Document:

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                                                                     EXHIBIT 4.1

         PURCHASE AGREEMENT, dated as of November 1, 2001, between JOHN DEERE
CAPITAL CORPORATION, a Delaware corporation (the "Seller"), and JOHN DEERE
RECEIVABLES, INC., a Nevada corporation (the "Purchaser").

         WHEREAS, Deere & Company and other affiliates of the Seller have
purchased in the ordinary course of business certain agricultural and
construction equipment retail installment sale and loan contracts secured by new
and used agricultural, construction and forestry equipment and, in turn, have
sold such contracts to the Seller on a daily basis pursuant to intercompany
agreements; and

         WHEREAS, the Seller and the Purchaser wish to set forth the terms
pursuant to which the Receivables (as hereinafter defined) are to be sold by the
Seller to the Purchaser, which Receivables will be transferred by the Purchaser,
pursuant to the Sale and Servicing Agreement (as hereinafter defined), to John
Deere Owner Trust 2001 (the "Trust"), which Trust will issue Asset Backed
Certificate representing fractional undivided interests in, and Class A-1 2.19%
Asset Backed Notes, Class A-2 2.56% Asset Backed Notes, Class A-3 3.26% Asset
Backed Notes and Class A-4 3.78% Asset Backed Notes collateralized by, such
Receivables and the other property of the Trust.

         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

         Capitalized terms not defined in this Agreement shall have the meaning
set forth in the Sale and Servicing Agreement. 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):

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

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

         "Assignment" shall mean the document of assignment attached to this
Agreement as Exhibit A.

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         "Basic Documents" has the meaning given such term in the Indenture.

         "Certificate" shall have the meaning assigned to the term "Certificate"
in the Trust Agreement.

         "Closing Date" shall mean November 8, 2001.

         "Collections" shall mean all amounts collected by the Servicer (from
whatever source other than any amounts collected in respect of dealer reserves)
on or with respect to the Receivables other than Purchased Receivables and
Liquidated Receivables.

         "Indenture" shall mean the Indenture, dated as of November 1, 2001,
between the Trust and The Bank of New York, as trustee, as the same may be
amended, modified or supplemented from time to time.

         "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.

         "Prospectus" shall mean the Prospectus dated October 29, 2001 and the
Prospectus Supplement, dated November 1, 2001, relating to the Notes.

         "Purchaser" shall mean John Deere Receivables, Inc., a Nevada
corporation, its successors and assigns.

         "Receivable" shall mean any Contract listed on Schedule A (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 November 1, 2001, among the Trust, the Purchaser and the
Seller, as the same may be amended, modified or supplemented from time to time.

         "Sales Branches" means the equipment sales branches and sales regions
in the United States operated by Deere & Company, a Delaware corporation, and
its wholly-owned subsidiaries.

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

         "Seller" shall mean John Deere Capital Corporation, a Delaware
corporation, its successors and assigns.

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

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                                   ARTICLE II

                            CONVEYANCE OF RECEIVABLES

     SECTION 2.01 CONVEYANCE OF RECEIVABLES. In consideration of the Purchaser's
delivery to or upon the order of the Seller of $ 895,360,864.19 the Seller does
hereby sell, transfer, assign, set over and otherwise convey to the Purchaser,
whether now owned or hereafter acquired, without recourse (subject to the
obligations herein):

     (a) all right, title and interest of the Seller in and to the Receivables,
and all monies due thereon on and after the Cut-off Date:

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

     (c) the interest of the Seller in any proceeds with respect to the
Receivables from claims on any physical damage, credit life or disability
insurance policies covering Financed Equipment or Obligors: and

     (d) 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 Shearman & Sterling,
599 Lexington Avenue, New York, New York 10022 on the Closing Date,
simultaneously with the closings under (a) the Sale and Servicing Agreement, (b)
the Trust Agreement and (c) 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 date hereof and as of the
Closing Date:

     (a) Organization and Good Standing. The Purchaser is duly organized,
validly existing in good standing under the laws of the State of Nevada, and has
the power and authority to own its properties and to conduct the business in
which it is currently engaged, and had at all relevant times, and has, the
power, authority and legal right to acquire, own and sell the Receivables.

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

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     (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 have been duly authorized by the
Purchaser by all necessary corporate 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 certificate of
incorporation or by-laws of the Purchaser, or any indenture, agreement or other
instrument to which the Purchaser 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 the
Sale and Servicing Agreement and the Indenture); nor 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 which (i) assert the
invalidity of this Agreement, (ii) seek to prevent the consummation of any of
the transactions contemplated by this Agreement or (iii) seek 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
date hereof and as of the Closing Date:

         (i)   Organization and Good Standing. The Seller is duly organized,
validly existing in good standing under the laws of the State of Delaware, and
has the power and authority to own its properties and to conduct the business in
which it is currently engaged, and had at all relevant times, and has, the
power, authority and legal right to acquire and own the Receivables.

         (ii)  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 execution, delivery and
performance of this Agreement have been duly authorized by the Seller by all
necessary corporate action.

         (iii) No Violation. The consummation of the transactions contemplated
by this Agreement and the fulfillment of the terms hereof neither 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
incorporation or by-laws of the Seller, or any indenture, agreement or other
instrument to which the Seller is a party or by which it is bound; nor result in

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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); 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.

         (iv)  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 which (A) assert the
invalidity of this Agreement, (B) seek to prevent the consummation of any of the
transactions contemplated by this Agreement or (C) seek 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.

     (b) The Seller makes the following representations and warranties as to the
Receivables on which the Purchaser relied in accepting the Receivables. The
parties hereto acknowledge that the representations and warranties below require
the Seller to monitor conditions that it may not have the ability to monitor.
Accordingly, wherever the Seller makes, or is deemed to make, a representation
that it cannot monitor, such representation shall be made as if prefaced with
the phrase "to the best of the Seller's knowledge"; provided, however, that the
determination as to whether a Repurchase Event has occurred pursuant to Section
6.02 shall be made without reliance on the phrase described above. Except as
provided below, 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 assignments
and transfers of the Receivables pursuant to the Sale and Servicing Agreement
and pursuant to the Indenture:

         (i)  Characteristics of Receivables. Each Receivable (A) was
originated in the United States of America by the Sales Branches in the
ordinary course of business or was originated by a Dealer in the ordinary
course of business, in each case in connection with the retail sale by a
Dealer of Financed Equipment in the ordinary course of such Dealer's
business, was fully and properly executed by the parties thereto, was
purchased by the Seller from such Sales Branch or such Dealer under an
existing agreement with the Sales Branches or the Dealers, as the case may
be, and was validly assigned by such Sales Branch or Dealer, as the case may
be, to the Seller in accordance with its terms, (B) has created a valid,
subsisting and enforceable first priority security interest in favor of the
Seller in the Financed Equipment, which security interest is assignable by
the Seller to the Purchaser, by the Purchaser to the Issuer and by the Issuer
to the Indenture Trustee, (C) contains customary and enforceable provisions
such that the rights and remedies of the holder thereof are adequate for
realization against the collateral of the benefits of the security and (D)
provides for fixed payments on a periodic basis, yields interest at a fixed
rate and is prepayable without premium or penalty at any time. The fixed
payments provided for are sufficient to amortize the Amount Financed by
maturity and yield interest at the Annual Percentage Rate.

         (ii)  Schedule of Receivables. The information set forth in Schedule A
to this Agreement is true and correct in all material respects as of the opening
of business on the Cut-off Date and no selection procedures believed to be
adverse to the Noteholders or the

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Certificateholder were utilized in selecting the Receivables. The computer tape
regarding the Receivables made available to the Purchaser and its assigns is
true and correct in all respects.

         (iii) Compliance with Law. Each Receivable and the sale of the Financed
Equipment complied at the time it was originated or made and at the execution of
this Agreement complies in all material respects with all requirements of
applicable Federal, state and local laws and regulations thereunder, including
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 Federal
Reserve Board's Regulations B and S and other equal credit opportunity and
disclosure laws.

         (iv)   Binding Obligations. Each Receivable represents the genuine,
legal, valid and binding payment obligation in writing of the Obligor,
enforceable by the holder thereof in accordance with its terms, subject to
bankruptcy, insolvency and other laws relating to the enforcement of creditors'
rights generally and to general principles of equity (regardless of whether
enforceability is considered in a proceeding in equity or at law). Such
enforceability has not been and is not adversely affected by whether or not the
Seller was or is qualified to do business in the state in which the Obligor was
or is located.

         (v)    Security Interest in Financed Equipment. Immediately prior to
the sale, assignment and transfer thereof, each Receivable shall be secured by a
validly perfected first security interest in the Financed Equipment in favor of
the Seller as secured party or all necessary and appropriate actions have been
commenced that would result in the valid perfection of a first security interest
in the Financed Equipment in favor of the Seller as secured party.

         (vi)   Receivables in Force. No Receivable has been satisfied,
subordinated or rescinded, nor has any Financed Equipment been released from the
lien granted by the related Receivable in whole or in part. No Receivable is
rescindable on the basis of whether or not the Seller is qualified to do
business in the state in which the Obligor is located.

