Document:

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                            PURCHASE AND SALE AGREEMENT

                                      between

                          TIPPERARY OIL & GAS CORPORATION

                                     As Seller

                                        And

                            NANCE PETROLEUM CORPORATION

                                      As Buyer

                                       DATED

                                   APRIL 10, 2000

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                                 TABLE OF CONTENTS

1.        Assets to be Sold and Purchased; Reservation of Surface Estate    1

2.        Purchase Price; and Taxes                                         2

3.        Warranties, Representations, and Covenants                        3

4.        Seller's Disclaimer of Warranties, Representations, and
          Covenants                                                         5

5.        Certain Covenants of Seller Pending Closing                       6

6.        Due Diligence and Environmental Reviews                           7

7.        Certain Purchase Price Adjustments                               12

8.        Record Retention Following Closing                               13

9.        Conditions Precedent to the Obligations of Buyer                 13

10.       Conditions Precedent to the Obligations of Seller                14

11.       Termination of Agreement                                         14

12.       The Closing                                                      15

13.       Certain Adjustments                                              17

14.       Environmental Indemnity and Hazardous Substances                 18

15.       Commissions                                                      20

16.       Casualty Loss                                                    20

17.       Notices                                                          21

18.       Survival of Provisions                                           21

19.       Operations                                                       21

20.       Confidentiality Agreement                                        22

21.       Further Assurances                                               22

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22.       Governing Law, and Venue                                         22

23.       Costs                                                            22

24.       Entire Agreement; Amendment; and Waiver                          22

25.       Section and Other Headings; and Construction                     22

26.       Severability                                                     23

27.       Attorney's Fee                                                   23

28.       Restrictions on Assignment                                       23

29.       Time of the Essence                                              23

30.       Parties in Interest; Successors and Assigns                      23

31.       No Publicity                                                     23

32.       No Recording                                                     24

EXHIBIT A -    Leases

EXHIBIT B -    Wells and Allocated Value

EXHIBIT C -    Quitclaim Assignment and Bill of Sale

EXHIBIT D -    Preferential Rights

EXHIBIT D-1 -  Officer's Certificate

EXHIBIT D-2 -  Officer's Certificate

EXHIBIT E -    Non-Foreign Affidavit

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                             PURCHASE AND SALE AGREEMENT

     This Purchase and Sale Agreement ("Agreement") is entered into this 10th
day of April, 2000, by and between Tipperary Oil & Gas Corporation, a Texas
corporation ("Seller"), the address of which is 633 17th Street, Suite 1550,
Denver, Colorado  80202, and Nance Petroleum Corporation, a Montana corporation
("Buyer"), the address of which is 550 North 31st Street, Suite 500, Billings,
Montana 59101.

                                      RECITALS:

     A.   Seller has certain oil and gas interests that it wants to sell to
Buyer in accordance with the terms of this Agreement.

     B.   Buyer wants to buy all of Seller's right, title, and interest in said
oil and gas interests in accordance with the terms of this Agreement.

     NOW THEREFORE, for and in consideration of the terms of this Agreement, the
adequacy of which is hereby acknowledged, the parties agree as follows:

     1.   ASSETS TO BE SOLD AND PURCHASED; RESERVATION OF SURFACE ESTATE.  (a)
Subject to and in accordance with the terms hereof, Seller agrees to sell,
assign, and convey to Buyer, and Buyer agrees to purchase from Seller, all of
Seller's right, title, and interest, if any, in and to the following real
property, fixtures, and personal property, but only insofar as they are
attributable to the real property described in Exhibit A hereto (the
"Property"):

          (i) any and all oil, gas and other mineral interests, including
Seller's right, title, and interest, if any, in all: (A) oil and gas leases and
any other mineral leases, (B) royalties and overriding royalties, (C) production
payments, (D) net profits interests, (E) reversionary mineral interests, (F)
unitization, pooling, and communitization agreements, and (G) declarations and
orders (including all units formed under orders, rules, regulations, or other
official acts of any federal, state, or other authority having jurisdiction, and
voluntary unitization agreements, designations and declarations), subject to any
exceptions and reservations contained in Exhibit A;

         (ii) all fixtures, equipment, and other personal property, to the
extent relating to the wells described in Exhibit B and their appurtenant
production, storage, treating, gathering, and transportation facilities,
situated on the Property; and

        (iii) all contracts; lease files; abstracts and title opinions;
production records; well files; permits and licenses; accounting records (but
excluding all general financial accounting or tax accounting records that do not
pertain exclusively to the Property); electric logs and geological, geophysical,
engineering, and other technical data and records (subject to any contractual or
other restrictions relating to the transfer of such data and records); and other
files, documents and records that directly relate to the Property; provided
however, Seller may retain copies of any or all of the

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foregoing.  If Seller retains any such copies, they shall be treated as
confidential and may be disclosed only under conditions analogous to the
exclusions from confidentiality set forth in the Confidentiality Agreement dated
January 20, 2000 between Seller and Buyer ("Confidentiality Agreement").

Seller's interests, if any, in the real property, fixtures, and personal
property described in subsections (i) and (ii) are sometimes collectively
referred to as "Oil and Gas Properties," or as an "Oil and Gas Property".
Seller's interests, if any, in the Oil and Gas Properties and in the personal
property described in subsection (iii) are sometimes collectively called the
"Assets."

     (b) Notwithstanding anything herein to the contrary, Seller will reserve
unto itself all of its right, title, and interest in and to the surface estate
of the Property (to the extent of any surface estate interests not created by
lease, easement, or right-of-way), and all rights of any nature whatsoever
appurtenant or otherwise associated therewith, and such right, title, and
interest will not constitute any part of the Assets; provided however, Seller
will grant Buyer the right to use the surface of the Oil and Gas Properties for
purposes reasonably necessary or incidental to oil and gas operations on the Oil
and Gas Properties, but Buyer shall protect, defend, indemnify, and hold Seller
harmless from and against any and all Claims (hereinafter defined) or Damages
(hereinafter defined) resulting from such use.

     (c) Except for: (i) easements and rights-of-way of record, (ii) other third
party rights (if any) that could not reasonably be expected to have a materially
adverse effect on the use of the Assets, and (iii) liens for taxes and
assessments due but not yet payable, Seller warrants title to the Assets against
anyone claiming any interest therein arising by, through, or under Seller, but
Seller makes no other warranty, representation, or covenant, express or implied,
statutory or otherwise, as to title to the Assets.

     2.   PURCHASE PRICE; AND TAXES. (a) The purchase price for the Assets
("Purchase Price") shall be Seven Million Eight Hundred Twenty-Five Thousand
Dollars ($7,825,000) as adjusted as provided herein.  The Purchase Price shall
be paid at the Closing (hereinafter defined) as hereinafter provided.  Said
$7,825,000, without regard to any adjustments, however, is sometimes referred to
herein as the "Base Purchase Price."

     (b) Upon execution of this Agreement, Buyer shall pay to Seller Seven
Hundred Eighty-Two Thousand Five Hundred Dollars ($782,500) ("Deposit") by check
drawn on a national bank in immediately available funds.  If for any reason said
check should be dishonored, then at Seller's option, and in addition to any
other rights it may have, it may terminate this Agreement.  If Buyer and Seller
consummate the purchase and sale of the Assets, the Deposit shall be credited
against the Purchase Price. The Deposit shall be returned to Buyer:

          (i) only if:(A) Seller refuses to consummate the purchase and sale of
the Assets and (B) such refusal would constitute a breach hereof, or

         (ii) only under the circumstances, if any, expressly set forth herein.

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If Buyer fails to consummate the transactions contemplated by this Agreement, or
if the transactions contemplated by this Agreement otherwise fail to close on
the Closing Date, Seller shall retain the Deposit as liquidated damages.  The
parties agree that damages in such an event are uncertain in amount and cannot
be determined with reasonable certainty in advance, that the amount of the
Deposit constitutes a fair and reasonable estimate of (and is not
disproportionate to) actual Damages such a breach would cause, and is not a
penalty or an inducement to perform.

     (c) Buyer shall pay any and all sales, use, documentary, and transfer taxes
and fees imposed on this transaction, and shall pay all recording and filing
fees.

     3.   WARRANTIES, REPRESENTATIONS, AND COVENANTS.  (a) Each party, as to
itself only, warrants, represents, and covenants to the other party that:

          (i) It is a corporation duly organized, legally existing and in good
standing under the laws of the state of its incorporation, as first set out
above.

         (ii) It is qualified to do business and is, or at Closing will be, in
good standing in each state in which the Oil and Gas Properties are located
where the laws of such state require a corporation owning the Oil and Gas
Properties located in such state to qualify to do business.

        (iii) It has full power to enter into and perform its obligations
under this Agreement; the execution, delivery, and performance of this Agreement
and the consummation of the transactions contemplated hereby have been duly
authorized by all requisite corporate action; and this Agreement has been duly
executed and delivered.

         (iv) This Agreement, and the Assignment (hereinafter defined) to be
delivered at Closing, will, when executed, delivered, and accepted, constitute
its legal, valid and binding obligation, enforceable in accordance with its
terms, except as limited by bankruptcy or other laws applicable generally to
creditor's rights and as limited by general equitable principles.

          (v)(A) There are no pending or threatened material suits, actions, or
other proceedings to which it is a party that affect: (I) the Assets (including,
as to Seller, any actions challenging or pertaining to its title to any Assets),
or (II) the execution and delivery of this Agreement or the consummation of the
transactions contemplated hereby, and (B) it shall promptly notify the other
party of any such material suits, actions, or other proceedings as to which
after the date hereof it receives a written threat of assertion.

         (vi) It shall protect, defend, indemnify, and hold harmless the other
party and its affiliates, and their employees, agents, successors and assigns,
from and with respect to any and all rights, claims, demands, causes of action,
and legal, administrative, or arbitration proceedings, of any and every nature
(collectively, "Claims"), and injuries, deaths, damages, and obligations of any
and every nature resulting from or that gave rise to any Claim, including
liabilities, losses, costs, penalties, expenses, judgments, fines, settlements,
interest, reasonable attorney's fees, and other related expenses of any nature
(collectively, "Damages") resulting from a breach of its warranties,
representations, or covenants; provided however, that Damages shall not include
consequential, special, incidental, or punitive damages.

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     (b) Seller warrants and represents to Buyer that:

          (i) Other than:

               (A) requirements (if any) that consents to assignment of Assets,
or waivers of preferential rights to purchase Oil and Gas Properties, be
obtained from third parties, or

               (B) requirements to obtain consents or approvals from, or to
submit notices to or applications to, or actions that must be taken by,
governmental entities (in their capacity as lessors of oil and gas leases,
grantors of rights-of-way, or otherwise, whether similar to or different from
the foregoing) in connection with the sale or conveyance of oil and gas leases,
permits, or interests therein, or of rights or interests of the nature of any of
the Assets, if the same are customarily obtained contemporaneously with or
subsequent to such sale or conveyance, or

               (C) neither its execution and delivery of this Agreement, nor its
consummation of the transactions contemplated hereby, nor its compliance with
the terms hereof, will violate or result in any default under its articles of
incorporation or by-laws, or under any agreement to which it is a party or by
which it is bound, or violate any Law (hereinafter defined) applicable to it or
to the Assets.

          (ii) It has not received notice of any Claims (including Claims
regarding environmental matters) pending or threatened against it arising out of
its ownership of the Assets that is material as to any such Asset,

         (iii) All wells on the property that were operated by Seller but that
were plugged and abandoned prior to the Effective Date were plugged and
abandoned in accordance with good industry practice and in compliance with all
Laws.

          (iv) To the best of Seller's knowledge, and subject to the provisions
of this subsection (iv), the production and expense data, and any supplements
thereto, heretofore furnished or caused to be furnished by Seller to Buyer
(sometimes referred to herein as "P&E Information"), was substantially complete
and correct as of the date of such delivery; provided however, that the
foregoing applies only to matters of fact, and does not apply to any
information, data, printouts, extrapolations, projections, documentation, maps,
graphs, charts, or tables that reflect, depict, present, portray, or represent,
or which are based upon or derived from, in whole or in part, interpretation of
the P&E Information, including matters of geological, geophysical, engineering,
or scientific interpretation.

           (v) To the best of Seller's knowledge: (A) it has all material
governmental licenses and permits, and has properly made all material filings
necessary to obtain the permits and licenses, to own and operate the Assets, (B)
such permits, licenses, and filings are in full force and effect, (C) no
material violations exist regarding any such permits, licenses or filings, and
(D) no proceeding to challenge, revoke, or limit any such permit, license, or
filing is pending or threatened.

          (vi) To the best of Seller's knowledge: (A) it is not obligated by any
prepayment arrangement under any contract for the sale of hydrocarbons
(including take or pay obligations, hedging or forward sale or similar
agreements, or production payments or any other arrangements)

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to deliver hydrocarbons from the Assets at some future time without then or
thereafter receiving full payment therefor, (B) there are no production sales
agreements regarding the Assets currently in effect that require more than sixty
(60) days prior written notice to terminate, and (C) there are no calls on
production affecting the Assets.

          (vii) To the best of Seller's knowledge, there are no surface use or
access agreements currently in force and effect that would materially interfere
with oil and gas operations on the Oil and Gas Properties.

          (viii) To best of Seller's knowledge, no well listed on Exhibit B has
been represented by its operator, either in a pending authorization for
expenditures or other written proposal to other working interest owners in any
such well, as presently needing to be plugged and abandoned.

     (c) Buyer warrants and represents to Seller that:

          (i) It is a knowledgeable and experienced purchaser, owner and
operator of oil and gas properties, has the ability to evaluate oil and gas
properties, and, subject to its rights under Section 6, has been given the
opportunity to investigate and evaluate (and has investigated and evaluated) the
condition of the Assets to the extent it deems necessary or appropriate and is
acquiring the Assets based solely upon its own investigation and evaluation and
for its own account, and not with a view to or the intent to make a resale or
distribution within the meaning of the Securities Act of 1933 (and the rules and
regulations pertaining thereto) or a resale or distribution thereof in violation
of any other applicable securities laws.

          (ii) With regard to those Assets that it seeks to operate, it is
qualified to operate such Assets under the applicable Laws of the jurisdiction
in which such Assets are located and under the Laws of all governing
authorities, or will become so qualified (and assumes the risk of becoming so
qualified) before operating such Assets.

          (iii) Neither its execution and delivery of this Agreement, nor its
consummation of the transactions contemplated hereby, nor its compliance with
the terms hereof, will violate or result in any default under its articles of
incorporation or by-laws, or under any agreement to which it is a party or by
which it is bound, or violate any Law applicable to it or to the Assets.

     4.   SELLER'S DISCLAIMER OF WARRANTIES, REPRESENTATIONS, AND COVENANTS.
(a) WITH RESPECT TO THE ASSETS, THIS AGREEMENT, AND THE TRANSACTIONS
CONTEMPLATED HEREBY, SELLER'S WARRANTIES AND REPRESENTATIONS AS EXPRESSLY SET
OUT IN SECTIONS 1(c), 3, 5(a), and 5(c)(i) HEREOF AND IN THE ASSIGNMENT EXECUTED
PURSUANT HERETO ARE EXCLUSIVE AND IN LIEU OF ANY AND ALL OTHER WARRANTIES,
REPRESENTATIONS, AND COVENANTS, EXPRESS OR IMPLIED, STATUTORY OR OTHERWISE, AND
SELLER DISCLAIMS ANY AND ALL OTHER WARRANTIES, REPRESENTATIONS, AND COVENANTS.

     (b) CONSISTENT WITH AND NOT AS A LIMITATION ON SUBSECTION (a), THE ASSETS
SHALL BE PURCHASED, SOLD, AND CONVEYED "AS IS, WHERE IS",

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WITHOUT ANY WARRANTY, REPRESENTATION, OR COVENANT, EXPRESS OR IMPLIED, STATUTORY
OR OTHERWISE, RELATING TO:

          (i) THE CONDITION, QUANTITY, QUALITY, FITNESS FOR A PARTICULAR PURPOSE
OR ANY PURPOSE, CONFORMITY TO THE MODELS OR SAMPLES OF MATERIALS, OR
MERCHANTABILITY OF ANY IMMOVABLE PROPERTY, MOVABLE PROPERTY, EQUIPMENT,
INVENTORY, MACHINERY, AND OTHER FIXTURES AND PERSONAL PROPERTY CONSTITUTING PART
OF THE ASSETS;

          (ii) ANY IMPLIED OR EXPRESS WARRANTY OF FREEDOM FROM REDHIBITORY VICES
OR DEFECTS OR OTHER VICES OR DEFECTS, WHETHER KNOWN OR UNKNOWN;

         (iii) ANY AND ALL IMPLIED WARRANTIES, REPRESENTATIONS, OR COVENANTS
EXISTING UNDER APPLICABLE LAW NOW OR HEREAFTER IN EFFECT; AND

          (iv) EXCEPT AS PROVIDED OTHERWISE IN THE SUBSECTION (a), WITHOUT ANY
OTHER WARRANTY, REPRESENTATION, OR COVENANT, EXPRESS OR IMPLIED, STATUTORY OR
OTHERWISE.

     (c) CONSISTENT WITH BUT NOT AS A LIMITATION ON SUBSECTIONS (a) AND (b),
SELLER IS SELLING AND BUYER IS BUYING THE ASSETS WITH ALL DEFECTS AND FAULTS
(LATENT OR APPARENT) AND IT ASSUMES THE RISK THAT ADVERSE PAST, PRESENT OR
FUTURE PHYSICAL CONDITIONS MAY NOT HAVE BEEN REVEALED BY ITS INVESTIGATIONS.

     5.   CERTAIN COVENANTS OF SELLER PENDING CLOSING.  Between the date hereof
and the Closing Date:

     (a) Seller will give Buyer, its attorneys and other representatives,
subject to the provisions of the Confidentiality Agreement and subject to any
restrictions on access to the Assets imposed by agreements by which Seller is
bound, access at all reasonable times to: (i) the Assets and (ii) Seller's
records and files relating to the Assets (which records and files include those
relating to title, division orders, wells, production, accounting, marketing,
equipment inventories, and production, severance and ad valorem taxes).
Notwithstanding the foregoing, Seller shall not be obligated to provide Buyer
with access to any files or records that Seller considers proprietary or
confidential to it or that it cannot legally provide to Buyer without, in
Seller's opinion, breaching or risking a breach of confidentiality agreements.
All such files and records are being made available to Buyer (whether pursuant
to this Section or otherwise) as an accommodation, and without warranty or
covenant, express or implied, statutory or otherwise, as to the accuracy and
completeness of such materials; provided however, that notwithstanding the
foregoing, Seller represents that to the best of its knowledge, all such files
and records are substantially complete.

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     (b) To the extent Seller is the operator of any Oil and Gas Properties, it
will continue such operation in the ordinary course of its business; and where
it is not the operator of any Oil and Gas Properties, it will continue its
actions as a non-operator in the ordinary course of its business. Seller will
not sell or dispose of any portion of the Assets without Buyer's prior consent.

