performed and discharged
         promptly all charges payable by it, including (A) charges imposed upon
         it, its income and profits, or any of its property (real, personal or
         mixed) and all charges with respect to tax, social security and
         unemployment withholding with respect to its employees, and (B) lawful
         claims for labor, materials, supplies and services or otherwise before
         any thereof shall become past due.

                  (ii) The Seller may in good faith contest, by appropriate
         proceedings, the validity or amount of any charges or claims described
         in Section 5.01(e)(i); provided that (A) adequate reserves with respect
         to such contest are maintained on the books of the Seller, in
         accordance with GAAP, (B) such contest is maintained and prosecuted
         continuously and with diligence, (C) none of the Seller Collateral
         becomes subject to forfeiture or loss as a result of such contest, (D)
         no Lien shall be imposed to secure payment of such charges or claims
         other than inchoate tax liens and (E) none of the Purchasers or the
         Agent has advised the Seller in writing that such Affected Party
         reasonably believes that failure to pay or to discharge such claims or
         charges could have or result in a Material Adverse Effect.

         (f) ERISA. The Seller shall give the Agent prompt written notice of any
event that could result in the imposition of a Lien under Section 412 of the
Code or Section 302 or 4068 of ERISA.

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                                       WNC Receivables, LLC Receivables Purchase
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<PAGE>

         Section 5.02. Reporting Requirements of the Seller; Bringdown
Certificates. The Seller hereby agrees that, from and after the Closing Date and
until the Termination Date, it shall deliver or cause to be delivered to the
Agent for distribution to the Purchasers, the financial statements, notices and
other information at the times, to the Persons and in the manner set forth in
Annex 5.02 hereto. With each delivery of the annual audited Financial Statements
pursuant to and in accordance with paragraph (a) of Annex 5.02 hereto, each of
the Seller, Servicer and Independent Member shall deliver to the Agent an
Officer's Certificate in the form of Exhibit 5.02 hereto ("Bringdown
Certificate").

         Section 5.03. Negative Covenants of the Seller. The Seller covenants
and agrees that, without the prior written consent of the Required Purchasers
and the Agent, from and after the Closing Date until the Termination Date:

         (a) Sale of Equity Interests and Assets. The Seller shall not sell,
transfer, convey, assign or otherwise dispose of, or assign any right to receive
income in respect of, any of its properties or other assets, including its
Equity Interests (whether in a public or a private offering or otherwise), any
Transferred Receivable or Contract therefor or any of its rights with respect to
any Lockbox or any Lockbox Account, the Collection Account or any other deposit
account in which any Collections of any Transferred Receivable are deposited
except as otherwise expressly permitted by this Agreement or any of the other
Related Documents. Notwithstanding the foregoing, each Originator and the
Independent Member can pledge its Equity Interests of Seller (including, without
limitation, any income or distributions therefrom) as required by the Credit
Agreement.

         (b) Liens. The Seller shall not create, incur, assume or permit to
exist (i) any Adverse Claim on or with respect to its Transferred Receivables or
(ii) any Adverse Claim on or with respect to its other properties or assets
(whether now owned or hereafter acquired) except for Permitted Seller
Encumbrances. In addition, the Seller shall not become a party to any agreement,
note, indenture or instrument or take any other action that would prohibit the
creation of a Lien on any of its properties or other assets in favor of the
Agent for the benefit of the Purchasers as additional collateral for the Seller
Secured Obligations, except as otherwise expressly permitted by this Agreement
or any of the other Related Documents.

         (c) Modifications of Receivables, Contracts or Credit and Collection
Policies. The Seller shall not, without the prior written consent of the Agent
and with respect to clause (ii) only (i) extend, amend, rescind, forgive,
discharge, compromise, waive, cancel or otherwise modify the terms of any
Transferred Receivable or amend, modify or waive any term or condition of any
Contract related thereto, provided that the Seller may authorize the Servicer to
take such actions as are expressly permitted by the terms of any Related
Document or the Credit and Collection Policies, or (ii) amend, modify or waive
any term or provision of the Credit and Collection Policies to the extent such
action would be a material change to its Credit and Collection Policies or would
negatively affect the timing or amount collected of Receivables in any material
respect.

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                                       WNC Receivables, LLC Receivables Purchase
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<PAGE>

         (d) Changes in Instructions to Obligors. The Seller shall not make any
change in its instructions to Obligors regarding the deposit of Collections with
respect to the Transferred Receivables without the prior written consent of the
Agent.

         (e) Capital Structure and Business. The Seller shall not (i) make any
changes in any of its business objectives, purposes or operations that could
have or result in a Material Adverse Effect, (ii) make any change in its capital
structure as described on Schedule 4.01(h), including the issuance of any Equity
Interests or other securities convertible into Equity Interests or any revision
of the terms of its outstanding Equity Interests, (iii) reorganize itself under
the laws of any jurisdiction other than the jurisdiction in which it is
organized as of the date hereof without the prior written consent of Agent, or
(iv) permit the Independent Member to amend its certificate of formation or
limited liability company agreement. The Seller shall not engage in any business
other than as provided in its organizational documents and the Related
Documents.

         (f) Mergers, Subsidiaries, Etc. The Seller shall not directly or
indirectly, by operation of law or otherwise, (i) form or acquire any
Subsidiary, or (ii) merge with, consolidate with, acquire all or substantially
all of the assets or Equity Interests of, or otherwise combine with or acquire,
any Person.

         (g) Sale Characterization; Sale Agreement. The Seller shall not make
statements or disclosures, prepare any financial statements or in any other
respect account for or treat the transactions contemplated by the Sale Agreement
(including for accounting, tax and reporting purposes) in any manner other than
(i) with respect to each Sale of each Sold Receivable effected pursuant to the
Sale Agreement, as a true sale and absolute assignment of the title to and sole
record and beneficial ownership interest of the Transferred Receivables by the
Originators to the Seller and (ii) with respect to each contribution of
Contributed Receivables thereunder, as an increase in the stated capital of the
Seller.

         (h) Restricted Payments. The Seller shall not enter into any lending
transaction with any other Person. The Seller shall not at any time (i) advance
credit to any Person or (ii) declare any dividends, repurchase any Equity
Interest, return any capital, or make any other payment or distribution of cash
or other property or assets in respect of the Seller's Equity Interests if,
after giving effect to any such advance or distribution, a Purchase Excess,
Incipient Termination Event or Termination Event would exist or otherwise result
therefrom.

         (i) Indebtedness. The Seller shall not create, incur, assume or permit
to exist any Indebtedness, except (i) Indebtedness of the Seller to any Affected
Party, Indemnified Person, the Servicer or any other Person expressly permitted
by this Agreement or any other Related Document, (ii) deferred taxes, (iii)
unfunded pension fund and other employee benefit plan obligations and
liabilities to the extent they are permitted to remain unfunded under applicable
law, and (iv) indorser liability in connection with the indorsement of
negotiable instruments for deposit or collection in the ordinary course of
business.

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                                       WNC Receivables, LLC Receivables Purchase
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<PAGE>

         (j) Prohibited Transactions. The Seller shall not enter into, or be a
party to, any transaction with any Person except as expressly permitted
hereunder or under any other Related Document.

         (k) Investments. Except as otherwise expressly permitted hereunder or
under the other Related Documents, the Seller shall not make any investment in,
or make or accrue loans or advances of money to, any Person, including any
member, director, manager, officer or employee of the Seller or any member of
the Parent Group, through the direct or indirect lending of money, holding of
securities or otherwise, except with respect to Transferred Receivables and
Permitted Investments.

         (l) Commingling. The Seller shall not deposit or permit the deposit of
any funds that do not constitute Collections of Transferred Receivables or into
any Lockbox Account. If such funds are nonetheless deposited into a Lockbox
Account and the Seller so notifies the Agent, the Agent shall promptly remit any
such amounts to the applicable Originator.

         (m) ERISA. The Seller shall not, and shall not cause or permit any of
its ERISA Affiliates to, cause or permit to occur an event that could result in
the imposition of a Lien under Section 412 of the Code or Section 302 or 4068 of
ERISA.

         (n) Related Documents. The Seller shall not amend, modify or waive any
term or provision of any Related Document without the prior written consent of
the Agent.

         (o) Manager Policies. The Seller shall not modify the terms of any
policy of its managers if such modification could have or result in a Material
Adverse Effect.

         Section 5.04. Affirmative Covenants of Independent Member. Independent
Member covenants and agrees that from and after the Closing Date and until the
Termination Date:

         (a) Compliance with Agreements and Applicable Laws. Independent Member
shall perform each of its obligations under this Agreement and the other Related
Documents and comply with all federal, state and local laws and regulations
applicable to it, including those relating to truth in lending, retail
installment sales, fair credit billing, fair credit reporting, equal credit
opportunity, fair debt collection practices, privacy, licensing, taxation, ERISA
and labor matters and Environmental Laws and Environmental Permits, except to
the extent that the failure to so comply, individually or in the aggregate,
could not reasonably be expected to have a Material Adverse Effect.

         (b) Maintenance of Existence and Conduct of Business. Independent
Member shall: (i) do or cause to be done all things necessary to preserve and
keep in full force and effect its corporate existence and its rights and
franchises; (ii) continue to conduct its business substantially as now conducted
or as otherwise permitted hereunder and in accordance with (A) the terms of its
Organic Document, (B) Sections 4.01(q) and (r) and (C) the assumptions set forth

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                                       WNC Receivables, LLC Receivables Purchase
                                                         and Servicing Agreement
<PAGE>

in each legal opinion of Baker & Daniels or other counsel to Independent Member
from time to time delivered pursuant to Section 3.02(f) with respect to issues
of substantive consolidation; (iii) at all times maintain, preserve and protect
all of its assets and properties used or useful in the conduct of its business,
including all licenses, permits, charters and registrations, and keep the same
in good repair, working order and condition in all material respects (taking
into consideration ordinary wear and tear) and from time to time make, or cause
to be made, all necessary or appropriate repairs, replacements and improvements
thereto consistent with industry practices; and (iv) transact business only in
such corporate and trade names as are set forth in Section 5.4(b).

         (c) Payment, Performance and Discharge of Obligations.

                  (i) Subject to Section 5.4(c)(ii), Independent Member shall
         pay, perform and discharge or cause to be paid, performed and
         discharged promptly all charges payable by it, including (A) charges
         imposed upon it, its income and profits, or any of its property (real,
         personal or mixed) and all charges with respect to tax, social security
         and unemployment withholding with respect to its employees, and (B)
         lawful claims for labor, materials, supplies and services or otherwise
         before any thereof shall become past due./

                  (ii) Independent Member may in good faith contest, by
         appropriate proceedings, the validity or amount of any charges or
         claims described in Section 5.4(c)(i); provided, that (A) adequate
         reserves with respect to such contest are maintained on the books of
         Independent Member, in accordance with GAAP, (B) such contest is
         maintained and prosecuted continuously and with diligence, (C) no Lien
         shall be imposed to secure payment of such charges or claims other than
         inchoate tax liens and (D) none of the Purchasers or the Agent has
         advised Independent Member in writing that such Affected Party
         reasonably believes that failure to pay or to discharge such claims or
         charges could have or result in a Material Adverse Effect.

         (d) ERISA. Independent Member shall give the Agent prompt written
notice of any event that could result in the imposition of a Lien under Section
412 of the Code or Section 302 or 4068 of ERISA.

         Section 5.05. Negative Covenants of Independent Member. Independent
Member covenants and agrees that, without the prior written consent of the
Purchasers and the Agent, from and after the Closing Date until the Termination
Date:

         (a) Sale of Equity Interests and Assets. Independent Member shall not
sell, transfer, convey, assign or otherwise dispose of, or assign any right to
receive income in respect of, any of its properties or other assets, including
its Equity Interests (whether in a public or a private offering or otherwise),
except as otherwise expressly permitted by this Agreement or any of the other
Related Documents.

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                                       WNC Receivables, LLC Receivables Purchase
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<PAGE>

         (b) Liens. Independent Member shall not create, incur, assume or permit
to exist (i) any Adverse Claim on or with respect to its other properties or
assets (whether now owned or hereafter acquired) except for the Liens set forth
in Schedule 5.5(b) and other Permitted Independent Member Encumbrances. In
addition, Independent Member shall not become a party to any agreement, note,
indenture or instrument or take any other action that would prohibit the
creation of a Lien on any of its properties or other assets in favor of the
Agent for the benefit of the Purchasers as additional collateral for Seller
Secured Obligations, except as otherwise expressly permitted by this Agreement
or any of the other Related Documents.

         (c) Capital Structure and Business. Independent Member shall not (i)
make any changes in any of its business objectives, purposes or operations that
could have or result in a Material Adverse Effect, (ii) make any change in its
capital structure as described on Schedule 4.01(h), including the issuance of
any Equity Interest or any securities convertible into Equity Interests or any
revision of the terms of its outstanding Equity Interests, or (iii) amend its
Organic Document. Independent Member shall not change its jurisdiction of
incorporation, legal name, identity or organizational structure. Independent
Member shall not change its organization identification number, if any, issued
by its state of incorporation. Independent Member shall not engage in any
business other than as provided in its Organic Documents and the applicable
Related Documents.

         (d) Mergers, Subsidiaries, Etc. Independent Member shall not directly
or indirectly, by operation of law or otherwise, (i) form or acquire any
Subsidiary, or (ii) merge with, consolidate with, acquire all or substantially
all of the assets or Equity Interests of, or otherwise combine with or acquire,
any Person.

         (e) Restricted Payments. Independent Member shall not enter into any
lending transaction with any other Person. Independent Member shall not at any
time (i) advance credit to any Person or (ii) declare any dividends, repurchase
any Equity Interest, return any capital, or make any other payment or
distribution of cash or other property or assets in respect of Independent
Member's Equity Interests if, after giving effect to any such advance or
distribution, an Incipient Termination Event or Termination Event would exist or
otherwise result therefrom.

         (f) Indebtedness. Independent Member shall not create, incur, assume or
permit to exist any Indebtedness, except (i) Indebtedness of Independent Member
to any Affected Party, Indemnified Person, or any other Person expressly
permitted by this Agreement or any other Related Document, (ii) deferred taxes,
(iii) unfunded pension fund and other employee benefit plan obligations and
liabilities to the extent they are permitted to remain unfunded under applicable
law, and (iv) indorser liability in connection with the indorsement of
negotiable instruments for deposit or collection in the ordinary course of
business.

         (g) Prohibited Transactions. Independent Member shall not enter into,
or be a party to, any transaction with any Person except as expressly permitted
hereunder or under any other Related Document.

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         (h) Investments. Except as otherwise expressly permitted hereunder or
under the other Related Documents, Independent Member shall not make any
investment in, or make or accrue loans or advances of money to, any Person,
including any Equity Holder, director, officer or employee of Independent
Member, the Parent or any of the Parent's other Subsidiaries, through the direct
or indirect lending of money, holding of securities or otherwise, except with
respect to its membership interest in the Seller and Permitted Investments.

         (i) ERISA. Independent Member shall not, and shall not cause or permit
any of its ERISA Affiliates to, cause or permit to occur an event that could
result in the imposition of a Lien under Section 412 of the Code or Section 302
or 4068 of ERISA.

         (j) Related Documents. Independent Member shall not amend, modify or
waive any term or provision of any Related Document without the prior written
consent of the Agent.

         (k) Board Policies. Independent Member shall not modify the terms of
any policy or resolutions of its board of directors if such modification could
have or result in a Material Adverse Effect.

         Section 5.06. Post-Closing Deliveries.

         (a) Servicing Software Rights. As soon as possible, but in no event
later than June 14, 2002, the Seller shall have delivered, or shall have caused
to be delivered to the Agent, in form and substance satisfactory to Agent,
written authorization of the licensor of the Servicing Software to use such
Servicing Software for the purpose of obtaining information about and servicing
the Transferred Receivables or shall have received written documentation
confirming that an Originator or the Seller owns such Servicing Software.

         (b) Landlord Waivers. As soon as possible, but in no event later than
April 29, 2002, in the case of the St. Louis Real Estate, and in no event later
than June 14, 2002, in the case of any other leased location, the Seller shall
have delivered, or shall have caused to be delivered, to the Agent, in form and
substance satisfactory to Agent, fully executed landlord waivers for each leased
location of Originators, Servicer and Seller where such Person maintains (i)
books, records, Contracts, Servicing Software or other information regarding the
Transferred Receivables or (ii) chattel paper or instruments that are
Transferred Receivables.

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                                  ARTICLE VI.

                          COLLECTIONS AND DISBURSEMENTS

         Section 6.01. Establishment of Accounts.

         (a) Lockbox Accounts.

                  (i) The Seller has established with each Lockbox Account Bank
         one or more Lockbox Accounts. The Seller agrees that the Agent shall
         have exclusive dominion and control of each Lockbox Account and all
         monies, instruments and other property from time to time on deposit
         therein. The Seller shall not make or cause to be made, or have any
         ability to make or cause to be made, any withdrawals from any Lockbox
         Account except as provided in Section 6.01(b)(ii).

                  (ii) The Seller and the Servicer have instructed all existing
         Obligors of Transferred Receivables, and shall instruct all future
         Obligors of such Receivables, to make payments in respect thereof only
         (A) by check or money order mailed (1) to one or more lockboxes or post
         office boxes under the control of the Agent (each, a "Lockbox" and,
         collectively, the "Lockboxes") or (2) in the case of deposits to be
         made into a Retail Deposit Account, to an Originator for deposit into a
         Retail Deposit Account established with a Lockbox Account Bank for the
         immediately next Business Day automated clearing house credit to a
         Lockbox Account subject to a Lockbox Account Agreement or (B) by wire
         transfer or moneygram directly to a Lockbox Account. Schedule 4.01(r)
         lists all Lockboxes and all Lockbox Account Banks at which the Seller
         maintains Lockbox Accounts as of the Closing Date, and such schedule
         correctly identifies (1) with respect to each such Lockbox Account
         Bank, the name, address and telephone number thereof, (2) with respect
         to each Lockbox Account, the name in which such account is held and the
         complete account number therefor, and (3) with respect to each Lockbox,
         the lockbox number and address thereof. The Seller and the Servicer
         shall endorse, to the extent necessary, all checks or other instruments
         received in any Lockbox so that the same can be deposited in the
         Lockbox Account, in the form so received (with all necessary
         endorsements), on the first Business Day after the date of receipt
         thereof. In addition, each of the Seller and the Servicer shall deposit
         or cause to be deposited into a Lockbox Account all cash, checks, money
         orders or other proceeds of Transferred Receivables or Seller
         Collateral received by it other than in a Lockbox or a Lockbox Account,
         in the form so received (with all necessary endorsements), not later
         than the close of business on the first Business Day following the date
         of receipt thereof, and until so deposited all such items or other
         proceeds shall be held in trust for the benefit of the Agent. Neither
         the Seller nor the Servicer shall make any deposits into a Lockbox or
         any Lockbox Account except in accordance with the terms of this
         Agreement or any other Related Document.

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                  (iii) If, for any reason, a Lockbox Agreement terminates or
         any Lockbox Account Bank fails to comply with its obligations under the
         Lockbox Agreement to which it is a party, then the Seller shall
         promptly notify all Obligors of Transferred Receivables who had
         previously been instructed to make wire payments to a Lockbox Account
         maintained at any such Lockbox Account Bank to make all future payments
         to a new Lockbox Account in accordance with this Section 6.01(a)(iii).
         The Seller shall not close any such Lockbox Account unless it shall
         have (A) received the prior written consent of the Agent, (B)
         established a new account with the same Lockbox Account Bank or with a
         new depositary institution satisfactory to the Agent, (C) entered into
         an agreement covering such new account with such Lockbox Account Bank
         or with such new depositary institution substantially in the form of
         such Lockbox Agreement or that is satisfactory in all respects to the
         Agent (whereupon, for all purposes of this Agreement and the other
         Related Documents, such new account shall become a Lockbox Account,
         such new agreement shall become a Lockbox Agreement and any new
         depositary institution shall become a Lockbox Account Bank), and (D)
         taken all such action as the Agent shall require to grant and perfect a
         first priority Lien in such new Lockbox Account to the Agent for the
         benefit of the Purchasers under Section 8.01 of this Agreement. Except
         as permitted by this Section 6.01(a), neither the Seller nor the
         Servicer shall open any new Lockbox or Lockbox Account without the
         prior written consent of the Agent.

         (b) Collection Account.

                  (i) The Agent has established and shall maintain the
         Collection Account with the Depositary. The Collection Account shall be
         registered in the name of the Agent and the Agent shall, subject to the
         terms of this Agreement, have exclusive dominion and control thereof
         and of all monies, instruments and other property from time to time on
         deposit therein.

                  (ii) Pursuant to Section 6.02, the Seller shall instruct each
         Lockbox Account Bank to transfer, and the Seller hereby grants the
         Agent the authority to instruct each such Lockbox Account Bank to
         transfer, on each Business Day in same day funds, all available funds
         in each Lockbox Account to the Collection Account. The Purchasers and
         the Agent may deposit into the Collection Account from time to time all
         monies, instruments and other property received by any of them as
         proceeds of the Transferred Receivables. On each Business Day the Agent
         shall instruct and cause the Depositary (which instruction may be in
         writing or by telephone confirmed promptly thereafter in writing) to
         release funds on deposit in the Collection Account in the order of
         priority set forth in Section 6.03.

                  (iii) If, for any reason, the Depositary wishes to resign as
         depositary of the Collection Account or fails to carry out the
         instructions of the Agent, then the Agent shall promptly notify the
         Purchasers. Neither the Purchasers nor the Agent shall close the
         Collection Account unless (A) a new deposit account has been
         established with the

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         Depositary, (B) the Agent have entered into an agreement covering such
         new account with such new depositary institution satisfactory in all
         respects to the Agent (whereupon such new account shall become the
         Collection Account for all purposes of this Agreement and the other
         Related Documents), and (C) the Agent has taken all such action as the
         Agent shall require to grant and perfect a first priority Lien in such
         new Collection Account to the Agent on behalf of the Purchasers.

         Section 6.02. Funding of Collection Account. As soon as practicable,
and in any event no later than 1:00 p.m. (New York time) on each Business Day:

         (a) the Agent shall transfer or cause to be transferred, to the extent
then available, all Collections deposited in any Lockbox Account prior to such
Business Day to the Collection Account;

         (b) the Purchasers or the Agent shall deposit in the Collection Account
the amount, if any, required pursuant to Sections 2.04(b)(i);

         (c) if, on the immediately preceding Business Day, the Agent shall have
notified the Seller of any Purchase Excess, then the Seller shall deposit cash
in the amount of such Purchase Excess in the Collection Account;

         (d) if on such Business Day the Seller is required to make other
payments under this Agreement not previously paid out of Collections (including
Additional Amounts and Indemnified Amounts not previously paid), then the Seller
shall deposit an amount equal to such payments in the Collection Account;

         (e) if, on the immediately preceding Business Day, an Originator made a
capital contribution or repurchased a Transferred Receivable pursuant to Section
4.05 of the Sale Agreement or made a payment as a result of any Dilution Factors
pursuant to Section 4.02(p) of the Sale Agreement, then the Seller shall deposit
in the Collection Account cash in the amount so received from such Originator
for such contribution or for such repurchase or payment;

         (f) the Servicer shall deposit in the Collection Account the
Outstanding Balance of any Transferred Receivable the Servicer elects to pay
pursuant to Section 7.04; and

         (g) the Seller shall deposit in the Collection Account the Outstanding
Balance of any Transferred Receivable the Seller elects to pay pursuant to
Section 8.06(d).

         Section 6.03. Daily Disbursements From the Collection Account. On each
Business Day no later than 2:00 p.m. (New York time) during the Revolving
Period, and following the transfers made pursuant to Section 6.02, the Agent
shall disburse all Collections then on deposit in the Collection Account in the
following priority:

         (a) to the Agent on behalf of the Purchasers:

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                  (i) an amount equal to the sum of:

                           (A)      accrued and unpaid Daily Yield;

                           (B)      the accrued and unpaid Unused Facility Fee;
                                    and

                           (C)      any Additional Amounts or Indemnified
                                    Amounts then due and not paid.

         (b) To the Servicer, the accrued and unpaid Servicing Fee (calculated
assuming that the Servicing Fee Rate is the applicable rate).

         (c) to the Purchasers:

                  (i) their respective Pro Rata Shares of an amount equal to any
         Purchase Excess to be applied in reduction of Capital Investment;

                  (ii) their respective Pro Rata Shares of an amount equal to
         all other deposits made in the Collection Account pursuant to Section
         6.02 (other than 6.02(b)) and not otherwise disbursed pursuant to
         Section 6.03(a), Section 6.03(b), or 6.03(c)(i); and

                  (iii) if, pursuant to a Repayment Notice, the Seller has
         requested a reduction of the Capital Investment, then to the
         Purchasers, their respective Pro Rata Shares of the lesser of (A) the
         amount of such requested reduction of Capital Investment and (B) such
         balance.

         (d) to the Seller Account, the balance of any amounts remaining after
making the foregoing disbursements.

         Section 6.04. [Reserved]

         Section 6.05. Liquidation Settlement Procedures. On each Business Day
from and after the Facility Termination Date until the Termination Date, the
Agent shall, as soon as practicable, transfer all amounts in the Collection
Account in the following priority:

         (a) if a Successor Servicer has assumed the responsibilities and
obligations of any Servicer in accordance with Section 11.02, then to the
Successor Servicer an amount equal to its accrued and unpaid Successor Servicing
Fees and Expenses;

         (b) to the Purchasers, their respective Pro Rata Shares of an amount
equal to accrued and unpaid Daily Yield;

         (c) to the Purchasers, their respective Pro Rata Shares of an amount
equal to the unpaid Capital Investment;

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         (d) to the Agent, an amount equal to accrued and unpaid Unused Facility
Fees;

         (e) all Additional Amounts and Indemnified Amounts incurred and payable
to any Indemnified Person;

         (f) to the initial Servicer an amount equal to such Servicer's ratable
portion of the accrued and unpaid Servicing Fee;

         (g) to the Seller Account, the balance of any funds remaining after
payment in full of all amounts set forth in this Section 6.5.

         Section 6.06. Termination Procedures.

         (a) On the earlier of (i) the first Business Day after the Facility
Termination Date on which the Capital Investment has been reduced to zero or
(ii) the Final Purchase Date, if the Seller Secured Obligations have not been
paid in full, the Seller shall immediately deposit in the Collection Account an
amount sufficient to make such payments in full.

         (b) On the Termination Date, all amounts on deposit in the Collection
Account shall be disbursed to the Seller and all ownership interests or Liens of
the Agent for the benefit of the Purchasers in and to all Transferred
Receivables and all Liens of the Agent for the benefit of the Purchasers in and
to the Seller Collateral shall be released by the Agent. Such disbursement shall
constitute the final payment to which the Seller is entitled pursuant to the
terms of this Agreement.

         (c) Seller acknowledges that it is not authorized to file any financing
statement or amendment or termination statement with respect to any financing
statement without the written consent of Agent and agrees that it will not do so
without the prior written consent of Agent, subject to Seller's rights under
Section 9-509(d)(2) of the UCC.

                                  ARTICLE VII.

                               SERVICER PROVISIONS

         Section 7.01. Appointment of the Servicer. Each of the Purchasers
hereby appoints the Servicer as its agent, and the Seller hereby acknowledges
such appointment, to service the Transferred Receivables and enforce its rights
and interests in and under each Transferred Receivable and Contract therefor and
to serve in such capacity until the termination of its responsibilities pursuant
to Sections 9.02 or 11.01. In connection therewith, the Servicer hereby accepts
such appointment and agrees to perform the duties and obligations set forth
herein. The Servicer may, with the prior written consent of each Purchaser and
the Agent, subcontract with a Sub-Servicer for the collection, servicing or
administration of the Transferred Receivables; provided that (a) the Servicer
shall remain liable for the performance of the duties and obligations of such
Sub-Servicer pursuant to the terms hereof and (b) any Sub-Servicing

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Agreement that may be entered into and any other transactions or services
relating to the Transferred Receivables involving a Sub-Servicer shall be deemed
to be between the Sub-Servicer and the Servicer alone, and the Purchasers and
the Agent shall not be deemed parties thereto and shall have no obligations,
duties or liabilities with respect to the Sub-Servicer.

         Section 7.02. Duties and Responsibilities of the Servicer. Subject to
the provisions of this Agreement, the Servicer shall prepare and deliver the
Investment Reports in the manner set forth in Annex 7.02 when and as required
under Section 2.03 and shall conduct the servicing, administration and
collection of the Transferred Receivables and shall take, or cause to be taken,
all actions that (i) may be necessary or advisable to service, administer and
collect each Transferred Receivable from time to time, (ii) the Servicer would
take if the Transferred Receivables were owned by the Servicer, and (iii) are
consistent with industry practice for the servicing of such Transferred
Receivables.

         Section 7.03. Collections on Receivables.

         (a) In the event that the Servicer is unable to determine the specific
Transferred Receivables on which Collections have been received from the Obligor
thereunder, the parties agree for purposes of this Agreement only that such
Collections shall be deemed to have been received on such Receivables in the
order in which they were originated with respect to such Obligor. In the event
that the Servicer is unable to determine the specific Transferred Receivables on
which discounts, offsets or other non-cash reductions have been granted or made
with respect to the Obligor thereunder, the parties agree for purposes of this
Agreement only that such reductions shall be deemed to have been granted or made
(i) prior to a Termination Event, on such Receivables as determined by the
Servicer, and (ii) from and after the occurrence of a Termination Event, in the
reverse order in which they were originated with respect to such Obligor.

         (b) If the Servicer determines that amounts unrelated to the
Transferred Receivables (the "Unrelated Amounts") have been deposited in the
Collection Account, then the Servicer shall provide written evidence thereof to
the Agent no later than the first Business Day following the day on which the
Servicer had actual knowledge thereof, which evidence shall be provided in
writing and shall be otherwise satisfactory to each such Affected Party. Upon
receipt of any such notice, the Agent shall segregate the Unrelated Amounts and
the same shall not be deemed to constitute Collections on Transferred
Receivables and shall not be subject to the provisions of Article VI.

         Section 7.04. Authorization of the Servicer. Each of the Purchasers
hereby authorizes the Servicer, and the Seller acknowledges such authorization,
to take any and all reasonable steps in its name and on its behalf necessary or
desirable and not inconsistent with the ownership of the Purchaser Interests
purchased by the Purchasers hereunder, in the determination of the Servicer, to
(a) collect all amounts due under any Transferred Receivable, including
endorsing its name on checks and other instruments representing Collections on
such Receivable, and execute and deliver any and all instruments of satisfaction
or cancellation or of partial or full

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release or discharge and all other comparable instruments with respect to any
such Receivable and (b) after any Transferred Receivable becomes a Delinquent
Receivable or a Defaulted Receivable and to the extent permitted under and in
compliance with applicable law and regulations, commence proceedings with
respect to the enforcement of payment of any such Receivable and the Contract
therefor and adjust, settle or compromise any payments due thereunder, in each
case to the same extent as the applicable Originator could have done if it had
continued to own such Receivable. Each Originator, the Seller, the Agent and
each Purchaser shall furnish the Servicer with any powers of attorney and other
documents necessary or appropriate to enable the Servicer to carry out its
servicing and administrative duties hereunder. Notwithstanding anything to the
contrary contained herein, the Agent shall have the absolute and unlimited right
to direct the Servicer (whether the Servicer is WFL or otherwise) (i) to
commence or settle any legal action to enforce collection of any Transferred
Receivable or (ii) to foreclose upon, repossess or take any other action that
the Agent deems necessary or advisable with respect thereto; provided that in
lieu of commencing any such action or taking other enforcement action, the
Servicer may, at its option, elect to pay to the Purchasers, their respective
Pro Rata Shares of the Capital Investment with respect to the Purchaser Interest
in such Transferred Receivable. In the event Servicer elects to pay the
Purchasers their respective Pro Rata Shares of the Capital Investment with
respect to the Purchaser Interest in such Transferred Receivable as provided
above, the Agent, on behalf of the Purchasers, shall transfer to Servicer the
Purchaser Interest in such Transferred Receivable. In no event shall the
Servicer be entitled to make any Affected Party a party to any Litigation
without such Affected Party's express prior written consent, or to make the
Seller a party to any Litigation without the Agent's consent.

         Section 7.05. Servicing Fees. As compensation for its servicing
activities and as reimbursement for its reasonable expenses in connection
therewith, the Servicer shall be entitled to receive the Servicing Fees in
accordance with Sections 6.03 and 6.05. The Servicer shall be required to pay
for all expenses incurred by it in connection with its activities hereunder
(including any payments to accountants, counsel or any other Person) and shall
not be entitled to any payment therefor other than the Servicing Fees.

         Section 7.06. Representations and Warranties of the Servicer. To induce
the Purchasers to purchase the Purchaser Interests and the Agent to take any
action required to be performed by it hereunder, the Servicer represents and
warrants to the Purchasers and the Agent, which representation and warranty
shall survive the execution and delivery of this Agreement:

         (a) Existence; Compliance with Law. The Servicer (i) is a limited
liability company duly organized, validly existing and in good standing under
the laws of its jurisdiction of organization; (ii) is duly qualified to conduct
business and is in good standing in each other jurisdiction where its ownership
or lease of property or the conduct of its business requires such qualification,
except where the failure to be so qualified would not have a Material Adverse
Effect; (iii) has the requisite limited liability company power and authority
and the legal right to own and operate its properties, to lease the property it
operates under lease, and to conduct its business as now, heretofore and
proposed to be conducted; (iv) has all licenses, permits, consents

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or approvals from or by, and has made all filings with, and has given all
notices to, all Governmental Authorities having jurisdiction, to the extent
required for such ownership, operation and conduct, except where the failure to
do so would not have a Material Adverse Effect; (v) is in compliance with its
charter and bylaws; and (vi) subject to specific representations set forth
herein regarding ERISA, tax and other laws, is in compliance with all applicable
provisions of law, except where the failure to comply, individually or in the
aggregate, could not reasonably be expected to have a Material Adverse Effect.

         (b) Power, Authorization, Enforceable Obligations. The execution,
delivery and performance by the Servicer of this Agreement and the other Related
Documents to which it is a party and, solely with respect to clause (vii) below,
the exercise by each of the Purchasers, the Seller or the Agent of any of its
rights and remedies under any Related Document to which it is a party: (i) are
within the Servicer's limited liability company power; (ii) have been duly
authorized by all necessary or proper limited liability company and shareholder
action; (iii) do not contravene any provision of the Servicer's charter or
bylaws; (iv) do not violate any law or regulation, or any order or decree of any
court or Governmental Authority; (v) do not conflict with or result in the
breach or termination of, constitute a default under or accelerate or permit the
acceleration of any performance required by, any indenture, mortgage, deed of
trust, lease, agreement or other instrument to which the Servicer is a party or
by which the Servicer or any of the property of the Servicer is bound; (vi) do
not result in the creation or imposition of any Adverse Claim upon any of the
property of the Servicer; and (vii) do not require the consent or approval of
any Governmental Authority or any other Person, except those referred to in
Section 3.01(b), all of which will have been duly obtained, made or complied
with prior to the Closing Date. On or prior to the Closing Date, each of the
Related Documents to which the Servicer is a party shall have been duly executed
and delivered by the Servicer and each such Related Document shall then
constitute a legal, valid and binding obligation of the Servicer enforceable
against it in accordance with its terms, except as such enforcement may be
limited by applicable bankruptcy, insolvency, reorganization or similar laws
affecting creditors' rights and by general principles of equity.

         (c) No Litigation. No Litigation is now pending or, to the knowledge of
the Servicer, threatened against the Servicer that (i) challenges the Servicer's
right or power to enter into or perform any of its obligations under the Related
Documents to which it is a party, or the validity or enforceability of any
Related Document or any action taken thereunder, (ii) seeks to prevent the
transfer, sale, pledge or contribution of any Receivable or the consummation of
any of the transactions contemplated under this Agreement or the other Related
Documents, or (iii) has a reasonable risk of being determined adversely to the
Servicer and that, if so determined, could have a Material Adverse Effect.

         (d) Full Disclosure. No information contained in this Agreement, any
Investment Report or any of the other Related Documents, or any written
statement furnished by or on behalf of the Servicer to any Purchaser or the
Agent pursuant to the terms of this Agreement or any of the other Related
Documents contains any untrue statement of a material

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fact or omits or will omit to state a material fact necessary to make the
statements contained herein or therein not misleading in light of the
circumstances under which they were made.

         (e) Other Representations and Warranties. Each of the representations
and warranties of the Servicer (whether made by the Servicer in its capacity as
an Originator or as the Servicer) contained in any Related Document is true and
correct and, if made by the Servicer in its capacity as an Originator, applies
with equal force to the Servicer in its capacity as Servicer.

         Section 7.07. Covenants of the Servicer. The Servicer covenants and
agrees that from and after the Closing Date and until the Termination Date:

         (a) Ownership of Transferred Receivables. The Servicer shall identify
the Transferred Receivables clearly and unambiguously in its Servicing Records
to reflect that such Transferred Receivables have been sold or contributed to
the Seller and, following the Purchase of Purchaser Interests in such
Transferred Receivables under this Agreement, are owned by the Agent for the
benefit of the Purchasers.

         (b) Compliance with Credit and Collection Policies. The Servicer shall
comply in all respects with the Credit and Collection Policies with respect to
each Transferred Receivable and the Contract therefor, except to the extent that
such noncompliance could not reasonably be expected to have a Material Adverse
Effect. The Servicer shall not amend, waive or modify any term or provision of
the Credit and Collection Policies without the prior written consent of the
Agent.

                                 ARTICLE VIII.