         (vii)  No Waiver.  No provision of a Receivable has been waived.

         (viii) No Amendments. No Receivable has been amended such that the
amount of the Obligor's Scheduled Payments has been increased except for
increases resulting from the inclusion of any premium for forced-placed physical
damage insurance covering the Financed Equipment and for increases resulting
from the addition of finance charges for the deferral of Scheduled Payments.

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

         (x)    No Liens. No liens or claims have been filed for work, labor or
materials relating to any Financed Equipment that are liens prior to, or equal
or coordinate with, the security interest in the Financed Equipment granted by
the Receivable.

         (xi)   No Default. No Receivable has a payment that is more than 89
days overdue as of the Cut-off Date and, except as permitted in this paragraph,
no default, breach, violation or event permitting acceleration under the terms
of any Receivable has occurred and is

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continuing; and (except for payment defaults continuing for a period of not more
than 89 days) no continuing condition that with notice or the lapse of time
would constitute a default, breach, violation or event permitting acceleration
under the terms of any Receivable has arisen; and the Seller has not waived and
shall not waive any of the foregoing.

         (xii)   Insurance. The Seller, in accordance with its customary
procedures, has determined that the Obligor has obtained physical damage
insurance covering the Financed Equipment and under the terms of the Receivable
the Obligor is required to maintain such insurance.

         (xiii)  Title. It is the intention of the Seller that the transfer and
assignment herein contemplated constitute an absolute and irrevocable sale of
the Receivables from the Seller to the Purchaser and that the beneficial
interest in and title to the Receivables not be part of the debtor's estate in
the event of the filing of a bankruptcy petition by or against the Seller under
any bankruptcy law. Immediately prior to the transfer and assignment herein
contemplated, the Seller has good and marketable title to each Receivable free
and clear of all Liens, encumbrances, security interests and rights of others
and, immediately upon the transfer thereof, the Purchaser shall have good and
marketable title to each Receivable, free and clear of all Liens, encumbrances,
security interests and rights of others; and the transfer has been perfected
under the UCC.

         (xiv)   Lawful Assignment. No Receivable has been originated in, or is
subject to the laws of, any jurisdiction under which the sale, transfer and
assignment of such Receivable or any Receivable under this Agreement, the Sale
and Servicing Agreement or the Indenture is unlawful, void or voidable.

         (xv)    All Filings Made.  All filings (including UCC filings)
necessary in any jurisdiction to give the Purchaser a first perfected ownership
interest in the Receivables have been made.

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

         (xvii)  Maturity of Receivables. Each Receivable has a final scheduled
payment date due not later than September 22, 2007; the weighted average
remaining term of the Receivables is 39.54 months as of the Cut-off Date.

         (xviii) Location of Receivable Files.  The Receivable Files are kept at
1 East First Street, Suite 600, Reno, Nevada 89501.

         (xix)   Outstanding Principal Balance.  As of the Cut-off Date, each
Receivable has an outstanding principal balance of at least $500.

         (xx)    No Bankruptcies.  No Obligor on any Receivable as of the
Cut-off Date was noted in the related Receivable File as having filed for
bankruptcy.

         (xxi)   No Repossessions.  No Financed Equipment securing any
Receivable is in repossession status.

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         (xxii)  Tangible Chattel Paper.  Each Receivable constitutes "tangible
chattel paper" within the meaning of the UCC of the State of Nevada and the
State of Delaware.

         (xxiii) U.S.  Obligors.  None of the Receivables is due from any Person
 which does not have a mailing address in the United States of America.

         (xxiv)  Agreement.  The representations and warranties of the Seller in
 this Agreement are true.

         (xxv)   Payment Frequency. As of the Cut-off Date and as shown on the
books of the Seller and rounded to the nearest tenth, Receivables having an
aggregate balance equal to approximately 39.77% of the aggregate balance of all
Receivables had annual scheduled payments; as of the Cut-off Date and as shown
on the books of the Seller, Receivables having an aggregate balance equal to
approximately 2.05% of the aggregate balance of all Receivables had semi-annual
scheduled payments; as of the Cut-off Date and as shown on the books of the
Seller, Receivables having an aggregate balance equal to approximately 0.69% of
the aggregate balance of all Receivables had quarterly scheduled payments; as of
the Cut-off Date and as shown on the books of the Seller, Receivables having an
aggregate balance equal to approximately 55.21% of the aggregate balance of all
Receivables had monthly scheduled payments; and as of the Cut-off Date and as
shown on the books of the Seller, Receivables having an aggregate balance equal
to 2.28% of the aggregate balance of all Receivables had scheduled payments
which occur at various intervals other than intervals described above.

         (xxvi)  Interest Accruing.  Each Receivable is, as of the Cut-off Date,
 accruing interest.

         (xxvii) Certificate of Title. As of the Closing Date, the only states
which may require a certificate of title in order to perfect a security interest
in the Financed Equipment are Massachusetts and New Jersey, which respectively
constitute approximately 1.18% and 1.20% of the initial aggregate balance of all
Receivables.

         (xxviii) Concentrations. As of the Closing Date, no single obligor
represents more than 1.50% of the initial aggregate balance of all Receivables.

         (xxix)   Normal Course of Business.  The Receivables were acquired by
the Seller in accordance with its normal underwriting procedures.

                                   ARTICLE IV

                                   CONDITIONS

     SECTION 4.01 CONDITIONS TO THE 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

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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 shall deliver to
the Purchaser the Schedule of Receivables certified by the Chairman, the
President, a Vice President or the Treasurer of the Seller to be true, correct
and complete.

     (c) Documents to Be Delivered by the Seller at the Closing.

         (i)   The Assignment.  At the Closing, the Seller will execute and
deliver the Assignment. The Assignment shall be substantially in the form of
Exhibit A hereto.

         (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 as collateral, 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 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.

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                                   ARTICLE V

                             COVENANTS OF THE SELLER

     The Seller agrees with the Purchaser as follows; provided, however, that to
the extent that any provision of this Article conflicts with any provision of
the Sale and Servicing Agreement, the Sale and Servicing Agreement shall govern:

     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 Purchaser 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 to the Receivables and the other
property included in the Owner Trust Estate. The Seller shall deliver to the
Purchaser 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 purpose of this
paragraph.

     (b) Name Change. Within 15 days after the Seller makes any change in its
name, identity, jurisdiction of organization or corporate structure which 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.

     SECTION 5.02  OTHER LIENS OR INTERESTS. Except for the conveyances
hereunder and pursuant to the Sale and Servicing Agreement, the Indenture 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,
any interest in, to and 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, any
Sales Branch or any Dealer; 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  JURISDICTION OF INCORPORATION, CHIEF EXECUTIVE OFFICE, ETC.
During the term of the Receivables, the Seller will maintain its (a)
jurisdiction of incorporation in one of the states of the United States of
America and (b) and chief executive office in one of the states of the United
States of America, except in each case Louisiana or Vermont.

     SECTION 5.04  INDEMNIFICATION. The Seller shall indemnify the Purchaser for
any liability as a result of the failure of a Receivable to be originated in
compliance with all

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requirements of law and for any breach of any of its representations and
warranties contained herein, other than the representations and warranties
made pursuant to Section 3.02 (b) for which the sole remedy shall be provided
by Section 6.02; provided, however, that the remedy provided by Section 6.02
shall not apply to the representations and warranties contained in Section
3.02(b)(xxv); and provided further that the Seller shall indemnify the
Purchaser for any liability arising from a breach of Section 3.02(b)(iii).
These indemnity obligations shall be in addition to any obligation that the
Seller may otherwise have.

                                   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 and agrees
with the Purchaser for the benefit of the Purchaser, the Indenture Trustee, the
Noteholders, the Owner Trustee and the Certificateholder that as of the last day
of the second month following the discovery by or notice to the Seller of the
occurrence of a breach of any of the Seller's representations and warranties
contained in Section 3.02(b) (other than the representations and warranties
contained in subsections 3.02(b) and (xxv)) in respect of a Receivable shall
constitute an event obligating the Seller to repurchase such Receivable
("Repurchase Events"), at the Purchase Amount from the Purchaser or from the
Trust. The repurchase obligation of the Seller shall constitute the sole remedy
to the Purchaser, the Indenture Trustee, the Noteholders, the Owner Trustee or
the Certificateholder 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  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, assign such Receivables
and such rights to the Indenture Trustee 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 Certificateholder and the Noteholders. The Seller hereby consents to all
such sales and assignments.