     (c)(i) Seller represents that to the best of its knowledge, the only
preferential purchase rights that exist with respect to its interest in the
Assets are listed in Exhibit D. Seller will use reasonable efforts, consistent
with industry practices in transactions of this type, to identify all rights to
require that consents to assignment of any Assets be obtained, and the third
parties holding any of such rights.  In attempting to identify the foregoing,
however, Seller shall not be obligated to review anything other than its own
records.  Seller will request, from the third parties listed in Exhibit D and,
with respect to the aforementioned third parties so identified (and in
accordance with the documents creating such rights), waivers of the preferential
rights to purchase and requirements that consents to assignment be obtained
which were so identified. Seller shall have no obligation hereunder other than
to so attempt to identify such requirements for consents to assignment and to so
request waivers of such consents and of preferential purchase rights, but shall
have no obligation to obtain such waivers or consents.

          (ii) If the holder of a preferential right to purchase an Asset fails
or refuses to give such waiver and instead exercises such right, Seller will
tender to such holder (at a price equal to the  amount specified in Exhibit B
hereto for the wells located on such Asset and for the units in which such Asset
participates, reduced appropriately, as determined by Seller, if less than the
entire Asset should be tendered, unless it is determined that a greater or
lesser price is required) the interest in the Asset affected by such
preferential right. If such interest in such Asset is actually sold to such
holder, it will be excluded from the transaction contemplated hereby and the
Purchase Price will be reduced by the amount paid to Seller by the holder
exercising such right.

     (d) Notwithstanding anything in this Section to the contrary: (i) Seller
may take any action prohibited by this Section if reasonably necessary under
emergency conditions, provided that Buyer is notified as soon as practicable
thereafter; (ii) except to the extent a "Defect" ( hereinafter defined) may
result therefrom, Seller shall have no liability to Buyer for any incorrect
payment of delay rentals, royalties, shut-in royalties or similar payments or
for any failure to make such payments; and (iii) Seller's failure to comply with
any of the requirements of this Section shall not be deemed a default by Seller
hereunder or entitle Buyer to not close the transactions contemplated hereby,
unless such failure has a materially adverse impact on the value of the Assets
taken as a whole.

     6.   DUE DILIGENCE AND ENVIRONMENTAL REVIEWS. (a)(i) To the extent deemed
appropriate by Buyer, it may conduct, at its sole cost and risk, such title
examinations and, subject to any restrictions to which Seller is bound, any
other reasonable examinations and investigations as it may choose with respect
to the Assets; provided however, environmental examinations and investigations
shall be governed by subsection (b).  If as a result of such examinations and
investigations Buyer identifies any matters that constitute Defects, and if
there are any Defects that Buyer is unwilling to waive, Buyer must notify Seller
of such Defects ("Defect Notice") promptly following its discovery of such
Defects, but in no event later than April 24, 2000 ("Defect Date").  Buyer may
not give notice of any Defects after the Defect Date, and must accept all
Defects, if any, discovered after the Defect Date.

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          (ii) To be effective, a Defect Notice must include: (A) a description
of the Property affected, (B) a description of the particular matter
constituting the alleged Defect, (C) such supporting documents reasonably
necessary for Seller to determine if a Defect actually exists, and (D) Buyer's
good faith estimate of the amount by which the alleged Defect reduces the value
attributed to the Property.  Alleged Defects for which Buyer provides a valid
Defect Notice prior to the Defect Date are herein called "Asserted Defects."

          (iii) Except for Asserted Defects, all matters that might otherwise
constitute a Defect are waived for all purposes hereof.  With respect to any
Asserted Defect, Seller shall have the right but not the obligation to: (A)
attempt to cure it prior to Closing, (B) require that the Closing take place,
deposit in an escrow account the portion of the Purchase Price paid by Buyer and
attributable to the Asset having the Asserted Defect, and attempt to cure such
Asserted Defect within sixty (60) days after the Closing, and Seller's right
under this clause (B) may be exercised at any time before the Closing Date; or
(C) elect not to cure the Asserted Defect and adjust the Purchase Price as
provided Section 7.

          (iv) With respect to any Oil and Gas Property, if a title opinion or
any other materials reviewed by Buyer indicates Seller has a Net Revenue
Interest (hereinafter defined) greater than that specified on Exhibit B without
a corresponding proportionate increase in the Operating Interest (hereinafter
defined), then Buyer shall promptly inform Seller of the same, but in any event
at least five (5) days prior to the Closing.  If Seller or Buyer determine that
Seller is entitled to a Net Revenue Interest in any Asset in excess of that set
forth on Exhibit B ("NRI Increase"), notice shall promptly be given to the other
party, and the adjustments to be made under Section 7 shall include adjustments
which are the subject of such notice.

     (b)(i)(A) To the extent, if any, that Seller has the right to grant Buyer
the right to do so, Buyer may, upon at least four (4) day's notice to Seller,
enter upon the Oil and Gas Properties to conduct an environmental assessment of
the Assets at Buyer's sole cost and risk.  (B) Consistent with but not as a
limitation on the foregoing, Buyer shall protect, defend, indemnify, and hold
Seller and anyone else owning an interest in the Oil and Gas Properties harmless
from and against any Claims and Damages resulting from the presence or
activities of Buyer or its agents on the Oil and Gas Properties in the course of
conducting its assessment activities.

          (ii) In conducting its assessment, and subject to subsection (i),
Buyer may enter upon the Oil and Gas Properties, without disrupting operations
thereon, and inspect the same, conduct soil and water tests and borings, and
generally conduct such tests, examinations, investigations, and studies as may
be necessary or appropriate for the preparation of appropriate engineering and
other reports in relation to the Oil and Gas Properties, their condition, and
the presence of Hazardous Substances (hereinafter defined).  Any such assessment
shall be concluded no later than April 24, 2000 ("Environmental Assessment
Date").  If there are any Oil and Gas Properties as to which Seller does not
have the right to grant Buyer the right to conduct an assessment, then no later
than the Environmental Assessment Date, or if as a result of Buyer's
environmental assessment any particular Oil and Gas Property is determined to be
in violation of environmental Laws, then Buyer may notify Seller that Buyer
wants to exclude such Asset from this Agreement (and such notice, if and to the
extent regarding a violation of environmental Laws, shall provide in reasonable
detail the Law that was violated, the manner in which such Law was violated, and
sufficient information to

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substantiate the violation), in which event said Oil and Gas Property shall be
excluded and the Purchase Price shall be reduced, with such reduction in the
Purchase Price being determined in the same manner as reductions for Asserted
Defects under Section 7.  After the Environmental Assessment Date: (A) Buyer may
not request that any Oil and Gas Property be excluded from this Agreement, and
(B) Buyer shall be deemed to have inspected the Oil and Gas Properties or waived
its right to inspect the Assets for all purposes and satisfied itself as to
their physical and environmental condition, both surface and subsurface,
including, but not limited to, conditions specifically related to the presence,
release, or disposal of Hazardous Substances.

          (iii)(A) Buyer shall provide Seller with a copy of any environmental
assessment and other reports, and all supporting data and other documentation,
promptly upon completion of the assessment. Buyer shall keep any data or
information acquired by such examinations and the results of all analyses of
such data and information strictly confidential and shall not disclose them to
anyone without Seller's prior written approval, which need not be given of
Seller.

               (B) The consent required by subsection (A) shall not apply to a
disclosure to a governmental agency that Buyer believes upon written advice of
counsel is required by Law; provided however, that in such event, Buyer shall
give notice to Seller (which notice shall describe in a reasonably detailed
manner the legal grounds on which such advice is based) at least ten (10) days
prior to making such disclosure, and shall take into account any comments Buyer
may receive from Seller. Seller shall have the right to contest the need to
disclose any such information, and Buyer shall protect, defend, indemnify, and
hold Seller harmless from any Claims or Damages resulting from any disclosure
that was not required by Law.

     (c) As used herein, "Defect" means any matter, other than a "Permitted
Encumbrance" (hereinafter defined), which causes one or more of the following to
be a correct statement:

          (i) Seller's ownership of an Asset is such that, with respect to a
well or unit listed on Exhibit B, such ownership: (A) is insufficient to entitle
it to receive a decimal share of the oil, gas and other hydrocarbons produced
from, or allocated to, such well or unit that is at least equal to the decimal
share set forth on Exhibit B in the column "Net Revenue Interest" or (B)
obligates it to bear a decimal share of the cost of operating such well or unit
("Operating Interest") greater than the decimal share set forth on Exhibit B in
the column "Operating Interest" without a proportionate increase in the
corresponding Net Revenue Interest set forth on such Exhibit;

          (ii) Seller's ownership of an Oil and Gas Property is subject to an
outstanding and valid mortgage, deed of trust, other lien or encumbrance, or
other adverse claim or imperfection in title, which if asserted would cause
either subsection (i)(A) or (i)(B) to be a correct statement; or

         (iii) Seller's represented amount of any gas imbalances is materially
inaccurate.

     (d) As used herein, "Permitted Encumbrance" shall mean any and all of the
following:

          (i) The conditions, restriction, exceptions, reservations, limitations
and all other terms contained in the agreements and instruments in the chain of
title that creates or reserves to Seller its

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interest in any Asset, provided that the same do not reduce Seller's Net Revenue
Interest in the affected Asset to less than that set forth on Exhibit B;

          (ii) Royalties, overriding royalties (including those specifically
described on Exhibit A), division orders, reversionary interests, production
payments, net profits interests and similar burdens affecting any Oil and Gas
Property if the net cumulative effect of such burdens does not reduce Seller's
Net Revenue Interest in the affected Asset to less than that set forth on
Exhibit B;

         (iii) Preferential rights to purchase, requirements that third party
consents be obtained for assignments, and agreements of a similar nature, with
respect to which waivers or consents shall have been obtained from the
appropriate parties, or the appropriate time period for asserting such rights
shall have expired without an exercise of such rights;

          (iv) Liens for taxes and assessments which are not yet delinquent or
which are being contested by Seller in good faith and for which Seller retains
responsibility;

           (v) Rights existing under applicable Laws (including statutory liens)
or operating agreements or similar contracts, pursuant to which liens may be
asserted against the Assets, but excluding liens and other rights that have
actually been asserted unless Seller disputes the validity of such liens or the
amount claimed to be owed in connection therewith and for which Seller retains
responsibility, or such lien or other right is not enforceable against the
interest of Seller;

          (vi) Conventional rights of reassignment requiring ninety (90) days or
less notice to the holder of such rights;

         (vii) Easements, rights-of-way, servitudes, permits, surface leases
and other rights in respect to surface operations, pipelines, logging, canals,
ditches, reservoirs or the like; conditions, covenants or other restrictions;
easements for streets, alleys, highways, pipelines, telephone lines, power
lines, railways and other easements or rights-of-way on, over or with respect of
any Asset which do not materially and adversely affect the Asset affected
thereby or its current use;

        (viii) Any obligations or duties affecting an Asset to any
municipality or public authority with respect to any franchise, grant, license
or permit and all applicable Laws of any governmental authority;

          (ix) All requirements to obtain consents or approvals from, or to
submit notices to or applications to, or actions that must be taken by,
governmental entities (in their capacity as lessors of oil and gas leases,
grantors of rights-of-way, or otherwise, whether similar to or different from
the foregoing) in connection with the sale or conveyance of oil and gas leases,
permits, or interests therein, or of rights or interests of the nature of any of
the Assets, if the same are customarily obtained contemporaneously with or
subsequent to such sale or conveyance;

           (x) Existing operating agreements, unit agreements, gas purchase
contracts and any and all other agreements that are typical in the oil and gas
exploration, development, production or extraction business or in the business
of processing of gas and gas condensate or production for the

                                         10

<PAGE>

extraction of proper products therefrom, to the extent that the same do not: (A)
reduce Seller's Net Revenue Interest in the affected Asset to less than that set
forth on Exhibit B, or (B) increase Seller's Operating Interest in the affected
Asset to greater than set forth on Exhibit B without a proportionate increase in
the corresponding Net Revenue Interest set forth on such Exhibit;

          (xi) Any other defect or imperfection in title which would customarily
be waived by a reasonable person engaged in the business of owning and operating
oil and gas properties; and

         (xii) Any other matter waived or deemed to be waived by Buyer pursuant
to the provisions of subsection (a).

     (e) With respect to all Assets conveyed to Buyer hereunder:

           (i) BUYER SHALL BE DEEMED TO HAVE: (A) INSPECTED, OR TO HAVE WAIVED
ITS RIGHT TO INSPECT, THE ASSETS FOR ALL PURPOSES, AND (B) SATISFIED ITSELF AS
TO THEIR PHYSICAL AND ENVIRONMENTAL CONDITION, BOTH SURFACE AND SUBSURFACE,
INCLUDING CONDITIONS SPECIFICALLY RELATED TO THE PRESENCE, RELEASE, OR DISPOSAL
OF SOLID WASTES, ASBESTOS, OTHER MANMADE FIBERS, NATURALLY OCCURRING RADIOACTIVE
MATERIALS, AND OTHER HAZARDOUS SUBSTANCES IN, ON, OR UNDER THE OIL AND GAS
PROPERTIES AS OF THE DEFECT DATE.

          (ii) BUYER SHALL BE DEEMED TO HAVE RELIED SOLELY ON ITS OWN INSPECTION
OF THE ASSETS, AND AS PROVIDED IN SECTION 4, SELLER IS SELLING AND BUYER IS
BUYING ALL ASSETS "AS IS, WHERE IS."  CONSISTENT WITH BUT NOT AS A LIMITATION ON
THE FOREGOING, EXCEPT AS MAY OTHERWISE BE EXPRESSLY PROVIDED HEREIN, SELLER
MAKES NO WARRANTY REPRESENTATION, OR COVENANT, EXPRESS OR IMPLIED, STATUTORY OR
OTHERWISE, AS TO THE ACCURACY OR COMPLETENESS OF ANY DATA, REPORTS, RECORDS,
PROJECTIONS, INFORMATION, OR OTHER MATERIALS NOW, HERETOFORE, OR HEREAFTER
FURNISHED OR MADE AVAILABLE TO BUYER IN CONNECTION WITH THIS AGREEMENT,
INCLUDING PRICING ASSUMPTIONS OR QUALITY OR QUANTITY OF HYDROCARBON RESERVES (IF
ANY) ATTRIBUTABLE TO THE ASSETS OR THE ABILITY OR POTENTIAL OF THE ASSETS TO
PRODUCE HYDROCARBONS OR THE ENVIRONMENTAL CONDITION OF THE ASSETS OR ANY OTHER
MATERIALS FURNISHED OR MADE AVAILABLE TO BUYER BY OR ON BEHALF OF SELLER. ANY
AND ALL SUCH DATA, REPORTS, RECORDS, PROJECTIONS, INFORMATION, AND OTHER
MATERIALS FURNISHED BY OR ON BEHALF OF SELLER TO BUYER ARE PROVIDED TO BUYER AS
A CONVENIENCE AND SHALL NOT CREATE OR GIVE RISE TO ANY LIABILITY OF OR AGAINST
SELLER; ANY CONCLUSIONS, IMPLICATIONS, OR INFERENCES DRAWN THEREFROM SHALL BE
THE RESULT OF BUYER'S OWN INDEPENDENT REVIEW; AND ANY RELIANCE ON OR USE OF THE
SAME SHALL BE AT BUYER'S SOLE RISK.

                                         11

<PAGE>

     7.   CERTAIN PURCHASE PRICE ADJUSTMENTS.  (a) If in connection with the due
diligence review under Section 6 either: Asserted Defects are presented to
Seller and Seller is unable or unwilling to cure such Asserted Defects prior to
the Closing, Buyer has elected to treat an Oil and Gas Property affected by a
casualty loss as if it was an Oil and Gas Property affected by an Asserted
Defect, or an NRI Increase occurs, then:

          (i) Buyer and Seller shall, with respect to each Oil and Gas Property
affected by such matters, attempt to agree upon an appropriate adjustment to the
Purchase Price to account for such matters; and

         (ii) With respect to each Oil and Gas Property as to which Buyer and
Seller are unable to agree upon appropriate adjustment with respect to all such
matters affecting such Oil and Gas Property:

              (A) If the Asserted Defect is a mortgage, deed of trust, lien,
encumbrance or other charge which is undisputed and liquidated in amount, then
the adjustment shall be the amount necessary to be paid to remove the Asserted
Defect from the affected Asset;

              (B) If there is: (I) an Asserted Defect or NRI Increase that
represents a discrepancy between the Net Revenue Interest that Seller is
entitled to receive from any Asset and the Net Revenue Interest stated on
Exhibit B, and (II) an Operating Interest change proportionate to the change in
the Net Revenue Interest resulting from the Asserted Defect or NRI Increase,
then the amount of the adjustment shall be the product of the value allocated to
such Asset as set forth on Exhibit B ("Allocated Value") multiplied by a
fraction, the numerator of which shall be the change in the Net Revenue Interest
and the denominator of which shall be the Net Revenue Interest set forth on
Exhibit B;

              (C) If the Asserted Defect represents an obligation, encumbrance,
burden, discrepancy or charge upon or other defect in title to the affected
Asset of a type not described in subsections (A) or (B), the adjustment amount
shall be determined by taking into account the Allocated Value of the Asset so
affected, the portion of the Asset affected by the Asserted Defect, the legal
effect of the Asserted Defect, the potential economic effect of the Asserted
Defect over the life of the affected Asset and such other factors as are
necessary to make a proper evaluation of the value of the Asserted Defect;

              (D) Notwithstanding any other provision contained herein: (I) the
aggregate reduction attributable to the effect of all Asserted Defects related
to a given Asset shall not exceed the Allocated Value of such Asset unless the
Asserted Defect is of the nature described in subsections (A) or (C), in which
event the reduction shall be of the nature described in subsections (A) or (C),
even if it exceeds the Allocated Value of such Asset; and (II) no reduction
shall be made with respect to an Asserted Defect if the diminution in the
Allocated Value regarding such Asset resulting therefrom regarding said asset
will not exceed One Thousand Dollars ($1,000.00); and

              (E) If the parties cannot agree upon an appropriate adjustment in
light of the factors set forth above, then, subject to subsection (b)(ii),
Seller may elect to exclude such Oil and Gas Property from the transaction
contemplated hereby, and the Purchase Price will be reduced by

                                         12

<PAGE>

the Allocated Value of the wells located on such Oil and Gas Property and the
units in which such Oil and Gas Property participates.

     (b)(i) If the aggregate Purchase Price reduction which would result under
subsection (a) does not exceed One Hundred Thousand Dollars ($100,000), then the
Purchase Price shall not be adjusted, and none of the Oil and Gas Properties
which would be excluded by such procedure shall be excluded.

         (ii) If the aggregate Purchase Price reduction exceeds $100,000, the
Purchase Price shall be adjusted by the total amount of such reduction.  If the
Purchase Price increase which would result under subsection (a) exceeds
$100,000, the Purchase Price shall be adjusted by the total amount of such
increase.

