Document:

EXHIBIT 4.8

                      FORM OF SALE AND SERVICING AGREEMENT

                                      among

                       [_____________________] 200[_]-[_],

                                     Issuer,

                              [NAME OF TRANSFEROR],
                                   Transferor,

                         [NAME OF SELLER AND SERVICER],
                              Seller and Servicer,

                    SECURITIZED ASSET BACKED RECEIVABLES LLC,
                                    Depositor

                                       and

           [NAME OF INDENTURE TRUSTEE, BACKUP SERVICER AND CUSTODIAN],
               as Indenture Trustee, Backup Servicer and Custodian

                         Dated as of [________], 200[_]

<PAGE>

                                TABLE OF CONTENTS

                                                                            Page

                                    ARTICLE I

                                   DEFINITIONS

Section 1.1   Definitions....................................................2
Section 1.2   Other Definitional Provisions.................................21

                                   ARTICLE II

                            CONVEYANCE OF RECEIVABLES

Section 2.1   Conveyance of Initial Receivables.............................22
Section 2.2   Conveyance of Subsequent Receivables..........................23
Section 2.3   Conveyance from Transferor to Depositor.......................26
Section 2.4   Conveyance from Depositor to Trust............................26
Section 2.5   Closing.......................................................27

                                   ARTICLE III

                                 THE RECEIVABLES

Section 3.1   Representations and Warranties................................27
Section 3.2   Repurchase Upon Breach........................................32
Section 3.3   Custody Of Receivables Files..................................32
Section 3.4   Duties of Custodian...........................................33
Section 3.5   Retention and Termination of Servicer.........................33

                                   ARTICLE IV

                 ADMINISTRATION AND SERVICING OF RECEIVABLES

Section 4.1   Appointment and Duties of Servicer............................34
Section 4.2   Collection and Allocation of Receivable Payments..............35
Section 4.3   Realization Upon Receivables..................................36
Section 4.4   [Reserved.]...................................................37
Section 4.5   Maintenance of Security Interests in Financed Vehicles........37
Section 4.6   Covenants of Servicer.........................................37

                                      -i-
<PAGE>

Section 4.7   Purchase of Receivables Upon Breach...........................37
Section 4.8   Servicing Fee.................................................38
Section 4.9   Servicer's Certificate........................................38
Section 4.10  Annual Statement as to Compliance; Notice of Default..........39
Section 4.11  Financial Statements..........................................39
Section 4.12  Access to Certain Documentation and Information Regarding
               Receivables..................................................40
Section 4.13  Servicer Expenses.............................................40
Section 4.14  Appointment of Subservicer....................................40
Section 4.15  Obligations Under Basic Documents.............................41
Section 4.16  Reports to the Commission.....................................41

                                    ARTICLE V

       DISTRIBUTIONS; STATEMENTS TO CERTIFICATEHOLDERS AND NOTEHOLDERS

Section 5.1   Establishment of Trust Accounts...............................41
Section 5.2   Collections...................................................44
Section 5.3   Application of Collections....................................45
Section 5.4   Deficiency Notice.............................................45
Section 5.5   Additional Deposits...........................................45
Section 5.6   Distributions.................................................45
Section 5.7   Pre-Funding Account...........................................47
Section 5.8   Statements to Certificateholders and Noteholders..............47
Section 5.9   Net Deposits..................................................48
Section 5.10  Optional Deposits By The Insurer..............................49

                                   ARTICLE VI

                                   THE POLICY

Section 6.1   Claims Under Policy...........................................49
Section 6.2   Preference Claims; Direction of Proceedings...................50
Section 6.3   Surrender of Policy...........................................51

                                   ARTICLE VII

                                   THE SELLER

Section 7.1   Representations of the Seller.................................51
Section 7.2   Existence.....................................................53
Section 7.3   Liability Of Seller;  Indemnities.............................54
Section 7.4   Merger or Consolidation of, or Assumption of the Obligations of
               Seller.......................................................55
Section 7.5   Limitation on Liability of Seller and Others..................55
Section 7.6   Seller May Own Certificates or Notes..........................55

                                      -ii-
<PAGE>

                                  ARTICLE VIII

                                  THE SERVICER

Section 8.1   Representations of Servicer...................................56
Section 8.2   Indemnities of Servicer.......................................57
Section 8.3   Merger or Consolidation of, or Assumption of the Obligations of
               Servicer.....................................................58
Section 8.4   Limitation on Liability of Servicer and Others................59
Section 8.5   Servicer Not to Resign........................................59

                                   ARTICLE IX

                                 THE TRANSFEROR

Section 9.1   Representations of the Transferor.............................60
Section 9.2   Existence.....................................................62
Section 9.3   Liability of Transferor; Indemnities..........................62
Section 9.4   Limitation on Liability of Transferor and Others..............63
Section 9.5   Transferor May Own Certificates or Notes......................63

                                    ARTICLE X

                                  THE DEPOSITOR

Section 10.1  Representations of the Depositor..............................64
Section 10.2  Existence.....................................................65
Section 10.3  Liability of Depositor; Indemnities...........................66
Section 10.4  Limitation on Liability of Depositor and Others...............67
Section 10.5  Depositor May Own Certificates or Notes.......................67

                                   ARTICLE XI

                                     DEFAULT

Section 11.1  Servicer Default..............................................67
Section 11.2  Appointment of Successor......................................69
Section 11.3  Notification to Noteholders, Certificateholders and Backup
               Servicer.....................................................70
Section 11.4  Waiver of Past Defaults.......................................70

                                   ARTICLE XII

                               THE BACKUP SERVICER

Section 12.1  Appointment of Backup Servicer................................70
Section 12.2  Duties of Backup Servicer.....................................71
Section 12.3  Backup Servicing Standard.....................................71

                                     -iii-
<PAGE>

Section 12.4  Limitation on Resignation of the Backup Servicer..............71
Section 12.5  Rights in Respect of the Backup Servicer......................71
Section 12.6  Termination Fee...............................................72
Section 12.7  Resignation or Termination of Backup Servicer Fee.............72
Section 12.8  Backup Servicing Fee..........................................73
Section 12.9  Indemnity.....................................................73
Section 12.10 Limitation of Liability.......................................73

                                  ARTICLE XIII

                                   TERMINATION

Section 13.1  Optional Purchase of All Receivables..........................74

                                   ARTICLE XIV

                      ADMINISTRATIVE DUTIES OF THE SERVICER

Section 14.1  Duties with Respect to the Indenture, the Trust Agreement and
               Depository Agreement.........................................75
Section 14.2  Records.......................................................77
Section 14.3  Additional Information to be Furnished to the Issuer..........77

                                   ARTICLE XV

                            MISCELLANEOUS PROVISIONS

Section 15.1  Amendment.....................................................77
Section 15.2  Protection of Title to the Trust..............................78
Section 15.3  Notices.......................................................80
Section 15.4  Assignment....................................................81
Section 15.5  Limitations On Rights Of Others...............................81
Section 15.6  Severability..................................................81
Section 15.7  Separate Counterparts.........................................81
Section 15.8  Headings......................................................82
Section 15.9  GOVERNING LAW.................................................82
Section 15.10 Assignment to Indenture Trustee...............................82
Section 15.11 Nonpetition Covenants.........................................82
Section 15.12 Limitation of Liability of Owner Trustee and Indenture Trustee82
Section 15.13 Independence of the Servicer..................................83
Section 15.14 No Joint Venture..............................................83
Section 15.15 Third-Party Beneficiaries.....................................83
Section 15.16 Disclaimer by Insurer.........................................84
Section 15.17 Insurer as Controlling Party..................................84
Section 15.18 Limited Recourse..............................................84

                                      -iv-
<PAGE>

Exhibit A   -  Form of Subsequent Transfer Agreement
Exhibit B   -  Form of Monthly Certificateholder Statement
Exhibit C   -  Form of Monthly Noteholder Statement
Exhibit D   -  Form of Servicer's Certificate
Exhibit E   -  Form of Note Policy
Exhibit F   -  Form of Stamp

Schedule A  -  Schedule of Receivables
Schedule B  -  Location of Receivables

                                      -i-
<PAGE>

            SALE AND SERVICING AGREEMENT dated as of [________], 200[_], among
[_____________________] 200[_]-[_], a [__________] business trust (the
"Issuer"), [______________], a [_______________] company, as transferor (the
"Transferor"), [__________________], a [______________] company, as seller and
servicer (the "Seller" and the "Servicer"), Securitized Asset Backed Receivables
LLC, a Delaware limited liability company, as depositor (the "Depositor"), and
[__________________], a national banking association, as Indenture Trustee,
Backup Servicer and Custodian.

            WHEREAS the Transferor desires to purchase a portfolio of
receivables arising in connection with motor vehicle loans originated by the
Seller;

            WHEREAS  the  Seller is willing  to sell such  receivables  to the
Transferor;

            WHEREAS the Transferor desires to purchase additional receivables
during the Pre-Funding Period (as defined herein) arising in connection with
motor vehicle loans originated by the Seller;

            WHEREAS the Seller is willing to sell such additional receivables to
the Transferor;

            WHEREAS the Depositor desires to obtain a transfer of such
receivables from the Transferor and the Transferor is willing to assign its
interest in such receivables to the Depositor;

            WHEREAS the Issuer desires to obtain a transfer of the Depositor's
interest in such receivables and the Depositor desires to transfer its interest
in such receivables to the Issuer;

            WHEREAS the Servicer is willing to service all such receivables;

            WHEREAS the Backup  Servicer is willing to act as backup  servicer
pursuant to the terms hereof;

            WHEREAS the Custodian is willing to act as custodian pursuant to the
terms hereof and the terms of the Custodial Agreement (as defined herein); and

            NOW, THEREFORE, in consideration of the premises and the mutual
covenants herein contained, the parties hereto agree as follows:

<PAGE>

                                    ARTICLE I

                                   DEFINITIONS

            Section 1.1 Definitions. Whenever used in this Agreement, the
following words and phrases shall have the following meanings:

            "Addition Notice" means, with respect to any transfer of Subsequent
Receivables to the Transferor pursuant to Section 2.2 of this Agreement, notice
of the Seller's election to transfer Subsequent Receivables to the Transferor,
such notice to designate the related Subsequent Transfer Date and the
approximate principal amount of Subsequent Receivables to be transferred on such
Subsequent Transfer Date.

            "Affiliate" means, with respect to any specified Person, any other
Person controlling or controlled by or under common control with such specified
Person. For the purposes of this definition, "Control" when used with respect to
any Person means the power to direct the management and policies of such Person,
directly or indirectly, whether through the ownership of voting securities, by
contract or otherwise; and the terms "Controlling" and "Controlled" have
meanings correlative to the foregoing. A Person shall not be deemed to be an
Affiliate of any person solely because such other Person has the contractual
right or obligation to manage such Person unless such other Person controls such
Person through equity ownership or otherwise.

            "Aggregate Principal Balance" means, with respect to any date of
determination, the sum of the Principal Balances for all Receivables (other than
(i) any Receivable (other than a Purchased Receivable) that became a Liquidated
Receivable during the related Collection Period and (ii) any Receivable (other
than a Liquidated Receivable) that was purchased or repurchased by any Person
pursuant to this Agreement during the related Collection Period) as of the date
of determination.

            "Agreement" means this Sale and Servicing Agreement, as the same may
be amended and supplemented from time to time.

            "Amount Financed" means, with respect to a Receivable, the amount
advanced under such Receivable toward the purchase price or refinancing of the
Financed Vehicle and any related costs, including amounts advanced in respect of
accessories, insurance premiums, service, car club and warranty contracts, and
other items customarily financed as part of automobile loans.

            "Annual Percentage Rate" or "APR" of a Receivable means the annual
percentage rate of finance charges or service charges, as stated in the related
Contract.

            "Available Funds" means, with respect to any Determination Date, the
sum of (i) the Collected Funds for the related Collection Period, (ii) all
Purchase Amounts deposited in the Collection Account during the related
Collection Period, (iii) the Monthly Capitalized Interest Amount with respect to
the related Payment Date, (iv) the Yield Supplement Amount, with respect to the
related Payment Date, and (v) following the acceleration of the Notes pursuant
to Section 5.2 of the Indenture, the amount of money or property collected
pursuant to

                                      -2-
<PAGE>

Section 5.4 of the Indenture since the preceding Determination Date by the
Indenture Trustee for distribution pursuant to Section 5.6 of the Indenture.

            "Average Principal Balance" means, with respect to any Collection
Period, the sum of the Principal Balance of the Receivables as of the close of
business on the last day of the immediately preceding Collection Period and the
Principal Balance of the Receivables as of the close of business on the last day
of such Collection Period, divided by two.

            "Backup Servicer" means [__________________], as the Backup
Servicer, and each successor Backup Servicer pursuant to Section 12.1 of the
Agreement.

            "Backup Servicer Duties" has the meaning assigned to such term in
Section 12.2.

            "Backup Servicing Fee" means the monthly fee payable to the Backup
Servicer, in an amount equal to the greater of (A) the product of one-twelfth of
[__]% per annum multiplied by the Outstanding Amount on the preceding Payment
Date after giving effect to distributions on such date or (B) $[___].

            "Backup Servicing Standard" has the meaning assigned to that term in
Section 12.3.

            "Base Servicing Fee" means, with respect to any Collection Period,
the fee payable to the Servicer for services rendered during such Collection
Period, which shall be equal to one-twelfth of the Servicing Fee Rate multiplied
by the Pool Balance as of the first day of such Collection Period.

            "Basic Documents" means the Certificate of Trust, the Trust
Agreement, the Sale and Servicing Agreement, each Subsequent Transfer Agreement,
the Indenture, the Insurance Agreement, the Reserve Account Agreement, the
Custodial Agreement, the Depository Agreement, the Policy, the Premium Letter,
the FSA Indemnification Agreement, the Depositor Indemnification Agreement, the
Notes, the Certificates and the Pledge Agreement and other documents and
certificates delivered in connection therewith.

            "Business Day" means any day other than a Saturday, a Sunday or
other day on which commercial banks located in [____________], [_____________]
or New York, New York are authorized or obligated by law, executive order or
governmental decree to be closed or the principal place of business of any
successor Servicer, successor Indenture Trustee or successor Owner Trustee.

            "Capitalized Interest Account" means the account designated as such,
established and maintained pursuant to Section 5.1 hereof.

            "Capitalized Interest Account Initial Deposit" means $[_________],
deposited into the Capitalized Interest Account on the Closing Date.

            "Certificate" means a Trust Certificate (as defined in the Trust
Agreement).

                                      -3-
<PAGE>

            "Certificate Balance" means, with respect to the Class A
Certificates, initially, $[___________], and thereafter equals the initial
Certificate Balance reduced by all amounts allocable to principal previously
distributed to Certificateholders.

            "Certificate Distribution Account" has the meaning assigned to such
term in Section 5.1(a) of the Trust Agreement.

            "Certificate Pool Factor" as of the close of business on a Payment
Date means a seven digit decimal figure equal to the Certificate Balance as of
such Payment Date after giving effect to principal distributions on such date
divided by the initial Certificate Balance.

            "Certificate Majority" means over 50% of Holders of the
Certificates.

            "Certificateholder" has the meaning assigned to such term in the
Trust Agreement.

            "Certificateholders' Distributable Amount" means with respect to any
Payment Date, the sum of the Certificateholders' Monthly Principal Distributable
Amount and the Class R Certificateholders' Distributable Amount.

            "Certificateholders' Monthly Principal Distributable Amount" means,
with respect to any Payment Date, the Certificateholders' Percentage of the
Principal Distributable Amount.

            "Certificateholders' Percentage" means (i) for each Payment Date
prior to the Payment Date on which the Class A-3 Notes are paid in full, [_]%,
(ii) on the Payment Date on which the Class A-3 Notes are paid in full, the
percentage equivalent of a fraction, the numerator of which is the excess, if
any, of (x) the Principal Distributable Amount for such Payment Date over (y)
the outstanding principal amount of the Class A-3 Notes immediately prior to
such Payment Date, and the denominator of which is the Principal Distributable
Amount for such Payment Date, and (iii) for each Payment Date thereafter to and
including the Payment Date on which the Certificate Balance is reduced to zero,
100%.

            "Certificateholders' Principal Carryover Shortfall" means, with
respect to any Payment Date, the excess of the Certificateholders' Principal
Distributable Amount for the preceding Payment Date over the amount in respect
of principal that was actually deposited in the Certificate Distribution Account
on such preceding Payment Date.

            "Certificateholders' Principal Distributable Amount" means, with
respect to any Payment Date, the sum of the Certificateholders' Monthly
Principal Distributable Amount for such Payment Date and the Certificateholders'
Principal Carryover Shortfall for such Payment Date; provided, however, that the
Certificateholders' Principal Distributable Amount (i) shall not exceed the
Certificate Balance and (ii) shall equal the Certificate Balance on the Final
Scheduled Payment Date for the Certificates.

            "Class" means any of the Class A-1 Notes, the Class A-2 Notes, the
Class A-3 Notes, the Class A Certificates or the Class R Certificates, as the
context requires.

                                      -4-
<PAGE>

            "Class A Certificate" has the meaning assigned to such term in the
Trust Agreement.

            "Class A-1 Note" has the meaning assigned to such term in the
Indenture.

            "Class A-2 Note" has the meaning assigned to such term in the
Indenture.

            "Class A-3 Note" has the meaning assigned to such term in the
Indenture.

            "Class R Certificate" has the meaning assigned to such term in the
Trust Agreement.

            "Class R Certificateholders' Distributable Amount" means the amount
available for distribution to the Class R Certificateholders pursuant to Section
5.6(b)(viii) hereof.

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

            "Closing Date" means [__________], 200[_].

            "Collateral" has the meaning assigned to such term in the Indenture.

            "Collected Funds" means, with respect to any Determination Date, the
amount of funds in the Collection Account representing collections on the
Receivables during the related Collection Period, including all Net Liquidation
Proceeds collected during the related Collection Period.

            "Collection Account" means the account designated as such,
established and maintained pursuant to Section 5.1(a) hereof.

            "Collection Period" means the calendar month preceding the month in
which each Payment Date occurs (or in the case of the Initial Payment Date, from
the Initial Cutoff Date to and including [__________], 200[_]).

            "Computer Tape" means the computer tape or other electronic media
furnished by the Seller to the Transferor and its assigns describing certain
characteristics of the Initial Receivables as of the Initial Cutoff Date and of
Subsequent Receivables as of the related Subsequent Cutoff Date.

            "Contract" means a motor vehicle loan evidenced by a note and
security agreement.

            "Controlling Party" means, if no Insurer Default has occurred and is
continuing, the Insurer, otherwise if Notes remain Outstanding, the Indenture
Trustee for the benefit of the Noteholders, or, after all unpaid principal and
interest on the Notes and all amounts owing to the Insurer have been paid in
full, the Owner Trustee for the benefit of the Certificateholders.

                                      -5-
<PAGE>

            "Corporate Trust Office" means (i) with respect to the Owner
Trustee, the principal corporate trust office of the Owner Trustee, which at the
time of execution of this Agreement [Address], Attention: [_____________] and
(ii) with respect to the Indenture Trustee and the Indenture Collateral Agent,
the principal corporate trust office of the Indenture Trustee, which at the time
of execution of this Agreement is located at [Address], Attention:
[___________].

            "Cram Down Loss" means, with respect to a Receivable, if a court of
appropriate jurisdiction in an insolvency proceeding shall have issued an order
reducing the amount owed on such Receivable or otherwise modifying or
restructuring the Scheduled Payments to be made on such Receivable, an amount
equal to (i) the excess of the principal balance of such Receivable immediately
prior to such order over the principal balance of such Receivable as so reduced
and/or (ii) if such court shall have issued an order reducing the effective rate
of interest on such Receivable, the net present value (using as the discount
rate the higher of the APR on such Receivable or the rate of interest, if any,
specified by the court in such order) of the scheduled payments as so modified
or restructured. A "Cram Down Loss" shall be deemed to have occurred on the date
of issuance of such order.

            "Custodial Agreement" means the agreement dated as of [________],
200[_] among the Seller, the Servicer, the Issuer, the Owner Trustee, the
Indenture Trustee and the Custodian, as amended, modified and supplemented from
time to time.

            "Custodian" means [__________________], its successors in interest
and any successor Custodian under the Custodial Agreement.

            "Default Rate" means, for any Determination Date, the product
(expressed as a percentage) of (a) twelve and (b) a fraction, (i) the numerator
of which is the sum of (x) the aggregate Principal Balance of all Receivables
that became Defaulted Receivables during the related Collection Period and (y)
the aggregate Principal Balance of all Receivables that became Purchased
Receivables during the Collection Period and that were 31 or more days
delinquent at the time of repurchase, and (ii) the denominator of which is the
Average Principal Balance for the related Collection Period.

            "Defaulted Receivable" means a Receivable with respect to which: (i)
all or a portion of any Scheduled Payment is 90 or more days delinquent, (ii)
the Servicer has repossessed the related Financed Vehicle (and any applicable
redemption period has expired) or (iii) such Receivable is in default and the
Servicer has determined in good faith that payments thereunder are not likely to
be resumed.

            "Deficiency Claim Amount" shall have the meaning set forth in
Section 5.4 of this Agreement.

            "Deficiency Claim Date" means, with respect to any Payment Date, the
fourth Business Day immediately preceding such Payment Date.

            "Deficiency Notice" shall have the meaning set forth in Section 5.4
of this Agreement.

                                      -6-
<PAGE>

            "Delinquency Ratio" means, with respect to any Collection Period,
the quotient, expressed as a percentage, of (i) the Aggregate Principal Balance
of all Receivables with respect to which one or more payments are 31 or more
days past due at the last day of such Collection Period and (ii) the Pool
Balance as of the close of business on the last day of such Collection Period.

            "Delivery" or "Deliver" when used with respect to Trust Account
Property means the following and such additional or alternative procedures as
may hereafter become appropriate to effect the complete transfer of ownership of
any such Trust Account Property to the Indenture Trustee or the Indenture
Collateral Agent, as applicable, free and clear of any adverse claims,
consistent with changes in applicable law or regulations or the interpretation
thereof:

            (a) with respect to bankers' acceptances, commercial paper,
      negotiable certificates of deposit and other obligations that constitute
      instruments and are susceptible of physical delivery ("Physical
      Property"): (i) transfer of possession thereof to the Indenture Trustee,
      endorsed to, or registered in the name of, the Indenture Trustee, or its
      nominee or endorsed in blank;

            (b) with respect to a certificated security: (i) delivery thereof in
      bearer form to the Indenture Trustee; or (ii) delivery thereof in
      registered form to the Indenture Trustee; and (A) the certificate is
      endorsed to the Indenture Trustee or in blank by effective endorsement; or
      (B) the certificate is registered in the name of the Indenture Trustee,
      upon original issue or registration of transfer by the issuer thereof;

            (c) with respect to an uncertificated security: (i) the delivery of
      the uncertificated security to the Indenture Trustee; or (ii) the issuer
      thereof has agreed that it will comply with instructions originated by the
      Indenture Trustee without further consent by the registered owner;

            (d) with respect to any security issued by the U.S. Treasury, the
      Federal Home Loan Mortgage Corporation or by the Federal National Mortgage
      Association that is a book-entry security held through the Federal Reserve
      System pursuant to Federal book-entry regulations: (i) a Federal Reserve
      Bank by book entry credits the book-entry security to the securities
      account (as defined in 31 CFR Part 357) of a participant (as defined in 31
      CFR Part 357) which is also a securities intermediary; and (ii) the
      participant indicates by book entry that the book-entry security has been
      credited to the Indenture Trustee's securities account;

            (e) with respect to a security entitlement: (i) the Indenture
      Trustee, becomes the entitlement holder; or (ii) the securities
      intermediary has agreed that it will comply with entitlement orders
      originated by the Indenture Trustee without further consent by the
      entitlement holder;

            (f) for the purpose of clauses (b) and (c) hereof "delivery" means:
      (i) with respect to a certificated security: (A) the Indenture Trustee
      acquires possession thereof; (B) another person (other than a securities
      intermediary) either acquires possession thereof on behalf of the
      Indenture Trustee or, having previously acquired possession

                                      -7-
<PAGE>

      thereof, acknowledges that it holds for the Indenture Trustee; or (C) a
      securities intermediary acting on behalf of the Indenture Trustee acquires
      possession of thereof, only if the certificate is in registered form and
      has been specially endorsed to the Indenture Trustee by an effective
      endorsement;

                  (ii) with respect to an uncertificated security: (A) the
            issuer registers the Indenture Trustee as the registered owner, upon
            original issue or registration of transfer; or (B) another person
            (other than a securities intermediary) either becomes the registered
            owner thereof on behalf of the Indenture Trustee or, having
            previously become the registered owner, acknowledges that it holds
            for the Indenture Trustee;

            (g) for purposes of this definition, except as otherwise indicated,
      the following terms shall have the meaning assigned to each such term in
      the UCC: (i) "Certificated Security," (ii) "Effective Endorsement," (iii)
      "Entitlement Holder," (iv) "Instrument," (iv) "Securities Account," (vi)
      "Security Entitlement," (vii) "Securities Intermediary," (viii)
      "Uncertificated Security;" and

            (h) in each case of Delivery contemplated herein, the Indenture
      Trustee shall make appropriate notations on its records, and shall cause
      the same to be made on the records of its nominees, indicating that
      securities are held in trust pursuant to and as provided in this
      Agreement.

            "Depositor" means Securitized Asset Backed Receivables LLC, and its
successors in interest.

            "Depositor Indemnification Agreement" has the meaning assigned to
such term in the Underwriting Agreement.

            "Depositor Property" has the meaning assigned to such term in
Section 2.3 hereof.

            "Depository Agreement" means a Note Depository Agreement.

            "Determination Date" means, with respect to any Payment Date, the
fifth Business Day prior to the related Payment Date.

            "Distribution Amount" means, with respect to a Payment Date, the sum
of (i) the Available Funds for the immediately preceding Determination Date,
plus (ii) any amounts received with respect to the Deficiency Claim Amount from
the Reserve Account, an Insurer Optional Deposit or otherwise, other than from
draws under the Policy, received by the Indenture Trustee from the Insurer with
respect to such Payment Date.

            "Draw Date" has the meaning assigned to such term in the Insurance
Agreement.

            "Eligible Deposit Account" means either (a) a segregated account
with an Eligible Institution or (b) a segregated trust account with the
corporate trust department of a depository institution organized under the laws
of the United States of America or any one of the states thereof or the District
of Columbia (or any domestic branch of a foreign bank), having corporate

                                      -8-
<PAGE>

trust powers and acting as trustee for funds deposited in such account, so long
as any of the securities of such depository institution have a credit rating
from each Rating Agency in one of its generic rating categories which signifies
investment grade.

            "Eligible Institution" means (a) the corporate trust department of
the Indenture Trustee or any other entity specified in this Agreement or (b) a
depository institution organized under the laws of the United States of America
or any one of the states thereof or the District of Columbia (or any domestic
branch of a foreign bank), which (i) has either (A) a long-term unsecured debt
rating of AAA or better by [____________] and Aaa or better by [____________] or
(B) a certificate of deposit rating of [___] by [____________] and [___] or
better by [____________] or any other short-term or certificate of deposit
rating acceptable to the Rating Agencies and the Insurer and (ii) whose deposits
are insured by the FDIC. If so qualified under clause (b) above, the Owner
Trustee or the Indenture Trustee may be considered an Eligible Institution.

            "Eligible Investments" means book-entry securities, negotiable
instruments or securities represented by instruments in bearer or registered
form which evidence:

            (a) certain obligations of, or obligations guaranteed as to
      principal and interest by, the U.S. government or any agency or
      instrumentality of the U.S. government, when such obligations are backed
      by the full faith and credit of the U.S., provided however, such
      obligation (i) must be limited to those instruments that have a
      predetermined fixed-dollar amount of principal due at maturity that cannot
      vary or change, (ii) if the obligation is rated, it should not have an `r'
      highlighter affixed to its rating, (iii) if the investments may be
      liquidated before their maturity or are being relied on to meet a certain
      yield, subject to the applicable Rating Agency restrictions are necessary,
      and (iv) has an interest rate tied to a single interest rate index plus a
      single fixed spread, if any, and which changes proportionately with such
      index;

            (b) demand deposits, time deposits or certificates of deposit of any
      depository institution or trust company incorporated under the laws of the
      United States of America or any state thereof or the District of Columbia
      (or any domestic branch of a foreign bank) and subject to supervision and
      examination by Federal or state banking or depository institution
      authorities (including depository receipts issued by any such institution
      or trust company as custodian with respect to any obligation referred to
      in clause (a) above or portion of such obligation for the benefit of the
      holders of such depository receipts); provided, however, that at the time
      of the investment or contractual commitment to invest therein (which shall
      be deemed to be made again each time funds are reinvested following each
      Payment Date), the commercial paper or other short-term senior unsecured
      debt obligations (other than such obligations the rating of which is based
      on the credit of a Person other than such depository institution or trust
      company) of such depository institution or trust company shall have a
      credit rating from [____________] of [___] and from [____________] of
      [___];

            (c) commercial paper having, at the time of the investment or
      contractual commitment to invest therein, a rating from [____________] of
      [___] and from [____________] of [___];

                                      -9-
<PAGE>

            (d) investments in money market funds (including funds for which the
      Indenture Trustee or the Owner Trustee or any of their respective
      Affiliates is investment manager or advisor) having a rating from
      [____________] of AAA-m or AAAm-G and from [____________] of Aaa and
      having been approved by the Insurer;

            (e) bankers' acceptances issued by any depository institution or
      trust company referred to in clause (b) above;

            (f) repurchase obligations with respect to any security that is a
      direct obligation of, or fully guaranteed by, the United States of America
      or any agency or instrumentality thereof the obligations of which are
      backed by the full faith and credit of the United States of America, in
      either case entered into with a depository institution or trust company
      (acting as principal) rated [___] by [____] and [___] by [____________];
      and

            (g) any other investment which would satisfy the Rating Agency
      Condition and is consistent with the ratings of the Notes and which, so
      long as no Insurer Default shall have occurred and be continuing, has been
      approved by the Insurer.

            Any of the foregoing Eligible Investments may be purchased by or
through the Owner Trustee or the Indenture Trustee or any of its Affiliates.

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

            "FDIC" means the Federal Deposit Insurance Corporation.

            "Final Scheduled Payment Date" means with respect to (i) the Class
A-1 Notes, [________], 200[_], (ii) the Class A-2 Notes, [___________], 200[_]
and (iii) the Class A-3 Notes, [__________], 200[_].

            "Financed Vehicle" means a new or used automobile, light-duty truck
or van, securing an Obligor's indebtedness under the respective Receivable.

            "FSA Indemnification Agreement" has the meaning assigned to the term
"Indemnification Agreement" in the Insurance Agreement.

            "Indenture" means the Indenture dated as of [________], 200[_],
among the Issuer and the Indenture Trustee, as the same may be amended and
supplemented from time to time.

            "Indenture Collateral Agent" means the Person appointed pursuant to
the terms of the Reserve Account Agreement and acting as Collateral Agent under
the Reserve Account Agreement, its successors in interest and any successor
Collateral Agent under the Reserve Account Agreement.

            "Indenture Trustee" means the Person acting as Indenture Trustee
under the Indenture and the other Basic Documents, its successors in interest
and any successor trustee under the Indenture.

                                      -10-
<PAGE>

            "Indenture Trustee Fee" means the monthly fee payable to the
Indenture Trustee in an amount equal to the product of (i) 1/12 and (ii) [__]
percent per annum and (iii) the Outstanding Amount on the preceding Payment Date
after giving effect to distributions on such date.

            "Initial Cutoff Date" means as to any Initial Receivable, the
beginning of business on [________], 200[_].

            "Initial Receivables" means any Receivable conveyed to the
Transferor, its successors in interest and assigns on the Closing Date.

            "Initial Yield Supplement Amount" shall mean $[_________].

            "Insolvency Event" means, with respect to a specified Person, (a)
the filing of a petition against such Person or the entry of a decree or order
for relief by a court or supervisory authority having jurisdiction in the
premises in respect of such Person or any substantial part of its property in an
involuntary case under any applicable federal or state bankruptcy, insolvency or
other similar law now or hereafter in effect, or appointing a receiver,
conservator, liquidator, assignee, custodian, trustee, sequestrator, or similar
official for such Person or for any substantial part of its property, or
ordering the winding-up or liquidation or such Person's affairs, and such
petition, decree or order shall remain unstayed and in effect for a period of 60
consecutive days; or (b) the commencement by such Person of a voluntary case
under any applicable federal or state bankruptcy, insolvency or other similar
law now or hereafter in effect, or the consent by such Person to the entry of an
order for relief in an involuntary case under any such law, or the consent by
such Person to the appointment of or taking possession by, a receiver,
conservator, liquidator, assignee, custodian, trustee, sequestrator, or similar
official for such Person or for any substantial part of its property, or the
making by such Person of any general assignment for the benefit of creditors, or
the failure by such Person generally to pay its debts as such debts become due,
or such Person admitting its inability to pay its debts when due or the taking
of action by such Person in furtherance of any of the foregoing.

            "Insurance Agreement" means the Insurance and Indemnity Agreement,
dated as of [________], 200[_], among the Insurer, the Issuer, the Transferor,
the Seller and the Servicer.

            "Insurance Agreement Event Of Default" means an "Event of Default",
as defined in the Insurance Agreement.

            "Insurer" means [________________], a monoline insurance company
incorporated under the laws of the State of New York, its successors and
assigns.

            "Insurer Default" means the occurrence and continuance of any of the
following events:

            (a) the Insurer shall have failed to make a payment required under
      the Policy in accordance with its terms; or

            (b) the Insurer shall have (i) filed a petition or commenced any
      case or proceeding under any provision or chapter of the United States
      Bankruptcy Code or any

                                      -11-
<PAGE>

      other similar federal or state any law relating to insolvency, bankruptcy,
      rehabilitation, liquidation or reorganization, (ii) made a general
      assignment for the benefit of its creditors, or (iii) had an order for
      relief entered against it under the United States Bankruptcy Code or any
      other similar federal or state law relating to insolvency, bankruptcy,
      rehabilitation, liquidation or reorganization which is final and
      nonappealable; or

            (c) a court of competent jurisdiction, the New York Department of
      Insurance or other competent regulatory authority shall have entered a
      final and nonappealable order, judgment or decree (i) appointing a
      custodian, trustee, agent or receiver for the Insurer or for all or any
      material portion of its property or (ii) authorizing the taking of
      possession by a custodian, trustee, agent or receiver of the Insurer (or
      the taking of possession of all or any material portion of the property of
      the Insurer).

            "Insurer Optional Deposit" means, with respect to any Payment Date,
an amount delivered by the Insurer pursuant to Section 5.10 hereof, at its sole
option, to the Indenture Trustee for deposit into the Collection Account.

            "Interest Carryover Shortfall" means, with respect to any Payment
Date, the excess of the Noteholders' Interest Distributable Amount for the
preceding Payment Date over the amount in respect of interest that was actually
deposited in the Note Distribution Account on such preceding Payment Date, plus
interest on the amount of interest due but not paid to Noteholders on the
preceding Payment Date, to the extent permitted by law, at the Interest Rate
borne by each Class of Notes from such preceding Payment Date to but excluding
the current Payment Date.

            "Interest Period" means, with respect to any Payment Date, the
period from and including the Closing Date (in the case of the first Payment
Date) or from and including the most recent Payment Date on which interest has
been paid to but excluding such Payment Date.

            "Interest Rate" means (i) with respect to the Class A-1 Notes,
[______]% per annum, (ii) the Class A-2 Notes, [______]% per annum and (iii) the
Class A-3 Notes, [______]% per annum. The Interest Rate for each Class A Note
shall be computed on the basis of a 360 day year consisting of twelve 30 day
months.

            "Investment Earnings" means, with respect to any Payment Date, the
investment earnings (net of losses and investment expenses) on amounts on
deposit in the Trust Accounts and the Certificate Distribution Account.

            "Issuer" means [_____________________] 200[_]-[_].

            "Lien" means a security interest, lien, charge, pledge, equity, or
encumbrance of any kind, other than tax liens, mechanics' liens and any liens
that attach to the respective Receivable by operation of law as a result of any
act or omission by the related Obligor.

            "Lien Certificate" means, with respect to a Financed Vehicle, an
original certificate of title, certificate of lien or other notification issued
by the Registrar of Titles of the applicable state to a secured party which
indicates that the lien of the secured party on the

                                      -12-
<PAGE>

Financed Vehicle is recorded on the original certificate of title. In any
jurisdiction in which the original certificate of title is required to be given
to the Obligor, the term "Lien Certificate" shall mean only a certificate or
notification issued to a secured party.

            "Liquidated Receivable" means, with respect to any Determination
Date, a Receivable as to which, as of the last day of the related Collection
Period, (i) 60 days have elapsed since the Servicer repossessed the Financed
Vehicle, (ii) the Servicer has determined in good faith that all amounts it
expects to recover have been received, (iii) all or a portion part of a
Scheduled Payment is 120 days or more delinquent or (iv) the Financed Vehicle
has been sold and the proceeds received.

            "Mandatory Redemption Date" means the Payment Date on or immediately
following the last day of the Pre-Funding Period.