                           GRANT OF SECURITY INTERESTS

         Section 8.01. Seller's Grant of Security Interest. The parties hereto
intend that each Purchase of Purchaser Interests to be made hereunder shall
constitute a purchase and sale of undivided percentage ownership interests in
the Transferred Receivables and not a loan. Notwithstanding the foregoing, in
addition to and not in derogation of any rights now or hereafter acquired by the
Purchasers or the Agent hereunder, the parties hereto intend that this Agreement
shall constitute a security agreement under applicable law. In such regard and,
in any event, to secure the prompt and complete payment, performance and
observance of all Seller Secured Obligations, and to induce the Purchasers to
enter into this Agreement and perform the obligations required to be performed
by it hereunder in accordance with the terms and conditions thereof, the Seller
hereby grants, assigns, conveys, pledges, hypothecates and transfers to the
Agent, for the benefit of itself and the Purchasers, a Lien upon and security
interest in all of its right, title and interest in, to and under, but none of
its obligations arising from, the following property, whether now owned by or
owing to, or hereafter acquired by or arising in favor of, the Seller (including
under any trade names, styles or derivations of the Seller), and regardless of
where located (all of which being hereinafter collectively referred to as the
"Seller Collateral"):

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         (a) all Receivables, Contracts therefor and Collections thereon;

         (b) the Sale Agreement, all Lockbox Agreements and all other Related
Documents now or hereafter in effect relating to the purchase, servicing or
processing of Receivables (collectively, the "Seller Assigned Agreements"),
including (i) all rights of the Seller to receive moneys due and to become due
thereunder or pursuant thereto, (ii) all rights of the Seller to receive
proceeds of any insurance, indemnity, warranty or guaranty with respect thereto,
(iii) all claims of the Seller for damages or breach with respect thereto or for
default thereunder, and (iv) the right of the Seller to amend, waive or
terminate the same and to perform and to compel performance and otherwise
exercise all remedies thereunder;

         (c) all of the following (collectively, the "Seller Account
Collateral"):

                  (i) all deposit accounts, including the Lockbox Accounts, the
         Lockboxes, and all funds on deposit therein and all certificates and
         instruments, if any, from time to time representing or evidencing any
         deposit account, the Lockbox Accounts, the Lockboxes or such funds,

                  (ii) the Collection Account and all funds on deposit therein
         and all certificates and instruments, if any, from time to time
         representing or evidencing the Collection Account or such funds,

                  (iii) all certificates, instruments and investment property,
         if any, from time to time representing or evidencing such Investments,

                  (iv) all notes, certificates of deposit and other instruments
         from time to time delivered to or otherwise possessed by the Agent, any
         Purchaser or any assignee or agent on behalf of the Agent or any
         Purchaser in substitution for or in addition to any of the then
         existing Seller Account Collateral, and

                  (v) all interest, dividends, cash, instruments, investment
         property and other property from time to time received, receivable or
         otherwise distributed with respect to or in exchange for any and all of
         the then existing Seller Account Collateral;

         (d) all software and hardware;

         (e) all other property that may from time to time hereafter be granted
and pledged by the Seller or by any Person on its behalf under this Agreement,
including any deposit with a Purchaser or the Agent of additional funds by the
Seller; and

         (f) to the extent not otherwise included, all proceeds and products of
the foregoing and all accessions to, substitutions and replacements for, and
profits of, each of the foregoing Seller Collateral (including proceeds that
constitute property of the types described in Sections 8.01(a) through (e).

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         Section 8.02. Seller's Certification. The Seller hereby certifies that
(a) the benefit of the representations, warranties and covenants of each
Originator and member of the Parent Group to the Seller under the Sale Agreement
shall have been assigned by the Seller to the Agent on behalf of the Purchasers
hereunder; (b) the rights of the Seller to require a capital contribution from
the Originators or to require payment of a Rejected Amount from an Originator
under the Sale Agreement may be enforced by the Agent on behalf of the
Purchasers; and (c) the Sale Agreement provides that the representations,
warranties and covenants described in Sections 4.01, 4.02 and 4.04 thereof, the
indemnification and payment provisions of Article V thereof and the provisions
of Sections 4.04(j), 9.03 and 9.14 thereof shall survive the sale of the
Transferred Receivables (and undivided percentage ownership interests therein)
and the termination of the Sale Agreement and this Agreement.

         Section 8.03. [Reserved].

         Section 8.04. Delivery of Collateral. All certificates or instruments
representing or evidencing the Seller Collateral shall be delivered to and held
by or on behalf of the Agent and shall be in suitable form for transfer by
delivery or shall be accompanied by duly executed instruments of transfer or
assignment in blank, all in form and substance satisfactory to the Agent. The
Agent shall have the right (a) at any time to exchange certificates or
instruments representing or evidencing Seller Collateral for certificates or
instruments of smaller or larger denominations and (b) at any time in its
discretion following the occurrence and during the continuation of a Termination
Event and without notice to the Seller, to transfer to or to register in the
name of the Agent or its nominee any or all of the Seller Collateral. The Seller
will, (A) at all times from and after the date hereof, clearly and conspicuously
mark its computer and master data processing books and records with a legend
describing the Agent's interest (on behalf of the Purchasers) in the
Receivables, and (B) segregate (from all other receivables then owned or being
serviced by the Seller) all contracts relating to each Receivable.

         Section 8.05. Seller Remains Liable. It is expressly agreed by the
Seller that, anything herein to the contrary notwithstanding, the Seller shall
remain liable under any and all of the Transferred Receivables, the Contracts
therefor, the Seller Assigned Agreements and any other agreements constituting
the Seller Collateral to which it is a party to observe and perform all the
conditions and obligations to be observed and performed by it thereunder.
Neither the Purchasers nor the Agent shall have any obligation or liability
under any such Receivables, Contracts or agreements by reason of or arising out
of this Agreement or the granting herein of a Lien thereon or the receipt by the
Agent or any Purchaser of any payment relating thereto pursuant hereto. The
exercise by any Purchaser or the Agent of any of its respective rights under
this Agreement shall not release any Originator, the Seller or the Servicer from
any of their respective duties or obligations under any such Receivables,
Contracts or agreements. Neither the Purchasers nor the Agent shall be required
or obligated in any manner to perform or fulfill any of the obligations of any
Originator, the Seller or the Servicer under or pursuant to any such Receivable,
Contract or agreement, or to make any payment, or to make any inquiry as to the
nature or the sufficiency of any payment received by it or the sufficiency of
any performance by any party under any such Receivable, Contract or agreement,
or to present or file any claims, or

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to take any action to collect or enforce any performance or the payment of any
amounts that may have been assigned to it or to which it may be entitled at any
time or times.

         Section 8.06. Covenants of the Seller and the Servicer Regarding the
Seller Collateral.

         (a) Offices and Records. The Seller shall maintain its principal place
of business and chief executive office and the office at which it stores its
Records at the respective locations specified in Schedule 4.01(b) or, upon 30
days' prior written notice to the Agent, at such other location in a
jurisdiction where all action requested by the Agent pursuant to Section 14.14
shall have been taken with respect to the Seller Collateral. Each of the Seller
and the Servicer shall, at its own cost and expense, maintain adequate and
complete records of the Transferred Receivables and the Seller Collateral,
including records of any and all payments received, credits granted and
merchandise returned with respect thereto and all other dealings therewith. Each
of the Seller and the Servicer shall mark conspicuously with a legend, in form
and substance satisfactory to the Agent, its books and records, computer tapes,
computer disks and credit files pertaining to the Seller Collateral, and its
file cabinets or other storage facilities where it maintains information
pertaining thereto, to evidence this Agreement and the assignment and Liens
granted pursuant to this Article VIII. Upon the occurrence and during the
continuance of a Termination Event, the Seller and the Servicer shall deliver
and turn over such books and records to the Agent or its representatives at any
time on demand of the Agent. Prior to the occurrence of a Termination Event and
upon notice from the Agent, the Seller and the Servicer shall permit any
representative of the Agent to inspect such books and records and shall provide
photocopies thereof to the Agent as more specifically set forth in Section
8.06(b).

         (b) Access. Each of the Seller and the Servicer shall, at its own
expense, during normal business hours, from time to time upon one Business Day's
prior notice as frequently as the Agent determines to be appropriate: (i)
provide the Purchasers, the Agent and any of their respective officers,
employees and agents access to its properties (including properties utilized in
connection with the collection, processing or servicing of the Transferred
Receivables), facilities, advisors and employees (including officers) and to the
Seller Collateral, (ii) permit the Purchasers, the Agent and any of their
respective officers, employees and agents to inspect, audit and make extracts
from its books and records, including all Records, (iii) permit the Purchasers
or the Agent and their respective officers, employees and agents to inspect,
review and evaluate the Transferred Receivables and the Seller Collateral and
(iv) permit the Purchasers or the Agent and their respective officers, employees
and agents to discuss matters relating to the Transferred Receivables or its
performance under this Agreement or the other Related Documents or its affairs,
finances and accounts with any of its officers, directors, employees,
representatives or agents (in each case, with those persons having knowledge of
such matters) and with its independent certified public accountants. If (A) an
Incipient Termination Event or a Termination Event shall have occurred and be
continuing or (B) the Agent, in good faith, believes that an Incipient
Termination Event or a Termination Event is imminent or deems the Purchasers'
rights or interests in the Transferred Receivables, the Seller Assigned
Agreements or any other Seller Collateral insecure, then each of the Seller and
the Servicer shall,

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at its own expense, provide such access at all times and without advance notice
and provide the Purchasers or the Agent with access to its suppliers and
customers. Each of the Seller and the Servicer shall make available to the Agent
and its counsel, as quickly as is possible under the circumstances, originals or
copies of all books and records, including Records, that the Agent may request.
Each of the Seller and the Servicer shall deliver any document or instrument
necessary for the Agent, as the Agent may from time to time request, to obtain
records from any service bureau or other Person that maintains records for the
Seller or the Servicer, and shall maintain duplicate records or supporting
documentation on media, including computer tapes and disks owned by the Seller
or the Servicer.

         (c) Communication with Accountants. Each of the Seller and the Servicer
authorizes the Purchasers and the Agent to communicate directly with its
independent certified public accountants and authorizes and shall instruct those
accountants and advisors to disclose and make available to the Purchasers and
the Agent any and all financial statements and other supporting financial
documents, schedules and information relating to the Seller or the Servicer
(including copies of any issued management letters) with respect to its
business, financial condition and other affairs.

         (d) Collection of Transferred Receivables. Except as otherwise provided
in this Section 8.06(d), the Servicer shall continue to collect or cause to be
collected, at its sole cost and expense, all amounts due or to become due to the
Seller under the Transferred Receivables, the Seller Assigned Agreements and any
other Seller Collateral. In connection therewith, the Seller and the Servicer
shall take such action as it, and from and after the occurrence and during the
continuance of a Termination Event, the Agent, may deem necessary or desirable
to enforce collection of the Transferred Receivables, the Seller Assigned
Agreements and the other Seller Collateral; provided that the Seller or the
Servicer may, rather than commencing any such action or taking any other
enforcement action, at its option, elect to pay to the Agent, for the account of
the Purchasers (in accordance with its Purchaser Interests), the Outstanding
Balance of any such Transferred Receivable; provided further, that if (i) an
Incipient Termination Event or a Termination Event shall have occurred and be
continuing or (ii) the Agent, in good faith believes that an Incipient
Termination Event or a Termination Event is imminent or deems the Purchasers'
rights or interests in the Transferred Receivables, the Seller Assigned
Agreements or any other Seller Collateral insecure, then the Agent may, without
prior notice to the Seller or the Servicer, notify or cause the Servicers to
notify any Obligor under any Transferred Receivable or obligors under the Seller
Assigned Agreements of the assignment of such Transferred Receivables or Seller
Assigned Agreements, as the case may be, to the Agent on behalf of the
Purchasers hereunder and direct that payments of all amounts due or to become
due to the Seller thereunder be made directly to the Agent or any servicer,
collection agent or lockbox or other account designated by the Agent and, upon
such notification and at the sole cost and expense of the Seller and the
Servicer, the Agent may enforce collection of any such Transferred Receivable or
the Seller Assigned Agreements and adjust, settle or compromise the amount or
payment thereof.

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         (e) Performance of Seller Assigned Agreements. Each of the Seller and
the Servicer shall (i) perform and observe all the terms and provisions of the
Seller Assigned Agreements to be performed or observed by it, maintain the
Seller Assigned Agreements in full force and effect, enforce the Seller Assigned
Agreements in accordance with their terms and take all action as may from time
to time be requested by the Agent in order to accomplish the foregoing, and (ii)
upon the request of and as directed by the Agent, make such demands and requests
to any other party to the Seller Assigned Agreements as are permitted to be made
by the Seller or the Servicer thereunder.

                                  ARTICLE IX.

                               TERMINATION EVENTS

         Section 9.01. Termination Events. If any of the following events (each,
a "Termination Event") shall occur (regardless of the reason therefor):

         (a) (i) the Seller shall fail to make any payment of any Seller Secured
Obligation when due and payable and the same shall remain unremedied for one
Business Day or (ii) the Seller or Independent Member shall fail or neglect to
perform, keep or observe any other provision of this Agreement (including,
without limitation any covenant contained in Annex 4.04(l) to the Sale
Agreement) or the other Related Documents to which it is a party (other than any
provision embodied in or covered by any other clause of this Section 9.01) and
the same shall remain unremedied for two Business Days or more after written
notice thereof shall have been given by the Agent to the Seller; or

         (b) a default or breach shall occur under any other agreement, document
or instrument to which Independent Member, any other member of the Parent Group
or the Seller is a party or by which any such Person or its property is bound,
and such default or breach (i) involves the failure to make any payment when due
in respect of any Indebtedness in excess of a principal amount of $1,000,000 in
the aggregate (other than the Seller Secured Obligations) of any such Person or
(ii) which would permit any holder of such Indebtedness or a trustee or agent to
cause Indebtedness or a portion thereof which, except with respect to the
Seller, is in excess of a principal amount of $1,000,000 in the aggregate to
become due prior to its stated maturity or prior to its regularly scheduled
dates of payment or (iii) causes Indebtedness or a portion thereof which, except
with respect to the Seller, is in excess of a principal amount of $1,000,000 in
the aggregate to become due prior to its stated maturity or prior to its
regularly scheduled dates of payment; in each case, regardless of whether such
default is waived, or such right is exercised, by such holder, trustee or agent;
or

         (c) a case or proceeding shall have been commenced against Independent
Member, any other member of the Parent Group or the Seller seeking a decree or
order in respect of any such Person (i) under the Bankruptcy Code or any other
applicable federal, state or foreign bankruptcy or other similar law, (ii)
appointing a custodian, receiver, liquidator, assignee, trustee or sequestrator
(or similar official) for any such Person or for any substantial

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part of such Person's assets, or (iii) ordering the winding-up or liquidation of
the affairs of any such Person; or

         (d) Independent Member, any other member of the Parent Group or the
Seller shall (i) file a petition seeking relief under the Bankruptcy Code or any
other applicable federal, state or foreign bankruptcy or other similar law, (ii)
consent or fail to object in a timely and appropriate manner to the institution
of proceedings thereunder or to the filing of any such petition or to the
appointment of or taking possession by a custodian, receiver, liquidator,
assignee, trustee or sequestrator (or similar official) for any such Person or
for any substantial part of such Person's assets, (iii) make an assignment for
the benefit of creditors, or (iv) take any limited liability company action in
furtherance of any of the foregoing; or

         (e) (i) Independent Member, any other member of the Parent Group or the
Seller generally does not pay its debts as such debts become due or admits in
writing its inability to, or is generally unable to, pay its Indebtedness as
such Indebtedness become due or (ii) the fair market value of any Originator's
or the Seller's liabilities exceeds the fair market value of its assets; or

         (f) a final judgment or judgments for the payment of money in excess of
$1,000,000 in the aggregate at any time outstanding, or $500,000 for any one
judgment, shall be rendered against Independent Member, any other member of the
Parent Group, the Seller, or any Affiliate thereof and the same shall not,
within 30 days after the entry thereof, have been discharged or execution
thereof stayed or appealed (and bonded pending appeal to the extent required),
or shall not have been discharged prior to the expiration of any such stay; or

         (g) a judgment or order for the payment of money shall be rendered
against the Seller or Independent Member; or

         (h) (i) any information contained in any Investment Base Certificate is
untrue or incorrect in any respect, or (ii) any representation or warranty of
any member of the Parent Group, Independent Member, or the Seller herein or in
any other Related Document or in any written statement, report, financial
statement or certificate (other than an Investment Base Certificate) made or
delivered by or on behalf of any member of the Parent Group or the Seller hereto
or thereto is untrue or incorrect in any material respect as of the date when
made or deemed made; or

         (i) any Governmental Authority (including the IRS or the PBGC) shall
file notice of a Lien with regard to any assets of any member of the Parent
Group or the Seller (other than a Lien (i) limited by its terms to assets other
than Receivables and (ii) not materially adversely affecting the financial
condition of such Originator or the ability of WFL to perform as Servicer
hereunder); or

         (j) any Governmental Authority (including the IRS or the PBGC) shall
file notice of a Lien with regard to any of the assets of the Seller or
Independent Member; or

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         (k) there shall have occurred any event which materially adversely
impairs in the reasonable judgment of the Agent the ability of any Originator to
originate Receivables of a credit quality which are at least of the credit
quality of the Receivables in the initial Purchase, or the Agent shall have
determined (and so notified the Seller) that any event or condition that has had
or could reasonably be expected to have or result in a Material Adverse Effect
has occurred; or

         (l) (i) a default or breach shall occur under any provision of Sections
4.02(p), 4.05, 5.01, 9.14, or Annex 4.04(l) of the Sale Agreement and the same
shall remain unremedied for one Business Day or more after the occurrence
thereof, (ii) a default or breach shall occur under any other provision of the
Sale Agreement and the same shall remain unremedied for two Business Days or
more after written notice thereof shall have been given by the Agent to the
Seller or (iii) the Sale Agreement shall for any reason cease to evidence the
transfer to the Seller of the legal and equitable title to, and ownership of,
the Transferred Receivables; or

         (m) except as otherwise expressly provided herein, any Lockbox
Agreement or the Sale Agreement shall have been modified, amended or terminated
without the prior written consent of the Required Purchasers and the Agent; or

         (n) an Event of Servicer Termination shall have occurred; or

         (o) with respect to the Transferred Receivables, (i) prior to the
Purchase of Purchaser Interests therein hereunder, the Seller shall cease to
hold valid and properly perfected title to and sole record and beneficial
ownership in such Transferred Receivables or (ii) after the Purchase of
Purchaser Interests hereunder, the Agent (on behalf of the Purchasers) shall
cease to hold either valid and properly perfected title to and sole record and
beneficial ownership in the related Transferred Receivables or a first priority,
perfected Lien in the related Transferred Receivables or any of the Seller
Collateral; or

         (p) a Change of Control shall occur with respect to any member of the
Parent Group or the Seller; or

         (q) the Seller or Independent Member shall amend its Organic Documents
without the express prior written consent of the Required Purchasers and the
Agent; or

         (r) the Seller shall have received an Election Notice pursuant to
Section 2.01(d) of the Sale Agreement; or

         (s) the Seller's Net Worth Percentage shall be less than 5%; or

         (t) any Event of Default (as defined in the Credit Facility) shall
occur and be continuing or the Credit Facility shall terminate or shall
otherwise cease to be in full force and effect; or

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         (u) any material provision of any Related Document shall for any reason
cease to be valid, binding and enforceable in accordance with its terms (or any
Originator, Independent Member, or the Seller shall challenge the enforceability
of any Related Document or shall assert in writing, or engage in any action or
inaction based on any such assertion, that any provision of any of the Related
Documents has ceased to be or otherwise is not valid, binding and enforceable in
accordance with its terms); or

         (v) Performance Guarantor shall fail to perform or observe any term,
covenant or agreement required to be performed by it under the Sale Agreement,
or the Performance Undertaking shall cease to be effective or to be the legally
valid, binding and enforceable obligation of Performance Guarantor, or
Performance Guarantor shall directly or indirectly contest in any manner such
effectiveness, validity, binding nature or enforceability; or

         (w) the Parent's committed revolving credit agreement in effect the
date hereof shall (i) terminate or (ii) fail to be refinanced prior to the
maturity date thereunder on terms and provisions acceptable to the Agent and
Purchasers; or

         (x) the Senior Notes in effect as of the date hereof shall (i)
terminate or (ii) fail to be refinanced or repaid prior to the maturity dates
thereunder on terms and provisions acceptable to the Agent and Purchasers;

then, and in any such event, the Agent shall, at the request of, or may, with
the consent of, the Required Purchasers or the Agent, by notice to the Seller,
declare the Facility Termination Date to have occurred without demand, protest
or further notice of any kind, all of which are hereby expressly waived by the
Seller; provided that the Facility Termination Date shall automatically occur
(i) upon the occurrence of any of the Termination Events described in Sections
9.01(c), (d), (e) or (r) or (ii) three days after the occurrence of the
Termination Event described in Section 9.01(a)(i) if the same shall not have
been remedied by such time, in each case without demand, protest or any notice
of any kind, all of which are hereby expressly waived by the Seller.

         Section 9.02. Events of Servicer Termination. If any of the following
events (each, an "Event of Servicer Termination") shall occur (regardless of the
reason therefor):

         (a) the Servicer shall (i) fail to make any payment or deposit required
to be made by it under this Agreement or any other Related Document, (ii) fail
to deliver any reports required to be delivered by it under this Agreement or
any other Related Document (including, without limitation, any Investment Base
Certificate) and such failure shall remain unremedied for one (1) Business Day
or more, or (iii) fail or neglect to perform, keep or observe any other
provision of this Agreement or the other Related Documents (whether in its
capacity as an Originator or as Servicer) and the same shall remain unremedied
for two (2) Business Days or more after written notice thereof shall have been
given by the Agent to the Servicer; or

         (b) a default or breach shall occur under any other agreement, document
or instrument to which the Servicer is a party or by which Servicer or its
property is bound, and

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such default or breach (i) involves the failure to make any payment when due in
respect of any Indebtedness (other than the Seller Secured Obligations) of
Servicer which, except as provided in clause (iii) below, is not cured within a
period of fifteen days, or (ii) permits any holder of such Indebtedness or a
trustee or agent to cause Indebtedness or a portion thereof which is in excess
of a principal amount of $100,000 in the aggregate to become due prior to its
stated maturity or prior to its regularly scheduled dates of payment, and which,
except as provided in clause (iii) below, is not cured within a period of thirty
days, or (iii) causes Indebtedness or a portion thereof which is in excess of a
principal amount of $100,000 in the aggregate to become due prior to its stated
maturity or prior to its regularly scheduled dates of payment; in each case,
regardless of whether such default is waived, or such right is exercised, by
such holder, trustee or agent; or

         (c) a case or proceeding shall have been commenced against the Servicer
or any Affiliate thereof which acts as a Sub-Servicer seeking a decree or order
in respect of any such Person (i) under the Bankruptcy Code or any other
applicable federal, state or foreign bankruptcy or other similar law, (ii)
appointing a custodian, receiver, liquidator, assignee, trustee or sequestrator
(or similar official) for any such Person or for any substantial part of such
Person's assets, or (iii) ordering the winding-up or liquidation of the affairs
of any such Person; or

         (d) the Servicer or any Affiliate thereof which acts as a Sub-Servicer
shall (i) file a petition seeking relief under the Bankruptcy Code or any other
applicable federal, state or foreign bankruptcy or other similar law, (ii)
consent or fail to object in a timely and appropriate manner to the institution
of proceedings thereunder or to the filing of any such petition or to the
appointment of or taking possession by a custodian, receiver, liquidator,
assignee, trustee or sequestrator (or similar official) for any such Person or
for any substantial part of such Person's assets, (iii) make an assignment for
the benefit of creditors, or (iv) take any limited liability company action in
furtherance of any of the foregoing; or

         (e) (i) the Servicer or any Affiliate thereof which acts as a
Sub-Servicer generally does not pay its debts as such debts become due or admits
in writing its inability to, or is generally unable to, pay its Indebtedness as
such Indebtedness become due or (ii) the fair market value of the Servicer's
liabilities exceeds the fair market value of its assets; or

         (f) a final judgment or judgments for the payment of money in excess of
$500,000 in the aggregate at any time outstanding shall be rendered against the
Servicer or any Affiliate thereof which acts as a Sub-Servicer and the same
shall not, within 30 days after the entry thereof, have been discharged or
execution thereof stayed or bonded pending appeal, or shall not have been
discharged prior to the expiration of any such stay; or

         (g) (i) any information contained in any Investment Base Certificate is
untrue or incorrect in any respect, or (ii) any representation or warranty of
the Servicer herein or in any other Related Document or in any written
statement, report, financial statement or certificate (other than an Investment
Base Certificate) made or delivered by the Servicer to any Affected

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Party hereto or thereto is untrue or incorrect in any respect as of the date
when made or deemed made; or

         (h) the Agent shall have determined that any event or condition that
materially adversely affects the ability of the Servicer to collect the
Transferred Receivables or to otherwise perform hereunder has occurred; or

         (i) a Termination Event shall have occurred or this Agreement shall
have been terminated; or

         (j) a deterioration has taken place in the quality of servicing of
Transferred Receivables or other Receivables serviced by the Servicer that the
Agent, in its sole discretion, determines to be material, and such material
deterioration has not been eliminated within 30 days after written notice
thereof shall have been given by the Agent to the Servicer; or

         (k) any Originator shall, or the Servicer shall, assign or purport to
assign any of their respective obligations hereunder or under the Sale Agreement
without the prior written consent of the Agent; or

         (l) a Change of Control shall occur with respect to the Servicer; or

         (m) if the Servicer is a member of the Parent Group, an Event of
Default (as defined in the Credit Facility) shall occur and be continuing; or

         (n) the Seller's members shall have determined that it is in the best
interests of the Seller to terminate the duties of the Servicer hereunder and
shall have given the Servicer, the Purchasers and the Agent at least 30 days'
written notice thereof;

         then, and in any such event, the Agent shall, at the request of, or
may, with the consent of, the Required Purchasers or the Agent, by delivery of a
Servicer Termination Notice to the Seller and the Servicer, terminate the
servicing responsibilities of the Servicer hereunder, without demand, protest or
further notice of any kind, all of which are hereby waived by the Servicer. Upon
the delivery of any such notice, all authority and power of the Servicer under
this Agreement and the Sale Agreement shall pass to and be vested in the
Successor Servicer acting pursuant to Section 11.02; provided that
notwithstanding anything to the contrary herein, the Servicer agrees to continue
to follow the procedures set forth in Section 7.02 with respect to Collections
on the Transferred Receivables until a Successor Servicer has assumed the
responsibilities and obligations of the Servicer in accordance with Section
11.02.

                                   ARTICLE X.

                                    REMEDIES

         Section 10.01. Actions Upon Termination Event. If any Termination Event
shall have occurred and be continuing and the Agent shall have declared the
Facility Termination Date

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to have occurred or the Facility Termination Date shall be deemed to have
occurred pursuant to Section 9.01, then the Agent may exercise in respect of the
Seller Collateral, in addition to any and all other rights and remedies granted
to it hereunder, under any other Related Document or under any other instrument
or agreement securing, evidencing or relating to the Seller Secured Obligations
or otherwise available to it, all of the rights and remedies of a secured party
upon default under the UCC (such rights and remedies to be cumulative and
nonexclusive), and, in addition, may take the following actions:

         (a) The Agent may, without notice to the Seller except as required by
law and at any time or from time to time, charge, offset or otherwise apply
amounts payable to the Seller from the Collection Account, any Lockbox Account
or any part of such accounts in accordance with the priorities set forth in
Section 6.03 and 6.05 against all or any part of the Seller Secured Obligations.

         (b) The Agent may, without notice except as specified below, solicit
and accept bids for and sell the Seller Collateral or any part thereof in one or
more parcels at public or private sale, at any exchange, broker's board or any
of the Purchasers' or the Agent's offices or elsewhere, for cash, on credit or
for future delivery, and upon such other terms as the Agent may deem
commercially reasonable. The Agent shall have the right to conduct such sales on
the Seller's premises or elsewhere and shall have the right to use any of the
Seller's premises without charge for such sales at such time or times as the
Agent deems necessary or advisable. The Seller agrees that, to the extent notice
of sale shall be required by law, at least ten Business Days' notice to the
Seller of the time and place of any public sale or the time after which any
private sale is to be made shall constitute reasonable notification. The Agent
shall not be obligated to make any sale of Seller Collateral regardless of
notice of sale having been given. The Agent may adjourn any public or private
sale from time to time by announcement at the time and place fixed for such
sale, and such sale may, without further notice, be made at the time and place
to which it was so adjourned. Every such sale shall operate to divest all right,
title, interest, claim and demand whatsoever of the Seller in and to the Seller
Collateral so sold, and shall be a perpetual bar, both at law and in equity,
against each Originator, the Seller, any Person claiming the Seller Collateral
sold through any Originator or the Seller, and their respective successors or
assigns. The Agent shall deposit the net proceeds of any such sale in the
Collection Account and such proceeds shall be disbursed in accordance with
Section 6.03 and 6.05.

         (c) Upon the completion of any sale under Section 10.01(b), the Seller
or the Servicer shall deliver or cause to be delivered to the purchaser or
purchasers at such sale on the date thereof, or within a reasonable time
thereafter if it shall be impracticable to make immediate delivery, all of the
Seller Collateral sold on such date, but in any event full title and right of
possession to such property shall vest in such purchaser or purchasers upon the
completion of such sale. Nevertheless, if so requested by the Agent or by any
such purchaser, the Seller shall confirm any such sale or transfer by executing
and delivering to such purchaser all proper instruments of conveyance and
transfer and releases as may be designated in any such request.

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         (d) At any sale under Section 10.01(b), the Purchasers, the Agent or
any other Purchaser Secured Party may bid for and purchase the property offered
for sale and, upon compliance with the terms of sale, may hold, retain and
dispose of such property without further accountability therefor.

         (e) The Agent may exercise, at the sole cost and expense of the Seller,
any and all rights and remedies of the Seller under or in connection with the
Seller Assigned Agreements or the other Seller Collateral, including any and all
rights of the Seller to demand or otherwise require payment of any amount under,
or performance of any provisions of, the Seller Assigned Agreements.

         Section 10.02. Exercise of Remedies. No failure or delay on the part of
the Agent in exercising any right, power or privilege under this Agreement and
no course of dealing between any member of the Parent Group or the Seller, on
the one hand, and the Agent, on the other hand, shall operate as a waiver of
such right, power or privilege, nor shall any single or partial exercise of any
right, power or privilege under this Agreement preclude any other or further
exercise of such right, power or privilege or the exercise of any other right,
power or privilege. The rights and remedies under this Agreement are cumulative,
may be exercised singly or concurrently, and are not exclusive of any rights or
remedies that the Agent would otherwise have at law or in equity. No notice to
or demand on any party hereto shall entitle such party to any other or further
notice or demand in similar or other circumstances, or constitute a waiver of
the right of the party providing such notice or making such demand to any other
or further action in any circumstances without notice or demand.

         Section 10.03. Power of Attorney. On the Closing Date, each of the
Seller and the Servicer shall execute and deliver a power of attorney
substantially in the form attached hereto as Exhibit 10.03 (each, a "Power of
Attorney"). The power of attorney granted pursuant to each Power of Attorney is
a power coupled with an interest and shall be irrevocable until all of the
Seller Secured Obligations are indefeasibly paid or otherwise satisfied in full.
The powers conferred on the Agent under each Power of Attorney are solely to
protect the Agent's Liens upon and interests in the Seller Collateral and shall
not impose any duty upon the Agent to exercise any such powers. The Agent shall
not be accountable for any amount other than amounts that it actually receives
as a result of the exercise of such powers and none of the Agent's officers,
directors, employees, agents or representatives shall be responsible to the
Seller or the Servicer for any act or failure to act, except in respect of
damages attributable solely to their own gross negligence or willful misconduct
as finally determined by a court of competent jurisdiction.

         Section 10.04. Continuing Security Interest. This Agreement shall
create a continuing Lien in the Seller Collateral until the conditions to the
release of the Liens of the Agent thereon set forth in Section 6.06(b) have been
satisfied.

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                                  ARTICLE XI.

                          SUCCESSOR SERVICER PROVISIONS

         Section 11.01. Servicer Not to Resign. The Servicer shall not resign
from the obligations and duties hereby imposed on it except upon a determination
that (a) the performance of its duties hereunder has become impermissible under
applicable law or regulation and (b) there is no reasonable action that the
Servicer could take to make the performance of its duties hereunder become
permissible under applicable law. Any such determination shall (i) with respect
to clause (a) above, be evidenced by an opinion of counsel to such effect and
(ii) with respect to clause (b) above, be evidenced by an Officer's Certificate
to such effect, in each case delivered to the Agent for distribution to the
Purchasers. No such resignation shall become effective until a Successor
Servicer shall have assumed the responsibilities and obligations of the Servicer
in accordance with Section 11.02.

         Section 11.02. Appointment of the Successor Servicer. In connection
with the termination of the Servicer's responsibilities or the resignation by
the Servicer under this Agreement pursuant to Sections 9.02 or 11.01, the Agent
shall (a) succeed to and assume all of the Servicer's responsibilities, rights,
duties and obligations as Servicer (but not in any other capacity, it being
specifically understood that the Agent shall not assume any of the obligations
of the Servicer set forth in Section 12.02) under this Agreement (and except
that the Agent makes no representations and warranties pursuant to Section 4.02)
and (b) may at any time appoint a successor servicer to the Servicer that shall
be acceptable to the Agent and shall succeed to all rights and assume all of the
responsibilities, duties and liabilities of the Servicer under this Agreement
(the Agent, in such capacity, or such successor servicer being referred to as
the "Successor Servicer"); provided that the Successor Servicer shall have no
responsibility for any actions of the Servicer prior to the date of its
appointment or assumption of duties as Successor Servicer. In selecting a
Successor Servicer, the Agent may obtain bids from any potential Successor
Servicer and may agree to any bid it deems appropriate. The Successor Servicer
shall accept its appointment by executing, acknowledging and delivering to the
Agent an instrument in form and substance acceptable to the Agent.

         Section 11.03. Duties of the Servicer. The Servicer covenants and
agrees that, following the appointment of, or assumption of duties by, a
Successor Servicer:

         (a) The Servicer shall terminate its activities as Servicer hereunder
in a manner that facilitates the transfer of servicing duties to the Successor
Servicer and is otherwise acceptable to each Purchaser and the Agent and,
without limiting the generality of the foregoing, shall timely deliver (i) any
funds to the Agent that were required to be remitted to the Agent for deposit in
the Collection Account and (ii) all Servicing Records and other information with
respect to the Transferred Receivables to the Successor Servicer at a place
selected by the Successor Servicer. The Servicer shall account for all funds and
shall execute and deliver such instruments and do such other things as may be
required to vest and confirm in the Successor Servicer all rights, powers,
duties, responsibilities, obligations and liabilities of the Servicer.

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         (b) The Servicer shall terminate each existing Sub-Servicing Agreement
and the Successor Servicer shall not be deemed to have assumed any of the
Servicer's interests therein or to have replaced the Servicer as a party
thereto.

         Section 11.04. Effect of Termination or Resignation. Any termination of
or resignation by the Servicer hereunder shall not affect any claims that the
Seller, any Purchaser or the Agent may have against the Servicer for events or
actions taken or not taken by the Servicer arising prior to any such termination
or resignation.

                                  ARTICLE XII.

                                 INDEMNIFICATION

         Section 12.01. Indemnities by the Seller.

         (a) Without limiting any other rights that any Purchaser, the Agent or
any of their respective officers, directors, members, employees, attorneys,
agents or representatives (each, an "Indemnified Person") may have hereunder or
under applicable law, the Seller hereby agrees to indemnify and hold harmless
each Indemnified Person from and against any and all Indemnified Amounts that
may be claimed or asserted against or incurred by any such Indemnified Person in
connection with or arising out of the transactions contemplated under this
Agreement or under any other Related Document or any actions or failures to act
in connection therewith, including any and all legal costs and expenses arising
out of or incurred in connection with disputes between or among any parties to
any of the Related Documents; provided that the Seller shall not be liable for
any indemnification to a Indemnified Person to the extent that any such
Indemnified Amount (x) results from with respect to any Indemnified Person, (i)
such Indemnified Person's gross negligence or (ii) such Indemnified Person's
willful misconduct, in each case as finally determined by a court of competent
jurisdiction or (y) constitutes recourse for uncollectible or uncollected
Transferred Receivables. Without limiting the generality of the foregoing, the
Seller shall pay on demand to each Indemnified Person any and all Indemnified
Amounts relating to or resulting from:

                  (i) reliance on any representation or warranty made or deemed
         made by the Seller (or any of its officers) under or in connection with
         this Agreement or any other Related Document or on any other
         information delivered by the Seller pursuant hereto or thereto that
         shall have been incorrect in any material respect when made or deemed
         made or delivered;

                  (ii) the failure by the Seller to comply with any term,
         provision or covenant contained in this Agreement, any other Related
         Document or any agreement executed in connection herewith or therewith,
         any applicable law, rule or regulation with respect to any Transferred
         Receivable or the Contract therefor, or the nonconformity of any
         Transferred Receivable or the Contract therefor with any such
         applicable law, rule or regulation; or

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                  (iii) (1) the failure to vest and maintain vested in the
         Seller or the Agent valid and properly perfected title to and sole
         record and beneficial ownership of the Receivables that constitute
         Transferred Receivables, together with all Collections in respect
         thereof, free and clear of any Adverse Claim, (2) the failure to
         maintain or transfer to the Agent for the benefit of the Purchasers a
         first, priority, perfected Lien in the Seller Collateral and (3) the
         failure to maintain or transfer to the Agent a first priority,
         perfected Lien therein;

                  (iv) any dispute, claim, offset or defense of any Obligor
         (other than its discharge in bankruptcy to the payment of any
         Transferred Receivable that is the subject of a Purchase hereunder
         (including a defense based on such Receivable or the Contract therefor
         not being a legal, valid and binding obligation of such Obligor
         enforceable against it in accordance with its terms), or any other
         claim resulting from the sale of the merchandise or services giving
         rise to such Receivable or the furnishing of or failure to furnish such
         merchandise or services or relating to collection activities with
         respect to such Receivable (if such collection activities were
         performed by any of its Affiliates acting as Servicer), except to the
         extent that such dispute, claim, offset or defense results solely from
         any action or inaction on the part of any Indemnified Person or is
         otherwise based on the inability of the Obligor to pay;

                  (v) any products liability claim or other claim arising out of
         or in connection with merchandise, insurance or services that is the
         subject of any Contract with respect to any Transferred Receivable;

                  (vi) the commingling of Collections with respect to
         Transferred Receivables by the Seller at any time with its other funds
         or the funds of any other Person;

                  (vii) any failure by the Seller to cause the filing of, or any
         delay in filing, financing statements or other similar instruments or
         documents under the UCC of any applicable jurisdiction or any other
         applicable laws with respect to any Transferred Receivable that is the
         subject of a Purchase hereunder, whether at the time of any such
         Purchase or at any subsequent time; or

                  (viii) any failure of a Lockbox Account Bank to comply with
         the terms of the applicable Lockbox Agreement.

         (b) Any Indemnified Amounts subject to the indemnification provisions
of this Section 12.01 not paid in accordance with Article VI shall be paid by
the Seller to the Indemnified Person entitled thereto within five Business Days
following demand therefor.

         Section 12.02. Indemnities by the Servicer.