     (c) If the aggregate amount of all Purchase Price reductions under this
Agreement, regardless of the reason for such reductions, exceeds ten percent
(10%) of the Base Purchase Price, either party may terminate this Agreement by
giving notice to the other party within ten (10) days of the date it was
determined that the Purchase Price would exceed said 10%, in which event this
Agreement shall terminate and the Deposit shall be returned to Buyer.  Upon such
termination, the parties shall have no further obligations to one another
hereunder (other than the indemnification obligations under Sections 3(a)(vi)
and 6(b), and the obligations under Sections 11(c), 15 and 20 - 27, which will
survive such termination).

     8.   RECORD RETENTION FOLLOWING CLOSING.  If the purchase and sale of the
Assets is consummated, then for a period of seven (7) years from the closing,
Buyer shall save and retain, and give Seller access at all reasonable times upon
reasonable notice, to all files and records (including all computer records)
delivered by or on behalf of Seller in connection with the transaction
contemplated hereby, and shall permit Seller to make copies of any such files
and records.  Consistent with but not as a limitation on Section 30, if the
Assets are subsequently transferred by Buyer, Buyer shall take all action in its
contractual arrangements relating to such transfer necessary to allow Seller to
have continued access to all such files and records.

     9.   CONDITIONS PRECEDENT TO THE OBLIGATIONS OF BUYER.  Buyer's obligation
to purchase the Assets is subject to each of the following conditions being met:

     (a) Each and every warranty and representation of Seller under this
Agreement shall be true and accurate in all material respects as of Closing, the
same as if made at Closing, except as to changes specifically contemplated by
this Agreement or waived by Buyer.

     (b) Seller shall have complied in all material respects (or compliance
shall have been waived by Buyer) with each and every covenant required by this
Agreement to be performed by Seller prior to or at the Closing.

     (c) No suit, action or other proceedings shall, on the date of Closing, be
pending, or threatened in writing, before any court or governmental agency
seeking to restrain, prohibit, or obtain damages or other relief in connection
with the consummation of the transactions contemplated by this Agreement.

                                         13

<PAGE>

     (d) Any and all other conditions precedent in Buyer's favor have been
satisfied or waived.

     10.  CONDITIONS PRECEDENT TO THE OBLIGATIONS OF SELLER.  Seller's
obligation to sell the Assets is subject to each of the following conditions
being met:

     (a) Each and every warranty and representation of Buyer under this
Agreement shall be true and accurate in all material respects as of Closing, the
same as if made at Closing, except as to changes specifically contemplated by
this Agreement or waived by Seller.

     (b) Buyer shall have complied in all material respects (or compliance shall
have been waived by Seller) with each and every covenant required by this
Agreement to be performed by Buyer prior to or at the Closing.

     (c) No suit, action or other proceedings shall, on the date of Closing, be
pending, or threatened in writing, before any court or governmental agency
seeking to restrain, prohibit, or obtain damages or other relief in connection
with the consummation of the transactions contemplated by this Agreement.

     (d) Any and all other conditions precedent in Seller's favor have been
satisfied or waived.

     11.  TERMINATION OF AGREEMENT.  (a) If: (i) any condition precedent set
forth in Section 9 to Buyer's obligation to purchase the Assets is not satisfied
or waived as of the Closing Date, or if the Closing does not occur on or before
May 9, 2000 ("Termination Date"), and (ii) Buyer is not in breach of its
obligations hereunder, then Buyer may terminate this Agreement upon seven (7)
days notice to Seller, and Seller shall promptly return the Deposit to Buyer.
Upon such termination, the parties shall have no further obligations to one
another hereunder (other than the indemnification obligations under Sections
3(a)(vi) and 6(b), and the obligations under subsection (c) and Sections 15 and
20 - 27, which will survive such termination).

     (b) If: (i) any condition precedent set forth in Section 10 to Seller's
obligation to sell the Assets is not satisfied or waived as of the Closing Date,
or if the Closing does not occur on or before the Termination Date, and (ii)
Seller is not in breach of its obligations hereunder (unless Buyer shall also be
in breach of its Obligations hereunder), then Seller may terminate this
Agreement upon seven (7) days notice to Buyer, and Seller shall return the
Deposit to Buyer only if the termination was based solely on Section 10(c). Upon
such termination, the parties shall have no further obligations to one another
hereunder (other than the indemnification obligations under Sections 3(a)(vi)
and 6(b), and the obligations under subsection (c) and Sections 15 and 20 - 27,
which will survive such termination).

     (c) Upon termination of this Agreement under subsection (a) or (b), or
under Section 7(c), Seller may sell the Assets (or any portion thereof) to any
other party without any limitation under or by reason of this Agreement, and
Buyer may not seek to enjoin any such sale.  Promptly following Seller's
request, Buyer shall: (i) execute any instrument requested by Seller to evidence
the termination of Buyer's right to acquire the Assets, and (ii) return to
Seller all data and other information (and all copies thereof) furnished to
Buyer by or on behalf of Seller in connection with this transaction.

                                         14

<PAGE>

     12.  CLOSING; AND POST-CLOSING MATTERS.  (a)(i) The closing ("Closing") of
the transaction contemplated hereby shall take place in the offices of Seller,
in Denver, Colorado, on May 3, 2000, at 10:00 a.m. Mountain Time, or at such
other date and time as Buyer and Seller may agree ("Closing Date").

          (ii) At least five (5) business days before the Closing Date, Seller
shall submit to Buyer a proposed statement ("Closing Statement") setting forth
the proposed Purchase Price, based on the adjustments for which this Agreement
provides.  At least two (2) business days before the Closing Date, Buyer shall
deliver to Seller a written report proposing and explaining any changes to the
Closing Statement; provided however, if Buyer fails to timely deliver such
report, Seller's Closing Statement shall be the basis for the Purchase Price.
If Buyer timely delivers such report, Seller and Buyer shall make every
reasonable effort to agree upon an acceptable Purchase Price prior to Closing,
but if the parties fail to reach such Agreement, then at Seller's election:
Seller's estimation of the adjustments shall be employed for the purpose of
Closing, the Closing shall occur, and differences shall be resolved after the
Closing.

     (b) At the Closing, Seller shall:

         (i) execute, acknowledge and deliver to Buyer an Assignment and Bill
of Sale ("Assignment") of the Assets, in the form attached hereto as Exhibit C
(with Exhibits A and B hereto being attached thereto), effective as to runs of
oil and deliveries of gas as of 7:00 a.m., Mountain Standard Time on March 1,
2000 ("Effective Date");

        (ii) execute and deliver to Buyer letters in lieu of transfer orders
(or similar documents), in form acceptable to both parties;

       (iii) execute and deliver to Buyer an affidavit or other certification
(as permitted by the Internal Revenue Code of 1986) having the form and language
as Exhibit E attached hereto, to the effect that Seller is not a "foreign
person" within the meaning of Section 1445 (or similar provisions) of the
Internal Revenue Code of 1986; and

        (iv) provide Buyer with Seller's Officer Certificate having the form
and language of Exhibit D-1 attached hereto.

     (c) At the Closing, Buyer shall:

         (i) deliver to the Seller by wire transfer in immediately available
funds, to an account designated by Seller in a bank located in the United
States, an amount equal to the Purchase Price minus the Deposit, as such amount
may be adjusted in accordance with the terms hereof;

        (ii) with respect to Assets operated by Seller, execute and deliver to
Seller appropriate evidence reflecting change of operator as required by
applicable authorities and such evidence as Seller may require that Buyer is
qualified with such authorities to succeed Seller as operator; and

       (iii) provide Seller with Buyer's Officer Certificate having the form
and language of Exhibit D-2 attached hereto.

                                         15

<PAGE>

     (d) Within five (5) days after Closing, Seller will deliver to Buyer the
records and other materials described in Section 1(a).

     (e) Following the Closing, with respect to each Oil and Gas Property as to
which Seller is disbursing proceeds of production attributable to other parties
entitled thereto, Seller shall:

         (i) continue to collect proceeds of production during the month in
which Closing occurs and be responsible for making disbursements, in accordance
with its normal procedures (and at normal times), of such proceeds from
production so collected to the parties entitled to same, with any proceeds from
production thereafter collected by Seller to be promptly forwarded to Buyer (who
shall thereafter account for same to the parties entitled thereto), and

        (ii) deliver to Buyer: (A) a copy of its proceeds distribution list
(but Seller makes no warranties or representations, express or implied, as to
the accuracy of such list) for each such Asset (which list shall include the
name, address, social security or tax number, and applicable share of proceeds
from production for each party to whom Seller is disbursing such proceeds with
respect to such Asset), (B) a list of all parties for whom it is holding in
suspense proceeds from production, (C) a list of all parties for whom it is
holding in any advance payments made by other working interest owners for
operations to be conducted on the Assets, and (D) a check (which shall be
delivered within 30 days after the end of the month in which Closing occurs) in
an amount equal to all suspended funds and advance payments. Following delivery
of the materials referred to in this subsection, Buyer shall be responsible for
all disbursements of proceeds from production (including suspense and other
disbursements attributable to periods prior to the Effective Date) and such
disbursement activities shall be included in the matters which Buyer assumes,
and indemnifies Seller with respect to, hereunder, except that Buyer shall
neither assume responsibility, nor indemnify Seller, for any penalties,
interest, or attorney's fees attributable to such suspense funds insofar as such
relate to periods prior to the Effective Date.

     (f) All production attributable to Seller's interest in the Oil and Gas
Properties, and all proceeds from the sale thereof, including proceeds from the
sale of any oil in storage above the pipeline connection, and any accounts
receivable balances and any related Claims and Damages, any of which are
attributable to production prior to the Effective Date, shall be and remain
Seller's property. All such production therefrom, and all proceeds from the sale
thereof, attributable to production after the Effective Date shall be Buyer's
property.

     (g) Buyer shall execute, acknowledge and file the Assignment for record
immediately upon receipt thereof and will furnish to Seller a copy of the
recorded document promptly after Buyer's receipt of such recorded instrument
from the clerk in each county or parish in which the Assignment is recorded.  In
addition, where applicable, Buyer and Seller shall execute any forms required to
effect a change of operator for all wells conveyed herein.

     (h)(i) Following the Closing, Buyer shall:

               (A) Promptly take all actions necessary to succeed Seller as the
party to any leases, rights-of-way, contracts, bonds, permits, licenses, and any
other instrument, and to all duties,

                                         16

<PAGE>

obligations, and liabilities to individuals, private entities, or governmental
authorities, with respect to the Assets to which Seller was a party or by which
it was bound,

               (B) Assume and fully perform all of Seller's duties, obligations,
and liabilities to individuals, private entities, or governmental authorities,
with respect to the Assets to which Seller was a party or by which it was bound
on and after the Effective Date, including duties, liabilities, and other
obligations imposed by any leases, rights-of-way, contracts, bonds, permits,
licenses, and any other instrument to which Seller was a party or by which it
was bound to the extent such accrued on or after the effective date, and

               (C) Protect, defend, indemnify, and hold Seller harmless from any
and all Claims and Damages with respect to the foregoing provisions of this
subsection (i) except to the extent such Claims or Damages arise from: (I)
actions taken by Seller prior to the Effective Date, or (II) a failure of Seller
to take actions required by Law or contract prior to the Effective Date;
provided further, that consistent with but not as a limitation on the foregoing,
any and all obligations regarding the plugging and abandonment of any wells on
the Oil and Gas Properties shall be Buyer's rather than Seller's obligation.

          (ii) At Seller's request, which may be made subsequent to the Closing,
Buyer shall promptly execute a document confirming Buyer's assumption of such
duties, liabilities, and other obligations under subsection (i), but Seller's
failure to request such a document shall not affect Buyer's assumption of such
duties, liabilities, and obligations.

          (iii) Notwithstanding subsections (i) or any other provision hereof to
the contrary, responsibility for all Claims and Damages regarding environmental
matters shall be governed by Sections 6 and 14.

     13.  CERTAIN ADJUSTMENTS.  (a) Appropriate adjustments shall be made
between Buyer and Seller so that:

          (i) all expenses (including royalty, overriding royalty, and other
payments based on production) attributable to Seller's interest in the Assets
that are incurred in the ownership and operation of the Assets before the
Effective Date will be borne by Seller and all proceeds payable to Seller for
its interest in the Assets (net of applicable production, severance, and similar
taxes) from the sale of oil, gas and other minerals produced therefrom before
the Effective Date will be received by Seller, and

         (ii) all expenses attributable to Seller's interest in the Assets
which are incurred in the ownership and operation of the Assets on and after the
Effective Date will be borne by Buyer and all proceeds payable to Seller for its
interest in the Assets (net of applicable production, severance, and similar
taxes) from the sale of oil, gas and other minerals produced therefrom on and
after the Effective Date will be received by Buyer.

     (b) In making the adjustments under subsection (a):  (i) oil which was
produced from the Oil and Gas Properties and which was, on the Effective Date,
stored in tanks located on the Oil and Gas Properties (or located elsewhere but
used by Seller to store oil produced from the Oil and Gas Properties prior to
delivery to oil purchasers) and above pipeline connections shall be deemed to

                                         17

<PAGE>

have been produced before the Effective Date, and (ii) ad valorem taxes assessed
with respect to the taxing period in which the Effective Date falls, regardless
of the basis on which such taxes are computed, shall be prorated based on the
number of days in such period which fall on each side of the Effective Date
(with the day on which the Effective Date falls being counted in the period
after the Effective Date), and shall, where the current year's taxes are not yet
known, be based on the previous year's taxes.  Each party shall bear its own
local, state or federal income tax liabilities.

     (c) As soon as practicable after Closing, but in any event within ninety
(90) days thereafter, Seller shall prepare and submit to Buyer a proposed
statement ("Final Statement"), which shall show the final calculation of the
Purchase Price ("Final Settlement Price"), based on the adjustments for which
this Agreement provides.  As soon as possible after receipt of the Final
Statement, but in any event within thirty (30) days after receipt thereof, Buyer
shall deliver to Seller a written report containing the changes, if any, which
Buyer proposes being made to the Final Statement; provided however, if Buyer
fails to timely deliver such report, Seller's Final Statement and Final
Settlement Price shall conclusively be deemed accurate, and such Final Statement
shall be the basis for the Final Settlement Price.  In the event that Buyer
submits a response, the parties shall exercise all reasonable efforts to agree
with respect to the amounts due not later than ninety (90) days after the
Closing, but in any event prior to September 1, 2000. After agreement upon a
Final Settlement Price setting forth the amount by which the Purchase Price
shall be adjusted (either upward or downward), the amount due shall be paid
within five (5) business days thereafter by the party owing the same in
immediately available funds.  Amounts due and payable hereunder, but which are
not paid when due, shall bear interest at the rate of one and one-half percent
per month, compounded monthly, or the maximum amount permitted by law, whichever
is less.

     14.  ENVIRONMENTAL INDEMNITY AND HAZARDOUS SUBSTANCES.  (a) Notwithstanding
anything herein to the contrary except subsection (c), with respect to the Oil
and Gas Properties, upon Closing, Buyer: (i) waives, releases, remises, acquits
and forever discharges, (ii) releases and relinquishes any right of
contribution, reimbursement, indemnification, or other rights of a similar
nature, (iii) assumes all liability for, and (iv) shall protect, defend,
indemnify, and hold harmless, Seller and its affiliates, and their employees,
agents, successors and assigns, from and with respect to any and all Claims and
Damages (including Corrective Action Costs (hereinafter defined), monitoring
costs (including reasonable capital and operating costs), remediation studies,
and natural resource damages) that may at any time arise on account of, or in
any way arising out of, or in connection with: (I) the known or unknown
environmental condition of the Oil and Gas Properties, including any Releases
(hereinafter defined), and (II) any violation of any federal, state, or local
law (including statutory and case law), rule, regulation, ordinance, permit,
license, order, judgment, injunction, writ, or decree of any nature
(collectively "Law") relating to the protection of health or the environment,
whether or not attributable to Seller's activities or the activities of third
parties, regardless of whether or not Seller was or is aware of such activities,
and regardless of whether or not the condition (including any Release) or
violation occurred before or after the Effective Date.

     (b) As used in this Agreement, the following definitions shall apply:

          (i) "Hazardous Substances" means any substance or material defined or
designated as hazardous or toxic waste, hazardous or toxic material, hazardous
or toxic substance, or other similar term, by any Law relating to the
environment (which Laws include the Federal Resource

                                         18

<PAGE>

Conservation and Recovery Act of 1976; Federal Comprehensive Environmental
Response, Compensation, and Liability Act of 1980; Federal Clean Air Act;
Federal Clean Water Act; Federal Water Pollution Control Act; Federal
Insecticide, Fungicide, and Rodenticide Act; and similar state Laws in effect as
of the relevant dates, as such Laws were or are amended from time to time).

          (ii) "Releases" means any spilling, leaking, pumping, pouring,
emitting, emptying, discharging, injecting, depositing, releasing, escaping,
leaching, dumping or disposing of Hazardous Substances or non-hazardous
substances (to the extent the Law requires the removal of the same) into the
atmosphere, soil, surface water, subsurface strata, groundwater, or otherwise
into the environment, including the abandonment or discarding of barrels,
containers, tanks, or other receptacles containing or previously containing
Hazardous Substances.

          (iii) "Corrective Action" means, to the extent required by Law, any
expenditures or activities taken to monitor and, if required, abate, clean up,
remove, treat, cover or in any other way remediate a Release at, from, or
emanating to the Oil and Gas Properties.

           (iv) "Corrective Action Costs" includes any and all: (A) costs or
expenses that arise directly from or in connection with the performance of
Corrective Action, including removal, remediation or cleanup costs, site
investigation and assessment costs, consultants costs, attorneys fees and expert
fees, government oversight and response costs, penalties, liens, interests,
fines, assessments, and charges, and (B) any payment of any third party Claims
or Damages (including any federal, state or local government agency) arising out
of or relating to a Release at or from the Oil and Gas Properties.

     (c)(i) If Buyer within one (1) year after the Closing: (A) discovers a
violation of an environmental Law that occurred prior to the Effective Date with
respect to any Oil and Gas Property and such violation was not disclosed by
Seller to Buyer prior to the Closing, (B) notifies Seller (such that notice is
actually received by Seller within said one (1) year period) in reasonable
detail of the Law that was violated and the manner in which such Law was
violated, (C) includes with such notice sufficient information to substantiate
the violation of such Law, and (D) includes in such notice a reasonable range of
alternative dates and times for scheduling a meeting in Denver, Colorado, to
take place within two weeks after the notice was given, to discuss how to
address the violation, then the provisions of subsections (ii) and (iii) shall
apply. No notice shall be effective unless it complies with clauses (A) - (D) of
this subsection.  Buyer shall have the burden of proving that such violation
occurred prior to the Effective Date and was not disclosed by Seller to Buyer
prior to the Closing.