            "Monthly Capitalized Interest Amount" means in the case of Payment
Dates occurring on or prior to the Mandatory Redemption Date, an amount equal to
the product of (A) the product of (x) 1=/12 and (y) the Weighted Average Rate
and (B) the difference between (x) the aggregate Outstanding Amount of the Notes
immediately prior to the applicable Payment Date and (y) the Pool Balance as of
the last day of the second preceding Collection Period, or in the case of the
[________], 200[_] Payment Date, as of the Closing Date.

            "Monthly Principal Distributable Amount" means, with respect to any
Payment Date, without duplication, the sum of (i) the principal portion
(calculated on the basis of the Simple Interest Method) of all Collected Funds
received during the immediately preceding Collection Period (other than Net
Liquidation Proceeds) including the principal portion of all prepayments, (ii)
the Principal Balance of all Receivables that became Liquidated Receivables
during the related Collection Period (other than Purchased Receivables), (iii)
the principal portion of the Purchase Amounts received with respect to all
Receivables that became Purchased Receivables during the related Collection
Period, (iv) at the option of the Insurer (so long as no Insurer Default shall
have occurred and be continuing), from funds received from the Insurer pursuant
to Section 5.10 hereof, the Principal Balance of all the Receivables that were
required to be purchased pursuant to Sections 3.2 and 4.7, during such
Collection Period but were not purchased, (v) the aggregate amount of Cram Down
Losses that shall have occurred during the related Collection Period; and (vi)
following the acceleration of the Notes pursuant to Section 5.2 of the
Indenture, the amount of money or property collected pursuant to Section 5.4 of
the Indenture since the preceding Determination Date by the Indenture Trustee
for distribution pursuant to Section 5.6 of the Indenture.

            "[____________]" means [_______________], or its successors.

            "Net Liquidation Losses" means, with respect to any Collection
Period, (a) the sum of the Principal Balances (plus accrued interest through the
end of such Collection Period) of all Receivables that became Liquidated
Receivables since the Cutoff Date, minus (b) any Net Liquidation Proceeds
received during such Collection Period.

            "Net Liquidation Proceeds" means as to any Liquidated Receivable,
all amounts (including insurance proceeds) realized with respect to such
Receivable (other than amounts

                                      -13-
<PAGE>

withdrawn from the Reserve Account, amounts paid pursuant to Section 5.10 of
this Agreement and drawings under the Policy) net of (i) reasonable expenses
incurred by the Servicer in connection with the collection of such Receivable
and the repossession and disposition of the Financed Vehicle and (ii) amounts
that are required to be refunded to the Obligor on such Receivable; provided,
however, that the Net Liquidation Proceeds with respect to any Receivable shall
in no event be less than zero.

            "Net Loss Rate" means, for any Determination Date, the quotient
(expressed as a percentage) of (a) the product of (i) twelve and (ii) Net
Liquidation Losses, divided by (b) the Average Principal Balance for the related
Collection Period.

            "[________]" means [__________________], and its successors in
interest.

            "Note" means any of the Notes issued pursuant to the terms ---- of
the Indenture.

            "Noteholder" has the meaning assigned to such term in the Indenture.

            "Note Depository Agreement" means the agreement, if any, among the
Issuer, the Indenture Trustee and The Depository Trust Company, as initial
Clearing Agency.

            "Note Distribution Account" means the account designated as such,
established and maintained pursuant to Section 5.1(a) hereof.

            "Note Majority" means the Holders of a majority in outstanding
principal amount of the Notes.

            "Noteholders' Distributable Amount" means, with respect to any
Payment Date, the sum of the Noteholders' Principal Distributable Amount and the
Noteholders' Interest Distributable Amount.

            "Noteholders' Interest Carryover Shortfall" means, with respect to
any Payment Date, the excess of the Noteholders' Interest Distributable Amount
for the preceding Payment Date, over the amount in respect of interest that was
actually deposited in the Note Distribution Account on such preceding Payment
Date, plus interest on the amount of interest due but not paid to Noteholders on
the preceding Payment Date, to the extent permitted by law, at the respective
Interest Rate borne by each such Class of Notes from such preceding Payment Date
to but excluding the current Payment Date.

            "Noteholders' Interest Distributable Amount" means, with respect to
any Payment Date, the sum of the Noteholders' Monthly Interest Distributable
Amount for such Payment Date and the Noteholders' Interest Carryover Shortfall
for such Payment Date.

            "Noteholders' Monthly Interest Distributable Amount" means, with
respect to any Payment Date, the sum of the amount for each Class of Notes equal
to product of (i) the Interest Rate for such Class of Notes (ii) 1/12 and (iii)
the Outstanding Amount of the Notes of each such Class immediately preceding
such Payment Date.

                                      -14-
<PAGE>

            "Noteholders' Monthly Principal Distributable Amount" means, with
respect to any Payment Date, the Noteholders' Percentage of the Principal
Distributable Amount.

            "Noteholders' Percentage" means with respect to any Determination
Date (i) relating to a Payment Date prior to the Payment Date on which the
principal amount of the Class A-3 Notes is reduced to zero, 98%; (ii) relating
to the Payment Date on which the principal amount of the Class A-3 Notes is
reduced to zero, the percentage equivalent of a fraction, the numerator of which
is the principal amount of the Class A-3 Notes immediately prior to such Payment
Date, and the denominator of which is the Principal Distributable Amount; and
(iii) relating to any other Payment Date, 0%.

            "Noteholders' Principal Carryover Shortfall" means, as of the close
of any Payment Date, the excess of the Noteholders' Monthly Principal
Distributable Amount and any outstanding Noteholders' Principal Carryover
Shortfall for the preceding Payment Date over the amount in respect of principal
that was actually deposited in the Note Distribution Account on such preceding
Payment Date.

            "Noteholders' Principal Distributable Amount" means, with respect to
any Payment Date, (other than the Final Scheduled Payment Date for any Class of
Notes), the sum of the Noteholders' Monthly Principal Distributable Amount for
such Payment Date and the Noteholders' Principal Carryover Shortfall for such
Payment Date. The Noteholders' Principal Distributable Amount on the Final
Scheduled Payment Date for any Class of Notes will equal the sum of (i) the
Noteholders' Monthly Principal Distributable Amount for such Payment Date, (ii)
the Noteholders' Principal Carryover Shortfall for such Payment Date, and (iii)
the excess of the Outstanding Amount of such Class of Notes, if any, over the
amounts described in clauses (i) and (ii).

            "Note Pool Factor" for each Class of Notes as of the close of
business on a Payment Date means a seven-digit decimal figure equal to the
outstanding principal amount of such Class of Notes as of such Payment Date
after giving effect to principal distributions on such date divided by the
original Outstanding Amount of such Class of Notes.

            "Notice Of Claim" has the meaning assigned to such term in Section
6.1(b) hereof.

            "Obligor" on a Receivable means the purchaser or co-purchasers of
the Financed Vehicle and any other Person who owes payments under the
Receivable.

            "Officer's Certificate" means a certificate signed by the (a)
chairman of the board, the president, any executive vice president or any vice
president and (b) any treasurer, assistant treasurer, secretary or assistant
secretary of the Seller or the Servicer, as appropriate.

            "Opinion Of Counsel" means one or more written opinions of counsel
who may be an employee of or counsel to the Seller or the Servicer, which
counsel shall be acceptable to the Indenture Trustee, the Owner Trustee, the
Insurer or the Rating Agencies, as applicable.

                                      -15-
<PAGE>

            "Original Pool Balance" means the sum, as of any date, of the Pool
Balance as of the Initial Cutoff Date, plus the aggregate Principal Balance of
the Subsequent Receivables, if any, sold to the Trust, as of their respective
Subsequent Cutoff Dates.

            "Outstanding" has the meaning assigned to such term in the
Indenture.

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

            "Owner Trust Estate" has the meaning assigned to such term in the
Trust Agreement.

            "Owner Trustee" means [_________________], not in its individual
capacity but solely as Owner Trustee under the Trust Agreement, its successors
in interest or any successor Owner Trustee under the Trust Agreement.

            "Owner Trustee Fee" means $[______] per annum, payable annually in
advance.

            "Payment Date" means the fifteenth day of each calendar month and if
such day is not a Business Day, the next succeeding Business Day, commencing in
[_________], 200[_],.

            "[__________]" means [__________________], and its successors in
interest.

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

            "Physical Property" has the meaning assigned to such term in the
definition of "Delivery" above.

            "Policy" means the financial guaranty insurance policy issued by the
Insurer in accordance with the terms of the Insurance Agreement.

            "Policy Claim Amount" has the meaning assigned to such term in
Section 6.1(a) hereof.

            "Pool Balance" means, as of any date of determination, the sum of
the Principal Balances of the Receivables (excluding Purchased Receivables and
Liquidated Receivables).

            "Pre-Funded Amount" means, with respect to any Payment Date, the
amount on deposit in the Pre-Funding Account (exclusive of Pre-Funding
Earnings), which initially shall be $[___________].

            "Pre-Funding Account" has the meaning specified in Section
5.1(a)(iii).

            "Pre-Funding Earnings" means any investment earnings (net of losses)
on amounts on deposit in the Pre-Funding Account.

                                      -16-
<PAGE>

            "Pre-Funding Period" shall mean the period from and including the
Closing Date and ending on the earliest of: (a) the last day of the Collection
Period on which the Pre-Funded Amount (after giving effect to any transfers
therefrom in connection with the transfer of Subsequent Receivables to the Trust
on or before such date) is less than $[________], (b) the date on which an Event
of Default occurs and (c) the close of business on [_________], 200[_].

            "Preference Claim" has the meaning assigned to such term in Section
6.2(b) hereof.

            "Premium Letter" has the meaning assigned to such term in the
Insurance Agreement.

            "Pledge Agreement" has the meaning assigned to such term in the
Insurance Agreement.

            "Principal Balance" means, with respect to any Receivable, as of any
date, the Amount Financed minus (i) that portion of all amounts received on or
prior to such date and allocable to principal in accordance with the terms of
the Receivable and the Simple Interest Method, and (ii) any Cram Down Loss in
respect of such Receivable.

            "Principal Carryover Shortfall" means, as of the close of business
on any Payment Date, the excess of the Principal Distributable Amount plus any
outstanding Principal Carryover Shortfall from the preceding Payment Date over
the amount of principal deposited in the Note Distribution Account and the
Certificate Distribution Account, with respect to such current Payment Date.

            "Principal Distributable Amount" means, with respect to any Payment
Date, the sum of the Monthly Principal Distributable Amount for such Payment
Date and the Principal Carryover Shortfall for the prior Payment Date.

            "Purchase Amount" means with respect to a Receivable, the Principal
Balance and all accrued and unpaid interest on the Principal Balance of such
Receivable (including one month's interest thereon, in the month of payment, at
the APR less, so long as [__________] is the Servicer, the Servicing Fee), after
giving effect to the receipt of any moneys collected (from whatever source) on
such Receivable, if any.

            "Purchased Receivable" means a Receivable purchased as of the close
of business on the last day of a Collection Period by the Servicer pursuant to
Section 4.7 of this Agreement or repurchased by the Seller or the Transferor, as
applicable, pursuant to Section 3.2 of the Agreement.

            "Rating Agency" means each of [____________] and [____________], and
together, the "Ratings Agencies". If no such organization or successor maintains
a rating on the Notes, "Rating Agency" shall be a nationally recognized
statistical rating organization or other comparable Person designated by the
Seller and acceptable to the Insurer (so long as an Insurer Default shall not
have occurred and be continuing), notice of which designation shall be given to
the Indenture Trustee, Owner Trustee and the Servicer.

                                      -17-
<PAGE>

            "Rating Agency Condition" means, with respect to any action, that
each Rating Agency shall have been given 10 days' (or such shorter period as
shall be acceptable to each Rating Agency) prior notice thereof and that the
Rating Agencies shall have notified the Seller, the Servicer, the Owner Trustee,
Insurer, the Depositor, the Issuer and the Indenture Trustee in writing that
such action will not result in a reduction, qualification or withdrawal of the
then current rating of any Class of Notes.

            "Realized Losses" means, with respect to any Receivable that becomes
a Liquidated Receivable, the excess of the Principal Balance of such Liquidated
Receivable over Net Liquidation Proceeds to the extent allocable to principal.
"Receivable" means any Contract listed on Schedule A, as such Schedule shall be
amended to reflect the transfer of Subsequent Receivables to the Trust (which
Schedule may be in the form of microfiche).

            "Receivable Files" means the documents specified in Section 3.3.

            "Record Date" means, with respect to each Payment Date, the close of
business on the Business Day preceding such Payment Date, unless otherwise
specified in this Agreement.

            "Registrar Of Titles" means, with respect to any state, the
governmental agency or body responsible for the registration of, and the
issuance of certificates of title relating to, motor vehicles and liens thereon.

            "Remaining Pre-Funding Amount" means, if the Pre-Funded Amount has
not been reduced to zero on the Mandatory Redemption Date, after giving effect
to any reductions in the Pre-Funded Amount on such date pursuant to Section
5.6(a)(ii), the amount remaining in the Pre-Funding Account at such time,
exclusive of the Pre-Funding Earnings, if any, for the related Collection
Period.

            "Reserve Account" means the account designated as such, established
and maintained pursuant to the Reserve Account Agreement.

            "Reserve Account Agreement" means the Master Reserve Account
Agreement dated as of [________], 200[_] among the TRANSFEROR, the Insurer and
the Indenture Collateral Agent.

            "Reserve Account Balance" means, for any Payment Date, the amount on
deposit in the Reserve Account. Unless specifically stated to the contrary, the
Reserve Account Balance shall be calculated after giving effect to all deposits
and withdrawals therefrom on the prior Payment Date (or, in the case of the
first Payment Date, the Closing Date) and all interest and other income (net of
losses and investment expenses) on such amounts during the related Collection
Period.

            "Reserve Account Initial Deposit" means $[____________].

            "Scheduled Payment" on a Receivable means that portion of the
payment required to be made by the Obligor during the respective Collection
Period sufficient to amortize the

                                      -18-
<PAGE>

Principle Balance thereof under the Simple Interest Method over the term of the
Receivable and to provide interest at the APR.

            "Seller" means [__________________], a [______________] company, as
Seller under this Agreement and its successors in interest to the extent
permitted hereunder.

            "Service Contract" means, with respect to a Financed Vehicle, the
agreement, if any, financed under the related Receivable that provides for the
repair of such Financed Vehicle, including any extended warranties.

            "Servicer" means [__________________], as the servicer of the
Receivables, and each successor Servicer pursuant to Section 8.3 or 11.2 of the
Agreement.

            "Servicer Default" means an event specified in Section 11.1 of this
Agreement.

            "Servicer's Certificate" means an Officer's Certificate of the
Servicer delivered pursuant to Section 4.9 of this Agreement, substantially in
the form of Exhibit D hereto.

            "Servicing Fee" has the meaning specified in Section 4.8 of this
Agreement.

            "Servicing Fee Rate" means [__]% per annum.

            "Servicing Standard" shall have the meaning assigned to such term in
Section 4.1 hereof.

            "Simple Interest Method" means the method of allocating a fixed
level payment to principal and interest, pursuant to which the portion of such
payment that is allocated to interest is equal to the product of the fixed rate
of interest multiplied by the unpaid principal balance multiplied by the period
of time elapsed since the preceding payment of interest was made (in some states
assuming 30 day months), divided by the actual number of days in a year (360
days in states which assume 30 day months) and the remainder of such payment is
allocable to principal.

            "Simple Interest Receivable" means any Receivable under which the
portion of a payment allocable to interest and the portion allocable to
principal is determined in accordance with the Simple Interest Method.

            "[____________]" means [____________] Ratings Group, a division of
The [_________________], or its successors.

            "Subsequent Cutoff Date" means, with respect to a Subsequent
Receivable, the opening of business on the first day of the month in which such
Subsequent Receivable is conveyed to the Trust pursuant to this Agreement.

            "Subsequent Receivables" means the Receivables transferred to the
Transferor and its assigns pursuant to Sections 2.2, 2.3 and 2.4 of this
Agreement and each Subsequent Transfer Agreement, which Subsequent Receivables
shall be listed on Schedule A to the related Subsequent Transfer Agreement.

                                      -19-
<PAGE>

            "Subsequent Reserve Account Deposit" shall mean, with respect to any
Subsequent Transfer Date, cash or Permitted Investments having a value equal to
[___]% of the aggregate Principal Balances as of the related Subsequent Cutoff
Date of the Subsequent Receivables conveyed to the Trust on such Subsequent
Transfer Date.

            "Subsequent Transfer Agreement" means an agreement among the Issuer,
the Transferor, the Seller, the Servicer, the Depositor, the Indenture Trustee,
the Backup Servicer and the Custodian, pursuant to which the Transferor will
acquire Subsequent Receivables from the Seller and transfer such Subsequent
Receivables to the Depositor, which will transfer such Subsequent Receivables to
the Issuer.

            "Subsequent Transfer Date" means, with respect to Subsequent
Receivables, any date, occurring not more frequently than once a month, during
the Pre- Funding Period on which Subsequent Receivables are to be transferred
from the Seller to the Transferor, the Transferor to the Depositor and the
Depositor to the Issuer, pursuant to this Agreement, and a Subsequent Transfer
Agreement is executed and delivered.

            "Transferor" means [______________], and its successors in interest.

            "Transferor Property" has the meaning assigned to such term in
Section 2.1 hereof.

            "Trust" means the Issuer.

            "Trust Account Property" means the Trust Accounts, all amounts and
investments held from time to time in any Trust Account (whether in the form of
deposit accounts, Physical Property, book-entry securities, uncertificated
securities or otherwise), and all proceeds of the foregoing.

            "Trust Accounts" has the meaning assigned thereto in Section 5.1 of
the Agreement.

            "Trust Agreement" means the Trust Agreement dated as of [________],
200[_], between the Depositor and the Owner Trustee, as the same may be amended
and supplemented from time to time.

            "Trust Officer" means, (i) in the case of the Indenture Trustee, the
chairman or vice-chairman of the board of directors, the chairman or
vice-chairman of the executive committee of the board of directors, the
president, any vice president, the secretary, any assistant secretary, the
treasurer, any assistant treasurer, the cashier, any assistant cashier, any
trust officer or assistant trust officer, the controller and any assistant
controller or any other officer of the Indenture Trustee customarily performing
functions similar to those performed by any of the above designated officers and
also means, with respect to a particular corporate trust matter, any other
officer to whom such matter is referred because of such officer's knowledge of
and familiarity with the particular subject, and (ii) in the case of the Owner
Trustee, any officer in the corporate trust office of the Owner Trustee with
direct responsibility for the administration of this Agreement or any of the
Basic Documents on behalf of the Owner Trustee.

                                      -20-
<PAGE>

            "Trust Property" has the meaning assigned to such term in the Trust
Agreement.

            "UCC" means the Uniform Commercial Code as in effect in the State of
New York on the date of the Agreement.

            "Underwriting Agreement" means the agreement dated as of
[___________], 200[_], among the Depositor, [__________], [_____________], the
Transferor, and [_______________], as the same may be amended and supplemented
from time to time.

            "Weighted Average Rate" means, with respect to any date of
determination, a per annum rate equal to (A) the sum of (i) the product of (x)
the Outstanding Amount of the Class A-1 Notes on such date and (y) the Class A-1
Interest Rate, plus (ii) the product of (x) the Outstanding Amount of the Class
A-2 Notes on such date and (y) the Class A-2 Interest Rate, plus (iii) the
product of (x) the Outstanding Amount of the Class A-3 Notes on such date and
(y) the Class A-3 Interest Rate divided by (B) the Outstanding Amount of the
Notes on such date; provided that if the date of determination is a Payment
Date, then the Outstanding Amount of any class of Notes shall be determined
after giving effect to all payments made on such date.

            "Yield Supplement Account" means the account designated, established
and maintained pursuant to Section 5.1 hereof.

            "Yield Supplement Account Initial Deposit" means $[-----------].

            "Yield Supplement Account Required Amount" means, on the Closing
Date, $[___________] and, as of the close of business on any Payment Date, an
amount equal to the sum of all projected Yield Supplement Amounts for all future
Payment Dates, assuming that future Scheduled Payments on the Receivables are
made on their scheduled due dates.

            "Yield Supplement Amount" with respect to any Payment Date will be
determined by aggregating for all of the Receivables, one twelfth (1/12) of the
difference (if positive) between (x) the product of (i) the Principal Balance of
such Receivable multiplied by (ii) the Weighted Average Rate plus [____]% (which
percentage represents the Servicing Fee Rate plus [___]%) and (y) the product of
(i) the Principal Balance of such Receivable multiplied by (ii) the APR on such
Receivable.

            Section 1.2 Other Definitional Provisions.

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

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

            (c) As used in this Agreement, in any instrument governed hereby and
in any certificate or other document made or delivered pursuant hereto or
thereto, accounting terms not defined in this Agreement or in any such
instrument, certificate or other document, and accounting terms partly defined
in this Agreement or in any such instrument, certificate or other document to
the extent not defined, shall have the respective meanings given to them under
generally accepted accounting principles as in effect on the date of this
Agreement or any such instrument, certificate or other

                                      -21-
<PAGE>

document, as applicable. To the extent that the definitions of accounting terms
in this Agreement or in any such instrument, certificate or other document are
inconsistent with the meanings of such terms under generally accepted accounting
principles, the definitions contained in this Agreement or in any such
instrument, certificate or other document shall control.

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

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

            (f) Any agreement, instrument or statute defined or referred to
herein or in any instrument or certificate delivered in connection herewith
means such agreement, instrument or statute as from time to time amended,
modified or supplemented and includes (in the case of agreements or instruments)
references to all attachments thereto and instruments incorporated therein;
references to a Person are also to its permitted successors and assigns.

                                   ARTICLE II

                            CONVEYANCE OF RECEIVABLES

            Section 2.1 Conveyance of Initial Receivables. In consideration of
the Transferor's delivery to or upon the order of the Seller on the Closing Date
of the net proceeds from the sale of the Notes and the Certificates and the
other amounts to be distributed from time to time to the Seller in accordance
with the terms of this Agreement, the Seller does hereby sell, transfer, assign,
set over and otherwise convey to Transferor, without recourse (subject to the
obligations set forth herein), all right, title and interest of the Seller in
and to:

            (a) the Initial Receivables, and all moneys received thereon after
the Initial Cutoff Date and all Net Liquidation Proceeds with respect to such
Receivables;

            (b) the security interests in the Financed Vehicles granted by
Obligors pursuant to the Initial Receivables and any other interest of the
Seller in such Financed Vehicles;

            (c) any proceeds with respect to the Initial Receivables from claims
on any theft, physical damage, credit life or disability insurance policies
covering Financed Vehicles or Obligors and any proceeds from the liquidation of
the Initial Receivables;

            (d) all rights under any Service Contracts on the related Financed
Vehicles;

                                      -22-
<PAGE>

            (e) the related Receivables Files; and

            (f) the proceeds of any and all of the foregoing (the items
specified in clauses (a) through (e) are referred to herein as the "Transferor
Property").

            In connection with such sale, the Seller agrees to record and file,
at its own expense, financing statements (and continuation statements with
respect to such financing statements when applicable) with respect to the
Receivables for the sale of accounts and chattel paper meeting the requirements
of applicable state law in such manner and in such jurisdictions as are
necessary to perfect the sale and assignment of the Receivables to the Issuer.

            It is the intention of the Seller that the transfer and assignment
contemplated by this Agreement shall constitute a sale of the Receivables and
other Transferor Property from the Seller to the Transferor and the beneficial
interest in and title to the Receivables and the other Transferor Property shall
not be part of the Seller's estate in the event of the filing of a bankruptcy
petition by or against the Seller under any bankruptcy law. In the event that,
notwithstanding the intent of the Seller, the transfer and assignment
contemplated hereby is held not to be a sale, this Agreement shall constitute a
security agreement and the Seller does hereby grant a security interest in the
property referred to in this Section 2.1 for the benefit of the Transferor.

            Section 2.2 Conveyance of Subsequent Receivables. (a) Subject to the
conditions set forth in paragraph (b) below, in consideration of the
Transferor's delivery on each related Subsequent Transfer Date to or upon the
order of the Seller of the amount described in Section 5.7(a) to be delivered to
the Seller, the Seller does hereby sell, transfer, assign, set over and
otherwise convey to the Transferor without recourse (subject to the obligations
set forth herein), all right, title and interest of the Seller in and to:

            (i) the Subsequent Receivables listed on Schedule A to the related
      Subsequent Transfer Agreement and all monies received thereon after the
      related Subsequent Transfer Date and all Net Liquidation Proceeds with
      respect to such Receivables;

            (ii) the security interests in the Financed Vehicles granted by
      Obligors pursuant to such Subsequent Receivables and any other interest of
      the Seller in such Financed Vehicles;

            (iii) any proceeds with respect to such Subsequent Receivables from
      claims on any theft, physical damage, credit life or disability insurance
      policies covering the related Financed Vehicles or Obligors and any
      proceeds from the liquidation of such Subsequent Receivables;

            (iv) all rights under any Service Contracts on the related Financed
      Vehicles;

            (v) the related Receivables Files;

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

                                      -23-
<PAGE>

            (b) The Seller shall transfer to the Transferor the Subsequent
Receivables and the other property and rights related thereto described in
paragraph (a) above only upon the satisfaction of each of the following
conditions on or prior to the related Subsequent Transfer Date:

            (i) the Seller shall have provided the Indenture Trustee, the Owner
      Trustee, the Insurer and the Rating Agencies with an Addition Notice not
      later than [____] Business Days prior to such Subsequent Transfer Date and
      shall have provided any information reasonably requested by any of the
      foregoing with respect to the Subsequent Receivables;

            (ii) the Seller shall have executed and delivered to the Transferor,
      which shall have delivered to the Depositor, which shall have delivered to
      the Issuer a duly executed Subsequent Transfer Agreement which shall
      include supplements to Schedule A, listing the Subsequent Receivables;

            (iii) the Seller shall, to the extent required by Section 5.2, have
      deposited in the Collection Account all collections in respect of the
      Subsequent Receivables since the related Subsequent Cutoff Date;

            (iv) as of each Subsequent Transfer Date, (A) the Seller shall not
      be insolvent and shall not become insolvent as a result of the transfer of
      Subsequent Receivables on such Subsequent Transfer Date, (B) the Seller
      shall not intend to incur or believe that it shall incur debts that would
      be beyond its ability to pay as such debts mature, (C) such transfer shall
      not have been made with actual intent to hinder, delay or defraud any
      Person and (D) the assets of the Seller shall not constitute unreasonably
      small capital to carry out its business as conducted;

            (v) the Pre-Funding Period shall not have terminated;

            (vi) after giving effect to any transfer of Subsequent Receivables
      on a Subsequent Transfer Date, the Receivables transferred to the Trust
      pursuant to this Agreement shall meet the following criteria (based on the
      characteristics of the Initial Receivables on the Initial Cutoff Date and
      the Subsequent Receivables on the related Subsequent Cutoff Dates): not
      more than [__]% of the Pool Balance based on aggregate Principal Balance
      shall have Obligors whose mailing addresses are in any one state other
      than [__________] unless an Opinion of Counsel acceptable to the Rating
      Agencies and the Insurer with respect to the security interest in the
      related Financed Vehicles is furnished by the Seller on or prior to such
      Subsequent Transfer Date;

            (vii) each Subsequent Receivable shall have an APR of [____]% or
      higher and a remaining term to stated maturity of not more than 60 months;

            (viii)each of the representations and warranties made by the Seller
      pursuant to Section 3.1 with respect to the Subsequent Receivables to be
      transferred on such Subsequent Transfer Date and pursuant to Section 7.1
      on such Subsequent Transfer Date shall be true and correct as of the
      related Subsequent Transfer Date, and the Seller shall have performed all
      obligations to be performed by it hereunder on or prior to such Subsequent
      Transfer Date;

                                      -24-
<PAGE>

            (ix) the Seller shall, at its own expense, on or prior to the
      Subsequent Transfer Date indicate in its computer files that the
      Subsequent Receivables identified in the Subsequent Transfer Agreement
      have been sold by the Seller to the Transferor, assigned by the Transferor
      to the Depositor and assigned by the Depositor to the Issuer pursuant to
      this Agreement and pledged to the Indenture Trustee pursuant to the
      Indenture;

            (x) the Seller shall have taken any action required to maintain the
      first perfected ownership interest of the Trust in the Owner Trust Estate
      and the first perfected security interest of the Indenture Trustee in the
      Collateral;

            (xi) no selection procedures adverse to the interests of the
      Noteholders, the Certificateholders or the Insurer shall have been
      utilized in selecting the Subsequent Receivables;

            (xii) the addition of any such Subsequent Receivables shall not
      result in a material adverse tax consequence to the Trust, the Noteholders
      or the Certificateholders;

            (xiii)the Seller shall have delivered (A) to the Rating Agencies,
      the Indenture Trustee and the Insurer an Opinion of Counsel with respect
      to the transfer of such Subsequent Receivables substantially in the form
      of the Opinion of Counsel delivered to the Rating Agencies, the Indenture
      Trustee and the Insurer on the Closing Date and (B) to the Indenture
      Trustee the Opinion of Counsel required by Section 15.2(b);

            (xiv) each Rating Agency shall have confirmed that the rating on the
      Notes shall not be withdrawn or reduced as a result of the transfer of
      such Subsequent Receivables to the Trust;

            (xv) the Insurer (so long as no Insurer Default shall have occurred
      and be continuing), in its absolute and sole discretion, shall have
      approved the transfer of such Subsequent Receivables to the Trust;

            (xvi) the applicable Subsequent Reserve Account Deposit shall have
      been made;

            (xvii) the Seller shall have delivered to the Insurer and the
      Indenture Trustee an Officers' Certificate confirming the satisfaction of
      each condition precedent specified in this paragraph (b); and

            (xviii) no Event of Default has occurred and is continuing.

            The Seller covenants that in the event any of the foregoing
conditions precedent are not satisfied with respect to any Subsequent Receivable
on the date required as specified above, the Seller will immediately repurchase
each such Subsequent Receivable from the Transferor, at a price equal to the
Purchase Amount thereof, in the manner specified in Section 4.7.

            Upon each conveyance pursuant to the terms of this Sections 2.2, 2.3
and 2.4 hereof and a Subsequent Transfer Agreement, such Subsequent Receivables
shall be deemed to be Transferor Property.

                                      -25-
<PAGE>

            The Seller agrees to transfer to the Transferor pursuant to Section
2.2(a), Subsequent Receivables with an Aggregate Principal Balance as of the
related Subsequent Cutoff Dates of approximately $[_________], subject only to
the availability thereof.

            Section 2.3 Conveyance from Transferor to Depositor. For valuable
consideration, the transfer of which is hereby acknowledged, the Transferor does
hereby transfer, assign, set over and otherwise convey to the Depositor, all
right title and interest of the Transferor (but none of its obligations) in the
Transferor Property, this Agreement, each Subsequent Transfer Agreement, each
Subsequent Receivable and the Custodial Agreement, including all of the duties
and obligations of each party hereto and thereto (collectively, the "Depositor
Property").

            It is the intention of the Transferor that the transfer and
assignment contemplated by this Section 2.3 shall constitute a sale of the
Receivables and other Depositor Property from the Transferor to the Depositor
and the beneficial interest in and title to the Receivables and the other
Depositor Property shall not be part of the Transferor's estate in the event of
the filing of a bankruptcy petition by or against the Transferor under any
bankruptcy law. In the event that, notwithstanding the intent of the Transferor,
the transfer and assignment contemplated hereby is held not to be a sale, this
Agreement shall constitute a security agreement and the Transferor does hereby
grant a security interest in the property referred to in this Section 2.3 for
the benefit of the Depositor.

            The Transferor covenants that in the event that after any Subsequent
Transfer Date it receives notice or becomes aware that any of the conditions
precedent set forth in Section 2.2(b) are not satisfied with respect to any
Subsequent Receivable on the date required as specified above, the Transferor
will immediately repurchase such Subsequent Receivable from the Depositor, at a
price equal to the Purchase Amount thereof, in the manner specified in Section
4.7.

            Section 2.4 Conveyance from Depositor to Trust. For valuable
consideration, the transfer of which is hereby acknowledged, the Depositor does
hereby transfer, assign, set over and otherwise convey to the Trust, all right
title and interest of the Depositor (but none of its obligations) in the
Depositor Property, this Agreement, each Subsequent Transfer Agreement, each
Subsequent Receivable and the Custodial Agreement, including all of the duties
and obligations of each party hereto and thereto collectively, the "Trust
Property").

            It is the intention of the Depositor that the transfer and
assignment contemplated by this Section 2.4 shall constitute a sale of the
Receivables and other Trust Property from the Depositor to the Trust and the
beneficial interest in and title to the Receivables and the other Trust Property
shall not be part of the Depositor's estate in the event of the filing of a
bankruptcy petition by or against the Depositor under any bankruptcy law. In the
event that, notwithstanding the intent of the Depositor, the transfer and
assignment contemplated hereby is held not to be a sale, this Agreement shall
constitute a security agreement and the Depositor does hereby grant a security
interest in the property referred to in this Section 2.4 for the benefit of the
Noteholders, Certificateholders and the Insurer.

                                      -26-
<PAGE>

            The Seller covenants that in the event that after any Subsequent
Transfer Date it receives notice or becomes aware that any of the conditions
precedent set forth in Section 2.2(b) were not satisfied with respect to any
Subsequent Receivable on the date required as specified above, the Seller will
immediately repurchase such Subsequent Receivable, at a price equal to the
Purchase Amount thereof, in the manner specified in Section 4.7.

            Section 2.5 Closing. The conveyance of the Receivables shall take
place at the offices of [_____________], [Address] on the Closing Date,
simultaneously with the closing of the transactions related to the Notes and the
Certificates. Upon the acceptance by the Depositor of the net proceeds from the
sale of the Notes, the ownership of each Receivable and the contents of the
related Receivable File will be vested in the Issuer, subject to the lien of the
Indenture.

                                   ARTICLE III

                                 THE RECEIVABLES

            Section 3.1 Representations and Warranties. The Seller makes the
following representations and warranties to the Transferor, on which the
Transferor, is deemed to have relied in acquiring the Receivables and (ii)
Transferor makes the following representations and warranties upon which each of
the Depositor and the Issuer is deemed to have relied in acquiring the
Receivables and upon which the Insurer shall be deemed to rely in issuing the
Policy. Such representations and warranties speak as of the execution and
delivery of this Agreement and as of the Closing Date in the case of Initial
Receivables, as of the related Subsequent Transfer Date in the case of
Subsequent Receivables, but shall survive the sale, transfer and assignment of
the Receivables to the Transferor, the Depositor and the Trust and the pledge
thereof to the Indenture Trustee pursuant to the Indenture.

            (a) Title. It is the intention of (i) the Seller that the transfer
and assignment herein contemplated constitute a sale of the Receivables from the
Seller to the Transferor and that the beneficial interest in and title to such
Receivables not be part of the debtor's estate in the event of the filing of a
petition for receivership by or against the Seller under any bankruptcy law,
(ii) the Transferor that the transfer and assignment herein contemplated
constitute an assignment of the Receivables from the Transferor to the Depositor
and that the beneficial interest in and title to such Receivables not be part of
the debtor's estate in the event of the filing of a petition for receivership by
or against the Transferor under any bankruptcy law and (iii) the Depositor that
the transfer and assignment herein contemplated constitute an assignment of the
Receivables from the Depositor to the Trust and that the beneficial interest in
and title to such Receivables not be part of the debtor's estate in the event of
the filing of a petition for receivership by or against the Depositor under any
bankruptcy law. Immediately prior to the transfer and assignment herein
contemplated, (i) the Seller had good and marketable title to each Receivable,
free and clear of all Liens and, immediately upon the transfer thereof, (ii) the
Transferor shall have good and marketable title to each such Receivable, free
and clear of all Liens, and (iii) the Depositor shall have good and marketable
title to each such Receivable, free and clear of all Liens; and the transfer of
the Receivables to the Transferor, the Depositor and the Issuer has been
perfected under the UCC. No Dealer or any other Person has any right to receive
proceeds of any Receivables.

                                      -27-
<PAGE>

            (b) All Filings Made. All filings (including, without limitation,
UCC filings) necessary in any jurisdiction to give the Transferor, Depositor,
the Issuer and Indenture Trustee, a first priority perfected ownership interest
in the Receivables, and to give the Transferor, Depositor and Indenture Trustee
a first priority perfected security interest therein, shall have been made.

            (c) Characteristics Of Receivables. Each Receivable (i) shall have
been originated in the United States of America by the Seller in the ordinary
course of the Seller's business in accordance with its underwriting guidelines
and shall have been fully and properly executed by the parties thereto, (ii)
shall have created or shall create a valid, subsisting and enforceable first
priority security interest in favor of the Seller in the Financed Vehicle, which
security interest has been assigned by the Seller to the Transferor which
security interest has been assigned from the Transferor to the Depositor and
from the Depositor to the Issuer, which has assigned such security interest to
the Indenture Trustee, (iii) shall contain customary and enforceable provisions
such that the rights and remedies of the holder thereof shall be adequate for
realization against the collateral of the benefits of the security, (iv) shall
be Simple Interest Receivables and shall provide for level monthly payments
(provided that the payment in the first or last month in the life of the
Receivable may be minimally different from the level payment) that fully
amortize the Amount Financed over the original term and yield interest at the
rate per annum specified on Schedule A hereto, and has not been amended or
collections with respect to which have been waived and (v) shall be denominated
in U.S. dollars.