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         (a) Without limiting any other rights that an Indemnified Person may
have hereunder or under applicable law, the Servicer hereby agrees to indemnify
and hold harmless each Indemnified Person from and against any and all
Indemnified Amounts that may be claimed or asserted against or incurred by any
such Indemnified Person in connection with or arising out of any breach by the
Servicer of its obligations hereunder or under any other Related Document;
provided that the Servicer shall not be liable for any indemnification to an
Indemnified Person to the extent that any such Indemnified Amount (x) results
solely from with respect to any Indemnified Person, (i) such Indemnified
Person's gross negligence or (ii) such Indemnified Person's willful misconduct,
in each case as finally determined by a court of competent jurisdiction, or (y)
constitutes recourse for uncollectible or uncollected Transferred Receivables.
Without limiting the generality of the foregoing, the Servicer shall pay on
demand to each Indemnified Person any and all Indemnified Amounts relating to or
resulting from:

                  (i) reliance on any representation or warranty made or deemed
         made by the Servicer (or any of its officers) under or in connection
         with this Agreement or any other Related Document or on any other
         information delivered by the Servicer pursuant hereto or thereto that
         shall have been incorrect in any material respect when made or deemed
         made or delivered;

                  (ii) the failure by the Servicer to comply with any term,
         provision or covenant contained in this Agreement, any other Related
         Document or any agreement executed in connection herewith or therewith,
         any applicable law, rule or regulation with respect to any Transferred
         Receivable or the Contract therefor, or the nonconformity of any
         Transferred Receivable or the Contract therefor with any such
         applicable law, rule or regulation;

                  (iii) the imposition of any Adverse Claim with respect to any
         Transferred Receivable or the Seller Collateral as a result of any
         action taken by the Servicer; or

                  (iv) the commingling of Collections with respect to
         Transferred Receivables by the Servicer at any time with its other
         funds or the funds of any other Person.

         (b) Any Indemnified Amounts subject to the indemnification provisions
of this Section 12.02 not paid in accordance with Article VI shall be paid by
the Servicer to the Indemnified Person entitled thereto within five Business
Days following demand therefor.

         Section 12.03. Limitation of Damages; Indemnified Persons. NO
INDEMNIFIED PERSON SHALL BE RESPONSIBLE OR LIABLE TO ANY OTHER PARTY TO THIS
AGREEMENT OR ANY OTHER RELATED DOCUMENT, ANY SUCCESSOR, ASSIGNEE OR THIRD PARTY
BENEFICIARY OF SUCH PERSON OR ANY OTHER PERSON ASSERTING CLAIMS DERIVATIVELY
THROUGH SUCH PARTY, FOR INDIRECT, PUNITIVE, EXEMPLARY OR CONSEQUENTIAL DAMAGES
THAT MAY BE

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ALLEGED AS A RESULT OF ANY TRANSACTION CONTEMPLATED HEREUNDER OR THEREUNDER.

                                 ARTICLE XIII.

                                      AGENT

         Section 13.01. Authorization and Action. The Agent may take such action
and carry out such functions under this Agreement as are authorized to be
performed by it pursuant to the terms of this Agreement, any other Related
Document or otherwise contemplated hereby or thereby or are reasonably
incidental thereto; provided that the duties of the Agent hereunder shall be
determined solely by the express provisions of this Agreement, and, other than
the duties set forth in Section 13.02, any permissive right of the Agent
hereunder shall not be construed as a duty.

         Section 13.02. Reliance. None of the Agent, any of its Affiliates or
any of their respective directors, officers, agents or employees shall be liable
for any action taken or omitted to be taken by any of them under or in
connection with this Agreement or the other Related Documents, except for
damages solely caused by its or their own gross negligence or willful misconduct
as finally determined by a court of competent jurisdiction. Without limiting the
generality of the foregoing, and notwithstanding any term or provision hereof to
the contrary, the Seller, the Servicer, each of the Purchasers hereby
acknowledges and agrees that the Agent (a) acts as agent hereunder for such
Purchaser and has no duties or obligations to, shall incur no liabilities or
obligations to, and does not act as an agent in any capacity for, the Seller
(other than, with respect to the Agent, under the Power of Attorney with respect
to remedial actions) or the Originators, (b) may consult with legal counsel,
independent public accountants and other experts selected by it and shall not be
liable for any action taken or omitted to be taken by it in good faith in
accordance with the advice of such counsel, accountants or experts, (c) makes no
representation or warranty hereunder to any Affected Party and shall not be
responsible to any such Person for any statements, representations or warranties
made in or in connection with this Agreement or the other Related Documents, (d)
shall not have any duty to ascertain or to inquire as to the performance or
observance of any of the terms, covenants or conditions of this Agreement, or
the other Related Documents on the part of the Seller, the Servicer or any
Purchaser or to inspect the property (including the books and records) of the
Seller, the Servicer or any Purchaser, (e) shall not be responsible to the
Seller, the Servicer or any Purchaser for the due execution, legality, validity,
enforceability, genuineness, sufficiency or value of this Agreement or the other
Related Documents or any other instrument or document furnished pursuant hereto
or thereto, (f) shall incur no liability under or in respect of this Agreement
or the other Related Documents by acting upon any notice, consent, certificate
or other instrument or writing believed by it to be genuine and signed, sent or
communicated by the proper party or parties and (g) shall not be bound to make
any investigation into the facts or matters stated in any notice or other
communication hereunder and may rely on the accuracy of such facts or matters.
Notwithstanding the foregoing, the Agent acknowledges that it has a duty to
transfer funds

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between and among the Accounts and the Collection Account, in accordance with
Article VI and the instructions of the Servicer.

         Section 13.03. GECC and Affiliates. GECC and its Affiliates may
generally engage in any kind of business with any Obligor, the Originators, the
Seller, the Servicer or any Purchaser, any of their respective Affiliates and
any Person who may do business with or own securities of such Persons or any of
their respective Affiliates, all as if GECC were not the Agent and without the
duty to account therefor to any Obligor, any Originator, the Seller, the
Servicer, any Purchaser or any other Person.

                                  ARTICLE XIV.

                                  MISCELLANEOUS

         Section 14.01. Notices. Except as otherwise provided herein, whenever
it is provided herein that any notice, demand, request, consent, approval,
declaration or other communication shall or may be given to or served upon any
of the parties by any other parties, or whenever any of the parties desires to
give or serve upon any other parties any communication with respect to this
Agreement, each such notice, demand, request, consent, approval, declaration or
other communication shall be in writing and shall be deemed to have been validly
served, given or delivered (a) upon the earlier of actual receipt and three
Business Days after deposit in the United States Mail, registered or certified
mail, return receipt requested, with proper postage prepaid, (b) upon
transmission, when sent by facsimile (with such facsimile promptly confirmed by
delivery of a copy by personal delivery or United States Mail as otherwise
provided in this Section 14.01), (c) one Business Day after deposit with a
reputable overnight courier with all charges prepaid or (d) when delivered, if
hand-delivered by messenger, all of which shall be addressed to the party to be
notified and sent to the address or facsimile number set forth under its name on
the signature page hereof or to such other address (or facsimile number) as may
be substituted by notice given as herein provided. The giving of any notice
required hereunder may be waived in writing by the party entitled to receive
such notice. Failure or delay in delivering copies of any notice, demand,
request, consent, approval, declaration or other communication to any Person
(other than the Purchasers and the Agent) designated in any written notice
provided hereunder to receive copies shall in no way adversely affect the
effectiveness of such notice, demand, request, consent, approval, declaration or
other communication. Notwithstanding the foregoing, whenever it is provided
herein that a notice is to be given to any other party hereto by a specific
time, such notice shall only be effective if actually received by such party
prior to such time, and if such notice is received after such time or on a day
other than a Business Day, such notice shall only be effective on the
immediately succeeding Business Day.

         Section 14.02. Assignment and Participations.

         (a) Subject to the terms of this Section 14.02, any Purchaser may make
an assignment to a qualified assignee of, or sale of participations in, at any
time or times, the Related Documents, its Pro Rata Share of the Purchaser
Interests and its Commitment or any

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portion thereof or interest therein, including any Purchaser's rights, title,
interests, remedies, powers or duties thereunder. Any assignment by a Purchaser
shall: (i) require the consent of Agent (which consent shall not be unreasonably
withheld or delayed with respect to a qualified assignee) and the execution of
an assignment agreement in form and substance reasonably satisfactory to, and
acknowledged by, Agent (an "Assignment Agreement"); (ii) be conditioned on such
assignee Purchaser representing to the assigning Purchaser and Agent that it is
purchasing the applicable Purchaser Interest to be assigned to it for its own
account, for investment purposes and not with a view to the distribution
thereof; (iii) after giving effect to any such partial assignment, the assignee
Purchaser shall have Commitments in an amount at least equal to $5,000,000 and
the assigning Purchaser shall have retained Commitments in an amount at least
equal to $5,000,000; and (iv) include a payment to Agent of an assignment fee of
$3,500. In the case of an assignment by a Purchaser under this Section 14.02(a),
the assignee shall have, to the extent of such assignment, the same rights,
benefits and obligations as all other Purchasers hereunder. The assigning
Purchaser shall be relieved of its obligations hereunder with respect to its
Commitments or assigned portion thereof from and after the date of such
assignment. Seller hereby acknowledges and agrees that any assignment shall give
rise to a direct obligation of Seller to the assignee and that the assignee
shall be considered to be a "Purchaser". In all instances, each Purchaser's
liability to invest in the Purchaser Interests hereunder shall be several and
not joint and shall be limited to such Purchaser's Pro Rata Share of the
applicable Commitment. In the event Agent or any Purchaser assigns or otherwise
transfers all or any part of the Seller Secured Obligations, Agent or any such
Purchaser shall so notify Seller. Notwithstanding the foregoing provisions of
this Section 14.02(a), any Purchaser may at any time pledge the Seller Secured
Obligations held by it and such Purchaser's rights under this Agreement and the
other Related Documents to a Federal Reserve Bank, and any Purchaser that is an
investment fund may assign the Seller Secured Obligations held by it and such
Purchaser's rights under this Agreement and the other Related Documents to
another investment fund managed by the same investment advisor; provided, that
no such pledge to a Federal Reserve Bank shall release such Purchaser from such
Purchaser's obligations hereunder or under any other Relevant Document.

         (b) Any participation by a Purchaser of all or any part of its
Commitment shall be made with the understanding that all amounts payable by
Seller hereunder shall be determined as if that Purchaser had not sold such
participation, and that the holder of any such participation shall not be
entitled to require such Purchaser to take or omit to take any action hereunder
except actions directly affecting (i) any reduction in the principal amount of,
or interest rate or Fees payable with respect to, any Seller Secured Obligations
in which such holder participates, (ii) any extension of the scheduled
amortization of the principal amount of any Purchaser Interest in which such
holder participates or the final maturity date thereof, and (iii) any release of
all or substantially all of the Seller Collateral (other than in accordance with
the terms of this Agreement or the other Related Documents). Solely for purposes
of Sections 2.09 and 2.10, Seller acknowledges and agrees that a participation
shall give rise to a direct obligation of Seller to the participant and the
participant shall be considered to be a "Purchaser". Except as set forth in the
preceding sentence none of Seller, the Originators, Servicer nor Performance
Guarantor shall have any obligation or duty to any participant. Neither Agent
nor any Purchaser

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(other than the Purchaser selling a participation) shall have any duty to any
participant and may continue to deal solely with the Purchaser selling a
participation as if no such sale had occurred.

         (c) Except as expressly provided in this Section 14.02, no Purchaser
shall, as between Seller and that Purchaser, or Agent and that Purchaser, be
relieved of any of its obligations hereunder as a result of any sale,
assignment, transfer or negotiation of, or granting of participation in, all or
any part of the Purchaser Interests or Seller Secured Obligations owed to such
Purchaser.

         (d) Each of Seller and Servicer shall assist any Purchaser permitted to
sell assignments or participations under this Section 14.02 as reasonably
required to enable the assigning or selling Purchaser to effect any such
assignment or participation, including the execution and delivery of any and all
agreements, notes and other documents and instruments as shall be requested and
the preparation of informational materials for, and the participation of
management in meetings with, potential assignees or participants. Each of Seller
and Servicer shall certify the correctness, completeness and accuracy of all
descriptions of Seller, Servicer and their respective affairs contained in any
selling materials provided by it and all other information provided by it and
included in such materials.

         (e) A Purchaser may furnish any information concerning Seller,
Servicer, the Originators or Performance Guarantor in the possession of such
Purchaser from time to time to assignees and participants (including prospective
assignees and participants); provided that such Purchaser shall obtain from
assignees or participants confidentiality covenants substantially equivalent to
those contained in Section 14.05.

         Section 14.03. Termination; Survival of Seller Secured Obligations Upon
Facility Termination Date.

         (a) This Agreement shall create and constitute the continuing
obligations of the parties hereto in accordance with its terms, and shall remain
in full force and effect until the Termination Date.

         (b) Except as otherwise expressly provided herein or in any other
Related Document, no termination or cancellation (regardless of cause or
procedure) of any commitment made by any Affected Party under this Agreement
shall in any way affect or impair the obligations, duties and liabilities of the
Seller or the rights of any Affected Party relating to any unpaid portion of the
Seller Secured Obligations, due or not due, liquidated, contingent or
unliquidated or any transaction or event occurring prior to such termination, or
any transaction or event, the performance of which is required after the
Facility Termination Date. Except as otherwise expressly provided herein or in
any other Related Document, all undertakings, agreements, covenants, warranties
and representations of or binding upon the Seller or the Servicer, and all
rights of any Affected Party hereunder, all as contained in the Related
Documents, shall not terminate or expire, but rather shall survive any such
termination or cancellation and shall continue in full force and effect until
the Termination Date; provided that

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the rights and remedies provided for herein with respect to any breach of any
representation or warranty made by the Seller or the Servicer pursuant to
Article IV, the indemnification and payment provisions of Article XII and
Sections 14.04, 14.05 and 14.06 shall be continuing and shall survive the
Termination Date.

         Section 14.04. Costs, Expenses and Taxes. (a) The Seller shall
reimburse the Agent for all out-of-pocket expenses incurred in connection with
the negotiation and preparation of this Agreement and the other Related
Documents (including the reasonable fees and expenses of all of its special
counsel, advisors, consultants and auditors retained in connection with the
transactions contemplated thereby and advice in connection therewith). The
Seller shall reimburse the Purchasers and the Agent for all fees, costs and
expenses, including the fees, costs and expenses of counsel or other advisors
(including environmental and management consultants and appraisers) for advice,
assistance, or other representation in connection with:

                  (i) the forwarding to the Seller or any other Person on behalf
         of the Seller by the Purchasers of any payments for Purchases made by
         it hereunder;

                  (ii) any amendment, modification or waiver of, consent with
         respect to, or termination of this Agreement or any of the other
         Related Documents or advice in connection with the administration
         thereof or their respective rights hereunder or thereunder;

                  (iii) any Litigation, contest or dispute (whether instituted
         by the Seller, the Purchasers, the Agent or any other Person as a
         party, witness, or otherwise (except any Litigation, contest or dispute
         arising solely between Seller and Agent and/or the Purchasers with
         respect to this Agreement in which Seller prevails because a court of
         competent jurisdiction by final and nonappealable judgment determines
         that Agent and/or Purchasers, as the case may be, have acted with gross
         negligence or willful misconduct) in any way relating to the Seller
         Collateral, any of the Related Documents or any other agreement to be
         executed or delivered in connection herewith or therewith, including
         any Litigation, contest, dispute, suit, case, proceeding or action, and
         any appeal or review thereof, in connection with a case commenced by or
         against the Seller or any other Person that may be obligated to the
         Purchasers or the Agent by virtue of the Related Documents, including
         any such Litigation, contest, dispute, suit, proceeding or action
         arising in connection with any work-out or restructuring of the
         transactions contemplated hereby during the pendency of one or more
         Termination Events;

                  (iv) any attempt to enforce any remedies of the Purchasers or
         the Agent against the Seller or any other Person that may be obligated
         to them by virtue of any of the Related Documents, including any such
         attempt to enforce any such remedies in the course of any work-out or
         restructuring of the transactions contemplated hereby during the
         pendency of one or more Termination Events;

                                       59

                                       WNC Receivables, LLC Receivables Purchase
                                                         and Servicing Agreement
<PAGE>

                  (v) any work-out or restructuring of the transactions
         contemplated hereby during the pendency of one or more Termination
         Events; and

                  (vi) efforts to (A) monitor the Purchases or any of the Seller
         Secured Obligations, (B) evaluate, observe or assess the Originators,
         the Seller or the Servicer or their respective affairs, and (C) verify,
         protect, evaluate, assess, appraise, collect, sell, liquidate or
         otherwise dispose of any of the Seller Collateral;

         including all attorneys' and other professional and service providers'
fees arising from such services, including those in connection with any
appellate proceedings, and all expenses, costs, charges and other fees incurred
by such counsel and others in connection with or relating to any of the events
or actions described in this Section 14.04, all of which shall be payable, on
demand, by the Seller to the Purchasers or the Agent, as applicable. Without
limiting the generality of the foregoing, such expenses, costs, charges and fees
may include: fees, costs and expenses of accountants, environmental advisors,
appraisers, investment bankers, management and other consultants and paralegals;
court costs and expenses; photocopying and duplication expenses; court reporter
fees, costs and expenses; long distance telephone charges; air express charges;
telegram or facsimile charges; secretarial overtime charges; and expenses for
travel, lodging and food paid or incurred in connection with the performance of
such legal or other advisory services.

         (b) In addition, the Seller shall pay on demand any and all stamp,
sales, excise and other taxes (excluding income taxes that are excluded from
Indemnified Taxes in accordance with Section 2.08(b)) and fees payable or
determined to be payable in connection with the execution, delivery, filing or
recording of this Agreement or any other Related Document, and the Seller agrees
to indemnify and save each Indemnified Person harmless from and against any and
all liabilities with respect to or resulting from any delay or failure to pay
such taxes and fees.

         Section 14.05. Confidentiality.

         (a) Except to the extent otherwise required by applicable law, as
required to be filed publicly with the Securities and Exchange Commission, or
unless the Agent shall otherwise consent in writing, the Seller and the Servicer
each agrees to maintain the confidentiality of this Agreement (and all drafts
hereof and documents ancillary hereto) in its communications with third parties
other than any Affected Party or any Indemnified Person and otherwise and not to
disclose, deliver or otherwise make available to any third party (other than its
directors, officers, members, employees, accountants or counsel) the original or
any copy of all or any part of this Agreement (or any draft hereof and documents
ancillary hereto) except to an Affected Party or an Indemnified Person.

         (b) The Seller and the Servicer each agrees that it shall not (and
shall not permit any of its Subsidiaries to) issue any news release or make any
public announcement pertaining to the transactions contemplated by this
Agreement and the other Related Documents without the prior written consent of
the Purchasers and the Agent (which consent shall not be

                                       60

                                       WNC Receivables, LLC Receivables Purchase
                                                         and Servicing Agreement
<PAGE>

unreasonably withheld) unless such news release or public announcement is
required by law, in which case the Seller or the Servicer, as applicable, shall
consult with the Purchasers and the Agent prior to the issuance of such news
release or public announcement. The Seller may, however, disclose the general
terms of the transactions contemplated by this Agreement and the other Related
Documents to trade creditors, suppliers and other similarly-situated Persons so
long as such disclosure is not in the form of a news release or public
announcement.

         Section 14.06. Binding Effect; Successors and Assigns. This Agreement
shall be binding upon and inure to the benefit of the Seller, the Servicer, the
Purchasers and the Agent and their respective successors and permitted assigns.

         Section 14.07. Complete Agreement; Modification of Agreement. This
Agreement and the other Related Documents constitute the complete agreement
among the parties hereto with respect to the subject matter here of and thereof,
supersede all prior agreements and understandings relating to the subject matter
hereof and thereof, and may not be modified, altered or amended except as set
forth in Section 14.08.

         Section 14.08. Amendments and Waivers. No amendment, modification,
termination or waiver of any provision of this Agreement or any of the other
Related Documents, or any consent to any departure by the Seller or the Servicer
therefrom, shall in any event be effective unless the same shall be in writing
and signed by each of the parties hereto or thereto.

         Section 14.09. No Waiver; Remedies. The failure by any Purchaser or the
Agent, at any time or times, to require strict performance by the Seller or the
Servicer of any provision of this Agreement or any Purchase Assignment shall not
waive, affect or diminish any right of any Purchaser or the Agent thereafter to
demand strict compliance and performance herewith or therewith. Any suspension
or waiver of any breach or default hereunder shall not suspend, waive or affect
any other breach or default whether the same is prior or subsequent thereto and
whether the same or of a different type. None of the undertakings, agreements,
warranties, covenants and representations of the Seller or the Servicer
contained in this Agreement or any Purchase Assignment, and no breach or default
by the Seller or the Servicer hereunder or thereunder, shall be deemed to have
been suspended or waived by the Purchasers or the Agent unless such waiver or
suspension is by an instrument in writing signed by an officer of or other duly
authorized signatory of the Purchasers and the Agent and directed to the Seller
or the Servicer, as applicable, specifying such suspension or waiver. The rights
and remedies of the Purchasers and the Agent under this Agreement shall be
cumulative and nonexclusive of any other rights and remedies that the Purchasers
and the Agent may have under any other agreement, including the other Related
Documents, by operation of law or otherwise. Recourse to the Seller Collateral
shall not be required.

         Section 14.10. GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY
TRIAL.

                                       61

                                       WNC Receivables, LLC Receivables Purchase
                                                         and Servicing Agreement
<PAGE>

         (a) THIS AGREEMENT AND EACH OTHER RELATED DOCUMENT (EXCEPT TO THE
EXTENT THAT ANY RELATED DOCUMENT EXPRESSLY PROVIDES TO THE CONTRARY) AND THE
OBLIGATIONS ARISING HEREUNDER AND THEREUNDER SHALL IN ALL RESPECTS, INCLUDING
ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, BE GOVERNED BY, AND
CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF ILLINOIS
EXCEPT TO THE EXTENT THAT THE PERFECTION, EFFECT OF PERFECTION OR PRIORITY OF
THE INTERESTS OF THE AGENT IN THE RECEIVABLES OR REMEDIES HEREUNDER OR
THEREUNDER, IN RESPECT THEREOF, ARE GOVERNED BY THE LAWS OF A JURISDICTION OTHER
THAN THE STATE OF ILLINOIS, AND ANY APPLICABLE LAWS OF THE UNITED STATES OF
AMERICA.

         (b) EACH PARTY HERETO HEREBY CONSENTS AND AGREES THAT THE STATE OR
FEDERAL COURTS LOCATED IN COOK COUNTY, CITY OF CHICAGO, ILLINOIS SHALL HAVE
EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN THEM
PERTAINING TO THIS AGREEMENT OR TO ANY MATTER ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR ANY OTHER RELATED DOCUMENT; PROVIDED THAT EACH PARTY HERETO
ACKNOWLEDGES THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY A COURT
LOCATED OUTSIDE COOK COUNTY; PROVIDED FURTHER, THAT NOTHING IN THIS AGREEMENT
SHALL BE DEEMED OR OPERATE TO PRECLUDE ANY PURCHASER OR THE AGENT FROM BRINGING
SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION TO REALIZE ON THE
SELLER COLLATERAL OR ANY OTHER SECURITY FOR THE SELLER SECURED OBLIGATIONS, OR
TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF ANY PURCHASER OR THE
AGENT. EACH PARTY HERETO SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN
ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND EACH PARTY HERETO HEREBY
WAIVES ANY OBJECTION THAT SUCH PARTY MAY HAVE BASED UPON LACK OF PERSONAL
JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS AND HEREBY CONSENTS TO THE
GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH
COURT. EACH PARTY HERETO HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS,
COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT
SERVICE OF SUCH SUMMONS, COMPLAINT AND OTHER PROCESS MAY BE MADE BY REGISTERED
OR CERTIFIED MAIL ADDRESSED TO SUCH PARTY AT THE ADDRESS SET FORTH BENEATH ITS
NAME ON THE SIGNATURE PAGES HEREOF AND THAT SERVICE SO MADE SHALL BE DEEMED
COMPLETED UPON THE EARLIER OF SUCH PARTY'S ACTUAL RECEIPT THEREOF OR THREE DAYS
AFTER DEPOSIT IN THE UNITED STATES MAIL, PROPER POSTAGE PREPAID. NOTHING IN THIS
SECTION SHALL AFFECT THE RIGHT OF ANY PARTY

                                       62

                                       WNC Receivables, LLC Receivables Purchase
                                                         and Servicing Agreement
<PAGE>

HERETO TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.

         (c) BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX FINANCIAL
TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND
EXPERT PERSON AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY
(RATHER THAN ARBITRATION RULES), THE PARTIES DESIRE THAT THEIR DISPUTES BE
RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE
BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OF ARBITRATION, THE
PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT, OR
PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR
OTHERWISE, ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE
RELATIONSHIP ESTABLISHED AMONG THEM IN CONNECTION WITH THIS AGREEMENT OR ANY
OTHER RELATED DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

         Section 14.11. Counterparts. This Agreement may be executed in any
number of separate counterparts, each of which shall collectively and separately
constitute one agreement.

         Section 14.12. Severability. Wherever possible, each provision of this
Agreement shall be interpreted in such a manner as to be effective and valid
under applicable law, but if any provision of this Agreement shall be prohibited
by or invalid under applicable law, such provision shall be ineffective only to
the extent of such prohibition or invalidity without invalidating the remainder
of such provision or the remaining provisions of this Agreement.

         Section 14.13. Section Titles. The section titles and table of contents
contained in this Agreement are and shall be without substantive meaning or
content of any kind whatsoever and are not a part of the agreement between the
parties hereto.

         Section 14.14. Further Assurances.

         (a) Each of the Seller and the Servicer shall, at its sole cost and
expense, upon request of any Purchaser or the Agent, promptly and duly execute
and deliver any and all further instruments and documents and take such further
action that may be necessary or desirable or that any Purchaser or the Agent may
request to (i) perfect, protect, preserve, continue and maintain fully the
Purchases made and the right, title and interests (including Liens) granted to
the Agent under this Agreement, (ii) enable the Purchasers or the Agent to
exercise and enforce its rights under this Agreement or any of the other Related
Documents or (iii) otherwise carry out more effectively the provisions and
purposes of this Agreement or any other Related Document. Without limiting the
generality of the foregoing, the Seller shall, upon request of any Purchaser or
the Agent, (A) execute and file such financing or continuation statements, or
amendments

                                       63

                                       WNC Receivables, LLC Receivables Purchase
                                                         and Servicing Agreement
<PAGE>

thereto or assignments thereof, and such other instruments or notices that may
be necessary or desirable or that any Purchaser or the Agent may request to
perfect, protect and preserve the Purchases made and the Liens granted pursuant
to this Agreement, free and clear of all Adverse Claims, (B) mark, or cause the
Servicer to mark, each Contract evidencing each Transferred Receivable with a
legend, acceptable to each Purchaser and the Agent evidencing that the Agent on
behalf of the Purchasers has purchased an undivided percentage ownership
interest in all right and title thereto and interest therein as provided herein
(for example, "This writing and the obligations evidenced or secured hereby have
been sold to General Electric Capital Corporation for itself and as Agent"), (C)
mark, or cause the Servicer to mark, its master data processing records
evidencing such Transferred Receivables with such a legend and (D) notify or
cause the Servicer to notify Obligors of the sale of undivided percentage
ownership interests in the Transferred Receivables effected hereunder.

         (b) Without limiting the generality of the foregoing, the Seller hereby
authorizes the Purchasers and the Agent, and each of the Purchasers hereby
authorizes the Agent, to file one or more financing or continuation statements,
or amendments thereto or assignments thereof, relating to all or any part of the
Transferred Receivables, including Collections with respect thereto, or the
Seller Collateral without the signature of the Seller or, as applicable, the
Agent or any Purchaser to the extent permitted by applicable law. A carbon,
photographic or other reproduction of this Agreement or of any notice or
financing statement covering the Transferred Receivables, the Seller Collateral
or any part thereof shall be sufficient as a notice or financing statement where
permitted by law.

                                       64

                                       WNC Receivables, LLC Receivables Purchase
                                                         and Servicing Agreement
<PAGE>

         IN WITNESS WHEREOF, the parties have caused this Receivables Purchase
and Servicing Agreement to be executed by their respective officers thereunto
duly authorized, as of the date first above written.

                        WNC RECEIVABLES, LLC, as the Seller

                        By
                          -----------------------------------------------------
                        Name:     Christopher A. Black
                        Title:    Manager

                        Address:

                        WABASH FINANCING LLC, as the Servicer

                        By
                          -----------------------------------------------------
                        Name:     Christopher A. Black,
                                  Authorized Representative

                        Address:

                                       65
<PAGE>
'

                        WNC RECEIVABLES MANAGEMENT CORP.,
                        as the Independent Member

                        By
                          ------------------------------------------------------
                        Name:     Christopher A. Black
                        Title:    Manager

                        Address:

                        GENERAL ELECTRIC CAPITAL CORPORATION,
                        as Purchaser

                        By
                          ------------------------------------------------------
                        Name:
                             ---------------------------------------------------
                             Duly Authorized Signatory

                        Address:
                        500 West Monroe Street, Suite 1200
                        Chicago, Illinois 60661
                        Attention: Account Manager
                        Telephone:     (312) 463-2239
                        Facsimile:     (312) 463-3840

                        GENERAL ELECTRIC CAPITAL CORPORATION,
                        as Agent

                        By
                          ------------------------------------------------------
                        Name:
                             ---------------------------------------------------
                             Duly Authorized Signatory

                        Address:
                        500 West Monroe Street, Suite 1200
                        Chicago, Illinois 60661
                        Attention: Account Manager
                        Telephone:     (312) 463-2239
                        Facsimile:     (312) 463-3840

                                       66
<PAGE>

                                                                 Exhibit 2.02(a)

                       FORM OF COMMITMENT REDUCTION NOTICE

                                  [Insert Date]

WNC Receivables LLC
[Address]
[Attention: ]

General Electric Capital Corporation,
     as Agent
c/o General Electric Capital Corporation
500 West Monroe Street, Suite 1200
Chicago, Illinois 60661
Attn:    [Account Manager]

                  Re:      Receivables Purchase and Servicing Agreement
                           dated as of April 11, 2002

Ladies and Gentlemen:

         This notice is given pursuant to Section 2.02(a) of that certain
Receivables Purchase and Servicing Agreement dated as of April 11 , 2002 (the
"PURCHASE AGREEMENT"), by and among WNC Receivables LLC (the "SELLER"), Wabash
Financing LLC (the "SERVICER"), WNC Receivables Management Corp. (the
"INDEPENDENT MEMBER") and General Electric Capital Corporation, a Delaware
corporation, as the sole initial Purchaser (together with its successors and
assigns, the "PURCHASERS") and as agent for the Purchasers (in such capacity,
the "AGENT"). Capitalized terms used and not otherwise defined herein shall have
the respective meanings ascribed to them in the Purchase Agreement.

         Pursuant to Section 2.02(a) of the Purchase Agreement, the Seller
hereby irrevocably notifies the Purchasers and the Agent of its election to
permanently reduce the Maximum Purchase Limit to [$_____], effective as of
[_____ __], [___] (which is a Business Day at least ten days after the date this
notice is given). This reduction is the [first/second] reduction [for the
current calendar year] permitted by Section 2.02(a) of the Purchase Agreement.
After such reduction, the Maximum Purchase Limit will not be less than the
Capital Investment.

                                       67
<PAGE>

                             Very truly yours,

                             WNC RECEIVABLES LLC

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

                                       68
<PAGE>

                                                                 Exhibit 2.02(b)

                      FORM OF COMMITMENT TERMINATION NOTICE

                                  [Insert Date]

WNC Receivables LLC
[Address]
[Attention: ]

General Electric Capital Corporation,
     as Agent
c/o General Electric Capital Corporation
500 West Monroe Street, Suite 1200
Chicago, Illinois 60661
Attn: [Account Manager]

                  Re:      Receivables Purchase and Servicing Agreement
                           dated as of April 11, 2002

Ladies and Gentlemen:

         This notice is given pursuant to Section 2.02(b) of that certain
Receivables Purchase and Servicing Agreement dated as of April 11, 2002 (the
"PURCHASE AGREEMENT"), by and among WNC Receivables LLC (the "SELLER"), Wabash
Financing LLC (the "SERVICER"), WNC Receivables Management Corp. (the
"INDEPENDENT MEMBER") and General Electric Capital Corporation, a Delaware
corporation, as the sole initial Purchaser (together with its successors and
assigns, the "PURCHASERS") and as agent for the Purchasers (in such capacity,
the "AGENT"). Capitalized terms used and not otherwise defined herein shall have
the respective meanings ascribed to them in the Purchase Agreement.

         Pursuant to Section 2.02(b) of the Purchase Agreement, the Seller
hereby irrevocably notifies the Purchasers and the Agent of its election to
terminate the Maximum Purchase Limit effective as of [_____ __], [___] (which is
a Business Day at least 90 days after the date this notice is given). In
connection therewith, the Seller shall reduce Capital Investment to zero on or
prior to such date and make all other payments required by Section 2.03(c) and
pay any other fees that are due and payable pursuant to the Fee Letter at the
time and in the manner specified therein.

                                       69
<PAGE>

                                  Very truly yours,

                                  WNC RECEIVABLES LLC

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

                                       70
<PAGE>

                                                              Exhibit 2.03(a)(i)

                               WNC RECEIVABLES LLC
                        DAILY INVESTMENT BASE CERTIFICATE

WABASH NATIONAL CORPORATION
DAILY INVESTMENT BASE CERTIFICATE
FOR THE DAY ENDED
                 --------------------------

<TABLE>
<CAPTION>
                                                                             WABASH
                                                                            NATIONAL     NATC   TOTAL
                                                                            --------     ---- ----------
<S>                                                                         <C>          <C>       <C>
Beginning of prior borrowing base accounts receivable balance                                          -
 + Sales                                                                                               -
 - Cash Collected                                                                                      -
 - Cash discounts                                                                                      -
 +/- Other                                                                                             -
                                                                                              ----------
 = GROSS AMOUNT OF ACCOUNTS                                                    -          -            -
Less ineligibles:
Past due (>60 days past due date or >90 days past invoice)                                             -
Cross-aging (50% rule)                                                                                 -
Credit Balances (>60 days)                                                                             -
Addbacks                                                                                               -
Foreign Customer Accounts (non-Canada)                                                                 -
Government Accounts                                                                                    -
Contra Accounts                                                                                        -
JB Hunt Pricing Adjustment                                                                             -
Bill & Hold (no MSO issued)                                                                            -
Bill & Hold (O/S > 45 days, >3% of gross A/R)                                                          -
Guaranteed Buybacks                                                                                    -
Trailers received not credited                                                                         -
Committed Not Received (1)                                                                             -
Sales Tax, FET and Commissions                                                                         -
COD/Cash Accounts                                                                                      -
Billings to Individuals                                                                                -
Intercompany Accounts                                                                                  -
Delayed Billings                                                                                       -
Unissued Credits (Trade-ins)                                                                           -
Chargebacks                                                                                            -
Disputed Invoices                                                                                      -
</TABLE>

                                       71
<PAGE>

<TABLE>
<S>                                                                         <C>          <C>       <C>
Unsatisfactory Credit Rating                                                                           -
Due from Bankrupt or Insolvent Customer                                                                -
Customer Deposits                                                                                      -
                                                                                              ----------
  TOTAL INELIGIBLES                                                            -          -            -
Eligible Accounts Receivable                                                   -          -            -
  Reserves:  Concentration Excess as a % of Eligible A/R                                               -
                   > 40% of terms 30<x<45 days                                                         -
                   Other                                                                               -
                                                                                              ----------
  Total Reserves                                                               -          -            -
                                                                      ---------- ----------   ----------
Investment Base                                                                -          -            -
Dilution Ratio                                                                                         3%
Purchase Discount Rate (1 - (2 x Dilution Ratio + 5%))                                                85%
Available Accounts Receivable                                                                          -
  Less: 1% Accrued Servicing Fee                                                                       -
                                                                                              ----------
NET AVAILABLE ACCOUNTS RECEIVABLE                                                                      -
Availability Block  (2)                                                                        7,500,000
AVAILABILITY                                                                                  (7,500,000)
CAPITAL INVESTMENT
CAPITAL INVESTMENT AVAILABLE / (PURCHASE EXCESS)                                              (7,500,000)
</TABLE>

(1) Until May 12, 2002, any amounts of Committed Not Received > $5MM are
ineligble. After 5/12/02, all amounts of Committed Not Received will be held
ineligible if no offset letters in form and substance acceptable to GECC have
been received. At all times, Committed Not Received report shall be updated
weekly and all offsetting accounts shall be updated daily.
(2) Until 6/30/02, the greater of $7.5MM or 25% of Available A/R, not to exceed
$15MM. $15MM at all times after 6/30/02. If Block is less than $15MM at 6/15/02,
Block shall increase by $250M per day between 6/16/02 and 6/30/02 until it
reaches $15MM.

--------------------------------------------------------------------------------
ACCRUED SERVICING FEE RESERVE
Daily Servicing Fee (1% of prior day's Transferred Receivables)                -
Month-to-Date Servicing Fee (Accrued Month-to-date)                            -
--------------------------------------------------------------------------------

SERVICING FEE CALCULATION

                                       72
<PAGE>

<TABLE>
<CAPTION>

                         TRANSFERRED     SERVICING
 Day of Month            RECEIVABLES       FEE *
                         -----------     ---------
<S>                      <C>             <C>
              1                             -
              2                             -
              3                             -
              4                             -
              5                             -
              6                             -
              7                             -
              8                             -
              9                             -
             10                             -
             11                             -
             12                             -
             13                             -
             14                             -
             15                             -
             16                             -
             17                             -
             18                             -
             19                             -
             20                             -
             21                             -
             22                             -
             23                             -
             24                             -
             25                             -
             26                             -
             27                             -
             28                             -
             29                             -
             30                             -
             31                             -
                                         ----
Month to Date Accrual                       -

</TABLE>

* 1% of Prior Day's Transferred Receivables, calculated on a 360 day basis.

         The undersigned hereby represents and warrants that the foregoing is a
true and accurate accounting in accordance with the Receivables Purchase and
Sale Agreement dated as of April

                                       73
<PAGE>

11, 2002, by and among WNC Receivables, LLC, as Seller, the undersigned, as
Servicer, WNC Receivables Management Corp., and General Electric Capital
Corporation, individually and as Agent, as amended from time to time (the
"Purchase Agreement") and that all representations and warranties of the Seller
and the Servicer set forth in Sections 4.01 and 4.02 of the Purchase Agreement
are true and correct as of the date hereof. Further, no event has occurred and
is continuing, as of the date hereof that constitutes an Incipient Termination
Event, a Termination Event, an Incipient Servicer Termination Event or an Event
of Servicer Termination.