          (ii) At the meeting referenced in subsection (i), the parties shall
discuss how to remedy the violation.  Such approaches may include: (A) the
performance by Seller of Corrective Action, and the payment by Seller of
Corrective Action Costs, to remedy the violation, or (B) the performance by
Buyer of Corrective Action, and the payment by Buyer of Corrective Action Costs,
coupled with an adjustment in the Purchase Price, and with Buyer otherwise being
responsible for the violation in accordance with subsection (a) without regard
to this subsection (c).

          (iii)(A) If within sixty (60) days following Seller's receipt of
Buyer's notice the parties cannot agree on how to remedy the violation specified
in the notice, this Agreement shall be rescinded as to each Oil and Gas Property
as to which the parties were unable to so agree.  Consistent

                                         19

<PAGE>

with but not as a limitation on the foregoing, in such event, and within said 60
day period: (I) Buyer shall reconvey each such Oil and Gas Property to Seller by
a special warranty conveyance, with such conveyance to be effective as of the
Effective Date, (II) Buyer shall account for and pay to Seller all proceeds from
production (net of reasonable expenses) attributable to the period subsequent to
the Effective Date, provided however, if and to the extent any such production
was not sold in an arm's length transaction at generally prevailing prices for
like production from the Williston Basin, the amount to be paid by Buyer to
Seller shall be an amount equal to that which would have been received in such a
transaction, and (III) Seller shall pay Buyer an amount equal to the Allocated
Value. Notwithstanding the rescission, however, Seller shall not be required to
pay Buyer for any capital improvements made by or on behalf of Buyer to the Oil
and Gas Property.  Neither party shall be obligated to pay the other party
interest (which shall be at the rate specified in Section 13) on amounts owed to
the other party, if such amounts owed are paid within said 60 days.

               (B) As to any Oil and Gas Property reconveyed under this
subsection, Buyer shall grant Seller, without any further consideration, any and
all easements and rights-of-way that may be necessary or reasonably convenient
for Seller to access or perform Corrective Action with regard to such property.

     (d) Nothing herein shall limit a party's right to seek contribution or
reimbursement from any non-affiliated third party who may be responsible for
Corrective Action or Corrective Action Costs, or for any other Claims or
Damages.

     15.  COMMISSIONS.  Seller shall indemnify and hold Buyer harmless from and
against any and all Claims and Damages arising out of or resulting from any
agreement, arrangement or understanding alleged to have been made by, or on
behalf of, Seller with any broker or finder in connection with this Agreement or
the transaction contemplated hereby, and (b). Buyer shall indemnify and hold
harmless Seller from and against any and all Claims and Damages arising out of
or resulting from any agreement, arrangement or understanding alleged to have
been made by, or on behalf of, Buyer with any broker or finder in connection
with this Agreement or the transaction contemplated hereby.

     16.  CASUALTY LOSS.  In the event of damage by fire or other casualty to
the Assets prior to the Closing, this Agreement shall remain in full force and
effect, and in such event, unless Buyer and Seller shall otherwise agree:

     (a) as to each such Asset so damaged that is an Oil and Gas Property, at
Buyer's election either: (i) such Asset shall be treated as if it were subject
to an Asserted Defect, and the procedure provided for in Section 6 shall be
applicable thereto, or (ii) the Purchase Price will not be adjusted, but if
Seller is entitled to make any claims under any insurance policy with respect to
such damage, Seller shall, at Seller's election, either collect (and when
collected, or at the Closing, whichever last occurs, pay over to Buyer), or
assign to Buyer (at the Closing) (subject to Buyer's review of Seller's
insurance policy relating to the loss), such claims, and

     (b) as to each such Asset so damaged that is not an Oil and Gas Property,
at Seller's election it shall either collect for (and when collected, or at the
Closing, whichever last occurs, pay over to Buyer), or assign to Buyer (at the
Closing), subject to Buyer's review of Seller's insurance policy that

                                         20

<PAGE>

relates to the loss, any and all insurance claims relating to such loss, and
Buyer shall take title to the Asset affected by such loss without reduction of
the Purchase Price.

     17.  NOTICES. All notices, demands or communications ("Notices") under this
Agreement shall be in writing and shall be addressed to the party as set forth
below. All Notices shall be given by: (i) personal delivery, (ii) electronic
communication, provided the transmitting device used by the Party provides
documentary confirmation of receipt, (iii) first class mail, postage prepaid, or
(iv) a nationally recognized overnight courier service.  All Notices shall be
effective and shall be deemed delivered (i) if by personal delivery or by
overnight courier, on the date of delivery if delivered on or before 4:30 p.m.
on such day; otherwise, it shall be deemed to have been delivered on the next
business day following delivery, (ii) if by electronic communication, on the day
of receipt unless received after 4:30 p.m., in which event it shall be deemed to
have been received on the next business day following receipt of the electronic
communication, and (iii) if solely by mail, on the first to occur or actual
receipt.  A party may change its address by Notice to the other party.

If to Seller:

          Tipperary Oil & Gas Corporation
          633 17th Street, Suite 1550
          Denver, Colorado   80202
          Attention: Jeff T. Obourn
          Telephone No: (303) 293-9379
          Facsimile No.:  (303) 292-3428

If to Buyer:

          Nance Petroleum
          P.O. Box 7168
          Billings, Montana   59103
          Attention: Ron Santi
          Telephone No: (406) 245-6248
          Facsimile No.:  (406) 245-9106

     18.  SURVIVAL OF PROVISIONS. The parties' respective covenants (including
indemnification obligations) that are to be performed after the Closing or that
may otherwise be applicable following the Closing, and the parties' respective
warranties and representations (and disclaimers of warranties, representations,
and covenants), shall survive the Closing and shall not merge into the
Assignment or into any other documents or other instruments executed in
connection herewith. Consistent with, but not as a limitation on the foregoing,
the parties' respective obligations under Sections 6(a)(iii) and 7(a)(ii)(E) (to
the extent the same are, by mutual agreement, not performed at Closing), and
Sections 2(c), 3, 4, 5(c)(ii), 6(b)(i)(A), 6(e), 8, 11(c), 12(d), 12(e), 12(h),
13(c), 14, 15, 17, 18, 20 - 27, 30, and 32 shall survive the Closing and the
delivery of the Assignment.

     19.  OPERATIONS.  Subject to the terms and provisions of any existing
agreements covering the Assets, Seller agrees to turn over to Buyer, at Closing,
the operations of those Assets for which

                                         21

<PAGE>

it is currently serving as operator.  Seller shall take all reasonable actions
necessary to attempt to cause Buyer to become successor operator as contemplated
herein.

     20.  CONFIDENTIALITY AGREEMENT.  The Confidentiality Agreement shall
terminate only if and after Closing occurs and the Assignment is executed and
delivered.

     21.  FURTHER ASSURANCES.  Without further consideration, each party shall
take such further actions and execute such further documents as may be
reasonably requested by the other party in order to effectuate the purpose and
intent of this Agreement, including (if Closing occurs) division orders,
transfer orders and other documents.

     22.  GOVERNING LAW, AND VENUE. (a) This Agreement shall be: (i) deemed to
have been negotiated, executed, and performed in Colorado, and (ii) governed by
and interpreted in accordance with the laws of Colorado, except to the extent
its laws would otherwise apply the laws of another jurisdiction.

     (b) Exclusive venue for the resolution of any disputes regarding this
Agreement shall be in a  state or federal court of competent jurisdiction
sitting in Colorado.  If and to the extent Buyer does not have a registered
agent for service of process in Colorado, then for purposes hereof, service of
process may be accomplished in the manner of service upon the Colorado Secretary
of State or in such other manner as may be provided by law for service upon
corporations that are required to have a registered agent in Colorado but that
do not have a registered agent.

     23.  COSTS. Except as may be expressly provided otherwise herein, each
party shall bear its own costs and expenses in connection with the negotiation
and performance of this Agreement.

     24.  ENTIRE AGREEMENT; AMENDMENT; AND WAIVER. (a) This Agreement, which
includes any and all exhibits, contains the entire understanding and agreement
of the parties and supersedes all prior agreements and understandings between
the parties relating to the subject matter hereof.

     (b) No amendment or modification to this Agreement shall be effective
unless be in writing and signed by all parties.

     (c) No waiver by a party of any breach by the other party of any provision
of this Agreement shall be deemed a waiver of any preceding or succeeding breach
of the same or any other provisions hereof.  No such waiver shall be effective
unless in writing and then only to the extent expressly set forth in writing.

     25.  SECTION AND OTHER HEADINGS; AND CONSTRUCTION.  The section and other
headings contained in this Agreement are for reference only and have no legal
significance.  The use of pronouns is generic and they shall mean any gender as
appropriate. The terms "include", "including," or similar terminology shall be
construed as meaning without limitation as to the nature or scope of the
referenced matters.  The terms "herein" or "hereof," or similar terminology,
shall be construed as referring to this Agreement rather than only the section
in which such term appears. References to subsections shall refer to the section
or subsection in which they appear, unless otherwise noted.

                                         22

<PAGE>

This Agreement shall be deemed to have been drafted by both parties, and
therefore the rule against construing ambiguities against the party drafting a
contract shall be inapplicable to this Agreement.

     26.  SEVERABILITY. If any provision of this Agreement is held to be invalid
or unenforceable in whole or in part in any relevant jurisdiction, such
provision, only to the extent invalid or unenforceable, shall be severable from
this Agreement, and the other provisions of this Agreement (along with the
provision at issue, to the extent that it would be valid and enforceable, and
such provision shall be deemed to be so reformed) shall remain in full force and
effect in such jurisdiction and the remaining provisions hereof shall be
liberally construed to carry out the purpose and intent of this Agreement. The
invalidity or unenforceability, in whole or in part, of any provision of this
Agreement in any relevant jurisdiction shall not affect the validity or
enforceability of such provision in any other jurisdiction, nor shall the
invalidity or unenforceability of any provision of this Agreement with respect
to any Person affect the validity or enforceability of such provision with
respect to any other Person.

     27.  ATTORNEY'S FEES.  If litigation is commenced between the parties, the
prevailing party shall be entitled to recover from the other party all
reasonable attorney fees and costs.  The prevailing party shall include: a party
who dismisses an action in exchange for sums allegedly due; the party who
received performance from the other party for an alleged breach of contract or a
desired remedy where the performance is substantially equal to the relief sought
in an action; or the party determined to be the prevailing party by a court of
law.

     28.  RESTRICTIONS ON ASSIGNMENT.  Neither party may assign its rights under
this Agreement and any such assignment in violation of this provision shall be
void; provided however, that notwithstanding the foregoing, Seller may assign
its rights under this Agreement to a subsidiary or other affiliate subject to
Buyer's approval, which may not be unreasonably withheld.

     29.  TIME OF THE ESSENCE.  Time is of the essence of this Agreement.  If
the last day permitted for the performance of any act required or permitted
under this Agreement falls on a Saturday, Sunday, or holiday, the time for such
performance shall be extended to the next succeeding business day.

     30.  PARTIES IN INTEREST; SUCCESSORS AND ASSIGNS.  This Agreement shall be
binding upon and inure to the benefit of and be enforceable by the successors
and permitted assigns of Seller or Buyer.  Nothing in this Agreement is intended
to confer upon any other person or entity any rights or remedies under or by
reason of this Agreement.

     31.  NO PUBLICITY.  Prior to closing, neither Buyer nor Seller shall issue
any publicity or press release concerning this Agreement or the transaction
contemplated hereby without the other party's prior written consent unless, in
the written opinion of a party's legal counsel, such disclosure is required by
applicable law or other applicable rules or regulations of any governmental
authority or stock exchange and such publicity or press release contains no more
than the minimum information necessary to comply therewith.  This provision
shall not replace or restrict any provision in any prior agreement between the
parties affecting confidentiality or the disclosure of information about the
Assets.

                                         23

<PAGE>

     32.  NO RECORDING.  This Agreement shall not be recorded by either party
without the prior consent of the other party.

     IN WITNESS WHEREOF, this Agreement is executed by the parties hereto on the
date set forth above.

SELLER:                            BUYER:

TIPPERARY OIL & GAS CORPORATION    NANCE PETROLEUM CORPORATION

By: /s/ David L. Bradshaw          By: /s/ Robert L. Nance
   ----------------------------       ----------------------------------------
Name:   David L. Bradshaw               Name:   Robert L. Nance
Title:  President & CEO                 Title:  President & CEO

                                         24

<PAGE>

                                                    Purchase and Sale Agreement
                                        Between TIPPERARY OIL & GAS CORPORATION
                                                and NANCE PETROLEUM CORPORATION

                                     EXHIBIT "C"

                             ASSIGNMENT AND BILL OF SALE

     THIS ASSIGNMENT AND BILL OF SALE ("Assignment"), dated _______, 2000, is
between Tipperary Oil & Gas Corporation, a Texas corporation ("Assignor"), the
address of which is 633 17th Street, Suite 1550, Denver, Colorado 80202, and
Nance Petroleum Corporation, a Montana corporation  ("Assignee"), the address of
which is 550 North 31st Street, Suite 500, Billings, Montana 59101.

                                      RECITALS:

     A.   The parties entered into that certain Purchase and Sale Agreement
dated __________, 2000 ("Agreement"), pursuant to which Assignor agreed to sell,
assign, and convey, and Assignee agreed to purchase the hereinafter described
Assets.

     B.   The parties have consummated the purchase and sale of the Assets
pursuant to the Agreement, and this Assignment is being executed and delivered
pursuant thereto.

     NOW THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties agree as follows:

     1.   Conveyance and Reservation.  (a) Assignor does hereby sell, assign,
and convey unto Assignee the following described properties, rights and
interests, but only to the extent related to the real property described in
Exhibit A ("Property"):

          (i) All of Assignor's right, title, and interest, if any, in all oil,
gas and other mineral interests, including Assignor's right, title, and
interest, if any, in all: (A) oil and gas leases and any other mineral leases,
(B) royalties and overriding royalties, (C) production payments, (D) net profits
interests, (E) reversionary mineral interests, (F) unitization, pooling, and
communitization agreements, and (G) declarations and orders (including all units
formed under orders, rules, regulations, or other official acts of any federal,
state, or other authority having jurisdiction, and voluntary unitization
agreements, designations and declarations), subject to any exceptions and
reservations contained in Exhibit A;

          (ii) All of Assignor's right, title, and interest, if any, in all
fixtures, equipment, and other personal property, to the extent relating to the
wells described in Exhibit B and their appurtenant production, storage,
treating, gathering, and transportation facilities, situated on the Property;
and

          (iii) all contracts; lease files; abstracts and title opinions;
production records; well files; permits and licenses; accounting records (but
excluding all general financial accounting or tax accounting records that do not
pertain exclusively to the Property); electric logs and geological,

                                         1

<PAGE>

engineering, and other technical data and records (subject to any contractual or
other restrictions relating to the transfer of such data and records); and other
files, documents and records that directly relate to the Property.

     (b) Assignor's interest, if any, in the assets described in subsection (a)
is herein sometimes collectively called the "Assets."

     (c) Assignor excepts and reserves from this Assignment, and reserves unto
itself, all of its right, title, and interest in and to the surface estate of
the Property (to the extent of any surface estate interests not created by
lease, easement, or right-of-way) and all rights of any nature whatsoever
appurtenant or otherwise associated therewith, and such right, title, and
interest does not constitute any part of the Assets; provided however, Assignor
grants Assignee the right to use the surface of the Property for purposes
reasonably necessary or incidental to oil and gas operations on the Property,
but Assignee shall protect, defend, indemnify, and hold Assignor harmless from
and against any and all Claims (hereinafter defined) or Damages (hereinafter
defined) resulting from such use.

     (d) Except for: (i) easements and rights-of-way of record, (ii) other third
party rights (if any) that could not reasonably be expected to have a materially
adverse affect on the use of the Assets, and (iii) liens for taxes and
assessments due but not yet payable, Assignor warrants title to the Assets
against anyone claiming any interest therein arising by, through, or under
Assignor, but Assignor makes no other warranty, representation, or covenant,
express or implied, statutory or otherwise, as to title to the Assets.

     (e) As of the effective date hereof, Assignee assumes all of Assignor's
duties, liabilities and obligations relating to the Assets to which Assignor was
a party or by which it was bound on and after the date hereof, and shall
protect, defend, indemnify, and hold Assignor harmless from any and all Claims
and Damages with respect thereto, except to the extent such Claims or Damages
arise from: (i) actions taken by Assignor prior to the effective date hereof, or
(ii) a failure of Assignor to take actions required by Law (hereinafter defined)
or contract prior to the effective date hereof.

     2.   Disclaimer of Warranties.  (a) Except as provided in Section 1(d)
hereof, Assignor makes no warranty, representation, or covenant, express or
implied, as to its title to the Assets, and Assignor makes no other warranty,
representation, or covenant, express or implied, with respect to the Assets.

     (b) CONSISTENT WITH AND NOT AS A LIMITATION ON SUBSECTION (a), THE ASSETS
ARE HEREBY PURCHASED, SOLD, AND CONVEYED "AS IS, WHERE IS", WITHOUT ANY
WARRANTY, REPRESENTATION, OR COVENANT, EXPRESS OR IMPLIED, STATUTORY OR
OTHERWISE, RELATING TO:

          (i) THE CONDITION, QUANTITY, QUALITY, FITNESS FOR A PARTICULAR PURPOSE
OR ANY PURPOSE, CONFORMITY TO THE MODELS OR SAMPLES OF MATERIALS, OR
MERCHANTABILITY OF ANY IMMOVABLE PROPERTY, MOVABLE PROPERTY, EQUIPMENT,
INVENTORY, MACHINERY, AND OTHER FIXTURES AND PERSONAL PROPERTY CONSTITUTING PART
OF THE ASSETS;

                                         2

<PAGE>

          (ii) ANY IMPLIED OR EXPRESS WARRANTY OF FREEDOM FROM REDHIBITORY VICES
OR DEFECTS OR OTHER VICES OR DEFECTS, WHETHER KNOWN OR UNKNOWN; AND

         (iii) ANY AND ALL IMPLIED WARRANTIES, REPRESENTATIONS, OR COVENANTS
EXISTING UNDER APPLICABLE LAW NOW OR HEREAFTER IN EFFECT.