            (d) Not more than [__]% of Obligors with respect to the Receivables
shall have a minimum FICO score of less than 680.

            (e) At least three (3) Scheduled Payments shall have been received
with respect to each Receivable.

            (f) As of the Initial Cutoff Date, at least [__]% of Obligors make
their Scheduled Payments by means of ACH withdrawal by or on behalf of the
Servicer.

            (g) Schedule of Receivables. The information set forth in Schedule A
to this Agreement is true and correct in all material respects as of the close
of business on the Initial Cutoff Date or, with respect to any Subsequent
Receivables, as of the close of business on the related Subsequent Cutoff Date,
and no selection procedures believed by the Seller to be adverse to the
Noteholders, the Certificateholders or the Insurer were utilized in selecting
the Receivables. The Computer Tape regarding the Receivables is true and correct
in all material respects as of the Initial Cutoff Date and will be true and
correct as of each Subsequent Cutoff Date.

            (h) Compliance With Law. Each Receivable complied at the time it was
originated or made and at the execution of this Agreement complies (or the
applicable Subsequent Transfer Agreement will comply) in all material respects
with all requirements of applicable Federal, state and local laws and
regulations thereunder, including, without limitation, usury laws, the Federal
Truth-in-Lending Act, the Equal Credit Opportunity Act, the Fair Credit
Reporting Act, the Fair Debt Collection Practices Act, the Federal Trade
Commission Act, the Magnuson-Moss Warranty Act, the Rees-Levering Act, the
Federal Reserve Board's Regulations

                                      -28-
<PAGE>

B and Z, the Soldiers' and Sailors' Civil Relief Act of 1940, state adaptations
of the National Consumer Act, the Uniform Consumer Credit Code and other
consumer credit laws and equal credit opportunity and disclosure laws.

            (i) Binding Obligation. Each Receivable represents the legal, valid
and binding payment obligation in writing of the Obligor thereunder, enforceable
by the holder thereof in accordance with its terms except as such enforceability
may be limited by applicable bankruptcy, insolvency, moratorium, fraudulent
conveyance, reorganization and similar laws now or hereafter in effect related
to or affecting creditors' rights generally and subject to general principles of
equity (whether applied in a proceeding at law or in equity); and all parties to
each Receivable had full legal capacity to execute and deliver such Receivable
and all other documents related thereto and to grant the security interest
purported to be granted thereby.

            (j) No Government Obligor. None of the Receivables are due from the
United States of America or any State or from any agency, department,
instrumentality or political subdivision of the United States of America or any
state.

            (k) Security Interest in Financed Vehicle. Immediately prior to the
assignment and transfer thereof to the Trust, each Receivable is secured by a
validly perfected first priority security interest in the Financed Vehicle in
favor of [__________] as secured party or all necessary and appropriate actions
have been commenced that will result in the valid perfection of a first priority
security interest in the Financed Vehicle in favor of [__________] as secured
party within 120 days of the origination of each such Receivable. Immediately
after the assignment and transfer thereof to the Trust, although the Lien
Certificate will not indicate the Trust or the Owner Trustee as secured party,
each Receivable will be secured by an enforceable and perfected security
interest in the Financed Vehicle in favor of the Trust as secured party, which
security interest is prior to all other Liens in such Financed Vehicle.

            (l) Receivables in Force. No Receivable has been satisfied,
subordinated or rescinded, nor has any Financed Vehicle been released from the
Lien granted by the related Receivable in whole or in part unless another
vehicle has been substituted as collateral securing the Receivable without any
other modification to such Receivable.

            (m) No Waiver or Amendment. No provision of a Receivable has been
waived or amended except as permitted pursuant to Section 4.2 hereof. Such
Receivable has not been modified as a result of application of the Soldiers' and
Sailors' Civil Relief Act of 1940, as amended.

            (n) No Defenses. No right of rescission, setoff, counterclaim or
defense has been asserted or threatened with respect to any Receivable.

            (o) No Liens. There are no Liens or claims, including Liens for
work, labor, storage, materials or unpaid state or federal taxes relating to any
Financed Vehicle securing the related Receivable, that are or may be prior to or
equal to the Lien granted by such Receivable.

            (p) No Default. No Initial Receivable has a payment that is more
than 30 days delinquent as of the Initial Cutoff Date or, with respect to any
Subsequent Receivables, of not more than 30 days delinquent as of the related
Subsequent Cutoff Date and, except as

                                      -29-
<PAGE>

permitted in this paragraph, no default, breach, violation or event (in any such
case) permitting acceleration under the terms of any Receivable has occurred;
and no continuing condition that with notice or the lapse of time would
constitute a default, breach, violation or event (in any such case) permitting
acceleration under the terms of any Receivable shall have arisen as of the
Initial Cutoff Date with respect to the Initial Receivables or the Subsequent
Cutoff Date with respect to the Subsequent Receivables; and the Seller has not
waived and shall not waive any of the foregoing.

            (q) No Bankruptcies. No Obligor on any Receivable was the subject of
a bankruptcy proceeding commenced following the execution of the related
Contract.

            (r) No Repossessions. As of the Initial Cutoff Date, no Financed
Vehicle securing any Receivable is in repossession status and, as of the related
Subsequent Cutoff Date, no Financed Vehicle securing any Subsequent Receivable
will be in repossession status.

            (s) Adverse Selection. No selection procedures adverse to the
Noteholders, the Certificateholders or the Insurer were utilized in selecting
the Receivables from those owned by the Seller which met the selection criteria
contained in this Agreement.

            (t) Chattel Paper. Each Receivable constitutes "Chattel Paper" as
defined in the UCC.

            (u) Insurance. The Obligor with respect to each Receivable agreed in
the related Contract to obtain insurance covering the Financed Vehicle insuring
against loss and damage due to fire, theft, transportation, collision and other
risks generally covered by comprehensive and collision insurance coverage (i) in
an amount at least equal to the lesser of (x) its maximum insurable value or (y)
the Principal Balance due from the Obligor under such Receivable and (ii) naming
[__________] as loss payee.

            (v) Lawful Assignment. No Receivable was originated as of the
Initial Cutoff Date or, with respect to any Subsequent Receivables, as of the
related Subsequent Cutoff Date, or, is subject to the laws of, any jurisdiction
under which the sale, transfer and assignment of such Receivable under this
Agreement is unlawful, void or voidable. The Seller has not entered into any
agreement with any Obligor or other Person that prohibits, restricts or
conditions the assignment of any portion of the Receivables.

            (w) One Original. There is only one original executed copy of each
Receivable.

            (x) Location of Receivable Files. The Receivable Files shall be kept
at one or more of the locations listed in Schedule B and each item required to
be in a Receivable File is in such Receivable File.

            (y) Computer Records. As of the Closing Date, the accounting and
computer records relating to the Initial Receivables of the Seller have been
marked to show the absolute ownership by the Owner Trustee on behalf of the
Trust of the Initial Receivables, and, as of any Subsequent Transfer Date the
accounting and computer records relating to the Subsequent

                                      -30-
<PAGE>

Receivables will be marked to show the absolute ownership by the Owner Trustee
on behalf of the Trust of the Subsequent Receivables.

            (z) Taxes. There are no state or local taxing jurisdictions which
have asserted that nonresident holders of certificates in, or notes issued by,
an entity which holds assets similar to the assets to be held by the Trust are
subject to the jurisdiction's income or other taxes solely by reason of the
location in the jurisdiction of the Owner Trustee, the Seller, the Servicer or
the Obligors or the assets securing the Receivables held by the Trust, or the
issuer of a financial guaranty insurance policy.

            (aa) Maturity of Receivables. Each Receivable has a final maturity
date not later than nine (9) months before [__________], 200[_] each Receivable
has an original term to stated maturity of not more than 60 months; the weighted
average original term of the Initial Receivables is approximately [__] months;
the weighted average remaining term of the Initial Receivables is approximately
[__] months as of the Initial Cutoff Date.

            (bb) Financing. Approximately [____]% of the aggregate Principal
Balance of the Initial Receivables, constituting approximately [____] of the
Initial Receivables as of the Cutoff Date, represent new vehicles; approximately
[____]% of the aggregate Principal Balance of the Initial Receivables,
constituting approximately [____] Receivables as of the Initial Cutoff Date,
represent used vehicles; approximately [____]% of the aggregate Principal
Balance of the Initial Receivables, constituting approximately [___] of the
Initial Receivables as of the Initial Cutoff Date, represent refinances of
existing loans; and approximately [____]% of the aggregate Principal Balance of
the Initial Receivables, constituting approximately [____] of the Initial
Receivables as of the Initial Cutoff Date, represent lease buyouts; all of the
aggregate Principal Balance of the Initial Receivables as of the Initial Cutoff
Date represent Simple Interest Receivables. The aggregate Principal Balance of
the Initial Receivables, as of the Initial Cutoff Date, is $[-----------].

            (cc) APR. The weighted average Annual Percentage Rate of the
Receivables as of the Cutoff Date is approximately [____]%. Each Initial
Receivable has an APR equal to or greater than [__]%.

            (dd) Number. As of the Initial Cutoff Date, there are [____]
Receivables.

            (ee) Balance. Each Initial Receivable has a remaining principal
balance of not less than $[_________] and not more than $[__________]; as of the
Initial Cutoff Date, the average Principal Balance of the Receivables is
$[__________].

            (ff) Security. Each Receivable is secured by a new or used
automobile or light-duty truck.

            (gg) Advance Payments. Each Receivable had not been paid more than
three months in advance as of the close of business on the Cutoff Date.

            (hh) No Force Placed Insurance. As of the close of business on the
Initial Cutoff Date with respect to Initial Receivables and each Subsequent
Cutoff Date with respect to Subsequent Receivables, each Receivable was secured
by a Financed Vehicle that was not

                                      -31-
<PAGE>

insured by a force placed insurance policy or any vendor's single interest and
non-filing insurance policy.

            (ii) Yield Supplement Amounts. An amount equal to the sum of all
projected Yield Supplement Amounts for all future Payment Dates with respect to
each Receivable, assuming that future payments on such Receivable are made on
their scheduled due dates, has been deposited to the Yield Supplement Account on
or prior to the Closing Date.

            Section 3.2 Repurchase Upon Breach. (a) The Seller, the Servicer,
the Insurer or the Indenture Trustee, as the case may be, shall inform the other
parties to this Agreement and the Insurer promptly, in writing, upon the
discovery of any breach of the Seller's representations and warranties made
pursuant to Section 3.1 hereof. As of the last day of the second (or, if the
Seller so elects, the first) month following the discovery by the Seller or
receipt by the Seller of notice from any of the Servicer, the Insurer or the
Indenture Trustee of such breach, unless such breach is cured by such date, the
Seller shall repurchase from the Trust any Receivable in which the interests of
the Noteholders, the Certificateholders or the Insurer are materially and
adversely affected by any such breach as of such date. The "second month" shall
mean the month following the month in which discovery occurs or notice is given,
and the "first month" shall mean the month in which discovery occurs or notice
is given. In consideration of and simultaneously with the repurchase of a such
Receivable, the Seller shall remit to the Indenture Trustee for deposit to the
Collection Account the Purchase Amount in the manner specified in Section 5.5
and the Issuer shall execute such assignments and other documents reasonably
requested by such person in order to effect such repurchase. The sole remedy of
the Owner Trustee, the Indenture Trustee, the Noteholders, the
Certificateholders or the Insurer with respect to a breach of representations
and warranties made pursuant to Section 3.1 hereof shall be the repurchase of
Receivables pursuant to this Section. Subject to the conditions contained
herein, neither the Owner Trustee, the Issuer nor the Indenture Trustee shall
have a duty to conduct any affirmative investigation as to the occurrence of any
conditions requiring the repurchase of any Receivable pursuant to this Section.

            (b) Pursuant to (i) Section 2.3 hereof, the Transferor conveyed to
the Depositor and (ii) Section 2.4 hereof, the Depositor conveyed to the Trust,
all of the such party's right, title and interest in its rights and benefits,
but none of its obligations or burdens, under this Agreement including the
Seller's and the Transferor's representations and warranties and the cure or
repurchase obligations of the Seller hereunder. Each of the Seller and the
Transferor hereby represents and warrants to the Trust that such assignment is
valid, enforceable and effective to permit the Trust to enforce such obligations
of the Seller hereunder.

            Section 3.3 Custody Of Receivables Files. To assure uniform quality
in servicing the Receivables and to reduce administrative costs, the Transferor,
Depositor, Indenture Trustee and Owner Trustee hereby appoint the Custodian, and
the Custodian hereby accepts such appointment, to act exclusively as the agent
for the Indenture Trustee, on behalf of the Noteholders, and the Insurer until
the Notes are paid in full and thereafter, on behalf of the Owner Trustee, on
behalf of the Certificateholders as custodian of the following documents or
instruments which shall be delivered to the Custodian, as of the Initial Cutoff
Date (in the case of Initial Receivables) and as of each Subsequent Transfer
Date (in the case of Subsequent

                                      -32-
<PAGE>

Receivables transferred on such Subsequent Transfer Date) as pledgee of the
Issuer with respect to each Receivable:

            (a) the original loan agreement, promissory note, security agreement
or other evidence of the Obligor's indebtedness to repay such Receivable;

            (b) an electronic file containing the information supplied by the
Obligor in the original credit application;

            (c) the original certificate of title or such documents that the
Servicer shall keep on file, in accordance with its customary procedures,
evidencing the security interest of [__________] in the Financed Vehicle (it
being understood that the original certificates of title generally are not
delivered to the Seller for 120 days but that promptly upon delivery they shall
be delivered to the Custodian); and

            (d) any and all other documents that the Servicer shall keep on
file, in accordance with its customary procedures, relating to a Receivable, an
Obligor or a Financed Vehicle.

            Section 3.4 Duties of Custodian. The duties and obligations of the
Custodian are set forth in full in the Custodial Agreement.

            Section 3.5 Retention and Termination of Servicer. The Servicer
hereby covenants and agrees to act as such under this Agreement for an initial
term, commencing on the Closing Date and ending on [__________], 200[_], which
term shall be extendible by the Insurer (provided no Insurer Default has
occurred and is continuing) for successive quarterly terms ending on each
successive June 30, September 30, December 31 and March 31 (or, pursuant to
revocable written standing instructions from time to time to the Servicer and
the Indenture Trustee for any specific number of terms greater than one), until
the Notes are paid in full. Each such notice (including each notice pursuant to
standing instructions, which shall be deemed delivered at the end of successive
quarterly terms for so long as such instructions are in effect) (a "Servicer
Extension Notice") shall be delivered by the Insurer to the Indenture Trustee
and the Servicer. The Servicer hereby agrees that, as of the date hereof and
upon its receipt of any such Servicer Extension Notice, the Servicer shall
become bound, for the initial term beginning on the Closing Date and for the
duration of the term covered by Servicer Extension Notice, to continue as
Servicer subject to and in accordance with the other provisions of this
Agreement. Until such time as an Insurer Default shall have occurred and be
continuing, the Indenture Trustee agrees that if as of the fifteenth day prior
to the last day of any term of the Servicer, the Indenture Trustee shall not
have received any Servicer Extension Notice from the Insurer, the Indenture
Trustee shall, within [___] days after, give written notice of such non-receipt
to the Insurer and the Servicer and the Servicer's term shall not be extended
unless a Servicer Extension Notice is received on or before the last day of such
term. Notwithstanding the foregoing, in the event an Insurer Default has
occurred and is continuing, the Servicer Extension Notice shall be deemed to
have been delivered as of the last day of the current term of the Servicer and
extended until the next quarterly period.

                                      -33-
<PAGE>

                                   ARTICLE IV

                   ADMINISTRATION AND SERVICING OF RECEIVABLES

            Section 4.1 Appointment and Duties of Servicer. (a) The managing,
servicing, administering and making collections on the Contracts shall be
conducted by the Person so designated from time to time as Servicer in
accordance with this Agreement. [__________] is hereby initially designated as,
and hereby agrees to perform, the duties and obligations of the Servicer
pursuant to the terms hereof and the other Basic Documents. Subject to the
resignation of [__________] as Servicer pursuant to Section 8.5 or the
termination of [__________] as Servicer pursuant to Section 11.1 and, in either
case, the assumption by the Backup Servicer, or the designation of a successor
Servicer hereunder as the case may be, of the Servicer's duties and
responsibilities in accordance with Section 12.7, [__________] shall continue to
manage, service, administer and collect on the Receivables pursuant to this
Agreement, unless and until expressly agreed otherwise by the Seller, the Issuer
and the Controlling Party. The Servicer, as agent for the Issuer and the Insurer
(to the extent provided herein), shall manage, service, administer and make
collections on the Receivables (other than Purchased Receivables) in accordance
with all applicable federal, state or local laws and regulations and with
reasonable care, using that degree of skill and attention that the Servicer
exercises with respect to all comparable automotive receivables that it services
for itself or others, and in any event with no less degree of skill and care
than would be exercised by a prudent servicer of motor vehicle loans (the
"Servicing Standard"), except that the Servicer shall not be obligated, and does
not currently intend, to (i) obtain force-placed insurance concerning any
Financed Vehicle or (ii) monitor any Obligor's maintenance of such insurance.
The Servicer's duties shall include collection and posting of all payments,
responding to inquiries of Obligors on such Receivables, investigating
delinquencies, sending payment statements to Obligors, accounting for
collections and furnishing monthly and annual statements to the Owner Trustee,
Indenture Trustee and the Insurer with respect to distributions, reporting tax
information, if any, to Obligors and delivering Receivable Files to the
Custodian. Subject to the provisions of Section 4.2, the Servicer shall follow
its customary standards, policies and procedures in performing its duties as
Servicer. Without limiting the generality of the foregoing, the Servicer is
authorized and empowered to execute and deliver, on behalf of itself, the
Issuer, the Owner Trustee, the Indenture Trustee, the Insurer, the
Certificateholders and the Noteholders or any of them, any and all instruments
of satisfaction or cancellation, or partial or full release or discharge, and
all other comparable instruments without recourse to the Trust, with respect to
such Receivables or to the Financed Vehicles securing such Receivables. If the
Servicer shall commence a legal proceeding to enforce a Receivable, the Trust
(in the case of a Receivable other than a Purchased Receivable) shall thereupon
be deemed to have automatically assigned, solely for the purpose of collection,
such Receivable to the Servicer. If in any enforcement suit or legal proceeding
it shall be held that the Servicer may not enforce a Receivable on the ground
that it shall not be a real party in interest or a holder entitled to enforce
such Receivable, the Owner Trustee or the Indenture Trustee shall, at the
Servicer's expense and direction, take steps to enforce such Receivable,
including bringing suit in its name or the name of the Trust, the Owner Trustee,
the Certificateholders, Indenture Trustee or the Noteholders. The Owner Trustee
and the Insurer shall upon the written request of the Servicer furnish the
Servicer with any powers of attorney and other documents reasonably necessary or
appropriate (as certified to the

                                      -34-
<PAGE>

Owner Trustee and/or the Insurer by the Servicer) to enable the Servicer to
carry out its servicing and administrative duties hereunder.

            (b) [__________] hereby agrees that upon the designation of a
successor Servicer hereunder or the assumption by the Backup Servicer of the
Servicer's duties and responsibilities in accordance with Section 12.7,
[__________] will terminate its activities as Servicer hereunder in accordance
with Section 11.1 and, in any case, in a manner which the Indenture Trustee
reasonably determines will facilitate the transition of the performance of such
activities to such successor Servicer or the Backup Servicer, as the case may
be, and [__________] shall cooperate with and assist such successor Servicer or
the Backup Servicer, as the case may be.

            Section 4.2 Collection and Allocation of Receivable Payments. (a)
The Servicer shall collect all payments called for under the terms and
provisions of the Receivables as and when the same shall become due and shall
follow such collection procedures as is consistent with the Servicing Standard.
The Servicer shall allocate collections between principal and interest in
accordance with its customary servicing procedures.

            (b) The Servicer may at any time agree to a modification, amendment
or extension of a Receivable in order to (i) change the Obligor's regular due
date to a date within the Collection Period in which such due date occurs, (ii)
reamortize the scheduled payments on the Receivable following a partial
prepayment of principal and (iii) grant extensions of a Receivable, provided
that the Servicer shall not be permitted to extend the monthly payments on a
Receivable more than two times in any twelve-month period, and provided further
that the aggregate period of all extensions on a Receivable shall not exceed six
months. The Servicer may in its discretion waive any late payment charge or any
other fees that may be collected in the ordinary course of servicing a
Receivable.

            (c) The Servicer may grant payment extensions or deferrals on, or
other modifications or amendments to, a Receivable (in addition to those
modifications permitted by Section 4.3(a)) in accordance with its customary
procedures if the Servicer believes in good faith that such extension, deferral,
modification or amendment is necessary to avoid a default on such Receivable,
will maximize the amount to be received by the Trust with respect to such
Receivable, and is otherwise in the best interests of the Trust; provided,
however, that:

            (i) In no event may a Receivable be extended beyond the Collection
      Period immediately preceding the Final Scheduled Distribution Date;

            (ii) So long as an Insurer Default shall not have occurred and be
      continuing, the Servicer shall not amend or modify a Receivable (except as
      provided in Section 4.2(b)) without the consent of the Insurer;

            (iii) So long as an Insurer Default shall not have occurred and be
      continuing, the Aggregate Principal Balance of Receivables which have been
      extended during any Collection Period (A) shall not exceed [__]% of the
      Aggregate Principal Balance of Receivables during such Collection Period
      (computed as of the Accounting Date immediately prior to the first date of
      the related Collection Period) and (B) shall not

                                      -35-
<PAGE>

      exceed [__]% of the average of the Aggregate Principal Balance of
      Receivables for such Collection Period and the three prior Collection
      Periods (computed as of the Determination Date immediately prior to the
      first day of the related Collection Period);

            (iv) So long as an Insurer Default shall not have occurred and be
      continuing, the Aggregate Principal Balance of Receivables for which
      payment deferrals have been granted during any Collection Period (A) shall
      not exceed [__]% of the Aggregate Principal Balance of Receivables during
      such Collection Period (computed as of the Accounting Date immediately
      prior to the first day of the related Collection Period) and (B) shall not
      exceed [__]% of the average of the Aggregate Principal Balance of
      Receivables for such Collection Period and the three prior Collection
      Periods (computed as of the Determination Date immediately prior to the
      first day of the related Collection Period);

            (v) No such extension, modification or amendment shall be granted if
      such action, when aggregated with all previous extensions, modifications
      and amendments of Receivables, would have the effect of causing any Notes
      to be deemed to have been exchanged for other Notes within the meaning of
      Section 1001 of the Internal Revenue Code of 1986, as amended, or any
      proposed, temporary or final Treasury Regulations issued thereunder; and

            (vi) If an Insurer Default shall have occurred and be continuing,
      the Servicer may not extend or modify any Receivable (other than as
      permitted by Section 4.2(b)).

            (d) Notwithstanding anything in this Agreement to the contrary, the
Servicer may refinance any Receivable by accepting a new promissory note from
the related Obligor and depositing the full outstanding Principal Balance of
such Receivable into the Collection Account. The receivable created by the
refinancing shall not be property of the Issuer.

            Section 4.3 Realization Upon Receivables. The Servicer shall, in
accordance with the Servicing Standard and in a manner consistent with its
customary servicing procedures, repossess or otherwise convert the ownership of
the Financed Vehicle securing any Receivable as to which the Servicer shall have
determined eventual payment in full is unlikely. From time to time, as
appropriate for servicing or foreclosing upon any Receivable, the Owner Trustee
shall, upon written request of the Servicer, execute or shall cause to be
executed such documents as shall be reasonably necessary to prosecute any such
proceedings. The Servicer shall follow such customary and usual practices and
procedures as it shall deem necessary or advisable, consistent with the
Servicing Standard, which practices and procedures may include the sale of the
related Financed Vehicles at a public or private sale, the submission of claims
under an insurance policy and other actions by the Servicer to realize upon a
Receivable. The foregoing shall be subject to the provision that, in any case in
which the Financed Vehicle shall have suffered damage, the Servicer shall not
expend funds in connection with the repair or the repossession of such Financed
Vehicle unless it shall determine in its reasonable discretion that such repair
and/or repossession will increase the Net Liquidation Proceeds by an amount
greater than the amount of such expenses.

                                      -36-
<PAGE>

            Section 4.4 [Reserved.]

            Section 4.5 Maintenance of Security Interests in Financed Vehicles.
(a) The Servicer shall, in accordance with the Servicing Standard and its
customary procedures, take such steps as are necessary to maintain perfection of
the first priority security interest created by each Receivable in the related
Financed Vehicle in favor of the Seller. The Servicer is hereby authorized to
take such steps as are necessary to re-perfect such security interest on behalf
of the Issuer and the Indenture Trustee in the event of the relocation of a
Financed Vehicle or for any other reason.

            (b) Upon the occurrence of an Insurance Agreement Event of Default,
and subject to the other provisions of this Agreement, the Controlling Party may
instruct the Indenture Trustee and the Servicer to take or cause to be taken,
upon the occurrence of a Servicer Default, the Owner Trustee and the Servicer
shall take or cause to be taken such action as may, in the opinion of counsel to
the Controlling Party, be necessary to perfect or reperfect the security
interests in the Financed Vehicles securing the Receivables in the name of the
Indenture Trustee by amending the title documents of such Financed Vehicles or
by such other reasonable means as may, in the opinion of counsel to the
Controlling Party, be necessary or prudent. The Servicer hereby agrees to pay
all expenses related to such perfection or reperfection and to take all action
necessary therefor.

            Section 4.6 Covenants of Servicer. The Servicer shall not release
the Financed Vehicle securing any Receivable from the security interest granted
by such Receivable in whole or in part except in the event of payment in full by
the Obligor thereunder or payment in full less a deficiency which the Servicer
would not attempt to collect in accordance with the Servicing Standard and its
customary procedures or in connection with repossession or except as may be
required by an insurer in order to receive proceeds from insurance covering such
Financed Vehicle, nor shall the Servicer impair the rights of the Issuer, the
Indenture Trustee, the Owner Trustee, the Certificateholders, the Insurer or the
Noteholders in such Receivables, nor shall the Servicer amend or otherwise
modify a Receivable (including the grant of any extension thereunder), except as
provided in Section 4.2 hereof.

            Section 4.7 Purchase of Receivables Upon Breach. The Seller, the
Servicer, the Owner Trustee, or the Insurer, as the case may be, shall inform
the other parties and the Indenture Trustee promptly, in writing, upon the
discovery of any breach of the Servicer's covenants pursuant to Section 4.2(b),
4.5 or 4.6, or of any breach of the Servicer's representations and warranties
made pursuant to Section 8.1; provided, however, that the failure to give any
such notice shall not affect the obligation of the Servicer under this Section
4.7. As of the last day of the first month following the discovery by the
Servicer or receipt by the Servicer of notice from any of the Seller, the
Servicer, the Owner Trustee, Insurer or the Indenture Trustee of such breach,
unless such breach is cured by such date, the Servicer shall (i) purchase any
Receivable in which the interests of the Insurer, the Noteholders or the
Certificateholders are materially and adversely affected by such breach as of
such date. The "first month" shall mean the calendar month following the month
in which discovery occurs or notice is given. In consideration of the purchase
of any such Receivable pursuant to the preceding sentence, the Servicer shall
remit the Purchase Amount in the manner specified in Section 5.5. The sole
remedy of the Issuer, the Indenture Trustee, the Insurer, the Noteholders or

                                      -37-
<PAGE>

the Certificateholders with respect to a breach pursuant to Section 4.2(b), 4.5
or 4.6, or to a breach of representations and warranties pursuant to Section
8.1, shall be limited to the purchase of Receivables in accordance with this
Section 4.7. The Indenture Trustee and the Owner Trustee shall have no duty to
conduct any affirmative investigation as to the occurrence of any condition
requiring the purchase of any Receivable pursuant to this Section 4.7.

            Section 4.8 Servicing Fee. The Servicing Fee for a Payment Date
shall equal the sum of the Base Servicing Fee, all Investment Earnings on the
Collection Account plus any reimbursement pursuant to Section 5.2. The Servicer
also shall be entitled to retain from collections the Base Servicing Fee as
provided herein. The Servicer, in its discretion at its election, may defer
receipt of all or any portion of the Servicing Fee for any Collection Period to
and until a later Collection Period for any reason, including in order to avoid
a shortfall in any payments due on any Notes or Certificates. Any such deferred
amount shall be payable to (or may be retained from subsequent collections by)
the Servicer on demand.

            Section 4.9 Servicer's Certificate. No later than 12:00 noon New
York City time on each Determination Date, the Servicer shall deliver to the
Owner Trustee, the Indenture Trustee, the Insurer, the Backup Servicer, the
Indenture Collateral Agent and each Rating Agency, a Servicer's Certificate
containing, among other things, (i) all information necessary to enable the
Indenture Trustee to make any withdrawal and deposit required by Section 5.6, to
give any notice required by Section 5.4 and make the distributions required by
Section 5.6 and 5.7; (ii) all information necessary to enable the Indenture
Trustee to send the statements required by Section 5.8 to the Owner Trustee, the
Noteholders, each Rating Agency and the Insurer; (iii) a listing of all
Purchased Receivables for the related Collection Period; (iv) all information
necessary to enable the Indenture Trustee to reconcile all deposits to, and
withdrawals from, the Collection Account for the related Collection Period and
Payment Date, including the accounting required by Section 5.9; (v) the
Delinquency Ratio, the Cumulative Default Rate and the Cumulative Net Loss Rate
for such Determination Date; (vi) whether any Insurance Agreement Event of
Default has occurred as of such Determination Date; (vii) whether any Insurance
Agreement Event of Default that may have occurred as of a prior Determination
Date is cured as of such Determination Date; (viii) whether to the knowledge of
the Servicer an Insurer Default has occurred; and (ix) if the Servicer has
granted payment extensions on, or other modifications or amendments to, any
Receivables during the related Collection Period, the number of such Receivables
extended, modified or amended, the Aggregate Principal Balance of such
Receivables and the Principal Balance of such Receivables expressed as a
percentage of the outstanding Aggregate Principal Balance as of the related
Determination Date. Receivables purchased by the Servicer, the Seller and each
receivable which became a Liquidated Receivable or which was paid in full during
the related Collection Period shall be identified by account number (as set
forth in the Schedule of Receivables on Schedule A hereof). A copy of such
certificate may be obtained by any Noteholder or by any Certificateholder by a
request in writing to the Indenture Trustee or the Owner Trustee, respectively,
addressed to the applicable Corporate Trust Office. The Indenture Trustee shall
not be under any obligation to confirm or reconcile the information provided
pursuant to this Section 4.9.

            If a Servicer's Certificate contains a manifest error, the Insurer's
written notice to the Servicer, the Owner Trustee, and the Indenture Trustee,
containing the corrected information shall be deemed to amend such Servicer's
Certificate.

                                      -38-
<PAGE>

            Section 4.10 Annual Statement as to Compliance; Notice of Default.
(a) The Servicer shall deliver to the Indenture Trustee, the Owner Trustee, the
Backup Servicer, and the Insurer, on or before [_________] of each year
beginning [_________], 200[_], an Officer's Certificate, dated as of the
preceding [_________], stating that (i) a review of the activities of the
Servicer during the preceding 12-month period and of its performance under this
Agreement has been made under such officer's supervision and (ii) based on such
review, the Servicer has fulfilled all its obligations under this Agreement
throughout such year or, if there has been a default in the fulfillment of any
such obligation, specifying each such default known to such officers and the
nature and status thereof. The Indenture Trustee shall send a copy of such
certificate and the report referred to in Section 4.11 to the Rating Agencies. A
copy of such certificate and the report referred to in Section 4.11 may be
obtained by any Certificateholder by a request in writing to the Owner Trustee
addressed to the Corporate Trust Office or by any Noteholder by a request in
writing to the Indenture Trustee addressed to the Corporate Trust Office.

            (b) The Servicer shall deliver to the Owner Trustee, the Indenture
Trustee, the Backup Servicer, the Indenture Collateral Agent, the Insurer and
the Rating Agencies, promptly after having obtained knowledge thereof, but in no
event later than [____] Business Days thereafter, an Officer's Certificate
specifying any event which with the giving of notice or lapse of time, or both,
would become a Servicer Default under Section 11.1.

            Section 4.11 Financial Statements. (a) The Servicer shall cause a
firm of nationally recognized independent certified public accountants, which
may also render other services to the Servicer or the Seller, to deliver to the
Seller, the Backup Servicer, the Indenture Trustee, the Owner Trustee and the
Insurer on or before [___________] of each year beginning [_________], 200[_],
an agreed-upon procedures report addressed to the Servicer, the Seller, the
Owner Trustee, the Indenture Trustee, the Insurer and each Rating Agency,
expressing a summary of findings (based on certain procedures performed on the
documents, records and accounting records that such accountants considered
appropriate under the circumstances) relating to the servicing of the
Receivables, or the administration of the Receivables and of the Trust, as the
case may be, during the preceding calendar year and that, on the basis of the
accounting and auditing procedures considered appropriate under the
circumstances, such firm is of the opinion that such servicing or administration
was conducted in compliance with the terms of this Agreement, except for (i)
such exceptions as such firm shall believe to be immaterial and (ii) such other
exceptions as shall be set forth in such report. In the event such accounting
firm requires the Backup Servicer to agree to the procedures to be reported on
by such accounting firm in any report delivered pursuant to this Section 4.11,
the Servicer shall direct the Backup Servicer in writing to so agree. It is
understood and agreed that the Backup Servicer will deliver such letter of
agreement in conclusive reliance upon the direction of the Servicer, and that
the Backup Servicer will not make any independent inquiry or investigation as
to, and shall have no obligation or liability with respect to, the sufficiency,
validity or correctness of such procedures.

            Such report will also indicate that the firm is independent of the
Servicer within the meaning of the Code of Professional Ethics of the American
Institute of Certified Public Accountants.

                                      -39-
<PAGE>

            (b) The Servicer shall deliver to the Owner Trustee, the Backup
Servicer, the Indenture Trustee and the Insurer on or before the 45th day
following the end of each calendar quarter the unaudited balance sheet of the
Servicer as of the end of the most recent calendar quarter and the related
unaudited statements of income and retained earnings of the Servicer for such
calendar quarter and for the period equal to the portion of the calendar year
ending with such calendar quarter.

            Section 4.12 Access to Certain Documentation and Information
Regarding Receivables. The Servicer shall provide to representatives of the
Indenture Trustee, the Owner Trustee, the Insurer, and the Backup Servicer
reasonable access to the Receivable Files and if there is a single Holder of the
Notes or if there is a single Holder of the Certificates, each such Holder. The
Servicer shall provide to the Certificateholders and Noteholders access to the
Receivable Files in such cases where the Certificateholders or Noteholders shall
be required by applicable statutes or regulations to review such documentation
as demonstrated by evidence satisfactory to the Servicer in its reasonable
judgment. Access shall be afforded without charge, but only upon reasonable
request and during the normal business hours at the respective offices of the
Servicer. Nothing in this Section shall affect the obligation of the Servicer to
observe any applicable law prohibiting disclosure of information regarding the
Obligors and the failure of the Servicer to provide access to information as a
result of such obligation shall not constitute a breach of this Section.

            Section 4.13 Servicer Expenses. The Servicer shall be required to
pay all expenses incurred by it in connection with its activities hereunder and
under any of the Basic Documents, including fees and disbursements of
independent accountants, taxes imposed on the Servicer and expenses incurred in
connection with distributions and reports to Certificateholders and Noteholders.

            Section 4.14 Appointment of Subservicer. The Servicer may at any
time, with the consent of the Insurer (unless an Insurer Default shall have
occurred and be continuing), appoint a subservicer to perform all or any portion
of its obligations as Servicer hereunder; provided, however, that the Rating
Agency Condition shall have been satisfied in connection therewith; provided
further, that the Servicer shall remain obligated and be liable to the
Transferor, the Depositor, the Issuer, the Indenture Trustee, the Owner Trustee,
the Certificateholders, the Insurer and the Noteholders for the servicing and
administering of the Receivables in accordance with the provisions hereof
without diminution of such obligation and liability by virtue of the appointment
of such subservicer and to the same extent and under the same terms and
conditions as if the Servicer alone were servicing and administering the
Receivables. The Insurer's consent shall not be required for appointment of
subservicers or agents in connection with repossession of any Financed Vehicle.
The fees and expenses of the subservicer shall be as agreed between the Servicer
and its subservicer from time to time and none of the Transferor, the Depositor,
the Issuer, the Indenture Trustee, the Owner Trustee, the Certificateholders,
the Insurer or the Noteholders shall have any responsibility therefor. Any such
subservicer shall perform its duties with the same standard of care applicable
to the Servicer pursuant to Section 4.1 of this Agreement.

                                      -40-
<PAGE>

            Section 4.15 Obligations Under Basic Documents. The Servicer shall
perform all of its obligations under the Basic Documents.