WABASH FINANCING LLC, as Servicer

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

                                       74
<PAGE>

                                                             Exhibit 2.03(a)(ii)

                               WNC RECEIVABLES LLC
                       WEEKLY INVESTMENT BASE CERTIFICATE

WABASH NATIONAL CORPORATION
WEEKLY INVESTMENT BASE CERTIFICATE
FOR THE WEEK ENDED
                  -----------------------

<TABLE>
<CAPTION>
                                                                             WABASH
                                                                            NATIONAL     NATC   TOTAL
                                                                            --------     ---- ----------
<S>                                                                         <C>          <C>       <C>
Beginning of prior borrowing base accounts receivable balance                                          -
 + Sales                                                                                               -
 - Cash Collected                                                                                      -
 - Cash discounts                                                                                      -
 +/- Other                                                                                             -
                                                                                              ----------
 = GROSS AMOUNT OF ACCOUNTS                                                    -          -            -
Less ineligibles:
Past Due (>60 days past due date or >90 days past invoice)                                             -
Cross-aging (50% rule)                                                                                 -
Credit Balances (>60 days)                                                                             -
Addbacks                                                                                               -
Foreign Customer Accounts (non-Canada)                                                                 -
Government Accounts                                                                                    -
Contra Accounts                                                                                        -
JB Hunt Pricing Adjustment                                                                             -
Bill & Hold (no MSO issued)                                                                            -
Bill & Hold (O/S > 45 days, >3% of gross A/R)                                                          -
Guaranteed Buybacks                                                                                    -
Committed Not Received (1)                                                                             -
Sales Tax, FET and Commissions                                                                         -
COD/Cash Accounts                                                                                      -
Billings to Individuals                                                                                -
Intercompany Accounts                                                                                  -
Delayed Billings                                                                                       -
Unissued Credits (Trade-ins)                                                                           -
Chargebacks                                                                                            -
Disputed Invoices                                                                                      -
</TABLE>

                                       75
<PAGE>

<TABLE>
<S>                                                                         <C>          <C>       <C>
Unsatisfactory Credit Rating                                                                           -
Due from Bankrupt or Insolvent Customer                                                                -
Customer Deposits                                                                                      -
                                                                                              ----------
  TOTAL INELIGIBLES                                                            -          -            -
Eligible Accounts Receivable                                                   -          -            -
  Reserves:  Concentration Excess as a % of Eligible A/R                                               -
                   > 40% of terms 30<x<45 days                                                         -
                   Other                                                                               -
                                                                                              ----------
  Total Reserves                                                               -          -            -
                                                                      ---------- ----------   ----------
Investment Base                                                                -          -            -
Dilution Ratio                                                                                         3%
Purchase Discount Rate (1 - (2 x Dilution Ratio + 5%))                                                 85%
Available Accounts Receivable                                                                          -
  Less: 1% Accrued Servicing Fee                                                                       -
                                                                                              ----------
NET AVAILABLE ACCOUNTS RECEIVABLE                                                                      -
Availability Block  (2)                                                                        7,500,000
MAXIMUM AVAILABILITY                                                                          (7,500,000)
CAPITAL INVESTMENT
CAPITAL INVESTMENT AVAILABLE / (PURCHASE EXCESS)                                              (7,500,000)
</TABLE>

(1) Until 5/12/02, any amounts of Committed Not Received > $5MM are ineligible.
After 5/12/02, all amounts of Committed Not Received will be held ineligible if
no offset letters in form and substance acceptable to GECC have been received.
At all times, Committed Not Received report shall be updated weekly and all
offsetting accounts shall be updated daily.
(2) Until 6/30/02, the greater of $7.5MM or 25% of Available A/R, not to exceed
$15MM. $15MM at all times after 6/30/02. If Block is less than $15MM at 6/15/02,
Block shall increase by $250M per day between 6/16/02 and 6/30/02 until it
reaches $15MM.

--------------------------------------------------------------------------------
ACCRUED SERVICING FEE RESERVE
Daily Servicing Fee (1% of prior day's Transferred Receivables)                -
Month-to-Date Servicing Fee (Accrued Month-to-date)                            -
--------------------------------------------------------------------------------

SERVICING FEE CALCULATION

                                       76
<PAGE>

<TABLE>
<CAPTION>

                         TRANSFERRED     SERVICING
 Day of Month            RECEIVABLES       FEE *
                         -----------     ---------
<S>                      <C>             <C>
              1                             -
              2                             -
              3                             -
              4                             -
              5                             -
              6                             -
              7                             -
              8                             -
              9                             -
             10                             -
             11                             -
             12                             -
             13                             -
             14                             -
             15                             -
             16                             -
             17                             -
             18                             -
             19                             -
             20                             -
             21                             -
             22                             -
             23                             -
             24                             -
             25                             -
             26                             -
             27                             -
             28                             -
             29                             -
             30                             -
             31                             -
                                         ----
Month to Date Accrual                       -

</TABLE>
* 1% of Prior Day's Transferred Receivables, calculated on a 360 day basis.

         The undersigned hereby represents and warrants that the foregoing is a
true and accurate accounting in accordance with the Receivables Purchase and
Sale Agreement dated as of April 11, 2002, by and among WNC Receivables, LLC, as
Seller, the undersigned, as

                                       77
<PAGE>

Servicer, WNC Receivables Management Corp., and General Electric Capital
Corporation, individually and as Agent, as amended from time to time (the
"Purchase Agreement") and that all representations and warranties of the Seller
and the Servicer set forth in Sections 4.01 and 4.02 of the Purchase Agreement
are true and correct as of the date hereof. Further, no event has occurred and
is continuing, as of the date hereof that constitutes an Incipient Termination
Event, a Termination Event, an Incipient Servicer Termination Event or an Event
of Servicer Termination.

WABASH FINANCING LLC, as Servicer

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

                                       78
<PAGE>

                                                            Exhibit 2.03(a)(iii)

                              WNC RECEIVABLES LLC
                                 MONTHLY REPORT

         [MUTUALLY ACCEPTABLE FORM TO BE ATTACHED POST-CLOSING PRIOR TO
           MAY 18, 2002, WHICH, WHEN ATTACHED, SHALL BE A PART OF THE
                              PURCHASE AGREEMENT]

                                       79
<PAGE>

                                                                 Exhibit 2.03(b)

                            FORM OF PURCHASE REQUEST

                                  [Insert Date]

WNC Receivables LLC
[Address]
[Attention: ]

General Electric Capital Corporation,
     as Agent
c/o General Electric Capital Corporation
500 West Monroe Street, Suite 1200
Chicago, Illinois 60661
Attn:    [Account Manager]

                  Re:      Receivables Purchase and Servicing Agreement
                           dated as of April    , 2002

Ladies and Gentlemen:

         This notice is given pursuant to Section 2.03(b) of that certain
Receivables Purchase and Servicing Agreement dated as of April 11, 2002 (the
"PURCHASE AGREEMENT"), by and among WNC Receivables LLC (the "SELLER"), Wabash
Financing LLC (the "SERVICER"), WNC Receivables Management Corp. (the
"INDEPENDENT MEMBER") and General Electric Capital Corporation, a Delaware
corporation, as the sole initial Purchaser (together with its successors and
assigns, the "PURCHASERS") and as agent for the Purchasers (in such capacity,
the "AGENT"). Capitalized terms used and not otherwise defined herein shall have
the respective meanings ascribed to them in the Purchase Agreement.

         Pursuant to Section 2.01 of the Purchase Agreement, the Seller hereby
requests that a Purchase be made from the Seller on [_____ __], [____] (which is
a Business Day), in the amount of [$_____], to be disbursed to the Seller in
accordance with Section 2.04(b) of the Purchase Agreement. The Seller hereby
confirms that the conditions set forth in Section 3.02 of the Purchase Agreement
have been satisfied.

                                Very truly yours,

                                WNC RECEIVABLES LLC

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

                                       80
<PAGE>

                                                                 Exhibit 2.04(a)

                           FORM OF PURCHASE ASSIGNMENT

         THIS PURCHASE ASSIGNMENT (the "PURCHASE ASSIGNMENT") is entered into as
of April 11, 2002 by and between WNC RECEIVABLES LLC ("SELLER"), WNC RECEIVABLES
MANAGEMENT CORP. (the "INDEPENDENT MEMBER"), and GENERAL ELECTRIC CAPITAL
CORPORATION, as Agent under the Purchase Agreement described below (the
"AGENT").

         1. We refer to that certain Receivables Purchase and Servicing
Agreement (the "PURCHASE AGREEMENT") of even date herewith among the Seller, the
Servicer, the Independent Member, the Purchasers and the Agent. All of the
terms, covenants and conditions of the Purchase Agreement are hereby made a part
of this Purchase Assignment and are deemed incorporated herein in full.
Capitalized terms used herein and not otherwise defined shall have the meanings
ascribed to them in the Purchase Agreement.

         2. For good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Seller hereby sells to each of the
Purchasers, for the ratable benefit of the Purchasers, without recourse, except
as provided in Section 12.01 of the Purchase Agreement, an undivided interest in
all of the Seller's right, title and interest in, under and to all Transferred
Receivables (including all Collections, Records and proceeds with respect
thereto) sold from time to time by the Seller to such Purchasers under the
Purchase Agreement to the extent of such Purchasers' Purchaser Interest and
subject to the terms and conditions of the Purchase Agreement.

         3. The Seller hereby covenants and agrees to sign, sell or execute and
deliver, or cause to be signed, sold or executed and delivered, and to do or
make, or cause to be done or made, upon request of the Agent and at the Seller's
expense, any and all agreements, instruments, papers, deeds, acts or things,
supplemental, confirmatory or otherwise, as may be reasonably required by the
Agent for the purpose of or in connection with acquiring or more effectively
vesting in the Agent, for the ratable benefit of the Purchasers, or evidencing
the vesting in the Agent of the property, rights, title and interests of the
Seller sold hereunder or intended to be sold hereunder to the Purchasers.

         4. Wherever possible, each provision of this Purchase Assignment shall
be interpreted in such a manner as to be effective and valid under applicable
law, but if any provision of this Purchase Assignment shall be prohibited by or
invalid under applicable law, such provision shall be ineffective only to the
extent of such prohibition or invalidity without invalidating the remainder of
such provision or the remaining provisions of this Purchase Assignment.

         5. BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX FINANCIAL
TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND
EXPERT PERSON AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY
(RATHER THAN ARBITRATION RULES), THE PARTIES DESIRE THAT THEIR

                                       81
<PAGE>

DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO
ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OF
ARBITRATION, THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION,
SUIT, OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE, WHETHER SOUNDING IN
CONTRACT, TORT OR OTHERWISE, ARISING OUT OF, CONNECTED WITH, RELATED TO, OR
INCIDENTAL TO THE RELATIONSHIP ESTABLISHED AMONG THEM IN CONNECTION WITH THIS
PURCHASE ASSIGNMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

6. THIS PURCHASE ASSIGNMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN
ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF ILLINOIS, WITHOUT REGARD TO
THE PRINCIPLES THEREOF REGARDING CONFLICT OF LAWS, AND ANY APPLICABLE LAWS OF
THE UNITED STATES OF AMERICA.

                  IN WITNESS WHEREOF, the parties have caused this Purchase
Assignment to be executed by their respective officers thereunto duly
authorized, as of the day and year first above written.

WNC RECEIVABLES LLC,                        GENERAL ELECTRIC CAPITAL
AS SELLER                                   CORPORATION, AS AGENT

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

                                       82
<PAGE>

                                                                    Exhibit 5.02

                          FORM OF BRINGDOWN CERTIFICATE

                                      - - -

                       [INSERT NAME OF APPLICABLE COMPANY]

                              Officer's Certificate

TO: GENERAL ELECTRIC CAPITAL CORPORATION, INDIVIDUALLY AND AS AGENT

         I, [Name of Officer], the duly elected [Insert Title] of [Name of
Company], a ________________ (the "COMPANY"), hereby certify as follows:

         1. Capitalized terms herein and not otherwise defined shall have the
respective meanings ascribed to them in the Receivables Sale and Contribution
Agreement (the "SALE AGREEMENT"), dated as of April 11, 2002, by and among
Wabash National Corporation, as Performance Guarantor, NOAMTC, Inc., Wabash
National, L.P., and WNC Receivables, LLC, or the Receivables Purchase and
Servicing Agreement (together with the Sale Agreement, the "AGREEMENTS"), dated
as of April 11 , 2002 by and among WNC Receivables, LLC, Wabash Financing LLC,
WNC Receivables Management Corp. and General Electric Capital Corporation,
individually and as Agent.

         2. As of the date of this Certificate, the Company is Solvent.

         3. Each of the representations and warranties of the Company contained
in the Related Documents to which the Company is a party is true and correct as
of the date hereof as though made on the date hereof (except for those
representations which speak only as of an earlier date).

         4. Since September 30, 2001, no event has occurred that alone or
together with other events could reasonably be expected to have a Material
Adverse Effect.

         5. As of the date of this Certificate, no event has occurred and is
continuing that constitutes an Incipient Termination Event, a Termination Event,
an Incipient Servicer Termination Event or an Event of Servicer Termination.

         6. The Company is in material compliance with all applicable federal,
state, and local laws and regulations, including those relating to labor and
environmental matters and ERISA

         7. Except as otherwise permitted under the Agreements, no Adverse
Claims have arisen or been granted with respect to the property of the Company

                                       83
<PAGE>

         IN WITNESS WHEREOF, I have signed and delivered this Officer's
Certificate this __________ day of __________________, 200_.

                                 [COMPANY NAME]

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

                                       84
<PAGE>

                                     Form of

                                POWER OF ATTORNEY

         This Power of Attorney is executed and delivered by Wabash Financing
LLC ("COMPANY"), as the Servicer under the Purchase Agreement (each as defined
below), to General Electric Capital Corporation, as Agent under the Purchase
Agreement (hereinafter referred to as "ATTORNEY"), pursuant to that certain
Receivables Purchase and Servicing Agreement dated as of April 11, 2002 (the
"PURCHASE AGREEMENT" ), by and among Company, the other parties thereto and
Attorney and the other Related Documents. Capitalized terms used herein and not
otherwise defined shall have the meanings ascribed to them in the Purchase
Agreement. No person to whom this Power of Attorney is presented, as authority
for Attorney to take any action or actions contemplated hereby, shall inquire
into or seek confirmation from Company as to the authority of Attorney to take
any action described below, or as to the existence of or fulfillment of any
condition to this Power of Attorney, which is intended to grant to Attorney
unconditionally the authority to take and perform the actions contemplated
herein, and Company irrevocably waives any right to commence any suit or action,
in law or equity, against any person or entity that acts in reliance upon or
acknowledges the authority granted under this Power of Attorney. The power of
attorney granted hereby is coupled with an interest and may not be revoked or
cancelled by Company until all Seller Secured Obligations under the Related
Documents have been indefeasibly paid in full and Attorney has provided its
written consent thereto.

         Company hereby irrevocably constitutes and appoints Attorney (and all
officers, employees or agents designated by Attorney), with full power of
substitution, as its true and lawful attorney-in-fact with full irrevocable
power and authority in its place and stead and in its name or in Attorney's own
name, from time to time in Attorney's discretion, to take any and all
appropriate action and to execute and deliver any and all documents and
instruments that may be necessary or desirable to accomplish the purposes of
this Agreement, and, without limiting the generality of the foregoing, hereby
grants to Attorney the power and right, on its behalf, without notice to or
assent by it, upon the occurrence and during the continuance of any Termination
Event, to do the following: (a) open mail for it, and ask, demand, collect, give
acquittances and receipts for, take possession of, or endorse and receive
payment of, any checks, drafts, notes, acceptances, or other instruments for the
payment of moneys due, and sign and endorse any invoices, freight or express
bills, bills of lading, storage or warehouse receipts, drafts against debtors,
assignments, verifications, and notices in connection with any of its property;
(b) effect any repairs to any of its assets, or continue or obtain any insurance
and pay all or any part of the premiums therefor and costs thereof, and make,
settle and adjust all claims under such policies of insurance, and make all
determinations and decisions with respect to such policies; (c) pay or discharge
any taxes, Liens, or other encumbrances levied or placed on or threatened
against it or its property; (d) defend any suit, action or proceeding brought
against it if it does not defend such suit, action or proceeding or if Attorney
believes that it is not pursuing such defense in a manner that will maximize the
recovery to Attorney, and settle, compromise or adjust any suit, action, or
proceeding described above and, in connection therewith, give such discharges or
releases as Attorney may deem appropriate; (e) file or prosecute any claim,
Litigation, suit or proceeding in

                                       85
<PAGE>

any court of competent jurisdiction or before any arbitrator, or take any other
action otherwise deemed appropriate by Attorney for the purpose of collecting
any and all such moneys due to it whenever payable and to enforce any other
right in respect of its property; (f) sell, transfer, pledge, make any agreement
with respect to, or otherwise deal with, any of its property, and execute, in
connection with such sale or action, any endorsements, assignments or other
instruments of conveyance or transfer in connection therewith; and (g) cause the
certified public accountants then engaged by it to prepare and deliver to
Attorney at any time and from time to time, promptly upon Attorney's request,
any and all financial statements or other reports required to be delivered by or
on behalf of Company under the Related Documents, all as though Attorney were
the absolute owner of its property for all purposes, and to do, at Attorney's
option and its expense, at any time or from time to time, all acts and other
things that Attorney reasonably deems necessary (so long as such acts or other
things do not conflict with the terms of the Purchase Agreement or the other
Related Documents) to perfect, preserve, or realize upon its property or assets
and the Purchasers' Liens thereon, all as fully and effectively as it might do.
Company hereby ratifies, to the extent permitted by law, all that said attorneys
shall lawfully do or cause to be done by virtue hereof.

                                       86
<PAGE>

         IN WITNESS WHEREOF, this Power of Attorney is executed by Company, and
Company has caused its seal to be affixed pursuant to the authority of its board
of managers as of April 11, 2002.

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

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

ATTEST:
       -------------------------

By:                                                              (SEAL)
   -----------------------------
Title:
      --------------------------

[NOTARIZATION IN APPROPRIATE FORM FOR THE STATE OF EXECUTION IS REQUIRED.]

                                       87

                       [Signature Page to Sale Agreement]

<PAGE>

                                                                      Annex 5.02

                      REPORTING REQUIREMENTS OF THE SELLER

         The Seller shall furnish, or cause to be furnished, to the Agent for
distribution to the Purchasers:

         (a) Annual Audited Financials. As soon as available, and in any event
within 90 days after the end of each fiscal year, (i) audited Financial
Statements for the Seller on a stand-alone basis consisting of a balance sheet
and statements of income and retained earnings and cash flows, setting forth in
comparative form in each case the figures for the previous fiscal year, which
Financial Statements shall be prepared in accordance with GAAP and certified
without qualification, by an independent certified public accounting firm of
national standing or otherwise acceptable to Agent. Such Financial Statements
shall be accompanied by the certification of the Seller's Authorized Officer
that all such Financial Statements present fairly in accordance with GAAP the
financial position, results of operations and statements of cash flows of the
Seller as at the end of such fiscal year and for the period then ended, and that
there was no Termination Event or Incipient Termination Event in existence as of
such time or, if a Termination Event or Incipient Termination Event has occurred
and is continuing, describing the nature thereof and all efforts undertaken to
cure such Termination Event or Incipient Termination Event.

         (b) Monthly Financials. As soon as available, and in any event within
30 days after the end of each fiscal month, financial information regarding the
Seller, certified by an Authorized Officer of the Seller, consisting of (i) an
unaudited balance sheet as of the close of such fiscal quarter and the related
statements of income and cash flows for that portion of the fiscal year ending
as of the close of such fiscal quarter. Such financial information shall be
accompanied by (A) a statement in reasonable detail showing the calculations
used and (B) the certification of the Seller's Authorized Officer that such
financial information presents fairly in accordance with GAAP (subject to normal
year-end adjustments) the financial position, results of operations and
statements of cash flows of the Seller and each member of the Parent Group on a
consolidated and consolidating basis, as at the end of such fiscal quarter and
for the period then ended.

         (c) Management Letters. Within five Business Days after receipt thereof
by the Seller, copies of all management letters, exception reports or similar
letters or reports (if any) received by the Seller from its independent
certified public accountants.

         (d) Default Notices. As soon as practicable, and in any event within
one Business Day after an Authorized Officer of the Seller has actual knowledge
of the existence thereof, telephonic or telecopied notice of each of the
following events, in each case specifying the nature and anticipated effect
thereof and what action, if any, the applicable Seller Party proposes to take
with respect thereto, which notice, if given telephonically, shall be promptly
confirmed in writing on the next Business Day:

                  (i) any Incipient Termination Event or Termination Event;

                                       88

<PAGE>

                  (ii) any Adverse Claim made or asserted against any of the
         Seller Collateral of which it becomes aware;

                  (iii) the occurrence of any event that would have a material
         adverse effect on the aggregate value of the Seller Collateral or on
         the assignments and Liens granted by the Seller pursuant to this
         Agreement;

                  (iv) the commencement of a case or proceeding by or against
         any Seller Party seeking a decree or order in respect of such Seller
         Party (A) under the Bankruptcy Code or any other applicable federal,
         state or foreign bankruptcy or other similar law, (B) appointing a
         custodian, receiver, liquidator, assignee, trustee or sequestrator (or
         similar official) for any Seller Party or for any substantial part of
         its assets, or (C) ordering the winding-up or liquidation of the
         affairs of any Seller Party;

                  (v) the receipt of notice that (A) any Seller Party is being
         placed under regulatory supervision, (B) any license, permit, charter,
         registration or approval necessary for the conduct of the business of
         any Seller Party is to be, or may be, suspended or revoked, or (C) any
         Seller Party is to cease and desist any practice, procedure or policy
         employed by it in the conduct of its business if such cessation may
         have a Material Adverse Effect; or

                  (vi) any other event, circumstance or condition that has had
         or could reasonably be expected to have a Material Adverse Effect.

         (e) Litigation. Promptly upon learning thereof, written notice of any
Litigation affecting the Seller, the Independent Member, the Transferred
Receivables or the Seller Collateral, whether or not fully covered by insurance,
and regardless of the subject matter thereof that (i) seeks money damages, (ii)
seeks injunctive relief, (iii) alleges criminal misconduct on the part of the
Seller or the Independent Member, or (iv) would, if determined adversely, have a
Material Adverse Effect.

         (f) Financial Statements, Bringdown Certificates and Notices Required
under the Sale Agreement. Within one Business Day after receipt thereof, all
financial statements, Bringdown Certificates and notices required to be
delivered by the Parent (or Performance Guarantor) or either of the Originators
under the Sale Agreement, and such additional financial and other information
respecting the Transferred Receivables, the Contracts therefor or the condition
or operations, financial or otherwise, of any of the Seller Parties as the Agent
shall, from time to time, request.

         (g) Miscellaneous Certifications. As soon as available, and in any
event within 90 days after the end of each fiscal year, (i) a Bringdown
Certificate of each of the Seller and the Independent Member, and (ii) solely if
requested by the Agent due to a change in applicable law or circumstances, an
opinion of counsel, in form and substance satisfactory to the Purchasers and the
Agent, reaffirming as of the date of such opinion the opinions of counsel with
respect to the Seller delivered to the Agent for distribution to the Purchasers
on the Closing Date.

                                       89
<PAGE>

                                                                      Annex 7.02

                               INVESTMENT REPORTS

         The Servicer shall furnish, or cause to be furnished, to the Agent for
distribution to the Purchasers the following:

         1. When and as required under Section 2.03 of the Purchase Agreement,
the Servicer shall deliver the Daily Investment Base Certificates, Weekly
Investment Base Certificates and Monthly Reports to the Agent with sufficient
copies for each of the Purchasers.

         2. Together with each Weekly Investment Base Certificate, Servicer
shall deliver the following reports, each of which shall be prepared as of the
last day of the previous week; provided that if (i) an Incipient Termination
Event or a Termination Event shall have occurred and be continuing or (ii) the
Agent, in good faith, believes that an Incipient Termination Event or a
Termination Event is imminent or deems the Agent's rights or interests (for the
benefit of the Purchasers) in the Transferred Receivables or the Seller
Collateral insecure, then such reports shall be delivered for such periods and
as frequently as the Agent shall request:

                  (A) at the request of the Agent, with respect to each of the
         Originators, a summary trial balance showing Receivables outstanding
         aged from due date as follows: current, 1 to 30 days, 31 to 60 days, 61
         to 90 days and 91 days or more, accompanied by such supporting detail
         and documentation as shall be requested by the Agent in its reasonable
         discretion;

                  (B) at the request of the Agent, with respect to each of the
         Originators, a summary of aged accounts payable listing showing total
         amounts owed to each vendor or supplier, with contra balances denoted
         and accompanied by such supporting detail and documentation as shall be
         requested by the Agent in its reasonable discretion; and

                  (C) such other reports, statements and reconciliations with
         respect to the Investment Base or Seller Collateral as the Agent shall
         from time to time request in its reasonable discretion, including,
         without limitation, the following: (1) bill and hold; (2) bill and hold
         (no MSO issued); (3) top 10 customer concentration; (4) committed but
         not received; (5) sales tax, FET and commissions; (6) unissued credits
         (invoices short paid); and (7) intercompany accounts.

         3. Together with each Monthly Report, the Servicer shall deliver the
following reports, each of which shall be prepared as of the last day of the
previous month and provided 18 days after month end; provided that if (i) an
Incipient Termination Event or a Termination Event shall have occurred and be
continuing or (ii) the Agent, in good faith, believes that an Incipient
Termination Event or a Termination Event is imminent or deems the Agent's rights
or interests (for the benefit of the Purchasers) in the Transferred Receivables
or the Seller Collateral insecure, then such reports shall be delivered for such
periods and as frequently as the Agent shall request:

                                       90
<PAGE>

                  (A) with respect to each of the Originators, a detailed trial
         balance showing Receivables outstanding aged from due date as follows:
         current, 1 to 30 days, 31 to 60 days, 61 to 90 days and 91 days or
         more, accompanied by such supporting detail and documentation as shall
         be requested by the Agent in its reasonable discretion; and

                  (B) with respect to each of the Originators, an aged accounts
         payable listing showing total amounts owed to each vendor or supplier,
         with contra balances denoted and accompanied by such supporting detail
         and documentation as shall be requested by the Agent in its reasonable
         discretion; and

                  (C) with respect to each of the Originators, a Receivables
         reconciliation to the general ledger and Financial Statements within 18
         days after month end;

                  (D) with respect to each of the Originators, a Receivables
         roll-forward;

                  (E) such other reports, statements and reconciliations with
         respect to the Investment Base or Seller Collateral as the Agent shall
         from time to time request in its reasonable discretion, including,
         without limitation, the following: (1) bill and hold; (2) bill and hold
         (no MSO issued); (3) top 10 customer concentration; (4) committed but
         not received (trailers received, but not accounted for); (5) sales tax,
         FET and commissions; (6) unissued credits (invoices short paid); (7)
         intercompany accounts; (8) write-offs (trailing twelve months); (9)
         warranty claims - cash and credits (trailing twelve months); (10)
         buybacks; and (11) accounts receivable due from customers with
         guaranteed trade-in value agreements or contracts.

                                       91
<PAGE>

                                                                         Annex X

                                   Definitions

                                       92<PAGE>

                                                                   Exhibit 10.29

                   RECEIVABLES SALE AND CONTRIBUTION AGREEMENT

                           DATED AS OF APRIL 11, 2002

                                  BY AND AMONG

                          WABASH NATIONAL CORPORATION,
                            AS PERFORMANCE GUARANTOR,

                     NOAMTC, INC. AND WABASH NATIONAL, L.P.,
                             EACH AS AN ORIGINATOR,

                                       AND

                              WNC RECEIVABLES, LLC,
                                    AS BUYER

                                      Wabash National Corporation, NOAMTC, Inc.,
                                  Wabash National, L.P. and WNC Receivables, LLC
                                     Receivables Sale and Contribution Agreement

<PAGE>

                                TABLE OF CONTENTS

                                                                            Page
                                                                            ----
ARTICLE I DEFINITIONS AND INTERPRETATION....................................  1

Section 1.01. Definitions...................................................  1
Section 1.02. Rules of Construction.........................................  1

ARTICLE II SALE OF RECEIVABLES..............................................  2

Section 2.01. Agreement to Sell.............................................  2
Section 2.02. Grant of Security Interest....................................  3

ARTICLE III CONDITIONS PRECEDENT............................................  4

Section 3.01. Conditions to Initial Sale....................................  4
Section 3.02. Conditions to all Transfers...................................  4

ARTICLE IV REPRESENTATIONS, WARRANTIES AND COVENANTS........................  5

Section 4.01. Representations and Warranties of Performance Guarantor
              and each of the Originators...................................  5
Section 4.02. Affirmative Covenants of Performance Guarantor
              and each Originator........................................... 13
Section 4.03. Reporting Requirements of the Performance Guarantor........... 20
Section 4.04. Negative Covenants of each of the Originators................. 20
Section 4.05. Breach of Representations, Warranties or Covenants............ 22

ARTICLE V INDEMNIFICATION................................................... 23

Section 5.01. Indemnification............................................... 23

ARTICLE VI DISTRIBUTIONS.................................................... 25

Section 6.01. Distributions................................................. 25

ARTICLE VII COLLATERAL SECURITY............................................. 25

Section 7.01. Security Interest............................................. 25
Section 7.02. Other Collateral; Rights in Receivables....................... 26
Section 7.03. Originators Remain Liable..................................... 26

ARTICLE VIII PERFORMANCE UNDERTAKING........................................ 27

Section 8.01. Guaranty of Performance of Guaranteed Obligations............. 27
Section 8.02. Performance Guarantor's Further Agreements to Pay............. 27

                                      Wabash National Corporation, NOAMTC, Inc.,
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                          TABLE OF CONTENTS (Continued)

                                                                            Page
                                                                            ----
Section 8.03. Waivers by Performance Guarantor.............................. 28
Section 8.04. Unenforceability of Guaranteed Obligations Against
              Originators or Affiliated Servicer............................ 29
Section 8.05. Subrogation; Subordination.................................... 29
Section 8.06. Termination of Performance Undertaking........................ 30
Section 8.07. Effect of Bankruptcy.......................................... 30
Section 8.08. Setoff........................................................ 31

ARTICLE IX MISCELLANEOUS.................................................... 31

Section 9.01. Notices....................................................... 31
Section 9.02. No Waiver; Remedies........................................... 32
Section 9.03. Successors and Assigns........................................ 32
Section 9.04. Termination; Survival of Obligations.......................... 33
Section 9.05. Complete Agreement; Modification of Agreement................. 34
Section 9.06. Amendments and Waivers........................................ 34
Section 9.07. GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL.. 34
Section 9.08. Counterparts.................................................. 36
Section 9.09. Severability.................................................. 36
Section 9.10. Section Titles................................................ 36
Section 9.11. No Setoff..................................................... 36
Section 9.12. Press Releases................................................ 36
Section 9.13. Further Assurances............................................ 37
Section 9.14. Fees and Expenses............................................. 37

                                      Wabash National Corporation, NOAMTC, Inc.,
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                               INDEX OF APPENDICES

Exhibit 2.01(a)          Form of Receivables Assignment

Schedule 4.01(a)         Jurisdictions of Incorporation/Organization
Schedule 4.01(b)         Executive Offices; Collateral Locations; Other Names
Schedule 4.01(d)         Litigation Schedule 4.01(f) Financial Statements
Schedule 4.01(i)         Labor Matters
Schedule 4.01(j)         Ventures, Subsidiaries and Affiliates;
                         Outstanding Equity Interests
Schedule 4.01(k)         Taxes Schedule 4.01(l) Intellectual Property
Schedule 4.01(o)         ERISA Schedule 4.01(s) Warranty Policy
Schedule 4.01(v)         Deposit and Disbursement Accounts
Schedule 4.02(h)         Trade Names
Schedule 4.04(b)         Existing Liens
Schedule 4.04(e)         Capital Structure
Schedule 4.04(o)(B)      Sale of Assets
Schedule 4.04(o)(L)      Prepayment of Other Indebtedness

Annex X                  Definitions
Annex Y                  Schedule of Documents

Annex 4.03               Reporting Requirements of the Performance Guarantor
Annex 4.04(l)            Financial Covenants
Annex 4.04(o)            Additional Negative Covenants

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<PAGE>

     THIS RECEIVABLES SALE AND CONTRIBUTION AGREEMENT (as amended, supplemented
or otherwise modified and in effect from time to time, this "Agreement") is
entered into as of April 11, 2002, by and among WABASH NATIONAL CORPORATION, a
Delaware corporation (the "Performance Guarantor"), NOAMTC, INC., a Delaware
corporation, WABASH NATIONAL, L.P., a Delaware limited partnership (each, an
"Originator" and collectively, the "Originators"), and WNC RECEIVABLES, LLC, a
Delaware limited liability company (the "Buyer").

                                    RECITALS

     A. Each of the Originators now owns, and from time to time hereafter will
own, Receivables.

     B. Buyer has been formed for the sole purpose of purchasing, or otherwise
acquiring by capital contribution, and reselling to the Agent for the benefit of
the Purchasers, all Receivables originated by each Originator.

     C. Each of the Originators intends to sell, and Buyer intends to purchase,
such Receivables, from time to time, as described herein.

     D. In addition, each of the Originators may, from time to time, contribute
capital to Buyer in the form of Contributed Receivables or cash.

     E. Performance Guarantor owns, directly or indirectly, one hundred percent
(100%) of the equity interests of each of the Originators and as such will
receive direct and indirect economic benefits from the sales of the Receivables
described in Recital C.

                                    AGREEMENT

     NOW, THEREFORE, in consideration of the premises and the mutual covenants
hereinafter contained, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

                                   ARTICLE I
                         DEFINITIONS AND INTERPRETATION

     Section 1.01. Definitions. Capitalized terms used and not otherwise defined
herein shall have the meanings ascribed to them in Annex X.

     Section 1.02. Rules of Construction. For purposes of this Agreement, the
rules of construction set forth in Annex X shall govern. All Appendices hereto,
or expressly identified to this Agreement, are incorporated herein by reference
and, taken together with this Agreement, shall constitute but a single
agreement.

                                      Wabash National Corporation, NOAMTC, Inc.,
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                                     Receivables Sale and Contribution Agreement
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                                   ARTICLE II
                               SALE OF RECEIVABLES

     Section 2.01. Agreement to Sell.

     (a) Sale of Receivables. Subject to the terms and conditions hereof, each
of the Originators agrees to sell or contribute, without recourse except to the
extent specifically provided herein, to Buyer on the Closing Date and on each
Business Day thereafter including the Facility Termination Date (the Closing
Date and each such Business Day, a "Transfer Date") all Receivables owned by it
on each such Transfer Date, and Buyer agrees to purchase or acquire as a capital
contribution all such Receivables on each such Transfer Date. All such Transfers
by either Originator shall be evidenced by a single certificate of assignment
substantially in the form of Exhibit 2.01(a) (the "Receivables Assignment"), and
each of the Originators and Buyer shall execute and deliver the Receivables
Assignment on or before the Closing Date.

     (b) Determination of Sold Receivables. It is understood and agreed that
each Transfer of a Receivable on a Transfer Date subsequent to the Closing Date
shall occur immediately upon creation of such Receivable. On and as of each
Transfer Date, all Receivables owned by each of the Originators and not
previously acquired by Buyer shall be identified for sale to Buyer such that the
Sale Price to be paid by Buyer therefor does not exceed the amount of cash
available to Buyer for the payment thereof (each such Receivable identified for
sale, individually, a "Sold Receivable" and, collectively, the "Sold
Receivables"). The Sold Receivables will be identified by reference to the
General Trial Balance of each of the Originators.

     (c) Payment of Sale Price. In consideration for each Sale of Sold
Receivables hereunder by an Originator, Buyer shall pay to the applicable
Originator on the Transfer Date therefor the Sale Price therefor in Dollars in
immediately available funds. All such payments by Buyer under this Section
2.01(c) shall be effected by means of a wire transfer on the day when due to
such account or accounts as the applicable Originator may designate.

     (d) Determination of Contributed Receivables. To the extent that, on and as
of any Transfer Date, Receivables owned by each of the Originators which do not
constitute Sold Receivables pursuant to Section 2.01(b), then each of the
Originators shall, unless it has delivered an Election Notice (as defined below)
to Buyer, contribute such Receivables to Buyer as a capital contribution (each
such contributed Receivable, individually, a "Contributed Receivable," and
collectively, the "Contributed Receivables"). If any Originator elects not to
contribute Receivables to Buyer on any Transfer Date, or if any Receivables
eligible for sale and owned by such Originator are not sold on any Transfer
Date, such Originator shall deliver to Buyer not later than 5:00 p.m. (New York
City time) on such Transfer Date a notice of election thereof (each such notice,
an "Election Notice").

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     (e) Ownership of Transferred Receivables. On and after each Transfer Date
and after giving effect to the Sales to be made on each such date, Buyer shall
own the Transferred Receivables and no Originator shall take any action
inconsistent with such ownership.

     (f) Reconstruction of General Trial Balance. If at any time any Originator
fails to generate its General Trial Balance, Buyer shall have the right to
reconstruct such General Trial Balance so that a determination of the Sold
Receivables and Contributed Receivables can be made pursuant to Section 2.01(b).
Each of the Originators agrees to cooperate with such reconstruction, including
by delivery to Buyer, upon Buyer's request, of copies of all applicable
Contracts and Records.

     (g) Servicing of Receivables. So long as no Event of Servicer Termination
shall have occurred and be continuing and no Successor Servicer has assumed the
responsibilities and obligations of the Servicer pursuant to Section 9.02 of the
Purchase Agreement, the Servicer shall (i) conduct the servicing, administration
and collection of the Transferred Receivables and shall take, or cause to be
taken, all such actions as may be necessary or advisable to service, administer
and collect the Transferred Receivables, all in accordance with (A) the terms of
the Purchase Agreement, (B) customary and prudent servicing procedures for trade
receivables of a similar type and (C) all applicable laws, rules and
regulations, and (ii) hold all Contracts and other documents and incidents
relating to the Transferred Receivables in trust for the benefit of Buyer, as
the owner thereof, and for the sole purpose of facilitating the servicing of the
Transferred Receivables in accordance with the terms of the Purchase Agreement.