     (c) CONSISTENT WITH BUT NOT AS A LIMITATION ON SUBSECTIONS (a) AND (b):

          (i) ASSIGNOR IS SELLING AND ASSIGNEE IS BUYING THE ASSETS WITH ALL
DEFECTS AND FAULTS (LATENT OR APPARENT) AND IT ASSUMES THE RISK THAT ADVERSE
PAST, PRESENT OR FUTURE PHYSICAL CONDITIONS MAY NOT HAVE BEEN REVEALED BY ITS
INVESTIGATIONS, AND

          (ii) ASSIGNOR MAKES NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED,
STATUTORY OR OTHERWISE, AS TO THE ACCURACY OR COMPLETENESS OF ANY DATA, REPORTS,
RECORDS, PROJECTIONS, INFORMATION, OR OTHER MATERIALS NOW HERETOFORE, OR
HEREAFTER FURNISHED OR MADE AVAILABLE TO ASSIGNEE IN CONNECTION HEREWITH,
INCLUDING PRICING ASSUMPTIONS OR QUALITY OR QUANTITY OF HYDROCARBON RESERVES (IF
ANY) ATTRIBUTABLE TO THE ASSETS OR THE ABILITY OR POTENTIAL OF THE ASSETS TO
PRODUCE HYDROCARBONS OR THE ENVIRONMENTAL CONDITION OF THE ASSETS OR ANY OTHER
MATERIALS FURNISHED OR MADE AVAILABLE TO ASSIGNEE BY OR ON BEHALF OF ASSIGNOR.

     3.   Environmental Indemnity and Hazardous Substances.  (a) Notwithstanding
anything herein to the contrary, with respect to the Assets, Assignee: (i)
waives, releases, remises, acquits and forever discharges, (ii) releases and
relinquishes any right of contribution, reimbursement, indemnification, or other
rights of a similar nature,  (iii) assumes all liability for, and (iv) shall
protect, defend, indemnify, and hold harmless, Assignor and its affiliates, and
their employees, agents, successors and assigns, from and with respect to any
and all rights, claims, demands, causes of action, and legal, administrative, or
arbitration proceedings, of any and every nature (collectively, "Claims"), and
injuries, deaths, damages, or obligations of any and every nature resulting from
or that gave rise to any Claim, including liabilities, losses, costs, penalties,
expenses, judgments, fines, settlements, interest, reasonable attorney's fees,
Corrective Action Costs (hereinafter defined), monitoring costs (including
reasonable capital and operating costs), remediation studies, and natural
resource damages and other related expenses of any nature (collectively,
"Damages") (provided however, that Damages shall not include consequential,
special, incidental, or punitive damages) that may at any time arise on account
of, or in any way arising out of, or in connection with: (I) the known or
unknown environmental condition of the Assets, including any Releases
(hereinafter defined), and (II) any violation of any federal, state, or local
law (including statutory and case law), rule, regulation, ordinance, permit,
license, order, judgment, injunction, writ, or decree of any nature
(collectively "Law") relating to the protection of health or the environment,
whether or not attributable to Assignor's activities or the activities of third
parties,

                                         3

<PAGE>

regardless of whether or not Assignor was or is aware of such activities, and
regardless of whether or not the condition (including any Release) or violation
occurred before or after the effective date hereof.

     (b) As used herein, the following definitions shall apply:

          (i) "Hazardous Substances" means any substance or material defined or
designated as hazardous or toxic waste, hazardous or toxic material, hazardous
or toxic substance, or other similar term, by any Law relating to the
environment (which Laws include the Federal Resource Conservation and Recovery
Act of 1976; Federal Comprehensive Environmental Response, Compensation, and
Liability Act of 1980; Federal Clean Air Act; Federal Clean Water Act; Federal
Water Pollution Control Act; Federal Insecticide, Fungicide, and Rodenticide
Act; and similar state Laws in effect as of the relevant dates, as such Laws
were or are amended from time to time).

          (ii) "Releases" means any spilling, leaking, pumping, pouring,
emitting, emptying, discharging, injecting, depositing, releasing, escaping,
leaching, dumping or disposing of Hazardous Substances or non-hazardous
substances (to the extent the Law requires the removal of the same) into the
atmosphere, soil, surface water, subsurface strata, groundwater, or otherwise
into the environment, including the abandonment or discarding of barrels,
containers, tanks, or other receptacles containing or previously containing
Hazardous Substances.

          (iii) "Corrective Action" means, to the extent required by Law, any
expenditures or activities taken to monitor and, if required, abate, clean up,
remove, treat, cover or in any other way remediate a Release at, from, or
emanating to the Assets.

          (iv) "Corrective Action Costs" includes any and all: (A) costs or
expenses that arise directly from or in connection with the performance of
Corrective Action, including removal, remediation or cleanup costs, site
investigation and assessment costs, consultants costs, attorneys fees and expert
fees, government oversight and response costs, penalties, liens, interests,
fines, assessments, and charges, and (B) any payment of any third party Claims
or Damages (including any federal, state or local government agency) arising out
of or relating to a Release at or from the Assets.

     (c)(i) If Assignee within one (1) year after the date hereof: (A) discovers
a violation of an environmental Law that occurred prior to the Effective Date
hereof with respect to any Property and such violation was not disclosed by
Assignor to Assignee prior to the date hereof, (B) notifies Assignor (such that
notice is actually received by Assignor within said one (1) year period) in
reasonable detail of the Law that was violated and the manner in which such Law
was violated, (C) includes with such notice sufficient information to
substantiate the violation of such Law, and (D) includes in such notice a
reasonable range of alternative dates and times for scheduling a meeting in
Denver, Colorado, to take place within two weeks after the notice was given, to
discuss how to address the violation, then the provisions of subsections (ii)
and (iii) shall apply. No notice shall be effective unless it complies with
clauses (A) - (D) of this subsection.  Assignee shall have the burden of proving
that such violation occurred prior to the Effective Date hereof and was not
disclosed by Assignor to Assignee prior to the date hereof.

                                         4

<PAGE>

          (ii) At the meeting referenced in subsection (i), the parties shall
discuss how to remedy the violation.  Such approaches may include: (A) the
performance by Assignor of Corrective Action, and the payment by Assignor of
Corrective Action Costs, to remedy the violation, or (B) the performance by
Assignee of Corrective Action, and the payment by Assignee of Corrective Action
Costs, coupled with an adjustment in the purchase price, and with Assignee
otherwise being responsible for the violation in accordance with subsection (a)
without regard to this subsection (c).

          (iii)(A) If within sixty (60) days following Assignor's receipt of
Assignee's notice the parties cannot agree on how to remedy the violation
specified in the notice, this Agreement shall be rescinded as to each Property
as to which the parties were unable to so agree.  Consistent with but not as a
limitation on the foregoing, in such event, and within said 60 day period: (I)
Assignee shall reconvey each such Property to Assignor by a special warranty
conveyance, with such conveyance to be effective as of the effective time
hereof, (II) Assignee shall account for and pay to Assignor all proceeds from
production (net of reasonable expenses) attributable to the period subsequent to
the effective time hereof, provided however, if and to the extent any such
production was not sold in an arm's length transaction at generally prevailing
prices for like production from the Williston Basin, the amount to be paid by
Assignee to Assignor shall be an amount equal to that which would have been
received in such a transaction, and (III) Assignor shall pay Assignee an amount
equal to the Allocated Value, as defined in the Agreement. Notwithstanding the
rescission, however, Assignor shall not be required to pay Assignee for any
capital improvements made by or on behalf of Assignee to the Property.  Neither
party shall be obligated to pay the other party interest on amounts owed to the
other party, if such amounts owed are paid within said 60 days.

               (B) As to any Property reconveyed under this subsection, Assignee
shall grant Assignor, without any further consideration, any and all easements
and rights-of-way that may be necessary or reasonably convenient for Assignor to
access or perform Corrective Action with regard to such property.

     (d) Nothing herein shall limit a party's right to seek contribution or
reimbursement from any non-affiliated third party who may be responsible for
Corrective Action or Corrective Action Costs, or for any other Claims or
Damages.

     4.   Subject to Agreement.  This Assignment is subject to the terms of the
Agreement, which terms are incorporated herein by this reference, survive the
execution and delivery of this Agreement, and are binding on Assignor and
Assignee and their respective successors and assigns.

     5.   Counterparts. This Assignment may be executed in several counterparts
all of which are identical, except that, to facilitate recordation, in certain
counterparts hereof, only that portion of Exhibit A that contains specific
descriptions of assets located in the recording jurisdiction in which the
particular counterpart is to be recorded are included, and other portions of
Exhibit A are included by reference only.  All such counterparts together shall
constitute one and the same instrument.  Complete copies of this Assignment
containing the entire Exhibit A have been retained by Assignor and Assignee.

                                         5

<PAGE>

     IN WITNESS WHEREOF, this Assignment has been executed and delivered on the
date first set out above, but effective as to runs of oil and deliveries of gas,
and for all other purposes, as of 7:00 a.m., local time at the locations of the
Assets, on March 1, 2000.

ASSIGNOR:                          ASSIGNEE:

TIPPERARY OIL & GAS CORPORATION    NANCE PETROLEUM CORPORATION

By:                                By:
   ----------------------------       ----------------------------------------
Name:   David L. Bradshaw          Name:   Robert L. Nance
Title:  President & CEO            Title:  President & CEO

                                         6

<PAGE>

                                  ACKNOWLEDGMENTS

STATE OF COLORADO             )
                              ) ss
City and County of Denver     )

     On this ______ day of April, 2000, before me, a Notary Public of said
state, duly commissioned and sworn, appeared David L. Bradshaw, known to me to
be the person whose name is subscribed to the within instrument as President and
Chief Executive Officer of TIPPERARY OIL & GAS CORPORATION, a Texas corporation,
and acknowledged to me that such corporation executed the same.

     Witness my hand and official seal.

                                   -------------------------------------------
                                   Notary Public, State of Colorado

My commission expires:

STATE OF COLORADO             )
                              ) ss
City and County of Denver     )

     On this _____ day of April, 2000, before me, a Notary Public of said state,
duly commissioned and sworn, appeared Robert L. Nance, known to me to be the
person whose name is subscribed to the within instrument as President and Chief
Executive Officer of NANCE PETROLEUM CORPORATION, a Montana corporation, and
acknowledged to me that such corporation executed the same.

     Witness my hand and official seal.

                                   -------------------------------------------
                                   Notary Public, State of
                                                           -------------------

My commission expires:

                                         7

<PAGE>

                                                   Purchase and Sale Agreement
                                       Between TIPPERARY OIL & GAS CORPORATION
                                               and NANCE PETROLEUM CORPORATION

                                    EXHIBIT "D"

                                PREFERENTIAL RIGHTS

NEGOTIATED WELLS WITH PREF RIGHTS IN THE JOA

MONTANA

BIDEGARAY B, C3 WSW
NORBY 2
RIDGELAWN DUPEROW UNIT
SHINY 30-42
SORENSEN B 1, C2, D3
STEINBEISSER A 3
WHITNEY A1, B2, C3

NORTH DAKOTA

FELLAND, HELLEN E 1-30
GREEN, B A  #1-5
LINDVIG 10-21
NORBY, HENRY 1-20
SULLIVAN 3-29

                                         1

<PAGE>

                                                    Purchase and Sale Agreement
                                        Between TIPPERARY OIL & GAS CORPORATION
                                                and NANCE PETROLEUM CORPORATION

                                   EXHIBIT "D-1"

                               OFFICER'S CERTIFICATE

TIPPERARY OIL & GAS CORPORATION, a Texas corporation ("Seller"), the address of
which is 633 17th Street, Suite 1550, Denver, Colorado  80202, with respect to
that certain Purchase and Sale Agreement dated April 10, 2000 ("Agreement"),
between Seller and Nance Petroleum Corporation, a Montana corporation ("Buyer"),
hereby certifies that: (i) Seller has materially complied with and performed all
obligations pertaining to Seller, to be performed prior to the Closing, except
for those waived by Buyer, and (ii) all of Seller's warranties and
representations in the Agreement remain true and correct as of the date hereof,
the same as if made as of the date hereof.

     Executed as of this __________ day of May, 2000.

                                   SELLER:

                                   TIPPERARY OIL & GAS CORPORATION

                                   By:
                                      ---------------------------------------
                                        David L. Bradshaw
                                        President & Chief Executive Officer

                                         1

<PAGE>

                                                  Purchase and Sale Agreement
                                      Between TIPPERARY OIL & GAS CORPORATION
                                              and NANCE PETROLEUM CORPORATION

                                   EXHIBIT "D-2"

                               OFFICER'S CERTIFICATE

NANCE PETROLEUM CORPORATION, a Montana corporation ("Buyer"), the address
of which is 550 North 31st Street, Suite 500, Billings, Montana 59101,with
respect to that certain Purchase and Sale Agreement dated April 10, 2000 (
"Agreement"), between Buyer and TIPPERARY OIL & GAS CORPORATION, a Texas
corporation ("Seller"), the address of which is 633 17th Street, Suite 1550,
Denver, Colorado  80202, hereby certifies that: (i) Buyer has materially
complied with and performed all obligations pertaining to Buyer, to be performed
prior to the Closing, except for those waived by Seller, and (ii) all of Buyer's
warranties and representations in the Agreement remain true and correct as of
the date hereof, the same as if made as of the date hereof.

     Executed as of this _____ day of May, 2000.

                                   BUYER:
                                   NANCE PETROLEUM CORPORATION

                                   By:
                                      ----------------------------------------
                                        Robert L. Nance
                                        President & Chief Executive Officer

                                         1

<PAGE>

                                                   Purchase and Sale Agreement
                                       Between TIPPERARY OIL & GAS CORPORATION
                                               and NANCE PETROLEUM CORPORATION

                                    EXHIBIT "E"

                               NON-FOREIGN AFFIDAVIT
                         Exemption from Withholding of Tax
                                        for
                    Dispositions of U.S. Real Property Interests

     Section 1445 of the Internal Revenue Code provides that a transferee of a
U.S. real property interest must withhold tax if the transferor is a foreign
person.  To inform Nance Petroleum Corporation that withholding tax is not
required upon the disposition of U.S. real property interests by Tipperary Oil &
Gas Corporation, the undersigned hereby certifies the following:

1.    Tipperary Oil & Gas Corporation is not a nonresident alien, foreign
      corporation, foreign partnership, foreign trust, or foreign estate for
      purposes of U.S. income tax;

2.    That taxpayer identifying number of Tipperary Oil & Gas Corporation is 75-
      446759; and

3.    The office address of the financial headquarters of Tipperary Oil & Gas
      Corporation is 633 17th Street, Suite 1550, Denver, Colorado  80202.

      Tipperary Oil & Gas Corporation understands that this certification may be
disclosed to the Internal Revenue Service by Nance Petroleum Corporation or its
affiliates or parent, and that any false statement contained herein could be
punished by fine, imprisonment, or both.

      Under penalties of perjury, I declare that I have examined this
certification and, to the best of my knowledge and belief, it is true, correct,
complete, and further declare I have authority to sign this document.

TIPPERARY OIL & GAS CORPORATION

By:
   -------------------------------------
     David L. Bradshaw
     President & Chief Executive Officer

     SUBSCRIBED AND SWORN TO by said David L. Bradshaw before me this _____ day
of May, 2000, to certify which witness my hand and seal of office.

                                  --------------------------------------------
                                  Notary Public in and for the State of
                                  Colorado

                                         1CONFORMED COPY

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

                             AMENDED AND RESTATED

                               TRUST AGREEMENT

                                    Among

                      CHRYSLER FINANCIAL COMPANY L.L.C.,
                                as Depositor,

                    DAIMLERCHRYSLER RETAIL RECEIVABLES LLC

                                     And

                        CHASE MANHATTAN BANK DELAWARE,
                               as Owner Trustee

                         Dated as of February 1, 2000

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

                              Table of Contents
                                                                         Page
                                                                         ----

                                  ARTICLE I
                                 Definitions

SECTION 1.01.  Capitalized Terms............................................1
SECTION 1.02.  Other Definitional Provisions................................3

                                  ARTICLE II
                                 Organization

SECTION 2.01.  Name.........................................................4
SECTION 2.02.  Office.......................................................4
SECTION 2.03.  Purposes and Powers..........................................4
SECTION 2.04.  Appointment of Owner Trustee.................................5
SECTION 2.05.  Initial Capital Contribution of Owner Trust Estate...........5
SECTION 2.06.  Declaration of Trust.........................................5
SECTION 2.07.  Liability of Owners..........................................6
SECTION 2.08.  Title to Trust Property......................................6
SECTION 2.09.  Situs of Trust...............................................6
SECTION 2.10.  Representations and Warranties of Depositor and Company......6

                                 ARTICLE III
                    Certificates and Transfer of Interests

SECTION 3.01.  Initial Ownership............................................8
SECTION 3.02.  The Certificates.............................................8
SECTION 3.03.  Authentication of Certificates...............................9
SECTION 3.04.  Registration of Transfer and Exchange of Certificates;
               Limitations on Transfer......................................9
SECTION 3.05.  Mutilated, Destroyed, Lost or Stolen Certificates...........10
SECTION 3.06.  Persons Deemed Owners.......................................11
SECTION 3.07.  Access to List of Certificateholders' Names and Addresses...11
SECTION 3.08.  Maintenance of Office or Agency.............................11
SECTION 3.09.  Appointment of Paying Agent.................................11
SECTION 3.10.  Definitive Certificates.....................................12
SECTION 3.11.  Fixed Value Securities......................................12

                                  ARTICLE IV
                           Actions by Owner Trustee

SECTION 4.01.  Prior Notice to Owners with Respect to Certain Matters......13
SECTION 4.02.  Action by Owners with Respect to Certain Matters............14
SECTION 4.03.  Action by Owners with Respect to Bankruptcy.................14
SECTION 4.04.  Restrictions on Owners' Power...............................14
SECTION 4.05.  Majority Control............................................14

                                      i

                                  ARTICLE V
                  Application of Trust Funds; Certain Duties

SECTION 5.01.  Establishment of Deposit Account............................15
SECTION 5.02.  Application of Trust Funds..................................15
SECTION 5.03.  Method of Payment...........................................15
SECTION 5.04.  Accounting and Reports to Owners, Internal Revenue
               Service and Others..........................................15

                                  ARTICLE VI
                    Authority and Duties of Owner Trustee

SECTION 6.01.  General Authority...........................................16
SECTION 6.02.  General Duties..............................................16
SECTION 6.03.  Action upon Instruction.....................................17
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................................................18
SECTION 6.06.  Restrictions................................................18

                                 ARTICLE VII
                           Concerning Owner Trustee

SECTION 7.01.  Acceptance of Trusts and Duties.............................18
SECTION 7.02.  Furnishing of Documents.....................................19
SECTION 7.03.  Representations and Warranties..............................19
SECTION 7.04.  Reliance; Advice of Counsel.................................20
SECTION 7.05.  Not Acting in Individual Capacity...........................20
SECTION 7.06.  Owner Trustee Not Liable for Certificates or Receivables....21
SECTION 7.07.  Owner Trustee May Own Certificates and Notes................21
SECTION 7.08.  Pennsylvania Motor Vehicle Sales Finance Act Licenses.......21

                                 ARTICLE VIII
                        Compensation of Owner Trustee

SECTION 8.01.  Owner Trustee's Fees and Expenses...........................21
SECTION 8.02.  Indemnification.............................................22
SECTION 8.03.  Payments to Owner Trustee...................................22

                                  ARTICLE IX
                        Termination of Trust Agreement

SECTION 9.01. Termination of Trust Agreement...............................22

                                     ii

                                  ARTICLE X
            Successor Owner Trustees and Additional Owner Trustees

SECTION 10.01. Eligibility Requirements for Owner Trustee..................23
SECTION 10.02. Resignation or Removal of Owner Trustee.....................24
SECTION 10.03. Successor Owner Trustee.....................................24
SECTION 10.04. Merger or Consolidation of Owner Trustee....................25
SECTION 10.05. Appointment of Co-Trustee or Separate Trustee...............25

                                  ARTICLE XI
                                Miscellaneous

SECTION 11.01. Supplements and Amendments..................................26
SECTION 11.02. No Legal Title to Owner Trust Estate in Owners..............27
SECTION 11.03. Limitations on Rights of Others.............................28
SECTION 11.04. Notices.....................................................28
SECTION 11.05. Severability................................................28
SECTION 11.06. Separate Counterparts.......................................28
SECTION 11.07. Successors and Assigns......................................28
SECTION 11.08. Covenants of Company........................................28
SECTION 11.09. No Petition.................................................29
SECTION 11.10. No Recourse.................................................29
SECTION 11.11. Headings....................................................29
SECTION 11.12. GOVERNING LAW...............................................29
SECTION 11.13. Certificate Transfer Restrictions...........................29
SECTION 11.14. Depositor Payment Obligation................................29

                                   EXHIBITS

EXHIBIT A      Form of Certificate........................................A-1
EXHIBIT B      Form of Certificate of Trust of DaimlerChrysler Auto
               Trust 2000-A...............................................B-1
EXHIBIT C      Form of Transferor Certificate.............................C-1
EXHIBIT D      Form of Investment Letter..................................D-1
EXHIBIT E      Form of Rule 144A Letter...................................E-1

                                     iii

         AMENDED AND RESTATED TRUST AGREEMENT dated as of February 1, 2000,
         among CHRYSLER FINANCIAL COMPANY L.L.C., a Michigan limited
         liability company, as depositor (the "Depositor"), DAIMLERCHRYSLER
         RECEIVABLES LLC (the "Company"), a Michigan limited liability
         company, and CHASE MANHATTAN BANK DELAWARE, a Delaware banking
         corporation, as owner trustee.