     SECTION 6.05  AMENDMENT. This Agreement may be amended from time to time by
a written amendment duly executed and delivered by the Seller and the Purchaser,
without the consent of the Noteholders or the Certificateholder, 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 Certificateholder; provided, however, that such amendment will
not, in the Opinion of Counsel satisfactory to the Indenture Trustee,

                                      11
<Page>

materially and adversely affect the interest of any Noteholder or the
Certificateholder; provided further that 10 days' prior written notice of any
such amendment be given to each Rating Agency and, if a Rating Agency notifies
the Owner Trustee that such amendment will result in a downgrading or withdrawal
of the then current rating of the Class A Notes, such amendment shall become
effective with the consent of the Holders of Notes evidencing not less than a
majority of the Outstanding Amount of the Class A Notes. This Agreement may also
be amended by the Seller and the Purchaser, with prior written notice to the
Rating Agencies, with the consent of the holders of Notes evidencing at least a
majority in the Outstanding Amount of the Notes and the holder of the
Certificate 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 Noteholders or the Certificateholder; 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 the Certificateholder or (ii) reduce the aforesaid percentage of
the Notes which are required to consent to any such amendment or eliminate the
consent of the Certificateholder, without the consent of the holders of all the
outstanding Notes and the holder of the Certificate.

     SECTION 6.06  ACCOUNTANTS' LETTERS. (a) Deloitte & Touche LLP will review
the characteristics of the Receivables described in the Schedule of Receivables
set forth as a Schedule hereto and will compare those characteristics to the
information with respect to the Receivables contained in the Prospectus; (b) the
Seller will cooperate with the Purchaser and Deloitte & Touche LLP 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 Underwriting Agreement; and (c)
Deloitte & Touche LLP will deliver to the Purchaser a letter, dated the date of
the Prospectus, in the form previously agreed to by the Seller and the
Purchaser, with respect to the financial and statistical information contained
in the Prospectus 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 in
exercising any power, right or remedy under this Agreement or the Assignment
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, and shall be deemed to have been duly given upon
receipt (a) in the case of the Seller, to John Deere Capital Corporation, Suite
600, First Interstate Bank Building, 1 East First Street, Reno, Nevada 89501,
Attention: Manager, (775) 786-5527; (b) in the case of the Purchaser, to John
Deere Receivables, Inc., First Interstate Bank Building, 1 East First Street,
Reno, Nevada 89501, Attention: Manager, Asset Securitization, (775) 786-5914,
with a copy to Deere & Company, One John Deere Place, Moline, Illinois 61265,
Attention: Treasury Department, Director, Corporate Finance, (309) 765-5095; (c)
in the case of Moody's, to Moody's Investors Service, Inc., ABS Monitoring
Department, 99 Church Street, New York, New York 10007; and (d) in the case of
Standard & Poor's, to Standard & Poor's Ratings Services, a division of
McGraw-Hill Inc., 55 Water Street (40th Floor), New York, New York 10041,
Attention: Asset

                                      12
<Page>

Backed Surveillance Department; or as to each of the foregoing, at such other
address as shall be designated by written notice to the other parties.

     SECTION 6.09  COSTS AND EXPENSES. The Seller will pay all expenses incident
to the performance of its obligations under this Agreement and the Seller agrees
to pay 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.

     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 closing under Section 2.02.

     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 or under the
Indenture 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.

     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.

                                      13
<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.

                                      JOHN DEERE RECEIVABLES, INC.

                                      By:
                                         ---------------------------------------
                                         Assistant Secretary

                                      JOHN DEERE CAPITAL CORPORATION

                                      By:
                                         ---------------------------------------
                                         Secretary

                                      14
<Page>

                                                                       Exhibit A

                                   ASSIGNMENT

         For value received, in accordance with the Purchase Agreement, dated as
of November 1, 2001 (the "Purchase Agreement"), between the undersigned and John
Deere Receivables, Inc. (the "Purchaser"), the undersigned does hereby sell,
assign, transfer and otherwise convey unto the Purchaser, without recourse, all
right, title and interest of the undersigned in and to (i) the Receivables and
all monies received thereon on and after Cut-off Date; (ii) the security
interest of the Seller in the Financed Equipment granted by the Obligors
pursuant to the Receivables; (iii) the interest of the Seller in any proceeds
from claims on any physical damage, credit life or disability insurance policies
relating to the Financed Equipment or Obligors; and (iv) the proceeds of any and
all of the foregoing. 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 or any other person in connection with the
Receivables, Receivables 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
Purchase Agreement and is to be governed by the Purchase Agreement.

         Capitalized terms used herein and not otherwise defined shall have the
meaning assigned to them in the Purchase Agreement.

         IN WITNESS WHEREOF, the undersigned has caused this Assignment to be
duly executed as of November 8, 2001.

                                      JOHN DEERE CAPITAL CORPORATION

                                      By:
                                         ---------------------------------------
                                         Secretary

<Page>

                                                                      SCHEDULE A

                             Schedule of Receivables

                       (Delivered to the Trust at Closing)<Page>

                                                                     EXHIBIT 4.2
--------------------------------------------------------------------------------

                           JOHN DEERE OWNER TRUST 2001

                                 TRUST AGREEMENT

                                     between

                          JOHN DEERE RECEIVABLES, INC.

                                       and

                            BANKERS TRUST (DELAWARE)
                                  Owner Trustee

                          Dated as of November 1, 2001

--------------------------------------------------------------------------------
<Page>

                                Table of Contents

<Table>
<Caption>

                                                                                                        Page
                                    ARTICLE I
                                   DEFINITIONS

<S>          <C>                                                                                        <C>
SECTION 1.01 Capitalized Terms...........................................................................4
SECTION 1.02 Other Definitional Provisions...............................................................6

                                   ARTICLE II
                                  ORGANIZATION

SECTION 2.01 Name........................................................................................7
SECTION 2.02 Office......................................................................................7
SECTION 2.03 Purposes and Powers.........................................................................7
SECTION 2.04 Appointment of Owner Trustee................................................................8
SECTION 2.05 Initial Capital Contribution of Trust Estate................................................8
SECTION 2.06 Declaration of Trust........................................................................8
SECTION 2.07 Liability of the Owner......................................................................9
SECTION 2.08 Title to Trust Property.....................................................................9
SECTION 2.09 Situs of Trust..............................................................................9
SECTION 2.10 Representations and Warranties of the Depositor.............................................9

                                   ARTICLE III
                      CERTIFICATE AND TRANSFER OF INTERESTS

SECTION 3.01 Initial Ownership..........................................................................10
SECTION 3.02 The Certificate............................................................................10
SECTION 3.03 Authentication of the Certificate..........................................................10
SECTION 3.04 Exchange of the Certificate................................................................11
SECTION 3.05 Mutilated, Destroyed, Lost or Stolen Certificate...........................................11
SECTION 3.06 Persons Deemed Owners......................................................................11
SECTION 3.07 Access to Certificateholder's Name and Address.............................................12
SECTION 3.08 Maintenance of Office or Agency............................................................12
SECTION 3.09 Appointment of Paying Agent................................................................12
SECTION 3.10 Depositor as Certificateholder.............................................................13

                                   ARTICLE IV
                            ACTIONS BY OWNER TRUSTEE

SECTION 4.01 Prior Notice to Owner with Respect to Certain Matters......................................13
SECTION 4.02 Action by the Owner with Respect to Certain Matters........................................13
SECTION 4.03 Action by the Owner with Respect to Bankruptcy.............................................14
SECTION 4.04 Restrictions on the Owner's Power..........................................................14

                                       i
<Page>

                                    ARTICLE V
                   APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

SECTION 5.01 Establishment of Trust Account.............................................................14
SECTION 5.02 Application of Trust Funds.................................................................14
SECTION 5.03 Method of Payment..........................................................................15
SECTION 5.04 No Segregation of Monies; No Interest......................................................15
SECTION 5.05 Accounting and Reports to, the Owner, the Internal Revenue Service and Others..............15

                                   ARTICLE VI
                      AUTHORITY AND DUTIES OF OWNER TRUSTEE

SECTION 6.01 General Authority..........................................................................15
SECTION 6.02 General Duties.............................................................................16
SECTION 6.03 Action upon Instruction....................................................................16
SECTION 6.04 No Duties Except as Specified in This Agreement or in Instructions.........................17
SECTION 6.05 No Action Except Under Specified Documents or Instructions.................................17
SECTION 6.06 Restrictions...............................................................................17

                                   ARTICLE VII
                          CONCERNING THE OWNER TRUSTEE

SECTION 7.01 Acceptance of Trusts and Duties............................................................17
SECTION 7.02 Furnishing of Documents....................................................................19
SECTION 7.03 Representations and Warranties.............................................................19
SECTION 7.04 Reliance; Advice of Counsel................................................................19
SECTION 7.05 Not Acting in Individual Capacity..........................................................20
SECTION 7.06 Owner Trustee Not Liable for Certificate or Receivables....................................20
SECTION 7.07 Owner Trustee May Own Notes................................................................20

                                  ARTICLE VIII
                          COMPENSATION OF OWNER TRUSTEE

SECTION 8.01 Owner Trustee's Fees and Expenses..........................................................20
SECTION 8.02 Indemnification............................................................................21
SECTION 8.03 Payments to the Owner Trustee..............................................................21

                                   ARTICLE IX
                         TERMINATION OF TRUST AGREEMENT

SECTION 9.01 Termination of Trust Agreement.............................................................21
SECTION 9.02 Dissolution upon Bankruptcy of the Depositor...............................................22