     Section 2.02. Grant of Security Interest. The parties hereto intend that
each Transfer of Receivables pursuant to this Agreement shall constitute an
absolute sale, transfer and assignment of all of the applicable Originator's
rights, title and interest in and to the Transferred Receivables to Buyer, and
not a loan from Buyer to the Originators secured by the Transferred Receivables.
Notwithstanding the foregoing, in addition to and not in derogation of any
rights now or hereafter acquired by Buyer under Section 2.01 hereof, the parties
agree that if for any reason the Transfer of a Receivable is treated as a loan,
each of the Originators does hereby grant, to the Buyer a continuing security
interest in all of such Originator's right, title and interest in, to and under
the Originator Collateral whether now owned or hereafter acquired by such
Originator to secure the obligations of such Originator to the Buyer hereunder
(including, if and to the extent that any Transfer is recharacterized as a
transfer for security, the repayment of a loan deemed to have been made by the
Buyer in the amount of the Sale Price with respect thereto and which secures the
Buyer's right to receive all Collections of the Transferred Receivables as
otherwise contemplated under this Agreement), which security interest shall be
prior to all Adverse Claims thereto.

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                                  ARTICLE III
                              CONDITIONS PRECEDENT

     Section 3.01. Conditions to Initial Sale. The initial Sale hereunder shall
be subject to satisfaction of each of the following conditions precedent (any
one or more of which may be waived in writing by each of Buyer and the Agent, as
Buyer's assignee):

     (a) Sale Agreement; Other Documents. This Agreement or counterparts hereof
shall have been duly executed by, and delivered to, Performance Guarantor, each
of the Originators and Buyer, and Buyer shall have received such documents,
instruments, agreements and legal opinions as Buyer shall request in connection
with the transactions contemplated by this Agreement, and all those identified
in the Schedule of Documents, each in form and substance satisfactory to Buyer.

     (b) Governmental Approvals. Buyer shall have received (i) satisfactory
evidence that Performance Guarantor and each of the Originators has obtained all
required consents and approvals of all Persons, including all requisite
Governmental Authorities, to the execution, delivery and performance of this
Agreement and the other Related Documents and the consummation of the
transactions contemplated hereby and thereby or (ii) an Officer's Certificate
from Performance Guarantor and each of the Originators in form and substance
satisfactory to Buyer affirming that no such consents or approvals are required.

     (c) Compliance with Laws. Performance Guarantor and each of the Originators
shall be in compliance with all applicable foreign, federal, state and local
laws and regulations, including those specifically referenced in Section 4.02(g)
except to the extent that the failure to so comply, individually or in the
aggregate, could not be expected to have a Material Adverse Effect.

     (d) Purchase Agreement Conditions. Each of those conditions precedent set
forth in Sections 3.01 and 3.02 of the Purchase Agreement shall have been
satisfied or waived in writing as provided therein.

     Section 3.02. Conditions to all Transfers. Each Transfer hereunder
(including the initial Transfer) shall be subject to satisfaction of the
following further conditions precedent as of the Transfer Date therefor:

     (a) the representations and warranties of Performance Guarantor and each of
the Originators contained herein or in any other Related Document shall be true
and correct as of such Transfer Date or in any other Related Document, both
before and after giving effect to such Transfer and to the application of the
Sale Price therefor, except to the extent that any such representation or
warranty expressly relates to an earlier date and except for changes therein
expressly permitted by this Agreement;

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     (b) no Incipient Termination Event or Termination Event shall have occurred
and be continuing or would result after giving effect to such Transfer or the
application of the Sale Price therefor;

     (c) Performance Guarantor, each of the Originators and each other member of
the Parent Group, shall be in compliance with each of its covenants and other
agreements set forth herein; and

     (d) Performance Guarantor and each of the Originators shall have taken such
other action, including delivery of approvals, consents, opinions, documents and
instruments to Buyer as Buyer may request.

     The acceptance by each of the Originators of the Sale Price for any of its
Sold Receivables on any Transfer Date shall be deemed to constitute, as of any
such Transfer Date, a representation and warranty by such Originator that the
conditions in this Section 3.02 have been satisfied. On each Transfer Date,
Performance Guarantor shall be deemed to have made a representation and warranty
that the conditions in this Section 3.02 have been satisfied. Upon any such
acceptance, title to the Transferred Receivables sold or contributed on such
Transfer Date shall be vested absolutely in Buyer, whether or not such
conditions were in fact so satisfied.

                                   ARTICLE IV
                    REPRESENTATIONS, WARRANTIES AND COVENANTS

     Section 4.01. Representations and Warranties of Performance Guarantor and
each of the Originators. To induce Buyer to purchase the Sold Receivables and to
acquire the Contributed Receivables, Performance Guarantor and each of the
Originators makes the following representations and warranties to Buyer, each
and all of which shall survive the execution and delivery of this Agreement.

     (a) Existence; Compliance with Law. Performance Guarantor and each
Originator (i) is either a corporation or limited partnership, as the case may
be, duly organized, validly existing and in good standing under the laws of its
jurisdiction of organization as set forth on Schedule 4.01(a) attached hereto;
(ii) is duly qualified to conduct business and is in good standing in each other
jurisdiction where its ownership or lease of property or the conduct of its
business requires such qualification, except where the failure to be so
qualified is not reasonably likely to result in a Material Adverse Effect; (iii)
has the requisite corporate or partnership power and authority and the legal
right to own, pledge, mortgage or otherwise encumber and operate its properties,
to lease the property it operates under lease, and to conduct its business, in
each case, as now, heretofore and proposed to be conducted; (iv) has all
licenses, permits, consents or approvals from or by, and has made all filings
with, and has given all notices to, all Governmental Authorities having
jurisdiction, to the extent required for such ownership, operation and conduct,
except where the failure to obtain such licenses, permits, consents or approvals
is not reasonably likely to result in a Material Adverse Effect; (v) is in
compliance

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with its Organic Documents; and (vi) subject to specific representations set
forth herein regarding ERISA, Environmental Laws, tax laws and other laws, is in
compliance with all applicable provisions of law, except where the failure to
comply, individually or in the aggregate, could not reasonably be expected to
have a Material Adverse Effect.

     (b) Executive Offices; Collateral Locations; Legal or Other Names; FEIN. As
of the Closing Date, the current location of each Originator's chief executive
office, principal place of business, other offices, the warehouses and premises
within which any Originator Collateral is stored or located, and the locations
of all records of the Originators and Performance Guarantor concerning the
Originator Collateral are set forth in Schedule 4.01(b) and neither Originator's
state of organization, chief executive office location or principal place of
business location has changed within the past 12 months. During the prior five
years, except as set forth in Schedule 4.01(b), neither of the Originators has
been known as or used any corporate, fictitious or trade name. In addition,
Schedule 4.01(b) lists the organizational identification number issued by each
Originator's state of organization or states that no such number has been issued
and lists the federal employer identification number of each of the Originators.

     (c) Power, Authorization, Enforceable Obligations. The execution, delivery
and performance by Performance Guarantor and each Originator of this Agreement
and the execution, delivery and performance by Performance Guarantor and each
Originator of any other Related Documents to which it is a party and the
creation and perfection of all Transfers and Liens provided for herein and
therein: (i) are within such Person's corporate or partnership power, as the
case may be; (ii) have been duly authorized by all necessary or proper corporate
or partnership action, as the case may be, and all necessary shareholder or
partner action, as applicable; (iii) do not contravene any provision of such
Person's Organic Documents; (iv) do not violate any law or regulation, or any
order or decree of any court or Governmental Authority, except where such
violation could not reasonably be expected to have a Material Adverse Effect;
(v) do not conflict with or result in the breach or termination of, constitute a
default under or accelerate or permit the acceleration of any performance
required by, any indenture, mortgage, deed of trust, lease, agreement or other
instrument to which such Person is a party or by which Person or any of its
property is bound; (vi) do not result in the creation or imposition of any
Adverse Claim upon any of the property of Performance Guarantor and each
Originator; and (vii) do not require the consent or approval of any Governmental
Authority or any other Person, except those which will have been duly obtained,
made or complied with prior to the Closing Date as provided Section 3.01(b). The
exercise by Buyer of any of its rights and remedies under any Related Document
to which it is a party, do not require the consent or approval of any
Governmental Authority or any other Person (other than consents or approvals
solely relating to or required to be obtained by the Buyer, and subject to the
Bankruptcy Code), except those which will have been duly obtained, made or
complied with prior to the Closing Date as provided in Section 3.01(b). On or
prior to the Closing Date, each of the Related Documents shall have been duly
executed and delivered by Performance Guarantor and each Originator that is a
party thereto and each such Related Document shall then constitute a legal,
valid and binding obligation of such Person enforceable against it in accordance
with its terms.

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     (d) No Litigation. No Litigation is now pending or, to the knowledge of
Performance Guarantor or any Originator, threatened against any Originator or
Performance Guarantor, that (i) challenges such Originator's or Performance
Guarantor's right or power to enter into or perform any of its obligations under
the Related Documents to which it is a party, or the validity or enforceability
of any Related Document or any action taken thereunder, (ii) seeks to prevent
the Transfer, Purchase, contribution or pledge of any Receivable or the
consummation of any of the transactions contemplated under this Agreement or the
other Related Documents or (iii) has a reasonable risk of being determined
adversely to Performance Guarantor or any Originator and that, if so determined,
could reasonably be expected to have a Material Adverse Effect. Except as set
forth on Schedule 4.01(d), as of the Closing Date there is no Litigation pending
or threatened that seeks damages in excess of $500,000 or injunctive relief
against, or alleges criminal misconduct by, any Originator or Performance
Guarantor.

     (e) Solvency. Both before and after giving effect to (i) the transactions
contemplated by this Agreement and the other Related Documents and (ii) the
payment and accrual of all transaction costs in connection with the foregoing,
each Originator and Performance Guarantor is and will be Solvent.

     (f) Financial Statements and Projections. All Financial Statements
concerning the Performance Guarantor and each Originator that are referred to
subparagraph (i) below have been prepared in accordance with Agreement
Accounting Principles with procedures consistently applied throughout the
periods covered (except as disclosed therein and except, with respect to
unaudited Financial Statements, for the absence of footnotes and normal year-end
audit adjustments) and present fairly in all material respects the financial
position of the Persons covered thereby as at the dates thereof and the results
of their operations and cash flows for the periods then ended.

          (i) Financial Statements. The following Financial Statements attached
     hereto as Schedule 4.01(f) have been delivered on the date hereof:

               (A) The audited consolidated and consolidating balance sheets at
          December 31, 1999 and 2000 and the related statements of income and
          cash flows of Parent and its consolidated Subsidiaries for the fiscal
          years then ended, certified by Arthur Andersen LLP.

               (B) A draft of the audited consolidated and consolidating balance
          sheets at December 31, 2001 and the related statements of income and
          cash flows of Parent and its consolidated Subsidiaries for the fiscal
          year then ended, prepared by Arthur Andersen LLP.

               (C) The unaudited balance sheet(s) at September 30, 2001 and the
          related consolidated statement(s) of income and cash flows of Parent
          and its consolidated Subsidiaries for the three fiscal quarters then
          ended.

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               (D) The unaudited monthly balance sheets for the period between
          January 31, 2002 and February 28, 2002 and the related consolidated
          statement(s) of income of Parent and its consolidated Subsidiaries.

          (ii) Projections. The Projections delivered on the date hereof and
     attached hereto as Schedule 4.01(f) have been prepared by Parent in light
     of the past operations of the Parent Group's businesses and reflect
     Projections for the two-year period beginning on April 30, 2002 on a
     month-by-month basis for the first year and on a year-by-year basis
     thereafter. The Projections are based upon estimates and assumptions stated
     therein, all of which Parent believes to be reasonable and fair in light of
     current conditions and current facts known to Parent and, as of the Closing
     Date, reflect Parent's good faith and reasonable estimates of the future
     financial performance of Parent and of the other information projected
     therein for the period set forth therein.

     (g) Material Adverse Effect. Between September 30, 2001 and the Closing
Date, (i) no member of the Parent Group has incurred any obligations, contingent
or non-contingent liabilities, liabilities for charges, long-term leases or
unusual forward or long-term commitments that, alone or in the aggregate, could
reasonably be expected to have a Material Adverse Effect, (ii) no contract,
lease or other agreement or instrument has been entered into by any member of
the Parent Group or has become binding upon any member of the Parent Group's
assets and no law or regulation applicable to any member of the Parent Group has
been adopted that has had or could reasonably be expected to have a Material
Adverse Effect; and (iii) no member of the Parent Group is in default and no
third party is in default under any material contract, lease or other agreement
or instrument to which any member of the Parent Group is a party that alone or
in the aggregate could reasonably be expected to have a Material Adverse Effect
excluding any default that has been cured or waived on or prior to the Closing
Date.

     (h) Ownership of Receivables; Liens. Except the Lien of the Collateral
Agent on the Receivables which Lien will be automatically released upon Transfer
thereof pursuant to the Increditor Agreement: (i) each Originator owns each
Receivable originated by it free and clear of any Adverse Claim (other than
Permitted Originator Encumbrances set forth in clauses (a), (h) and (j) of the
definition of such term) and, from and after each Transfer Date, Buyer will
acquire valid and properly perfected title to and the sole record and beneficial
ownership interest in each Transferred Receivable purchased or otherwise
acquired from such Originator on such date, free and clear of any Adverse Claim
or restrictions on transferability; (ii) as of the Closing Date, none of the
other assets and properties of such Originator are subject to any Adverse Claims
other than Permitted Originator Encumbrances, and there are no facts,
circumstances or conditions known to any Originator that may result in any
Adverse Claims (including Adverse Claims arising under Environmental Laws) other
than Permitted Originator Encumbrances; (iii) each Originator has received all
assignments, bills of sale and other documents, and has duly effected all
recordings, filings and other actions necessary to establish, protect and
perfect such Originator's right, title and interest in and to the Receivables
originated by it and its other properties and assets; (iv) each Originator has
rights in and the power to Transfer each Receivable originated by it and

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included in the Originator Collateral, together with all related Contracts,
Collections and Records, and upon which it purports to grant a Lien hereunder
free and clear of any and all Liens other than Permitted Originator Encumbrances
and (v) the Liens granted to Buyer pursuant to Section 7.01 will at all times be
fully perfected first priority Liens in and to the Originator Collateral,
subject only to Permitted Originator Encumbrances set forth in clauses (a), (h)
and (j) of the definition of such term.

     (i) Labor Matters. As of the Closing Date (a) no strikes or other material
labor disputes against the Performance Guarantor or any Originator are pending
or, to such Person's knowledge, threatened; (b) hours worked by and payment made
to employees of Performance Guarantor or each Originator comply with the Fair
Labor Standards Act and each other federal, state, local or foreign law
applicable to such matters; (c) all payments due from Performance Guarantor or
any Originator for employee health and welfare insurance have been paid or
accrued as a liability on the books of such Person; (d) [intentionally blank];
(e) there is no organizing activity involving Performance Guarantor or any
Originator pending or, to such Person's knowledge, threatened by any labor union
or group of employees; (f) there are no representation proceedings pending or,
to Performance Guarantor's or any Originator's knowledge, threatened with the
National Labor Relations Board, and no labor organization or group of employees
of Performance Guarantor or any Originator has made a pending demand for
recognition; and (g) except as set forth in Schedule 4.01(i), there are no
material complaints or charges against Performance Guarantor or any Originator
pending or, to the knowledge of such Person, threatened to be filed with any
Governmental Authority or arbitrator based on, arising out of, in connection
with, or otherwise relating to the employment or termination of employment of
any individual by Performance Guarantor or any Originator that seek damages in
excess of $1,000,000 in the aggregate or $500,000 individually.

     (j) Ventures, Subsidiaries and Affiliates; Outstanding Equity Interests.
Except as set forth in Schedule 4.01(j), neither Performance Guarantor nor any
Originator has any Subsidiaries, is engaged in any joint venture or partnership
with any other Person, or is an Affiliate of any other Person. All of the issued
and outstanding Equity Interests of each Originator is owned (directly or
indirectly) by Performance Guarantor. There are no outstanding rights to
purchase, options, warrants or similar rights or agreements pursuant to which
any Originator may be required to issue, sell, repurchase or redeem any of its
Equity Interest or other equity securities or any Equity Interest or other
equity securities of its Subsidiaries. All outstanding Equity Interests of each
Originator and Performance Guarantor as of the Closing Date is described in
Schedule 4.01(j).

     (k) Taxes. All tax returns, reports and statements, including information
returns, required by any Governmental Authority to be filed by the Parent and
each of its Subsidiaries have been filed with the appropriate Governmental
Authority and all charges have been paid prior to the date on which any fine,
penalty, interest or late charge may be added thereto for nonpayment thereof (or
any such fine, penalty, interest, late charge or loss has been paid), excluding
charges or other amounts being contested in accordance with Section 4.02(m)(ii).

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Proper and accurate amounts have been withheld by such member of the Parent
Group from its respective employees for all periods in full and complete
compliance with all applicable federal, state, local and foreign laws and such
withholdings have been timely paid to the respective Governmental Authorities.
Schedule 4.01(k) sets forth as of the Closing Date (i) those taxable years for
which Performance Guarantor's and Originator's tax returns are currently being
audited by the IRS or any other applicable Governmental Authority and (ii) any
assessments or threatened assessments in connection with such audit or otherwise
currently outstanding. Except as described on Schedule 4.01(k), neither
Performance Guarantor nor any Originator has executed or filed with the IRS or
any other Governmental Authority any agreement or other document extending, or
having the effect of extending, the period for assessment or collection of any
charges. As of the Closing Date, none of the Performance Guarantor, any
Originator or any of their Affiliates has agreed or been requested to make any
adjustment under Code Section 481(a), by reason of a change in accounting method
or otherwise, that would have a Material Adverse Effect.

     (l) Intellectual Property. As of the Closing Date, each Originator owns or
has rights to use all intellectual property necessary to continue to conduct its
business as now or heretofore conducted by it or proposed to be conducted by it.
To the knowledge of each Originator and the Performance Guarantor after diligent
inquiry, each Originator conducts its business and affairs without infringement
of or interference with any intellectual property of any other Person. Except as
set forth in Schedule 4.01(l), no Originator is aware of any infringement or
claim of infringement by others of any intellectual property of the Originators.

     (m) Full Disclosure. All information contained in this Agreement, any of
the other Related Documents, or any written statement furnished by or on behalf
of Performance Guarantor or any Originator to Buyer, the Purchasers or the Agent
pursuant to the terms of this Agreement or any of the other Related Documents is
true and accurate in every material respect, and none of this Agreement, any of
the other Related Documents, or any written statement furnished by or on behalf
of Performance Guarantor or any Originator to Buyer, the Purchasers or the Agent
pursuant to the terms of this Agreement or any of the other Related Documents is
misleading as a result of the failure to include therein a material fact.

     (n) Notices to Obligors. Each Originator has directed all Obligors of
Transferred Receivables originated by it to remit all payments with respect to
such Receivables for deposit in a Lockbox or Lockbox Account.

     (o) ERISA.

          (i) Schedule 4.01(o) lists all Plans and separately identifies all
     Pension Plans, including all Title IV Plans, Multiemployer Plans, ESOPs and
     Welfare Plans, including all Retiree Welfare Plans. Each Qualified Plan has
     been determined by the IRS to qualify under Section 401 of the Code, the
     trusts created thereunder have been determined to be exempt from tax under
     the provisions of Section 501 of the Code, and nothing has

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     occurred that would cause the loss of such qualification or tax-exempt
     status. Except as otherwise provided in Schedule 4.01(o), (x) each Plan is
     in compliance with the applicable provisions of ERISA and the Code,
     including the timely filing of all reports required under the Code or
     ERISA, (y) neither Performance Guarantor, any Originator nor any ERISA
     Affiliate has failed to make any contribution or pay any amount due as
     required by either Section 412 of the Code or Section 302 of ERISA or the
     terms of any such Plan and (z) neither Performance Guarantor, any
     Originator nor any ERISA Affiliate has engaged in a "prohibited
     transaction," as defined in Section 4975 of the Code, in connection with
     any Plan that would subject Performance Guarantor or any Originator to a
     material tax on prohibited transactions imposed by Section 4975 of the
     Code.

          (ii) Except as set forth in Schedule 4.01(o): (A) no Title IV Plan has
     any Unfunded Liability; (B) no ERISA Event or event described in Section
     4062(e) of ERISA with respect to any Title IV Plan has occurred or is
     reasonably expected to occur; (C) there are no pending or, to the knowledge
     of Performance Guarantor or any Originator, threatened claims (other than
     claims for benefits in the normal course), sanctions, actions or lawsuits,
     asserted or instituted against any Plan or any Person as fiduciary or
     sponsor of any Plan; (D) neither Performance Guarantor, any Originator nor
     any ERISA Affiliate has incurred or reasonably expects to incur any
     liability as a result of a complete or partial withdrawal from a
     Multiemployer Plan; (E) within the last five years no Title IV Plan with
     Unfunded Liabilities has been transferred outside of the "controlled group"
     (within the meaning of Section 4001(a)(14) of ERISA) of Performance
     Guarantor, any Originator or any ERISA Affiliate; (F) Equity Interests of
     Performance Guarantor, the Originators and their ERISA Affiliates make up,
     in the aggregate, no more than 10% of the assets of any Plan, measured on
     the basis of fair market value as of the last valuation date of any Plan.

     (p) Brokers. No broker or finder acting on behalf of Performance Guarantor
or any Originator was employed or utilized in connection with this Agreement or
the other Related Documents or the transactions contemplated hereby or thereby
and neither Performance Guarantor nor any Originator has any obligation to any
Person in respect of any finder's or brokerage fees in connection therewith.

     (q) Margin Regulations. Neither Originator nor the Performance Guarantor is
engaged, nor will it engage, principally or as one of its important activities,
in the business of extending credit for the purpose of "purchasing" or
"carrying" any "margin security" as such terms are defined in Regulation U of
the Federal Reserve Board as now and from time to time hereafter in effect (such
securities being referred to herein as "Margin Stock"). Neither Originator nor
Performance Guarantor owns any Margin Stock, and no portion of the Sale Price
for any Sale hereunder will be used, directly or indirectly, for the purpose of
purchasing or carrying any Margin Stock, for the purpose of reducing or retiring
any Indebtedness that was originally incurred to purchase or carry any Margin
Stock or for any other purpose that might

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cause any portion of such proceeds to be considered a "purpose credit" within
the meaning of Regulations T, U or X of the Federal Reserve Board. Neither
Originator nor Performance Guarantor will take or permit to be taken any action
that might cause any Related Document to violate any regulation of the Federal
Reserve Board.

     (r) Nonapplicability of Bulk Sales Laws. No transaction contemplated by
this Agreement or any of the other Related Documents requires compliance with
any bulk sales act or similar law.

     (s) Warranty Policy. Attached hereto as Schedule 4.01(s) is a true and
correct copy of the Originators' Warranty Policy as in effect on the date of
this Agreement.

     (t) Government Regulation. Neither Originator nor Performance Guarantor is
an "investment company" or an "affiliated person" of, or "promoter" or
"principal underwriter" for, an "investment company," as such terms are defined
in the Investment Company Act. Neither Originator nor Performance Guarantor is
subject to regulation under the Public Utility Holding Company Act of 1935, the
Federal Power Act, or any other federal or state statute that restricts or
limits its ability to incur Indebtedness or to perform its obligations hereunder
or under the other Related Documents. The purchase or acquisition of Transferred
Receivables by Buyer hereunder, the application of the Sale Price for the
foregoing and the consummation of the transactions contemplated by this
Agreement and the other Related Documents will not violate any provision of any
such statute or any rule, regulation or order issued by the Securities and
Exchange Commission.

     (u) Books and Records; Minutes. Each of Performance Guarantor and the
Originators maintains (i) books and records of account and (ii) minutes of the
meetings and other proceedings of its Equity Holders and board of directors or
partners, as applicable, that are separate from the analogous records and
minutes of Buyer.

     (v) Deposit and Disbursement Accounts. Schedule 4.01(v) lists all banks and
other financial institutions at which the Originators maintains any deposit
accounts established for the receipt of collections on accounts receivable as of
the Closing Date, including any Lockbox Accounts, and such schedule correctly
identifies the name, address and telephone number of each depository, the name
in which the account is held, a description of the purpose of the account, and
the complete account number therefor, in each case as of the Closing Date.

     (w) Representations and Warranties in Other Related Documents. Each of the
representations and warranties of Performance Guarantor and the Originators
contained in the Related Documents (other than this Agreement) is true and
correct in all material respects and Performance Guarantor and each Originator
hereby makes each such representation and warranty to, and for the benefit of,
the Purchasers and the Agent as if the same were set forth in full herein, and
Performance Guarantor and each Originator consents to the assignment of Buyer's

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rights to the Agent for the benefit of the Purchasers and their respective
successors and assigns as contemplated in Section 4.02(f).

     (x) Receivables. With respect to each Receivable designated as an Eligible
Receivable in any Investment Base Certificate:

          (i) such Receivable satisfies the criteria for an Eligible Receivable
     prior to its Transfer to Buyer;

          (ii) prior to its Transfer to Buyer, such Receivable was owned by the
     applicable Originator free and clear of any Adverse Claim (other than
     Permitted Originator Encumbrances set forth in clauses (a), (h) and (j) of
     the definition of such term), and such Originator had the full right, power
     and authority to sell, contribute, assign, transfer and pledge its interest
     therein as contemplated under this Agreement and the other Related
     Documents and, upon such Transfer, Buyer will acquire valid and properly
     perfected title to and the sole record and beneficial ownership interest in
     such Receivable, free and clear of any Adverse Claim and, following such
     Transfer, such Receivable will not be subject to any Adverse Claim as a
     result of any action or inaction on the part of such Originator;

          (iii) the Transfer of each such Receivable pursuant to this Agreement
     and the Receivables Assignment constitutes, as applicable, a valid sale,
     contribution, transfer, assignment, setover and conveyance to Buyer of all
     right, title and interest of such Originator in and to such Receivable; and

          (iv) none of the Performance Guarantor nor the Originators has any
     knowledge of any fact (including any defaults by the Obligor thereunder on
     any other Receivable) that would cause it or should have caused it to
     expect that any payments on such Receivable will not be paid in full when
     due or to expect any other Material Adverse Effect.

     The representations and warranties described in this Section 4.01 shall
survive the Transfer of the Transferred Receivables to Buyer, any subsequent
assignment of the Transferred Receivables by Buyer, and the termination of this
Agreement and the other Related Documents and shall continue until the
indefeasible payment in full of all Transferred Receivables.

     Section 4.02. Affirmative Covenants of Performance Guarantor and each
Originator. Performance Guarantor and each Originator covenants and agrees that,
unless otherwise consented to by Buyer and the Agent, from and after the Closing
Date and until the Termination Date:

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     (a) Offices and Records. Performance Guarantor and each Originator shall
maintain its principal place of business and chief executive office and the
office at which it keeps its Records at the respective locations specified in
Schedule 4.01(b) or, upon 30 days' prior written notice to Buyer and the Agent,
at such other location in a jurisdiction where all action requested by Buyer,
the Purchasers or the Agent pursuant to Section 9.13 shall have been taken with
respect to the Transferred Receivables. Each Originator shall at its own cost
and expense, for not less than three years from the date on which each
Transferred Receivable was originated, or for such longer period as may be
required by law, maintain adequate Records with respect to such Transferred
Receivable, including records of all payments received, credits granted and
merchandise returned with respect thereto. Each Originator will, (A) at all
times from and after the date hereof, clearly and conspicuously mark its
computer and master data processing books and records with a legend describing
the Buyer's interest in the Receivables, and (B) segregate (from all other
receivables then owned by the Originators) all contracts relating to each
Receivable.

     (b) Access. Performance Guarantor and each Originator shall, during normal
business hours, from time to time upon one Business Day's prior notice and as
frequently as Buyer, the Servicer or the Agent determines to be appropriate: (i)
provide Buyer, the Servicer or the Agent and any of their respective officers,
employees and agents access to its properties (including properties utilized in
connection with the collection, processing or servicing of the Transferred
Receivables), facilities, advisors and employees (including officers) and to the
Originator Collateral, (ii) permit Buyer, the Servicer or the Agent and any of
their respective officers, employees and agents, to inspect, audit and make
extracts from its books and records, including all Records, (iii) permit Buyer,
the Servicer or the Agent and their respective officers, employees and agents,
to inspect, review and evaluate the Transferred Receivables and other Originator
Collateral, as applicable, and (iv) permit Buyer, the Servicer or the Agent and
their respective officers, employees and agents to discuss matters relating to
the Transferred Receivables or Performance Guarantor's or any Originator's
performance under this Agreement or the affairs, finances and accounts of
Performance Guarantor and the Originators with any of their officers, directors,
employees, representatives or agents (in each case, with those Persons having
knowledge of such matters) and with their independent certified public
accountants. If an Incipient Termination Event or a Termination Event shall have
occurred and be continuing, or the Agent, in good faith, believes that an
Incipient Termination Event or a Termination Event is imminent or deems the
Agent's rights or interests (on behalf of the Purchasers) in the Transferred
Receivables or the Originator Collateral insecure, Performance Guarantor and
each Originator shall provide such access at all times and without advance
notice and shall provide Buyer, the Servicer or the Agent with access to its
suppliers and customers. Performance Guarantor and each Originator shall make
available to Buyer, the Servicer or the Agent and their respective counsel, as
quickly as is possible under the circumstances, originals or copies of all books
and records, including Records, that Buyer, the Servicer or the Agent may
request. Performance Guarantor and each Originator shall deliver any document or
instrument necessary for Buyer, the Servicer or the Agent, as they may from time
to time request, to obtain records from any service bureau or other Person that
maintains records for Performance Guarantor and

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the Originators, and shall maintain duplicate records or supporting
documentation on media, including computer tapes and discs owned by Performance
Guarantor and the Originators.

     (c) Supplemental Disclosure. From time to time as may be reasonably
requested by Agent (which request will not be made more frequently than once
each year absent the occurrence and continuance of a Termination Event), the
Performance Guarantor or any Originator shall supplement each Schedule of
Documents hereto, or any representation herein or in any other Related
Documents, with respect to any matter hereafter arising that, if existing or
occurring at the date of this Agreement, would have been required to be set
forth or described in such Schedule of Documents or as an exception to such
representation or that is necessary to correct any information in such Schedule
of Documents or representation which has been rendered inaccurate thereby (and,
in the case of any supplements to any Schedule of Documents, such Schedule of
Documents shall be appropriately marked to show the changes made therein);
provided that (a) no such supplement to any such Schedule of Documents or
representation shall amend, supplement or otherwise modify any Schedule of
Documents or representation, or be or be deemed a waiver of any Termination
Event resulting from the matters disclosed therein, except as consented to by
Agent in writing, and (b) no supplement shall be required or permitted as to
representations and warranties that relate solely to the Closing Date.

     (d) Communication with Accountants. Performance Guarantor and each
Originator authorize Buyer, the Servicer and the Agent to communicate directly
with its independent certified public accountants, and authorizes and shall
instruct those accountants and advisors to disclose and make available to Buyer,
the Servicer and the Agent any and all financial statements and other supporting
financial documents, schedules and information relating to Performance Guarantor
and the Originators (including copies of any issued management letters) with
respect to the business, financial condition and other affairs of Performance
Guarantor and Originators. Performance Guarantor and each Originator agrees to
render to Buyer, the Servicer and the Agent at Performance Guarantor's or such
Originator's own cost and expense, such clerical and other assistance as may be
reasonably requested with regard to the foregoing. If any Termination Event
shall have occurred and be continuing, Performance Guarantor and each Originator
shall, promptly upon request therefor, assist Buyer in delivering to the Agent
Records reflecting activity through the close of business on the Business Day
immediately preceding the date of such request.

     (e) Compliance With Credit and Collection Policies. Each Originator shall
comply in all material respects with the Credit and Collection Policies
applicable to each Transferred Receivable and the Contracts therefor, and with
the terms of such Receivables and Contracts.

     (f) Assignment. Performance Guarantor and each Originator agrees that, to
the extent permitted under the Purchase Agreement, Buyer may assign all of its
right, title and interest in, to and under the Transferred Receivables and this
Agreement, including its right to exercise the remedies set forth in Section
4.05. Performance Guarantor and each Originator agrees that, upon any such
assignment, the assignee thereof may enforce directly, without joinder

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of Buyer, all of the obligations of Performance Guarantor and the Originators
hereunder, including any obligations of Performance Guarantor or the Originators
set forth in Sections 4.02(p), 4.05, 5.01 and 9.14.

     (g) Compliance with Agreements and Applicable Laws. Performance Guarantor
and each Originator shall perform each of its obligations under this Agreement
and the other Related Documents and comply with all federal, state and local
laws and regulations applicable to it and the Receivables, including those
relating to truth in lending, retail installment sales, fair credit billing,
fair credit reporting, equal credit opportunity, fair debt collection practices,
privacy, licensing, taxation, ERISA and labor matters and Environmental Laws and
Environmental Permits, except to the extent that the failure to so comply,
individually or in the aggregate, could not reasonably be expected to have a
Material Adverse Effect.

     (h) Maintenance of Existence and Conduct of Business. Performance Guarantor
and each Originator shall (i) do or cause to be done all things necessary to
preserve and keep in full force and effect its legal existence and its rights
and franchises; (ii) continue to conduct its business substantially as now
conducted or as otherwise permitted hereunder and in accordance with the terms
of its Organic Documents; (iii) at all times maintain, preserve and protect all
of its assets and properties used or useful in the conduct of its business,
including all licenses, permits, charters and registrations, and keep the same
in good repair, working order and condition in all material respects (taking
into consideration ordinary wear and tear) and from time to time make, or cause
to be made, all necessary or appropriate repairs, replacements and improvements
thereto consistent with industry practices; and (iv) transact business only in
such corporate and trade names as are set forth in Schedule 4.02(h) or, upon 30
days' prior written notice to Buyer, the Agent, in such other corporate or trade
names with respect to which all action requested by Buyer, the Purchasers or the
Agent pursuant to Section 9.13 shall have been taken with respect to the
Transferred Receivables. No Originator shall change the type of entity it is,
its jurisdiction of incorporation or organization, or its organization number,
if any, issued by its state of incorporation or organization, except upon 30
days' prior written notice to Buyer and the Agent, and with respect to which
jurisdiction all action requested by Buyer, the Purchasers or the Agent pursuant
to Section 9.13 shall have been taken with respect to the Transferred
Receivables.

     (i) Notice of Material Event. Performance Guarantor and each Originator
shall promptly inform Buyer in writing of the occurrence of any of the
following, in each case setting forth the details thereof and what action, if
any, Performance Guarantor or such Originator proposes to take with respect
thereto:

          (i) any Litigation commenced or threatened against Performance
     Guarantor or any Originator or with respect to or in connection with all or
     any portion of the Transferred Receivables that (A) seeks damages or
     penalties in an uninsured amount in excess of $500,000 in any one instance
     or $1,000,000 in the aggregate, (B) seeks injunctive relief, (C) is
     asserted or instituted against any Plan, its fiduciaries or its assets or
     against any Originator, Performance Guarantor or any ERISA Affiliate in
     connection

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     with any Plan, (D) alleges criminal misconduct by Performance Guarantor or
     any Originator, (E) alleges the violation of any law regarding, or seeks
     remedies in connection with, any Environmental Liability, (F) would, if
     determined adversely, have a Material Adverse Effect;

          (ii) the commencement of a case or proceeding by or against
     Performance Guarantor or any Originator seeking a decree or order in
     respect of Person (A) under the Bankruptcy Code or any other applicable
     federal, state or foreign bankruptcy or other similar law, (B) appointing a
     custodian, receiver, liquidator, assignee, trustee or sequestrator (or
     similar official) for Performance Guarantor or any Originator, or for any
     substantial part of such Person's assets, or (C) ordering the winding-up or
     liquidation of the affairs of any Originator or Performance Guarantor;

          (iii) (A) any Adverse Claim made or asserted against any of the
     Transferred Receivables of which it becomes aware or (B) any determination
     that a Transferred Receivable designated as an Eligible Receivable in an
     Investment Base Certificate or otherwise was not an Eligible Receivable at
     the time of such designation; or

          (iv) any other event, circumstance or condition that has had or could
     reasonably be expected to have a Material Adverse Effect.

     (j) Use of Proceeds. Each Originator shall utilize the proceeds of the Sale
Price obtained by it for each Sale made by it hereunder solely for general
corporate purposes and to pay any related expenses payable by each of the
Originators under this Agreement and the other Related Documents in connection
with the transactions contemplated hereby and thereby and for no other purpose.

     (k) Separate Identity.

          (i) Performance Guarantor and each Originator shall, and shall cause
     each of its Affiliates included in the Parent Group to, maintain corporate
     records and books of account separate from those of Buyer.

          (ii) The financial statements of Performance Guarantor and each
     Originator shall disclose the effects of the Originators' transactions in
     accordance with GAAP and, in addition, disclose that (A) Buyer's sole
     business consists of the purchase or acceptance through capital
     contribution of the Receivables from the Originators and the subsequent
     resale of such Receivables to the Agent for the benefit of the Purchasers,
     (B) Buyer is a separate legal entity with its own separate creditors who
     will be entitled, upon its liquidation, to be satisfied out of Buyer's
     assets prior to any value in Buyer becoming available to Buyer's equity
     holders and (C) the assets of Buyer are not available to pay creditors of
     Performance Guarantor, the Originators or any of their Affiliates.

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          (iii) The resolutions, agreements and other instruments underlying the
     transactions described in this Agreement shall be continuously maintained
     by Performance Guarantor and the Originators as official records.

          (iv) The Performance Guarantor shall, and shall cause each member of
     the Parent Group to, maintain an arm's length relationship with Buyer and
     shall not hold itself out as being liable for the Indebtedness of Buyer.

          (v) Performance Guarantor and each Originator shall, and shall cause
     each member of the Parent Group to, keep its assets and its liabilities
     wholly separate from those of Buyer.

          (vi) Performance Guarantor and each Originator shall, and shall cause
     each member of the Parent Group to, conduct its business solely in its own
     name through its duly Authorized Officers or agents and in a manner
     designed not to mislead third parties as to the separate identity of the
     Buyer.

          (vii) Performance Guarantor and the Originators shall not, and shall
     not permit any member of the Parent Group to, mislead third parties by
     conducting or appearing to conduct business on behalf of Buyer or expressly
     or impliedly representing or suggesting that Performance Guarantor or any
     Originator or Affiliate thereof is liable or responsible for the
     Indebtedness of Buyer or that the assets of Performance Guarantor or any
     Originator or any Affiliate are available to pay the creditors of Buyer.