         WHEREAS, the Owner Trustee and the Company entered into a Trust
Agreement dated February 1, 2000 (the "Trust Agreement");

         WHEREAS, the Trust Agreement is being amended and restated as of
February 1, 2000;

         WHEREAS, the Depositor and the Company have entered into a Purchase
Agreement dated as of February 1, 2000 (the "Purchase Agreement"), pursuant
to which the Depositor will assign to the Company any and all of the
Depositor's rights and interests with respect to the receipt of amounts from
the Reserve Account and with respect to any Fixed Value Payments and Fixed
Value Finance Charges; and

         WHEREAS, in connection therewith, the Company is willing to assume
certain obligations pursuant hereto;

         NOW, THEREFORE, the Depositor, the Company and the Owner Trustee
hereby agree as follows:

                                  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" shall mean the Administration Agreement
dated as of February 1, 2000, among the Trust, the Indenture Trustee and CFC,
as Administrator.

         "Agreement" shall mean this Amended and Restated 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 Note
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 ss. 3801 et seq., as the same may be amended from
time to time.

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

         "Certificate Balance" shall initially equal $74,354,000, reduced
(but not below zero) by all amounts previously distributed pursuant to
Section 5.05(a)(ii)(E) to Certificateholders.

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

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

         "Certificateholder" or "Holder" shall mean a Person in whose name a
Certificate is registered.

         "CFC" shall mean Chrysler Financial Company L.L.C., a Michigan
limited liability company, and any successor in interest.

         "Code" shall mean the Internal Revenue Code of 1986, as amended, and
Treasury Regulations promulgated thereunder.

         "Company" shall mean DaimlerChrysler Retail Receivables LLC, a
Michigan limited liability company, and any successor in interest.

         "Corporate Trust Office" shall mean, with respect to the Owner
Trustee, the principal corporate trust office of the Owner Trustee located at
1201 Market Street, Wilmington, Delaware 19801, or at such other address as
the Owner Trustee may designate by notice to the Owners, the Depositor and
the Company, or the principal corporate trust office of any successor Owner
Trustee at the address designated by such successor Owner Trustee by notice
to the Owners, the Depositor and the Company.

         "Depositor" shall mean CFC in its capacity as depositor hereunder.

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

         "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended.

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

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

         "Indenture" shall mean the Indenture dated as of February 1, 2000
between the Trust and Bank One, National Association, as Indenture Trustee.

         "Note Depository Agreement" shall mean the agreement dated March 8,
2000, among the Trust, the Indenture Trustee, the Administrator and The
Depository Trust Company, as the initial Clearing Agency, relating to the
Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4
Notes, as the same may be amended and supplemented from time to time.

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

         "Owner" shall mean each Holder of a Certificate.

         "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 Deposit 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 Chase Manhattan Bank Delaware, a Delaware
banking corporation, not in its individual capacity but solely as owner
trustee under this Agreement, and any successor Owner Trustee hereunder.

         "Paying Agent" shall mean any paying agent or co-paying agent
appointed pursuant to Section 3.09 and shall initially be the Indenture
Trustee.

         "Percentage Interest" means, as to any Certificate, the percentage
interest, specified on the face thereof, in the distributions on the
Certificates pursuant to this Agreement.

         "Record Date" shall mean, with respect to any Payment Date, the 15th
day of the month preceding such Payment Date.

         "Sale and Servicing Agreement" shall mean the Sale and Servicing
Agreement dated as of February 1, 2000, between the Trust, as issuer, and the
Depositor, as seller and servicer, as the same may be amended or supplemented
from time to time.

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

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

         "Trust" shall mean the trust continued pursuant to this Agreement.

         SECTION 1.02. Other Definitional Provisions. (a) Capitalized terms
used and not otherwise defined herein 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.

         (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" and its variations shall mean "including without limitation".

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

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

                                  ARTICLE II

                                 Organization

         SECTION 2.01. Name. The Trust created hereby shall be known as
"DaimlerChrysler Auto Trust 2000-A," 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,
the Depositor and the Company.

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

                  (i) to issue the Notes pursuant to the Indenture and the
         Certificates pursuant to this Agreement and to sell the Notes and
         the Certificates;

                  (ii) with the proceeds of the sale of the Notes and the
         Certificates, to purchase the Receivables, to fund the Reserve
         Account, to pay the organizational, start-up and transactional
         expenses of the Trust and to pay the balance to the Depositor
         pursuant to the Sale and Servicing Agreement;

                  (iii) to assign, grant, transfer, pledge, mortgage and
         convey the Trust Estate pursuant to the Indenture and to hold,
         manage and distribute to the Owners 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;

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

                  (v) to sell the Fixed Value Payments to the Depositor and,
         if requested by the Company (as assignee of the Depositor),
         subsequently to acquire the Fixed Value Payments and to issue and
         sell the Fixed Value Securities;

                  (vi) to engage in those activities, including entering into
         agreements, that are necessary or suitable 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 Owners and the Noteholders and in respect of
         the Fixed Value Securities.

The Trust is hereby authorized to engage in the foregoing activities. 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 Owner 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. 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 Deposit Account. The Depositor shall pay
organizational expenses of the Trust as they may arise or shall, upon the
request of the Owner Trustee, promptly reimburse the Owner Trustee for any
such expenses paid by the Owner Trustee.

         SECTION 2.06. Declaration of Trust. The Owner Trustee hereby
declares that it will hold the Owner Trust Estate in trust upon and subject
to the conditions set forth herein for the use and benefit of the Owners,
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 such business trust. It is the intention of the
parties hereto that, solely for income and franchise tax purposes, (i) so
long as there is a sole Owner, the Trust shall be treated as a security
arrangement, with the assets of the Trust being the Receivables and other
assets held by the Trust, the owner of the Receivables being the sole Owner
and the Notes being non-recourse debt of the sole Owner and (ii) if there is
more than one Owner, the Trust shall be treated as a partnership for income
and franchise tax purposes, with the assets of the partnership being the
Receivables and other assets held by the Trust, the partners of the
partnership being the Owners (including the Company as assignee of the
Depositor pursuant to the Purchase Agreement, in its capacity as recipient of
distributions from the Reserve Account) and the Notes being debt of the
partnership. The parties agree that, unless otherwise required by appropriate
tax authorities, the Trust will file or cause to be filed annual or other
necessary returns, reports and other forms consistent with the
characterization of the Trust as provided in the preceding sentence 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.

         SECTION 2.07. Liability of Owners. The Owners (including the
Company) shall be entitled to the same limitation of personal liability
extended to stockholders of private corporations for profit organized under
the general corporation law of the State of Delaware.

         SECTION 2.08. 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 and
administered 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 Depositor and
Company. (a) The Depositor hereby represents and warrants to the Owner
Trustee that:

                  (i) The Depositor is duly organized and validly existing as
         a limited liability company in good standing under the laws of the
         State of Michigan, 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 limited liability company in good standing and has obtained
         all necessary licenses and approvals in all jurisdictions in which
         the ownership or lease of its property or the conduct of its
         business shall require such qualifications.

                  (iii) 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
         has 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 have been duly authorized by the
         Depositor by all necessary action of a limited liability company.

                  (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 articles of organization or operating
         agreement 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.

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

                  (vi) The representations and warranties of the Company and
         the Depositor in Sections 3.01 and 3.02 of the Purchase Agreement
         are true and correct.

         (b) The Company hereby represents and warrants to the Owner Trustee
that:

                  (i) The Company has been duly organized and is validly
         existing as a limited liability company in good standing under the
         laws of the jurisdiction of its organization, with the power and
         authority to own its properties and to conduct its business as such
         properties are currently owned and such business is presently
         conducted.

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

                  (iii) The Company has the power and authority to execute
         and deliver this Agreement and to carry out its terms; the Company
         has full power and authority to purchase the Certificates; and the
         execution, delivery and performance of this Agreement has been duly
         authorized by the Company by all necessary action.

                  (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 articles of organization or operating
         agreement of the Company, or any indenture, agreement or other
         instrument to which the Company 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 Company's knowledge, any
         order, rule or regulation applicable to the Company of any court or
         of any federal or state regulatory body, administrative agency or
         other governmental instrumentality having jurisdiction over the
         Company or its properties.

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

                                 ARTICLE III

                    Certificates 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
issuance of the Certificates, the Depositor shall be the sole beneficiary of
the Trust.

         SECTION 3.02. The Certificates. The Certificates shall be issued in
minimum denominations of a one percent Percentage Interest in the Trust. The
Certificates shall be executed on behalf of the Trust by manual or facsimile
signature of an authorized officer of the Owner Trustee. Certificates bearing
the manual or facsimile signatures of individuals who were, at the time when
such signatures shall have been affixed, authorized to sign on behalf of the
Trust, shall be validly issued and entitled to the benefit of this Agreement,
notwithstanding that such individuals or any of them shall have ceased to be
so authorized prior to the authentication and delivery of such Certificates
or did not hold such offices at the date of authentication and delivery of
such Certificates.

         A transferee of a Certificate shall become a Certificateholder and
shall be entitled to the rights and subject to the obligations of a
Certificateholder hereunder upon such transferee's acceptance of a
Certificate duly registered in such transferee's name pursuant to Section
3.04.

         SECTION 3.03. Authentication of Certificates. On the Closing Date,
the Owner Trustee shall cause the Certificates in an aggregate Percentage
Interest equal to 100% to be executed on behalf of the Trust, authenticated
and delivered to or upon the written order of the Depositor, signed by its
chairman of the board, its president, any vice president, secretary or any
assistant treasurer, without further corporate action by the Depositor, in
the respective authorized denominations. No Certificate shall entitle its
Holder to any benefit under this Agreement or be valid for any purpose unless
there shall appear on such Certificate a certificate of authentication
substantially in the form set forth in Exhibit A, executed by the Owner
Trustee or The Chase Manhattan Bank, as the Owner Trustee's authenticating
agent, by manual signature; such authentication shall constitute conclusive
evidence that such Certificate shall have been duly authenticated and
delivered hereunder. All Certificates shall be dated the date of their
authentication.

         SECTION 3.04. Registration of Transfer and Exchange of Certificates;
Limitations on Transfer. 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
Certificates and of transfers and exchanges of Certificates as herein
provided. The Chase Manhattan Bank shall be the initial Certificate
Registrar.

         The Certificates have not been and will not be registered under the
Securities Act and will not be listed on any exchange. No transfer of a
Certificate shall be made unless such transfer is made pursuant to an
effective registration statement under the Securities Act and any applicable
state securities laws or is exempt from the registration requirements under
the Securities Act and such state securities laws. In the event that a
transfer is to be made in reliance upon an exemption from the Securities Act
and state securities laws, in order to assure compliance with the Securities
Act and such laws, the Holder desiring to effect such transfer and such
Holder's prospective transferee shall each certify to the Owner Trustee in
writing the facts surrounding the transfer in substantially the forms set
forth in Exhibit C (the "Transferor Certificate") and either Exhibit D (the
"Investment Letter") or Exhibit E (the "Rule 144A Letter"). Except in the
case of a transfer as to which the proposed transferee has provided a Rule
144A Letter, there shall also be delivered to the Owner Trustee an Opinion of
Counsel that such transfer may be made pursuant to an exemption from the
Securities Act and state securities laws, which Opinion of Counsel shall not
be an expense of the Trust or the Owner Trustee; provided that such Opinion
of Counsel in respect of the applicable state securities laws may be a
memorandum of law rather than an opinion if such counsel is not licensed in
the applicable jurisdiction. The Depositor shall provide to any Holder of a
Certificate and any prospective transferee designated by any such Holder,
information regarding the Certificates and the Receivables and such other
information as shall be necessary to satisfy the condition to eligibility set
forth in Rule 144A(d)(4) for transfer of any such Certificate without
registration thereof under the Securities Act pursuant to the registration
exemption provided by Rule 144A. Each Holder of a Certificate desiring to
effect such a transfer shall, and does hereby agree to, indemnify the Trust,
the Owner Trustee, and the Depositor against any liability that may result if
the transfer is not so exempt or is not made in accordance with federal and
state securities laws. The Owner Trustee shall cause each Certificate to
contain a legend in the form set forth on the form of Certificate attached
hereto as Exhibit A.

         Upon surrender for registration of transfer of any Certificate at
the office or agency maintained pursuant to Section 3.08 and subject to the
satisfaction of the preceding paragraph, the Owner Trustee shall execute,
authenticate and deliver (or shall cause The Chase Manhattan Bank as its
authenticating agent to authenticate and deliver), in the name of the
designated transferee or transferees, one or more new Certificates of like
tenor and in authorized denominations of a like aggregate Percentage
Interest, dated the date of authentication by the Owner Trustee or any
authenticating agent; provided that prior to such execution, authentication
and delivery, the Owner Trustee shall have received an Opinion of Counsel to
the effect that the proposed transfer will not cause the Trust to be
characterized as an association (or a publicly traded partnership) taxable as
a corporation or alter the tax characterization of the Notes for federal
income tax purposes or Michigan income and single business tax purposes. At
the option of a Holder, Certificates may be exchanged for other Certificates
of like tenor and of authorized denominations of a like aggregate Percentage
Interest, upon surrender of the Certificates to be exchanged at the office or
agency maintained pursuant to Section 3.08.

         Every Certificate presented or surrendered for registration of
transfer or exchange shall be accompanied by a written instrument of transfer
in form satisfactory to the Owner Trustee and the Certificate Registrar duly
executed by the Holder or such Holder's attorney duly authorized in writing.
Each Certificate surrendered for registration of transfer or 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 Certificates, 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
Certificates.

         The preceding provisions of this Section notwithstanding, the Owner
Trustee shall not make, and the Certificate Registrar shall not register
transfers or exchanges of, Certificates for a period of 15 days preceding the
due date for any payment with respect to the Certificates.

         SECTION 3.05. Mutilated, Destroyed, Lost or Stolen Certificates. 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 has been
acquired by a protected purchaser, the Owner Trustee on behalf of the Trust
shall execute and the Owner Trustee or The Chase Manhattan Bank, as 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 ownership 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. Prior to due presentation of a
Certificate for registration of transfer, the Owner Trustee, the Certificate
Registrar or any Paying Agent may treat the Person in whose name any
Certificate is 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 List of Certificateholders' Names and
Addresses. 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 written request therefor from the Servicer or the Depositor, a list, in
such form as the Servicer or the Depositor may reasonably require, of the
names and addresses of the Certificateholders as of the most recent Record
Date. If a Certificateholder applies in writing to the Owner Trustee, and
such application states that the applicant desires to communicate with other
Certificateholders with respect to their rights under this Agreement or under
the Certificates, then the Owner Trustee shall, within five Business Days
after the receipt of such application, afford such applicant access during
normal business hours to the current list of Certificateholders. Each Holder,
by receiving and holding a Certificate, shall be deemed to have agreed not to
hold any of the Depositor, the Company, the Certificate Registrar or the
Owner Trustee accountable by reason of the disclosure of its name and
address, regardless of the source from which such information was derived.

         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 Certificates may be surrendered for
registration of transfer or exchange and where notices and demands to or upon
the Owner Trustee in respect of the Certificates and the Basic Documents may
be served. The Owner Trustee initially designates The Chase Manhattan Bank,
55 Water Street, New York, New York 10041 as its office for such purposes.
The Owner Trustee shall give prompt written notice to the Company and to the
Certificateholders 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 Certificateholders from the Deposit Account pursuant to
Section 5.02 and shall report the amounts of such distributions to the Owner
Trustee. Subject to the provisions of Section 5.05 of the Sale and Servicing
Agreement, any Paying Agent shall have the revocable power to withdraw funds
from the Deposit 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 or that it is in the interest of the Certificateholders to
do so. The Paying Agent initially shall be the Indenture Trustee, and any
co-paying agent chosen by the Indenture Trustee and acceptable to the Owner
Trustee. The Person acting as Indenture Trustee shall not be permitted to
resign as Paying Agent so long as such Person is acting as the Indenture
Trustee. 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 Certificateholders in trust for
the benefit of the Certificateholders entitled thereto until such sums shall
be paid to such Certificateholders. The Paying Agent shall return all
unclaimed funds to the Owner Trustee and upon removal of a Paying Agent such
Paying Agent shall also return all funds in its possession to the Owner
Trustee. The provisions of Sections 7.01, 7.03, 7.04 and 8.01 shall apply to
the Owner Trustee also in its role as Paying Agent, for so long as the Owner
Trustee shall act as Paying Agent and, to the extent applicable, to any other
paying agent appointed hereunder. Any reference in this Agreement to the
Paying Agent shall include any co-paying agent unless the context requires
otherwise.

         SECTION 3.10. Definitive Certificates. The Certificates, upon
original issuance, will be issued in definitive, fully registered form.