            Section 4.16 Reports to the Commission. The Servicer shall, on
behalf of the Trust, cooperate with Depositor in connection with the filing with
the Commission any periodic reports required to be filed under the provisions of
the Exchange Act, and the rules and the regulations of the Commission
thereunder.

                                   ARTICLE V

         DISTRIBUTIONS; STATEMENTS TO CERTIFICATEHOLDERS AND NOTEHOLDERS

            Section 5.1 Establishment of Trust Accounts.

            (a) (i) On or prior to the Closing Date, the Servicer, for the
benefit of the Indenture Trustee on behalf of the Noteholders, the Owner Trustee
on behalf of the Certificateholders, and the Insurer, shall establish and
maintain in the name of the Indenture Trustee an Eligible Deposit Account (the
"Collection Account"), bearing a designation clearly indicating that the funds
deposited therein are held for the benefit of the Indenture Trustee on behalf of
the Noteholders, the Owner Trustee on behalf of the Certificateholders and the
Insurer. Investment Earnings on funds in the Collection Account shall be paid to
the Servicer. The Collection Account shall initially be established with the
Indenture Trustee.

            (ii) On or prior to the Closing Date, the Reserve Account shall be
      established in accordance with the terms of the Reserve Account Agreement.
      On the Closing Date, the Transferor will deposit the Reserve Account
      Initial Deposit into the Reserve Account from the net proceeds of the sale
      of the Initial Receivables. On each Subsequent Transfer Date, the Servicer
      shall instruct the Indenture Trustee to withdraw from the Pre-Funding
      Account and deposit to the Reserve Account an amount equal to the
      applicable Subsequent Reserve Account Deposit as provided in Section
      5.6(a) hereof.

            (iii) On or prior to the Closing Date, the Issuer shall cause the
      Servicer, for the benefit of the Indenture Trustee on behalf of the
      Noteholders and the Insurer, to establish and maintain in the name of the
      Indenture Trustee an Eligible Deposit Account (the "Yield Supplement
      Account"), bearing a designation clearly indicating that the funds
      deposited therein are held for the benefit of the Indenture Trustee on
      behalf of the Noteholders and the Insurer. Investment Earnings on funds in
      the Yield Supplement Account shall be retained in the Yield Supplement
      Account, subject to Section 5.6 of the Agreement. The Yield Supplement
      Account shall be initially established with the Indenture Trustee. On the
      Closing Date, the Transferor will deposit the Yield Supplement Account
      Initial Deposit into the Yield Supplement Account from the net proceeds of
      the sale of the Initial Receivables. To the extent, on any Payment Date,
      the amount on deposit in the Yield Supplement Account (after giving effect
      to any withdrawals to be made on such Payment Date, but exclusive of net
      income) is greater than the Yield Supplement Account Required Amount for
      such Payment Date, then in

                                      -41-
<PAGE>

      such event, the Servicer shall instruct the Indenture Trustee in writing
      to deposit such excess amount into the Reserve Account.

            (iv) On or prior to the Closing Date, the Servicer, for the benefit
      of the Indenture Trustee on behalf of the Noteholders, shall establish and
      maintain in the name of the Indenture Trustee an Eligible Deposit Account
      (the "Note Distribution Account"), bearing a designation clearly
      indicating that the funds deposited therein are held for the benefit of
      the Indenture Trustee on behalf of the Noteholders and the Insurer. The
      Note Distribution Account shall initially be established with the
      Indenture Trustee.

            (v) On or prior to the Closing Date, the Servicer, for the benefit
      of the Indenture Trustee on behalf of the Noteholders, the Owner Trustee
      on behalf of the Certificateholders, and the Insurer, shall establish and
      maintain in the name of the Indenture Trustee an Eligible Deposit Account
      (the "Pre-Funding Account"), bearing a designation clearly indicating that
      the funds deposited therein are held for the benefit of the Indenture
      Trustee on behalf of the Noteholders, the Owner Trustee on behalf of the
      Certificateholders and the Insurer. Investment Earnings in the Pre-Funding
      Account shall be paid to the Seller in accordance with Section 5.1(a)(ii)
      hereof.

            (vi) With respect to amounts on deposit in the Pre-Funding Account,
      in order to assure that sufficient amounts to make required distributions
      of interest to Noteholders will be available during the Pre-Funding
      Period, the Issuer shall instruct the Servicer to establish and maintain
      an Eligible Deposit Account (the "Capitalized Interest Account") with the
      Indenture Trustee, bearing a designation clearly indicating that the funds
      deposited therein are held in trust for the benefit of the Noteholders and
      the Insurer. On or prior to the Closing Date, the Transferor shall deposit
      an amount equal to the Capitalized Interest Account Initial Deposit into
      the Capitalized Interest Account. On the Payment Dates occurring prior to
      the Mandatory Redemption Date, the Indenture Trustee shall withdraw from
      the Capitalized Interest Account the Monthly Capitalized Interest Amount
      for such Payment Date as further provided in Section 5.6. Any amounts
      remaining in the Capitalized Interest Account on the Mandatory Redemption
      Date after taking into account such transfer shall be distributed by the
      Indenture Trustee to the Transferor. Upon any such distributions to the
      Transferor, the Noteholders, the Certificateholders and the Insurer will
      have no further rights in, or claims to, such amounts.

            (b) Funds on deposit in the Collection Account, the Pre-Funding
Account, the Note Distribution Account and the Yield Supplement Account (the
"Trust Accounts") and the Certificate Distribution Account shall be invested by
the Indenture Trustee (or any custodian with respect to funds on deposit in any
such account) in Eligible Investments selected in writing by the Servicer
(pursuant to standing instructions or otherwise); provided, however, it is
understood and agreed that the Indenture Trustee shall not be liable for any
loss arising from such investment in Eligible Investments. If the Servicer does
not provide the Indenture Trustee, with written direction as to the Eligible
Investments, the funds in the Trust Accounts and Certificate Distribution
Account shall be invested in the investments specified in clause (1) of the
definition of Eligible Investments. All such Eligible Investments shall be held
by or on behalf of the Indenture Trustee, for the benefit of the Noteholders
and/or the Certificateholders, as

                                      -42-
<PAGE>

applicable. Other than as permitted by the Rating Agencies and the Insurer,
funds on deposit in the Collection Account, the Pre-Funding Account, the
Capitalized Interest Account, the Note Distribution Account and the Certificate
Distribution Account shall be invested in Eligible Investments that will mature
so that such funds will be available at the close of business on the Business
Day immediately preceding the following Payment Date. Funds deposited in a Trust
Account or the Certificate Distribution Account on the day immediately preceding
a Payment Date upon the maturity of any Eligible Investments are not required to
be invested overnight.

            (c) (i) The Indenture Trustee shall possess all right, title and
interest in all funds on deposit from time to time in the Trust Accounts and in
all proceeds thereof (excluding all Investment Earnings on the Collection
Account) and all such funds, investments, proceeds and income shall be part of
the Owner Trust Estate. Except as otherwise provided herein, the Trust Accounts
shall be under the sole dominion and control of the Indenture Trustee. If, at
any time, any of the Trust Accounts or the Certificate Distribution Account
ceases to be an Eligible Deposit Account, the Indenture Trustee (or the Servicer
on its behalf) shall within ten (10) Business Days (or such longer period as to
which each Rating Agency and the Insurer may consent) establish a new Trust
Account or a new Certificate Distribution Account, as applicable, as an Eligible
Deposit Account and shall transfer any cash and/or any investments to such new
Trust Account or a new Certificate Distribution Account, as applicable. In
connection with the foregoing, the Servicer agrees that, in the event that any
of the Trust Accounts are not accounts with the Indenture Trustee, the Servicer
shall notify the Indenture Trustee in writing promptly upon any of such Trust
Accounts ceasing to be an Eligible Deposit Account.

            (ii) With respect to the Trust Account Property, the Indenture
      Trustee, and with respect to the Certificate Distribution Account, the
      Owner Trustee agrees, by its respective acceptance hereof, that:

                  (A) any Trust Account Property or any property in the
            Certificate Distribution Account that is held in deposit accounts
            shall be held solely in the Eligible Deposit Accounts subject to the
            penultimate sentence of Section 5.1(c)(i); and, except as otherwise
            provided herein, each such Eligible Deposit Account shall be subject
            to the exclusive custody and control of the Indenture Trustee with
            respect to the Trust Accounts and the Owner Trustee (and Certificate
            Paying Agent) with respect to the Certificate Distribution Account,
            and the Indenture Trustee or the Owner Trustee (and Certificate
            Paying Agent), as applicable, shall have sole signature authority
            with respect thereto;

                  (B) any Trust Account Property that constitutes Physical
            Property shall be delivered to the Indenture Trustee in accordance
            with paragraph (a) of the definition of "delivery" and shall be
            held, pending maturity or disposition, solely by the Indenture
            Trustee or a securities intermediary (as such term is defined in
            Section 8-102(a)(14) of the UCC) acting for the Indenture Trustee;

                  (C) any Trust Account Property that is a "Certificated
            Security" under Article 8 of the UCC shall be delivered to the
            Indenture Trustee in accordance with paragraph (b) of the definition
            of "delivery" and shall be held, pending maturity or disposition,
            solely by the Indenture Trustee or a securities

                                      -43-
<PAGE>

            intermediary (as such term is defined in Section 8-102(a)(14) of the
            UCC) acting for the Indenture Trustee;

                  (D) any Trust Account Property that is a book-entry security
            held through the Federal Reserve System pursuant to Federal
            book-entry regulations shall be delivered in accordance with
            paragraph (d) of the definition of "delivery" and shall be
            maintained by the Indenture Trustee, pending maturity or
            disposition, through continued book-entry registration of such Trust
            Account Property in the name of the Indenture Trustee or a
            securities intermediary (as such term is defined in Section
            8-102(a)(14) of the UCC) acting for the Indenture Trustee's;

                  (E) any Trust Account Property that is an "Uncertificated
            Security" under Article 8 of the UCC and that is not governed by
            clause (D) above shall be delivered to the Indenture Trustee in
            accordance with paragraph (c) of the definition of "delivery" and
            shall be maintained by the Indenture Trustee, pending maturity or
            disposition, through continued registration of the Indenture
            Trustee's (or its nominee's) ownership of such security; and

                  (F) any Trust Account Property held through a securities
            intermediary (as such term is defined in Section 8-102(a)(14) of the
            UCC) shall be held in a securities account (as such term is defined
            in Section 8-501(a) of the UCC) that is established by such
            securities intermediary in the name of the Indenture Trustee for
            which the Indenture Trustee is the sole entitlement holder (as
            defined in Section 8-102(a)(7) of the UCC).

            Section 5.2 Collections. (a) The Servicer shall remit within two (2)
Business Days of receipt thereof to the Collection Account all payments by or on
behalf of the Obligors with respect to the Receivables (other than Purchased
Receivables) and all Liquidation Proceeds, both as collected during the
Collection Period less any payments owed thereon to the Servicer. For purposes
of this Article V, the phrase "payments by or on behalf of obligors" shall mean
payments made with respect to the Receivables by Persons other than the Servicer
or the Seller.

            (b) The Servicer will be entitled to be reimbursed from amounts on
deposit in the Collection Account with respect to a Collection Period for
amounts previously deposited in the Collection Account but later determined by
the Servicer to have resulted from mistaken deposits or postings or checks
returned for insufficient funds. The amount to be reimbursed hereunder shall be
paid to the Servicer on the related Payment Date pursuant to Section 5.6(b)(ii)
upon certification by the Servicer of such amounts and the provision of such
information to the Indenture Trustee and the Insurer as may be necessary in the
opinion of the Insurer to verify the accuracy of such certification. In the
event that the Insurer has not received evidence satisfactory to it of the
Servicer's entitlement to reimbursement pursuant to Section 5.2(b), the Insurer
(unless an Insurer Default shall have occurred and be continuing) shall give the
Indenture Trustee notice to such effect following receipt of which the Indenture
Trustee shall not make a distribution to the Servicer in respect of such amount
pursuant to Section 5.6, or if the Servicer prior thereto has been reimbursed
pursuant to Section 5.6 or Section 5.9, the Indenture Trustee shall withhold
such amounts from amounts otherwise distributable to the Servicer on the next
succeeding Payment Date.

                                      -44-
<PAGE>

            (c) If at any time the percentage of Obligors using the automated
payment option, which percentage shall be the equivalent of a fraction, the
numerator of which is the aggregate Principal Balance of such Obligors'
Receivables calculated as of the last day of the immediately preceding
Collection Period and the denominator of which is the Aggregate Principal
Balance calculated as of the last day of the immediately preceding Collection
Period, is below [__]%, then the Servicer shall cause all payments by or on
behalf of the Obligors that are not using the automated payment option to be
deposited into a lockbox account established at a depository institution
acceptable to Insurer.

            Section 5.3 Application of Collections. All collections for the
Collection Period shall be applied by the Servicer as follows: With respect to
each Receivable (other than a Purchased Receivable), payments by or on behalf of
the Obligor shall be applied first to interest and then to principal in
accordance with the Simple Interest Method.

            Section 5.4 Deficiency Notice. (a) In the event that the Servicer's
Certificate with respect to any Determination Date shall state that the amount
of the Available Funds with respect to such Determination Date is less than the
sum of the amounts payable on the related Payment Date pursuant to clauses (i)
through (v) of Section 5.6(b) (such deficiency being a "Deficiency Claim
Amount"), then on the Deficiency Claim Date immediately preceding such Payment
Date, the Indenture Trustee shall deliver to the Indenture Collateral Agent, the
Insurer, the Owner Trustee, the Servicer and the Backup Servicer, by hand
delivery, telex or facsimile transmission, a written notice (a "Deficiency
Notice"), specifying the Deficiency Claim Amount for such Payment Date, (b) Any
Deficiency Notice shall be delivered by 10:00 am, New York City time, on the
related Deficiency Claim Date. The amounts distributed to the Indenture Trustee
pursuant to a Deficiency Notice shall be deposited by the Indenture Trustee into
the Collection Account pursuant to Section 5.5.

            Section 5.5 Additional Deposits. The Servicer and the Seller, as
applicable, shall deposit or cause to be deposited in the Collection Account on
the Determination Date following the date on which such obligations are due the
aggregate Purchase Amount with respect to Purchased Receivables. On or before
each Draw Date, the Indenture Trustee shall remit to the Note Distribution
Account any amounts delivered to the Indenture Trustee pursuant to a Notice of
Claim and Section 5.10 hereof. All such deposits with respect to a Collection
Period shall be made in immediately available funds no later than 10:00 a.m. New
York City time, on the Business Day immediately preceding the Payment Date
related to such Collection Period.

            Section 5.6 Distributions.

            (a) No later than 12:00 noon New York City time on each Payment
Date, the Indenture Trustee shall (based solely on the information contained in
the Servicer's Certificate delivered on the related Determination Date) cause to
be made the following transfers and distributions in the amounts set forth in
the Servicer's Certificate for such Payment Date:

                  (i) during the Pre-Funding Period, from the Capitalized
            Interest Account (a) to the Collection Account, in immediately
            available funds, the Monthly Capitalized Interest Amount for such
            Payment Date and (b) to the Seller, in immediately available funds,
            all

                                      -45-
<PAGE>

            Investment Earnings on funds in the Capitalized Interest Account
            with respect to the Collection Period related to such Payment Date
            or, if such Payment Date is the Mandatory Redemption Date, all
            remaining funds in the Capitalized Interest Account after
            distribution of interest on the Notes on such date;

                  (ii) during the Pre-Funding Period from the Pre-Funding
            Account (a) if such Payment Date is the Mandatory Redemption Date,
            to the Note Distribution Account, in immediately available funds,
            the Pre-Funded Amount (exclusive of Pre-Funding Earnings) after
            giving effect to the purchase of Subsequent Receivables, if any, on
            the Mandatory Redemption Date, and (b) to the Seller, in immediately
            available funds, all Pre-Funding Earnings with respect to the
            Collection Period related to such Payment Date or, if such Payment
            Date is the Mandatory Redemption Date, all remaining funds in the
            Pre-Funding Account after giving effect to the purchase of
            Subsequent Receivables, if any, on the Mandatory Redemption Date;

                  (iii) to the Collection Account from the Yield Supplement
            Account, the Yield Supplement Amount;

                  (iv) if, the transfers pursuant to subsection (ii) and (iii)
            above are insufficient for distributions pursuant to subsections
            5.6(b)(i) through 5.6(b)(v), pursuant to the Reserve Account
            Agreement, to the Collection Account, the Deficiency Claim Amount,
            in accordance with Section 5.4 hereof;

            (b) On each Payment Date, the Indenture Trustee shall (based solely
on the information contained in the Servicer's Certificate delivered with
respect to the related Determination Date) distribute the following amounts and
in the following order of priority:

            (i) from the Distribution Amount, to the Servicer, the Base
      Servicing Fee for the related Collection Period, and any amounts specified
      in Section 5.2(b), to the extent the Servicer has not reimbursed itself in
      respect of such amounts pursuant to Section 5.9 and to the extent not
      retained by the Servicer;

            (ii) from the Distribution Amount, PRO RATA, (i) to the Indenture
      Trustee, the Indenture Trustee Fee, to the Backup Servicer, the Backup
      Servicer Fee and expenses (provided that all expenses incurred by the
      Backup Servicer in connection with its assumption of the role of Servicer
      shall not exceed $[_________] in the aggregate, at any time when the Notes
      are Outstanding); and (ii) to the Owner Trustee, the Owner Trustee fee in
      accordance with the agreement between the Servicer and the Owner Trustee;

            (iii) from the Distribution Amount, to the Note Distribution
      Account, the Noteholders' Interest Distributable Amount;

            (iv) from the Distribution Amount, to the Note Distribution Account,
      the Noteholders' Principal Distributable Amount;

            (v) from the Distribution Amount, to the Insurer, to the extent of
      any amounts owing to the Insurer under the Insurance Agreement and not
      paid;

                                      -46-
<PAGE>

            (vi) from the Available Funds, to the Reserve Account, all Available
      Funds remaining after distributions pursuant to clauses (i) through (v)
      above;

            (vii) from amounts, if any, released from the Reserve Account on
      such Payment Date pursuant to the terms of the Reserve Account Agreement
      for deposit in the Certificate Distribution Account (A) the
      Certificateholders' Monthly Principal Distributable Amount, and second,
      (B) the remaining amount, for distribution to the Class R
      Certificateholders.

provided, however, that, (A) following an acceleration of the Notes or, (B) if
an Insurer Default shall have occurred and be continuing, following the
occurrence of an Event of Default pursuant to Section 5.1(i), 5.1(ii), 5.1(iii),
5.1(v) or 5.1(vi) of the Indenture, amounts deposited in the Note Distribution
Account and the Certificate Distribution Account shall be paid to the
Noteholders and the Certificateholders in accordance with the provisions of
Section 5.6 of the Indenture.

            (c) In the event that the Collection Account is maintained with an
institution other than the Indenture Trustee, the Servicer shall instruct and
cause such institution to make all deposits and distributions pursuant to
Section 5.6(b).

            Section 5.7 Pre-Funding Account. (a) On the Closing Date, the
Transferor will deposit, on behalf of the Seller, in the Pre-Funding Account
$[___________] from the proceeds of the sale of the Receivables. On each
Subsequent Transfer Date, the Servicer shall instruct the Indenture Trustee to
withdraw from the Pre-Funding Account an amount equal to [__]% of the Principal
Balance of the Subsequent Receivables transferred to the Issuer on such
Subsequent Transfer Date and to distribute such amount to or upon the order of
the Seller upon satisfaction of the conditions set forth in this Agreement with
respect to such transfer net of the Subsequent Reserve Account Deposit and the
Servicer shall instruct the Indenture Trustee to deposit to the Reserve Account,
the Subsequent Reserve Account Deposit.

            (b) If the Pre-Funded Amount has not been reduced to zero on the
date on which the Pre-Funding Period ends after giving effect to any reductions
in the Pre-Funded Amount on such date, the Servicer shall instruct the Indenture
Trustee to withdraw from the Pre-Funding Account on the Mandatory Redemption
Date, the Pre-Funded Amount and deposit such amount in the Note Distribution
Account in accordance with Section 5.6(a)(ii).

            Section 5.8 Statements to Certificateholders and Noteholders. On or
prior to each Determination Date, the Servicer shall provide to the Indenture
Trustee (with a copy to the Insurer and the Rating Agencies) for the Indenture
Trustee to forward to each Noteholder of record, and to the Owner Trustee (or
Certificate Paying Agent) for the Owner Trustee to forward to each
Certificateholder of record, statements substantially in the form of Exhibit B
and Exhibit C, respectively, setting forth at least the following information
with respect to distributions on the related Payment Date as to the Notes and
the Certificates to the extent applicable:

            (i) the amount of such distribution allocable to principal of each
      Class of Notes and to the Certificate Balance of the Class A Certificates;

            (ii) the amount of such distribution allocable to interest on or
      with respect to each Class of Notes;

                                      -47-
<PAGE>

            (iii) the amount of such distribution payable pursuant to a
      Deficiency Notice;

            (iv) the amount of such distribution payable pursuant to a Notice of
      Claim, specifying, in addition to the foregoing, any remaining amount
      available to be draw under the Policy;

            (v) the Pool Balance as of the close of business on the last day of
      the preceding Collection Period;

            (vi) the aggregate outstanding principal amount of each Class of the
      Notes, the Note Pool Factor for each such Class, the Certificate Balance
      and the Certificate Pool Factor after giving effect to payments allocated
      to principal reported under (i) above;

            (vii) the amount of the Servicing Fee paid to the Servicer with
      respect to the related Collection Period and/or due but unpaid with
      respect to such Collection Period or prior Collection Periods, as the case
      may be;

            (viii)the Noteholders' Interest Carryover Shortfall, the
      Noteholders' Principal Carryover Shortfall, and the Certificateholders'
      Principal Carryover Shortfall;

            (ix) the amount of the aggregate Realized Losses, if any, for the
      second preceding Collection Period;

            (x) the aggregate Purchase Amounts for Receivables, if any, that
      were repurchased in such period;

            (xi) for Payment Dates during the Pre-Funding Period (if any), the
      remaining Pre-Funded Amount and the amount remaining in the Capitalized
      Interest Account;

            (xii) for the final Subsequent Transfer Date, the amount of any
      remaining Pre-Funded Amount that has not been used to fund the purchase of
      Subsequent Receivables and is passed through as principal to Noteholders;

            (xiii)the amounts which were collected by the Servicer;

            (xiv) the aggregate amount which was received by the Trust from the
      Servicer;

            (xv) any reimbursements to the Insurer; and

            (xvi) delinquency information relating to Receivables which are 30,
      60 or 90 days delinquent.

            Each amount set forth pursuant to paragraph (i), (ii), (iii), (iv),
(viii), (xi) and (xii) above shall be expressed as a dollar amount per $1,000 of
the initial principal balance of the Notes (or Class thereof) or the initial
Certificate Balance, as applicable.

            Section 5.9 Net Deposits. As an administrative convenience, unless a
Servicer Default has occurred and is continuing, the Servicer is required to
remit collections within

                                      -48-
<PAGE>

two (2) Business Days of receipt thereof. The Servicer will be permitted to make
the deposit of collections on the Receivables and Purchase Amounts for or with
respect to each Collection Period net of distributions to be made to the
Servicer with respect to such Collection Period; provided, however, that if an
error is made by the Servicer in calculating the amount to be deposited or
retained by it, with the result that an amount less than required is deposited
into the Collection Account, the Servicer shall make a payment of the deficiency
to the Collection Account immediately upon becoming aware or receiving notice
from the Indenture Trustee, the Servicer, the Insurer or any Noteholders of such
error. The Servicer, however, will account to the Owner Trustee, the Indenture
Trustee, the Indenture Collateral Agent, the Noteholders and the
Certificateholders as if all deposits, distributions and transfers were made
individually.

            Section 5.10 Optional Deposits By The Insurer. The Insurer shall at
any time, and from time to time, with respect to a Payment Date, have the option
(but shall not be required, except in accordance with the terms of the Policy)
to deliver amounts from its own funds to the Indenture Trustee for deposit into
the Collection Account for any of the following purposes: (i) to provide funds
in respect of the payment of fees or expenses of any provider of services to the
Issuer with respect to such Payment Date, or (ii) to include such amount to the
extent that without such amount a draw would be required to be made on the
Policy.

                                   ARTICLE VI

                                   THE POLICY

            Section 6.1 Claims Under Policy.

            (a) In the event that the Indenture Trustee has delivered a
Deficiency Notice with respect to any Determination Date, if the Policy Claim
Amount for the related Payment Date is greater than zero, the Indenture Trustee
shall furnish to the Insurer (with a copy to the Servicer) no later than 12:00
noon New York City time on the related Draw Date a completed Notice of Claim in
the amount of the Policy Claim Amount. Amounts paid by the Insurer under the
Policy shall be deposited by the Indenture Trustee into the Note Distribution
Account on the Business Day immediately preceding the Payment Date for payment
to Noteholders on the related Payment Date. The "Policy Claim Amount" for any
Payment Date shall equal the lesser of (i) the sum of the Noteholders' Interest
Distributable Amount and the Noteholders' Principal Distributable Amount for
such Payment Date and (ii) the excess, if any, of the amount required to be
distributed pursuant to clauses (i) through (iv) of Section 5.6(b) over the
Distribution Amount for such Payment Date.

            (b) Any notice delivered by the Indenture Trustee to the Insurer
pursuant to subsection 6.1(a) shall specify the Policy Claim Amount claimed
under the Policy and shall constitute a "Notice of Claim" under the Policy. In
accordance with the provisions of the Policy, the Insurer is required to pay to
the Indenture Trustee the Policy Claim Amount properly claimed thereunder by
12:00 noon, New York City time, on the earlier of (i) the third Business Day
following receipt on a Business Day of the Notice of Claim, and (ii) the
Business Day preceding the applicable Payment Date. Any payment made by the
Insurer under the Policy shall be applied solely to the payment of the Notes,
and for no other purpose.

                                      -49-
<PAGE>

            (c) The Indenture Trustee shall (i) receive as attorney-in-fact of
each Noteholder any Policy Claim Amount from the Insurer and (ii) deposit the
same in the Collection Account for disbursement to the Noteholders as set forth
in the Indenture. Any and all Policy Claim Amounts disbursed by the Indenture
Trustee from claims made under the Policy shall not be considered payment by the
Issuer with respect to such Notes, and shall not discharge the obligations of
the Issuer with respect thereto. The Insurer shall, to the extent it makes any
payment with respect to the Notes, become subrogated to the rights of the
recipients of such payments to the extent of such payments. Subject to and
conditioned upon any payment with respect to the Notes by or on behalf of the
Insurer, the Indenture Trustee shall assign to the Insurer all rights to the
payment of interest or principal with respect to the Notes which are then due
for payment to the extent of all payments made by the Insurer and the Insurer
may exercise any option, vote, right, power or the like with respect to the
Notes to the extent that it has made payment pursuant to the Policy. To evidence
such subrogation, the Note Registrar shall note the Insurer's rights as subrogee
upon the register of Noteholders upon receipt from the Insurer of proof of
payment by the Insurer of any Noteholders' Interest Distributable Amount or
Noteholders' Principal Distributable Amount.

            (d) The Indenture Trustee shall be entitled to enforce on behalf of
the Noteholders the obligations of the Insurer under the Policy. Notwithstanding
any other provision of this Agreement or any Basic Document, the Noteholders are
not entitled to make a claim directly under the Policy or institute proceedings
directly against the Insurer.

            (e) The Indenture Trustee shall keep a complete and accurate record
of all funds on deposit in the Collection Account and the Note Distribution
Account and the allocation of such funds to payments of interest on and
principal paid in respect of any Note. The Insurer shall have the right to
inspect such records at reasonable times upon one (1) Business Day's prior
notice to the Indenture Trustee.

            Section 6.2 Preference Claims; Direction of Proceedings. (a) In the
event that the Indenture Trustee has received a certified copy of an order of
the appropriate court that any Noteholders' Interest Distributable Amount or
Noteholders' Principal Distributable Amount paid on a Note has been avoided in
whole or in part as a preference payment under applicable bankruptcy law, the
Indenture Trustee shall so notify the Insurer, shall comply with the provisions
of the Policy to obtain payment by the Insurer of such avoided payment, and
shall, at the time it provides notice to the Insurer, notify Holders of the
Notes by mail that, in the event that any Noteholder's payment is so
recoverable, such Noteholder will be entitled to payment pursuant to the terms
of the Policy. Pursuant to the terms of the Policy, the Insurer will make such
payment on behalf of the Noteholder to the receiver, conservator,
debtor-in-possession or trustee in bankruptcy named in the Order (as defined in
the Policy) and not to the Indenture Trustee or any Noteholder directly (unless
a Noteholder has previously paid such payment to the receiver, conservator,
debtor-in-possession or trustee in bankruptcy, in which case the Insurer will
make such payment to the Indenture Trustee for distribution to such Noteholder
upon proof of such payment satisfactory to the Insurer).

            (b) The Indenture Trustee shall promptly notify the Insurer of any
proceeding or the institution of any action (of which a responsible officer of
the Indenture Trustee has actual knowledge) seeking the avoidance as a
preferential transfer under applicable bankruptcy,

                                      -50-
<PAGE>

insolvency, receivership, rehabilitation or similar law (a "Preference Claim")
of any distribution made with respect to the Notes. Each Holder, by its purchase
of Notes, and the Indenture Trustee hereby agree that so long as an Insurer
Default shall not have occurred and be continuing, the Insurer may at any time
during the continuation of any proceeding relating to a Preference Claim direct
all matters relating to such Preference Claim including, without limitation, (i)
the direction of any appeal of any order relating to any Preference Claim and
(ii) the posting of any surety, supercede as or performance bond pending any
such appeal at the expense of the Insurer, but subject to reimbursement as
provided in the Insurance Agreement. In addition, and without limitation of the
foregoing, as set forth in Section 6.1(c), the Insurer shall be subrogated to,
and each Noteholder and the Indenture Trustee hereby delegate and assign, to the
fullest extent permitted by law, the rights of the Indenture Trustee and each
Noteholder in the conduct of any proceeding with respect to a Preference Claim,
including, without limitation, all rights of any party to an adversary
proceeding action with respect to any court order issued in connection with any
such Preference Claim.

            Section 6.3 Surrender of Policy. The Indenture Trustee shall
surrender the Policy to the Insurer for cancellation upon the expiration of such
Policy in accordance with the terms thereof.

                                  ARTICLE VII

                                   THE SELLER

            Section 7.1 Representations of the Seller. The Seller makes the
following representations on which each of the Transferor, the Depositor and the
Issuer are deemed to have relied in acquiring its interest in the Receivables.
The representations speak as of the execution and delivery of this Agreement and
as of the Closing Date, in the case of Initial Receivables, and as of the
applicable Subsequent Transfer Date in the case of Subsequent Receivables, and
shall survive the sale of the Receivables to the Transferor, the transfer
thereof to the Depositor, the transfer by the Depositor to the Issuer and pledge
thereof to the Indenture Trustee pursuant to the Indenture.

            (a) Organization and Good Standing. The Seller is duly organized and
validly existing as a limited liability company in good standing under the laws
of the State of [__________] with the limited liability company power and
authority to own its properties and to conduct its business as such properties
are currently owned and such business is presently conducted, and had at all
relevant times, and has, the power, authority and legal right to acquire and own
the Receivables.

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

            (c) Power and Authority of the Seller. The Seller has the power and
authority to execute and deliver this Agreement and to perform its obligations
under this Agreement and each of the Basic Documents to which the Seller is a
party; the Seller has full power and

                                      -51-
<PAGE>

authority to sell and assign the property to be sold and assigned to and
deposited with the Transferor, and the Seller has duly authorized such sale and
assignment to the Transferor by all necessary limited liability company action,
and the execution, delivery and performance of each of the Basic Documents to
which the Seller is a party and of each Subsequent Transfer Agreement has been
duly authorized by the Seller by all necessary limited liability company action.

            (d) Binding Obligation; Valid Sale. This Agreement effects a valid
sale, transfer, and assignment of the Receivables, enforceable against creditors
of and purchasers from the Seller. This Agreement, each Subsequent Transfer
Agreement and each of the Basic Documents to which the Seller is a party
constitute legal, valid and binding obligations of the Seller, enforceable in
accordance with its terms, subject to applicable bankruptcy, insolvency,
moratorium, fraudulent conveyance, reorganization and similar laws now or
hereafter in effect relating to creditors' rights generally and subject to
general principles of equity (whether applied in a proceeding at law or in
equity).

            (e) No Violation. The consummation of the transactions contemplated
by this Agreement and each of the Basic Documents and by each Subsequent
Transfer Agreement to which the Seller is a party and the fulfillment of the
terms hereof and thereof do not result in any breach of any of the terms and
provisions of, nor constitute (with or without notice or lapse of time or both)
a default under, the operating agreement of the Seller, or any indenture,
agreement or other instrument to which the Seller is a party or by which it is
bound; nor result in the creation or imposition of any Lien upon any of its
properties pursuant to the terms of any such indenture, agreement or other
instrument (other than pursuant to the Basic Documents); nor violate any law or,
to the best of its knowledge, any order, rule or regulation applicable to the
Seller of any court or of any federal or state regulatory body, administrative
agency or other governmental instrumentality having jurisdiction over the Seller
or its properties.

            (f) No Proceedings. There are no proceedings or investigations
pending against the Seller or, to its best knowledge, threatened against the
Seller, before any court, regulatory body, administrative agency or other
governmental instrumentality having jurisdiction over the Seller or its
properties: (i) asserting the invalidity of this Agreement or any of the Basic
Documents to which the Seller is a party, the Notes or the Certificates, (ii)
seeking to prevent the issuance of the Notes or the Certificates or the
consummation of any of the transactions contemplated by this Agreement or any of
the Basic Documents, (iii) seeking any determination or ruling that could
reasonably be expected to have a material and adverse effect on the performance
by the Seller of its obligations under, or the validity or enforceability of,
this Agreement, the Basic Documents to which the Seller is a party, or the Notes
or the Certificates or (iv) that might adversely affect the federal, state and
local income tax attributes of the Issuer, the Notes or the Certificates or
seeking to impose any excise, franchise, transfer or similar tax upon the Notes,
the Certificates or the sale and assignment of the Receivables and the other
Transferor Property hereunder.

            (g) All Consents. All authorizations, consents, orders or approvals
of or registrations or declarations with any court, regulatory body,
administrative agency or other government instrumentality required to be
obtained, effected or given by the Seller in connection with the execution and
delivery by the Seller of this Agreement, any Subsequent Transfer

                                      -52-
<PAGE>

Agreement or any of the Basic Documents to which it is a party and the
performance by the Seller of the transactions contemplated by this Agreement,
any Subsequent Transfer Agreement or any of the Basic Documents to which it is a
party, have been duly obtained, effected or given and are in full force and
effect, except where failure to obtain the same would not have a material and
adverse effect upon the rights of the Issuer, or the Noteholders.

            (h) Chief Executive Office. The chief executive office of the Seller
is at [Address].

            (i) Upon the transfer of each Receivable to the Transferor and other
items of Trust Property delivered by the Seller to the Transferor under this
Agreement or any Subsequent Transfer Agreement, the Transferor will have good
title to such Receivable and such other items of Transferor Property, free and
clear of any lien, charge, mortgage, encumbrance or rights of others (other than
liens that will be simultaneously released).

            Section 7.2 Existence. (a) During the term of this Agreement, the
Seller will keep in full force and effect its existence, rights and franchises
as a limited liability company under the laws of the jurisdiction of its
organization and will obtain and preserve its qualification to do business in
each jurisdiction in which such qualification is or shall be necessary to
protect the validity and enforceability of this Agreement, any Subsequent
Transfer Agreement, the Basic Documents and each other instrument or agreement
necessary or appropriate to the proper administration of this Agreement and the
transactions contemplated hereby.

            (b) During the term of this Agreement, the Seller shall observe the
applicable legal requirements for the recognition of the Transferor as a legal
entity separate and apart from the Seller and its other Affiliates, including as
follows:

            (i) the Transferor shall maintain corporate records and books of
      account separate from those of the Seller and its other Affiliates;

            (ii) except as otherwise provided in this Agreement, the Transferor
      shall not commingle its assets and funds with those of the Seller or its
      other Affiliates;

            (iii) the Transferor shall hold such appropriate meetings of its
      Board of Directors as are necessary to authorize all the Transferor's
      limited liability company actions required by law to be authorized by the
      Board of Directors, shall keep minutes of such meetings and of meetings of
      its members and observe all other customary limited liability company
      formalities (and any successor Transferor not a corporation shall observe
      similar procedures in accordance with its governing documents and
      applicable law);

            (iv) the Transferor shall at all times hold itself out to the public
      under its own name as a legal entity separate and distinct from the Seller
      and its other Affiliates; and

            (v) all transactions and dealings between the Transferor and the
      Seller and its other Affiliates will be conducted on an arm's-length
      basis.

                                      -53-
<PAGE>

            Section 7.3 Liability Of Seller; Indemnities. (a) The Seller shall
be liable in accordance herewith only to the extent of the obligations
specifically undertaken by the Seller under this Agreement.