          (viii) Performance Guarantor and each Originator shall cause operating
     expenses and liabilities of Buyer to be paid from Buyer's own funds.

          (ix) Performance Guarantor and each Originator shall at all times have
     stationery and other business forms and a mailing address and telephone
     number separate from those of Buyer.

          (x) Performance Guarantor and each Originator shall, and shall cause
     each member of the Parent Group to, at all times limit its transactions
     with Buyer only to those expressly permitted hereunder or under any other
     Related Document.

          (xi) Performance Guarantor and each Originator shall, and shall cause
     each member of the Parent Group to, comply with (and cause to be true and
     correct) each of the facts and assumptions contained in the opinion of
     Baker & Daniels delivered pursuant to the Schedule of Documents.

     (l) ERISA. Performance Guarantor and each Originator shall give Buyer and
the Agent prompt written notice of any event that could result in the imposition
of a Lien under Section 412 of the Code or Section 302 or 4068 of ERISA.

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     (m) Payment, Performance and Discharge of Obligations.

          (i) Subject to Section 4.02(m)(ii), Performance Guarantor and each
     Originator shall, and shall cause each member of the Parent Group to, pay,
     perform and discharge or cause to be paid, performed and discharged all of
     its obligations and liabilities, including all taxes, assessments and
     governmental charges upon its income and properties and all lawful claims
     for labor, materials, supplies and services, promptly when due.

          (ii) Performance Guarantor, its Affiliates and any Originator may in
     good faith contest, by appropriate proceedings, the validity or amount of
     any charges or claims described in Section 4.02(m)(i); provided, that (A)
     adequate reserves with respect to such contest are maintained on the books
     of such Person, in accordance with GAAP, (B) such contest is maintained and
     prosecuted continuously and with diligence, (C) none of the Originator
     Collateral may become subject to forfeiture or loss as a result of such
     contest, (D) no Lien may be imposed to secure payment of such charges or
     claims other than inchoate tax liens and (E) Buyer has affirmatively
     advised such Performance Guarantor (with respect to the Performance
     Guarantor or its Affiliates) or any Originator in writing that Buyer
     reasonably believes that nonpayment or nondischarge thereof could not
     reasonably be expected to have or result in a Material Adverse Effect.

     (n) Deposit of Collections. Performance Guarantor and each Originator shall
deposit or cause to be deposited promptly into a Lockbox Account, and in any
event no later than the first Business Day after receipt thereof, all
Collections it may receive in respect of Transferred Receivables.

     (o) Accounting Changes. If any Accounting Changes occur and such changes
result in a change in the standards or terms used herein, then the parties
hereto agree to enter into negotiations in order to amend such provisions so as
to equitably reflect such Accounting Changes with the desired result that the
criteria for evaluating the financial condition of such Persons shall be the
same after such Accounting Changes as if such Accounting Changes had not been
made. If the parties hereto agree upon the required amendments to this
Agreement, then after appropriate amendments have been executed and the
underlying Accounting Change with respect thereto has been implemented, any
reference to GAAP contained herein shall, only to the extent of such Accounting
Change, refer to GAAP consistently applied after giving effect to the
implementation of such Accounting Change. If such parties cannot agree upon the
required amendments within 30 days following the date of implementation of any
Accounting Change, then all financial statements delivered and all standards and
terms used herein shall be prepared, delivered and used without regard to the
underlying Accounting Change.

     (p) Adjustments to Sale Price. If on any day the Billed Amount of any
Transferred Receivable originated by an Originator is reduced as a result of any
Dilution Factors, and the amount of such reduction exceeds the amount, if any,
of Dilution Factors taken into account in

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the calculation of the Sale Price for such Transferred Receivable, the
Originator shall make a cash payment to Buyer in the amount of such excess by
remitting such amount to the Collection Account in accordance with the terms of
the Purchase Agreement.

     Section 4.03. Reporting Requirements of the Performance Guarantor. The
Performance Guarantor hereby agrees that, from and after the Closing Date and
until the Termination Date, it shall deliver or cause to be delivered to the
Buyer and to Buyer's assignee, the Agent, for distribution to the Purchasers,
the financial statements, notices and other information at the times, to the
Persons and in the manner set forth in Annex 4.03.

     Section 4.04. Negative Covenants of each of the Originators. Performance
Guarantor and each Originator covenants and agrees that, without the prior
written consent of Buyer and the Agent, from and after the Closing Date and
until the Termination Date:

     (a) [Reserved].

     (b) Liens. Performance Guarantor shall not, and shall not permit any
Originator to and no Originator shall, create, incur, assume or permit to exist
any Adverse Claim on or with respect to its Receivables or any of its other
Originator Collateral (whether now owned or hereafter acquired) except for the
Liens set forth in Schedule 4.04(b) and other Permitted Originator Encumbrances.

     (c) Modifications of Receivables or Contracts. Performance Guarantor shall
not, and shall not permit any Originator to and no Originator shall, extend,
amend, forgive, discharge, compromise, cancel or otherwise modify the terms of
any Transferred Receivable, or amend, modify or waive any term or condition of
any Contract therefore.

     (d) Sale Characterization. Performance Guarantor shall not, and shall not
permit any Originator to and no Originator shall, make statements or disclosures
or prepare any financial statements for any purpose, including for federal
income tax, reporting or accounting purposes, that shall account for the
transactions contemplated by this Agreement in any manner other than (i) with
respect to the Sale of each Receivable originated by it, as a true sale or
absolute assignment of its full right, title and ownership interest in such
Receivable and (ii) with respect to the Transfer of each of its Contributed
Receivables under this Agreement, as a contribution to the capital of Buyer.

     (e) Capital Structure and Business. Performance Guarantor shall not, and
shall not permit its Subsidiaries to, and no Originator shall, (i) make any
changes in any of its business objectives, purposes or operations that could
have or result in a Material Adverse Effect or (ii) make any change in its
capital structure as described on Schedule 4.04(e), including the issuance of
any Equity Interest, warrants or other securities convertible into Equity
Interests or any revision of the terms of its outstanding Equity Interests or
(iii) amend, supplement or

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otherwise modify its Organic Documents, in a manner that could have or result in
a Material Adverse Effect. Performance Guarantor shall not, nor shall permit any
Originator to, and no Originator shall, change its jurisdiction of organization
except as permitted by Section 4.02(h). Performance Guarantor shall not, nor
shall permit any Originator to, engage in any business other than the businesses
currently engaged in by it.

     (f) Actions Affecting Rights. Performance Guarantor shall not, and shall
not permit any Originator to and no Originator shall, (i) take any action, or
fail to take any action, if such action or failure to take action may interfere
with the enforcement of any rights hereunder or under the other Related
Documents, including rights with respect to the Transferred Receivables; (ii)
waive or alter any rights with respect to the Transferred Receivables (or any
agreement or instrument relating thereto); or (iii) fail to pay any tax,
assessment, charge, fee or other obligation of any Originator with respect to
the Transferred Receivables, or fail to defend any action, if such failure to
pay or defend may adversely affect the priority or enforceability of the
perfected title of Buyer to and the sole record and beneficial ownership
interest of Buyer in the Transferred Receivables or, prior to their Sale
hereunder, the Originator's right, title or interest therein.

     (g) ERISA. Performance Guarantor shall not, and shall not cause or permit
any ERISA Affiliate to and no Originator shall, cause or permit to occur an
event that could result in the imposition of a Lien under Section 412 of the
Code or Section 302 or 4068 of ERISA or cause or permit to cause an ERISA Event
to the extent such ERISA Event could reasonably be expected to have a Material
Adverse Effect.

     (h) Change to Credit and Collection Policies. Each Originator shall comply
with the Credit and Collection Policies, and no change shall be made to, the
Credit and Collection Policies without the prior written consent of Buyer and
the Agent.

     (i) Adverse Tax Consequences. Performance Guarantor shall not, and shall
not permit any Originator to and no Originator shall, take or permit to be taken
any action (other than with respect to actions taken or to be taken solely by a
Governmental Authority), or fail or neglect to perform, keep or observe any of
its obligations hereunder or under the other Related Documents, that would have
the effect directly or indirectly of subjecting any payment to Buyer, the
Purchasers or the Agent to withholding taxation.

     (j) No Proceedings. From and after the Closing Date and until the date one
year plus one day following the date on which all Seller Secured Obligations are
paid in full in cash, Performance Guarantor shall not, and shall not permit any
Originator to and no Originator shall, directly or indirectly, institute or
cause to be instituted against Buyer any proceeding of the type referred to in
Sections 9.01(c) and 9.01(d) of the Purchase Agreement.

     (k) Commingling. Performance Guarantor shall not, and shall not permit any
Originator to and no Originator shall, deposit or permit the deposit of any
funds that do not

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constitute Collections of Transferred Receivables into any Lockbox Account. If
such funds are nonetheless deposited into a Lockbox Account and such Originator
so notifies the Buyer and the Agent (as Buyer's assignee), the Agent shall
promptly remit any such amounts as directed by such Originator.

     (l) Financial Covenants. The Performance Guarantor and Originators shall
not, and shall not permit any member of the Parent Group to, violate any of the
financial covenants set forth in Annex 4.04(l).

     (m) Cancellation of Indebtedness. Performance Guarantor and Originators
shall not, and shall not permit any member of the Parent Group to, cancel any
claim or Indebtedness owing to it, except for reasonable consideration
negotiated on an arm's-length basis and in the ordinary course of its business
consistent with past practices.

     (n) No Impairment of Intercompany Transfers. Except as may be permitted by
the Credit Agreement, Performance Guarantor and Originators shall not, and shall
not permit any member of the Parent Group to, directly or indirectly enter into
or become bound by any agreement, instrument, indenture or other obligation
(other than this Agreement and the other Related Documents) that could directly
or indirectly restrict, prohibit or require the consent of any Person with
respect to the payment of dividends or distributions or the making or repayment
of intercompany loans by a member of the Parent Group to another member.

     (o) Additional Negative Covenants. The Performance Guarantor and
Originators shall not, and shall not permit any member of the Parent Group to,
violate any of the additional negative covenants set forth in Annex 4.04(o).

     Section 4.05. Breach of Representations, Warranties or Covenants. Upon
discovery by Performance Guarantor, any Originators or Buyer of any breach of
any representation, warranty or covenant described in Sections 4.01, 4.02 or
4.04 (other than a representation, warranty or covenant relating to the absence
of Dilution Factors), which breach is reasonably likely to have a Material
Adverse Effect on the value of a Transferred Receivable or the interests of
Buyer therein, the party discovering the same shall give prompt written notice
thereof to the other parties hereto. The applicable Originator may, at any time
on any Business Day, or shall, if requested by notice from Buyer, on the first
Business Day following receipt of such notice, either (a) repurchase such
Transferred Receivable from Buyer for cash, or (b) make a capital contribution
in cash to Buyer by remitting the amount (the "Rejected Amount") of such capital
contribution to the Collection Account in accordance with the terms of the
Purchase Agreement, in each case in an amount equal to the Billed Amount of such
Transferred Receivable minus the sum of (A) Collections received in respect
thereof and (B) the amount of any Dilution Factors taken into account in the
calculation of the Sale Price therefor. Notwithstanding the foregoing, if any
Receivable is not paid in full on account of any Dilution Factors, the
applicable Originator's repurchase obligations under this Section 4.05 with
respect to such Receivable shall be reduced by the amount of any such Dilution
Factors taken into account in the calculation of the Sale Price

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therefor. The applicable Originator shall ensure that no Collections or other
proceeds with respect to a Transferred Receivable so reconveyed to it are paid
or deposited into any Lockbox Account.

                                   ARTICLE V
                                 INDEMNIFICATION

     Section 5.01. Indemnification. Without limiting any other rights that Buyer
or any of its members, officers, directors, employees, attorneys, agents or
representatives (each, a "Buyer Indemnified Person") may have hereunder or under
applicable law, Performance Guarantor and each Originator hereby agrees to
indemnify and hold harmless each Buyer Indemnified Person from and against any
and all Indemnified Amounts that may be claimed or asserted against or incurred
by any such Buyer Indemnified Person in connection with or arising out of the
transactions contemplated under this Agreement or under any other Related
Document, any actions or failures to act in connection therewith, including any
and all legal costs and expenses arising out of or incurred in connection with
disputes between or among any parties to any of the Related Documents, or in
respect of any Transferred Receivable or any Contract therefor or the use by
Originator of the Sale Price therefor; provided, that neither Performance
Guarantor nor the Originators shall be liable for any indemnification to a Buyer
Indemnified Person to the extent that any such Indemnified Amounts result solely
from (a) such Buyer Indemnified Person's gross negligence or willful misconduct,
as finally determined by a court of competent jurisdiction, (b) recourse for
uncollectible or uncollected Transferred Receivables due to the lack of
creditworthiness of the Obligor or the occurrence of any event of bankruptcy
with respect to such Obligor, or (c) any income tax or franchise tax incurred by
any Buyer Indemnified Person, except to the extent that the incurrence of any
such tax results from a breach of or default under this Agreement or any other
Related Document. Subject to the exceptions set forth in clauses (a), (b) and
(c) of the immediately preceding sentence but otherwise without limiting the
generality of the foregoing, each Originator and Performance Guarantor shall pay
on demand to each Buyer Indemnified Person any and all Indemnified Amounts
relating to or resulting from:

          (i) reliance on any representation or warranty made or deemed made by
     Performance Guarantor or any Originator (or any of its officers) under or
     in connection with this Agreement or any other Related Document or on any
     other information delivered by Performance Guarantor or an Originator
     pursuant hereto or thereto that shall have been incorrect in any material
     respect when made or deemed made or delivered;

          (ii) the failure by Performance Guarantor or any Originator to comply
     with any term, provision or covenant contained in this Agreement, any other
     Related Document or any agreement executed in connection herewith or
     therewith, any applicable law, rule or regulation with respect to any
     Transferred Receivable or Contract therefor, or the nonconformity of any
     Transferred Receivable or the Contract therefor with any such applicable
     law, rule or regulation;

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          (iii) the failure to vest and maintain vested in Buyer, or to Transfer
     to Buyer, valid and properly perfected title to and sole record and
     beneficial ownership of the Receivables that constitute Transferred
     Receivables, together with all Collections in respect thereof, free and
     clear of any Adverse Claim;

          (iv) any dispute, claim, offset or defense of any Obligor (other than
     its discharge in bankruptcy) to the payment of any Receivable that is the
     subject of a Transfer hereunder (including a defense based on such
     Receivable or the Contract therefor not being a legal, valid and binding
     obligation of such Obligor enforceable against it in accordance with its
     terms), or any other claim resulting from the sale of the merchandise or
     services giving rise to such Receivable or the furnishing or failure to
     furnish such merchandise or services or relating to collection activities
     with respect to such Receivable (if such collection activities were
     performed by Performance Guarantor or any Originator or any Affiliate
     acting as the Servicer or a Sub-Servicer), except to the extent that such
     dispute, claim, offset or defense results solely from any action or
     inaction on the part of Buyer;

          (v) any products liability claim or other claim arising out of or in
     connection with merchandise, insurance or services that is the subject of
     any Contract;

          (vi) the commingling of Collections with respect to Transferred
     Receivables by Performance Guarantor or any Originator at any time with its
     other funds or the funds of any other Person;

          (vii) any failure by any Originator to cause the filing of, or any
     delay in filing, financing statements or other similar instruments or
     documents under the UCC of any applicable jurisdiction or any other
     applicable laws with respect to any Receivable that is the subject of a
     Sale hereunder, whether at the time of any such Sale or at any subsequent
     time;

          (viii) any failure by Performance Guarantor , any Originator or any
     Servicer to perform, keep or observe any of their respective duties or
     obligations hereunder, under any other Related Document or under any
     Contract related to a Transferred Receivable;

          (ix) any investigation, Litigation or proceeding related to this
     Agreement or the use of the Sale Price obtained in connection with any Sale
     or the ownership of Receivables or Collections with respect thereto or in
     respect of any Receivable or Contract, except to the extent any such
     investigation, Litigation or proceeding relates to a matter involving a
     Buyer Indemnified Person for which neither Performance Guarantor nor any
     Originator or any of its Affiliates is at fault, as finally determined by a
     court of competent jurisdiction; or

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          (x) any claim brought by any Person other than a Buyer Indemnified
     Person arising from any activity by Performance Guarantor, Originators or
     any of their Affiliates in servicing, administering or collecting any
     Transferred Receivables.

     NO BUYER INDEMNIFIED PERSON SHALL BE RESPONSIBLE OR LIABLE TO ANY OTHER
PARTY TO THIS AGREEMENT OR ANY OTHER RELATED DOCUMENT, ANY SUCCESSOR, ASSIGNEE
OR THIRD PARTY BENEFICIARY OF SUCH PERSON OR ANY OTHER PERSON ASSERTING CLAIMS
DERIVATIVELY THROUGH SUCH PARTY, FOR INDIRECT, PUNITIVE, EXEMPLARY OR
CONSEQUENTIAL DAMAGES THAT MAY BE ALLEGED AS A RESULT OF ANY TRANSACTION
CONTEMPLATED HEREUNDER OR THEREUNDER.

                                   ARTICLE VI
                                  DISTRIBUTIONS

     Section 6.01. Distributions. The Buyer may declare or pay distributions to
its members at any time that, after giving effect to such distributions, the
book value of the assets of the Buyer, minus reserves applicable thereto and
minus all of the Buyer's liabilities (including accrued and deferred income
taxes), all as determined in accordance with GAAP, shall be equal to or greater
than five percent (5.0%) of the Outstanding Balance of all Transferred
Receivables.

                                  ARTICLE VII
                               COLLATERAL SECURITY

     Section 7.01. Security Interest. To secure the prompt and complete payment,
performance and observance of any and all recourse and indemnity obligations of
each of the Originators to Buyer, including those set forth in Sections 4.02(p),
4.05, 5.01 and 9.14, and to induce Buyer to enter into this Agreement in
accordance with the terms and conditions hereof, each Originator hereby grants,
assigns, conveys, pledges, hypothecates and transfers to Buyer a Lien upon all
of such Originator's right, title and interest in, to and under the following
property, whether now owned by or owing to, or hereafter acquired by or arising
in favor of, such Originator (including under any trade names, styles or
derivations of such Originator), and whether owned by or consigned by or to, or
leased from or to, such Originator, and regardless of where located (all of
which being hereinafter collectively referred to as the "Originator
Collateral"):

     (a) all Receivables, Records (including Contracts) therefor and Collections
thereon;

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     (b) all monies, securities and other property now or hereafter in the
possession or custody of, or in transit to, Buyer, for any purpose (including
safekeeping, collection or pledge), from or for either of the Originators, or as
to which either of the Originators may have any right or power, and all of
Buyer's credits and balances with either of the Originators existing at any
time;

     (c) to the extent not otherwise included, customer lists, credit files and
other related property and rights and all computer hardware and software
pertaining to the foregoing; and

     (d) to the extent not otherwise included, all proceeds of the foregoing and
all substitutions and replacements for, each of the foregoing.

     Section 7.02. Other Collateral; Rights in Receivables. Nothing contained in
this Article VII shall limit the rights of Buyer in and to any other collateral
that may have been or may hereafter be granted to Buyer by either of the
Originators or any third party pursuant to any other agreement or the rights of
Buyer under any of the Transferred Receivables.

     Section 7.03. Originators Remain Liable. It is expressly agreed by each of
the Originators that, anything herein to the contrary notwithstanding, such
Originator shall remain liable under any and all of the Receivables originated
by it, the Contracts therefor and all other Originator Collateral to observe and
perform all the conditions and obligations to be observed and performed by it
thereunder. The Buyer shall not have any obligation or liability under any such
Receivables, Contracts or Originator Collateral by reason of or arising out of
this Agreement or the granting herein of a Lien thereon or the receipt by the
Buyer of any payment relating thereto pursuant hereto. The exercise by the Buyer
of any of its respective rights under this Agreement shall not release either of
the Originators from any of its respective duties or obligations under any such
Receivables, Contracts or Originator Collateral. The Buyer shall not be required
or obligated in any manner to perform or fulfill any of the obligations of
either of the Originators under or pursuant to any such Receivable, Contract or
Originator Collateral, or to make any payment, or to make any inquiry as to the
nature or the sufficiency of any payment received by it or the sufficiency of
any performance by any party under any such Receivable, Contract or Originator
Collateral, or to present or file any claims, or to take any action to collect
or enforce any performance or the payment of any amounts that may have been
assigned to it or to which it may be entitled at any time or times.

                                  ARTICLE VIII
                             PERFORMANCE UNDERTAKING

     Section 8.01. Guaranty of Performance of Guaranteed Obligations.
Performance Guarantor hereby guarantees to Buyer, the full and punctual payment
and performance by each

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Originator and each Servicer that is a Subsidiary or an Affiliate of Performance
Guarantor (each, an "Affiliated Servicer") of its respective Guaranteed
Obligations. The undertaking embodied in this Article VIII (this "Undertaking")
is an absolute, unconditional and continuing guaranty of the full and punctual
performance of all Guaranteed Obligations under this Agreement or the Purchase
Agreement, as applicable, and each other document executed and delivered by
either of the Originators or Affiliated Servicer pursuant to such agreements, as
applicable, and is in no way conditioned upon any requirement that Buyer first
attempt to collect any amounts owing by the Originators or Affiliated Servicer
to Buyer, the Agent or the Purchasers from any other Person or resort to any
collateral security, any balance of any deposit account or credit on the books
of Buyer, the Agent or the Purchasers in favor of either of the Originators or
Affiliated Servicer or any other Person or other means of obtaining payment.
Should either of the Originators or Affiliated Servicer default in the payment
or performance of any of its Guaranteed Obligations, Buyer (or its assigns) may
cause the immediate performance by Performance Guarantor of such Guaranteed
Obligations and cause any payment of Guaranteed Obligations to become forthwith
due and payable to Buyer (or its assigns) by Performance Guarantor, without
demand or notice of any nature (other than as expressly provided herein), all of
which are hereby expressly waived by Performance Guarantor. Notwithstanding the
foregoing, this Undertaking is not a guarantee of the collection of any of the
Receivables and Performance Guarantor shall not be responsible for any
Guaranteed Obligations to the extent the failure to perform such Guaranteed
Obligations by either of the Originators or Affiliated Servicer results from
Receivables being uncollectible on account of the insolvency, bankruptcy or lack
of creditworthiness of the related Obligor; provided that nothing herein shall
relieve either of the Originators or Affiliated Servicer from performing in full
its Guaranteed Obligations under the Related Documents to which it is a party or
Performance Guarantor of its Undertaking hereunder with respect to the full
performance of such duties.

     Section 8.02. Performance Guarantor's Further Agreements to Pay.
Performance Guarantor further agrees, as the principal obligor and not as a
guarantor only, to pay to Buyer (and its assigns), forthwith upon demand in
funds immediately available to Buyer, all reasonable costs and expenses
(including court costs and reasonable legal expenses) incurred or expended by
Buyer in connection with the Guaranteed Obligations, this Undertaking and the
enforcement thereof, together with interest on amounts recoverable under this
Undertaking from the time when such amounts become due until payment, at a rate
of interest (computed for the actual number of days elapsed based on a 360-day
year) equal to the sum of the Index Rate plus the Daily Margin plus the Daily
Default Margin per annum, such rate of interest changing when and as the Index
Rate changes.

     Section 8.03. Waivers by Performance Guarantor. Performance Guarantor
waives notice of acceptance of this Undertaking, notice of any action taken or
omitted by Buyer (or its assigns) in reliance on this undertaking, and any
requirement that Buyer (or its assigns) be diligent or prompt in making demands
under this undertaking, giving notice of any Termination Event, Event of
Servicer Termination, other default or omission by either of the Originators or

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Affiliated Servicer or asserting any other rights of Buyer under this
Undertaking. Performance Guarantor warrants that it has adequate means to obtain
from the Originators and Affiliated Servicer, on a continuing basis, information
concerning their financial condition, and that it is not relying on Buyer to
provide such information, now or in the future. Performance Guarantor also
irrevocably waives all defenses (i) that at any time may be available in respect
of the Guaranteed Obligations by virtue of any statute of limitations,
valuation, stay, moratorium law or other similar law now or hereafter in effect
or (ii) that arise under the law of suretyship, including impairment of
collateral. Buyer (and its assigns) shall be at liberty, without giving notice
to or obtaining the assent of Performance Guarantor and without relieving
Performance Guarantor of any liability under this Undertaking, to deal with each
of the Originators and Affiliated Servicer and with each other party who now is
or after the date hereof becomes liable in any manner for any of the Guaranteed
Obligations, in such manner as Buyer in its sole discretion deems fit, and to
this end Performance Guarantor agrees that the validity and enforceability of
this Undertaking, shall not be impaired or affected by any of the following: (a)
any extension, modification or renewal of, or indulgence with respect to, or
substitutions for, the Guaranteed Obligations or any part thereof or any
agreement relating thereto at any time; (b) any failure or omission to enforce
any right, power or remedy with respect to the Guaranteed Obligations or any
part thereof or any agreement relating thereto, or any collateral securing the
Guaranteed Obligations or any part thereof; (c) any waiver of any right, power
or remedy or of any Termination Event, Event of Servicer Termination, or default
with respect to the Guaranteed Obligations or any part thereof or any agreement
relating thereto; (d) any release, surrender, compromise, settlement, waiver,
subordination or modification, with or without consideration, of any other
obligation of any Person or entity with respect to the Guaranteed Obligations or
any part thereof; (e) the enforceability or validity of the Guaranteed
Obligations or any part thereof or the genuineness, enforceability or validity
of any agreement relating thereto or with respect to the Guaranteed Obligations
or any part thereof; (f) the application of payments received from any source to
the payment of any payment obligations of either Originator or Affiliated
Servicer or any part thereof or amounts which are not covered by this
Undertaking even though Buyer (or its assigns) might lawfully have elected to
apply such payments to any part or all of the payment obligations of Originators
or Affiliated Servicer or to amounts which are not covered by this Undertaking;
(g) the existence of any claim, setoff or other rights which Performance
Guarantor may have at any time against Originators or Affiliated Servicer in
connection herewith or any unrelated transaction; (h) any assignment or transfer
of the Guaranteed Obligations or any part thereof; or (i) any failure on the
part of Originators or Affiliated Servicer to perform or comply with any term of
the Agreements or any other document executed in connection therewith or
delivered thereunder, all whether or not Performance Guarantor shall have had
notice or knowledge of any act or omission referred to in the foregoing clauses
(a) through (i) of this Section 8.03.

     Section 8.04. Unenforceability of Guaranteed Obligations Against
Originators or Affiliated Servicer. Notwithstanding (a) any change of ownership
of Originators or Affiliated Servicer or the insolvency, bankruptcy or any other
change in the legal status of Originators or Affiliated Servicer; (b) any change
in or the imposition of any law, decree, regulation or other

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governmental act which does or might impair, delay or in any way affect the
validity, enforceability or the payment when due of the Guaranteed Obligations;
(c) the failure of either of the Originators, Affiliated Servicer or Performance
Guarantor to maintain in full force, validity or effect or to obtain or renew
when required all governmental and other approvals, licenses or consents
required in connection with the Guaranteed Obligations or this Undertaking, or
to take any other action required in connection with the performance of all
obligations pursuant to the Guaranteed Obligations or this Undertaking; or (d)
if any of the moneys included in the Guaranteed Obligations have become
irrecoverable from either of the Originators or Affiliated Servicer for any
other reason other than final payment in full of the payment Guaranteed
Obligations in accordance with their terms, this Undertaking shall nevertheless
be binding on Performance Guarantor. This Undertaking shall be in addition to
any other guaranty or other security for the Guaranteed Obligations, and it
shall not be rendered unenforceable by the invalidity of any such other guaranty
or security. In the event that acceleration of the time for payment of any of
the Guaranteed Obligations is stayed upon the insolvency, bankruptcy or
reorganization of either of the Originators or Affiliated Servicer or for any
other reason with respect to either of the Originators or Affiliated Servicer,
all such amounts then due and owing with respect to the Guaranteed Obligations
under the terms of the Agreements, or any other agreement evidencing, securing
or otherwise executed in connection with the Guaranteed Obligations, shall be
immediately due and payable by Performance Guarantor.

     Section 8.05. Subrogation; Subordination. Notwithstanding anything to the
contrary contained herein, until the Guaranteed Obligations are paid in full,
Performance Guarantor: (a) will not enforce or otherwise exercise any right of
subrogation to any of the rights of Buyer, the Agent or the Purchasers against
either of the Originators or Affiliated Servicer, (b) hereby waives all rights
of subrogation (whether contractual, under Section 509 of the United States
Bankruptcy Code, at law or in equity or otherwise) to the claims of Buyer, the
Agent and the Purchasers against either of the Originators or Affiliated
Servicer and all contractual, statutory or legal or equitable rights of
contribution, reimbursement, indemnification and similar rights and "claims" (as
such term is defined in the United States Bankruptcy Code) which Performance
Guarantor might now have or hereafter acquire against either of the Originators
or Affiliated Servicer that arise from the existence or performance of
Performance Guarantor's obligations hereunder, (c) will not claim any setoff,
recoupment or counterclaim against either of the Originators or Affiliated
Servicer in respect of any liability of Performance Guarantor to either of the
Originators or Affiliated Servicer and (d) waives any benefit of and any right
to participate in any collateral security which may be held by the Agent or any
Purchaser. The payment of any amounts due with respect to any Indebtedness of
either of the Originators or Affiliated Servicer now or hereafter owed to
Performance Guarantor is hereby subordinated to the prior payment in full of all
of the Guaranteed Obligations. Performance Guarantor agrees that, after the
occurrence of any default in the payment or performance of any of the Guaranteed
Obligations, Performance Guarantor will not demand, sue for or otherwise attempt
to collect any such Indebtedness of either of the Originators or Affiliated
Servicer to Performance Guarantor until all of the Guaranteed Obligations shall
have been paid and performed in full. If, notwithstanding the foregoing
sentence, Performance Guarantor shall collect, enforce or receive any amounts in

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<PAGE>

respect of such Indebtedness while any Guaranteed Obligations are still
unperformed or outstanding, such amounts shall be collected, enforced and
received by Performance Guarantor as trustee for Buyer (and its assigns) and be
paid over to Buyer (or its assigns) on account of the Guaranteed Obligations
without affecting in any manner the liability of Performance Guarantor under the
other provisions of this Undertaking. The provisions of this Section shall be
supplemental to and not in derogation of any rights and remedies of Buyer under
any separate subordination agreement which Buyer may at any time and from time
to time enter into with Performance Guarantor.

     Section 8.06. Termination of Performance Undertaking. Performance
Guarantor's obligations hereunder shall continue in full force and effect until
all Seller Secured Obligations are finally paid and satisfied in full and the
Purchase Agreement is terminated, provided that this Undertaking shall continue
to be effective or shall be reinstated, as the case may be, if at any time
payment or other satisfaction of any of the Guaranteed Obligations is rescinded
or must otherwise be restored or returned upon the bankruptcy, insolvency, or
reorganization of either of the Originators or Affiliated Servicer or otherwise,
as though such payment had not been made or other satisfaction occurred, whether
or not Buyer (or its assigns) is in possession of this Undertaking. No
invalidity, irregularity or unenforceability by reason of the federal bankruptcy
code or any insolvency or other similar law, or any law or order of any
government or agency thereof purporting to reduce, amend or otherwise affect the
Guaranteed Obligations shall impair, affect, be a defense to or claim against
the obligations of Performance Guarantor under this Undertaking.

     Section 8.07. Effect of Bankruptcy. This Performance Undertaking shall
survive the insolvency of either of the Originators or Affiliated Servicer and
the commencement of any case or proceeding by or against either of the
Originators or Affiliated Servicer under the federal bankruptcy code or other
federal, state or other applicable bankruptcy, insolvency or reorganization
statutes. No automatic stay under the federal bankruptcy code with respect to
either of the Originators or Affiliated Servicer or other federal, state or
other applicable bankruptcy, insolvency or reorganization statutes to which
either of the Originators or Affiliated Servicer is subject shall postpone the
obligations of Performance Guarantor under this Undertaking.

     Section 8.08. Setoff. Regardless of the other means of obtaining payment of
any of the Guaranteed Obligations, Buyer (and its assigns) is hereby authorized
at any time and from time to time, without notice to Performance Guarantor (any
such notice being expressly waived by Performance Guarantor) and to the fullest
extent permitted by law, to set off and apply any deposits and other sums
against the obligations of Performance Guarantor under this Undertaking, whether
or not Buyer (or any such assign) shall have made any demand under this
Undertaking and although such obligations may be contingent or unmatured.

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<PAGE>

                                   ARTICLE IX
                                  MISCELLANEOUS

     Section 9.01. Notices. Except as otherwise provided herein, whenever it is
provided herein that any notice, demand, request, consent, approval, declaration
or other communication shall or may be given to or served upon any of the
parties by any other parties, or whenever any of the parties desires to give or
serve upon any other parties any communication with respect to this Agreement,
each such notice, demand, request, consent, approval, declaration or other
communication shall be in writing and shall be deemed to have been validly
served, given or delivered (a) upon the earlier of actual receipt and three
Business Days after deposit in the United States Mail, registered or certified
mail, return receipt requested, with proper postage prepaid, (b) upon
transmission, when sent by telecopy or other similar facsimile transmission
(with such telecopy or facsimile promptly confirmed by delivery of a copy by
personal delivery or United States Mail as otherwise provided in this Section
9.01), (c) one Business Day after deposit with a reputable overnight courier
with all charges prepaid or (d) when delivered, if hand-delivered by messenger,
all of which shall be addressed to the party to be notified and sent to the
address or facsimile number set forth below in this Section 9.01 or to such
other address (or facsimile number) as may be substituted by notice given as
herein provided:

          Performance Guarantor:
          1000 Sagamore Parkway South
          Lafayette, Indiana  47905
          Attention: Christopher A. Black
          Fax: (765) 772-2600

          either of the Originators:

                    c/o Performance Guarantor at the address set forth above

          Buyer:
          1000 Sagamore Parkway South
          Lafayette, Indiana 47905
          Attention: Christopher A. Black
          Fax: (765) 772-2600

provided that each such declaration or other communication shall be deemed to
have been validly delivered to the Agent under this Agreement upon delivery to
the Agent in accordance with the terms of the Purchase Agreement. The giving of
any notice required hereunder may be waived in writing by the party entitled to
receive such notice. Failure or delay in delivering copies of any notice,
demand, request, consent, approval, declaration or other communication to any
Person (other than Buyer) designated in any written communication provided
hereunder to receive copies shall in no way adversely affect the effectiveness
of such notice, demand, request,

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consent, approval, declaration or other communication. Notwithstanding the
foregoing, whenever it is provided herein that a notice is to be given to any
other party hereto by a specific time, such notice shall only be effective if
actually received by such party prior to such time, and if such notice is
received after such time or on a day other than a Business Day, such notice
shall only be effective on the immediately succeeding Business Day.

     Section 9.02. No Waiver; Remedies. Buyer's failure, at any time or times,
to require strict performance by any Originators or Performance Guarantor of any
provision of this Agreement or the Receivables Assignment shall not waive,
affect or diminish any right of Buyer thereafter to demand strict compliance and
performance herewith or therewith. Any suspension or waiver of any breach or
default hereunder shall not suspend, waive or affect any other breach or default
whether the same is prior or subsequent thereto and whether the same or of a
different type. None of the undertakings, agreements, warranties, covenants and
representations of the Originators or Performance Guarantor contained in this
Agreement or the Receivables Assignment, and no breach or default by any
Originator or Performance Guarantor hereunder or thereunder, shall be deemed to
have been suspended or waived by Buyer unless such waiver or suspension is by an
instrument in writing signed by an officer of or other duly authorized signatory
of Buyer and directed to Performance Guarantor or such Originator, as
applicable, specifying such suspension or waiver. Buyer's rights and remedies
under this Agreement shall be cumulative and nonexclusive of any other rights
and remedies that Buyer may have under any other agreement, including the other
Related Documents, by operation of law or otherwise. Recourse to the Originator
Collateral shall not be required.

     Section 9.03. Successors and Assigns. This Agreement shall be binding upon
and shall inure to the benefit of Originators, Performance Guarantor and Buyer
and their respective successors and permitted assigns, except as otherwise
provided herein. Neither Performance Guarantor nor any Originator may assign,
transfer, hypothecate or otherwise convey its rights, benefits, obligations or
duties hereunder without the prior express written consent of Buyer, the
Purchasers and the Agent. Any such purported assignment, transfer, hypothecation
or other conveyance by any Originator or Performance Guarantor without the prior
express written consent of Buyer, the Purchasers and the Agent shall be void.
Each Originator and Performance Guarantor acknowledges that, to the extent
permitted under the Purchase Agreement, Buyer may assign its rights granted
hereunder, including the benefit of any indemnities under Article V and any of
its rights in the Originator Collateral granted under Article VII, and upon such
assignment, such assignee shall have, to the extent of such assignment, all
rights of Buyer hereunder and, to the extent permitted under the Purchase
Agreement, may in turn assign such rights. Each Originator and Performance
Guarantor agrees that, upon any such assignment, such assignee may enforce
directly, without joinder of Buyer, the rights set forth in this Agreement. All
such assignees, including parties to the Purchase Agreement in the case of any
assignment to such parties, shall be third party beneficiaries of, and shall be
entitled to enforce Buyer's rights and remedies under, this Agreement to the
same extent as if they were parties hereto. Without limiting the generality of
the foregoing, all notices to be provided to the Buyer hereunder shall be
delivered to both the Buyer and the Agent under the Purchase Agreement, and
shall be effective

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<PAGE>

only upon such delivery to the Agent. The terms and provisions of this Agreement
are for the purpose of defining the relative rights and obligations of each
Originator, Performance Guarantor and Buyer with respect to the transactions
contemplated hereby and, except for the Purchasers and the Agent, no Person
shall be a third party beneficiary of any of the terms and provisions of this
Agreement.

     Section 9.04. Termination; Survival of Obligations.

     (a) This Agreement shall create and constitute the continuing obligations
of the parties hereto in accordance with its terms, and shall remain in full
force and effect until the Termination Date.