                                    ARTICLE X
             SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

SECTION 10.01 Eligibility Requirements for Owner Trustee................................................23

                                      ii
<Page>

SECTION 10.02 Resignation or Removal of Owner Trustee...................................................23
SECTION 10.03 Successor Owner Trustee...................................................................24
SECTION 10.04 Merger or Consolidation of Owner Trustee..................................................24
SECTION 10.05 Appointment of Co-Trustee or Separate Trustee.............................................24

                                   ARTICLE XI
                                  MISCELLANEOUS

SECTION 11.01 Supplements and Amendments................................................................25
SECTION 11.02 No Legal Title to Owner Trust Estate in the Owner.........................................26
SECTION 11.03 Limitations on Rights of Others...........................................................27
SECTION 11.04 Notices ..................................................................................27
SECTION 11.05 Severability..............................................................................27
SECTION 11.06 Separate Counterparts.....................................................................27
SECTION 11.07 Successors and Assigns....................................................................27
SECTION 11.08 Covenant of the Depositor.................................................................28
SECTION 11.09 No Petition...............................................................................28
SECTION 11.10 No Recourse...............................................................................28
SECTION 11.11 Headings..................................................................................28
SECTION 11.12 GOVERNING LAW.............................................................................28
SECTION 11.13 Depositor Payment Obligation..............................................................28
SECTION 11.14 Administrator.............................................................................29
SECTION 11.15 Non-transferability of the Certificates(s)................................................29
EXHIBIT A      Asset Backed Certificate................................................................A-1
EXHIBIT B      Certificate of Trust of John Deere Owner Trust 2001.....................................B-1
</Table>

                                    iii
<Page>

                  TRUST AGREEMENT, dated as of November 1, 2001, between John
Deere Receivables, Inc., a Nevada corporation, as Depositor, and Bankers Trust
(Delaware), a Delaware banking corporation, as Owner Trustee.

                                   ARTICLE I

                                   Definitions

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

                  "Administration Agreement" means the Administration Agreement
dated as of November 1, 2001, among the Administrator, the Trust and the
Indenture Trustee, as the same may be amended, modified or supplemented from
time to time.

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

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

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

                  "Benefit Plan" shall have the meaning assigned to such term in
Section 11.13.

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

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

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

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

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

                  "Certificateholder" shall mean the Depositor.

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

                                       4
<Page>

                  "Corporate Trust Office" shall mean, with respect to the Owner
Trustee, the principal corporate trust office of the Owner Trustee located at
E.A. Delle Donne Corporate Center, Montgomery Building, 1011 Centre Road, Suite
200, Wilmington, Delaware 19805, with a copy to Bankers Trust Company, Four
Albany Street, 10th Floor, New York, New York 10006, Attention: Corporate Trust
& Agency Group; or at such other address as the Owner Trustee may designate by
notice to the Owners and the Depositor, or the principal corporate trust office
of any successor Owner Trustee (the address of which the successor owner trustee
will notify the Owners and the Depositor).

                  "CSFB" shall have the meaning assigned to such term in
Section 2.03(i).

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

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

                  "Deutsche" shall have the meaning assigned to such term in
Section 2.03(i).

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

                  "Indenture" shall mean the Indenture, dated as of November 1,
2001, between the Trust and the Indenture Trustee, as the same may be amended
and supplemented from time to time.

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

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

                  "Merrill" shall have the meaning assigned to such term in
Section 2.03(i).

                  "Morgan" shall have the meaning assigned to such term in
section 2.03(i).

                  "Owner" shall mean the Certificateholder.

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

                  "Owner Trustee" shall mean Bankers Trust (Delaware), a
Delaware banking corporation, not in its individual capacity but solely as owner
trustee under this Agreement, and any successor Owner Trustee hereunder.

                                       5
<Page>

                  "Paying Agent" shall mean any paying agent or co-paying agent
appointed pursuant to Section 3.09 and shall initially be Bankers Trust Company.

                  "Purchase Agreement" shall mean the Purchase Agreement, dated
November 1, 2001, between JDCC and the Depositor, as the same may be amended,
modified or supplemented from time to time.

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

                  "Sale and Servicing Agreement" shall mean the Sale and
Servicing Agreement among the Trust, the Depositor, as seller, and JDCC, as
servicer, dated as of November 1, 2001, as the same may be amended, modified or
supplemented from time to time.

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

                  "SSB" shall have the meaning assigned to such term in Section
2.03(i).

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

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

                  "Underwriters" shall have the meaning assigned to such term in
Section 2.03(i).

                  SECTION 1.02 OTHER DEFINITIONAL PROVISIONS.

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

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

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

                                       6
<Page>

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

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

                                   ARTICLE II

                                  Organization

                  SECTION 2.01 NAME. The Trust created hereby shall be known as
"John Deere Owner Trust 2001" in which name the Owner Trustee may conduct the
business of the Trust, make and execute contracts and other instruments on
behalf of the Trust and sue and be sued.

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

                  SECTION 2.03 PURPOSES AND POWERS. The purpose of the Trust is
to engage in the following activities:

                  (i)   to issue the Notes pursuant to the Indenture to sell
               $896,640,000 aggregate principal amount of the Class A Notes to
               Deutsche Banc Alex. Brown Inc. ("Deutsche"), Credit Suisse First
               Boston ("CSFB"), J.P. Morgan Securities Inc. ("Morgan"), Merrill
               Lynch, Pierce, Fenner & Smith Incorporated ("Merrill") and
               Salomon Smith Barney Inc. ("SSB" and, together with Deutsche,
               CSFB, Morgan and Merrill, the "Underwriters") upon the written
               order of the Depositor, and pursuant to this Agreement a
               Certificate with a $34,935,802.21 aggregate principal amount to
               the Depositor upon the written order of the Depositor;

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

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

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

                                       7
<Page>

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

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

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

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

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

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

                  SECTION 2.06 DECLARATION OF TRUST.

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

                                       8
<Page>

                  (b) The Depositor shall make an election on Internal Revenue
Service Form 8832, Entity Classification Election, for the Trust to be
disregarded as a separate entity from the Owner.

                  SECTION 2.07 LIABILITY OF THE OWNER.

                  (a)  The Depositor shall be liable directly to and will
indemnify the injured party for all losses, claims, damages, liabilities and
expenses of the Trust (including Expenses, to the extent not paid out of the
Owner Trust Estate) to the extent that the Depositor would be liable if the
Trust were a partnership under the Delaware Revised Uniform Limited Partnership
Act in which the Depositor were a general partner; provided, however, that the
Depositor shall not be liable for any losses incurred by a Certificateholder in
the capacity of an investor in the Certificate or a Noteholder in the capacity
of an investor in the Notes. In addition, any third party creditors of the Trust
(other than in connection with the obligations described in the preceding
proviso for which the Depositor shall not be liable) shall be deemed third party
beneficiaries of this paragraph. The obligations of the Depositor under this
paragraph shall be evidenced by the Certificate described in Section 3.10.

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

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

                  SECTION 2.09 SITUS OF TRUST. The Trust will be located in the
State of Delaware. All bank accounts maintained by the Owner Trustee on behalf
of the Trust shall be located in the State of Delaware or the State of New York.
The Trust shall not have any employees in any state other than Delaware;
provided, however, that nothing herein shall restrict or prohibit the Owner
Trustee from having employees within or without the State of Delaware. Payments
will be received by the Trust only in Delaware or New York, and payments will be
made by the Trust only from Delaware or New York. The only office of the Trust
will be at the Corporate Trust Office in Delaware.

                  SECTION 2.10 REPRESENTATIONS AND WARRANTIES OF THE DEPOSITOR.
The Depositor hereby represents and warrants to the Owner Trustee that:

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

                  (ii)  the Depositor is duly qualified to do business as a
               foreign corporation in good standing, and has obtained all
               necessary licenses and approvals in all jurisdictions in which
               the failure to so qualify or to obtain such license or approval
               would render any

                                       9
<Page>

               Receivable unenforceable that would otherwise be enforceable by
               the Depositor, the Sub-Servicer or the Owner Trustee;

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

                  (iv)  the consummation of the transactions contemplated by
               this Agreement and the fulfillment of the terms hereof do not
               conflict with, result in any breach of any of the terms and
               provisions of, or constitute (with or without notice or lapse of
               time) a default under, the certificate of incorporation or
               by-laws of the Depositor, or any indenture, agreement or other
               instrument to which the Depositor is a party or by which it is
               bound; nor result in the creation or imposition of any Lien upon
               any of its properties pursuant to the terms of any such
               indenture, agreement or other instrument (other than pursuant to
               the Basic Documents); nor violate any law or, to the best of the
               Depositor's knowledge, any order, rule or regulation applicable
               to the Depositor of any court or of any Federal or state
               regulatory body, administrative agency or other governmental
               instrumentality having jurisdiction over the Depositor or its
               properties.