         SECTION 3.11. Fixed Value Securities. Pursuant to the Sale and
Servicing Agreement and the Purchase Agreement, promptly following the sale
of the Standard Receivables and Fixed Value Receivables to the Trust on the
Closing Date, the Trust will sell to the Depositor the Fixed Value Payments
and Fixed Value Finance Charges in accordance with Section 2.02 of the Sale
and Servicing Agreement. Neither the Depositor nor the Company (as assignee
of the Depositor) shall transfer such Fixed Value Payments and Fixed Value
Finance Charges to any Person other than the Trust and except as contemplated
by the Purchase Agreement. At any time after the Trust sells the Fixed Value
Payments and Fixed Value Finance Charges to the Depositor, at the option of
the Company (as assignee of the Depositor) and upon 10 days prior written
notice to the Owner Trustee and the Indenture Trustee, the Company will be
permitted to sell to the Trust, and the Trust shall be obligated to purchase
from the Company (subject to the availability of funds), all or any portion
of the Fixed Value Payments and/or Fixed Value Finance Charges due under the
Receivables, subject to the terms and conditions of the Sale and Servicing
Agreement. Upon any such sale, (i) the Depositor, the Company and the Owner
Trustee will enter into an amendment to this Agreement to provide for, at the
election of the Company, the issuance of certificates representing ownership
interests in the Trust to the extent of the Fixed Value Payments and/or Fixed
Value Finance Charges due under the Receivables or the issuance of
indebtedness by the Trust secured by the Fixed Value Payments and/or Fixed
Value Finance Charges due under the Receivables and to make any other
provisions herein that are necessary or desirable in connection therewith and
(ii) the Owner Trustee and the Depositor will enter into any other agreements
or instruments related thereto as may be requested by the Company; provided,
however, that the Owner Trustee may, but shall not be obligated to, enter
into any such amendment, agreement or instrument that affects the Owner
Trustee's own rights, duties or immunities under this Agreement; and
provided, further, that the obligation of the Owner Trustee to enter into any
such amendment or other agreement or instrument is subject to the following
conditions precedent:

         (a) Such amendment and other agreements and instruments, in forms
satisfactory to the Owner Trustee and, in the case of amendments or
agreements to be executed and delivered by the Indenture Trustee, the
Indenture Trustee, shall have been executed by each other party thereto and
delivered to the Owner Trustee;

         (b) The Company shall have delivered to the Owner Trustee and the
Indenture Trustee an Officer's Certificate and an Opinion of Counsel to the
effect that each condition precedent (including the requirement with respect
to all required filings) provided by this Section has been complied with and
such amendment or other agreement or instrument is authorized or permitted by
this Agreement;

         (c) The Rating Agency Condition shall have been satisfied with
respect to such sale and issuance;

         (d) Such sale and issuance and such amendment or other agreement or
instrument shall not adversely affect in any material respect the interest of
any Noteholder or Certificateholder, and the Company shall have provided to
the Owner Trustee and the Indenture Trustee an Officer's Certificate to such
effect;

         (e) The Owner Trustee and the Indenture Trustee shall have received
an Opinion of Counsel to the effect that such sale and issuance will not have
any material adverse tax consequence to the Trust or to any Noteholder or
Certificateholder; and

         (f) All filings and other actions required to continue the first
perfected interest of the Trust in the Owner Trust Estate and of the
Indenture Trustee in the Collateral shall have been duly made or taken by the
Company.

                                 ARTICLE IV

                           Actions by Owner Trustee

         SECTION 4.01. Prior Notice to Owners 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 Certificateholders in writing of the
proposed action and the Owners shall not have notified the Owner Trustee in
writing prior to the 30th day after such notice is given that such Owners
have withheld consent or provided alternative direction:

         (a) the initiation of any claim or lawsuit by the Trust (except
claims or lawsuits brought in connection with the collection of the
Receivables) and the compromise of any action, claim or lawsuit brought by or
against the Trust (except with respect to the aforementioned claims or
lawsuits for collection of the Receivables);

         (b) the election by the Trust to file an amendment to the
Certificate of Trust (unless such amendment is required to be filed under the
Business Trust Statute);

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

         (d) 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 interests of the Owners;

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

         (f) 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 Owners with Respect to Certain Matters. The
Owner Trustee shall not have the power, except upon the direction of the
Owners, to (a) remove the Administrator under the Administration Agreement
pursuant to Section 8 thereof, (b) appoint a successor Administrator pursuant
to Section 8 of the Administration Agreement, (c) remove the Servicer under
the Sale and Servicing Agreement pursuant to Section 8.01 thereof or (d)
except as expressly provided in the Basic Documents, sell the Receivables
after the termination of the Indenture. The Owner Trustee shall take the
actions referred to in the preceding sentence only upon written instructions
signed by the Owners.

         SECTION 4.03. Action by Owners 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 unanimous prior approval of all
Owners and the delivery to the Owner Trustee by each such Owner of a
certificate certifying that such Owner reasonably believes that the Trust is
insolvent.

         SECTION 4.04. Restrictions on Owners' Power. The Owners shall not
direct the Owner Trustee to take or to 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.

         SECTION 4.05. Majority Control. Except as expressly provided herein,
any action that may be taken by the Owners under this Agreement may be taken
by the Holders of the Certificates evidencing not less than a majority of the
Percentage Interests evidenced by the Certificates. Except as expressly
provided herein, any written notice of the Owners delivered pursuant to this
Agreement shall be effective if signed by the Holders of the Certificates
evidencing not less than a majority of the Percentage Interests evidenced by
the Certificates at the time of the delivery of such notice.

                                  ARTICLE V

                  Application of Trust Funds; Certain Duties

         SECTION 5.01. Establishment of Deposit Account. The Deposit Account
shall be established and maintained pursuant to Section 5.01 of the Sale and
Servicing Agreement. The Deposit Account shall be under the sole dominion and
control of the Indenture Trustee for the benefit of Noteholders and the
Certificateholders, as applicable in accordance with the Sale and Servicing
Agreement.

         SECTION 5.02. Application of Trust Funds. (a) On each Payment Date,
the Servicer is obligated to instruct the Indenture Trustee to make
distributions and allocations in accordance with Section 5.05(a) of the Sale
and Servicing Agreement. Distributions to Certificateholders will be made in
accordance with Section 5.05(a)(ii) of the Sale and Servicing Agreement.

         (b) In the event that any withholding tax is imposed on the Trust's
payment (or allocations of income) to an Owner, such tax shall reduce the
amount otherwise distributable to the Owner in accordance with this Section.
The Paying Agent is hereby authorized and directed to retain from amounts
otherwise distributable to the Owners sufficient funds for the payment of any
tax that is legally owed by the Trust (but such authorization shall not
prevent the Owner Trustee from contesting any such tax in appropriate
proceedings and withholding payment of such tax, if permitted by law, pending
the outcome of such proceedings). The amount of any withholding tax imposed
with respect to an Owner shall be treated as cash distributed to such Owner
at the time it is withheld by the Trust and remitted to the appropriate
taxing authority. If there is a possibility that withholding tax is payable
with respect to a distribution (such as a distribution to a non-U.S. Owner),
the Paying Agent may in its sole discretion withhold such amounts in
accordance with this paragraph.

         SECTION 5.03. Method of Payment. Subject to Section 9.01(c),
distributions required to be made to Certificateholders on any Payment Date
shall be made by the Paying Agent to each Certificateholder of record on the
preceding Record Date by wire transfer, in immediately available funds, to
the account of such Holder at a bank or other entity having appropriate
facilities therefor, if such 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 such
Certificateholder at the address of such Holder appearing in the Certificate
Register.

         SECTION 5.04. Accounting and Reports to Owners, Internal Revenue
Service and Others. The Owner Trustee shall deliver to each Owner such
information, reports or statements as may be required by the Code and
applicable Treasury Regulations and as may be required to enable each Owner
to prepare its federal and state income tax returns. Consistent with the
Trust's characterization for tax purposes, as a security arrangement for the
issuance of non-recourse debt, no federal income tax return shall be filed on
behalf of the Trust unless either (i) the Owner Trustee shall receive an
Opinion of Counsel that, based on a change in applicable law occurring after
the date hereof, or as a result of a transfer by the Company permitted by
Section 3.04, the Code requires such a filing or (ii) the Internal Revenue
Service shall determine that the Trust is required to file such a return.
Notwithstanding the preceding sentence, the Owner Trustee shall file Internal
Revenue Service Form 8832 and elect for the Trust to be treated as a domestic
eligible entity with a single owner that is disregarded as a separate entity,
which election shall remain in effect so long as the Company or any other
party is the sole Owner. In the event that the Trust is required to file tax
returns, the Owner Trustee shall prepare or shall cause to be prepared any
tax returns required to be filed by the Trust and shall remit such returns to
the Company (or if the Company no longer owns any Certificates, the Owner
designated for such purpose by the Company to the Owner Trustee in writing)
at least five (5) days before such returns are due to be filed. The Company
(or such designee Owner, as applicable) shall promptly sign such returns and
deliver such returns after signature to the Owner Trustee and such returns
shall be filed by the Owner Trustee with the appropriate tax authorities. In
no event shall the Owner Trustee or the Company (or such designee Owner, as
applicable) be liable for any liabilities, costs or expenses of the Trust or
the Noteholders arising out of the application of any tax law, including
federal, state, foreign or local income or excise taxes or any other tax
imposed on or measured by income (or any interest, penalty or addition with
respect thereto or arising from a failure to comply therewith) except for any
such liability, cost or expense attributable to any act or omission by the
Owner Trustee or the Company (or such designee Owner, as applicable), as the
case may be, in breach of its obligations under this Agreement.

                                 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
and any amendment or other agreement or instrument described in Section 3.11,
in each case, in such form as the Company shall approve, as evidenced
conclusively by 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 recommends with respect to the Basic Documents.

         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 to which the
Trust is a party and to administer the Trust in the interest of the Owners,
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 held 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 and
in accordance with the terms of the Basic Documents, the Owners 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
Owners 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 under any Basic Document, the Owner Trustee shall promptly give
notice (in such form as shall be appropriate under the circumstances) to the
Owners 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 Owners 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 10 days of such notice (or
within such shorter period of time as reasonably may be specified in such
notice or may be necessary under the circumstances) it may, but shall be
under no duty to, take or refrain from taking such action not inconsistent
with this Agreement or the Basic Documents, as it shall deem to be in the
best interests of the Owners, 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
Owners requesting instruction and, to the extent that the Owner Trustee acts
or refrains from acting in good faith in accordance with any such instruction
received, the Owner Trustee shall not be liable, on account of such action or
inaction, to any Person. If the Owner Trustee shall not have received
appropriate instruction within 10 days of such notice (or within such shorter
period of time as reasonably may be specified in such notice or may be
necessary under the circumstances) it may, but shall be under no duty to,
take or refrain from taking such action not inconsistent with this Agreement
or the Basic Documents, as it shall deem to be in the best interests of the
Owners, 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 (i) in
accordance with the powers granted to and the authority conferred upon the
Owner Trustee pursuant to this Agreement, (ii) in accordance with the Basic
Documents and (iii) 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 Owners shall not direct the Owner Trustee to take action
that would violate the provisions of this Section.

                                 ARTICLE VII

                           Concerning 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 (i) for its own willful misconduct or negligence or (ii) in the case
of the inaccuracy of any representation or warranty contained in Section 7.03
expressly made by the Owner Trustee. In particular, but not by way of
limitation (and subject to the exceptions set forth in the preceding
sentence):

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

         (b) 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 or any Owner;

         (c) 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;

         (d) 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 or any amounts payable
on the Certificates;

         (e) 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 the Company 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 Certificates, and the Owner Trustee
shall in no event assume or incur any liability, duty or obligation to any
Noteholder or to any Owner, other than as expressly provided for herein or
expressly agreed to in the Basic Documents;

         (f) The Owner Trustee shall not be liable for the default or
misconduct of the Administrator, CFC, as Seller or Depositor, the Company,
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 or CFC, as Depositor or as Seller, under the Sale and Servicing
Agreement; and

         (g) 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 litigation under this Agreement or otherwise or in
relation to this Agreement or any Basic Document, at the request, order or
direction of any of the Owners, unless such Owners have 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.

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

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

         (a) 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.

         (b) 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.

         (c) Neither the execution or 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 any judgment or order binding
on it, or constitute any default under its charter documents or bylaws or any
indenture, mortgage, contract, agreement or instrument to which it is a party
or by which any of its properties may be bound.

         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 determination of which is not
specifically prescribed herein, the Owner Trustee may for all purposes hereof
rely on a certificate, signed by the president or any vice president or by
the treasurer or other authorized officers of the relevant party, as to such
fact or matter, and such certificate shall constitute full protection to the
Owner Trustee for any action taken or omitted to be taken by it in good faith
in reliance thereon.

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

         SECTION 7.05. Not Acting in Individual Capacity. Except as provided
in this Article VII, in accepting the trusts hereby created Chase Manhattan
Bank 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 Certificates or
Receivables. The recitals contained herein and in the Certificates (other
than the signature and countersignature of the Owner Trustee on the
Certificates) shall be taken as the statements of the Depositor and the
Company, 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 Certificates
(other than the signature and countersignature of the Owner Trustee on the
Certificates) 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 Vehicle 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
Certificateholders under this Agreement or the Noteholders under the
Indenture, including, without limitation: the existence, condition and
ownership of any Financed Vehicle; 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, the Company 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 Certificates and Notes. The
Owner Trustee in its individual or any other capacity may become the owner or
pledgee of Certificates or Notes and may deal with the Depositor, the
Company, 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.

         SECTION 7.08. Pennsylvania Motor Vehicle Sales Finance Act Licenses.
The Owner Trustee, in its individual capacity, shall use its best efforts to
maintain, and the Owner Trustee, as Owner Trustee, shall cause the Trust to
use its best efforts to maintain, the effectiveness of all licenses required
under the Pennsylvania Motor Vehicle Sales Finance Act in connection with
this Agreement and the Basic Documents and the transactions contemplated
hereby and thereby until such time as the Trust shall terminate in accordance
with the terms hereof.

                                ARTICLE VIII

                        Compensation of Owner Trustee

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

         SECTION 8.02. Indemnification. The Depositor shall be liable as
primary obligor for, and shall indemnify the Owner Trustee and its
successors, assigns, agents and servants (collectively, the "Indemnified
Parties") from and against, any and all liabilities, obligations, losses,
damages, taxes, claims, actions and suits, and any and all reasonable costs,
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 an
Indemnified Party 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 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 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. The
bankruptcy, liquidation, dissolution, death or incapacity of any Owner shall
not (x) operate to dissolve or terminate this Agreement or the Trust or (y)
entitle such Owner's legal representatives or heirs to claim an accounting or
to take any action or proceeding in any court for a partition or winding up
of all or any part of the Trust or Owner Trust Estate or (z) otherwise affect
the rights, obligations and liabilities of the parties hereto.

         (b) Except as provided in Section 9.01(a), none of the Depositor,
the Company or any Owner shall be entitled to revoke, dissolve or terminate
the Trust.

         (c) Notice of any dissolution of the Trust, specifying the Payment
Date upon which Certificateholders shall surrender their Certificates to the
Paying Agent for payment of the final distribution and cancellation, shall be
given by the Owner Trustee by letter to Certificateholders mailed within five
Business Days of receipt of a termination 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 Certificates shall be made upon presentation and surrender of
the Certificates at the office of the Paying Agent therein designated, (ii)
the amount of any such final payment and (iii) that the Record Date otherwise
applicable to such Payment Date is not applicable, payments being made only
upon presentation and surrender of the Certificates 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 Certificateholders. Upon
presentation and surrender of the Certificates, the Paying Agent shall cause
to be distributed to Certificateholders amounts distributable on such Payment
Date pursuant to Section 5.02.

         In the event that all of the Certificateholders shall not surrender
their Certificates 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 remaining Certificateholders to surrender
their Certificates for cancellation and receive the final distribution with
respect thereto. If within one year after the second notice all the
Certificates 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 remaining Certificateholders concerning
surrender of their Certificates, and the cost thereof shall be paid out of
the funds and other assets that shall remain subject to this Agreement.
Subject to applicable escheat laws, any funds remaining in the Trust after
exhaustion of such remedies shall be distributed by the Paying Agent to the
Company.

         (d) Upon the winding up of the Trust in accordance with Section 3808
of the Business Trust Statute, the Owner Trustee shall cause the Certificate
of Trust to be cancelled 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 and this Agreement (other than Article
VIII) shall terminate and be of no further force or effect..

                                  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; having a combined capital and surplus of at least
$50,000,000 and subject to supervision or examination by federal or state
authorities; and having (or having a parent that has) time deposits that are
rated at least "A-1" by Standard & Poor's and "P-1" by Moody's. 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. 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
shall pay all fees owed to the outgoing Owner Trustee.

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

         SECTION 10.03. Successor Owner Trustee. Any successor Owner Trustee
appointed pursuant to Section 10.02 shall execute, acknowledge and deliver to
the Administrator and to its predecessor Owner Trustee an instrument
accepting such appointment under this Agreement, and 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 thereof 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 such 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, 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, that such corporation shall be eligible pursuant
to Section 10.01 and, 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 Vehicle 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 Administrator and Owner Trustee to act as
co-trustee, jointly with the Owner Trustee, or as 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 Owner Trustee pursuant to Section
10.01 and no notice of the appointment of any co-trustee or separate trustee
shall be required pursuant to Section 10.03.

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

         (a) 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 Owner Trust
Estate or any portion thereof in any such jurisdiction) shall be exercised
and performed singly by such separate trustee or co-trustee, but solely at
the direction of the Owner Trustee;

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

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

                                 ARTICLE XI

                                Miscellaneous

         SECTION 11.01. Supplements and Amendments. This Agreement may be
amended by the Depositor, the Company and the Owner Trustee, with prior
written notice to the Rating Agencies, without the consent of any of the
Noteholders or the Certificateholders, 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 (including for the issuance of Fixed Value Securities
pursuant to Section 2.03 of the Sale and Servicing Agreement) or of modifying
in any manner the rights of the Noteholders or the Certificateholders;
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 Certificateholder.

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

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

         It shall not be necessary for the consent of Certificateholders,
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 Certificateholders
provided for in this Agreement or in any other Basic Document) and of
evidencing the authorization of the execution thereof by Certificateholders
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. The Owner Trustee may, but shall
not be obligated to, enter into any such amendment that affects the Owner
Trustee's own rights, duties or immunities under this Agreement or otherwise.

         In connection with the execution of any amendment to this Agreement
or any amendment of any other agreement to which the Issuer is a party, the
Owner Trustee shall be entitled to receive and conclusively rely upon an
Opinion of Counsel to the effect that such amendment is authorized or
permitted by the Basic Documents and that all conditions precedent in the
Basic Documents for the execution and delivery thereof by the Issuer or the
Owner Trustee, as the case may be, have been satisfied.