     (b) Except as otherwise expressly provided herein or in any other Related
Document, no termination or cancellation (regardless of cause or procedure) of
any commitment made by Buyer under this Agreement shall in any way affect or
impair the obligations, duties and liabilities of any Originator, Performance
Guarantor or the rights of Buyer relating to any unpaid portion of any and all
recourse and indemnity obligations of Originator and Performance Guarantor to
Buyer, including those set forth in Sections 4.02(p), 4.05, 5.01 and 9.14, due
or not due, liquidated, contingent or unliquidated or any transaction or event
occurring prior to such termination, or any transaction or event, the
performance of which is required after the Facility Termination Date. Except as
otherwise expressly provided herein or in any other Related Document, all
undertakings, agreements, covenants, warranties and representations of or
binding upon Originators and Performance Guarantor, and all rights of Buyer
hereunder, all as contained in the Related Documents, shall not terminate or
expire, but rather shall survive any such termination or cancellation and shall
continue in full force and effect until the Termination Date; provided, that the
rights and remedies pursuant to Sections 4.02(p), 4.05, the indemnification and
payment provisions of Article V, and the provisions of Sections 4.04(j), 9.03,
9.12 and 9.14 shall be continuing and shall survive any termination of this
Agreement.

     Section 9.05. Complete Agreement; Modification of Agreement. This Agreement
and the other Related Documents constitute the complete agreement between the
parties with respect to the subject matter hereof and thereof, supersede all
prior agreements and understandings relating to the subject matter hereof and
thereof, and may not be modified, altered or amended except as set forth in
Section 9.06.

     Section 9.06. Amendments and Waivers. No amendment, modification,
termination or waiver of any provision of this Agreement or any of the other
Related Documents, or any consent to any departure by any Originator or
Performance Guarantor therefrom, shall in any event be effective unless the same
shall be in writing and signed by each of the parties hereto and the Purchasers
and the Agent. No consent or demand in any case shall, in itself, entitle any
party to any other consent or further notice or demand in similar or other
circumstances.

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     Section 9.07. GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL.

     (a) THIS AGREEMENT AND EACH RELATED DOCUMENT (EXCEPT TO THE EXTENT THAT ANY
RELATED DOCUMENT EXPRESSLY PROVIDES TO THE CONTRARY) AND THE OBLIGATIONS ARISING
HEREUNDER AND THEREUNDER SHALL IN ALL RESPECTS, INCLUDING ALL MATTERS OF
CONSTRUCTION, VALIDITY AND PERFORMANCE, BE GOVERNED BY, AND CONSTRUED AND
ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF ILLINOIS (WITHOUT REGARD
TO CONFLICTS OF LAW PRINCIPLES), EXCEPT TO THE EXTENT THAT THE PERFECTION,
EFFECT OF PERFECTION OR PRIORITY OF THE INTERESTS OF THE BUYER IN THE
RECEIVABLES OR REMEDIES HEREUNDER OR THEREUNDER, IN RESPECT THEREOF, ARE
GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF ILLINOIS, AND ANY
APPLICABLE LAWS OF THE UNITED STATES OF AMERICA.

     (b) EACH PARTY HERETO HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL
COURTS LOCATED IN COOK COUNTY SHALL HAVE EXCLUSIVE JURISDICTION TO HEAR AND
DETERMINE ANY CLAIMS OR DISPUTES BETWEEN THEM PERTAINING TO THIS AGREEMENT OR TO
ANY MATTER ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY RELATED DOCUMENT;
PROVIDED, THAT EACH PARTY HERETO ACKNOWLEDGES THAT ANY APPEALS FROM THOSE COURTS
MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF COOK COUNTY; PROVIDED
FURTHER, THAT NOTHING IN THIS AGREEMENT SHALL BE DEEMED OR OPERATE TO PRECLUDE
BUYER FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION
TO REALIZE ON THE ORIGINATOR COLLATERAL OR ANY OTHER SECURITY FOR THE
OBLIGATIONS OF ORIGINATORS OR PERFORMANCE GUARANTOR ARISING HEREUNDER, OR TO
ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF BUYER. EACH PARTY HERETO
SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT
COMMENCED IN ANY SUCH COURT, AND EACH PARTY HERETO HEREBY WAIVES ANY OBJECTION
THAT SUCH PARTY MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER
VENUE OR FORUM NON CONVENIENS AND HEREBY CONSENTS TO THE GRANTING OF SUCH LEGAL
OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. EACH PARTY HERETO
HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND OTHER PROCESS
ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH SUMMONS,
COMPLAINT AND OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL
ADDRESSED TO SUCH PARTY AT THE ADDRESS SET FORTH BENEATH ITS NAME ON THE
SIGNATURE PAGES HEREOF AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON

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THE EARLIER OF SUCH PARTY'S ACTUAL RECEIPT THEREOF OR THREE DAYS AFTER DEPOSIT
IN THE UNITED STATES MAIL, PROPER POSTAGE PREPAID. NOTHING IN THIS SECTION SHALL
AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE LEGAL PROCESS IN ANY OTHER MANNER
PERMITTED BY LAW.

     (c) BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX FINANCIAL
TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND
EXPERT PERSON AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY
(RATHER THAN ARBITRATION RULES), THE PARTIES DESIRE THAT THEIR DISPUTES BE
RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE
BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OF ARBITRATION, THE
PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT, OR
PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR
OTHERWISE, ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE
RELATIONSHIP ESTABLISHED AMONG THEM IN CONNECTION WITH THIS AGREEMENT OR ANY
RELATED DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

     Section 9.08. Counterparts. This Agreement may be executed in any number of
separate counterparts, each of which shall collectively and separately
constitute one agreement.

     Section 9.09. Severability. Wherever possible, each provision of this
Agreement shall be interpreted in such a manner as to be effective and valid
under applicable law, but if any provision of this Agreement shall be prohibited
by or invalid under applicable law, such provision shall be ineffective only to
the extent of such prohibition or invalidity without invalidating the remainder
of such provision or the remaining provisions of this Agreement.

     Section 9.10. Section Titles. The section titles and table of contents
contained in this Agreement are provided for ease of reference only and shall be
without substantive meaning or content of any kind whatsoever and are not a part
of the agreement between the parties hereto.

     Section 9.11. No Setoff. Neither Performance Guarantor's nor any
Originator's obligations under this Agreement shall be affected by any right of
setoff, counterclaim, recoupment, defense or other right any Originator or
Performance Guarantor might have against Buyer, the Purchasers or the Agent, all
of which rights are hereby expressly waived by the Originators and Performance
Guarantor.

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     Section 9.12. Press Releases. Each of the Performance Guarantor and the
Originators agrees that it shall not (and shall not permit any of its
Subsidiaries to) issue any news release or make any public announcement
pertaining to the transactions contemplated by this Agreement and the Related
Documents without the prior written consent of Buyer and the Agent (which
consent shall not be unreasonably withheld) unless such news release or public
announcement is required by law, in which case the Performance Guarantor or such
Originator, as the case may be, shall consult with Buyer and each of the
Committed Purchaser and the Conduit Purchaser prior to the issuance of such news
release or public announcement. Each of the Performance Guarantor and the
Originators may, however, disclose the general terms of the transactions
contemplated by this Agreement and the Related Documents to trade creditors,
suppliers and other similarly-situated Persons so long as such disclosure is not
in the form of a news release or public announcement.

     Section 9.13. Further Assurances.

     (a) Performance Guarantor shall, and shall cause each Originator to, and
each Originator shall, at its sole cost and expense, upon request of Buyer, the
Purchasers or the Agent, promptly and duly execute and deliver any and all
further instruments and documents and take such further actions that may be
necessary or desirable or that Buyer, the Purchasers or the Agent may request to
carry out more effectively the provisions and purposes of this Agreement or any
other Related Document or to obtain the full benefits of this Agreement and of
the rights and powers herein granted, including (i) using its best efforts to
secure all consents and approvals necessary or appropriate for the assignment to
or for the benefit of Buyer of any Transferred Receivable or Originator
Collateral held by an Originator or in which any Originator has any rights not
heretofore assigned, (ii) filing any financing or continuation statements under
the UCC with respect to the ownership interests or Liens granted hereunder or
under any other Related Document, (iii) transferring Originator Collateral to
Buyer's possession if such collateral consists of chattel paper or instruments
or if a Lien upon such collateral can be perfected only by possession, or if
otherwise requested by Buyer; and (iv) entering into "control agreements" (as
defined in the UCC with respect to any Originator Collateral to the extent that
a first priority Lien upon such Originator Collateral can be perfected only by
control. Each of the Originators hereby authorizes Buyer, the Purchasers and the
Agent to file any such financing or continuation statements without the
signature of each of the Originators to the extent permitted by applicable law.
A carbon, photographic or other reproduction of this Agreement or of any notice
or financing statement covering the Transferred Receivables, the Originator
Collateral or any part thereof shall be sufficient as a notice or financing
statement where permitted by law. If any amount payable under or in connection
with any of the Originator Collateral is or shall become evidenced by any
instrument, such instrument, other than checks and notes received in the
ordinary course of business, shall be duly endorsed in a manner satisfactory to
Buyer immediately upon the applicable Originator's receipt thereof and promptly
delivered to Buyer.

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     (b) If any Originator or Performance Guarantor fails to perform any
agreement or obligation under this Section 9.13, Buyer, the Purchasers or the
Agent may (but shall not be required to) itself perform, or cause performance
of, such agreement or obligation, and the reasonable expenses of Buyer, the
Purchasers or the Agent incurred in connection therewith shall be payable by
such Originator or Performance Guarantor upon demand of Buyer or the Agent.

     Section 9.14. Fees and Expenses. In addition to its indemnification
obligations pursuant to Article V, each Originator and Performance Guarantor
agrees, jointly and severally, to pay on demand all costs and expenses incurred
by Buyer in connection with the negotiation, preparation, execution and delivery
of this Agreement and the other Related Documents, including the fees and
out-of-pocket expenses of Buyer's counsel, advisors, consultants and auditors
retained in connection with the transactions contemplated thereby and advice in
connection therewith, and each Originator and Performance Guarantor agrees,
jointly and severally, to pay all costs and expenses, if any (including
attorneys' fees and expenses but excluding any costs of enforcement or
collection of the Transferred Receivables), in connection with the enforcement
of this Agreement and the other Related Documents.

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     IN WITNESS WHEREOF, the parties have caused this Receivables Sale Agreement
to be executed by their respective duly authorized representatives, as of the
date first above written.

                                        WABASH NATIONAL CORPORATION,
                                        AS PERFORMANCE GUARANTOR

                                        By:
                                            ------------------------------------
                                            Name:  Christopher A. Black
                                            Title: Vice President & Treasurer

                                        WABASH NATIONAL, L.P.

                                        By: NOAMTC, Inc., its general partner

                                        By:
                                            ------------------------------------
                                            Name: Christopher A. Black,
                                                  Authorized Representative

                                        NOAMTC, INC.

                                        By:
                                            ------------------------------------
                                            Name: Christopher A. Black,
                                                  Authorized Representative

                                        WNC RECEIVABLES, LLC

                                        By:
                                            ------------------------------------
                                            Name:  Christopher A. Black
                                            Title: Manager

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                                      Wabash National Corporation, NOAMTC, Inc.,
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<PAGE>

                                 EXHIBIT 2.01(a)

                                     Form of
                             RECEIVABLES ASSIGNMENT

     THIS RECEIVABLES ASSIGNMENT (the "Receivables Assignment") is entered into
as of April 11, 2002, by and between NOAMTC, INC., a Delaware corporation,
WABASH NATIONAL, L.P., a Delaware limited partnership (each an "Originator" and
collectively, the "Originators"), and WNC RECEIVABLES, LLC, a Delaware limited
liability company (the "Buyer").

     1. We refer to that certain Receivables Sale and Contribution Agreement (as
amended, restated, supplemented or otherwise modified from time to time, the
"Sale Agreement") of even date herewith among the Originators, Wabash National
Corporation, in its capacity as Performance Guarantor ("Performance Guarantor"),
and Buyer. All of the terms, covenants and conditions of the Sale Agreement are
hereby made a part of this Receivables Assignment and are deemed incorporated
herein in full. Unless otherwise defined herein, capitalized terms or matters of
construction defined or established in the Sale Agreement shall be applied
herein as defined or established therein.

     2. For good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, each Originator hereby sells, or sells and
contributes, to Buyer, without recourse, except as provided in Sections 4.02(p),
4.05, and 5.01 of the Sale Agreement, all of each Originator's right, title and
interest in, to and under all of its Receivables (including all Collections,
Records and proceeds with respect thereto) existing as of the Closing Date and
thereafter created or arising at any time until the Facility Termination Date.

     3. Subject to the terms and conditions of the Sale Agreement, each
Originator hereby covenants and agrees to sign, sell or contribute, as
applicable, execute and deliver, or cause to be signed, sold or contributed,
executed and delivered, and to do or make, or cause to be done or made, upon
request of Buyer and at each Originator's expense, any and all agreements,
instruments, papers, deeds, acts or things, supplemental, confirmatory or
otherwise, as may be reasonably required by Buyer for the purpose of or in
connection with acquiring or more effectively vesting in Buyer or evidencing the
vesting in Buyer of the property, rights, title and interests of each Originator
sold or contributed hereunder or intended to be sold or contributed hereunder.

     4. Wherever possible, each provision of this Receivables Assignment shall
be interpreted in such a manner as to be effective and valid under applicable
law, but if any provision of this Receivables Assignment shall be prohibited by
or invalid under applicable law, such provision shall be ineffective only to the
extent of such prohibition or invalidity without

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invalidating the remainder of such provision or the remaining provisions of this
Receivables Assignment.

     5. THIS RECEIVABLES ASSIGNMENT SHALL BE GOVERNED BY, AND CONSTRUED AND
ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF ILLINOIS, WITHOUT
REGARD TO THE PRINCIPLES THEREOF REGARDING CONFLICT OF LAWS, AND ANY APPLICABLE
LAWS OF THE UNITED STATES OF AMERICA.

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     IN WITNESS WHEREOF, the parties have caused this Receivables Assignment to
be executed by their respective officers thereunto duly authorized, as of the
day and year first above written.

                                        NOAMTC, INC., as an Originator

                                        By:
                                            ------------------------------------
                                            Name: Christopher A. Black,
                                                  Authorized Representative

                                        WABASH NATIONAL, L.P., as an Originator

                                        By: NOAMTC, Inc., its general partner

                                        By:
                                            ------------------------------------
                                            Name: Christopher A. Black,
                                                  Authorized Representative

                                        WNC RECEIVABLES, LLC, as Buyer

                                        By:
                                            ------------------------------------
                                            Name:  Christopher A. Black
                                            Title: Manager

                       [Signature Page to Sale Agreement]

                                     41

<PAGE>

                                SCHEDULE 4.01(A)

                   JURISDICTION OF INCORPORATION/ORGANIZATION

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                                SCHEDULE 4.01(B)

              EXECUTIVE OFFICES; COLLATERAL LOCATIONS; OTHER NAMES

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                                SCHEDULE 4.01(D)

                                   LITIGATION

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                                SCHEDULE 4.01(F)

                      FINANCIAL STATEMENTS AND PROJECTIONS

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                                SCHEDULE 4.01(I)

                                  LABOR MATTERS

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                                SCHEDULE 4.01(J)

       VENTURES, SUBSIDIARIES AND AFFILIATES; OUTSTANDING EQUITY INTERESTS

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                                SCHEDULE 4.01(K)

                                   TAX MATTERS

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                                SCHEDULE 4.01(L)

                              INTELLECTUAL PROPERTY

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                                SCHEDULE 4.01(O)

                                      ERISA

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                                SCHEDULE 4.01(S)

                                 WARRANTY POLICY

WARRANTY INFORMATION

Products Warranted. Wabash National, L. P. (Wabash) provides the following
WARRANTY on its Trailers and RoadRailer MarkV Trailers, which are operated in
the U.S.A. and Canada (the Product), to the first retail customer. Other
products are covered by a separate warranty previously furnished.

     Warranty. Wabash warrants to the first retail customer that any new
     trailer, including a RoadRailer trailer, will be free of defects in
     material and workmanship when properly maintained and used in normal
     service free from accident, derailment or collision. Unless specified
     otherwise, the warranty shall be for the following period.

          Container chassis and special trailers - one year Dry freight,
          refrigerated and flat trailers - five years

     Normal service means the loading, unloading, and carriage of uniformly
     distributed legal loads of non-corrosive and properly secured cargo on well
     maintained railways and public roads, with gross vehicle weights not
     exceeding the labeled gross vehicle weight rating. RoadRailer trailers
     shall not be subjected to rail buff and draft forces which exceed the
     trailer's rated capacity, nor shall the trailer be operated at a speed on
     rail exceeding the rail bogie's rated speed limit.

     Wabash does not warrant parts or accessories supplied by others. Wabash
     assigns to the customer any warranties in favor of Wabash with respect to
     any such parts or accessories which may legally be assigned by Wabash.

     This warranty does not cover:

          1.   Parts which are not defective but which may wear out and have to
               be replaced.

          2.   Alignments or adjustments which are normal maintenance items not
               caused by a defect in the trailer.

          3.   Parts which after delivery have been repaired or altered by
               anyone other than Wabash's service representatives unless, in
               Wabash's opinion, such repairs or alterations did not in any way
               contribute to the defective conditions.

          4.   Any item covered by a separate Wabash warranty.

     THIS NON-ASSIGNABLE WARRANTY IS MADE BY WABASH SOLELY TO THE FIRST RETAIL
     CUSTOMER AND SHALL BE IN

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     LIEU OF ANY OTHER WARRANTY, EXPRESSED OR IMPLIED, INCLUDING BUT NOT LIMITED
     TO ANY IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR PARTICULAR
     PURPOSE, WHICH ARE DISCLAIMED.

          The only warranty covering the Product is the written express warranty
     above. All warranty remedies are subject to the following limitations.
     Customer and Wabash agree that Wabash's exclusive liability under this
     warranty or otherwise shall be the repair or replacement, at Wabash's
     option, of any defective Product. Customer must give notice of the defect
     immediately after such defect is or ought to have been discovered, and
     return the Product to Wabash or other mutually agreeable location, within
     twenty (20) days after Wabash request the return. Wabash shall have no
     liability for cargo loss, loss of use or any other incidental or
     consequential damages.

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                                SCHEDULE 4.01(V)

                        DEPOSIT AND DISBURSEMENT ACCOUNTS

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                                SCHEDULE 4.02(H)

                                   TRADE NAMES

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                                SCHEDULE 4.04(B)

                                 EXISTING LIENS

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                                SCHEDULE 4.04(E)

                               CAPITAL STRUCTURE

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                               SCHEDULE 4.04(O)(B)

                                 SALE OF ASSETS

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                               SCHEDULE 4.04(O)(L)

                        PREPAYMENT OF OTHER INDEBTEDNESS

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                                     ANNEX X
                                   DEFINITIONS

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                                     ANNEX Y
                              SCHEDULE OF DOCUMENTS

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                                   ANNEX 4.03

                          REPORTING REQUIREMENTS OF THE
                              PERFORMANCE GUARANTOR

     The Performance Guarantor shall furnish, or cause to be furnished, to the
Agent (as Buyer's assignee) for distribution to the Purchasers:

     (a) Annual Audited Financials. As soon as available, and in any event
within 90 days after the end of each fiscal year, Financial Statements for the
Parent and each of its Subsidiaries on an audited consolidated and an unaudited
consolidating basis, consisting of balance sheets and statements of income and
retained earnings and cash flows, setting forth in comparative form in each case
the figures for the previous fiscal year, which Financial Statements shall be
prepared in accordance with GAAP and, in the case of such consolidated
statements, certified without qualification by an independent certified public
accounting firm of national standing or otherwise acceptable to Agent. Such
Financial Statements shall be accompanied by (i) a statement prepared in
reasonable detail showing the calculations used in determining compliance with
Section 4.04(l) of the Sale Agreement, (ii) the certification of the Chief
Executive Officer or Chief Financial Officer that all such Financial Statements
present fairly in accordance with GAAP the financial position, results of
operations and statements of cash flows of the Parent and each of its
Subsidiaries on a consolidated and consolidating basis, as at the end of such
fiscal year and for the period then ended, and that there was no Termination
Event or Incipient Termination Event in existence as of such time or, if a
Termination Event or Incipient Termination Event has occurred and is continuing,
describing the nature thereof and all efforts undertaken to cure such
Termination Event or Incipient Termination Event, and (iii) a Bringdown
Certificate from each of the Parent, the Originators, the Servicer, the Seller
and the Independent Member.

     (b) Quarterly Financials. As soon as available, and in any event within 45
days after the end of each fiscal quarter, consolidated and consolidating
financial information regarding the Parent and each of its Subsidiaries,
certified by the Chief Executive Officer or Chief Financial Officer of such
member of the Parent Group, consisting of (i) unaudited balance sheets as of the
close of such fiscal quarter and the related statements of income and cash flows
for that portion of the fiscal year ending as of the close of such fiscal
quarter and (ii) unaudited statements of income and cash flows for such fiscal
quarter, in each case setting forth in comparative form the figures for the
corresponding period in the prior year and the figures contained in the
Projections for such fiscal year, all prepared in accordance with GAAP (subject
to normal year-end adjustments). Such financial information shall be accompanied
by (A) a statement in reasonable detail showing the calculations used in
determining compliance with Section 4.04(l) of the Sale Agreement that is tested
on a quarterly basis and (B) the certification of the Chief Executive Officer,
Chief Financial Officer or Treasurer of the Parent that (i) such financial
information presents fairly in accordance with GAAP (subject to normal year-end
adjustments) the financial position, results of operations and statements of
cash flows of the Parent and each of its Subsidiaries on a consolidated and
consolidating basis, as at the end of such fiscal quarter and for

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the period then ended, and (ii) any other information presented is true, correct
and complete in all material respects and that that there was no Termination
Event or Incipient Termination Event in existence as of such time or, if a
Termination Event or Incipient Termination Event has occurred and is continuing,
describing the nature thereof and all efforts undertaken to cure such
Termination Event or Incipient Termination Event.

     (c) Monthly Financials. As soon as available, and in any event within 30
days after the end of each fiscal month (but within 45 days if the applicable
month is the end of a fiscal quarter or within 90 days if the applicable month
is the end of a fiscal year), financial information regarding the Parent and
each of its Subsidiaries, certified by the Chief Financial Officer of such
member of the Parent Group, consisting of consolidated and consolidating (i)
unaudited balance sheets as of the close of such fiscal month and the related
statements of income and cash flows for that portion of the fiscal year ending
as of the close of such fiscal month and (ii) unaudited statements of income and
cash flows for such fiscal month, setting forth in comparative form the figures
for the corresponding period in the prior year and the figures contained in the
Projections for such fiscal year, all prepared in accordance with GAAP. Such
financial information shall be accompanied by the certification of the Chief
Executive Officer, Chief Financial Officer or Treasurer of the Parent that (A)
such financial information presents fairly in accordance with GAAP the financial
position and results of operations of the Parent and its Subsidiaries, on a
consolidated and consolidating basis, in each case as at the end of such month
and for the period then ended and (B) any other information presented is true,
correct and complete in all material respects and that there was no Incipient
Termination Event or Incipient Termination Event in existence as of such time
or, if an Incipient Termination Event or Termination Event shall have occurred
and be continuing, describing the nature thereof and all efforts undertaken to
cure such Termination Event or Incipient Termination Event.

     (d) Operating Plan. As soon as available, but not later than 30 days prior
to the end of each fiscal year, an annual operating plan for the Parent and its
Subsidiaries for the following year, approved by the Chief Executive Officer and
Chief Financial Officer of the Parent, which will (i) include a statement of all
of the material assumptions on which such plan is based, (ii) include monthly
balance sheets and income statements for the following year and (iii) monthly
cash flow and Availability projections, all prepared on the same basis and in
similar detail as that on which operating results are reported (and in the case
of cash flow projections, representing management's good faith estimates of
future financial performance based on historical performance), and including
plans for personnel, capital expenditures and facilities.

     (e) Management Letters. Within five Business Days after receipt thereof by
the Parent or any of its Subsidiaries, copies of all management letters,
exception reports or similar letters or reports received by the Parent or any of
its Subsidiaries from its independent certified public accountants.

     (f) Default Notices. As soon as practicable, and in any event within one
Business Days after an Authorized Officer of the Parent or any of its
Subsidiaries has actual knowledge of

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the existence thereof, telephonic or telecopied notice of each of the following
events, in each case specifying the nature and anticipated effect thereof and
what action, if any, the Parent or its respective Subsidiary proposes to take
with respect thereto, which notice, if given telephonically, shall be promptly
confirmed in writing on the next Business Day:

          (i) any Incipient Termination Event or Termination Event;

          (ii) any Adverse Claim made or asserted against any of the Originator
     Collateral of which it becomes aware;

          (iii) the occurrence of any event that would have a material adverse
     effect on the aggregate value of the Originator Collateral or on the
     assignments and Liens granted by the Parent and each of its Subsidiaries
     pursuant to this Agreement;

          (iv) the occurrence of any event of the type described in Sections
     4.02(i)(i), (ii) or (iii) of the Sale Agreement involving any Obligor
     obligated under Transferred Receivables with an aggregate Outstanding
     Balance at such time of $100,000 or more;

          (v) the commencement of a case or proceeding by or against the Parent
     or any of its Subsidiaries seeking a decree or order in respect of the
     Parent or any of its Subsidiaries (A) under the Bankruptcy Code or any
     other applicable federal, state or foreign bankruptcy or other similar law,
     (B) appointing a custodian, receiver, liquidator, assignee, trustee or
     sequestrator (or similar official) for the Parent or any of its
     Subsidiaries or for any substantial part of its assets, or (C) ordering the
     winding-up or liquidation of the affairs of the Parent or any of its
     Subsidiaries;

          (vi) the receipt of notice that (A) the Parent or any of its
     Subsidiaries is being placed under regulatory supervision, (B) any license,
     permit, charter, registration or approval necessary for the conduct of the
     business of the Parent or any of its Subsidiaries is to be, or may be,
     suspended or revoked, or (C) the Parent or any of its Subsidiaries is to
     cease and desist any practice, procedure or policy employed by it in the
     conduct of its business if such cessation may have a Material Adverse
     Effect; or

          (vii) any other event, circumstance or condition that has had or could
     reasonably be expected to have a Material Adverse Effect.

     (g) SEC Filings and Press Releases. Promptly upon their becoming available,
copies of: (i) all financial statements, reports, notices and proxy statements
made publicly available by the Parent or any of its Subsidiaries to its security
holders; (ii) all regular and periodic reports and all registration statements
and prospectuses, if any, filed by the Parent or any of its Subsidiaries with
any securities exchange or with the Securities and Exchange Commission or any
governmental or private regulatory authority; and (iii) all press releases and
other statements

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made available by the Parent or any of its Subsidiaries to the public concerning
material adverse changes or developments in the business of any such Person.

     (h) Litigation. Promptly upon learning thereof, written notice of any
Litigation affecting the Parent or any of its Subsidiaries, the Transferred
Receivables or the Originator Collateral, whether or not fully covered by
insurance, and regardless of the subject matter thereof that (i) seeks damages
in excess of $500,000, (ii) seeks injunctive relief, (iii) is asserted or
instituted against any Plan, its fiduciaries or its assets or against the Parent
or any of its Subsidiaries or any ERISA Affiliate of the Parent or any of its
Subsidiaries in connection with any Plan, (iv) alleges criminal misconduct the
Parent or any of its Subsidiaries, (v) alleges the violation of any law
regarding, or seeks remedies in connection with, any Environmental Liabilities,
or (vi) would, if determined adversely, have a Material Adverse Effect.

     (i) Other Documents. Within two Business Days after receipt thereof, such
other financial and other information respecting the Transferred Receivables,
the Contracts therefor or the condition or operations, financial or otherwise,
of the Parent or any of its Subsidiaries as the Agent shall, from time to time,
request.

     (j) Miscellaneous Certifications. As soon as available, and in any event
within 90 days after the end of each fiscal year, (i) a Bringdown Certificate
and (ii) if requested, an opinion of counsel, in form and substance satisfactory
to the Purchasers and the Agent, reaffirming as of the date of such opinion the
opinion of counsel with respect to the Parent and each of its Subsidiaries
delivered to the Agent for distribution to the Purchasers on the Closing Date.

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                                  ANNEX 4.04(L)

                                   DEFINITIONS

     As used in this Annex 4.04(l), the following terms shall have the following
meanings (such meanings to be equally applicable to both the singular and plural
forms of the terms defined):

     "AFFILIATE" shall mean, with respect to any Person, (a) each Person that,
directly or indirectly, owns or controls, whether beneficially, or as a trustee,
guardian or other fiduciary, five percent (5%) or more of the Equity Interest
having ordinary voting power in the election of directors of such Person, (b)
each Person that controls, is controlled by or is under common control with such
Person, or (c) each of such Person's officers, directors, joint venturers and
partners. For the purposes of this definition, "control" of a Person shall mean
the possession, directly or indirectly, of the power to direct or cause the
direction of its management or policies, whether through the ownership of voting
securities, by contract or otherwise.

     "AGENT" shall mean General Electric Capital Corporation, in its capacity as
Agent for the Purchasers under the Purchase Agreement.

     "AGREEMENT ACCOUNTING PRINCIPLES" shall mean generally accepted accounting
principles as in effect from time to time in the United States, applied in a
manner consistent with those used in preparing the financial statements referred
to in Section 4.04(f) of the Sale Agreement.

     "CAPITAL EXPENDITURES" shall mean, for any period, the aggregate of all
expenditures (whether paid in cash or accrued as liabilities and including
Capitalized Leases and purchase money Indebtedness to the extent permitted
hereunder) by the Performance Guarantor and its Subsidiaries during that period
that, in conformity with Agreement Accounting Principles, are required to be
included in or reflected by the property, plant, equipment or similar fixed
asset accounts reflected in the consolidated balance sheet of the Performance
Guarantor and its Subsidiaries.

     "CAPITAL INVESTMENT" shall mean, as of any date of determination, the
amount equal to (a) the aggregate deposits made by the Purchaser to the
Collection Account pursuant to the Purchase Agreement on or before such date,
minus (b) the aggregate amounts disbursed to the Purchaser in reduction of
Capital Investment pursuant to the Purchase Agreement on or before such date.

     "CAPITALIZED LEASE" shall mean, with respect to any Person, any lease of
any property (whether real, personal or mixed) by such Person as lessee that, in
accordance with Agreement Accounting Principles, would be required to be
classified and accounted for as a capital lease on a balance sheet of such
Person.

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     "CAPITALIZED LEASE OBLIGATION" shall mean, with respect to any Capitalized
Lease of any Person, the amount of the obligation of the lessee thereunder that,
in accordance with Agreement Accounting Principles, would appear on a balance
sheet of such lessee in respect of such Capitalized Lease.

     "CASH EQUIVALENTS" shall mean (i) marketable direct obligations issued or
unconditionally guaranteed by the government of the United States; (ii) domestic
and Eurodollar certificates of deposit and time deposits, bankers' acceptances
and floating rate certificates of deposit issued by any commercial bank
organized under the laws of the United States, any state thereof, the District
of Columbia, or its branches or agencies and having capital and surplus in an
aggregate amount not less than $500,000,000 (fully protected against currency
fluctuations for any such deposits with a term of more than ten (10) days);
(iii) shares of money market, mutual or similar funds having net assets in
excess of $500,000,000 maturing or being due or payable in full not more than
one hundred eighty (180) days after the Performance Guarantor's acquisition
thereof and the investments of which are limited to investment grade securities
(i.e., securities rated at least Baa by Moody's Investors Service, Inc. or at
least BBB by Standard & Poor's Ratings Group) and (iv) commercial paper of
United States banks and bank holding companies and their subsidiaries and United
States finance, commercial, industrial or utility companies which, at the time
of acquisition, are rated A-1 (or better) by Standard & Poor's Ratings Group or
P-1 (or better) by Moody's Investors Service, Inc.; provided that the maturities
of such Cash Equivalents shall not exceed 365 days.

     "CLOSING DATE" shall mean the date on which the initial Purchase under the
Purchase Agreement occurs.

     "COLLECTION ACCOUNT" shall mean an account established by the Agent
designated as the Collection Account (Bankers Trust Company, New York, New York,
ABA No. 021001033, Account No. 50232854, Account Name: GECC/CAF Depository,
Reference: Wabash National CFC4337) and otherwise in accordance with the
requirements set forth in the Purchase Agreement.

     "CONSOLIDATED EBITDA" shall mean, for any period, on a consolidated basis
for the Performance Guarantor and its Subsidiaries, the sum of the amounts for
such period, without duplication of (i) Consolidated Operating Income, plus (ii)
charges against income for foreign taxes and U.S. income taxes to the extent
deducted in computing Consolidated Operating Income, plus (iii) Interest Expense
to the extent deducted in computing Consolidated Operating Income, plus (iv)
depreciation expense to the extent deducted in computing Consolidated Operating
Income, plus (v) amortization expense, including, without limitation,
amortization of goodwill and other intangible assets to the extent deducted in
computing Consolidated Operating Income, plus (vi) other non-cash charges (in an
aggregate amount not in excess of $15,000,000 during any fiscal year of the
Performance Guarantor) in accordance with Agreement Accounting Principles to the
extent deducted in computing Consolidated Operating Income, minus (x) the total
interest income of the Performance Guarantor and its Subsidiaries to the extent
included in computing Consolidated Operating Income minus (y) the total tax
benefit reported by the

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Performance Guarantor and its Subsidiaries to the extent included in computing
Consolidated Operating Income.

     "CONSOLIDATED EQUITY" shall mean as of the date of any determination
thereof, the total stockholders' equity of the Performance Guarantor and its
Subsidiaries on a consolidated basis, all as determined in accordance with
Agreement Accounting Principles.

     "CONSOLIDATED OPERATING INCOME" shall mean, with reference to any period,
the net operating income (or loss) of the Parent and its Subsidiaries for such
period (taken as a cumulative whole on a consolidated basis) including without
limitation all restructuring expenses for such period (exclusive of "other
income/expenses" as reflected in the Parent's consolidated statement of income
of the Parent and its Subsidiaries for such period and related to non-operating
and non-recurring income and expenses), as determined in accordance with
Agreement Accounting Principles, after eliminating all offsetting debits and
credits between the Performance Guarantor and its Subsidiaries and all other
items required to be eliminated in the course of the preparation of consolidated
financial statements of the Performance Guarantor and its Subsidiaries in
accordance with Agreement Accounting Principles.

     "CONSOLIDATED TAX ADJUSTED EQUITY" shall mean, as of the date of any
termination thereof, Consolidated Equity plus the cumulative federal, state and
local income tax benefit reported by Performance Guarantor in accordance
Agreement Accounting Principles.

     "CONSOLIDATED TOTAL ASSETS" shall mean as of the date of any determination
thereof, total assets of the Performance Guarantor and its Subsidiaries
determined on a consolidated basis in accordance with Agreement Accounting
Principles.

     "CONTINGENT OBLIGATION," as applied to any Person, shall mean any
obligation (except the endorsement in the ordinary course of business of
negotiable instruments for deposit or collection) of such Person guaranteeing or
in effect guaranteeing any Indebtedness, dividend or other obligation of any
other Person in any manner, whether directly or indirectly, including (without
limitation) obligations incurred through an agreement, contingent or otherwise,
by such Person:

     (a) to purchase such Indebtedness or obligation or any property
constituting security therefor;

     (b) to advance or supply funds (i) for the purchase or payment of such
Indebtedness or obligation, or (ii) to maintain any working capital or other
balance sheet condition or any income statement condition of any other Person or
otherwise to advance or make available funds for the purchase or payment of such
Indebtedness or obligation;

     (c) to lease properties or to purchase properties or services primarily for
the purpose of assuring the owner of such Indebtedness or obligation of the
ability of any other Person to make payment of the Indebtedness or obligation;
or

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     (d) otherwise to assure the owner of such Indebtedness or obligation
against loss in respect thereof.

     In any computation of the Indebtedness or other liabilities of the obligor
under any Contingent Obligation, the Indebtedness or other obligations that are
the subject of such Contingent Obligation shall be assumed to be direct
obligations of such obligor.

     "CONTROLLED GROUP" shall mean the group consisting of (i) any corporation
which is a member of the same controlled group of corporations (within the
meaning of Section 414(b) of the Code) as the Performance Guarantor; (ii) a
partnership or other trade or business (whether or not incorporated) which is
under common control (within the meaning of Section 414(c) of the Code) with the
Performance Guarantor; and (iii) a member of the same affiliated service group
(within the meaning of Section 414(m) of the Code) as the Performance Guarantor,
any corporation described in clause (i) above or any partnership or trade or
business described in clause (ii) above.

     "CREDIT AGREEMENT" shall mean that certain Amended and Restated Credit
Agreement dated as of April 11, 2002, among the Performance Guarantor, as
borrower, the lenders party thereto and the Credit Facility Agent.

     "CREDIT FACILITY AGENT" shall mean Bank One, Indiana, N.A. in its capacity
as administrative agent under the Credit Agreement, or its successor appointed
pursuant to the Credit Agreement.

     "EQUITY INTEREST" shall mean all shares, options, warrants, member
interests, general or limited partnership interests or other equivalents
(regardless of how designated) of or in a corporation, limited liability
company, partnership or equivalent entity whether voting or nonvoting, including
common stock, preferred stock or any other "equity security" (as such term is
defined in Rule 3a11-1 of the General Rules and Regulations promulgated by the
Securities and Exchange Commission under the Securities Exchange Act of 1934, 15
U.S.C. Sections 78a et seq., and any regulations promulgated thereunder).

     "ERISA" shall mean the Employee Retirement Income Security Act of 1974 and
any regulations promulgated thereunder.

     "FINANCE CONTRACT" shall mean any chattel paper originated by the
Performance Guarantor or any of its Subsidiaries pursuant to a bona fide sale in
the ordinary course of business with a customer of any Subsidiary.

     "GAAP" shall mean generally accepted accounting principles in the United
States of America as in effect on the Closing Date.

     "GOVERNMENTAL AUTHORITY" shall mean any nation or government, any state or
other political subdivision thereof, and any agency, department or other entity
exercising

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executive, legislative, judicial, regulatory or administrative functions of or
pertaining to government.

     "INDEBTEDNESS" of any Person shall mean, without duplication,

     (a) all indebtedness of such Person for borrowed money or for the deferred
purchase price of property or services payment for which is deferred 90 days or
more, but excluding obligations to trade creditors incurred in the ordinary
course of business that are not overdue by more than 90 days unless being
contested in good faith,

     (b) all reimbursement and other obligations with respect to letters of
credit, bankers' acceptances and surety bonds, whether or not matured,

     (c) all indebtedness created or arising under any conditional sale or other
title retention agreement with respect to property acquired by such Person (even
though the rights and remedies of the seller or lender under such agreement in
the event of default are limited to repossession or sale of such property),

     (d) all Capitalized Lease Obligations,

     (e) all indebtedness referred to in clauses (a) through (d) above secured
by (or for which the holder of such indebtedness has an existing right,
contingent or otherwise, to be secured by) any Lien upon or in property or other
assets (including accounts and contract rights) owned by such Person, even
though such Person has not assumed or become liable for the payment of such
indebtedness,

     (f) all Off-Balance Sheet Liabilities of such Person,

     (g) the aggregate Capital Investment, and

     (h) all Contingent Obligation of such Person with respect to liabilities of
a type described in any of clauses (a) through (g) hereof.

