Document:

Exhibit 4.2

                              AMENDED AND RESTATED

                                 TRUST AGREEMENT

                                      among

                      FORD CREDIT AUTO RECEIVABLES TWO L.P.

                                  as Depositor,

                        THE BANK OF NEW YORK (DELAWARE),

                               as Delaware Trustee

                                       and

                              THE BANK OF NEW YORK,

                                as Owner Trustee

                          Dated as of November 1, 2000

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                                TABLE OF CONTENTS

       <S>                                                                                       <C>
                                                                                                 Page

                                    ARTICLE I

         DEFINITIONS AND USAGE......................................................................1

                                   ARTICLE II

         ORGANIZATION OF THE TRUST..................................................................1
         SECTION 2.1  Name..........................................................................2
         SECTION 2.2  Offices.......................................................................2
         SECTION 2.3  Purposes and Powers...........................................................2
         SECTION 2.4  Appointment of Owner Trustee..................................................3
         SECTION 2.5  Appointment of Delaware Trustee...............................................3
         SECTION 2.6  Capital Contribution of Owner Trust Estate....................................4
         SECTION 2.7  Declaration of Trust..........................................................4
         SECTION 2.8  Liability of the Depositor....................................................4
         SECTION 2.9  Title to Trust Property.......................................................5
         SECTION 2.10  Situs of Trust...............................................................5
         SECTION 2.11  Representations and Warranties of the Depositor..............................6
         SECTION 2.12  Federal Income Tax Matters...................................................7

                                   ARTICLE III

         TRUST CERTIFICATES AND TRANSFER OF INTERESTS...............................................9
         SECTION 3.1  Initial Beneficial Ownership..................................................9
         SECTION 3.2  Capital Accounts..............................................................9
         SECTION 3.3  The Certificates.............................................................10
         SECTION 3.4  Authentication of Certificates...............................................10
         SECTION 3.5  Registration of Certificates; Transfer and Exchange of
                            Certificates...........................................................11
         SECTION 3.6  Mutilated, Destroyed, Lost or Stolen Certificates............................16
         SECTION 3.7  Persons Deemed Owners of Certificates........................................17
         SECTION 3.8  Access to List of Certificateholders' Names and Addresses....................17
         SECTION 3.9  Maintenance of Office or Agency..............................................17
         SECTION 3.10  Appointment of Certificate Paying Agent.....................................18
         SECTION 3.11  Certain Rights of Depositor.................................................18

                                   ARTICLE IV

         ACTIONS BY OWNER TRUSTEE..................................................................19
         SECTION 4.1  Prior Notice to Certificateholders with Respect to
                                  Certain Matters..................................................19
         SECTION 4.2  Action by Certificateholders with Respect to Certain Matters.................20
         SECTION 4.3  Action by Certificateholders with Respect to Bankruptcy......................20
         SECTION 4.4  Restrictions on Certificateholders' Power....................................20
         SECTION 4.5  Majority Control.............................................................20

                                    ARTICLE V

         APPLICATION OF TRUST FUNDS; CERTAIN DUTIES................................................21
         SECTION 5.1  Establishment of Certificate Distribution Account............................21
         SECTION 5.2  Application of Trust Funds...................................................21
         SECTION 5.3  Method of Payment............................................................23
         SECTION 5.4  No Segregation of Monies; No Interest........................................24
         SECTION 5.5  Accounting and Reports to Noteholders, Certificateholders,
                             Internal Revenue Service and Others...................................24
         SECTION 5.6  Signature on Returns; Tax Matters Partner....................................24

                                   ARTICLE VI

         AUTHORITY AND DUTIES OF OWNER TRUSTEE.....................................................25
         SECTION 6.1  General Authority............................................................25
         SECTION 6.2  General Duties...............................................................25
         SECTION 6.3  Action upon Instruction......................................................26
         SECTION 6.4  No Duties Except as Specified in this Agreement or in
                             Instructions..........................................................27
         SECTION 6.5  No Action Except Under Specified Documents or
                             Instructions..........................................................27
         SECTION 6.6  Restrictions.................................................................28