                                  ARTICLE III

                      Certificate and Transfer of Interests

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

                  SECTION 3.02 THE CERTIFICATE. The Certificate shall be issued
in denominations of $100,000 and integral multiples of $1,000 in excess thereof;
provided, however, that one Certificate may be issued in a denomination that
includes any remaining portion of the initial Certificate Balance of the
Certificate. The Certificate shall be executed on behalf of the Trust by manual
or facsimile signature of a Trust Officer of the Owner Trustee. The Certificate
bearing the manual or facsimile signatures of individuals who were, at the time
when such signatures shall have been affixed, authorized to sign on behalf of
the Trust, shall, when authenticated pursuant to Section 3.03, be validly issued
and entitled to the benefits of this Agreement, notwithstanding that such
individuals or any of them shall have ceased to be so authorized prior to the
authentication and delivery of the Certificate or did not hold such offices at
the date of authentication and delivery of the Certificate.

                  SECTION 3.03 AUTHENTICATION OF THE CERTIFICATE. Concurrently
with the initial sale of the Receivables to the Trust pursuant to the Sale and
Servicing Agreement, the Owner Trustee shall cause the Certificate in an
aggregate principal amount equal to the initial Certificate

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<Page>

Balance to be executed on behalf of the Trust, authenticated and delivered to
the Depositor. The Certificate shall not entitle its holder to any benefit under
this Agreement, or shall be valid for any purpose, unless there shall appear on
such Certificate a certificate of authentication substantially in the form set
forth in Exhibit A, executed by the Owner Trustee or the Owner Trustee's
authentication agent, by manual signature; such authentication shall constitute
conclusive evidence that such Certificate shall have been duly authenticated and
delivered hereunder. The Certificate shall be dated the date of its
authentication.

                  SECTION 3.04 EXCHANGE OF THE CERTIFICATE. The Certificate
Registrar shall keep or cause to be kept, at the office or agency maintained
pursuant to Section 3.08, a Certificate Register in which, subject to such
reasonable regulations as it may prescribe, the Owner Trustee shall provide for
the registration of the Certificate and of exchanges of the Certificate as
herein provided. Bankers Trust Company shall be the initial Certificate
Registrar.

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

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

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

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

                  SECTION 3.06 PERSONS DEEMED OWNERS. The Owner Trustee or the
Certificate Registrar or any Paying Agent may treat the Person in whose name any
Certificate shall be

                                      11
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registered in the Certificate Register as the owner of such Certificate for the
purpose of receiving distributions pursuant to Section 5.02 and for all other
purposes whatsoever, and none of the Owner Trustee, the Certificate Registrar or
any Paying Agent shall be bound by any notice to the contrary.

                  SECTION 3.07 ACCESS TO CERTIFICATEHOLDER'S NAME AND ADDRESS.
The Owner Trustee shall furnish or cause to be furnished to the Servicer and the
Depositor, within 15 days after receipt by the Owner Trustee of a request
therefor from the Servicer or the Depositor in writing the name and address of
the Certificateholder as of the most recent Record Date.

                  SECTION 3.08 MAINTENANCE OF OFFICE OR AGENCY. The Owner
Trustee shall maintain in the Borough of Manhattan, The City of New York, an
office or offices or agency or agencies where the Certificate may be surrendered
for registration of exchange and where notices and demands to or upon the Owner
Trustee in respect of the Certificate and the Basic Documents may be served. The
Owner Trustee initially designates Bankers Trust Company, 4 Albany Street, 10th
Floor, New York, New York 10006, Attention: Corporate Trust & Agency Group, as
its principal corporate trust office for such purposes. The Owner Trustee shall
give prompt written notice to the Depositor and to the Certificateholder of any
change in the location of the Certificate Register or any such office or agency.

                  SECTION 3.09 APPOINTMENT OF PAYING AGENT. The Paying Agent
shall make distributions to the Certificateholder from the Certificate
Distribution Account pursuant to Section 5.02 and shall report the amounts of
such distributions to the Owner Trustee. Any Paying Agent shall have the
revocable power to withdraw funds from the Certificate Distribution Account for
the purpose of making the distributions referred to above. The Owner Trustee may
revoke such power and remove the Paying Agent if the Owner Trustee determines in
its sole discretion that the Paying Agent shall have failed to perform its
obligations under this Agreement in any material respect. The Paying Agent shall
initially be Bankers Trust Company, and any co-paying agent chosen by Bankers
Trust Company, and acceptable to the Owner Trustee. Bankers Trust Company shall
be permitted to resign as Paying Agent upon 30 days' written notice to the Owner
Trustee and the Depositor. In the event that Bankers Trust Company shall no
longer be the Paying Agent, the Owner Trustee shall appoint a successor to act
as Paying Agent (which shall be a bank or trust company). The Owner Trustee
shall cause such successor Paying Agent or any additional Paying Agent appointed
by the Owner Trustee to execute and deliver to the Owner Trustee an instrument
in which such successor Paying Agent or additional Paying Agent shall agree with
the Owner Trustee that as Paying Agent, such successor Paying Agent or
additional Paying Agent will hold all sums, if any, held by it for payment to
the Certificateholder in trust for the benefit of the Certificateholder until
such sums shall be paid to the Certificateholder. The Paying Agent shall return
all unclaimed funds to the Owner Trustee and upon removal of a Paying Agent such
Paying Agent shall also return all funds in its possession to the Owner Trustee.
The provisions of Sections 7.01, 7.03, 7.04 and 8.01 shall apply to the Owner
Trustee also in its role as Paying Agent, for so long as the Owner Trustee shall
act as Paying Agent, and to the extent applicable, to any other paying agent
appointed hereunder. Any reference in this Agreement to the Paying Agent shall
include any co-paying agent unless the context requires otherwise.

                                      12
<Page>

                  SECTION 3.10 DEPOSITOR AS CERTIFICATEHOLDER. On the Closing
Date, the Depositor shall acquire the Certificate representing 100% of the
initial Certificate Balance and, thereafter, shall retain beneficial and record
ownership of the Certificate representing 100% of the Certificate Balance. Any
attempted transfer of any Certificate that would reduce such interest of the
Depositor below 100% of the Certificate Balance shall be void. The Owner Trustee
shall cause any Certificate issued to the Depositor to contain a legend stating
"THIS CERTIFICATE IS NOT TRANSFERABLE".

                                   ARTICLE IV

                            Actions by Owner Trustee

                  SECTION 4.01 PRIOR NOTICE TO OWNER WITH RESPECT TO CERTAIN
MATTERS. With respect to the following matters, the Owner Trustee shall not take
action unless at least 30 days before the taking of such action, the Owner
Trustee shall have notified the Certificateholder in writing of the proposed
action and the Owner shall not have notified the Owner Trustee in writing prior
to the 30th day after such notice is given that the Owner has withheld consent
or provided alternative direction:

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

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

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

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

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

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

                  SECTION 4.02 ACTION BY THE OWNER WITH RESPECT TO CERTAIN
MATTERS. The Owner Trustee shall not have the power, except upon the written
direction of the Owner and the Holders of not less than a majority of the
Outstanding Amount of the Notes, to (a) remove the Administrator under the
Administration Agreement pursuant to Section 8 thereof, (b) appoint a successor
Administrator pursuant to Section 8 of the Administration Agreement, (c) remove
the

                                      13
<Page>

Servicer under the Sale and Servicing Agreement pursuant to Section 8.01 thereof
or (d) except as expressly provided in the Basic Documents, sell the Receivables
after the termination of the Indenture. The Owner Trustee shall take the actions
referred to in the preceding sentence only upon written instructions signed by
the Owner.

                  SECTION 4.03 ACTION BY THE OWNER WITH RESPECT TO BANKRUPTCY.
The Owner Trustee shall not have the power to commence a voluntary proceeding in
bankruptcy relating to the Trust without the prior written approval of the Owner
and the Holders of not less than a majority of the Outstanding Amount of the
Notes and the delivery to the Owner Trustee by the Owner of a certificate
certifying that the Owner reasonably believes that the Trust is insolvent.

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

                                   ARTICLE V

                   Application of Trust Funds; Certain Duties

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

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

                  SECTION 5.02 APPLICATION OF TRUST FUNDS.

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

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

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<Page>

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

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

                  SECTION 5.05 ACCOUNTING AND REPORTS TO, THE OWNER, THE
INTERNAL REVENUE SERVICE AND OTHERS. The Owner Trustee shall (a) maintain (or
cause to be maintained) the books of the Trust on a fiscal year basis ending
October 31 (or such other period as may be required by applicable law), with the
first year being a short year ending October 31, 2002, and on the accrual method
of accounting, (b) deliver to the Owner, as may be required by the Code and
applicable Treasury Regulations, such information as may be required to enable
the Owner to prepare its federal and state income tax returns, (c) file such tax
returns relating to the Trust as directed by the Owner and make such elections
as directed by the Owner as may from time to time be required or appropriate
under any applicable state or federal statute or rule or regulation thereunder
so as to maintain the Trust's characterization as disregarded as a separate
entity from the Owner for U.S. federal income tax purposes, and (d) in the event
that during its term the Trust has more than one member as determined for such
purposes, deliver to each member and file such returns as directed by the Owner
to treat the Trust as a partnership.