         SECTION 11.02. No Legal Title to Owner Trust Estate in Owners. The
Owners shall not have legal title to any part of the Owner Trust Estate. The
Owners shall be entitled to receive distributions with respect to their
undivided ownership interest therein only in accordance with Articles V and
IX. No transfer, by operation of law or otherwise, of any right, title or
interest of the Owners to and in their ownership interest in the Trust 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. The provisions of
this Agreement are solely for the benefit of the Owner Trustee, the
Depositor, the Company, the Owners, 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 Chrysler Financial Company L.L.C.,
27777 Franklin Road, Southfield, Michigan 48034, Attention of Assistant
Secretary; if to the Company, addressed to DaimlerChrysler Retail
Receivables, LLC, 27777 Franklin Road, Southfield, Michigan 48034, Attention
of Assistant Secretary; 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 a
Certificateholder shall be given by first-class mail, postage prepaid, at the
address of such Holder 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, each of
the Depositor, the Company and its permitted assignees, the Owner Trustee and
its successors and each Owner and its successors and permitted assigns, all
as herein provided. Any request, notice, direction, consent, waiver or other
instrument or action by an Owner shall bind the successors and assigns of
such Owner.

         SECTION 11.08. Covenants of Company. In the event that any
litigation with claims in excess of $1,000,000 to which the Company is a
party which shall be reasonably likely to result in a material judgment
against the Company that the Company will not be able to satisfy shall be
commenced by an 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 Company, such judgment has been satisfied), the
Company shall not make any distribution on or in respect of its membership
interests to any of its members, or repay the principal amount of any
indebtedness of the Company held by CFC, unless (i) after giving effect to
such distribution or repayment, the Company'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
distribution or repayment. The Company will not at any time institute against
the Trust any bankruptcy proceedings under any United States federal or state
bankruptcy or similar law in connection with any obligations relating to the
Certificates, the Notes, this Agreement or any of the Basic Documents.

         SECTION 11.09. No Petition. The Owner Trustee, by entering into this
Agreement, each 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 Company or the Trust, or join in any institution against the
Company or the Trust of, any bankruptcy proceedings under any United States
federal or state bankruptcy or similar law in connection with any obligations
relating to the Certificates, the Notes, this Agreement or any of the Basic
Documents.

         SECTION 11.10. No Recourse. Each Certificateholder by accepting a
Certificate acknowledges that such Certificateholder's Certificates represent
beneficial interests in the Trust only and do not represent interests in or
obligations of the Depositor, the Servicer, the Company, 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 Certificates 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, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

         SECTION 11.13. Certificate Transfer Restrictions. The Certificates
may not be acquired by or for the account of (i) an employee benefit plan (as
defined in Section 3(3) of ERISA) that is subject to the provisions of Title
I of ERISA, (ii) a plan described in Section 4975(e)(1) of the Code or (iii)
any entity whose underlying assets include plan assets by reason of a plan's
investment in the entity (each, a "Benefit Plan"). By accepting and holding a
Certificate, the Holder thereof shall be deemed to have represented and
warranted that it is not a Benefit Plan.

         SECTION 11.14. Depositor Payment Obligation. The Depositor shall be
responsible for payment of the Administrator's fees under the Administration
Agreement and shall reimburse the Administrator for all expenses and
liabilities of the Administrator incurred thereunder. In addition, the
Depositor shall be responsible for the payment of all fees and expenses of
the Trust, the Owner Trustee and the Indenture Trustee paid by any of them in
connection with any of their obligations under the Basic Documents to obtain
or maintain any required license under the Pennsylvania Motor Vehicle Sales
Finance Act.

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

                            CHRYSLER FINANCIAL COMPANY L.L.C.,
                               as Depositor

                            By: /s/ David H. Olsen
                                ------------------------------------
                                Name: David H. Olsen
                                Title: Vice President and Controller

                            DAIMLERCHRYSLER RETAIL RECEIVABLES LLC

                            By:  Chrysler Financial Receivables Corporation,
                                 as a Member

                            By: /s/ David H. Olsen
                                ------------------------------------
                                Name: David H. Olsen
                                Title: Vice President and Controller

                            CHASE MANHATTAN BANK DELAWARE,
                               not in its individual capacity but
                               solely as Owner Trustee

                            By: /s/ John J. Cashin
                                ------------------------------------
                                Name: John J. Cashin
                                Title: Vice President

                                                                    EXHIBIT A

                             Form of Certificate

THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAWS, AND MAY NOT BE
OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH
REGISTRATION OR AN EXEMPTION THEREFROM. IN ADDITION, THE TRANSFER OF THIS
CERTIFICATE IS SUBJECT TO CERTAIN RESTRICTIONS AND CONDITIONS SET FORTH IN
SECTION 3.04 OF THE TRUST AGREEMENT UNDER WHICH THIS CERTIFICATE IS ISSUED (A
COPY OF WHICH TRUST AGREEMENT IS AVAILABLE FROM THE OWNER TRUSTEE OR UPON
REQUEST), INCLUDING RECEIPT BY THE OWNER TRUSTEE OF AN INVESTMENT LETTER IN
WHICH THE TRANSFEREE MAKES CERTAIN REPRESENTATIONS.

No. R-1                                            Percentage Interest: ____%

                      DAIMLERCHRYSLER AUTO TRUST 2000-A

                                 CERTIFICATE

evidencing a fractional undivided interest in the Trust, as defined below,
the property of which includes a pool of retail installment sale contracts
and the Amortizing Payments on the Fixed Value Receivables (each as defined
herein) secured by new and used automobiles and light duty trucks.

(This Certificate does not represent an interest in or obligation of Chrysler
Financial Company L.L.C. or any of its affiliates, except to the extent
described below.)

         THIS CERTIFIES THAT ______________________________________. is the
registered owner of a __________________________________ PERCENT
nonassessable, fully-paid, undivided percentage interest in DaimlerChrysler
Auto Trust 2000-A (the "Trust"), formed by Chrysler Financial Company L.L.C.,
a Michigan limited liability company (the "Depositor"), and DaimlerChrysler
Retail Receivables LLC, a Michigan limited liability company (the "Company").
The initial Certificate Balance is $_____________.

                OWNER TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

CHASE MANHATTAN BANK DELAWARE,                CHASE MANHATTAN BANK DELAWARE,
as Owner Trustee                      or      as Owner Trustee
                                              by:  THE CHASE MANHATTAN BANK,
                                                   as Authenticating Agent
by:                                           by:
    -------------------------------------          --------------------------
           Authorized Signatory                       Authorized Signatory

         The Trust was created pursuant to a Trust Agreement dated as of
February 1, 2000, as amended and restated by an Amended and Restated Trust
Agreement dated as of February 1, 2000 (as so amended and restated and
further amended or supplemented from time to time, the "Trust Agreement"),
among the Depositor, the Company and Chase Manhattan Bank 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
February 1, 2000 (as amended and supplemented from time to time, the "Sale
and Servicing Agreement"), between the Trust and the Depositor, as seller and
as servicer (in such capacity, the "Servicer"), as applicable.

         This Certificate is one of the duly authorized class of certificates
(herein called the "Certificates"). Also issued under an Indenture dated as
of February 1, 2000 (the "Indenture"), between the Trust and Bank One,
National Association, as indenture trustee, are the four classes of Notes
designated as "Class A-1 6.07% Asset Backed Notes," "Class A-2 6.76% Asset
Backed Notes," "Class A-3 7.09% Asset Backed Notes" and "Class A-4 7.23%
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 its acceptance hereof assents and by which such Holder is bound. The
property of the Trust consists of a pool of retail installment sale contracts
for new and used automobiles and light duty trucks and the Amortizing
Payments on the Fixed Value Receivables (collectively, the "Receivables"),
all monies received on or after February 18, 2000, security interests in the
vehicles 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 and all
proceeds of the foregoing. The term "Fixed Value Receivables" shall mean
retail sale contracts secured by new automobiles or light duty trucks with a
series of fixed level payment monthly installments (the "Amortizing
Payments") and a final fixed value payment that is greater than each
Amortizing Payment. Distributions, if any, in respect of this Certificate
will be made pursuant to Section 5.02 of the Trust Agreement.

         It is the intent of the Depositor, the Company, the Servicer and the
Certificateholder that, for purposes of federal income, state and local
income and single business tax and any other income taxes, the Trust will be
treated as a security arrangement for the issuance of debt by the sole
Certificateholder. The Company, by acceptance of the Certificates, agrees to
treat, and to take no action inconsistent with the above treatment for so
long as the Company is the sole Owner.

         Solely in the event the Certificates are held by more than a single
Owner, it is the intent of the Depositor, the Company, the Servicer and the
Certificateholders that, for purposes of federal income, state and local
income and single business tax and any other income taxes, the Trust will be
treated as a partnership and the Certificateholders (including the Company)
will be treated as partners in the partnership. The Company and the other
Certificateholders, by acceptance of a Certificate, agree to treat, and to
take no action inconsistent with the Treatment of, the Certificates for such
tax purposes as partnership interests in the Trust.

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

         Distributions on this Certificate will be made as provided in the
Trust Agreement by the Paying Agent 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 that purpose by the Paying Agent 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, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS,
AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS.

         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.

                                 DAIMLERCHRYSLER AUTO TRUST 2000-A

                                 by:  CHASE MANHATTAN BANK DELAWARE,
                                      not in its individual capacity
                                      but solely as Owner Trustee

Dated:                           by: ________________________________
                                           Authorized Signatory

                           [REVERSE OF CERTIFICATE]

         The Certificates do not represent an obligation of, or an interest
in, the Depositor, the Servicer, the Company, the Owner Trustee or any
affiliates of any of them and no recourse may be had against such parties or
their assets, except as 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 and recoveries with respect to the
Receivables (and certain other amounts), all as more specifically set forth
herein and in the Sale and Servicing Agreement. A copy of each of the Sale
and Servicing Agreement and the Trust Agreement may be examined by any
Certificateholder upon written request during normal business hours at the
principal office of the Depositor and at such other places, if any,
designated by the Depositor.

         The Trust Agreement permits, with certain exceptions therein
provided, the amendment thereof and the modification of the rights and
obligations of the Depositor and the Company and the rights of the
Certificateholders under the Trust Agreement at any time by the Depositor,
the Company and the Owner Trustee with the consent of the Holders of the
Certificates and the Notes, each voting as a class, evidencing not less than
a majority of the Percentage Interests evidenced by the outstanding
Certificates or a majority of the Outstanding Amount of the Notes of each
such class. Any such consent by the Holder of this Certificate shall be
conclusive and binding on such Holder and on all future Holders of this
Certificate and of any Certificate issued upon the transfer hereof or in
exchange herefor 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 Holders
of any of the Certificates.

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

         Except as provided in the Trust Agreement, the Certificates are
issuable only as registered Certificates. As provided in the Trust Agreement
and subject to certain limitations therein set forth, Certificates are
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 registration of transfer or
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
Certificateholders of all amounts required to be paid to them pursuant to the
Trust Agreement and the Sale and Servicing Agreement and the disposition of
all property held as part of the Owner Trust Estate. The Servicer of the
Receivables may at its option purchase the Owner Trust Estate 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 Certificates; provided, 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 Original Pool Balance.

         The Certificates may not be acquired by (a) an employee benefit plan
(as defined in Section 3(3) of ERISA) that is subject to the provisions of
Title I of ERISA, (b) a plan described in Section 4975(e)(1) of the Code or
(c) any entity whose underlying assets include plan assets by reason of a
plan's investment in the entity or which uses plan assets to acquire
Certificates (each, a "Benefit Plan"). By accepting and holding this
Certificate, the Holder hereof shall be deemed to have represented and
warranted that it is not a Benefit Plan.

                                  ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF ASSIGNEE

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

the within Certificate, and all rights thereunder, and hereby irrevocably
constitutes and appoints __________ , attorney, to transfer said Certificate
on the books of the Certificate Registrar, with full power of substitution in
the premises.

Dated:                          ________________________________________*/
                                         Signature Guaranteed:

                                             ____________________________*/

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

  */     NOTICE: The signature to this assignment must correspond with the
         name of the registered owner as it appears on the face of the within
         Certificate in every particular, without alteration, enlargement or
         any change whatever. Such signature must be guaranteed by an
         "eligible guarantor institution" meeting the requirements of the
         Certificate Registrar, which requirements include membership or
         participation in STAMP or such other "signature guarantee program"
         as may be determined by the Certificate Registrar in addition to, or
         in substitution for, STAMP, all in accordance with the Securities
         Exchange Act of 1934, as amended.

                                                                    EXHIBIT B

      Form of Certificate of Trust of DaimlerChrysler Auto Trust 2000-A
      -----------------------------------------------------------------

                  THIS Certificate of Trust of DaimlerChrysler Auto Trust
2000-A (the "Trust"), dated ___________, 2000-A, is being duly executed and
filed by Chase Manhattan Bank Delaware, a Delaware banking corporation, as
trustee, to form a business trust under the Delaware Business Trust Act (12
Del. Code, ss. 3801 et seq.).

                  1. Name. The name of the business trust formed hereby is
DAIMLERCHRYSLER AUTO TRUST 2000-A.

                  2. Delaware Trustee. The name and business address of the
trustee of the Trust in the State of Delaware is Chase Manhattan Bank
Delaware, 1201 Market Street, Wilmington, Delaware 19801, Attention:
Corporate Trustee Administration Department.

                  3. Effective Date. This Certificate of Trust shall be
effective upon its filing with the Secretary of State of the State of
Delaware.

                  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.

                                   CHASE MANHATTAN BANK DELAWARE,
                                   not in its individual capacity
                                   but as owner trustee under
                                   the Trust Agreement dated
                                   as of ____________, 2000-A

                                   by:  __________________________________
                                             Name:
                                             Title:

                                                                    EXHIBIT C

                        FORM OF TRANSFEROR CERTIFICATE

                        [DATE]

[Seller]
[Seller Address]
[Owner Trustee]
[Owner Trustee Address]

                  Re:      DaimlerChrysler Auto Trust 2000-A Certificates

Ladies and Gentlemen:

         In connection with our disposition of the above-referenced
Certificates (the "Certificates") we certify that (a) we understand that the
Certificates have not been registered under the Securities Act of 1933, as
amended (the "Act"), and are being transferred by us in a transaction that is
exempt from the registration requirements of the Act and (b) we have not
offered or sold any Certificates to, or solicited offers to buy any
Certificates from, any person, or otherwise approached or negotiated with any
person with respect thereto, in a manner that would be deemed, or taken any
other action which would result in, a violation of Section 5 of the Act.

                                    Very truly yours,

                                    [NAME OF TRANSFEROR]

                                    By: _______________________
                                          Authorized Officer

                                                                    EXHIBIT D

                          FORM OF INVESTMENT LETTER

                   [DATE]

[Seller]
[Seller Address]
[Owner Trustee]
[Owner Trustee Address]

                  Re:      DaimlerChrysler Auto Trust 2000-A  Certificates

Ladies and Gentlemen:

         In connection with our acquisition of the above-referenced
Certificates (the "Certificates") we certify that (a) we understand that the
Certificates are not being registered under the Securities Act of 1933, as
amended (the "Act"), or any state securities laws and are being transferred
to us in a transaction that is exempt from the registration requirements of
the Act and any such laws, (b) we are an "accredited investor," as defined in
Regulation D under the Act, and have such knowledge and experience in
financial and business matters that we are capable of evaluating the merits
and risks of investments in the Certificates, (c) we have had the opportunity
to ask questions of and receive answers from the seller concerning the
purchase of the Certificates and all matters relating thereto or any
additional information deemed necessary to our decision to purchase the
Certificates, (d) we are acquiring the Certificates for investment for our
own account and not with a view to any distribution of such Certificates (but
without prejudice to our right at all times to sell or otherwise dispose of
the Certificates in accordance with clause (f) below), (e) we have not
offered or sold any Certificates to, or solicited offers to buy any
Certificates from, any person, or otherwise approached or negotiated with any
person with respect thereto, or taken any other action that would result in a
violation of Section 5 of the Act or any state securities laws and (f) we
will not sell, transfer or otherwise dispose of any Certificates unless (1)
such sale, transfer or other disposition is made pursuant to an effective
registration statement under the Act and in compliance with any relevant
state securities laws or is exempt from such registration requirements and,
if requested, we will at our expense provide an Opinion of Counsel
satisfactory to the addresses of this certificate that such sale, transfer or
other disposition may be made pursuant to an exemption from the Act, (2) the
purchaser or transferee of such Certificate has executed and delivered to you
a certificate to substantially the same effect as this certificate and (3)
the purchaser or transferee has otherwise complied with any conditions for
transfer set forth in the Amended and Restated Trust dated as of February 1,
2000, between Chrysler Financial Company L.L.C., as Depositor,
DaimlerChrysler Retail Receivables LLC and Chase Manhattan Bank Delaware, as
Owner Trustee.

                                    Very truly yours,

                                    [NAME OF TRANSFEROR]

                                    By: __________________________
                                          Authorized Officer

                                                                    EXHIBIT E

                           FORM OF RULE 144A LETTER

                           [DATE]

[Seller]
[Seller Address]
[Owner Trustee]
[Owner Trustee Address]

                  Re:      DaimlerChrysler Auto Trust 2000-A Certificates

Ladies and Gentlemen:

         In connection with our acquisition of the above-referenced
Certificates (the "Certificates") we certify that (a) we understand that the
Certificates are not being registered under the Securities Act of 1933, as
amended (the "Act"), or any state securities laws and are being transferred
to us in a transaction that is exempt from the registration requirements of
the Act and any such laws, (b) we have such knowledge and experience in
financial and business matters that we are capable of evaluating the merits
and risks of investments in the Certificates, (c) we have had the opportunity
to ask questions of and receive answers from the seller concerning the
purchase of the Certificates and all matters relating thereto or any
additional information deemed necessary to our decision to purchase the
Certificates, (d) we have not, nor has anyone acting on our behalf, offered,
transferred, pledged, sold or otherwise disposed of the Certificates or any
interest in the Certificates, or solicited any offer to buy, transfer, pledge
or otherwise dispose of the Certificates or any interest in the Certificates
from any person in any manner, or made any general solicitation by means of
general advertising or in any other manner, or taken any other action that
would constitute a distribution of the Certificates under the Act or that
would render the disposition of the Certificates a violation of Section 5 of
the Act or any state securities laws or require registration pursuant
thereto, and we will not act, or authorize any person to act, in such manner
with respect to the Certificates, (e) we are a "qualified institutional
buyer" as that term is defined in Rule 144A under the Act. We are aware that
the sale to us is being made in reliance on Rule 144A. We are acquiring the
Certificates for our own account or for resale pursuant to Rule 144A and
understand that such Certificates may be resold, pledged or transferred only
(i) to a person reasonably believed to be a qualified institutional buyer
that purchases for its own account or for the account of a qualified
institutional buyer to whom notice is given that the resale, pledge or
transfer is being made in reliance on Rule 144A or (ii) pursuant to another
exemption from registration under the Act.

                                    Very truly yours,

                                    [NAME OF TRANSFEROR]

                                    By: ____________________________
                                          Authorized Officer

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