            (b) The Seller shall indemnify, defend and hold harmless the
Transferor, the Depositor, the Backup Servicer, the Custodian, the Insurer, the
Owner Trustee, the Issuer, the Indenture Trustee and the Indenture Collateral
Agent from and against any taxes that may at any time be asserted against any
such Person with respect to the transactions contemplated in this Agreement and
any of the Basic Documents (except any income taxes arising out of fees paid to
the Owner Trustee or the Indenture Trustee and except any taxes to which the
Owner Trustee or the Indenture Trustee may otherwise be subject to), including
any sales, gross receipts, general corporation, tangible personal property,
privilege or license taxes (but, in the case of the Issuer, not including any
taxes asserted with respect to, federal or other income taxes arising out of
distributions on the Certificates and the Notes) and costs and expenses in
defending against the same.

            (c) The Seller shall indemnify, defend and hold harmless the
Depositor, the Backup Servicer, the Custodian, the Transferor, the Issuer, the
Indenture Trustee, the Owner Trustee, the Indenture Collateral Agent, the
Insurer, the Certificateholders and the Noteholders from and against any loss,
liability or expense incurred by reason of (i) the Seller's willful misfeasance,
bad faith or negligence in the performance of its duties under this Agreement,
or by reason of reckless disregard of its obligations and duties under this
Agreement or (ii) the Seller's, the Transferor's or the Issuer's violation of
Federal or state securities laws in connection with the offering and sale of the
Notes and the Certificates or (iii) the failure of any Receivable conveyed to
the Transferor hereunder to comply with all requirements of applicable law and
for breach of its representations and warranties contained herein or failure to
perform in all material respects its obligations and duties contained herein.

            (d) The Seller shall indemnify, defend and hold harmless the Owner
Trustee, the Indenture Trustee, the Insurer and the Indenture Collateral Agent
and their respective officers, directors, employees and agents from and against
any and all costs, expenses, losses, claims, damages and liabilities arising out
of, or incurred in connection with the acceptance or performance of the trusts
and duties set forth herein and in the Basic Documents except to the extent that
such cost, expense, loss, claim, damage or liability shall be due to the
misfeasance, bad faith or negligence (except for errors in judgment) of the
Insurer or the Indenture Trustee or the Indenture Collateral Agent, as the case
may be or, in the case of the Owner Trustee, if such cost, expense, loss, claim,
damage or liability arises or results from any of the matters described in the
third sentence of Section 7.1 of the Trust Agreement.

            Indemnification under this Section shall survive the resignation or
removal of the Owner Trustee, the Indenture Trustee, the Backup Servicer, the
Custodian or the Indenture Collateral Agent and the termination of this
Agreement, the Indenture or the Trust Agreement, as applicable and shall include
reasonable fees and expenses of counsel and other expenses of litigation. If the
Seller shall have made any indemnity payments pursuant to this Section and the
Person to or on behalf of whom such payments are made thereafter shall collect
any of such amounts from others, such Person shall promptly repay such amounts
to the Seller, without interest.

                                      -54-
<PAGE>

            Section 7.4 Merger or Consolidation of, or Assumption of the
Obligations of Seller. Any Person (a) into which the Seller may be merged or
consolidated, (b) which may result from any merger or consolidation to which the
Seller shall be a party or (c) which may succeed to the properties and assets of
the Seller substantially as a whole, which Person in any of the foregoing cases
executes an agreement of assumption to perform every obligation of the Seller
under this Agreement, shall be the successor to the Seller hereunder without the
execution or filing of any document or any further act by any of the parties to
this Agreement; provided, however, that (i) the Seller shall have received the
written consent of the Controlling Party prior to entering into any such
transaction, (ii) immediately after giving effect to such transaction, no
representation or warranty made pursuant to Section 3.1 shall have been breached
and no Servicer Default or an Insurance Agreement Event of Default, and no event
which, after notice or lapse of time, or both, would become a Servicer Default
or Insurance Agreement Event of Default shall have occurred and be continuing,
(iii) the Seller shall have delivered to the Owner Trustee, the Indenture
Trustee, the Rating Agencies and the Insurer an Officer's Certificate and an
Opinion of Counsel each stating that such consolidation, merger or succession
and such agreement of assumption comply with this Section and that all
conditions precedent, if any, provided for in this Agreement relating to such
transaction have been complied with, (iv) the Rating Agency Condition shall have
been satisfied with respect to such transaction and (v) the Seller shall have
delivered to the Owner Trustee, the Indenture Trustee and the Insurer an Opinion
of Counsel stating that, in the opinion of such counsel, either (A) all
financing statements and continuation statements and amendments thereto have
been executed and filed that are necessary fully to preserve and protect the
interest of the Transferor, the Depositor, the Issuer, the Owner Trustee and the
Indenture Trustee, respectively, in the Receivables and reciting the details of
such filings or (B) no such action shall be necessary to preserve and protect
such interest. Notwithstanding anything herein to the contrary, the execution of
the foregoing agreement of assumption and compliance with clauses (i), (ii),
(iii), (iv) and (v) above shall be conditions to the consummation of the
transactions referred to in clauses (a), (b) or (c) above.

            Section 7.5 Limitation on Liability of Seller and Others. The Seller
and any director or officer or employee or agent of the Seller may rely in good
faith on the advice of counsel or on any document of any kind, prima facie
properly executed and submitted by any Person respecting any matters arising
under any Basic Document. The Seller shall not be under any obligation to appear
in, prosecute or defend any legal action that shall not be incidental to its
obligations under this Agreement, and that in its opinion may involve it in any
expense or liability.

            Section 7.6 Seller May Own Certificates or Notes. The Seller and any
Affiliate thereof may in its individual or any other capacity become the owner
or pledgee of Certificates or Notes with the same rights as it would have if it
were not the Seller or an Affiliate thereof, except as expressly provided herein
or in any Basic Document. Notes or Certificates so owned by the Seller or such
Affiliate shall have an equal and proportionate benefit under the provisions of
the Basic Documents, without preference, priority, or distinction as among all
of the Notes or Certificates, provided, however, that any Notes or Certificates
owned by the Seller or any Affiliate thereof, during the time such Notes or
Certificates are owned by them, shall be without voting rights for any purpose
set forth in the Basic Documents and will not be entitled to

                                      -55-
<PAGE>

the benefits of the Policy. The Seller shall notify the Owner Trustee, the
Indenture Trustee and the Insurer promptly after it or any of its Affiliates
become the owner of a Certificate or a Note.

                                  ARTICLE VIII

                                  THE SERVICER

            Section 8.1 Representations of Servicer. The Servicer makes the
following representations on which the Insurer shall be deemed to have relied in
executing and delivering the Policy and on which each of the Transferor, the
Depositor and the Issuer is deemed to have relied in acquiring the Receivables.
The representations speak as of the execution and delivery of this Agreement and
as of the Closing Date, in the case of the Initial Receivables, and as of the
applicable Subsequent Transfer Date, in the case of the Subsequent Receivables,
and shall survive the sale of the Receivables from the Seller to the Transferor,
the Transferor to the Depositor and the Depositor to the Issuer and the pledge
thereof to the Indenture Trustee pursuant to the Indenture.

            (a) Organization and Good Standing. The Servicer is duly organized
and validly existing as a limited liability company in good standing under the
laws of the state of its formation, with the limited liability company power and
authority to own its properties and to conduct its business as such properties
are currently owned and such business is presently conducted, and had at all
relevant times, and has, the power, authority and legal right to acquire, own,
sell and service the Receivables.

            (b) Due Qualification. The Servicer is duly qualified to do business
and has obtained all necessary licenses and approvals in all jurisdictions in
which the ownership or lease of property or the conduct of its business
(including the servicing of the Receivables as required by this Agreement) shall
require such qualifications, and was duly qualified and had all licenses in all
relevant jurisdictions required for the origination of the Receivables.

            (c) Power and Authority of the Servicer. The Servicer has the power
and authority to execute and deliver this Agreement and to perform its
obligations hereunder, and the execution, delivery and performance of this
Agreement have been duly authorized by the Servicer by all necessary action. All
authorizations, consents, orders or approvals of or registrations or
declarations with any court, regulatory body, administrative agency or other
government instrumentality required to be obtained, effected or given by the
Servicer in connection with the execution and delivery by the Servicer of this
Agreement or any of the Basic Documents to which it is a party and the
performance by the Servicer of the transactions contemplated by this Agreement
or any of the Basic Documents to which it is a party, have been duly obtained,
effected or given and are in full force and effect, except where failure to
obtain the same would not have a material adverse effect upon the rights of the
Issuer, the Insurer, the Noteholders or the Certificateholders.

            (d) Binding Obligation. This Agreement constitutes a legal, valid
and binding obligation of the Servicer, enforceable in accordance with its
terms, subject to applicable bankruptcy, insolvency, moratorium, fraudulent
conveyance, reorganization and similar laws

                                      -56-
<PAGE>

now or hereafter in effect relating to creditors' rights generally, and subject
to general principles of equity (whether applied in a proceeding at law or in
equity).

            (e) No Violation. The consummation of the transactions contemplated
by this Agreement and the Basic Documents and the fulfillment of the terms
hereof and thereof do not result in any breach of any of the terms and
provisions of, or constitute (with or without notice or lapse of time) a default
under the organizational documents of the Servicer, or any indenture, agreement
or other instrument to which the Servicer is a party or by which it shall be
bound; or result in the creation or imposition of any Lien upon any of its
properties pursuant to the terms of any such indenture, agreement or other
instrument (other than pursuant to the Basic Documents); or violate any law or,
to the best of the Servicer's knowledge, any order, rule or regulation
applicable to the Servicer of any court or of any federal or state regulatory
body, administrative agency or other governmental instrumentality having
jurisdiction over the Servicer or its properties.

            (f) No Proceedings. There are no proceedings or investigations
pending against the Servicer, or, to its best knowledge, threatened against the
Servicer, before any court, regulatory body, administrative agency or other
governmental instrumentality having jurisdiction over the Servicer or its
properties: (i) asserting the invalidity of this Agreement or any of the Basic
Documents to which the Servicer is a party or the Notes or the Certificates,
(ii) seeking to prevent the issuance of the Notes or the consummation of any of
the transactions contemplated by this Agreement or any of the Basic Documents to
which the Servicer is a party, (iii) seeking any determination or ruling that
might materially and adversely affect the performance by the Servicer of its
obligations under, or the validity or enforceability of this Agreement or any of
the Basic Documents to which the Servicer is a party or the Notes or the
Certificates or (iv) relating to the Servicer and which might adversely affect
the federal income tax or ERISA attributes of the Issuer or the Notes or the
Certificates or seeking to impose any excise, franchise, transfer or similar tax
upon the Notes or the Certificates or the sale and assignment of the Receivables
hereunder.

            (g) Fidelity Bond. The Servicer maintains a fidelity bond in such
form and amount as is customary for finance companies acting as custodian of
funds and documents in respect of motor vehicle loans.

            Section 8.2 Indemnities of Servicer. (a) The Servicer shall be
liable in accordance herewith only to the extent of the obligations specifically
undertaken by the Servicer under this Agreement and the representations made by
the Servicer herein.

            (b) The Servicer shall defend, indemnify and hold harmless the
Transferor, the Depositor, the Backup Servicer, the Custodian, the Owner
Trustee, the Indenture Trustee, the Issuer, the Indenture Collateral Agent, the
Insurer, the Noteholders, the Certificateholders and the Seller from and against
any and all costs, expenses, losses, damages, claims, and liabilities, arising
out of or resulting from the use, ownership or operation by the Servicer or any
Affiliate thereof of a Financed Vehicle.

            (c) The Servicer shall indemnify, defend and hold harmless the
Transferor, the Depositor, the Backup Servicer, the Custodian, the Owner
Trustee, the Indenture Trustee, the

                                      -57-
<PAGE>

Seller, the Issuer, the Indenture Collateral Agent, the Insurer, their
respective officers, directors, agents and employees and the Noteholders and the
Certificateholders from and against any and all costs, expenses, losses, claims,
damages, and liabilities to the extent that such cost, expense, loss, claim,
damage, or liability arose out of, or was imposed upon any such Person through,
(i) the negligence, misfeasance or bad faith of the Servicer in the performance
of its duties under this Agreement or (ii) by reason of disregard of its
obligations and duties under this Agreement

            (d) The Servicer shall indemnify, defend and hold harmless the
Transferor, the Depositor, the Backup Servicer, the Custodian, the Owner
Trustee, the Indenture Trustee, the Insurer and the Indenture Collateral Agent
and their respective officers, directors, employees and agents from and against
all costs, expenses, losses, claims, damages and liabilities arising out of or
incurred in connection with the acceptance or performance of the trusts and
duties herein contained and in the Trust Agreement, except to the extent that
such costs, expense, loss, claim, damage or liability shall be due to the
willful misfeasance, bad faith or negligence (except for errors in judgment) of
the Transferor, the Depositor, the Backup Servicer, or in the case of the Owner
Trustee, if such cost, expense, loss, claim, damage or liability arises or
results from any of the matters described in the third sentence of Section 7.1
of the Trust Agreement, the Indenture Trustee, the Insurer or the Indenture
Collateral Agent, as the case may be.

            For purposes of this Section, in the event of the termination of the
rights and obligations of [__________] (or any successor thereto pursuant to
Section 8.3) as Servicer pursuant to Section 11.1, or a resignation by such
Servicer pursuant to this Agreement, such Servicer shall be deemed to be the
Servicer pending appointment of a successor Servicer (other than the Indenture
Trustee) pursuant to Section 11.2.

            Indemnification under this Section shall survive the resignation or
removal of the Backup Servicer, the Custodian, Owner Trustee, the Indenture
Trustee or the Indenture Collateral Agent, and the termination of this Agreement
or the Indenture or the Trust Agreement, as applicable, and shall include
reasonable fees and expenses of counsel and expenses of litigation. If the
Servicer shall have made any indemnity payments pursuant to this Section and the
recipient thereafter collects any of such amounts from others, such Person shall
promptly repay such amounts to the Servicer, without interest.

            Section 8.3 Merger or Consolidation of, or Assumption of the
Obligations of Servicer. Any Person (a) into which the Servicer may be merged or
consolidated, (b) which may result from any merger, conversion or consolidation
to which the Servicer shall be a party or (c) which may succeed to the
properties and assets of the Servicer, substantially as a whole or (d) with
respect to the Servicer's obligations hereunder, which is a corporation or
limited liability company 50% or more of the voting interest of which is owned,
directly or indirectly, by [__________], which Person executed an agreement of
assumption to perform every obligation of the Servicer hereunder shall be the
successor to the Servicer under the Agreement without further act on the part of
any of the parties to the Agreement; provided, however, that (i) the Servicer
shall have received the written consent of the Controlling Party prior to
entering into any such transaction; (ii) immediately after giving effect to such
transaction, no Servicer Default or Insurance Agreement Event of Default and no
event which, after notice or lapse of time, or both, would become a Servicer
Default or Insurance Agreement Event of Default shall have

                                      -58-
<PAGE>

occurred and be continuing, (iii) the Servicer shall have delivered to the Owner
Trustee, the Indenture Trustee, the Rating Agencies and the Insurer an Officer's
Certificate and an Opinion of Counsel each stating that such consolidation,
merger or succession and such agreement of assumption comply with this Section
and that all conditions precedent provided for in this Agreement relating to
such transaction have been complied with, (iv) the Rating Agency Condition shall
have been satisfied with respect to such transaction and (v) the Servicer shall
have delivered to the Owner Trustee, the Indenture Trustee, the Rating Agencies
and the Insurer an Opinion of Counsel stating that, in the opinion of such
counsel, either (A) all financing statements and continuation statements and
amendments thereto have been executed and filed that are necessary fully to
preserve and protect the interest of the Owner Trustee and, the Indenture
Trustee in the Receivables and reciting the details of such filings or (B) no
such action shall be necessary to preserve and protect such interest.
Notwithstanding anything herein to the contrary, the execution of the foregoing
agreement of assumption and compliance with clauses (i), (ii), (iii), (iv) and
(v) above shall be conditions to the consummation of the transactions referred
to in clauses (a), (b), (c) or (d) above. Notwithstanding anything herein to the
contrary, compliance with clause (i) shall not apply if the Backup Servicer
becomes the Servicer.

            Section 8.4 Limitation on Liability of Servicer and Others. Neither
the Servicer nor any of its directors, officers, employees or agents shall be
under any liability to the Issuer, the Noteholders or the Certificateholders
except as provided under this Agreement, for any action taken or for refraining
from the taking of any action pursuant to this Agreement or for errors in
judgment; provided, however, that this provision shall not protect the Servicer
or any such person against any liability that would otherwise be imposed by
reason of misfeasance, bad faith or negligence in the performance of duties or
by reason of reckless disregard of obligations and duties under this Agreement.
The Servicer or any subservicer and any of their respective directors, officers,
employees or agents may rely in good faith on any document of any kind prima
facie properly executed and submitted by any Person respecting any matters
arising under this Agreement.

            Except as provided in this Agreement, the Servicer shall not be
under any obligation to appear in, prosecute or defend any legal action that
shall not be incidental to its duties to service the Receivables in accordance
with this Agreement, and that in its opinion may involve it in any expense or
liability; provided, however, that the Servicer, may (but shall not be required
to) undertake any reasonable action that it may deem necessary or desirable to
protect the interests the Certificateholders under the Trust Agreement of the
Noteholders under the Indenture.

            Section 8.5 Servicer Not to Resign. Subject to the provisions of
Section 8.3, the Servicer may not resign from the obligations and duties hereby
imposed on it as Servicer under this Agreement except upon determination that by
reason of a change in legal requirements the performance of its duties under
this Agreement would cause it to be in violation of such legal requirements in a
manner which would result in a material adverse effect on the Servicer and the
Controlling Party does not elect to waive the obligations of the Servicer to
perform the duties which render it legally unable to act or does not elect to
delegate those duties to another Person. Notice of any such determination
permitting the resignation of the Servicer shall be communicated to the Issuer,
the Indenture Trustee and the Controlling Party at the earliest practicable time
(and, if such communication is not in writing, shall be confirmed in writing at

                                      -59-
<PAGE>

the earliest practicable time) and any such determination shall be evidenced by
an Opinion of Counsel to such effect delivered to and satisfactory to the Owner
Trustee, the Indenture Trustee and the Insurer concurrently with or promptly
after such notice. No such resignation of the Servicer shall become effective
until a successor servicer shall have assumed the responsibilities and
obligations of the resigning servicer in accordance with Section 11.2 of this
Agreement.

                                   ARTICLE IX

                                 THE TRANSFEROR

            Section 9.1 Representations of the Transferor. The Transferor makes
the following Representations to the Depositor and the Issuer on which the
Depositor and the Issuer are deemed to have relied in acquiring the Receivables
and the Insurer is deemed to have relied in issuing the Policy. The
representations speak as of the execution and delivery of this Agreement and as
of the Closing Date, in the case of Initial Receivables, and as of the
applicable Subsequent Transfer Date in the case of Subsequent Receivables, and
shall survive the sale of the Receivables to the Depositor and the Issuer and
the pledge thereof to the Indenture Trustee pursuant to the Indenture.

            (a) Organization and Good Standing. The Transferor is duly organized
and validly existing as a limited liability company in good standing under the
laws of the State of [__________] with the power and authority to own its
properties and to conduct its business as such properties are currently owned
and such business is presently conducted, and had at all relevant times, and
has, the power, authority and legal right to acquire and own the Receivables.

            (b) Due Qualification. The Transferor is duly qualified to do
business as a foreign company in good standing, and has obtained all necessary
licenses and approvals in all jurisdictions in which the ownership or lease of
property, including the Receivables, or the conduct of its business shall
require such qualifications.

            (c) Power and Authority of the Transferor. The Transferor has the
power and authority to execute and deliver this Agreement and to perform its
obligations under this Agreement and each of the Basic Documents to which the
Transferor is a party; the Transferor has full power and authority to sell and
assign the property to be sold and assigned to the Depositor and deposited with
the Issuer, and the Transferor has duly authorized such sale and assignment to
the Issuer by all necessary limited liability company action, and the execution,
delivery and performance of each of the Basic Documents to which the Transferor
is a party and of each Subsequent Transfer Agreement has been duly authorized by
the Transferor by all necessary limited liability company action.

            (d) Binding Obligation; Valid Transfer. This Agreement effects a
valid transfer, and assignment of the Receivables, enforceable against creditors
of and purchasers from the Transferor. This Agreement, each Subsequent Transfer
Agreement and each of the Basic Documents to which the Transferor is a party
constitute legal, valid and binding obligations of the Transferor, enforceable
in accordance with its terms, subject to applicable bankruptcy, insolvency,
moratorium, fraudulent conveyance, reorganization and similar laws now or

                                      -60-
<PAGE>

hereafter in effect relating to creditors' rights generally and subject to
general principles of equity (whether applied in a proceeding at law or in
equity).

            (e) No Violation. The consummation of the transactions contemplated
by this Agreement and each of the Basic Documents and by each Subsequent
Transfer Agreement to which the Transferor is a party and the fulfillment of the
terms hereof and thereof do not result in any breach of any of the terms and
provisions of, nor constitute (with or without notice or lapse of time or both)
a default under, the operating agreement of the Transferor, or any indenture,
agreement or other instrument to which the Transferor is a party or by which it
is bound; nor result in the creation or imposition of any Lien upon any of its
properties pursuant to the terms of any such indenture, agreement or other
instrument (other than pursuant to the Basic Documents); nor violate any law or,
to the best of its knowledge, any order, rule or regulation applicable to the
Transferor of any court or of any federal or state regulatory body,
administrative agency or other governmental instrumentality having jurisdiction
over the Transferor or its properties.

            (f) No Proceedings. There are no proceedings or investigations
pending against the Transferor or, to its best knowledge, threatened against the
Transferor, before any court, regulatory body, administrative agency or other
governmental instrumentality having jurisdiction over the Transferor or its
properties: (i) asserting the invalidity of this Agreement or any of the Basic
Documents to which the Transferor is a party, the Notes or the Certificates,
(ii) seeking to prevent the issuance of the Notes or the Certificates or the
consummation of any of the transactions contemplated by this Agreement or any of
the Basic Documents to which the Transferor is a party, (iii) seeking any
determination or ruling that could reasonably be expected to have a material and
adverse effect on the performance by the Transferor of its obligations under, or
the validity or enforceability of, this Agreement, the Basic Documents to which
the Transferor is a party, or the Notes or the Certificates or (iv) that might
adversely affect the federal, state or local income tax attributes of the
Issuer, the Notes or the Certificates or seeking to impose any excise,
franchise, transfer or similar tax upon the Notes, the Certificates or the sale
and assignment of the Receivables and other Depositor Property hereunder.

            (g) All Consents. All authorizations, consents, orders or approvals
of or registrations or declarations with any court, regulatory body,
administrative agency or other government instrumentality required to be
obtained, effected or given by the Transferor in connection with the execution
and delivery by the Transferor of this Agreement, any Subsequent Transfer
Agreement or any of the Basic Documents to which it is a party and the
performance by the Transferor of the transactions contemplated by this
Agreement, any Subsequent Transfer Agreement or any of the Basic Documents to
which it is a party, have been duly obtained, effected or given and are in full
force and effect, except where failure to obtain the same would not have a
material and adverse effect upon the rights of the Issuer, or the Noteholders.

            (h) Chief Executive Office. The chief executive office of the
Transferor is at [Address].

            (i) Upon the transfer of each Receivable to the Depositor and other
items of Depositor Property delivered by the Transferor to the Depositor under
this Agreement or any Subsequent Transfer Agreement, the Depositor will have
good title to such Receivable and such

                                      -61-
<PAGE>

other items of Depositor Property, free and clear of any lien, charge, mortgage,
encumbrance or rights of others (other than liens that will be simultaneously
released).

            Section 9.2 Existence.

            (a) During the term of this Agreement, the Transferor will keep in
full force and effect its existence, rights and franchises as a limited
liability company under the laws of the jurisdiction of its organization and
will obtain and preserve its qualification to do business in each jurisdiction
in which such qualification is or shall be necessary to protect the validity and
enforceability of this Agreement, any Subsequent Transfer Agreement, the Basic
Documents and each other instrument or agreement necessary or appropriate to the
proper administration of this Agreement and the transactions contemplated
hereby.

            (b) During the term of this Agreement, the Transferor shall observe
the applicable legal requirements for the recognition of the Transferor as a
legal entity separate and apart from its Affiliates, including as follows:

            (i) the Transferor shall maintain limited liability company records
      and books of account separate from those of its Affiliates;

            (ii) except as otherwise provided in this Agreement, the Transferor
      shall not commingle its assets and funds with those of its Affiliates;

            (iii) the Transferor shall hold such appropriate meetings of its
      Board of Directors as are necessary to authorize all the Transferor's
      limited liability company actions required by law to be authorized by the
      Board of Directors, shall keep minutes of such meetings and of meetings of
      its stockholder(s) and observe all other customary corporate formalities
      (and any successor Transferor not a corporation shall observe similar
      procedures in accordance with its governing documents and applicable law);

            (iv) the Transferor shall at all times hold itself out to the public
      under the Transferor's own name as a legal entity separate and distinct
      from its Affiliates; and

            (v) all transactions and dealings between the Transferor and its
      Affiliates will be conducted on an arm's-length basis.

            Section 9.3 Liability of Transferor; Indemnities. (a) The Transferor
shall be liable in accordance herewith only to the extent of the obligations
specifically undertaken by the Transferor under this Agreement.

            (b) The Transferor shall indemnify, defend and hold harmless the
Depositor, the Backup Servicer, the Issuer, the Insurer, the Owner Trustee, the
Custodian, the Indenture Trustee, the Indenture Collateral Agent, the
Certificateholders and the Noteholders from and against any taxes that may at
any time be asserted against any such Person with respect to the transactions
contemplated in this Agreement and any of the Basic Documents (except any income
taxes arising out of fees paid to the Owner Trustee or the Indenture Trustee and
except any taxes to which the Owner Trustee or the Indenture Trustee may
otherwise be subject to), including any sales, gross receipts, general
corporation, tangible personal property, privilege or

                                      -62-
<PAGE>

license taxes (but, in the case of the Issuer, not including any taxes asserted
with respect to, federal or other income taxes arising out of distributions on
the Certificates and the Notes) and costs and expenses in defending against the
same.

            (c) The Transferor shall indemnify, defend and hold harmless the
Depositor, the Backup Servicer, the Issuer, the Insurer, the Owner Trustee, the
Custodian, the Indenture Trustee, the Indenture Collateral Agent, the
Certificateholders and the Noteholders from and against any loss, liability or
expense incurred by reason of (i) the Transferor's willful misfeasance, bad
faith or negligence in the performance of its duties under this Agreement, or by
reason of reckless disregard of its obligations and duties under this Agreement
or (ii) the failure of any Receivable conveyed to the Depositor hereunder to
comply with all requirements of applicable law and for breach of its
representations and warranties contained herein or failure to perform in all
material respects its obligations and duties contained herein. Indemnification
under this Section shall survive the resignation or removal of the Owner
Trustee, the Indenture Trustee, the Custodian, the Backup Servicer or the
Indenture Collateral Agent and the termination of this Agreement, the Indenture
or the Trust Agreement, as applicable and shall include reasonable fees and
expenses of counsel and other expenses of litigation provided however, that the
liability of the Transferor for payments under this Section 9.3 shall be subject
to the availability of funds therefor. If the Transferor shall have made any
indemnity payments pursuant to this Section and the Person to or on behalf of
whom such payments are made thereafter shall collect any of such amounts from
others, such Person shall promptly repay such amounts to the Transferor, without
interest.

            Section 9.4 Limitation on Liability of Transferor and Others. The
Transferor and any director or officer or employee or agent of the Transferor
may rely in good faith on the advice of counsel or on any document of any kind,
prima facie properly executed and submitted by any Person respecting any matters
arising under any Basic Document. The Transferor shall not be under any
obligation to appear in, prosecute or defend any legal action that shall not be
incidental to its obligations under this Agreement, and that in its opinion may
involve it in any expense or liability.

            Section 9.5 Transferor May Own Certificates or Notes. The Transferor
and any Affiliate thereof may in its individual or any other capacity become the
owner or pledgee of Certificates or Notes with the same rights as it would have
if it were not the Transferor or an Affiliate thereof, except as expressly
provided herein or in any Basic Document. Notes or Certificates so owned by the
Transferor or such Affiliate shall have an equal and proportionate benefit under
the provisions of the Basic Documents, without preference, priority, or
distinction as among all of the Notes or Certificates, provided, however, that
any Notes or Certificates owned by the Transferor or any Affiliate thereof,
during the time such Notes or Certificates are owned by them, shall be without
voting rights for any purpose set forth in the Basic Documents and will not be
entitled to the benefits of the Policy. The Transferor shall notify the Owner
Trustee, the Indenture Trustee and the Insurer promptly after it or any of its
Affiliates become the owner of a Certificate or a Note.

                                      -63-
<PAGE>

                                   ARTICLE X

                                  THE DEPOSITOR

            Section 10.1 Representations of the Depositor. The Depositor makes
the following representations on which the Issuer is deemed to have relied in
acquiring the Receivables and on which the Insurer is deemed to have relied in
issued in the Policy. The representations speak as of The execution and delivery
of this Agreement and as of the Closing Date, in the case of Initial
Receivables, and as of the applicable Subsequent Transfer Date in the case of
Subsequent Receivables, and shall survive the sale of the Receivables to the
Issuer and the pledge thereof to the Indenture Trustee pursuant to the
Indenture.

            (a) Organization and Good Standing. The Depositor is duly organized
and validly existing as a limited liability company in good standing under the
laws of the State of Delaware with the power and authority to own its properties
and to conduct its business as such properties are currently owned and such
business is presently conducted, and had at all relevant times, and has, the
power, authority and legal right to acquire and own the Receivables.

            (b) Due Qualification. The Depositor is duly qualified to do
business as a foreign company in good standing, and has obtained all necessary
licenses and approvals in all jurisdictions in which the ownership or lease of
property, including the Receivables, or the conduct of its business shall
require such qualifications.

            (c) Power and Authority of the Depositor. The Depositor has the
power and authority to execute and deliver this Agreement and to perform its
obligations under this Agreement and each of the Basic Documents to which the
Depositor is a party; the Depositor has full power and authority to sell and
assign the property to be sold and assigned to and deposited with the Issuer,
and the Depositor has duly authorized such sale and assignment to the Issuer by
all necessary company action, and the execution, delivery and performance of
each of the Basic Documents to which the Depositor is a party and of each
Subsequent Transfer Agreement has been duly authorized by the Depositor by all
necessary company action.

            (d) Binding Obligation; Valid Transfer. This Agreement effects a
valid transfer, and assignment of the Receivables, enforceable against creditors
of and purchasers from the Depositor. This Agreement, each Subsequent Transfer
Agreement and each of the Basic Documents to which the Depositor is a party
constitute legal, valid and binding obligations of the Depositor, enforceable in
accordance with its terms, subject to applicable bankruptcy, insolvency,
moratorium, fraudulent conveyance, reorganization and similar laws now or
hereafter in effect relating to creditors' rights generally and subject to
general principles of equity (whether applied in a proceeding at law or in
equity).

            (e) No Violation. The consummation of the transactions contemplated
by this Agreement and each of the Basic Documents and by each Subsequent
Transfer Agreement to which the Depositor is a party and the fulfillment of the
terms hereof and thereof do not result in any breach of any of the terms and
provisions of, nor constitute (with or without notice or lapse of time or both)
a default under, the certificate of formation or limited liability company
agreement of the Depositor, or any indenture, agreement or other instrument to
which the

                                      -64-
<PAGE>

Depositor is a party or by which it is bound; nor result in the creation or
imposition of any Lien upon any of its properties pursuant to the terms of any
such indenture, agreement or other instrument (other than pursuant to the Basic
Documents); nor violate any law or, to the best of its knowledge, any order,
rule or regulation applicable to the Depositor of any court or of any federal or
state regulatory body, administrative agency or other governmental
instrumentality having jurisdiction over the Depositor or its properties.

            (f) No Proceedings. There are no proceedings or investigations
pending against the Depositor or, to its best knowledge, threatened against the
Depositor, before any court, regulatory body, administrative agency or other
governmental instrumentality having jurisdiction over the Depositor or its
properties: (i) asserting the invalidity of this Agreement or any of the Basic
Documents, the Notes or the Certificates, (ii) seeking to prevent the issuance
of the Notes or the Certificates or the consummation of any of the transactions
contemplated by this Agreement or any of the Basic Documents, (iii) seeking any
determination or ruling that could reasonably be expected to have a material and
adverse effect on the performance by the Depositor of its obligations under, or
the validity or enforceability of, this Agreement, the Basic Documents, or the
Notes or the Certificates or (iv) that might adversely affect the federal, state
or local income tax attributes of the Issuer, the Notes or the Certificates or
seeking to impose any excise, franchise, transfer or similar tax upon the Notes,
the Certificates or the sale and assignment of the Receivables and other Trust
Property hereunder.

            (g) All Consents. All authorizations, consents, orders or approvals
of or registrations or declarations with any court, regulatory body,
administrative agency or other government instrumentality required to be
obtained, effected or given by the Depositor in connection with the execution
and delivery by the Depositor of this Agreement, any Subsequent Transfer
Agreement or any of the Basic Documents to which it is a party and the
performance by the Depositor of the transactions contemplated by this Agreement,
any Subsequent Transfer Agreement or any of the Basic Documents to which it is a
party, have been duly obtained, effected or given and are in full force and
effect, except where failure to obtain the same would not have a material and
adverse effect upon the rights of the Issuer, or the Noteholders.

            (h) Chief Executive Office. The chief executive office of the
Depositor is at [Address].

            (i) Upon the transfer of each Receivable or interests therein to the
Issuer and other items of Trust Property delivered by the Depositor to the
Issuer under this Agreement or any Subsequent Transfer Agreement, the Issuer
will have good title to such Receivable or interests therein and such other
items of Trust Property, free and clear of any lien, charge, mortgage,
encumbrance or rights of others (other than liens that will be simultaneously
released) granted by the Depositor.

            Section 10.2 Existence.

            (a) During the term of this Agreement, the Depositor will keep in
full force and effect its existence, rights and franchises as a limited
liability company under the laws of the jurisdiction of its organization and
will obtain and preserve its qualification to do business in each jurisdiction
in which such qualification is or shall be necessary to protect the validity and

                                      -65-
<PAGE>

enforceability of this Agreement, any Subsequent Transfer Agreement, the Basic
Documents and each other instrument or agreement necessary or appropriate to the
proper administration of this Agreement and the transactions contemplated
hereby.

            (b) During the term of this Agreement, the Depositor shall observe
the applicable legal requirements for the recognition of the Depositor as a
legal entity separate and apart from its Affiliates, including as follows:

            (i) the Depositor shall maintain company records and books of
      account separate from those of its Affiliates;

            (ii) except as otherwise provided in this Agreement and except as
      expressly permitted by any other agreement to which it is a party, the
      Depositor shall not commingle its assets and funds with those of its
      Affiliates;

            (iii) [the Depositor shall hold such appropriate meetings of its
      members as are necessary to authorize all the Depositor's company actions
      required by law to be authorized by the members, shall keep minutes of
      such meetings and of meetings of its members and observe all other
      customary company formalities (and any successor Depositor not a limited
      liability company shall observe similar procedures in accordance with its
      governing documents and applicable law);]

            (iv) the Depositor shall at all times hold itself out to the public
      under the Depositor's own name as a legal entity separate and distinct
      from its Affiliates; and

            (v) all transactions and dealings between the Depositor and its
      Affiliates will be conducted on an arm's-length basis.

            Section 10.3 Liability of Depositor; Indemnities.

            (a) The Depositor shall be liable in accordance herewith only to the
extent of the obligations specifically undertaken by the Depositor under this
Agreement.

            (b) The Depositor shall indemnify, defend and hold harmless the
Backup Servicer, the Servicer, the Insurer, the Owner Trustee, the Custodian,
the Issuer, the Indenture Trustee, the Indenture Collateral Agent, the
Noteholders and the Certificateholders from and against any loss, liability or
expense incurred by reason of (i) the Depositor's willful misfeasance, bad faith
or negligence in the performance of its duties under this Agreement, or (ii) by
reason of reckless disregard of its obligations and duties under this Agreement
or (iii) for breach of its representations and warranties contained herein or
failure to perform in all material respects its obligations and duties contained
herein.

            Indemnification under this Section shall survive the resignation or
removal of the Owner Trustee, the Custodian, the Indenture Trustee or the
Indenture Collateral Agent and the termination of this Agreement, the Indenture
or the Trust Agreement, as applicable and shall include reasonable fees and
expenses of counsel and other expenses of litigation. If the Depositor shall
have made any indemnity payments pursuant to this Section and the Person to or

                                      -66-
<PAGE>

on behalf of whom such payments are made thereafter shall collect any of such
amounts from others, such Person shall promptly repay such amounts to the
Depositor, without interest.

            Section 10.4 Limitation on Liability of Depositor and Others. The
Depositor and any director or officer or employee or agent of the Depositor may
rely in good faith on the advice of counsel or on any document of any kind,
prima facie properly executed and submitted by any Person respecting any matters
arising under any Basic Document. The Depositor shall not be under any
obligation to appear in, prosecute or defend any legal action that shall not be
incidental to its obligations under this Agreement, and that in its opinion may
involve it in any expense or liability.