                                   ARTICLE VI

                      Authority and Duties of Owner Trustee

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

                                      15
<Page>

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

                  SECTION 6.03 ACTION UPON INSTRUCTION.

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

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

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

                  (d) In the event that the Owner Trustee is unsure as to the
application of any provision of this Agreement or any Basic Document or any such
provision is ambiguous as to its application, or is, or appears to be, in
conflict with any other applicable provision, or in the event that this
Agreement permits any determination by the Owner Trustee or is silent or is
incomplete as to the course of action that the Owner Trustee is required to take
with respect to a particular set of facts, the Owner Trustee may give notice (in
such form as shall be appropriate under the circumstances) to the Owner
requesting instruction and, to the extent that the Owner Trustee acts or
refrains from acting in good faith in accordance with any such instruction
received, the Owner Trustee shall not be liable, on account of such action or
inaction, to any Person. If the Owner Trustee shall not have received
appropriate instruction within 10 days of such notice (or within such shorter
period of time as reasonably may be specified in such notice or may be necessary

                                      16
<Page>

under the circumstances) it may, but shall be under no duty to, take or refrain
from taking such action, not inconsistent with this Agreement or the Basic
Documents, as it shall deem to be in the best interests of the Owner, and shall
have no liability to any Person for such action or inaction.

                  SECTION 6.04 NO DUTIES EXCEPT AS SPECIFIED IN THIS AGREEMENT
OR IN INSTRUCTIONS. The Owner Trustee shall not have any duty or obligation to
manage, make any payment with respect to, register, record, sell, dispose of, or
otherwise deal with the Owner Trust Estate, or to otherwise take or refrain from
taking any action under, or in connection with, any document contemplated hereby
to which the Owner Trustee is a party, except as expressly provided by the terms
of this Agreement or in any document or written instruction received by the
Owner Trustee pursuant to Section 6.03; and no implied duties or obligations
shall be read into this Agreement or any Basic Document against the Owner
Trustee. The Owner Trustee shall have no responsibility for filing any financing
or continuation statement in any public office at any time or to otherwise
perfect or maintain the perfection of any security interest or lien granted to
it hereunder or to prepare or file any Securities and Exchange Commission filing
for the Trust or to record this Agreement or any Basic Document. The Owner
Trustee nevertheless agrees that it will, at its own cost and expense, promptly
take all action as may be necessary to discharge any liens on any part of the
Owner Trust Estate that result from actions by, or claims against, the Owner
Trustee that are not related to the ownership or the administration of the Owner
Trust Estate.

                  SECTION 6.05 NO ACTION EXCEPT UNDER SPECIFIED DOCUMENTS OR
INSTRUCTIONS. The Owner Trustee shall not manage, control, use, sell, dispose of
or otherwise deal with any part of the Owner Trust Estate except (a) in
accordance with the powers granted to and the authority conferred upon the Owner
Trustee pursuant to this Agreement, (b) in accordance with the Basic Documents
and (c) in accordance with any document or instruction delivered to the Owner
Trustee pursuant to Section 6.03.

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

                                   ARTICLE VII

                          Concerning the Owner Trustee

                  SECTION 7.01 ACCEPTANCE OF TRUSTS AND DUTIES. The Owner
Trustee accepts the trusts hereby created and agrees to perform its duties
hereunder with respect to such trusts but only upon the terms of this Agreement.
The Owner Trustee also agrees to disburse all moneys actually received by it
constituting part of the Owner Trust Estate upon the terms of the Basic
Documents and this Agreement. The Owner Trustee shall not be answerable or
accountable hereunder or under any Basic Document under any circumstances,
except for (i) its own willful misconduct or negligence or (ii) the inaccuracy
of any representation or warranty contained in

                                      17
<Page>

Section 7.03 expressly made by the Owner Trustee. In particular, but not by way
of limitation (and subject to the exceptions set forth in the preceding
sentence):

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

                  (ii)  the Owner Trustee shall not be liable with respect to
               any action taken or omitted to be taken by it in accordance with
               the instructions of the Administrator, the Depositor, the
               Indenture Trustee or any Owner;

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

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

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

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

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

                                      18
<Page>

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

                  SECTION 7.03 REPRESENTATIONS AND WARRANTIES. The Owner Trustee
hereby represents and warrants to the Depositor, for the benefit of the Owner,
that:

                  (i)  it is a banking corporation duly organized and validly
               existing in good standing under the laws of the State of
               Delaware. It has all requisite corporate power and authority to
               execute, deliver and perform its obligations under this Agreement

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

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

                  SECTION 7.04 RELIANCE; ADVICE OF COUNSEL.

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

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

                                      19
<Page>

                  SECTION 7.05 NOT ACTING IN INDIVIDUAL CAPACITY. Except as
provided in this Article VII, in accepting the trusts hereby created Bankers
Trust (Delaware) acts solely as owner Trustee hereunder and not in its
individual capacity and all Persons having any claim against the Owner Trustee
by reason of the transactions contemplated by this Agreement or any Basic
Document shall look only to the Owner Trust Estate for payment or satisfaction
thereof.

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

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

                                  ARTICLE VIII

                          Compensation of Owner Trustee

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

                                      20
<Page>

                  SECTION 8.02 INDEMNIFICATION. The Depositor shall be liable as
primary obligor for, and shall indemnify the Owner Trustee and its successors,
assigns, agents and servants (collectively, the "Indemnified Parties") from and
against, any and all liabilities, obligations, losses, damages, taxes, claims,
actions and suits, and any and all reasonable costs, expenses and disbursements
(including reasonable legal fees and expenses) of any kind and nature whatsoever
(collectively, "Expenses") which may at any time be imposed on, incurred by, or
asserted against the Owner Trustee or any Indemnified Party in any way relating
to or arising out of this Agreement, the Basic Documents, the Owner Trust
Estate, the administration of the Owner Trust Estate or the action or inaction
of the Owner Trustee hereunder, except only that the Depositor shall not be
liable for or required to indemnify the Owner Trustee from and against Expenses
arising or resulting from any of the matters described in the third sentence of
Section 7.01. The indemnities contained in this Section shall survive the
resignation or termination of the Owner Trustee or the termination of this
Agreement. In any event of any claim, action or proceeding for which indemnity
will be sought pursuant to this Section, the Owner Trustee's choice of legal
counsel shall be subject to the approval of the Depositor, which approval shall
not be unreasonably withheld.

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

                                   ARTICLE IX

                         Termination of Trust Agreement

                  SECTION 9.01 TERMINATION OF TRUST AGREEMENT.

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

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

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

                                      21
<Page>

and surrender of the Certificate at the office of the Paying Agent therein
specified. The Owner Trustee shall give such notice to the Certificate Registrar
(if other than the Owner Trustee) and the Paying Agent at the time such notice
is given to the Certificateholder. Upon presentation and surrender of the
Certificate, the Paying Agent shall cause to be distributed to the
Certificateholder amounts distributable on such Payment Date pursuant to
Section 5.02.

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

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

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

                                      22
<Page>

                                   ARTICLE X

             Successor Owner Trustees and Additional Owner Trustees

                  SECTION 10.01 ELIGIBILITY REQUIREMENTS FOR OWNER TRUSTEE. The
Owner Trustee shall at all times be a corporation satisfying the provisions of
Section 3807 (a) of the Business Trust Statute; authorized to exercise corporate
trust powers; and having a combined capital and surplus of at least $50,000,000
and subject to supervision or examination by Federal or state authorities. If
such corporation shall publish reports of condition at least annually, pursuant
to law or to the requirements of the aforesaid supervising or examining
authority, then for the purpose of this Section, the combined capital and
surplus of such corporation shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. In
case at any time the Owner Trustee shall cease to be eligible in accordance with
the provisions of this Section, the Owner Trustee shall resign immediately in
the manner and with the effect specified in Section 10.02.

                  SECTION 10.02 RESIGNATION OR REMOVAL OF OWNER TRUSTEE. The
Owner Trustee may at any time resign and be discharged from the trusts hereby
created by giving written notice thereof to the Administrator; provided,
however, that such resignation and discharge shall only be effective upon the
appointment of a successor Owner Trustee. Upon receiving such notice of
resignation, the Administrator shall promptly appoint a successor Owner Trustee
by written instrument, in duplicate, one copy of which instrument shall be
delivered to the resigning Owner Trustee and one copy to the successor Owner
Trustee. If no successor Owner Trustee shall have been so appointed and have
accepted appointment within 30 days after the giving of such notice of
resignation, the resigning Owner Trustee may petition any court of competent
jurisdiction for the appointment of a successor Owner Trustee.