     Indebtedness of any Person shall include all obligations of such Person of
the character described in clauses (a) through (h) to the extent such Person
remains legally liable in respect thereof notwithstanding that any such
obligation is deemed to be extinguished under Agreement Accounting Principles.
In no event shall Indebtedness include Unfunded Liabilities of any Plan of the
Performance Guarantor and its Subsidiaries, which amount, as of December 31,
2001, was zero.

     "INTEREST COVERAGE RATIO" shall mean, as of any date the same is to be
determined, the ratio of (i) Consolidated EBITDA as of such date for (A) in the
case of calculating Consolidated EBITDA for each relevant month in the
Performance Guarantor's fiscal year ending on or about December 31, 2002, the
cumulative period of months ending on and after April 30, 2002 and (B) in the
case of calculating Consolidated EBITDA for each month

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thereafter, the period of four consecutive fiscal quarters then ending to (ii)
Interest Expense during the same applicable periods.

     "INTEREST EXPENSE" shall mean, for any period, the total interest expense
of the Performance Guarantor and its consolidated Subsidiaries, whether paid or
accrued (including the total interest expense under the Permitted Receivables
Transfer), including interest expense not payable in cash (including
amortization or write-off of debt discount and debt issuance costs and
commissions and discounts and other fees and charges associated with
Indebtedness, including the Obligations, all as determined in conformity with
Agreement Accounting Principles.

     "LENDERS" shall mean the lending institutions from time to time parties to
the Credit Agreement, and their respective successors and assigns.

     "LEVERAGE VALUATION RATIO" shall mean, as of any date the same is to be
determined, the ratio of (i) the sum of the aggregate outstanding principal
amount of the Obligations (excluding L/C Obligations, as defined in the Credit
Agreement) and the Indebtedness under the Note Agreements to (ii) Consolidated
Total Assets to the extent consisting of cash and Cash Equivalents, net
inventory, net prepaid and other expenses and net property, plant and equipment
as of such date, in all cases as determined in accordance with Agreement
Accounting Principles.

     "LIEN" shall mean any lien (statutory or other), mortgage, pledge,
hypothecation, assignment, deposit arrangement, encumbrance or preference,
priority or security agreement or preferential arrangement of any kind or nature
whatsoever (including, without limitation, the interest of a vendor or lessor
under any conditional sale, Capitalized Lease or other title retention
agreement).

     "LOAN DOCUMENT" shall mean the Note Agreements, the Senior Notes, the
Credit Agreement, and all notes, security agreements, pledge agreements,
mortgages and related collateral documents executed pursuant to any of the
foregoing.

     "NOTE AGREEMENTS" shall mean, in the case of the holders of the Performance
Guarantor's Series A Senior Notes, those certain separate and several Amended
and Restated Note Purchase Agreements, each dated as of the Closing Date,
between the Performance Guarantor and such holders, in the case of the holders
of the Performance Guarantor's Series C through H Senior Notes, those certain
separate and several Amended and Restated Note Purchase Agreement, dated as of
the Closing Date, between the Performance Guarantor and such holders, and in the
case of the holders of the Performance Guarantor's Series I Senior Notes, that
certain Amended and Restated Note Purchase Agreement, dated as of the Closing
Date, between the Performance Guarantor and such holders, in each case as
amended from time to time.

     "NOTEHOLDER" shall mean each holder of a Senior Note pursuant to a Note
Agreement, and its successors and assigns.

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     "OBLIGATIONS" shall mean all loans, advances, debts, liabilities,
obligations, covenants and duties owing by the Performance Guarantor to the
Credit Facility Agent, any Lender, any Affiliate of any of the foregoing or any
Indemnitee (as defined in the Credit Agreement), of any kind or nature, present
or future, arising under the Credit Agreement, the Senior Notes, or any other
Loan Document, whether or not evidenced by any note, guaranty or other
instrument, whether or not for the payment of money, whether arising by reason
of an extension of credit, loan, guaranty, indemnification, or in any other
manner, whether direct or indirect (including those acquired by assignment),
absolute or contingent, due or to become due, now existing or hereafter arising
and however acquired. The term includes, without limitation, all interest,
charges, expenses, fees, attorneys' fees and disbursements, paralegals' fees (in
each case whether or not allowed), and any other sum chargeable to the
Performance Guarantor under the Credit Agreement or any other Loan Document.

     "OFF-BALANCE SHEET LIABILITIES" of a Person shall mean (a) any repurchase
obligation or liability of such Person or any of its Subsidiaries with respect
to accounts or notes receivable sold by such Person or any of its Subsidiaries,
(b) any liability of such Person or any of its Subsidiaries under any sale and
leaseback transactions which do not create a liability on the consolidated
balance sheet of such Person, (c) any liability of such person or any of its
Subsidiaries under any so-called "synthetic" lease transaction, or (d) any
obligation arising with respect to any other transaction which is the functional
equivalent of or takes the place of borrowing but which does not constitute a
liability on the consolidated balance sheets of such Person and its
Subsidiaries.

     "PBGC" shall mean the Pension Benefit Guaranty Corporation, or any
successor thereto.

     "PERSON" shall mean any individual, sole proprietorship, partnership, joint
venture, unincorporated organization, trust, association, corporation (including
a business trust), limited liability company, institution, public benefit
corporation, joint stock company, Governmental Authority or any other entity of
whatever nature.

     "PERMITTED RECEIVABLES TRANSFER" shall mean (i) a sale or other transfer by
either Wabash National, L.P. or NOAMTC, Inc., in their capacities as parties to
the Sale Agreement, to WNC Receivables LLC, of Receivables (as defined in the
Sale Agreement) and Collections (as defined in the Sale Agreement), in
accordance with the terms of the Sale Agreement, and/or (ii) a sale by WNC
Receivables LLC to purchasers of Purchaser Interests (as defined in the Purchase
Agreement), in accordance with the terms of the Purchase Agreement.

     "PERFORMANCE GUARANTOR" shall mean the Wabash National Corporation, a
Delaware corporation, in its capacity as guarantor under the Sale Agreement.

     "PIK NOTES" shall mean those certain promissory notes of the Performance
Guarantor payable to the order of each Lender evidencing the aggregate deferral
fees payable by the Performance Guarantor to such Lender.

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     "PLAN" shall mean an employee benefit plan defined in Section 3(3) of ERISA
in respect of which the Performance Guarantor or any member of the Controlled
Group is, or within the immediately preceding six (6) years was, an "employer"
as defined in Section 3(5) of ERISA.

     "PURCHASE" shall have the meaning assigned to it in the Purchase Agreement.

     "PURCHASER" shall mean General Electric Capital Corporation, a Delaware
corporation, its successors and assigns.

     "PURCHASE AGREEMENT" shall mean that certain Receivables Purchase and
Servicing Agreement, dated as of April 11, 2002, by and among WNC Receivables,
LLC, Wabash Financing, LLC, WNC Receivables Management Corp. and the Purchaser.

     "SALE AGREEMENT" shall mean that certain Receivables Sale and Contribution
Agreement dated as of April 11, 2002, by and among Wabash National Corporation,
NOAMTC, Inc., Wabash National, L.P., and WNC Receivables, LLC..

     "SENIOR NOTE" shall mean any of the Parent's 6.41% Series A Senior Secured
Notes due March 30, 2004, Designated Rate Senior Secured Notes, Series C, due
March 30, 2004, 7.31% Senior Secured Notes, Series D, due December 17, 2004,
Designated Rate Senior Secured Notes, Series E, due March 13, 2005, 7.47% Senior
Secured Notes, Series F, due December 17, 2006, 7.53% Senior Secured Notes,
Series G, due December 30, 2008, 7.55% Senior Secured Notes, Series H, due
December 17, 2008, 8.04% Senior Secured Notes, Series I, due September 29, 2007,
or the PIK Notes.

     "SINGLE EMPLOYER PLAN" shall mean a Plan maintained by the Performance
Guarantor or any member of the Controlled Group for employees of the Performance
Guarantor or any member of the Controlled Group.

     "SUBSIDIARY" shall mean, with respect to any Person, any corporation or
other entity (a) of which securities or other ownership interests having
ordinary voting power to elect a majority of the board of directors or other
Persons performing similar functions are at the time directly or indirectly
owned by such Person or (b) that is directly or indirectly controlled by such
Person within the meaning of control under Section 15 of the Securities Act of
1933, 15 U.S.C. Sections 77a et seq., and any regulations promulgated
thereunder.

     "UNFUNDED LIABILITIES" shall mean the amount (if any) by which the present
value of all vested and unvested accrued benefits under all Single Employer
Plans exceeds the fair market value of all such Plan assets allocable to such
benefits, all determined as of the then most recent valuation date for such
Plans using PBGC actuarial assumptions for single employer plan terminations.

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                               FINANCIAL COVENANTS

                  The Performance Guarantor shall, and shall cause each of its
Subsidiaries to, comply with the following:

          (A) Minimum Consolidated Tax Adjusted Equity. If the Performance
     Guarantor shall have reported a cumulative tax benefit as of the last day
     of any fiscal quarter specified below, the Performance Guarantor shall, as
     of the last day of such fiscal quarter, maintain Consolidated Tax Adjusted
     Equity at an amount not less than the applicable "Minimum Consolidated Tax
     Adjusted Equity" specified below:

                                                    Minimum Consolidated Tax
          Fiscal Quarter Ending                          Adjusted Equity
          ---------------------                     ------------------------
          March 31, 2003                                  $ 99,064,000
          June 30, 2003                                   $100,681,000
          September 30, 2003                              $103,283,000
          December 31, 2003                               $ 96,504,000

          (B) Minimum Consolidated Equity. If the Performance Guarantor shall
     not have reported a cumulative tax benefit as of the last day of any fiscal
     quarter specified below, the Performance Guarantor shall, as of the last
     day of such fiscal quarter, maintain Consolidated Equity at an amount not
     less than the applicable "Minimum Consolidated Equity" specified below:

                                                       Minimum Consolidated
          Fiscal Quarter Ending                               Equity
          ---------------------                        --------------------
          March 31, 2003                                   $87,882,000
          June 30, 2003                                    $90,461,000
          September 30, 2003                               $94,751,000
          December 31, 2003                                $84,077,000

          (C) Maximum Leverage Valuation Ratio. The Performance Guarantor shall
     not permit, as of the last day of each of the fiscal quarters specified
     below, the Leverage Valuation Ratio to exceed the applicable "Maximum
     Leverage Valuation Ratio" specified below: Fiscal Quarter Ending Maximum
     Leverage Valuation Ratio

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                                                         Minimum Leverage
          Fiscal Quarter Ending                             Valuation
          ---------------------                          ----------------
          June 30, 2002                                    [0.95 to 1]
          September 30, 2002                               [0.95 to 1]
          December 31, 2002                                [0.95 to 1]

          March 31, 2003                                   [0.85 to 1]
          June 30, 2003                                    [0.80 to 1]
          September 30, 2003                               [0.80 to 1]
          December 31, 2003                                [0.75 to 1]

          (D) Minimum Consolidated EBITDA. (i) The Performance Guarantor shall,
     as of the last day of each of the fiscal quarters of the Performance
     Guarantor occurring in calendar year 2002, maintain Consolidated EBITDA for
     the cumulative period commencing on April 1, 2002 and ending on the last
     day of such fiscal quarter, at an amount not less than $(20,000,000).

     (ii) The Performance Guarantor shall, as of the last day of the calendar
months specified below, maintain Consolidated EBITDA at an amount not less than
the applicable "Minimum Rolling 12 Month Consolidated EBITDA" specified below
for the period of 12 consecutive calendar months then ending:

                                                    Minimum Rolling 12 Month
          Month Ending                                 Consolidated EBITDA
          ------------                                 -------------------
          January 31, 2003                                 $36,135,000
          February 28, 2003                                $36,620,000
          March 31, 2003                                   $39,301,000
          April 30, 2003                                   $40,541,000
          May 31, 2003                                     $41,276,000
          June 30, 2003                                    $42,192,000
          July 31, 2003                                    $42,877,000
          August 31, 2003                                  $43,422,000
          September 30, 2003                               $43,784,000
          October 31, 2003                                 $43,941,000
          November 30, 2003                                $43,828,000
          December 31, 2003                                $43,539,000

          January 31, 2004                                 $42,539,000

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          (E) Minimum Interest Coverage Ratio. The Performance Guarantor shall
     not permit the Interest Coverage Ratio as of the last day of each fiscal
     quarter of the Performance Guarantor (commencing with the fiscal quarter
     ending on or about March 31, 2003), for the period of four consecutive
     fiscal quarters then ending, to be less than 1.25 to 1.

          (F) Maximum Capital Expenditures. The Performance Guarantor will not,
     and will not permit any Subsidiary to, expend for Capital Expenditures
     during any fiscal year of the Performance Guarantor and its Subsidiaries,
     in excess of $6,000,000 in the aggregate for the Performance Guarantor and
     its Subsidiaries.

          (G) Maximum Finance Contracts. The Performance Guarantor will not, and
     will not permit any Subsidiary to, enter into any new Finance Contract if
     and to the extent that the sum of such Finance Contract (a) when added to
     the aggregate amount of all Finance Contracts entered into by the
     Performance Guarantor or any of its Subsidiaries during the twelve (12)
     month period that commences on the Closing Date exceeds $5,000,000 or (b)
     when added to the aggregate amount of all Finance Contracts entered by the
     Performance Guarantor or any of its Subsidiaries during the twelve (12)
     month period that commences on the first (1st) anniversary of the Closing
     Date exceeds $5,000,000.

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                                  ANNEX 4.04(O)

                          ADDITIONAL NEGATIVE COVENANTS

     (A) Indebtedness. Neither the Performance Guarantor nor any of its
Subsidiaries shall directly or indirectly create, incur, assume or otherwise
become or remain directly or indirectly liable with respect to any Indebtedness,
except that (a) Buyer may incur Indebtedness incurred in connection with the
Purchase Agreement and (b) the Performance Guarantor and its Subsidiaries other
than the Buyer may incur, assume or otherwise become or remain directly or
indirectly liable for the following:

          (i)    the Obligations;

          (ii)   Permitted Existing Indebtedness;

          (iii)  Indebtedness arising from intercompany loans from the
                 Performance Guarantor or any Subsidiary (other than the Buyer
                 and Independent Member) to any Subsidiary (other than the Buyer
                 and Independent Member) so long as the intercompany loans from
                 the Performance Guarantor or any Domestic Subsidiary (other
                 than the Buyer and Independent Member) to a Foreign Subsidiary
                 shall not exceed an aggregate of $5,000,000 during the term of
                 the Credit Agreement;

          (iv)   Indebtedness with respect to surety, appeal and performance
                 bonds obtained by the Performance Guarantor or any of its
                 Subsidiaries other than the Buyer in the ordinary course of
                 business;

          (v)    Indebtedness constituting Contingent Obligations permitted by
                 Clause E below;

          (vi)   unsecured Indebtedness and other liabilities incurred in the
                 ordinary course of business and consistent with past practice,
                 but not incurred through the borrowing of money or the
                 obtaining of credit (other than customary trade terms);

          (vii)  Indebtedness evidenced by the Note Agreements, Senior Notes and
                 Related Notes; and

          (viii) other unsecured Indebtedness in an aggregate principal amount
                 not exceeding $3,000,000 at any time outstanding.

     (B) Sales of Assets. Except in connection with the SunTrust Sale and
Leaseback and any of the assets, properties or transactions identified in
Schedule 4.04(o)(B), neither the Performance Guarantor nor any of its
Subsidiaries shall sell, assign, transfer, lease, convey or otherwise dispose of
any property, whether now owned or hereafter acquired, or any income or profits
therefrom, or enter into any agreement to do so, except that the Performance
Guarantor and its Subsidiaries other than the Buyer may engage in the following
transactions:

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          (i)   sales of inventory in the ordinary course of business;

          (ii)  the disposition of obsolete equipment in the ordinary course of
                business;

          (iii) sales and other transfers of Transferred Receivables pursuant to
                this Agreement;

          (iv)  sales, assignments, transfers, leases, conveyances or other
                dispositions of other assets (but not including assets of Apex
                Trailer Leasing & Rentals, L.P.) if such transaction (a) is for
                not less than fair market value, and (b) when combined with all
                such other sales, assignments, transfers, conveyances or other
                dispositions during the then current fiscal year represents the
                disposition of assets with a fair market value of not greater
                than $5,000,000; and

          (v)   transfers of assets by the Performance Guarantor or any
                Subsidiary to any Subsidiary other than Buyer so long as (i) in
                the case of a transferee which is a Domestic Subsidiary, the
                security interests granted pursuant to the Collateral Documents
                in the events so transferred shall remain in full force and
                effect and perfected and (ii) transfers of assets by the
                Performance Guarantor or any Domestic Subsidiary to any Foreign
                Subsidiary shall not exceed an aggregate of $1,000,000 during
                the term of this Agreement.

     (C) Liens. Neither the Performance Guarantor nor any of its Subsidiaries
other than Buyer shall directly or indirectly create, incur, assume or permit to
exist any Lien on or with respect to any of their respective property or assets
except that they may create, incur or suffer to exist the following Liens :

          (i)   Permitted Existing Liens;

          (ii)  Customary Permitted Liens;

          (iii) purchase money Liens (including the interest of a lessor under a
                Capitalized Lease and Liens to which any property is subject at
                the time of the acquisition thereof by the Performance Guarantor
                or one of its Subsidiaries) securing permitted purchase money
                Indebtedness; provided that such Liens shall not apply to any
                property of the Performance Guarantor or its Subsidiaries other
                than that purchased or subject to such Capitalized Lease;

          (iv)  Liens arising in connection with sales and other transfers of
                Transferred Receivables pursuant to this Agreement;

          (v)   Environmental Liens securing liabilities, claims, costs or
                damages not exceeding $5,000,000 in the aggregate;

          (vi)  Liens securing the Credit Facility and the Senior Notes on
                assets other than the Transferred Receivables and their
                Collections; and

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          (vii) Liens granted by a Foreign Subsidiary on Property located in
                Canada to the extent securing Indebtedness permitted by Clause
                (A)(ii).

In addition, neither the Performance Guarantor nor any or its Subsidiaries
shall, after the date hereof, become a party to any agreement, note, indenture
or other instrument (other than the Intercreditor and Collateral Agency
Agreement), or take any other action, which would prohibit the creation of a
Lien on any of its properties or other assets in favor of the Collateral Agent
for the benefit of itself and the Secured Parties as collateral for the Secured
Obligations; provided that any agreement, note, indenture or other instrument in
connection with permitted purchase money Indebtedness (including Capitalized
Lease Obligations) may prohibit the creation of a Lien in favor of the
Collateral Agent for the benefit of itself and the Lenders on the items of
property obtained with the proceeds of such permitted purchase money
Indebtedness; and provided further that this Agreement and the Purchase
Agreement may prohibit the creation of a Lien in favor of the Collateral Agent
for the benefit of itself and the Lenders on the assets of Buyer and on the
Transferred Receivables.

     (D) Investments. Neither the Performance Guarantor nor any of its
Subsidiaries shall directly or indirectly make or own any Investment except that
the Performance Guarantor and its Subsidiaries other than the Buyer may make the
following Investments:

          (i)    Investments in Cash Equivalents;

          (ii)   Permitted Existing Investments;

          (iii)  Investments received in connection with the bankruptcy or
                 reorganization of suppliers and customers and in settlement of
                 delinquent obligations of, and other disputes with, customers
                 and suppliers arising in the ordinary course of business;

          (iv)   Investments consisting of deposit accounts maintained by the
                 Performance Guarantor or any of its Subsidiaries in connection
                 with their cash management systems;

          (v)    Investments with respect to Indebtedness permitted pursuant to
                 Clause (A)(iii);

          (vi)   Existing Investments in any Subsidiaries;

          (vii)  Investments consisting of minority interests and joint ventures
                 and loans or advances to such entities, provided that at the
                 time any such Investment is made the amount of all Investments
                 under this clause (vii) (including such new Investment, and
                 including all Permitted Existing Investments that are of the
                 type covered by this clause (vii)) does not exceed $5,000,000
                 at such time;

          (viii) Investments in Buyer pursuant to this Agreement; and

          (ix)   Investments in connection with Permitted Acquisitions.

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     (E) Contingent Obligations. Neither the Performance Guarantor nor any of
its Subsidiaries shall directly or indirectly create or become or be liable with
respect to any Contingent Obligation, except: (i) recourse obligations resulting
from endorsement of negotiable instruments for collection in the ordinary course
of business; (ii) Permitted Existing Contingent Obligations and any extensions,
renewals or replacements thereof, provided that any such extension, renewal or
replacement is not greater than the Indebtedness under, and shall be on terms no
less favorable to the Performance Guarantor or such Subsidiary than the terms
of, the Permitted Existing Contingent Obligation being extended, renewed or
replaced; (iii) obligations, warranties and indemnities, not relating to
Indebtedness of any Person, which have been or are undertaken or made in the
ordinary course of business and consistent with past practices and not for the
benefit of or in favor of an Affiliate of the Performance Guarantor or such
Subsidiary; (iv) Contingent Obligations of the Performance Guarantor or any of
its Subsidiaries (other than Buyer) with respect to any Indebtedness permitted
by this Agreement; and (v) Contingent Obligations with respect to surety, appeal
and performance bonds obtained by the Performance Guarantor or any Subsidiary in
the ordinary course of business.

     (F) Acquisitions. Neither the Performance Guarantor nor any of its
Subsidiaries shall make any Acquisition other than a Permitted Acquisition.

     (G) Transactions with Shareholders or Affiliates. Neither the Performance
Guarantor nor any of its Subsidiaries shall directly or indirectly enter into or
permit to exist any transaction (including, without limitation, the purchase,
sale, lease or exchange of any property or the rendering of any service) with
any holder or holders of any Equity Interests of the Performance Guarantor, or
with any Affiliate of the Performance Guarantor which is not its Subsidiary, on
terms that are less favorable to the Performance Guarantor or its Subsidiaries,
as applicable, than those that might be obtained in an arm's length transaction
at the time from Persons who are not such a holder or Affiliate.

     (H) Restriction on Fundamental Changes. Neither the Performance Guarantor
nor any of its Subsidiaries shall enter into any merger or consolidation, or
liquidate, wind-up or dissolve (or suffer any liquidation or dissolution), or
convey, lease, sell, transfer or otherwise dispose of, in one transaction or
series of transactions, all or substantially all of the Performance Guarantor's
or any such Subsidiary's business or property, whether now or hereafter
acquired, except transactions permitted under Clause (B) and except that any
Subsidiary of the Performance Guarantor (other than Seller and Independent
Member) may merge with or liquidate into the Performance Guarantor or any other
Subsidiary of the Performance Guarantor (other than Seller and Independent
Member), provided that the surviving entity expressly assumes any liabilities,
if any, of either of such Subsidiaries with respect to the Obligations pursuant
to an assumption agreement reasonably satisfactory to the Collateral Agent and
provided further that the consolidated net worth of the surviving corporation is
not less than the consolidated net worth of the Subsidiary with any liability
with respect to the Obligations immediately prior to such merger.

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     (I) Margin Regulations. Neither the Performance Guarantor nor any of its
Subsidiaries shall use all or any portion of the proceeds of any credit extended
under the Credit Facility or the Senior Notes to purchase or carry Margin Stock.

     (J) ERISA. The Performance Guarantor shall not:

          (i)   engage, or permit any of its Subsidiaries to engage, in any
                prohibited transaction described in Sections 406 of ERISA or
                4975 of the Code for which a statutory or class exemption is not
                available or a private exemption has not been previously
                obtained from the DOL;

          (ii)  permit to exist any accumulated funding deficiency (as defined
                in Sections 302 of ERISA and 412 of the Internal Revenue Code),
                with respect to any Benefit Plan, whether or not waived;

          (iii) fail, or permit any Controlled Group member to fail, to pay
                timely required contributions or annual installments due with
                respect to any waived funding deficiency to any Benefit Plan;

          (iv)  terminate, or permit any Controlled Group member to terminate,
                any Benefit Plan which would result in any liability of the
                Performance Guarantor or any Controlled Group member under Title
                IV of ERISA;

     (K) Fiscal Year. Neither the Performance Guarantor nor any of its
consolidated Subsidiaries shall change its fiscal year for accounting or tax
purposes from a period consisting of the 12-month period ending on December 31
of each calendar year.

     (L) Prepayment of Other Indebtedness. Neither the Performance Guarantor nor
any of its Subsidiaries shall make any optional prepayment, redemption,
repurchase or defeasance of any Indebtedness of the Performance Guarantor or any
such Subsidiary which would, in accordance with Agreement Accounting Principles,
constitute long-term Indebtedness, other than the Obligations, any intercompany
Indebtedness permitted by Clause (A)(iii), and other Indebtedness described on
Schedule 4.04(o)(L) hereto.

     (M) Limitations on Restrictive Agreements. Neither the Performance
Guarantor nor any of its Subsidiaries (other than Buyer) shall enter into, or
suffer to exist, any agreement (other than the Note Agreements) with any Person
which, directly or indirectly, prohibits or limits the ability of any Subsidiary
to (i) pay dividends or make other distributions to the Performance Guarantor or
prepay any Indebtedness owed to Performance Guarantor or (ii) transfer any of
its properties or assets to the Performance Guarantor (other than with respect
to assets subject to Liens permitted by Clause (C) above).

     (N) Leases. Except in connection with the SunTrust Sale and Leaseback, the
Fleet Lease Transaction and the National City Lease Transaction, create, incur,
assume or suffer to exist, or permit any of its Subsidiaries to create, incur,
assume or suffer to exist, any obligation

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<PAGE>

as lessee for the rental or hire of any real or personal property, except: (i)
leases existing on the date of this Agreement and any extensions or renewals
thereof, but no increase in the amount payable thereunder; and (ii) leases
(other than Capitalized Leases or leases constituting Off-Balance Sheet
Liabilities) which do not in the aggregate require the Performance Guarantor and
its Subsidiaries on a consolidated basis to make payments (including taxes,
insurance, maintenance and similar expenses which the Performance Guarantor or
any Subsidiary is required to pay under the terms of any lease) any time during
the Credit Agreement in excess of $3,500,000.

     (O) Restricted Payments. Neither the Performance Guarantor nor any of its
Subsidiaries shall declare or make any Restricted Payment; provided that (a) the
foregoing shall not operate to restrict, prohibit or prevent (1) lease payments
made by the Performance Guarantor or any Subsidiary in accordance with the terms
and conditions of the Fleet Lease Transaction and the National City Lease
Transaction, (2) the payment of proceeds arising from, and upon, the disposition
of Property subject to and in accordance with the terms and conditions of the
Fleet Lease Transaction and the National City Lease Transaction and (3)
distributions to the Originators in connection with the sale or other transfer
of Transferred Receivables pursuant to this Agreement and (b) the Performance
Guarantor may, commencing with the March 15, 2003 scheduled dividend, resume
(but not catch up any method payments) making the regularly scheduled 6%
dividends on the Fruehauf Preferred Stock on a quarterly basis in an amount per
quarter not to exceed 6% of the Stated Value Per Share (as defined in the
Fruehauf Preferred Stock) so long as (i) no Unmatured Default or Default (as
defined in the Credit Agreement) shall have occurred and be continuing
hereunder, (ii) no Unmatured Default or Default would have occurred under the
financial covenants forth in clause (1), (2) and (3) below if such financial
covenants had been in full force and effect from the Closing Date to the date of
declaration of such proposed Restricted Payment on the Fruehauf Preferred Stock
and (iii) the Performance Guarantor has appointed a full-time permanent chief
executive officer as of the date of declaration of such proposed Restricted
Payment on the Fruehauf Preferred Stock.

     For purpose of this subsection (O), on and prior to the date of the
declaration of any proposed Restricted Payment on the Fruehauf Preferred Stock
pursuant to this subsection (O), the Performance Guarantor shall have, and shall
have caused each of its Subsidiaries to have, complied with the following
financial covenants set forth in clauses (1), (2), (3) and (4) below:

     (1) (A) If the Performance Guarantor shall have reported a cumulative tax
benefit as of the last day of any fiscal quarter specified below, the
Performance Guarantor shall, as of the last day of such fiscal quarter, maintain
Consolidated Tax Adjusted Equity at an amount not less than the applicable
"Minimum Consolidated Tax Adjusted Equity" specified below:

                                                      Minimum Consolidated
          Fiscal Quarter Ending                       Tax Adjusted Equity
          ---------------------                       --------------------
          June 30, 2002                                   $106,376,000
          September 30, 2002                              $113,535,000
          December 31, 2002                               $107,267,000

          March 31, 2003                                  $ 99,064,000
          June 30, 2003                                   $100,681,000
          September 30, 2003                              $103,283,000
          December 31, 2003                               $ 96,504,000

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                                      Wabash National Corporation, NOAMTC, Inc.,
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                                     Receivables Sale and Contribution Agreement
<PAGE>

     (B) If the Performance Guarantor shall not have reported a cumulative tax
benefit as of the last day of any fiscal quarter specified below, the
Performance Guarantor shall, as of the last day of such fiscal quarter, maintain
Consolidated Equity at an amount not less than the applicable "Minimum
Consolidated Equity" specified below:

                                                      Minimum Consolidated
          Fiscal Quarter Ending                              Equity
          ---------------------                       --------------------
          June 30, 2002                                   $101,492,000
          September 30, 2002                              $110,961,000
          December 31, 2002                               $100,966,000

          March 31, 2003                                  $ 87,882,000
          June 30, 2003                                   $ 90,461,000
          September 30, 2003                              $ 94,751,000
          December 31, 2003                               $ 84,077,000

     (2) (A) The Performance Guarantor shall not permit the Interest Coverage
Ratio as of the last day of each of the calendar months specified below, for the
cumulative period commencing on April, 2002 and ending on the last day of such
calendar month, to be less than the applicable "Minimum Interest Coverage Ratio"
specified below:

                                                          Minimum Interest
          Fiscal Quarter Ending                            Coverage Ratio
          ---------------------                           ----------------
          June 30, 2002                                      1.50 to 1
          September 30, 2002                                 1.50 to 1
          December 31, 2002                                  1.25 to 1

     (B) The Performance Guarantor shall not permit the Interest Coverage Ratio
as of the last day of each fiscal quarter of the Performance Guarantor specified
below, for the period of four consecutive fiscal quarters then ending, to be
less than the applicable "Minimum Interest Coverage Ratio" specified below:

                                                          Minimum Interest
          Fiscal Quarter Ending                            Coverage Ratio
          ---------------------                           ----------------
          March 31, 2003                                     1.25 to 1
          June 30, 2003                                      1.25 to 1
          September 30, 2003                                 1.25 to 1
          December 31, 2003                                  1.25 to 1

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                                     Receivables Sale and Contribution Agreement
<PAGE>

     (3) The Performance Guarantor shall, as of the last day of each of the
calendar months specified below, maintain Consolidated EBITDA for the cumulative
period commencing on April 1, 2002 and ending on the last day of such calendar
month, at an amount not less than the applicable "Minimum Cumulative
Consolidated EBITDA" specified below:

                                                     Minimum Cumulative Month
          Month Ending                                  Consolidated EBITDA
          ------------                               ------------------------
          April 30, 2002                                   $ 3,841,000
          Mary 31, 2002                                    $ 8,389,000
          June 30, 2002                                    $14,722,000
          July 31, 2002                                    $22,084,000
          August 31, 2002                                  $28,732,000
          September 30, 2002                               $33,110,000
          October 31, 2002                                 $36,753,000
          November 30, 2002                                $37,818,000
          December 31, 2002                                $37,856,000

     (4) The Performance Guarantor shall, as of the last day of each the
calendar months specified below, maintain Consolidated EBITDA at an amount not
less than the applicable "Minimum Rolling 12 Month Consolidated EBITDA"
specified below for the period of 12 consecutive calendar months then ending:

                                                     Minimum Rolling 12 Month
          Month Ending                                  Consolidated EBITDA
          ------------                               ------------------------
          January 31, 2003                                 $36,135,000
          February 28, 2003                                $36,620,000
          March 31, 20023                                  $39,301,000
          April 30, 2003                                   $40,541,000
          May 31, 2003                                     $41,276,000
          June 30, 2003                                    $42,192,000
          July 31, 2003                                    $42,877,000
          August 31, 2003                                  $43,422,000
          September 30, 2003                               $43,784,000
          October 31, 2003                                 $43,941,000
          November 30, 2003                                $43,828,000
          December 31, 2003                                $43,539,000
          January 31, 2004                                 $42,539,000

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                                      Wabash National Corporation, NOAMTC, Inc.,
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                                     Receivables Sale and Contribution Agreement
<PAGE>

     (P) Hedging Obligations. Enter into any interest rate, commodity or foreign
currency exchange, swap, collar, cap or similar agreements evidencing Hedging
Obligations, other than interest rate, foreign currency or commodity exchange,
swap, collar, cap or similar agreements entered into by the Performance
Guarantor pursuant to which the Performance Guarantor has hedged its actual or
forecasted interest rate, foreign currency or commodity exposure. Such permitted
hedging agreements entered into by the Performance Guarantor and any Lender or
any affiliate of any Lender to hedge floating interest rate risk in an aggregate
notional amount not to exceed at any time an amount equal to the outstanding
balance of the Term Loans (as defined in the Credit Agreement) and the principal
Indebtedness under the Note Agreements at such time are sometimes referred to
herein as "Interest Rate Agreements".

     (Q) Sales and Leasebacks. Neither the Performance Guarantor nor any of its
Subsidiaries shall become liable, directly, by assumption or by Contingent
Obligation, with respect to any lease, whether an operating lease or a
Capitalized Lease, of any Property (whether real or personal or mixed) (i) which
it or one of its Subsidiaries sold or transferred or is to sell or transfer to
any other Person, or (ii) which it or one of its Subsidiaries intends to use for
substantially the same purposes as any other Property which has been or is to be
sold or transferred by it or one of its Subsidiaries to any other Person in
connection with such lease, unless (a) in either case the sale involved is not
prohibited under Clause (B) and the lease involved is not prohibited under
Clause A above or (b) such sale and leaseback transaction is the SunTrust Sale
and Leaseback. The parties hereto acknowledge and agree that (1) the foregoing
shall not operate to restrict, prohibit or prevent the Fleet Lease Transaction
and the National City Lease Transaction and (2) the Borrower and its
Subsidiaries are permitted to dispose of Property pursuant to the SunTrust Sale
and Leaseback and the Collateral Agent is authorized to release its Liens on
such Property in connection with such disposition.

     (R) Issuance of Disqualified and Preferred Stock. Neither the Performance
Guarantor nor any of its Subsidiaries shall issue any Disqualified Stock. The
Performance Guarantor shall not issue any new shares of preferred stock and
shall not permit any Subsidiary to issue any shares of preferred stock.

     (S) Corporate Documents. Neither the Performance Guarantor nor any of its
Subsidiaries shall amend, modify or otherwise change any of the terms or
provisions in any of their respective constituent documents as in effect on the
date hereof in any manner materially adverse to the ability of the Performance
Guarantor or any of its Subsidiaries to perform their respective obligations
under the Related Documents to which they are parties.

     (T) Other Indebtedness. The Performance Guarantor shall not amend, modify
or supplement, or permit any Subsidiary to amend, modify or supplement (or
consent to any amendment, modification or supplement of), any document,
agreement or instrument evidencing the Note Agreements, the Senior Notes, the
Related Notes, the National City Lease Transaction, the Fleet Lease Transaction,
transfer of Transferred Receivables pursuant to this Agreement or Subordinated
Indebtedness (or any replacements, substitutions or renewals thereof) or
pursuant

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                                      Wabash National Corporation, NOAMTC, Inc.,
                                  Wabash National, L.P. and WNC Receivables, LLC
                                     Receivables Sale and Contribution Agreement
<PAGE>

 to which any such Indebtedness is issued where such amendment,
modification or supplement provides for the following or which has any of the
following effects:

          (i)    increases the overall principal amount of any such Indebtedness
                 or increases the amount of any single scheduled installment of
                 principal or interest;

          (ii)   shortens or accelerates the date upon which any installment of
                 principal or interest becomes due or adds any additional
                 mandatory redemption provisions;

          (iii)  shortens the final maturity date of such Indebtedness or
                 otherwise accelerates the amortization schedule with respect to
                 such Indebtedness;

          (iv)   increases the rate of interest accruing on such Indebtedness;

          (v)    provides for the payment of additional fees or increases
                 existing fees;

          (vi)   amends or modifies any financial or negative covenant (or
                 covenant which prohibits or restricts the Performance Guarantor
                 or a Subsidiary of the Performance Guarantor from taking
                 certain actions) in a manner which is more onerous or more
                 restrictive to the Performance Guarantor (or any Subsidiary of
                 the Performance Guarantor) or which is otherwise materially
                 adverse to the Performance Guarantor and/or the Lenders or, in
                 the case of adding covenants, which places additional
                 restrictions on the Performance Guarantor (or a Subsidiary of
                 the Performance Guarantor) or which requires the Performance
                 Guarantor or any such Subsidiary to comply with more
                 restrictive covenants than the covenants set forth herein or
                 which requires the Performance Guarantor to better its
                 financial performance from that set forth in the financial
                 covenants set forth herein;

          (vii)  amends, modifies or adds any covenant in a manner which, when
                 taken as a whole, is materially adverse to the Performance
                 Guarantor and/or the Lenders;

          (viii) amends, modifies or supplements any subordination provisions
                 thereof; or

          (ix)   amends or modifies the limitations on transfer provided
                 therein.

     (U) No Changes to Standard Warranty. The Performance Guarantor shall not,
and shall cause its Subsidiaries to not, make any material changes to the
Warranty Policies of the Performance Guarantor and its Subsidiaries in effect on
the date of this Agreement.

     (V) Prohibition Against Trade-In-Value Guaranties. The Performance
Guarantor shall not, and shall cause its Subsidiaries to not, make any guarantee
of trade-in values of trailers beyond six months in duration.

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                                      Wabash National Corporation, NOAMTC, Inc.,
                                  Wabash National, L.P. and WNC Receivables, LLC
                                     Receivables Sale and Contribution Agreement

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