            Section 10.5 Depositor May Own Certificates or Notes. The Depositor
and any Affiliate thereof may in its individual or any other capacity become the
owner or pledgee of Certificates or Notes with the same rights as it would have
if it were not the Depositor or an Affiliate thereof, except as expressly
provided herein or in any Basic Document. Notes or Certificates so owned by the
Depositor or such Affiliate shall have an equal and proportionate benefit under
the provisions of the Basic Documents, without preference, priority, or
distinction as among all of the Notes or Certificates, provided, however, that
any Notes or Certificates owned by the Depositor or any Affiliate thereof,
during the time such Notes or Certificates are owned by them, shall be without
voting rights for any purpose set forth in the Basic Documents and will not be
entitled to the benefits of the Policy. The Depositor shall notify the Owner
Trustee, the Indenture Trustee and the Insurer promptly after it or any of its
Affiliates become the owner of a Certificate or a Note.

                                   ARTICLE XI

                                     DEFAULT

            Section 11.1 Servicer Default. If any one of the following events (a
"Servicer Default") shall occur and be continuing:

            (a) Any failure by the Servicer to deliver to the Owner Trustee or
the Indenture Trustee any deposit or payment proceeds or payment required to be
so made, which failure continues unremedied for a period of one Business Day
after the written notice of such failure is received by the Servicer from the
Insurer, the Owner Trustee or the Indenture Trustee or after discovery of such
failure by the Servicer; or

            (b) The breach of any representation or warranty or covenant of the
Servicer or failure by the Servicer duly to observe or to perform in any
material respect any covenants or agreements of the Servicer or the Seller (as
the case may be) set forth in the Notes, the Certificates, this Agreement or any
other Basic Document, which breach or failure shall (i) materially and adversely
affect the rights of the Insurer, Certificateholders or the Noteholders and (ii)
continue unremedied for a period of 30 days after the date on which written
notice of such breach or failure, requiring the same to be remedied, shall have
been given (A) to the Servicer by the Indenture Trustee or the Controlling Party
or (B) to the Servicer, the Insurer, the Owner Trustee and the Indenture Trustee
by the Holders of Notes evidencing not less than [__]% of the outstanding
principal amount of the Notes or Holders of Certificates evidencing not less

                                      -67-
<PAGE>

than [__]% of the outstanding Certificate Balance, as applicable (or for such
longer period, not in excess of 60 days, as may be reasonably necessary to
remedy such default; provided that such default is capable of remedy within 60
days and the Servicer delivers an Officers' Certificate to the Insurer, the
Owner Trustee and the Indenture Trustee to such effect and to the effect that
the Servicer has commenced or will promptly commence, and will diligently
pursue, all reasonable efforts to remedy such default); or

            (c) An Insolvency Event occurs with respect to the Servicer or any
successor;

            (d) Failure to deliver a Servicer's Certificate within 3 days of the
related Determination Date;

            (e) Failure to deliver the annual statement of compliance required
to be delivered pursuant to Section 4.10 hereof within 30 days of the date on
which such statement is required to be delivered.

            (f) Unless an Insurer Default shall have occurred and be continuing,
an Insurance Agreement Event of Default described in Section 5.1 of the
Insurance Agreement shall have occurred.

            (g) Unless an Insurer Default shall have occurred and be continuing,
failure of the Insurer to deliver a Servicer Extension Notice pursuant to
Section 3.5 hereof.

then, and in each and every case, the Controlling Party or holders of Notes
representing not less than [__]% of the voting rights thereof (or, if the Notes
have been paid in full and the Indenture has been discharged in accordance with
its terms, by holders of Certificates evidencing not less than [__]% of the
voting interest thereof) in any case by notice given in writing to the Servicer
(and to the Indenture Trustee if given by the Insurer or, as applicable, the
Noteholders or the Certificateholders) may terminate all of the rights and
obligations of the Servicer under this Agreement. For purposes of Section
11.1(b), any determination of an adverse effect on the interest of the
Certificateholders or the Noteholders pursuant to Section 11.1(b) shall be made
without consideration of the availability of funds under the Policy. On or after
the receipt by the Servicer of such written notice, all authority, power,
obligations and responsibilities of the Servicer under this Agreement, whether
with respect to the Notes, the Certificates, the Receivables, the autodebit
account payments, the other Trust Property or otherwise, automatically shall
pass to, be vested in and become obligations and responsibilities of the Backup
Servicer (or such other successor Servicer appointed by the Controlling Party);
provided, however, that the successor Servicer shall have no liability with
respect to any obligation which was required to be performed by the prior
Servicer prior to the date that the successor Servicer becomes the Servicer or
any claim of a third party based on any alleged action or inaction of the prior
Servicer. The successor Servicer is authorized and empowered by this Agreement,
as successor Servicer to execute and deliver, on behalf of the prior Servicer,
as attorney- in-fact or otherwise, any and all documents and other instruments
and to do or accomplish all other acts or things necessary or appropriate to
effect the purposes of such notice of termination, whether to complete the
transfer and endorsement of the Receivables and the other Trust Property and
related documents, to show the Issuer or Indenture Trustee as lienholder or
secured party on the related Lien Certificates, or otherwise. The prior Servicer
agrees to cooperate with the successor

                                      -68-
<PAGE>

Servicer in effecting the termination of the responsibilities and rights of the
prior Servicer under this Agreement, including, without limitation, the transfer
to the successor Servicer for administration by it of all cash amounts that
shall at the time be held by the prior Servicer for deposit, or have been
deposited by the prior Servicer, in the Collection Account or thereafter
received with respect to the Receivables and the delivery to the successor
Servicer of all Receivables Files, records and a computer tape in readable form
containing all information necessary to enable the successor Servicer to service
the Receivables and the other Trust Property. The terminated Servicer shall
grant the successor Servicer, the Indenture Trustee, the Insurer (so long as no
Insurer Default shall have occurred and be continuing) and the Owner Trustee
reasonable access to the terminated Servicer's premises at the terminated
Servicer's expense.

            Section 11.2 Appointment of Successor. (a) Upon the Servicer's
receipt of notice of termination pursuant to Section 11.1 or the Servicer's
resignation in accordance with the terms of this Agreement, the predecessor
Servicer shall continue to perform its functions as Servicer under this
Agreement, in the case of termination, only until the date specified in such
termination notice or, if no such date is specified in a notice of termination,
until receipt of such notice and, in the case of resignation, until the later of
(x) the date 45 days from the delivery to the Owner Trustee, the Controlling
Party, the Backup Servicer and the Indenture Trustee of written notice of such
resignation (or written confirmation of such notice) in accordance with the
terms of this Agreement and (y) the date upon which the predecessor Servicer
shall become unable to act as Servicer, as specified in the notice of
resignation and accompanying Opinion of Counsel. In the event of the Servicer's
termination hereunder, the Backup Servicer shall assume the obligations of
Servicer hereunder and shall accept its appointment by a written assumption in
form acceptable to the Controlling Party. Notwithstanding the above, the
Indenture Trustee with the prior written consent of the Controlling Party, or
the Controlling Party shall, if the Indenture Trustee shall be unwilling or
legally unable so to act, appoint, or petition a court of competent jurisdiction
to appoint, any established institution having a net worth of not less than
$[__________] and whose regular business shall include the servicing of
automotive receivables as the successor to the Servicer under the Agreement.

            (b) Upon appointment, the successor Servicer (including the Backup
Servicer acting as successor Servicer) shall be the successor in all respects to
the predecessor Servicer and shall be subject to all the responsibilities,
duties and liabilities arising thereafter relating thereto placed on the
predecessor Servicer, and shall be entitled to the Servicing Fee and all the
rights granted to the predecessor Servicer by the terms and provisions of this
Agreement. In addition, the successor Servicer shall have (i) no obligation to
perform any repurchase or advancing obligations, if any, of the Servicer, (ii)
no obligation to pay any taxes required to be paid by the Servicer, (iii) no
obligation to pay any of the fees and expenses of any other party involved in
this transaction and (iv) no liability or obligation with respect to any
Servicer indemnification obligations of any prior Servicer including the
original Servicer. The Successor Servicer as Servicer shall have control over
and the right to direct any autodebit account payments. Furthermore,
notwithstanding anything contained in this Agreement to the contrary, the
successor Servicer as Servicer is authorized to accept and rely on all of the
accounting, records and work of the prior Servicer relating to the Receivables
(collectively, "Predecessor Servicer Work Product") without any audit or other
examination thereof, and the successor Servicer as Servicer shall have no duty,
responsibility, obligation or liability for the acts and omissions of

                                      -69-
<PAGE>

any prior Servicer. If any error, inaccuracy or omission (collectively,
"Errors") exist in any Predecessor Servicer Work Product received by the
successor Servicer from the prior Servicer and such Errors should cause or
materially contribute to the successor Servicer as Servicer making or continuing
any Errors (collectively, "Continued Errors"), the successor Servicer as
Servicer shall have no duty, responsibility, obligation or liability for such
Continued Errors; provided, however, that the successor Servicer agrees to
perform its duties as successor Servicer in accordance with the standard of care
set forth in Section 4.1. In the event that the successor Servicer as Servicer
becomes aware of Errors or Continued Errors, the successor Servicer shall use
its best efforts to reconstruct and reconcile such data as is commercially
reasonable to correct such Errors and Continued Errors and to prevent future
Continued Errors. The successor Servicer as Servicer shall be entitled to
recover from the Trust its costs thereby expended.

            Section 11.3 Notification to Noteholders, Certificateholders and
Backup Servicer. Upon any Servicer Default or any termination of, or appointment
of a successor to, the Servicer pursuant to this Article XI the Owner Trustee
shall give prompt written notice thereof to Certificateholders and the Indenture
Trustee shall give prompt written notice thereof to Noteholders, the Insurer and
to the Rating Agencies.

            Section 11.4 Waiver of Past Defaults. So long as no Insurer Default
shall have occurred and be continuing, the Insurer (or, if an Insurer Default
shall have occurred and be continuing, the Controlling Party) may, on behalf of
all Noteholders and Certificateholders, waive any default by the Servicer in the
performance of its obligations hereunder and its consequences, except a default
in making any required deposits to or payments from any of the Trust Accounts in
accordance with this Agreement. Upon any such waiver of a past default, such
default shall cease to exist, and any Servicer Default arising therefrom shall
be deemed to have been remedied for every purpose of this Agreement. No such
waiver shall extend to any subsequent or other default or impair any right
consequent thereto.

                                  ARTICLE XII

                               THE BACKUP SERVICER

            Section 12.1 Appointment of Backup Servicer. On or before each
Determination Date, the Servicer shall deliver to the Indenture Trustee and the
Backup Servicer a computer tape in a format acceptable to the Indenture Trustee
and the Backup Servicer containing the information with respect to the
Receivables for the preceding Collection Period necessary for the preparation of
the Servicer's Certificate relating to such Collection Period (the "Backup
Servicer Tape"). The duties of the Backup Servicer set forth in Section 12.2
(the "Backup Servicer Duties") shall be conducted by the Person so designated
from time to time as Backup Servicer in accordance with this Agreement.
[________] is hereby initially designated as, and hereby agrees to perform, the
duties and obligations of the Backup Servicer pursuant to the terms hereof and
each other Basic Document to which the Backup Servicer is a party. Subject to
the resignation of [________] as Backup Servicer pursuant to Section 12.4 or the
termination of [________] as Backup Servicer pursuant to Section 12.6 and, in
either case, the designation of a successor Backup Servicer hereunder,
[________] shall continue to perform the Backup Servicer Duties, unless and
until expressly agreed otherwise by the Issuer, the Servicer, the Indenture
Trustee and the Insurer.

                                      -70-
<PAGE>

            Section 12.2 Duties of Backup Servicer. The Backup Servicer, for the
benefit of the Issuer, the Insurer and the Noteholders, shall perform the
following duties:

            (a) use the Backup Servicer Tape to verify the following
information: (w) the aggregate Principal Balance of each Receivable, (x) a list
of Receivables that are (I) 1-30; (II) 31-60, (III) 61-90, (IV) 90-120 days or
(V) 121+ delinquent in any scheduled payment, (y) the amount of principal and
interest payments on the Receivables received during the Collection Period, and
(z) the Default Rate and the Delinquency Ratio for the Collection Period;

            (b) in the event that the Backup Servicer discovers a discrepancy or
discrepancies, with respect to such independent reconciliation described above,
the Backup Servicer shall (x) notify the Issuer, the Seller, the Depositor, the
Insurer, the Servicer and the Indenture Trustee of such discrepancy or
discrepancies, and (y) attempt to reconcile such discrepancy or discrepancies
with the Servicer; and (b) such other duties as may be agreed to in writing by
the Issuer, the Seller, the Depositor, the Backup Servicer and the Insurer from
time to time.

            Section 12.3 Backup Servicing Standard. The Backup Servicer, for the
benefit of the Issuer, the Indenture Trustee, the Insurer, the Noteholders and
the Certificateholders, shall perform the Backup Servicer Duties in accordance
with all applicable federal, state or local laws and regulations and with the
degree of skill, care and diligence of prudent lenders in the industry for the
servicing of comparable assets, but in no event, with less skill, care and
diligence that the Backup Servicer exercises with respect to all comparable
assets that it services for itself or others (such standards, the "Backup
Servicing Standard"). Other than the duties specifically set forth in this
Agreement, the Backup Servicer shall have no obligations hereunder, including,
without limitation to supervise, verify, monitor, or administer the performance
of the Servicer. The duties and obligations of the Backup Servicer shall be
determined solely by the express provisions of this Agreement and no implied
covenants or obligations shall be read into this Agreement against the Backup
Servicer.

            Section 12.4 Limitation on Resignation of the Backup Servicer. The
Backup Servicer shall not resign from the obligations and duties hereby imposed
on it except (a) by mutual agreement among the Backup Servicer, the Issuer, the
Indenture Trustee and the Insurer or (b) upon determination that its duties
hereunder are no longer permissible under applicable law. Any determination
under clause (b) above permitting the resignation of the Backup Servicer shall
be evidenced by an opinion of counsel (which counsel shall be acceptable to the
Issuer, the Indenture Trustee and the Insurer) to such effect delivered to the
Issuer, the Depositor, the Indenture Trustee and the Insurer. No such
resignation shall become effective until a successor backup servicer shall have
assumed the Backup Servicer's responsibilities, duties, liabilities and
obligations hereunder. Any such successor backup servicer must be an established
servicer of consumer automobile loans and must be approved in writing by the
Issuer, the Depositor, Indenture Trustee and Insurer.

            Section 12.5 Rights in Respect of the Backup Servicer. The Backup
Servicer shall afford the Indenture Trustee, the Issuer, the Depositor, and the
Insurer, upon two (2) Business Days prior notice, during normal business hours
access to all records maintained by the Backup Servicer in respect of its rights
and obligations hereunder and access to officers of

                                      -71-
<PAGE>

the Backup Servicer responsible for such obligations. Upon request, the Backup
Servicer shall furnish the Indenture Trustee, the Issuer, the Depositor, and the
Insurer such information as the Backup Servicer possesses regarding the
transactions contemplated hereby and any circumstance that could reasonably be
expected to affect the Backup Servicer's ability to perform its obligations
hereunder. The Indenture Trustee, the Issuer and the Insurer shall not have any
responsibility or liability for any action or failure to act by the Backup
Servicer, and are not obligated to supervise the performance of the Backup
Servicer under this Agreement or otherwise.

            Section 12.6 Termination Fee.

            (a) Upon 30 days' written notice, the Controlling Party may
terminate all the rights and obligations of the Backup Servicer under this
Agreement as to any or all of the Receivables or Backup Servicer Duties.

            (b) In the event that (a) notice of termination of this Agreement,
or of termination of the rights and obligations of the Backup Servicer
hereunder, is given, or (b) the Backup Servicer resigns in accordance with
Section 12.4, the Backup Servicer covenants that all funds and any item
comprising a Receivable File in its possession relating to the affected
Receivables (collectively, the "Backup Contract Records") shall, at the option
of the Controlling Party, immediately upon receipt of notice of termination or
the resignation of the Backup Servicer, be submitted to the control of the
Indenture Trustee.

            (c) Notwithstanding any termination of this Agreement, or of all or
a portion of the rights and obligations of the Backup Servicer hereunder, the
Backup Servicer shall not be relieved of liability for all amounts due, or
responsibilities owed the Issuer, the Indenture Trustee, the Insurer, the
Noteholders or the Certificateholders in respect of its obligations hereunder
while it served as the Backup Servicer. The Backup Servicer forthwith upon such
termination or resignation shall (a) use its best efforts to effect the orderly
and efficient transfer of Backup Servicer Duties to a new backup servicer or
other designee selected by the Controlling Party, and (b) arrange for the
physical transfer and delivery to the Controlling Party or to a new backup
servicer or other designee selected by the Controlling Party of all Contract
Receivable Records and copies thereof in its possession. Any successor servicer
hereunder shall meet the requirements and be selected in accordance with the
procedures specified in Section 12.4. Notwithstanding any termination of this
Agreement, or any termination of all the rights and obligations of the Backup
Servicer hereunder as to all or any number of Receivables, or any resignation of
the Backup Servicer, in any case pursuant to any provision of this Agreement,
the Backup Servicer shall be entitled to receive all amounts accrued and owing
to it under this Agreement from the Borrower in accordance with Section 12.8
hereof.

            Section 12.7 Resignation or Termination of Backup Servicer Fee. Upon
the termination of the Servicer in accordance with Article XI or the resignation
of the Servicer in accordance with Section 8.5, the Backup Servicer shall either
(i) assume all of the responsibilities, duties, liabilities and obligations the
Servicer hereunder, without further action by any Person, or (ii) designate a
successor Servicer who shall (x) assume all of the responsibilities, duties,
liabilities and obligations the Servicer hereunder, without further action by
any Person, and (y) be acceptable to the Controlling Party in its sole
discretion. Any such

                                      -72-
<PAGE>

assumption or appointment by the Backup Servicer pursuant to this Section 12.7
shall occur as soon as reasonably practical (but, in any event, no later than 30
days) after the Indenture Trustee provides notice to the Backup Servicer of any
such resignation or termination of the Servicer. Neither the Backup Servicer nor
any successor Backup Servicer shall have (i) any liability with respect to any
obligation which was required to be performed by the terminated Backup Servicer
prior to the date that the successor Backup Servicer or the Backup Servicer
became the Servicer or any claim of a third party based on any alleged action or
inaction of the terminated Backup Servicer and (ii) any obligation to pay any of
the fees and expense of any other party involved in this transaction.

            Section 12.8 Backup Servicing Fee. At any time the Backup Servicer
or one of its Affiliates is not the Servicer hereunder, the Backup Servicer
shall be paid the Backup Servicer Fee for the performance of its obligations as
Backup Servicer hereunder and under the Basic Documents.

            Section 12.9 Indemnity. The Backup Servicer its officers, directors,
agents and employees shall be indemnified and held harmless in accordance with
the terms of the separate agreement between the Servicer and the Backup
Servicer, against any and all claims, losses, liabilities, damages or expenses
(including, but not limited to, attorney's fees, court costs and costs of
investigation) of any kind or nature whatsoever arising out of or in connection
with this Agreement that may be imposed upon, incurred by or asserted against
the Backup Servicer, except in each case to the extent arising from the Backup
Servicer's misfeasance, bad faith or negligence. The provisions of this Section
12.9 shall survive the resignation or removal of the Backup Servicer and the
termination of this Agreement.

            Section 12.10 Limitation of Liability.

            (a) In the absence of bad faith, negligence or misconduct on the
part of the Backup Servicer, the Backup Servicer shall not be liable to the
Issuer, the Indenture Trustee, the Seller, the Indenture Collateral Agent, the
Insurer or any other Person with respect to any action taken or not taken by it
in the performance of its obligations under this Agreement. The obligations of
the Backup Servicer shall be determined solely by the express provisions of this
Agreement. No representation, warranty, covenant, agreement, obligation or duty
of the Backup Servicer shall be implied with respect to this Agreement or the
Backup Servicer's services hereunder.

            (b) The Backup Servicer may rely, and shall be protected in acting
or refraining to act, upon and need not verify the accuracy of, any written
instruction, notice, order, request, direction, certificate, opinion or other
instrument or document believed by the Backup Servicer to be genuine and to have
been signed and presented by the proper party or parties, which, with respect to
the Issuer, Indenture Trustee, Indenture Collateral Agent or Insurer, shall mean
signature and presentation by Authorized Representatives (as such term is
defined in the Custodial Agreement) whether such presentation is by personal
delivery, express delivery or facsimile.

            (c) The Backup Servicer may consult with counsel selected by it with
regard to legal questions arising out of or in connection with this Agreement,
and the advice or opinion

                                      -73-
<PAGE>

of such counsel shall be full and complete authorization and protection in
respect of any action taken, omitted or suffered by the Backup Servicer in
reasonable reliance, in good faith, and in accordance therewith.

            (d) Except as expressly provided for herein, the provisions of this
Agreement shall not require the Backup Servicer to expend or risk its own funds
or otherwise incur financial liability in the performance of its duties under
this Agreement if it shall have reasonable grounds for believing that repayment
of such funds or adequate indemnity is not reasonably assured to it.

            (e) The Backup Servicer shall not be responsible or liable for, and
makes no representation or warranty with respect, the validity, adequacy or
perfection of any lien upon, or security interest in any Receivables or
Custodian's Receivable Files (as such term is defined in the Custodial
Agreement) purported to be granted at any time to the Indenture Trustee.

                                  ARTICLE XIII

                                   TERMINATION

            Section 13.1 Optional Purchase of All Receivables. (a) On the last
day of any Collection Period as of which the Pool Balance shall be less than or
equal to [__]% of the Original Pool Balance, the Transferor shall have the
option to purchase the Owner Trust Estate, other than the Trust Accounts and the
Certificate Distribution Account (with the consent of the Insurer if such
purchase would result in a claim on either Policy or would result in any amount
owing to the Insurer under the Insurance Agreement remaining unpaid); provided
however, that the amount to be paid for such purchase (as set forth in the
following sentence) shall be sufficient to pay the full amount of principal,
premium, if any, and interest then due and payable on the Notes and the
Certificates. To exercise such option, the Servicer shall deposit pursuant to in
the Collection Account an amount equal to the amount set forth in the preceding
sentence.

            (b) Notice of any termination of the Trust pursuant to subsection
(a) of this Section 13.1 shall be given by the Servicer to the Owner Trustee,
Issuer and the Indenture Trustee, the Insurer and the Rating Agencies as soon as
practicable after the Servicer has received notice thereof.

            FOLLOWING THE SATISFACTION AND DISCHARGE OF THE INDENTURE AND THE
PAYMENT IN FULL OF THE PRINCIPAL OF AND INTEREST ON THE NOTES AND ALL AMOUNTS
DUE TO THE INSURER UNDER THE INSURANCE AGREEMENT, THE CERTIFICATEHOLDERS WILL
SUCCEED TO THE RIGHTS OF THE NOTEHOLDERS AND THE INSURER HEREUNDER AND THE OWNER
TRUSTEE WILL SUCCEED TO THE RIGHTS OF, AND ASSUME THE OBLIGATIONS (OTHER THAN
ANY SERVICING OBLIGATION) OF, THE INDENTURE TRUSTEE PURSUANT TO THIS AGREEMENT.

                                      -74-
<PAGE>

                                  ARTICLE XIV

                      ADMINISTRATIVE DUTIES OF THE SERVICER

            Section 14.1 Duties with Respect to the Indenture, the Trust
Agreement and Depository Agreement. (a) The Servicer shall perform all its
duties and the duties of the Issuer under the Indenture, the Trust Agreement and
the Depository Agreement. In addition, the Servicer shall consult with the Owner
Trustee as the Servicer deems appropriate regarding the duties of the Issuer
under the Indenture, the Trust Agreement and the Depository Agreement. The
Servicer shall monitor the performance of the Issuer and shall advise Owner
Trustee when action is necessary to comply with the Issuer's duties under the
Indenture, the Trust Agreement and the Depository Agreement. The Servicer shall
prepare for execution by the Issuer or shall cause the preparation by other
appropriate Persons of all such documents, reports, filings, instruments,
certificates and opinions as it shall be the duty of the Issuer to prepare, file
or deliver pursuant to the Indenture, the Trust Agreement and the Depository
Agreement. In furtherance of the foregoing, the Servicer shall take all
necessary action that is the duty of the Issuer to take pursuant to the
Indenture, the Trust Agreement and the Depository Agreement, including, without
limitation, pursuant to Sections 2.7, 3.5, 3.6, 3.7, 3.9, 7.2, 7.3, 11.1 and
11.15 of the Indenture.

            (b) Duties with Respect to the Issuer.

            (i) In addition to the duties of the Servicer set forth in this
      Agreement or any of the Basic Documents, the Servicer shall perform such
      calculations and shall prepare for execution by the Issuer or the Owner
      Trustee or shall cause the preparation by other appropriate Persons of all
      such documents, reports, filings, instruments, certificates and opinions
      as it shall be the duty of the Issuer or the Owner Trustee to prepare,
      file or deliver pursuant to this Agreement or any of the Basic Documents,
      and at the request of the Owner Trustee, shall take all appropriate action
      that it is the duty of the Issuer to take pursuant to this Agreement or
      any of the Basic Documents, including, without limitation, pursuant to
      Sections 2.6 and 2.11 of the Trust Agreement. In accordance with the
      directions of the Issuer or the Owner Trustee, the Servicer shall
      administer, perform or supervise the performance of such other activities
      in connection with the Collateral (including the Basic Documents) as are
      not covered by any of the foregoing provisions and as are expressly
      requested by the Issuer or the Owner Trustee and are reasonably within the
      capability of the Servicer.

            (ii) Notwithstanding anything in this Agreement or any of the Basic
      Documents to the contrary, the Servicer shall be responsible for promptly
      notifying the Owner Trustee in the event that any withholding tax is
      imposed on the Issuer's payments (or allocations of income) to a
      Certificateholder as contemplated in Section 5.2(f) of the Trust
      Agreement. Any such notice shall be in writing and specify the amount of
      any withholding tax required to be withheld by the Owner Trustee pursuant
      to such provision.

            (iii) Notwithstanding anything in this Agreement or the Basic
      Documents to the contrary, the Servicer shall be responsible for
      performance of the duties of the Issuer or

                                      -75-
<PAGE>

      the Owner Trustee and the Depositor set forth in Section 5.6(a), (b), (c)
      and (d) of the Trust Agreement with respect to, among other things,
      accounting and reports to Holders (as defined in the Trust Agreement);
      provided, however, that once prepared by the Servicer the Owner Trustee
      shall retain responsibility for the distribution of the Schedule K-1s
      necessary to enable each Certificateholder to prepare its federal and
      state income tax returns.

            (iv) The Servicer shall perform the duties of the Servicer specified
      in Section 10.2 of the Trust Agreement required to be performed in
      connection with the resignation or removal of the Owner Trustee, and any
      other duties expressly required to be performed by the Servicer under this
      Agreement or any of the Basic Documents.

            (v) In carrying out the foregoing duties or any of its other
      obligations under this Agreement, the Servicer may enter into transactions
      with or otherwise deal with any of its Affiliates; provided, however, that
      the terms of any such transactions or dealings shall be in accordance with
      any directions received from the Issuer and shall be, in the Servicer's
      opinion, no less favorable to the Issuer in any material respect.

            (c) Tax Matters. The Servicer shall prepare and the Owner Trustee
shall file, on behalf of the Depositor, all tax returns, tax elections,
financial statements and such annual or other reports of the Issuer as are
necessary for preparation of tax reports as provided in Article V of the Trust
Agreement, including without limitation Forms 1099 and 1066. All tax returns
will be signed by the Transferor.

            (d) Non-Ministerial Matters. With respect to matters that in the
reasonable judgment of the Servicer are non-ministerial, the Servicer shall not
take any action pursuant to this Article XIV unless within a reasonable time
before the taking of such action, the Servicer shall have notified the Owner
Trustee and the Indenture Trustee of the proposed action and the Owner Trustee
and, with respect to items (A), (B), (C) and (D) below, the Indenture Trustee
shall not have withheld consent or provided an alternative direction. For the
purpose of the preceding sentence, "non-ministerial matters" shall include:

                  (A) the amendment of or any supplement to the Indenture;

                  (B) the initiation of any claim or lawsuit by the Issuer and
            the compromise of any action, claim or lawsuit brought by or against
            the Issuer (other than in connection with the collection of the
            Receivables);

                  (C) the amendment, change or modification of this Agreement or
            any of the Basic Documents;

                  (D) the appointment of successor Note Registrars, successor
            Paying Agents and successor Indenture Trustees pursuant to the
            Indenture or the appointment of Successor Servicers or the consent
            to the assignment by the Note Registrar, Paying Agent or Indenture
            Trustee of its obligations under the Indenture; and

                  (E) the removal of the Indenture Trustee.

                                      -76-
<PAGE>

            (e) Exceptions. Notwithstanding anything to the contrary in this
Agreement, except as expressly provided herein or in the other Basic Documents,
the Servicer, in its capacity hereunder, shall not be obligated to, and shall
not, (1) make any payments to the Noteholders or Certificateholders under the
Basic Documents, (2) sell the Owner Trust Estate pursuant to Section 5.5 of the
Indenture, (3) take any other action that the Issuer directs the Servicer not to
take on its behalf or (4) in connection with its duties hereunder assume any
indemnification obligation of any other Person.

            Section 14.2 Records. The Servicer shall maintain appropriate books
of account and records relating to services performed under this Agreement,
which books of account and records shall be accessible for inspection by the
Issuer and the Insurer at any time during normal business hours.

            Section 14.3 Additional Information to be Furnished to the Issuer.
The Servicer shall furnish to the Issuer from time to time such additional
information regarding the Collateral as the Issuer shall reasonably request.

                                   ARTICLE XV

                            MISCELLANEOUS PROVISIONS

            Section 15.1 Amendment. This Agreement may not be amended except
that this Agreement may be amended from time to time by the Seller, the
Transferor, the Depositor, the Servicer the Backup Servicer, the Issuer, the
Indenture Trustee and the Custodian, with the prior written consent of the
Insurer (so long as no Insurer Default has occurred and is continuing), but
without the consent of any of the Noteholders or Certificateholders to cure any
ambiguity, to correct or supplement any provisions in this Agreement, to comply
with any changes in the Code, or to make any other provisions with respect to
matters or questions arising under this Agreement which shall not be
inconsistent with the provisions of this Agreement or the Insurance Agreement;
provided, however, that such action shall not, as evidenced by an Opinion of
Counsel delivered to the Owner Trustee, Insurer, the Rating Agencies and the
Indenture Trustee, adversely affect in any material respect the interests of any
Noteholder or Certificateholder.

            This Agreement may also be amended from time to time by the Seller,
the Transferor, the Depositor, the Servicer, the Backup Servicer, the Indenture
Trustee and the Custodian, with (i) the consent of the Insurer, if the Insurer
is the Controlling Party, but without the consent of any Noteholders or
Certificateholders, or (ii) if the Insurer is no longer the Controlling Party,
with the consent of a Note Majority and the consent of the holders of
Certificates evidencing not less than a majority of the aggregate outstanding
principal amount of the Certificates, for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of this
Agreement or of modifying in any manner the rights of the Noteholders or the
Certificateholders; provided, however, that no such amendment shall (a) increase
or reduce in any manner the amount of, or accelerate or delay the timing of,
collections of payments on Receivables or distributions that shall be required
to be made for the benefit of the Noteholders or the Certificateholders or (b)
reduce the aforesaid percentage of the outstanding principal amount of the Notes
and the Certificate Balance, the Holders of which are

                                      -77-
<PAGE>

required to consent to any such amendment, without the consent of the Holders of
all the outstanding Notes and the Holders (as defined in the Trust Agreement) of
all the outstanding Certificates, of each class affected thereby provided
further, that if an Insurer Default has occurred and is continuing, such action
shall not materially adversely affect the interest of the Insurer.

            Promptly after the execution of any such amendment or consent, the
Owner Trustee shall furnish written notification of the substance of such
amendment or consent to each Certificateholder and the Rating Agencies. It shall
not be necessary for the consent of Noteholders or Certificateholders pursuant
to this Section to approve the particular form of any proposed amendment or
consent, but it shall be sufficient if such consent shall approve the substance
thereof. The manner of obtaining such consents (and any other consents of
Noteholders or Certificateholders provided for in this Agreement) and of
evidencing the authorization of any action by Noteholders or Certificateholders
shall be subject to such reasonable requirements as the Indenture Trustee or the
Owner Trustee, as may prescribe.

            Prior to the execution of any amendment to this Agreement, the Owner
Trustee and the Indenture Trustee shall be entitled to receive and rely upon an
Opinion of Counsel stating that the execution of such amendment is authorized or
permitted by this Agreement and the Opinion of Counsel referred to in Section
15.2(b) has been delivered. The Owner Trustee and the Indenture Trustee may, but
shall not be obligated to, enter into any such amendment which affects the
Issuer's, the Owner Trustee's or the Indenture Trustee's, as applicable, own
rights, duties or immunities under this Agreement or otherwise.

            Section 15.2 Protection of Title to the Trust. (a) The Seller, the
Transferor and the Depositor shall execute and file such financing statements
and cause to be executed and filed such continuation statements, all in such
manner and in such places as may be required by law fully to preserve, maintain
and protect the interest of the Issuer and the interests of the Indenture
Trustee in the Receivables and in the proceeds thereof. The Seller, the
Transferor and the Depositor shall deliver (or cause to be delivered) to the
Insurer, the Owner Trustee and the Indenture Trustee file-stamped copies of, or
filing receipts for, any document filed as provided above, as soon as available
following such filing.

            (b) None of the Seller, the Transferor and the Depositor or the
Servicer shall change its name, identity or organizational structure in any
manner that would, could or might make any financing statement or continuation
statement filed in accordance with paragraph (a) above seriously misleading
within the meaning of Section 9-402(7) of the UCC, unless it shall have given
the Insurer, Owner Trustee and the Indenture Trustee at least [____] days' prior
written notice thereof and shall have promptly filed appropriate amendments to
all previously filed financing statements or continuation statements. Promptly
upon such filing, the Seller or the Servicer, the Transferor and the Depositor,
as the case may be, shall deliver an Opinion of Counsel to the Insurer and the
Indenture Trustee, in form and substance reasonably satisfactory to the Insurer,
stating either (A) all financing statements and continuation statements have
been executed and filed that are necessary fully to preserve and protect the
interest of the Transferor, the Depositor, the Issuer and the Indenture Trustee,
as the case may be, in the Receivables and the other Transferor Property, other
Depositor Property and other Trust Property, as the case may

                                      -78-
<PAGE>

be, and reciting the details of such filings or referring to prior Opinions of
Counsel in which such details are given, or (B) no such action shall be
necessary to preserve and protect such interest.

            (c) Each of the Seller, the Servicer, the Transferor and the
Depositor shall have an obligation to give the Insurer, the Owner Trustee, the
Backup Servicer and the Indenture Trustee at least 60 days' prior written notice
of any relocation of its principal executive office if, as a result of such
relocation, the applicable provisions of the UCC would require the filing of any
amendment of any previously filed financing or continuation statement or of any
new financing statement and shall promptly file any such amendment. The Servicer
shall at all times maintain each office from which it shall service Receivables,
and its principal executive office, within the United States of America.

            (d) The Servicer shall maintain accounts and records as to each
Receivable accurately and in sufficient detail to permit (i) the reader thereof
to know at any time the status of such Receivable, including payments and
recoveries made and payments owing (and the nature of each) and (ii)
reconciliation between payments or recoveries on (or with respect to) each
Receivable and the amounts from time to time deposited in the Collection Account
in respect of such Receivable.

            (e) The Servicer shall maintain its computer systems so that, from
and after the time of sale under this Agreement of the Receivables to the
Issuer, the Servicer's master computer records (including any backup archives)
that refer to a Receivable shall indicate clearly the interest of the Issuer and
the Indenture Trustee in such Receivable and that such Receivable is owned by
the Issuer and has been pledged to the Indenture Trustee. Indication of the
Issuer's and the Indenture Trustee's interest in a Receivable shall be deleted
from or modified on the Servicer's computer systems when, and only when, the
related Receivable shall have been paid in full or repurchased.

            (f) If at any time the Seller or the Servicer shall propose to sell,
grant a security interest in or otherwise transfer any interest in automotive
receivables to any prospective purchaser, lender or other transferee, the
Servicer shall give to such prospective purchaser, lender or other transferee
computer tapes, records or printouts (including any restored from backup
archives) that, if they shall refer in any manner whatsoever to any Receivable,
shall indicate clearly that such Receivable has been sold and is owned by the
Issuer and has been pledged to the Indenture Trustee.

            (g) The Servicer shall permit the Indenture Trustee, the Backup
Servicer, and the Insurer and their respective agents at any time during normal
business hours to inspect, audit and make copies of and abstracts from the
Servicer's records regarding any Receivable or any other portion of the Trust
Property. The preceding sentence shall not create any duty or obligation on the
part of the Indenture Trustee to perform any such acts.