                  If at any time the Owner Trustee shall cease to be eligible in
accordance with the provisions of Section 10.01 and shall fail to resign after
written request therefor by the Administrator, or if at any time the Owner
Trustee shall be legally unable to act, or shall be adjudged bankrupt or
insolvent, or a receiver of the Owner Trustee or of its property shall be
appointed, or any public officer shall take charge or control of the Owner
Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation, then the Administrator may remove the Owner
Trustee. If the Administrator shall remove the Owner Trustee under the authority
of the immediately preceding sentence, the Administrator shall promptly appoint
a successor Owner Trustee by written instrument, in duplicate, one copy of which
instrument shall be delivered to the outgoing Owner Trustee so removed and one
copy to the successor Owner Trustee and payment of all fees owed to the outgoing
Owner Trustee.

                  Any resignation or removal of the Owner Trustee and
appointment of a successor Owner Trustee pursuant to any of the provisions of
this Section shall not become effective until acceptance of appointment by the
successor Owner Trustee pursuant to Section 10.03 and payment of all fees and
expenses owed to the outgoing Owner Trustee. The Administrator shall provide
notice of such resignation or removal of the Owner Trustee to each of the Rating
Agencies.

                                      23
<Page>

                  SECTION 10.03 SUCCESSOR OWNER TRUSTEE. Any successor Owner
Trustee appointed pursuant to Section 10.02 shall execute, acknowledge and
deliver to the Administrator and to its predecessor Owner Trustee an instrument
accepting such appointment under this Agreement, and thereupon the resignation
or removal of the predecessor Owner Trustee shall become effective and such
successor Owner Trustee, without any further act, deed or conveyance, shall
become fully vested with all the rights, powers, duties, and obligations of its
predecessor under this Agreement, with like effect as if originally named as
Owner Trustee. The predecessor Owner Trustee shall upon payment of its fees and
expenses deliver to the successor Owner Trustee all documents and statements and
monies held by it under this Agreement: and the Administrator and the
predecessor Owner Trustee shall execute and deliver such instruments and do such
other things as may reasonably be required for fully and certainly vesting and
confirming in the successor Owner Trustee all such rights, powers, duties, and
obligations.

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

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

                  SECTION 10.04 MERGER OR CONSOLIDATION OF OWNER TRUSTEE. Any
corporation into which the Owner Trustee may be merged or converted or with
which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Owner Trustee shall be a party, or any
corporation succeeding to all or substantially all of the corporate trust
business of the Owner Trustee, shall be the successor of the Owner Trustee
hereunder, provided that such corporation shall be eligible pursuant to Section
10.01, without the execution or filing of any instrument or any further act on
the part of any of the parties hereto; anything herein to the contrary
notwithstanding; provided further that the Owner Trustee shall mail notice of
such merger or consolidation to the Rating Agencies.

                  SECTION 10.05 APPOINTMENT OF CO-TRUSTEE OR SEPARATE TRUSTEE.
Notwithstanding any other provisions of this Agreement, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any part
of the Owner Trust Estate or any Financed Equipment may at the time be located,
the Administrator and the Owner Trustee acting jointly shall have the power and
shall execute and deliver all instruments to appoint one or more Persons
approved by the Owner Trustee to act as co-trustee, jointly with the Owner
Trustee, or separate trustee or separate trustees, of all or any part of the
Owner Trust Estate, and to vest in such Person, in such capacity, such title to
the Trust, or any part thereof, and, subject to the other provisions of this
Section, such powers, duties, obligations, rights and trusts as the
Administrator and the Owner Trustee may consider necessary or desirable. If the
Administrator shall not have joined in such appointment within 15 days after the
receipt by it of a request so to do, the Owner Trustee alone shall have the
power to make such appointment. No co-trustee or separate trustee under this
Agreement shall be required to meet the terms of eligibility as a successor
trustee

                                      24
<Page>

pursuant to Section 10.01 and no notice of the appointment of any co-trustee or
separate trustee shall be required pursuant to Section 10.03.

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

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

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

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

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

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

                                   ARTICLE XI

                                  Miscellaneous

                  SECTION 11.01 SUPPLEMENTS AND AMENDMENTS. This Agreement may
be amended by the Depositor and the Owner Trustee, with prior written notice to
the Rating

                                      25
<Page>

Agencies, without the consent of any of the Noteholders or the
Certificateholder, to cure any ambiguity, to correct or supplement any
provisions in this Agreement or for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions in this Agreement or
of modifying in any manner the rights of the Noteholders or the
Certificateholder: provided, however, that such action shall not, as evidenced
by an Opinion of Counsel, adversely affect in any material respect the interests
of any Noteholder or the Certificateholder.

                  This Agreement may also be amended from time to time by the
Depositor and the Owner Trustee, with prior written notice to the Rating
Agencies, with the consent of the Holders of Notes evidencing not less than a
majority of the Outstanding Amount of the Notes and the consent of the
Certificateholder (which consents will not be unreasonably withheld) for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of this Agreement or of modifying in any manner the rights of
the Noteholders or the Certificateholder; provided, however, that no such
amendment shall (a) increase or reduce in any manner the amount of, or
accelerate or delay the timing of, collections of payments on Receivables or
distributions that shall be required to be made for the benefit of the
Noteholders or the Certificateholder or (b) reduce the aforesaid percentage of
the Outstanding Amount of the Notes required to consent to any such amendment or
eliminate the consent of the Certificateholder to any such amendment, without
the consent of the holders of all the outstanding Notes and the Certificate.

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

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

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

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

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

                                      26
<Page>

title, and interest of the Owner to and in its ownership interest in the Owner
Trust Estate shall operate to terminate this Agreement or the trusts hereunder
or entitle any transferee to an accounting or to the transfer to it of legal
title to any part of the Owner Trust Estate.

                  SECTION 11.03 LIMITATIONS ON RIGHTS OF OTHERS. Except for
Section 2.07, the provisions of this Agreement are solely for the benefit of the
Owner Trustee, the Depositor, the Owner, the Administrator and, to the extent
expressly provided herein, the Indenture Trustee and the Noteholders and nothing
in this Agreement, whether express or implied, shall be construed to give to any
other Person any legal or equitable right, remedy or claim in the Owner Trust
Estate or under or in respect of this Agreement or any covenants, conditions or
provisions contained herein.

                  SECTION 11.04 NOTICES.

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

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

                  SECTION 11.05 SEVERABILITY. Any provision of this Agreement
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 11.06 SEPARATE COUNTERPARTS. This Agreement may be
executed by the parties hereto in separate counterparts, each of which when so
executed and delivered shall be an original, but all such counterparts shall
together constitute but one and the same instrument.

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

                                      27
<Page>

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

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

                  SECTION 11.10 NO RECOURSE. The Certificateholder by accepting
a Certificate acknowledges that such Certificateholder's Certificate represents
beneficial interests in the Trust only and do not represent interests in or
obligations of the Seller, the Servicer, the Administrator, the Owner Trustee,
the Indenture Trustee or any Affiliate thereof and no recourse may be had
against such parties or their assets, except as may be expressly set forth or
contemplated in this Agreement, the Certificate or the Basic Documents.

                  SECTION 11.11 HEADINGS. The headings of the various Articles
and Sections herein are for convenience of reference only and shall not define
or limit any of the terms or provisions hereof.

                  SECTION 11.12 GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE.

                  SECTION 11.13 DEPOSITOR PAYMENT OBLIGATION. The Depositor
shall be responsible for payment of the Administrator's fees under the
Administration Agreement and

                                      28
<Page>

shall reimburse the Administrator for all expenses and liabilities of the
Administrator incurred thereunder.

                  SECTION 11.14 ADMINISTRATOR. The Administrator is authorized
to execute on behalf of the Trust all such documents, reports, filings,
instruments, certificates and opinions as it shall be the duty of the Trust to
prepare, file or deliver pursuant to the Basic Documents. Upon request, the
Owner Trustee shall execute and deliver to the Administrator a power of attorney
appointing the Administrator its agent and attorney-in-fact to execute all such
documents, reports, filings, instruments, certificates and opinions.

                  SECTION 11.15 NON-TRANSFERABILITY OF THE CERTIFICATES(S).
Notwithstanding anything herein to the contrary, the Certificate(s) is (are) not
transferable and shall remain registered in the name of John Deere Receivables,
Inc.

                                      29
<Page>

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

                                       BANKERS TRUST (DELAWARE) not in its
                                       individual capacity but solely as
                                       Owner Trustee,

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

                                      JOHN DEERE RECEIVABLES, INC., Depositor,

                                      By:
                                         ---------------------------------------
                                         Name:  Steven A. Holmes
                                         Title:  Assistant Secretary

                                      30
<Page>

NUMBER                                                            $34,935,802.21
R-1

                       SEE REVERSE FOR CERTAIN DEFINITIONS

                           JOHN DEERE OWNER TRUST 2001

                            ASSET BACKED CERTIFICATE

evidencing an undivided interest in the Trust, as defined below, the property of
which includes a pool of equipment retail installment sale and loan contracts
secured by new and used agricultural, construction and forestry equipment and
sold to the Trust (as defined below) by John Deere Receivables, Inc.

(This Certificate does not represent an interest in or obligation of John Deere
Receivables, Inc., John Deere Capital Corporation, Deere & Company or any of
their respective affiliates, except to the extent described below.)