            (h) Upon request, the Servicer shall furnish to the Insurer, the
Owner Trustee, the Backup Servicer, the Depositor, or to the Indenture Trustee,
within [____] Business Days, a list of all Receivables (by contract number and
name of Obligor) then held as part of the Trust Property, together with a
reconciliation of such list to the Schedule of Receivables and to each of

                                      -79-
<PAGE>

the Servicer's Certificates furnished before such request indicating removal of
Receivables from the Trust Property.

            (i) The Servicer shall deliver to the Insurer, the Depositor, Owner
Trustee and the Indenture Trustee:

                  (1) promptly after the execution and delivery of the Agreement
            and, if required pursuant to Section 15.1, of each amendment, an
            Opinion of Counsel stating that, in the opinion of such counsel, in
            form and substance reasonably satisfactory to the Indenture Trustee,
            either (A) all financing statements and continuation statements have
            been executed and filed that are necessary fully to preserve and
            protect the interest of the Trust and the Indenture Trustee in the
            Receivables, and reciting the details of such filings or referring
            to prior Opinions of Counsel in which such details are given, or (B)
            no such action shall be necessary to preserve and protect such
            interest; and

                  (2) within 90 days after the beginning of each calendar year
            beginning with the first calendar year beginning more than three
            months after the Cutoff Date, an Opinion of Counsel, dated as of a
            date during such 90-day period, stating that, in the opinion of such
            counsel, either (A) all financing statements and continuation
            statements have been executed and filed that are necessary fully to
            preserve and protect the interest of the Trust and the Indenture
            Trustee in the Receivables, and reciting the details of such filings
            or referring to prior Opinions of Counsel in which such details are
            given, or (B) no such action shall be necessary to preserve and
            protect such interest.

            Each Opinion of Counsel referred to in clause (l) or (2) above shall
specify any action necessary (as of the date of such opinion) to be taken in the
following year to preserve and protect such interest. (j) The Seller shall, to
the extent required by applicable law, cause the Notes to be registered with the
Commission pursuant to Section 12(b) or Section 12(g) of the Exchange Act within
the time periods specified in such sections.

            Section 15.3 Notices. All demands, notices and communications upon
or to the Seller, the Servicer, the Owner Trustee, the Indenture Trustee or the
Rating Agencies under this Agreement shall be in writing, personally delivered,
or mailed by certified mail, return receipt requested, and shall be deemed to
have been duly given upon receipt (a) in the case of the Seller and the
Servicer, to [__________________] [Address] Attention: [____________], (b) in
the case of the Issuer or the Owner Trustee, at the [_______________], (c) in
the case of [______________] c/o [__________________] [Address], Attention:
[_______________], (d) in the case of the Depositor, to Securitized Asset Backed
Receivables LLC, 200 Park Avenue, New York, New York 10166, Attention:
[________________], (e) in the case of the Indenture Trustee, the Indenture
Collateral Agent, the Backup Servicer or the Custodian, at [________________],
(f) in the case of the Insurer, to [_______________], [Address], Attention:

                                      -80-
<PAGE>

[_______________], Surveillance (in each case in which notice or other
communication to the Insurer refers to a Servicer Default, a claim on the
Policy, a Deficiency Notice pursuant to Section 5.4 of this Agreement or with
respect to which failure on the part of the Insurer to respond shall be deemed
to constitute consent or acceptance, then a copy of such notice or other
communication should also be sent to the attention of each of the General
Counsel and the Head Financial Guaranty Group and shall be marked to indicate
"URGENT MATERIAL ENCLOSED"); (g) in the case of [____________], to
[______________], [Address]; and (h) in the case of [____________], to
[________________], [Address], Attention: Asset Backed Surveillance Department.
Upon the written request of the Owner Trustee, the Indenture Trustee will
promptly furnish the Owner Trustee a list of Noteholders as of the date
specified by the Owner Trustee. Each Noteholder, by its acceptance of a Note,
shall be deemed to agree that the Indenture Trustee shall be under no liability
for providing the list of Noteholders to the Owner Trustee as described in the
immediately preceding sentence. Any notice required or permitted to be mailed to
a Noteholder or Certificateholder shall be given by first class mail, postage
prepaid, at the address of such Holder as shown in the Certificate Register or
Note Register, as applicable. Any notice so mailed within the time prescribed in
the Agreement shall be conclusively presumed to have been duly given, whether or
not the Certificateholder or Noteholder shall receive such notice.

            Section 15.4 Assignment. Notwithstanding anything to the contrary
contained herein, except as provided in Sections 7.4 and 8.3 and as provided in
the provisions of this Agreement concerning the resignation of the Servicer,
this Agreement may not be assigned by the Seller or the Servicer without the
prior written consent of the Owner Trustee, the Depositor, the Indenture Trustee
and the Insurer (or if an Insurer Default shall have occurred and be continuing
the Holders of Notes evidencing not less than [__]% of the principal amount of
the outstanding Notes and the Holders of Certificates evidencing not less than
[__]% of the Certificate Balance).

            Section 15.5 Limitations On Rights Of Others. The provisions of this
Agreement are solely for the benefit of the parties hereto, the Insurer and the
Noteholders, as third-party beneficiaries. Nothing in this Agreement, whether
express or implied, shall be construed to give to any other Person, other than
express third-party beneficiaries, any legal or equitable right, remedy or claim
in the Owner Trustee Estate or under or in respect of this Agreement or any
covenants, conditions or provisions contained herein.

            Section 15.6 Severability. Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

            Section 15.7 Separate Counterparts. This Agreement may be executed
by the parties hereto in separate counterparts, each of which when so executed
and delivered shall be an original, but all such counterparts shall together
constitute but one and the same instrument.

                                      -81-
<PAGE>

            Section 15.8 Headings. The headings of the various Articles and
Sections herein are for convenience of reference only and shall not define or
limit any of the terms or provisions hereof.

            Section 15.9 GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF
THE GENERAL OBLIGATION LAW, BUT OTHERWISE WITHOUT REFERENCE TO ITS CONFLICT OF
LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

            Section 15.10 Assignment to Indenture Trustee. Each of the Seller,
the Transferor and the Depositor hereby acknowledge and consent to any mortgage,
pledge, assignment and grant of a security interest expressly as contemplated by
this Agreement and by the Issuer to the Indenture Trustee pursuant to the
Indenture for the benefit of the Noteholders of all right, title and interest of
the Issuer in, to and under the Receivables and/or the assignment of any or all
of the Issuer's rights and obligations hereunder to the Indenture Trustee.

            Section 15.11 Nonpetition Covenants. (a) Notwithstanding any prior
termination of this Agreement, none of the Backup Servicer, the Custodian, the
Servicer, the Seller, the Transferor (with respect to the Issuer) or the
Depositor shall, prior to the date which is one year and one day after the
termination of this Agreement with respect to the Transferor or the Issuer,
acquiesce, petition or otherwise invoke or cause any of the Transferor or the
Issuer to invoke the process of any court or government authority for the
purpose of commencing or sustaining a case against the Issuer under any federal
or state bankruptcy, insolvency or similar law or appointing a receiver,
liquidator, assignee, trustee, custodian, sequestrator or other similar official
of any of the Transferor or the Issuer or any substantial part of its property,
or ordering the winding up or liquidation of the affairs of the Issuer.

            (b) Notwithstanding any prior termination of this Agreement, none of
the Backup Servicer, the Custodian, the Transferor, the Seller or the Servicer
shall, prior to the date that is one year and one day after the termination of
this Agreement with respect to the Depositor, acquiesce to, petition or
otherwise invoke or cause the Depositor to invoke the process of any court or
government authority for the purpose of commencing or sustaining a case against
the Depositor under any federal or state bankruptcy, insolvency or similar law,
appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator,
or other similar official of the Depositor or any substantial part of its
property, or ordering the winding up or liquidation of the affairs of the
Depositor.

            Section 15.12 Limitation of Liability of Owner Trustee and Indenture
Trustee. (a) Notwithstanding anything contained herein to the contrary, this
Agreement has been countersigned by [_________________] not in its individual
capacity but solely in its capacity as Owner Trustee of the Issuer and in no
event shall [_________________] in its individual capacity or, except as
expressly provided in the Trust Agreement, as Owner Trustee have any liability
for the representations, warranties, covenants, agreements or other obligations
of the Issuer hereunder or in any of the certificates, notices or agreements
delivered pursuant hereto, as to all of which recourse shall be had solely to
the assets of the Issuer. For all purposes of this

                                      -82-
<PAGE>

Agreement, in the performance of its duties or obligations hereunder or in the
performance of any duties or obligations of the Issuer hereunder, the Owner
Trustee shall be subject to, and entitled to the benefits of, the terms and
provisions of Articles VI, VII and VIII of the Trust Agreement.

            (b) Notwithstanding anything contained herein to the contrary, this
Agreement has been accepted by [________], not in its individual capacity but
solely as Indenture Trustee, Backup Servicer and Custodian, and in no event
shall [________] have any liability for the representations, warranties,
covenants, agreements or other obligations of the Issuer hereunder or in any of
the certificates, notices or agreements delivered pursuant hereto, as to all of
which recourse shall be had solely to the assets of the Issuer.

            (c) It is expressly understood and agreed by the parties hereto that
(a) this Sale and Servicing Agreement is executed and delivered by
[______________], not individually or personally but solely as Owner Trustee of
[_______________] 200[_]-[_], in the exercise of the powers and authority
conferred and vested in it, (b) each of the representations, undertakings and
agreements herein made on the part of the Trust is made and intended not as
personal representations, undertakings and agreements by [_________________] but
is made and intended for the purpose for binding only the Trust, (c) nothing
herein contained shall be construed as creating any liability on
[_________________], individually or personally, to perform any covenant either
expressed or implied contained herein, all such liability, if any, being
expressly waived by the parties hereto and (d) under no circumstances shall
[_________________] be personally liable for the payment of any indebtedness or
expenses of the Trust or be liable for the breach or failure of any obligation,
representation, warranty or covenant made or undertaken by the Trust under this
Sale and Servicing Agreement or any other related documents.

            Section 15.13 Independence of the Servicer. For all purposes of this
Agreement, the Servicer shall be an independent contractor and shall not be
subject to the supervision of the Issuer or the Owner Trustee with respect to
the manner in which it accomplishes the performance of its obligations
hereunder. Unless expressly authorized by the Issuer or the Owner Trustee, the
Servicer shall have no authority to act for or represent the Issuer in any way
and shall not otherwise be deemed an agent of the Issuer or the Owner Trustee.

            Section 15.14 No Joint Venture. Nothing contained in this Agreement
(i) shall constitute the Servicer and any of the Issuer, the Depositor, the
Transferor or the Owner Trustee as members of any partnership, joint venture,
association, syndicate, unincorporated business or other separate entity, (ii)
shall be construed to impose any liability as such on any of them or (iii) shall
be deemed to confer on any of them any express, implied or apparent authority to
incur any obligation or liability on behalf of the others.

            Section 15.15 Third-Party Beneficiaries. This Agreement shall inure
to the benefit of and be binding upon the parties hereto and their respective
successors and permitted assigns. The Insurer and its successors and assigns
shall be a third-party beneficiary to the provisions of this Agreement, and
shall be entitled to rely upon and directly to enforce such provisions of this
Agreement so long as no Insurer Default shall have occurred and be continuing.
Except as expressly stated otherwise herein or in the Basic Documents, any right
of

                                      -83-
<PAGE>

the Insurer to direct, appoint, consent to, approve of, or take any action under
this Agreement, shall be a right exercised by the Insurer in its sole and
absolute discretion.

            Section 15.16 Disclaimer by Insurer. The Insurer may disclaim any of
its rights and powers under this Agreement (but not its duties and obligations
under the Policies) upon delivery of a written notice to the Owner Trustee and
the Indenture Trustee.

            Section 15.17 Insurer as Controlling Party. Each Noteholder by
purchase of Notes and Certificateholder by purchase of a Certificate
acknowledges that the Indenture Trustee on behalf of the Noteholders, and the
Owner Trustee on behalf of the Certificateholders, as partial consideration for
issuance of the Policy, has agreed that the Insurer shall have certain rights
hereunder for so long as no Insurer Default shall have occurred and be
continuing. Any provision giving the Insurer the right to direct, appoint or
consent to, approve of, or take any action under this Agreement shall be
inoperative during the prior of such Insurer Default and shall instead vest in
the Servicer, or in the event that Notes remain Outstanding, the Indenture
Trustee at the direction of a Note Majority or in the event that no Notes remain
Outstanding, the Owner Trustee, at the direction of a Certificate Majority, as
applicable.

            Section 15.18 Limited Recourse. Notwithstanding anything to the
contrary contained in this Agreement, the obligations of each of the Depositor,
the Transferor and Issuer under this Agreement are solely the limited liability
company obligations of the Depositor, Transferor or the trust obligations of
Issuer, as applicable, and shall be payable by the Depositor, Transferor or
Issuer, as applicable, solely as provided in this Section 15.18 Each of the
Depositor, Transferor and the Issuer shall only be required to pay (a) any fees,
expenses, indemnities or other liabilities that it may incur under this
Agreement to the extent it has funds available therefor on the date of such
determination and (b) any expenses, indemnities or other liabilities that it may
incur under this Agreement only to the extent it receives funds designated for
such purposes or to the extent it has funds available therefor. In addition, no
amount owing by any of the Depositor, the Transferor or Issuer hereunder (other
than principal and interest in respect of the Notes) in excess of the
liabilities that it is required to pay in accordance with the preceding sentence
shall constitute a "claim" (as defined in Section 101(5) of the Bankruptcy Code)
against it. No recourse shall be had for the payment of any amount owing
hereunder or for the payment of any fee hereunder or any other obligation of, or
claim against, the Depositor, Transferor or the Issuer arising out of or based
upon this Agreement, against any member, employee, officer, agent, director or
authorized person of the Depositor, Transferor or affiliate thereof or any
stockholder, employee, officer, director, incorporator or Affiliate thereof;
provided, however, that the foregoing shall not relieve any such person or
entity of any liability they might otherwise have as a result of fraudulent
actions or omissions taken by them. The obligation of the parties under this
Section 15.18 shall survive termination of this Agreement.

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

                                      -84-
<PAGE>

                                       [____________________] 200[_]-[_]

                                       By

                                          [___________________________________],
                                          not in its individual capacity but
                                          solely as Owner Trustee on behalf
                                          of the Issuer,

                                          By _________________________________
                                             Name:
                                             Title:

                                       [____________________], Seller and
                                          Servicer,

                                       By:____________________________________
                                          Name:
                                          Title:

                                       [____________________], as Transferor,

                                       By:____________________________________
                                          Name:
                                          Title:

                                       SECURITIZED ASSET BACKED RECEIVABLES
                                          LLC, as Depositor,

                                       By:____________________________________
                                          Name:
                                          Title:

                                       [____________________] as Backup
                                          Servicer,

                                       By:____________________________________
                                          Name:
                                          Title:

                                      -85-
<PAGE>

                                       [____________________] as Custodian,

                                       By:____________________________________
                                          Name:
                                          Title:

                                       [____________________], not in its
                                          individual capacity, but solely as
                                          Indenture Trustee,

                                       By:____________________________________
                                          Name:
                                          Title:

                                      -86-
<PAGE>

                                                                       EXHIBIT A

                          SUBSEQUENT TRANSFER AGREEMENT

            TRANSFER No. [___] OF SUBSEQUENT RECEIVABLES dated as of ,
[________], among [_____________________] 200[_]-[_], a [__________] business
trust (the "Issuer"), [______________], a [_____________] company, as transferor
(the "Transferor") [__________________], a [_____________] company and as seller
and servicer (the "Seller" and the "Servicer"), Securitized Asset Backed
Receivables LLC, a Delaware limited liability company, as depositor (the
"Depositor"), and [__________________], as Indenture Trustee, Backup Servicer
and Custodian.

                               W I T N E S E T H:

            WHEREAS the Issuer, the Transferor, the Seller, the Servicer, the
Depositor, the Indenture Trustee, the Backup Servicer and the Custodian are
parties to the Sale and Servicing Agreement, dated as of [________], 200[_] (as
amended or supplemented, the "Sale and Servicing Agreement"); WHEREAS pursuant
to the Sale and Servicing Agreement, the Seller wishes to convey the Subsequent
Receivables to the Transferor; and

            WHEREAS, the Transferor is willing to accept such conveyance subject
to the terms and conditions hereof,

            WHEREAS pursuant to the Sale and Servicing Agreement, the Transferor
wishes to convey the Receivables to the Depositor,

            WHEREAS the Depositor is willing to accept such conveyance subject
to the terms and conditions hereof;

            WHEREAS pursuant to the Sale and Servicing Agreement, the Depositor
wishes to convey the Receivables to the Trust, and

            WHEREAS the Trust is willing to accept such conveyance subject to
the terms and conditions hereof.

            NOW, THEREFORE, the Issuer, the Seller and the Servicer hereby agree
as follows:

            1. Defined Terms. Capitalized terms used herein shall have the
meanings ascribed to them in the Sale and Servicing Agreement unless otherwise
defined herein.

            "Subsequent Cutoff Date" shall mean, with respect to the Subsequent
Receivables conveyed hereby, ____________, _______.

                                  Exhibit A-1
<PAGE>

            "Subsequent Transfer Date" shall mean, with respect to the
Subsequent Receivables conveyed hereby, __________, ____.

            2. Schedule of Receivables. Annexed hereto is a supplement to
Schedule A to the Sale and Servicing Agreement listing the Receivables that
constitute the Subsequent Receivables to be conveyed pursuant to this Agreement
on the Subsequent Transfer Date.

            3. Conveyance of Subsequent Receivables to Transferor. In
consideration of the Transferor's delivery to or upon the order of the Seller of
$[_______] , the Seller does hereby sell, transfer, assign, set over and
otherwise convey to the Transferor, without recourse (except as expressly
provided in the Sale and Servicing Agreement), all right, title and interest of
the Seller in and to:

            (a) the Subsequent Receivables, and all moneys due thereon, on or
      after the related Subsequent Cutoff Date and all Net Liquidation Proceeds
      with respect to such Receivables;

            (b) the security interests in the Financed Vehicles granted by
      Obligors pursuant to the Subsequent Receivables and any other interest of
      the Seller in such Financed Vehicles;

            (c) any proceeds with respect to the Subsequent Receivables from
      claims on any physical damage, credit life or disability insurance
      policies covering Financed Vehicles or Obligors;

            (d) all rights under any Service Contracts on the related Financed
      Vehicles;

            (e) the related Receivables Files;

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

            4. Conveyance of Subsequent Receivables to Depositor. For good and
valuable consideration, the Transferor does hereby transfer, assign, set over
and otherwise convey to the Depositor, without recourse, (except as expressly
provided in the Sale and Servicing Agreement), all right, title and interest of
the Transferor in and to:

            (a) the Subsequent Receivables, and all moneys due thereon, on or
      after the related Subsequent Cutoff Date and all Net Liquidation Proceeds
      with respect to such Receivables;

            (b) the security interests in the Financed Vehicles granted by
      Obligors pursuant to the Subsequent Receivables and any other interest of
      the Seller in such Financed Vehicles;

            (c) any proceeds with respect to the Subsequent Receivables from
      claims on any physical damage, credit life or disability insurance
      policies covering Financed Vehicles or Obligors;

                                  Exhibit A-2
<PAGE>

            (d) all rights under any Service Contracts on the related Financed
      Vehicles;

            (e) the related Receivables Files;

            (f) its rights and benefits, but none of its obligations or burdens,
      under the Subsequent Transfer Agreement, including the delivery
      requirements, representations and warranties and the cure and repurchase
      obligations of the Seller under the Sale and Servicing Agreement, on or
      after the Subsequent Cutoff Date; and

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

            5. Conveyance of Subsequent Receivables to Trust. For good and
valuable consideration, the Depositor does hereby transfer, assign, set over and
otherwise convey to the Trust, without recourse, (except as expressly provided
in the Sale and Servicing Agreement), all right, title and interest of the
Depositor in and to:

            (a) the Subsequent Receivables, and all moneys due thereon, on or
      after the related Subsequent Cutoff Date and all Net Liquidation Proceeds
      with respect to such Receivables;

            (b) the security interests in the Financed Vehicles granted by
      Obligors pursuant to the Subsequent Receivables and any other interest of
      the Seller in such Financed Vehicles;

            (c) any proceeds with respect to the Subsequent Receivables from
      claims on any physical damage, credit life or disability insurance
      policies covering Financed Vehicles or Obligors;

            (d) all rights under any Service Contracts on the related Financed
      Vehicles;

            (e) the related Receivables Files;

            (f) its rights and benefits, but none of its obligations or burdens,
      under the Subsequent Transfer Agreement, including the delivery
      requirements, representations and warranties and the cure and repurchase
      obligations of the Seller and the Transferor under the Sale and Servicing
      Agreement, on or after the Subsequent Cutoff Date; and the proceeds of any
      and all of the foregoing;

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

            6. Representations and Warranties of the Seller. The Seller hereby
represents and warrants to the Transferor and the Depositor as of the date of
this Agreement and as of the Subsequent Transfer Date that:

            (a) Legal, Valid and Binding Obligation. This Agreement constitutes
      a legal, valid and binding obligation of the Seller, enforceable against
      the Seller in accordance with its terms, except as such enforceability may
      be limited by applicable bankruptcy, insolvency, reorganization,
      moratorium or other similar laws now or hereafter in effect

                                  Exhibit A-3
<PAGE>

      affecting the enforcement of creditors' rights in general and except as
      such enforceability may be limited by general principles of equity
      (whether considered in a suit at law or equity).

            (b) Organization and Good Standing. The Seller is duly organized and
      validly existing as a limited liability company in good standing under the
      laws of the State of [__________], with the power and authority to own its
      properties and to conduct its business as such properties are currently
      owned and such business is presently conducted, and had at all relevant
      times, and has, the power, authority and legal right to acquire and own
      the Receivables.

            (c) Due Qualification. The Seller is duly qualified to do business
      as a limited liability company in good standing, and has obtained all
      necessary licenses and approvals in all jurisdictions in which the
      ownership or lease of property or the conduct of its business shall
      require such qualifications.

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

            (e) Binding Obligation. This Agreement constitutes a legal, valid
      and binding obligation of the Seller enforceable in accordance with its
      terms.

            (f) No Violation. The consummation of the transactions contemplated
      by this Agreement and the fulfillment of the terms hereof do not conflict
      with, result in any breach of any of the terms and provisions of, nor
      constitute (with or without notice or lapse of time) a default under, the
      certificate of formation or limited liability company agreement of the
      Seller, or any indenture, agreement or other instrument to which the
      Seller is a party or by which it shall be bound; nor result in the
      creation or imposition of any Lien upon any of its properties pursuant to
      the terms of any such indenture, agreement or other instrument (other than
      pursuant to the Basic Documents); nor violate any law or, to the best of
      the Seller's knowledge, any order, rule or regulation applicable to the
      Seller of any court or of any federal or state regulatory body,
      administrative agency or other governmental instrumentality having
      jurisdiction over the Seller or its properties.

            (g) No Proceedings. To the Seller's best knowledge, there are no
      proceedings or investigations pending, or threatened, before any court,
      regulatory body, administrative agency or other governmental
      instrumentality having jurisdiction over the Seller or its properties: (i)
      asserting the invalidity of this Agreement, the Indenture or any of the
      other Basic Documents, the Notes or the Certificates, (ii) seeking to
      prevent the issuance of the Notes or the Certificates or the consummation
      of any of the transactions contemplated by this Agreement, the Indenture
      or any of the other Basic Documents, (iii) seeking any determination or
      ruling that might materially and adversely affect the performance by the
      Seller of its obligations under, or the validity or enforceability of,
      this Agreement, the

                                  Exhibit A-4
<PAGE>

      Indenture, any of the other Basic Documents, the Notes or the Certificates
      or (iv) which might adversely affect the Federal or state income tax
      attributes of the Notes or the Certificates.

            (h) Principal Balance. The aggregate Principal Balance of the
      Receivables listed on the supplement to Schedule A annexed hereto and
      conveyed to the Transferor pursuant to this Agreement as of the Subsequent
      Cutoff Date is $[___________].

            7. Representations and Warranties of the Depositor. The Depositor
hereby represents and warrants to the Depositor as of the date of this Agreement
and as of the Subsequent Transfer Date that:

            (a) Legal, Valid and Binding Obligation. This Agreement constitutes
      a legal, valid and binding obligation of the Depositor, enforceable
      against the Depositor in accordance with its terms, except as such
      enforceability may be limited by applicable bankruptcy, insolvency,
      reorganization, moratorium or other similar laws now or hereafter in
      effect affecting the enforcement of creditors' rights in general and
      except as such enforceability may be limited by general principles of
      equity (whether considered in a suit at law or equity).

            (b) Organization and Good Standing. The Depositor is duly organized
      and validly existing as a limited liability company in good standing under
      the laws of the State of Delaware, with the power and authority to own its
      properties and to conduct its business as such properties are currently
      owned and such business is presently conducted, and had at all relevant
      times, and has, the power, authority and legal right to acquire and own
      the Receivables.

            (c) Due Qualification. The Depositor is duly qualified to do
      business as a limited liability company in good standing, and has obtained
      all necessary licenses and approvals in all jurisdictions in which the
      ownership or lease of property or the conduct of its business shall
      require such qualifications.

            (d) Power and Authority. The Depositor has the power and authority
      to execute and deliver this Agreement and to carry out its terms; the
      Depositor has full power and authority to sell and assign the property to
      be sold and assigned to and deposited with the Issuer and the Seller and
      shall have duly authorized such sale and assignment to the Issuer by all
      necessary company action; and the execution, delivery and performance of
      this Agreement has been duly authorized by the Depositor by all necessary
      company action. (e) Binding Obligation. This Agreement constitutes a
      legal, valid and binding obligation of the Depositor enforceable in
      accordance with its terms.

            (f) No Violation. The consummation of the transactions contemplated
      by this Agreement and the fulfillment of the terms hereof do not conflict
      with, result in any breach of any of the terms and provisions of, nor
      constitute (with or without notice or lapse of time) a default under, the
      certificate of formation or the limited liability company agreement of the
      Depositor, or any indenture, agreement or other instrument to which the

                                  Exhibit A-5
<PAGE>

      Depositor is a party or by which it shall be bound; nor result in the
      creation or imposition of any Lien upon any of its properties pursuant to
      the terms of any such indenture, agreement or other instrument (other than
      pursuant to the Basic Documents); nor violate any law or, to the best of
      the Depositor's knowledge, any order, rule or regulation applicable to the
      Depositor of any court or of any federal or state regulatory body,
      administrative agency or other governmental instrumentality having
      jurisdiction over the Seller or its properties.

            (g) No Proceedings. To the Depositor's best knowledge, there are no
      proceedings or investigations pending, or threatened, before any court,
      regulatory body, administrative agency or other governmental
      instrumentality having jurisdiction over the Depositor or its properties:
      (i) asserting the invalidity of this Agreement, the Indenture or any of
      the other Basic Documents, the Notes or the Certificates, (ii) seeking to
      prevent the issuance of the Notes or the Certificates or the consummation
      of any of the transactions contemplated by this Agreement, the Indenture
      or any of the other Basic Documents, (iii) seeking any determination or
      ruling that might materially and adversely affect the performance by the
      Depositor of its obligations under, or the validity or enforceability of,
      this Agreement, the Indenture, any of the other Basic Documents, the Notes
      or the Certificates or (iv) which might adversely affect the Federal or
      state income tax attributes of the Notes or the Certificates.

            (h) Principal Balance. The aggregate Principal Balance of the
      Receivables listed on the supplement to Schedule A annexed hereto and
      conveyed to the Depositor pursuant to this Agreement as of the Subsequent
      Cutoff Date is $[________].

            8. Representations and Warranties of the Transferor. The Transferor
hereby represents and warrants to the Depositor as of the date of this Agreement
and as of the Subsequent Transfer Date that:

            (a) Legal, Valid and Binding Obligation. This Agreement constitutes
      a legal, valid and binding obligation of the Transferor, enforceable
      against the Transferor in accordance with its terms, except as such
      enforceability may be limited by applicable bankruptcy, insolvency,
      reorganization, moratorium or other similar laws now or hereafter in
      effect affecting the enforcement of creditors' rights in general and
      except as such enforceability may be limited by general principles of
      equity (whether considered in a suit at law or equity).

            (b) Organization and Good Standing. The Transferor is duly organized
      and validly existing as a limited liability company in good standing under
      the laws of the State of [__________], with the power and authority to own
      its properties and to conduct its business as such properties are
      currently owned and such business is presently conducted, and had at all
      relevant times, and has, the power, authority and legal right to acquire
      and own the Receivables.

            (c) Due Qualification. The Transferor is duly qualified to do
      business as a limited liability company in good standing, and has obtained
      all necessary licenses and

                                  Exhibit A-6
<PAGE>

      approvals in all jurisdictions in which the ownership or lease of property
      or the conduct of its business shall require such qualifications.

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

            (e) Binding Obligation. This Agreement constitutes a legal, valid
      and binding obligation of the Transferor enforceable in accordance with
      its terms.

            (f) No Violation. The consummation of the transactions contemplated
      by this Agreement and the fulfillment of the terms hereof do not conflict
      with, result in any breach of any of the terms and provisions of, nor
      constitute (with or without notice or lapse of time) a default under, the
      certificate of formation or the limited liability company agreement of the
      Transferor, or any indenture, agreement or other instrument to which the
      Transferor is a party or by which it shall be bound; nor result in the
      creation or imposition of any Lien upon any of its properties pursuant to
      the terms of any such indenture, agreement or other instrument (other than
      pursuant to the Basic Documents); nor violate any law or, to the best of
      the Transferor `s knowledge, any order, rule or regulation applicable to
      the Transferor of any court or of any federal or state regulatory body,
      administrative agency or other governmental instrumentality having
      jurisdiction over the Seller or its properties.

            (g) No Proceedings. To the Transferor's best knowledge, there are no
      proceedings or investigations pending, or threatened, before any court,
      regulatory body, administrative agency or other governmental
      instrumentality having jurisdiction over the Transferor or its properties:
      (i) asserting the invalidity of this Agreement, the Indenture or any of
      the other Basic Documents, the Notes or the Certificates, (ii) seeking to
      prevent the issuance of the Notes or the Certificates or the consummation
      of any of the transactions contemplated by this Agreement, the Indenture
      or any of the other Basic Documents, (iii) seeking any determination or
      ruling that might materially and adversely affect the performance by the
      Transferor of its obligations under, or the validity or enforceability of,
      this Agreement, the Indenture, any of the other Basic Documents, the Notes
      or the Certificates or (iv) which might adversely affect the Federal or
      state income tax attributes of the Notes or the Certificates.

            (h) Principal Balance. The aggregate Principal Balance of the
      Receivables listed on the supplement to Schedule A annexed hereto and
      conveyed to the Depositor pursuant to this Agreement as of the Subsequent
      Cutoff Date is $[________].

            9. Conditions Precedent. The obligation of the Transferor, Depositor
and Trust to acquire the Receivables hereunder is subject to the satisfaction,
on or prior to the Subsequent Transfer Date, of the following conditions
precedent:

                                  Exhibit A-7
<PAGE>

            (a) Representations and Warranties. Each of the representations and
      warranties made by the Seller, the Transferor and Depositor in this
      Agreement and in the Sale and Servicing Agreement (provided, however, that
      the representations and warranties set forth in Section 3.1 of the Sale
      and Servicing Agreement shall apply solely to the applicable Subsequent
      Receivables) shall be true and correct as of the date of this Agreement
      and as of the Subsequent Transfer Date.

            (b) Sale and Servicing Agreement Conditions. Each of the conditions
      set forth in Section 2.2(b) to the Sale and Servicing Agreement shall have
      been satisfied.

            (c) Additional Information. The Seller shall have delivered to the
      Transferor such information as was reasonably requested by the Transferor
      to satisfy itself as to (i) the accuracy of the representations and
      warranties set forth in Section 4 of this Agreement and in Section 3.1 of
      the Sale and Servicing Agreement and (ii) the satisfaction of the
      conditions set forth in this Section 9.

            10. Ratification of Agreement. As supplemented by this Agreement,
the Sale and Servicing Agreement is in all respects ratified and confirmed and
the Sale and Servicing Agreement as so supplemented by this Agreement shall be
read, taken and construed as one and the same instrument.

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

            12. It is expressly understood and agreed by the parties hereto that
(a) this Subsequent Transfer Agreement is executed and delivered by
[_________________], not individually or personally but solely as Owner Trustee
of [_____________________] 200[_]-[_], in the exercise of the powers and
authority conferred and vested in it, (b) each of the representations,
undertakings and agreements herein made on the part of the Trust is made and
intended not as personal representations, undertakings and agreements by
[_________________] but is made and intended for the purpose for binding only
the Trust, (c) nothing herein contained shall be construed as creating any
liability on [_________________], individually or personally, to perform any
covenant either expressed or implied contained herein, all such liability, if
any, being expressly waived by the parties hereto and (d) under no circumstances
shall [_________________] be personally liable for the payment of any
indebtedness or expenses of the Trust or be liable for the breach or failure of
any obligation, representation, warranty or covenant made or undertaken by the
Trust under this Subsequent Transfer Agreement or any other related documents.

            13. GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK INCLUDING TITLE 14 OF THE NEW YORK
GENERAL OBLIGATIONS LAW, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS,
AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS.

                                  Exhibit A-8
<PAGE>

            IN WITNESS WHEREOF, the Issuer, the Seller and the Servicer have
caused this Agreement to be duly executed and delivered by their respective duly
authorized officers as of the day and the year first above written.

                                       [_____________________] 200[_]-[_] by
                                          [____________________] not in its
                                          individual capacity but solely as
                                          Owner Trustee on behalf of the
                                          Trust,

                                       By:____________________________________
                                          Name:
                                          Title:

                                       [____________________], Transferor,

                                       By:____________________________________
                                          Name:
                                          Title:

                                       [____________________], Seller and
                                          Servicer,

                                       By:____________________________________
                                          Name:
                                          Title:

                                       SECURITIZED ASSET BACKED RECEIVABLES
                                          LLC, Depositor,

                                       By:____________________________________
                                          Name:
                                          Title:

                                  Exhibit A-9
<PAGE>

                                       [____________________], Backup Servicer

                                       By:____________________________________
                                          Name:
                                          Title:

                                       [____________________], Custodian

                                       By:____________________________________
                                          Name:
                                          Title:

                                       [____________________], not in its
                                          individual capacity but solely as
                                          Indenture Trustee

                                       By:____________________________________
                                          Name:
                                          Title:

                                  Exhibit A-10
<PAGE>

                                                                       EXHIBIT B

                   FORM OF MONTHLY CERTIFICATEHOLDER STATEMENT
                       [_____________________] 200[_]-[_]

                              CLASS A CERTIFICATES

                              CLASS R CERTIFICATES

Payment Date:

Collection Period:

            Under the Sale and Servicing Agreement dated as of [________],
200[_] among [_____________________] 200[_]-[_], a [__________] business trust
(the "Issuer"), [______________], a [_____________] company, as transferor (the
"Transferor") [__________________], a [____________] company and as seller and
servicer (the "Seller" and the "Servicer"), Securitized Asset Backed Receivables
LLC, as depositor (the "Depositor) and [__________________], as Backup Servicer
and Custodian, the Servicer is required to prepare certain information each
month regarding current distributions to Certificateholders and the performance
of the Trust during the previous month. The information that is required to be
prepared with respect to the Payment Date and Collection Period listed above is
set forth below. Certain of the information is presented on the basis of an
original principal amount of $1,000 per Certificate, and certain other
information is presented based upon the aggregate amounts for the Trust as a
whole.