                  THIS CERTIFIES THAT John Deere Receivables, Inc. is the
registered owner of Thirty four million, nine hundred and thirty five thousand,
eight hundred and two DOLLARS and twenty one CENTS nonassessable, fully-paid,
undivided interest in John Deere Owner Trust 2001 (the "Trust") formed by John
Deere Receivables, Inc., a Nevada corporation (the "Seller").

                          CERTIFICATE OF AUTHENTICATION

                  This is the Certificate referred to in the within-mentioned
Trust Agreement.

        Bankers Trust (Delaware)                       Bankers Trust (Delaware)
        as Owner Trustee                or                  as Owner Trustee
                                                       By Bankers Trust Company,
                                                          Authenticating Agent
        By:
           ------------------------

                                                       By:
                                                          ----------------------

                                    A-1
<Page>

                  The Trust was created pursuant to a Trust Agreement dated as
of November 1, 2001 (the "Trust Agreement"), between the Seller and Bankers
Trust (Delaware), as owner trustee (the "Owner Trustee"), a summary of certain
of the pertinent provisions of which is set forth below. To the extent not
otherwise defined herein, the capitalized terms used herein have the meanings
assigned to them in the Trust Agreement or the Sale and Servicing Agreement
dated as of November 1, 2001 (the "Sale and Servicing Agreement"), among the
Trust, the Seller and John Deere Capital Corporation, as servicer (the
"Servicer"), as applicable.

                  This Certificate is the duly authorized Certificate designated
as the "Asset Backed Certificate" (herein called the "Certificate"). Also issued
under the Indenture, dated as of November 1, 2001, between the Trust and The
Bank of New York, as indenture trustee, are the Class A-1 2.19% Asset Backed
Notes, the Class A-2 2.56% Asset Backed Notes, the Class A-3 3.26% Asset Backed
Notes and the Class A-4 3.78% Asset Backed Notes (collectively, the "Notes").
This Certificate is issued under and is subject to the terms, provisions and
conditions of the Trust Agreement, to which Trust Agreement the holder of this
Certificate by virtue of the acceptance hereof assents and by which such holder
is bound. The property of the Trust includes a pool of retail installment sale
and loan contracts for agricultural, construction and forestry equipment (the
"Receivables"), all monies received on or after September 23, 2001 from payments
on the Receivables, security interests in the equipment financed thereby,
certain bank accounts and the proceeds thereof, proceeds from claims on certain
insurance policies and certain other rights under the Trust Agreement and the
Sale and Servicing Agreement, all right, title, and interest of the Seller in
and to the Purchase Agreement, dated as of November 1, 2001, between John Deere
Capital Corporation and the Seller and all proceeds of the foregoing. The rights
of the holders of the Certificate are subordinated to the rights of the holders
of the Notes, as set forth in the Sale and Servicing Agreement.

                  Under the Trust Agreement, there will be distributed on the
15th day of each month or, if such day is not a Business Day, the next Business
Day (the "Payment Date"), commencing on November 15, 2001, to the person in
whose name this Certificate is registered at the close of business on the last
day of the month (the "Record Date") immediately preceding the month in which
such Payment Date occurs the Certificateholder's undivided interest in the
amount to be distributed to the Certificateholder on such Payment Date.

                  The holder of this Certificate acknowledges and agrees that
its rights to receive distributions in respect of this Certificate are
subordinated to the rights of the Class A Noteholders as described in the Sale
and Servicing Agreement and the Indenture.

                  It is the intention of the parties that the Trust will be
disregarded as an entity separate from the Certificateholder for U.S. federal
income tax purposes.

                  The Certificateholder, by its acceptance of a Certificate,
covenants and agrees that the Certificateholder will not at any time institute
against the Seller, or join in any institution against the Seller of, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings,
or other proceedings under any U.S. federal or state bankruptcy or similar law
in connection with any obligations relating to the Certificate, the Notes, the
Trust Agreement or any of the Basic Documents.

                                    A-2
<Page>

                  Distributions on this Certificate will be made as provided in
the Trust Agreement by the Owner Trustee by wire transfer or check mailed to the
Certificateholder of record in the Certificate Register without the presentation
or surrender of this Certificate or the making of any notation hereon. Except as
otherwise provided in the Trust Agreement and notwithstanding the above, the
final distribution on this Certificate will be made after due notice by the
Owner Trustee of the pendency of such distribution and only upon presentation
and surrender of this Certificate at the office or agency maintained for the
purpose by the Owner Trustee in the Borough of Manhattan, The City of New York.

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

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

                  THIS CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF DELAWARE.

                  IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Trust
and not in its individual capacity, has caused this Certificate to be duly
executed.

                                      JOHN DEERE OWNER TRUST 2001

                                      By BANKERS TRUST (DELAWARE)
                                       as Owner Trustee

Dated:                                By:
                                         ---------------------------------------

                                    A-3
<Page>
                            (Reverse of Certificate}

                  The Certificate does not represent an obligation of, or an
interest in, the Seller, the Servicer, Deere & Company, the Indenture Trustee,
the Owner Trustee or any affiliates of any of them and no recourse may be had
against such parties or their assets, except as may be expressly set forth or
contemplated herein or in the Trust Agreement or the Basic Documents. In
addition, this Certificate is not guaranteed by any governmental agency or
instrumentality and is limited in right of payment to certain collections with
respect to the Receivables (and certain other amounts), all as more specifically
set forth herein and in the Sale and Servicing Agreement. The Certificate is
limited in right of payment to certain collections and recoveries respecting the
Receivables, all as more specifically set forth in the Sale and Servicing
Agreement. A copy of each of the Sale and Servicing Agreement and the Trust
Agreement may be examined during normal business hours at the principal office
of the Seller, and at such other places, if any, designated by the Seller, by
the Certificateholder upon written request.

                  The Trust Agreement permits, with certain exceptions therein
provided, the amendment thereof and the modification of the rights and
obligations of the Seller and the rights of the Certificateholder under the
Trust Agreement at any time by the Seller and the Owner Trustee with the consent
of the holders of the Notes voting as a class evidencing not less than a
majority of the outstanding Notes and the consent of the Certificateholder
(which consents shall not be unreasonably withheld). Any such consent by the
holder of this Certificate shall be conclusive and binding on the holder of this
Certificate and of any Certificate issued upon the transfer hereof or in
exchange hereof or in lieu hereof whether or not notation of such consent is
made upon this Certificate. The Trust Agreement also permits the amendment
thereof, in certain limited circumstances, without the consent of the holder of
the Certificate.

                  As provided in the Trust Agreement, this Certificate is
non-transferable. The initial Certificate Registrar appointed under the Trust
Agreement is Bankers Trust Company, New York, New York.

                  The Certificate is issuable only as a registered Certificate
without coupons in denominations of $100,000 or integral multiples of $1,000 in
excess thereof. As provided in the Trust Agreement and subject to certain
limitations therein set forth, the Certificate is exchangeable for new
Certificates of authorized denominations evidencing the same aggregate
denomination, as requested by the holder surrendering the same. No service
charge will be made for any such exchange, but the Owner Trustee or the
Certificate Registrar may require payment of a sum sufficient to cover any tax
or governmental charge payable in connection therewith.

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

                  The obligations and responsibilities created by the Trust
Agreement and the Trust created thereby shall terminate upon the payment to the
Certificateholder of all amounts required to be paid to it pursuant to the Trust
Agreement and the Sale and Servicing Agreement and the disposition of all
property held as part of the Trust. The Servicer of the Receivables may at its

                                    A-4
<Page>

option purchase the corpus of the Trust at a price specified in the Sale and
Servicing Agreement, and such purchase of the Receivables and other property of
the Trust will effect early retirement of the Certificate; however, such right
of purchase is exercisable only as of the last day of any Collection Period as
of which the Pool Balance is less than or equal to 10% of the initial principal
balance of the Receivables.

                                    A-5
<Page>

                                                                       EXHIBIT B

                             CERTIFICATE OF TRUST OF
                           JOHN DEERE OWNER TRUST 2001

                  THIS Certificate of Trust of JOHN DEERE OWNER TRUST 2001 (the
"Trust"), dated as of November 1, 2001, is being duly executed and filed by
Bankers Trust (Delaware), a Delaware banking corporation, as trustee, to form a
business trust under the Delaware Business Trust Act (12 Del. Code, Section 3801
ET SEQ.).

                  1.       Name.  The name of the business trust formed hereby
is JOHN DEERE OWNER TRUST 2001.

                  2.       Delaware Trustee. The name and business address of
the trustee of the Trust in the State of Delaware is Bankers Trust (Delaware),
E.A. Delle Donne Corporate Center, Montgomery Building, 1011 Centre Road, Suite
200, Wilmington, Delaware 19805.

                  3.       This Certificate of Trust will be effective
November 6, 2001.

                  IN WITNESS WHEREOF, the undersigned, being the sole trustee of
the Trust, has executed this Certificate of Trust as of the date first above
written.

                                      BANKERS TRUST (DELAWARE), not in its
                                      individual capacity but solely as
                                      trustee of the Trust.

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

                                    B-1

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