A. Information Regarding the Current Monthly Distribution.

     14. Certificates.

     (a) The aggregate amount of the distribution to the
         Certificateholders..................................    $____________
     (b) The amount of the distribution set forth in
         paragraph A.1.(a) above in respect of interest on
         the Certificates....................................    $____________
     (c) The amount of the distribution set forth in
         paragraph A.1.(a) above in respect of principal of
         the Certificates....................................    $____________
     (d) The amount of the distribution set forth in
         paragraph A.1.(a) above per $1,000 interest in the
         Certificates........................................    $____________
     (e) The amount of the distribution set forth in
         paragraph A.1.(b) above per $1,000 interest in the
         Certificates........................................    $____________
     (f) The amount of the distribution set forth in
         paragraph A.1.(c) above per $1,000 interest in the
         Certificates........................................    $____________
     (g) The amount of the distribution set forth in
         paragraph A.1.(d) above per $1,000 interest in the
         Certificates........................................    $____________

                                   Exhibit B-1
<PAGE>

B. Information Regarding the Performance of the Trust.

     1. Pool Balance and Certificate Principal Balance.

     (a) The Pool Balance at the close of business on the
         last day of the Collection Period...................    $____________
     (b) The Certificate Principal Balance after giving
         effect to payments allocated to principal as set
         forth in Paragraph A.1(c)...........................    $____________
     (c) The Certificate Pool Factor after giving affect to
         the payments set forth in paragraph A.1(c)..........    $____________
     (d) The amount of aggregate Realized Losses for the
         second preceding Collection  Period ................    $____________
     (e) The aggregate Purchase Amount for all Receivables
         that were repurchased in the Collection Period......    $____________

     2. Servicing Fee.

     (a) The aggregate amount of the Servicing Fee paid to
         the Servicer with respect to the preceding
         Collection Period...................................    $____________

     3. Payment Shortfalls.

     (a) The amount of the Certificates' Interest Carryover
         Shortfall after giving effect to the payments set
         forth in paragraph A.1(b) above.....................    $____________
     (b) The amount of the Certificateholders' Interest
         Carryover Shortfall set forth in paragraph B.3.(a)
         above per $1,000 interest with respect to the
         Certificate:........................................    $____________
     (c) The amount of the Certificates' Principal Carryover
         Shortfall after giving effect to the payments set
         forth in paragraph A.1(b) above.....................    $____________
     (d) The amount of the Certificateholders' Principal
         Carryover Shortfall set forth in paragraph B.3.(a)
         above per $1,000 interest with respect to the
         Certificate:........................................    $____________

     4. Transfer of Subsequent Receivables.

     (a) Aggregate amount on deposit in the Pre-Funding
         Account on such Payment Date after giving effect to
         all withdrawals therefrom on such Payment Date......    $____________
     (b) Aggregate amount on deposit in the Capitalized
         Interest Account on such distribution date after
         giving effect giving effect to all withdrawals
         therefrom on such Payment Date......................    $____________
     (c) Aggregate amount on deposit in the Pre-Funding
         Account on the final Subsequent Transfer Date after
         giving effect to all withdrawals therefrom on such
         Payment Date........................................    $____________

                                  Exhibit B-2
<PAGE>

     (d) The amount set forth in paragraph B.4(a) per $1,000
         interest in the Certificates........................    $____________
     (e) The amount set forth in paragraph B.4(b) to be
         distributed to Certificateholders per $1,000
         interest in the Certificates........................
     (f) The amount set forth in paragraph B.4(c) to be
         distributed to Certificateholders per $1,000
         interest in the Certificates........................

     5.  (a)  The aggregate amount of collections by the
         Servicer during the preceding Collection Period.....    $____________
     (b) The aggregate amount which was received by the
         Trust from the Servicer.............................    $____________
     (c) The aggregate amount of reimbursements to the
         Security Insurer....................................    $____________
     (d) The number of Receivables that are delinquent for
         over:                                                   $____________
         30 days.............................................    $____________
         60 days.............................................    $____________
         90 days.............................................    $____________

***

                                  Exhibit B-3
<PAGE>

                                                                       EXHIBIT C

                      FORM OF MONTHLY NOTEHOLDER STATEMENT
                      [__________________] TRUST 200[_]-[_]

            Class A-1 [______]% Asset Backed Notes Class A-2 [______]% Asset
Backed Notes Class A-3 [______]% Asset Backed Notes

            Payment Date:

            Collection Period:

            Under the Sale and Servicing Agreement dated as of [________],
200[_] among [_____________________] 200[_]-[_], a [__________] business trust
(the "Issuer"), [______________], a [______________] company, as transferor (the
"Transferor") [__________________], a [______________] company and as seller and
servicer (the "Seller" and the "Servicer"), Securitized Asset Backed Receivables
LLC, as depositor (the "Depositor) and [__________________], as Backup Servicer
and Custodian, the Servicer is required to prepare certain information each
month regarding current distributions to Noteholders and the performance of the
Trust during the previous month. The information that is required to be prepared
with respect to the Payment Date and Collection Period listed above is set forth
below. Certain of the information is presented on the basis of an original
principal amount of $1,000 per Note, and certain other information is presented
based upon the aggregate amounts for the Trust as a whole.

            A. Information Regarding the Current Monthly Distribution. 1. Notes.
(a) The aggregate amount of the distribution with respect to: the Class A-1
Notes.......................... $________ the Class A-2
Notes.......................... $________ the Class A-3
Notes.......................... $________ (b) The amount of the distribution set
forth in $________ paragraph A.1.(a) above in respect of interest.on: the Class
A-1 Notes.......................... the Class A-2
Notes.......................... $________ the Class A-3
Notes.......................... $________ (c) The amount of the distribution set
forth in $_________ paragraph A.1.(a) above in respect of principal of: the
Class A-1 Notes.......................... $_________ the Class A-2
Notes.......................... $_________ the Class A-3
Notes.......................... $_________

            (a) The amount of the distribution in A.1.(a) payable pursuant to a
claim on the Note.Policy with respect to: the Class A-1
Notes.......................... $_________ the Class A-2
Notes.......................... $_________ the Class A-3
Notes.......................... $_________ (e) The remaining outstanding balance
available to be drawn under the Note Policy

            (b) The amount of the distribution set forth in paragraph A.1.(a)
above per $1,000 interest in: the Class A-1 Notes..........................
$_________ the Class A-2 Notes.......................... $_________ the Class
A-3 Notes.......................... $_________ (g) The amount of the
distribution set forth in paragraph A.1.(b) above per $1,000 interest

                                  Exhibit C-1
<PAGE>

in: the Class A-1 Notes.......................... $_________ the Class A-2 Notes
.......................... $_________ the Class A-3 Notes
.......................... $_________ (h) The amount of the distribution set
forth in______paragraph A.1.(c) above per $1,000 interest in: the Class A-1
Notes.......................... $_________ the Class A-2
Notes.......................... $_________ the Class A-3
Notes.......................... $_________ (i) The amount of the distribution
set forth in paragraph A.1.(d)above per $1,000 interest in: the Class A-1
Notes.......................... $_________ the Class A-2
Notes.......................... $_________ the Class A-3
Notes.......................... $_________

            B. Information Regarding the Performance of the Trust.

            1. Pool Balance and Note Principal Balance.

            (c) The Pool Balance at the close of business on the last day of the
Collection Period....... (b) The aggregate outstanding principal amount of each
Class of Notes after giving effect to payments allocated to principal as set
forth in Paragraph A.1(c) above with respect to: the Class A-1
Notes.......................... $_________ the Class A-2
Notes.......................... $_________ the Class A-3
Notes.......................... $_________ (c) The Note Pool Factor for each
Class of Notes after giving affect to the payments set forth in paragraph A.1(c)
with respect to:

            the Class A-1 Notes ......................... $_________ the Class
A-2 Notes.......................... $_________ the Class A-3
Notes.......................... $_________ (d) The amount of aggregate Realized
Losses for $_________ the second preceding Collection Period......._____(e) The
aggregate Purchase Amount for all $_________ Receivables that were repurchased
in the Collection Period............................

            2. Servicing Fee.

            (d) The aggregate amount of the Servicing Fee paid to the Servicer
with respect to the preceding Collection Period...........................

            3. Payment Shortfalls

            (e) The amount of the Noteholders' Interest Carryover Shortfall
after giving effect to the payments set forth in paragraph A.1(b) above with
respect to:.the Class A-1 Notes.......................... $_________ the Class
A-2 Notes.......................... $_________ the Class A-2
Notes.......................... $_________ (b) The amount of the Noteholders'
Interest Carryover Shortfall set forth in paragraph B.3.(a) above per $1,000
interest with respect to: the Class A-1 Notes..........................
$_________ the Class A-2 Notes.......................... $_________ the Class
A-2 Notes.......................... $_________ (c) The amount of the
Noteholders' Principal Carryover Shortfall after giving effect to the payments
set forth in paragraph A.1..........

            (f) above with respect to:....................... the Class A-1
Notes.......................... $_________ the Class A-2
Notes.......................... $_________ the Class A-2
Notes.......................... $_________ (d) The amount of the Noteholders'
Principal Carryover Shortfall set forth in paragraph B.3.(a) above per $1,000
interest with

                                  Exhibit C-2
<PAGE>

respect to: the Class A-1 Notes..........................
$_________ the Class A-2 Notes.......................... $_________ the Class
A-2 Notes.......................... $_________

            4. Transfer of Subsequent Receivables.

            (g) Aggregate amount on deposit in the Pre-Funding Account on such
Payment Date after giving_effect to all withdrawals therefrom on such Payment
Date................................. $_________ (b) Aggregate amount on deposit
in the Capitalized Interest Account on such distribution date after
giving______effect to all withdrawals therefrom on such Payment
Date............... $_________ (c) Aggregate amount on deposit in the Pre-
Funding__Account on the final Subsequent Transfer Date after giving effect to
all withdrawals therefrom on such Payment Date........................
$_________ (d) the amount set forth in paragraph B.4(a) per $1,000 interest in:
the Class A-1 Notes.......................... $_________ the Class A-2
Notes.......................... $_________ the Class A-2
Notes.......................... $_________ (e) the amount set forth in paragraph
B.4(b) to be distributed to Noteholders per $1,000 interest in: the Class A-1
Notes.......................... $_________ the Class A-2
Notes.......................... $_________ the Class A-2
Notes.......................... $_________ (f) the amount set forth in paragraph
B.4(c) to be distributed to Noteholders per $1,000 interest in: the Class A-1
Notes $_________ he Class A-2 Notes $_________ the Class A-2 Notes___$_________

            5. (a) The aggregate amount of collections by the Servicer during
the preceding Collection Period. (b) The aggregate amount which was received by
the Trust from the Servicer

            (h) The aggregate amount of reimbursements to the Security Insurer

            (i) The number of Receivables that are delinquent for over: 30
days...................................... $_________ 60
days...................................... $_________ 90
days...................................... $_________

                                  Exhibit C-3
<PAGE>

                                                                       EXHIBIT D

                         Form of Servicer's Certificate

                                    [Omitted]

                                  Exhibit D-1
<PAGE>

                                                                       EXHIBIT E

                                 Form of Policy

                               [SEE EXHIBIT 99.1]

                                  Exhibit E-1
<PAGE>

                                                                       EXHIBIT F

                                  Form of Stamp

            THIS CONTRACT/NOTE IS SUBJECT TO A SECURITY INTEREST GRANTED TO
[__________________], AS TRUSTEE, FOR WHICH UCC-1 FINANCING STATEMENTS HAVE BEEN
FILED WITH THE SECRETARY OF STATE OF [__________]. AS THE LIEN WILL BE RELEASED
ONLY BY FILINGS IN SUCH OFFICES, PURCHASE DOCUMENTS MUST REFER TO SUCH FILINGS
TO DETERMINE WHETHER THE LIEN HAS BEEN RELEASED.

            [________________________] TRUST 200[_]-[_] CLASS A-1 [______]%
Asset Backed Notes CLASS A-2 [______]% Asset Backed Notes CLASS A-3 [______]%
Asset Backed Notes

            INDENTURE

            Dated as of [________], 200[_]

            [------------------] Trustee, and Indenture Collateral Agent

                                  Exhibit F-1
<PAGE>

                                                                    SCHEDULE A

                             Schedule of Receivables

                                  Schedule A-1
<PAGE>

                                                                    SCHEDULE B

                             Location of Receivables

                                  Schedule B-1Exhibit 10.1

            RECEIVABLES PURCHASE AGREEMENT dated as of [________], [____] among
[_____________________], a [________] corporation (the "Seller") and Securitized
Asset Backed Receivables LLC, a Delaware limited liability company (the
"Purchaser").

            WHEREAS in the regular course of its business, the Seller has
purchased certain motor vehicle retail installment sale and installment loan
contracts secured by new or used automobiles, and light-duty trucks,
motorcycles, recreational vehicles, sport utility vehicles and vans from motor
vehicle dealers; and

            WHEREAS the Purchaser wishes to purchase the Receivables (as
hereinafter defined) and to transfer the Receivables to [_____________________]
[____]-[_] (the "Trust"), which will issue the [Class [A-1] _________% Asset
Backed Notes (Series ___) (the "Class [A-1] Notes")], [Class [A-2] ________%
Asset Backed Notes (Series ___) (the "Class [A-2] Notes")], [Class [A-3]
________% Asset Backed Notes (Series ___) (the "Class [A-3] Notes")] [and Class
[A-4]______% Asset Backed Notes (Series ___)] (the "Class [A-4] Notes" and,
together with the Class [A-1] Notes, the Class [A-2] Notes and the Class [A-3]
Notes, the "Notes") payment of which will be secured by the Receivables and [the
_____% Asset Backed Certificates] representing fractional undivided interests in
the property of the Trust including the Receivables, subject to the rights of
the Indenture Trustee on behalf of the Noteholders;

            WHEREAS the Seller has agreed to make certain representations and
warranties relating to the Receivables and to pay certain expenses and amounts
with respect hereto; and

            WHEREAS the Seller and the Purchaser wish to set forth the terms
pursuant to which the Seller will sell the Receivables to the Purchaser;

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

                                    ARTICLE I

                               CERTAIN DEFINITIONS

            Terms not defined in this Agreement shall have the meaning set forth
in the Sale and Servicing Agreement or the Indenture, as applicable. As used in
this Agreement, the following terms shall, unless the context otherwise
requires, have the following meanings (such meanings to be equally applicable to
the singular and plural forms of the terms defined):

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

            "Assignment" shall mean the document of assignment substantially in
the form of Exhibit A.

<PAGE>

            "Certificates" shall mean the Trust Certificates (as defined in the
Trust Agreement).

            "Certificateholders" shall mean the holders of Certificates.

            "Closing Date" shall mean [_______], [    ].

            "Collections" shall mean all amounts collected by the Servicer (from
whatever source) on or with respect to the Receivables.

            "Cutoff Date" means [_______], [    ].

            "Indenture" shall mean the Indenture dated as of [______], [ ]
between the Trust and[_________], as trustee (the "Indenture Trustee"), as the
same may be amended and supplemented from time to time.

            "Noteholders" shall mean the holders of the Notes.

            "Prospectus  Supplement"  shall  mean  the  Prospectus  Supplement
dated [_________] relating to the Notes.

            "Purchaser" shall mean Securitized Asset Backed Receivables, a
Delaware limited liability company, its successors and assigns.

            "Receivable" shall mean any Contract listed on Schedule I hereto
(which Schedule may be in the form of microfiche).

            "Repurchase Event" shall have the meaning specified in Section 6.02.

            "Sale and Servicing Agreement" shall mean the Sale and Servicing
Agreement dated as of [______], among the Trust, the Purchaser, and the Seller,
as the same may be amended and supplemented from time to time.

            "Schedule of Receivables" shall mean the list of Receivables annexed
hereto as Schedule I.

            "Seller" shall mean [_____________________], a [________]
corporation, its successors and assigns.

            "Trust Agreement" shall mean the Trust Agreement dated as of
[_______], between the Purchaser and [___________], [ ], as the owner trustee
(the "Owner Trustee"), as the same may be amended and supplemented from time to
time.

                                   ARTICLE II

                            CONVYANCE OF RECEIVABLES

            Section 2.01  Conveyance of  Receivables.  In  consideration  of the
Purchaser's delivery to or upon the order of the Seller of $_______________, the
Seller does hereby sell,

                                        2
<PAGE>

transfer, assign, set over and otherwise convey to the Purchaser, without
recourse (subject to the obligations of the Seller herein), all right, title and
interest of the Seller in and to (but none of the obligations of the Seller with
respect to):

            (a) the Receivables, and all moneys received thereon on and after
the Cutoff Date;

            (b) the security interests in the Financed Vehicles granted by
Obligors pursuant to the Receivables, any other right to realize upon property
securing a Receivable and any other interest of the Seller in such Financed
Vehicles including the Seller's right, title and interest in the lien on the
Financed Vehicles in the name of [_____________________] or the Seller's agents;

            (c) any proceeds with respect to the Receivables from claims on any
Insurance Policies relating to the Financed Vehicles or Obligors;

            (d) proceeds of any recourse (but none of the obligations) to
Dealers on Receivables;

            (e) any Financed Vehicle that shall have secured a Receivable and
shall have been acquired by or on behalf of the Seller, the Purchaser, or, upon
the assignment contemplated by the Sale and Servicing Agreement, the Servicer or
the Trust;

            (f) the Receivables Files; and

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

            Section 2.02 The Closing. The sale and purchase of the Receivables
shall take place at a closing (the "Closing") at the offices of [____________],
[___________] on the Closing Date, simultaneously with the closings under (a)
the Sale and Servicing Agreement and (b) the Indenture.

                                   ARTICLE III

                         REPRESENTATIONS AND WARRANTIES

            Section 3.01 Representations and Warranties of the Purchaser. The
Purchaser hereby represents and warrants to the Seller as of the Closing Date:

            (a) Organization and Good Standing. The Purchaser has been duly
organized and is validly existing as a limited liability company in good
standing under the laws of the State of Delaware, with the power and authority
to own its properties and to conduct its business as such properties are
currently owned and such business is presently conducted, and had at all
relevant times, and has, the power, authority and legal right to acquire and own
the Receivables.

            (b) Due Qualification. The Purchaser is duly qualified to do
business as a foreign limited liability company in good standing, and has
obtained all necessary licenses and

                                        3
<PAGE>

approvals, in all jurisdictions in which the ownership or lease of its property
or the conduct of its business shall require such qualifications.

            (c) Power and Authority. The Purchaser has the power and authority
to execute and deliver this Agreement and to carry out its terms, and the
execution, delivery and performance of this Agreement has been duly authorized
by the Purchaser by all necessary action.

            (d) No Violation. The consummation of the transactions contemplated
by this Agreement and the fulfillment of the terms hereof do not conflict with,
result in any breach of any of the terms and provisions of, or constitute (with
or without notice or lapse of time) a default under, the limited liability
company agreement of the Purchaser, or any indenture, agreement or other
instrument to which the Purchaser is a party or by which it is bound; or result
in the creation or imposition of any Lien upon any of its properties pursuant to
the terms of any such indenture, agreement or other instrument (other than the
Sale and Servicing Agreement, the Indenture and the Trust Agreement); or violate
any law or, to the best of the Purchaser's knowledge, any order, rule or
regulation applicable to the Purchaser of any court or of any federal or state
regulatory body, administrative agency or other governmental instrumentality
having jurisdiction over the Purchaser or its properties.

            (e) No Proceedings. There are no proceedings or investigations
pending or, to the Purchaser's best knowledge, threatened, before any court,
regulatory body, administrative agency or other governmental instrumentality
having jurisdiction over the Purchaser or its properties: (i) asserting the
invalidity of this Agreement, (ii) seeking to prevent the consummation of any of
the transactions contemplated by this Agreement or (iii) seeking any
determination or ruling that might materially and adversely affect the
performance by the Purchaser of its obligations under, or the validity or
enforceability of, this Agreement.

            Section 3.02 Representations and Warranties of the Seller. (a) The
Seller hereby represents and warrants to the Purchaser as of the Closing Date:

                  (i) Organization and Good Standing. The Seller has been duly
organized and is validly existing as a corporation in good standing under the
laws of the State of [_________], with the power and authority to own its
properties and to conduct its business as such properties are currently owned
and such business is presently conducted, and had at all relevant times, and
has, the power, authority and legal right to acquire and own the Receivables.

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

                  (iii) Power and Authority. The Seller has the power and
authority to execute and deliver this Agreement and to carry out its terms; the
Seller has full power and authority to sell and assign the property sold and
assigned to the Purchaser hereby and has duly authorized such sale and
assignment to the Purchaser by all necessary corporate action; and the

                                        4
<PAGE>

execution, delivery and performance of this Agreement has been duly authorized
by the Seller by all necessary corporate action.

                  (iv) Valid Sale; Binding Obligation. This Agreement effects a
valid sale, transfer and assignment of the Receivables and the other Transferor
Property conveyed to the Purchaser pursuant to Section 2.01, enforceable against
creditors of and purchasers from the Seller; and this Agreement shall constitute
a legal, valid and binding obligation of the Seller enforceable in accordance
with its terms.

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

                  (vi) No Consents. No consent, approval, authorization or order
of or declaration or filing with any governmental authority is required for the
issuance or sale of the Notes or the consummation of the other transactions
contemplated by this Agreement, the Trust Agreement, the Indenture or the Sale
and Servicing Agreement, except such as have been duly made or obtained.

                  (vii) No Proceedings. There are no proceedings or
investigations pending or, to the Seller's best knowledge, threatened before any
court, regulatory body, administrative agency or other governmental
instrumentality having jurisdiction over the Seller or its properties: (A)
asserting the invalidity of this Agreement, (B) seeking to prevent the
consummation of any of the transactions contemplated by this Agreement or (C)
seeking any determination or ruling that might materially and adversely affect
the performance by the Seller of its obligations under or the validity or
enforceability of, this Agreement.

                  (viii) Principal Place of Business. The principal place of
business and chief executive office of the Seller are located at the place set
forth in Section 6.08(a) and such location has not changed since the date the
Seller was incorporated.

                  (ix) Use of Names. The legal name of the Seller is the name
used by it in this Agreement and the Seller has not changed its name since
[________] and does not have trade names, fictitious names, assumed names or
"doing business" names.

                  (x) Solvency. The Seller is solvent and will not become
insolvent after giving effect to the transactions contemplated in this
Agreement; the Seller is paying its debts, if any, as they become due; the
Seller, after giving effect to the transactions contemplated in this Agreement,
will have adequate capital to conduct its business.

                                       5
<PAGE>

                  (xi) Fraudulent Conveyance. The Seller is not selling the
Receivables to the Purchaser with any intent to hinder, delay or defraud any of
its creditors; the Seller will not be rendered insolvent as a result of the sale
of the Receivables to the Purchaser.

            The Seller agrees that such representations and warranties shall be
conveyed hereunder by the Purchaser to the Issuer under the Sale and Servicing
Agreement, and pledged by the Issuer to the Indenture Trustee. The Seller
further agrees that any such Person to whom such rights are conveyed may enforce
any and all remedies for the breach thereof directly against the Seller. The
Seller agrees that the Purchaser shall rely on such representations and
warranties in accepting the Receivables.

            (b) The Seller makes the representations and warranties to the
Purchaser in respect of the Receivables set forth in Section 3.1 of the Sale and
Servicing Agreement, and in that connection agrees to execute the Sale and
Servicing Agreement. The Seller agrees that such representations and warranties
shall be conveyed hereunder by the Purchaser to the Issuer under the Sale and
Servicing Agreement, and pledged by the Issuer to the Indenture Trustee. The
Seller further agrees that any such Person to whom such rights are conveyed may
enforce any and all remedies for the breach thereof directly against the Seller.
The Seller agrees that the Purchaser shall rely on such representations and
warranties in accepting the Receivables. Such representations and warranties
speak as of the execution and delivery of this Agreement, but shall survive the
sale, transfer and assignment of the Receivables to the Purchaser and the
subsequent sale, assignment and transfer of the Receivables pursuant to the Sale
and Servicing Agreement and the Grant thereof pursuant to the Indenture.

                                   ARTICLE IV

                                   CONDITIONS

            Section 4.01 Conditions to Obligation of the Purchaser. The
obligation of the Purchaser to purchase the Receivables is subject to the
satisfaction of the following conditions:

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

            (b) Computer Files Marked. The Seller shall, at its own expense, on
or prior to the Closing Date indicate in its computer files that the Receivables
have been sold to the Purchaser pursuant to this Agreement, and deliver to the
Purchaser the Schedule of Receivables.

            (c) Documents To Be Delivered by the Seller at the Closing.

                  (i) The Assignment. At the Closing, the Seller will execute
and deliver an Assignment substantially in the form of Exhibit A hereto.

                                       6
<PAGE>

                  (ii) Evidence of UCC Filing. On or prior to the Closing Date,
the Seller shall record and file, at its own expense, a UCC-1 financing
statement in each jurisdiction in which required by applicable law, executed by
the Seller, as seller or debtor, and naming the Purchaser as purchaser or
secured party, describing the Receivables and the other property included in the
Owner Trust Estate, meeting the requirements of the laws of each such
jurisdiction and in such manner as is necessary to perfect the sale, transfer,
assignment and conveyance of such Receivables to the Purchaser. The Seller shall
deliver a file-stamped copy or other evidence satisfactory to the Purchaser of
such filing to the Purchaser on or prior to the Closing Date.

                  (iii) Other Documents. Such other documents as the Purchaser
may reasonably request.

            (d) Other Transactions. The transactions contemplated by the Sale
and Servicing Agreement, the Indenture and the Trust Agreement to be consummated
on the Closing Date shall be consummated on such date.

            Section 4.02 Conditions to Obligation of the Seller. The obligation
of the Seller to sell the Receivables to the Purchaser is subject to the
satisfaction of the following conditions:

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

            (b) Receivables Purchase Price. On the Closing Date, the Purchaser
shall have delivered to the Seller the purchase price specified in Section 2.01.

                                   ARTICLE V

                             COVENANTS OF THE SELLER

            The Seller agrees with the Purchaser as follows:

            Section 5.01 Protection of Right, Title and Interest. (a) Filings.
The Seller shall cause all financing statements and continuation statements and
any other necessary documents covering the right, title and interest of the
Seller and the Purchaser, respectively, in and to the Receivables and the other
property included in the Owner Trust Estate to be promptly filed and at all
times to be kept recorded, registered and filed, all in such manner and in such
places as may be required by law fully to preserve and protect the right, title
and interest of the Purchaser hereunder in and to the Receivables and the other
property included in the Owner Trust Estate. The Seller shall deliver to the
Purchaser file stamped copies of, or filing receipts for, any document recorded,
registered or filed as provided above, as soon as available following such
recordation, registration or filing. The Purchaser shall cooperate fully with
the Seller in connection with the obligations set forth above and will execute
any and all documents reasonably required to fulfill the intent of this
paragraph.

                                       7
<PAGE>

            (b) Name Change. Within 15 days after the Seller makes any change in
its name, identity or corporate structure that would make any financing
statement or continuation statement filed in accordance with paragraph (a) above
seriously misleading within the applicable provisions of the UCC or any title
statute, the Seller shall give the Purchaser notice of any such change and, no
later than 5 days after the effective date thereof, shall file such financing
statements or amendments as may be necessary to continue the perfection of the
Purchaser's interest in the property included in the Owner Trust Estate.

            (c) Resolution. The Seller shall have an obligation to give the
Purchaser at least 60 days' prior written notice of any relocation of its
principal executive office if, as a result of such relocation, the applicable
provisions of the UCC would require the filing of any amendment of any
previously filed financing or continuation statement or of any new financing
statement and shall promptly file any such amendment or new financing statement.
The Servicer shall at all times maintain each office from which it shall service
Receivables, and its principal executive office, within the United States of
America.

            (d) Notice. If at any time the Seller shall propose to sell, grant a
security interest in, or otherwise transfer any interest in automotive
receivables to any prospective purchaser, lender or other transferee, the Seller
shall give to such prospective purchaser, lender or other transferee computer
tapes, records or printouts (including any restored from backup archives) that,
if they shall refer in any manner whatsoever to any Receivable, shall indicate
clearly that such Receivable has been sold and is owned by the Purchaser. Should
any third party inquire of the Seller as to the Receivables, the Seller will
promptly indicate to such party that the Receivables have been sold to the
Purchaser pursuant to this Agreement.

            Section 5.02 Other Liens or Interests. Except for the conveyances
hereunder and under the Sale and Servicing Agreement, the Indenture, the Trust
Agreement and the other Basic Documents, the Seller will not sell, pledge,
assign or transfer to any Person, or grant, create, incur, assume or suffer to
exist any Lien on, or any interest in, to or under the Receivables, and the
Seller shall defend the right, title and interest of the Purchaser in, to and
under the Receivables against all claims of third parties claiming through or
under the Seller; provided, however, that the Seller's obligations under this
Section shall terminate upon the termination of the Trust pursuant to the Trust
Agreement.

            Section 5.03 Indemnification. The Seller shall indemnify the
Purchaser for any liability resulting from the failure of a Receivable to be
originated in compliance with all requirements of law and for any breach of any
of its or the Seller's representations and warranties contained herein and for
any failure by the Seller to comply with its obligations under Sections 5.01 and
5.02 hereof. These indemnity obligations shall be in addition to any obligation
that the Seller may otherwise have.

                                       8
<PAGE>

                                   ARTICLE VI

                            MISCELLANEOUS PROVISIONS

            Section 6.01 Obligations of Seller. The obligations of the Seller
under this Agreement shall not be affected by reason of any invalidity,
illegality or irregularity of any Receivable.

            Section 6.02 Repurchase Events. The Seller hereby covenants that the
occurrence of a breach of any of the Seller's representations and warranties
contained in Section 3.02(c), unless any such breach shall have been cured by
the last day of the Collection Period following the discovery thereof by the
Seller, or receipt by the Seller of written notice from the Owner Trustee, the
Indenture Trustee, the Depositor, or the Servicer, shall constitute an event
obligating the Seller to purchase as of such last day any Receivable hereunder
with respect to which such breach occurred if such breach has had a material and
adverse effect on the interests of the Purchaser or the Trust in and to such
Receivable (each, a "Repurchase Event"), at the Purchase Amount from the
Purchaser or, upon the assignment contemplated by the Sale and Servicing
Agreement, from the Trust. The repurchase obligation of the Seller shall
constitute the sole remedy (other than that provided by Section 5.04) of the
Purchaser, the Trust, the Indenture Trustee, the Noteholders, the Owner Trustee
or the Certificateholders against the Seller with respect to any Repurchase
Event.

            Section 6.03 Purchaser Assignment of Repurchased Receivables. With
respect to all Receivables repurchased by the Seller pursuant to this Agreement,
the Purchaser shall assign, without recourse, representation or warranty, to the
Seller all the Purchaser's right, title and interest in and to such Receivables
and all security and documents relating thereto.

            Section 6.04 The Trust. The Seller acknowledges and agrees that (a)
the Purchaser will, pursuant to the Sale and Servicing Agreement, sell the
Receivables to the Trust and assign its rights under this Agreement to the
Trust, (b) the Trust will, pursuant to the Indenture, Grant the Receivables and
its rights under this Agreement and the Sale and Servicing Agreement to the
Indenture Trustee on behalf of the Noteholders and (c) the representations and
warranties contained in this Agreement and the rights of the Purchaser under
this Agreement, including under Section 6.02, are intended to benefit the Trust,
the Certificateholders and the Noteholders. The Seller hereby consents to all
such sales and assignments and agrees that the Owner Trustee or, if pursuant to
the Indenture, the Indenture Trustee may exercise the rights of the Purchaser
and enforce the obligations of the Seller hereunder directly and without the
consent of the Purchaser.

            Section 6.05 Amendment. This Agreement may be amended from time to
time, with prior written notice to the rating agency, by a written amendment
duly executed and delivered by the Seller and the Purchaser, to cure any
ambiguity, to correct or supplement any provision herein which may be
inconsistent with any other provision herein, or to add any other provision with
respect to matters or questions arising under this Agreement which shall not be
inconsistent with the provisions of this Agreement or the Sale and Servicing
Agreement, the Trust Agreement or the Indenture; provided that such amendment
shall not, in the Opinion of Counsel satisfactory to the Owner Trustee and the
Indenture Trustee, materially and adversely

                                       9
<PAGE>

affect the interest of any Noteholder or Certificateholder in the Trust or the
Receivables. This Agreement may also be amended by the Seller and the Purchaser,
with prior written notice to the rating agency, with the consent of the holders
of Notes evidencing at least a majority of the Outstanding Amount of the Notes
and the holders of Certificates evidencing at least a majority of the
Certificate Balance for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of this Agreement or of
modifying in any manner the rights of the Noteholders or the Certificateholders
in the Trust or Receivables; provided, however, that no such amendment may (i)
increase or reduce in any manner the amount of, or accelerate or delay the
timing of, collections of payments on Receivables or distributions that are
required to be made for the benefit of Noteholders or Certificateholders or (ii)
reduce the aforesaid percentage of the Notes and Certificates that is required
to consent to any such amendment, without the consent of the holders of all the
outstanding Notes and Certificates.

            Section 6.06 Accountants' Letters. (a) [____________] will review
the characteristics of the Receivables and will compare those characteristics to
the information with respect to the Receivables contained in the Prospectus
Supplement; (b) the Seller will cooperate with the Purchaser and [____________]
in making available all information and taking all steps reasonably necessary to
permit such accountants to complete the review set forth in clause (a) above and
to deliver the letters required of them under the Prospectus Supplement; (c)
[____________] will deliver to the Purchaser a letter, dated the date of the
Prospectus Supplement, in the form previously agreed to by the Seller and the
Purchaser, with respect to the financial and statistical information contained
in the Prospectus Supplement and with respect to such other information as may
be agreed in the form of letter.

            Section 6.07 Waivers. No failure or delay on the part of the
Purchaser, or any assignee of the Purchaser, in exercising any power, right or
remedy under this Agreement shall operate as a waiver thereof, nor shall any
single or partial exercise of any such power, right or remedy preclude any other
or further exercise thereof or the exercise of any other power, right or remedy.

            Section 6.08 Notices. All demands, notices and communications under
this Agreement shall be in writing, personally delivered or mailed by certified
mail, return receipt requested, or recognized overnight courier or by facsimile
confirmed by delivery or mail as described above, and shall be deemed to have
been duly given upon receipt (a) in the case of the Seller, to
[_____________________________________]; (b) in the case of the Purchaser, to
Securitized Asset Backed Receivables LLC, 200 Park Avenue, New York, New York
10166, (212) 412-4000; and (c) in the case of the rating agency, to
[________________]; or as to each of the foregoing, at such other address as
shall be designated by written notice to the other parties.

            Section 6.09 Costs and Expenses. The Seller shall pay all expenses
incident to the performance of its obligations under this Agreement and all
reasonable out-of-pocket costs and expenses of the Purchaser, excluding fees and
expenses of counsel, in connection with the perfection as against third parties
of the Purchaser's right, title and interest in and to the Receivables and the
enforcement of any obligation of the Seller hereunder.

                                       10
<PAGE>

            Section 6.10 Representations of the Seller and the Purchaser. The
respective agreements, representations, warranties and other statements by the
Seller and the Purchaser set forth in or made pursuant to this Agreement shall
remain in full force and effect and will survive the sales and assignments
referred to in Section 6.04.

            Section 6.11 Confidential Information. The Purchaser agrees that it
will neither use nor disclose to any Person the names and addresses of the
Obligors, except in connection with the enforcement of the Purchaser's rights
hereunder, under the Receivables, under the Sale and Servicing Agreement, the
Indenture, the Trust Agreement or any other Basic Document or as required by any
of the foregoing or by law.

            Section 6.12 Headings and Cross-References. The various headings in
this Agreement are included for convenience only and shall not affect the
meaning or interpretation of any provision of this Agreement. References in this
Agreement to Section names or numbers are to such Sections of this Agreement.

            Section 6.13 GOVERNING LAW. THIS AGREEMENT AND THE ASSIGNMENT SHALL
BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT
REFERENCE TO ITS CONFLICT OF LAW PROVISIONS AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HEREUNDER OR THEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS.

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

                                       11
<PAGE>

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

                                    [_____________________]
                                     Seller

                                    By:_________________________________________
                                       Name:
                                       Title:

                                    SECURITIZED ASSET BACKED RECEIVABLES LLC

                                    Purchaser

                                    By:   [_____________________]
                                          as its sole member

                                    By:_________________________________________
                                       Name:
                                       Title:

                                       12
<PAGE>

            ASSIGNMENT

            For value received, in accordance with the Receivables Purchase
Agreement dated as of [________],[____] among [_____________________] (the
"Seller") and SECURITIZED ASSET BACKED RECEIVABLES LLC. (the "Purchaser"), the
Seller does hereby sell, assign, transfer and otherwise convey unto the
Purchaser, without recourse (subject to the obligations of the Seller in the
Receivables Purchase Agreement), all right, title and interest of the Seller in
and to (but none of the obligations of the Seller with respect to) (i) the
Receivables, and all moneys received thereon on and after the Cutoff Date plus
all Payaheads as of the Cutoff Date; (ii) the security interests in the Financed
Vehicles granted by Obligors pursuant to the Receivables, any other right to
realize upon property securing a Receivable and any other interest of the Seller
in such Financed Vehicles including the Seller's right, title and interest in
the lien on the Financed Vehicles in the name of World Omni Financial Corp. or
the Seller's agents; (iii) any proceeds with respect to the Receivables from
claims on any Insurance Policies relating to the Financed Vehicles or Obligors;
(iv) proceeds of any recourse (but none of the obligations) to Dealers on
Receivables; (v) any Financed Vehicle that shall have secured a Receivable and
shall have been acquired by or on behalf of the Purchaser, or, upon the
assignment contemplated by the Sale and Servicing Agreement, the Servicer or the
Trust; and (vi) the Receivables Files. The foregoing sale does not constitute
and is not intended to result in any assumption by the Purchaser of any
obligation of the undersigned to the Obligors, insurers, Dealers or any other
person in connection with the Receivables, Receivable Files, any insurance
policies or any agreement or instrument relating to any of them.

            This Assignment is made pursuant to and upon the representations,
warranties and agreements on the part of the undersigned contained in the
Receivables Purchase Agreement.

            Capitalized terms used and not otherwise defined herein shall have
the meanings assigned to them in the Receivables Purchase Agreement.

<PAGE>

                  IN  WITNESS   WHEREOF,   the  undersigned  has  caused  this
Assignment to be duly executed as of [_______], [____].

                                    [_____________________]

                                    By:___________________________________
                                       Name:
                                       Title:

                                       2
<PAGE>

NYLIB5 726748.2                       -3-
NYLIB5 726748.2

                                   SCHEDULE I

                             SCHEDULE OF RECEIVABLES

            [To Be Delivered at Closing]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00055-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00055-of-00352.parquet"}]]