                                   ARTICLE VII

         REGARDING THE OWNER TRUSTEE AND THE DELAWARE TRUSTEE......................................28
         SECTION 7.1  Acceptance of Trusts and Duties..............................................28
         SECTION 7.2  Furnishing of Documents......................................................30
         SECTION 7.3  Representations and Warranties...............................................30
         SECTION 7.4  Reliance; Advice of Counsel..................................................31
         SECTION 7.5  Not Acting in Individual Capacity............................................32
         SECTION 7.6  Owner Trustee Not Liable for Certificates or Receivables.....................32
         SECTION 7.7  Co-Trustees May Own Certificates and Notes...................................32

                                  ARTICLE VIII

         COMPENSATION AND INDEMNITY OF OWNER TRUSTEE...............................................33
         SECTION 8.1  Owner Trustee's Fees and Expenses............................................33
         SECTION 8.2  Indemnification..............................................................33
         SECTION 8.3  Payments to Co-Trustees......................................................34

                                   ARTICLE IX

         TERMINATION...............................................................................34
         SECTION 9.1  Termination of Trust Agreement...............................................34
         SECTION 9.2  Prepayment of Certificates...................................................36

                                    ARTICLE X

         SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER
         TRUSTEES..................................................................................37
         SECTION 10.1  Eligibility Requirements for Owner Trustee and Delaware Trustee.............37
         SECTION 10.2  Resignation or Removal of Owner Trustee or the Delaware Trustee.............37
         SECTION 10.3  Successor Owner Trustee or Delaware Trustee.................................39
         SECTION 10.4  Merger or Consolidation of Owner Trustee or Delaware Trustee................40
         SECTION 10.6  Compliance with Business Trust Statute......................................42

                                   ARTICLE XI

         MISCELLANEOUS.............................................................................42
         SECTION 11.1  Supplements and Amendments..................................................42
         SECTION 11.2  No Legal Title to Owner Trust Estate in Certificateholders..................44
         SECTION 11.3  Limitation on Rights of Others..............................................44
         SECTION 11.4  Notices.....................................................................44
         SECTION 11.5  Severability................................................................45
         SECTION 11.6  Separate Counterparts.......................................................45
         SECTION 11.7  Successors and Assigns......................................................45
         SECTION 11.8  No Petition.................................................................45
         SECTION 11.9  No Recourse.................................................................46
         SECTION 11.10  Headings...................................................................46
         SECTION 11.11  Governing Law..............................................................46
         SECTION 11.12  Sale and Servicing Agreement Obligations...................................46

EXHIBIT A
         FORM OF CLASS C CERTIFICATE..............................................................A-1
EXHIBIT B
         FORM OF CLASS D CERTIFICATE..............................................................B-1
EXHIBIT C
         FORM OF INVESTMENT LETTER
         QUALIFIED INSTITUTIONAL BUYER............................................................C-2
EXHIBIT D
         FORM OF INVESTMENT LETTER
         INSTITUTIONAL ACCREDITED INVESTOR........................................................D-1
EXHIBIT E
         FORM OF RULE 144A TRANSFEROR CERTIFICATE.................................................E-1
EXHIBIT F
         FORM OF CERTIFICATE OF TRUST.............................................................F-1
APPENDIX A
         Definitions and Usage...................................................................AA-1

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                  AMENDED AND RESTATED TRUST AGREEMENT,  dated as of November 1,
2000 (as from time to time amended,  supplemented  or otherwise  modified and in
effect,  this  "Agreement"),  among FORD CREDIT  AUTO  RECEIVABLES  TWO L.P.,  a
Delaware  limited  partnership,  as Depositor,  having its  principal  executive
office at One American  Road,  Dearborn,  Michigan  48126;  THE BANK OF NEW YORK
(DELAWARE),  a Delaware banking  corporation not in its individual  capacity but
solely as Delaware trustee under this Agreement (the "Delaware Trustee"), having
its principal  corporate trust office at White Clay Center,  Route 273,  Newark,
Delaware 19711;  and THE BANK OF NEW YORK, a New York banking  corporation  (the
"Bank"),  not in its  individual  capacity  but  solely as  trustee  under  this
Agreement  (in  such  capacity,  the  "Owner  Trustee"),  having  its  principal
corporate  trust office at 101 Barclay  Street,  Floor 12E,  New York,  New York
10286 for the purpose of  establishing  the Ford Credit Auto Owner Trust 2000-G.
Each of the Delaware  Trustee and the Owner Trustee are referred to individually
as a "Co-Trustee" and collectively as the "Co-Trustees."

         .........WHEREAS, the parties hereto intend to amend and restate that
certain Trust Agreement, dated as of November 1, 2000, among the Depositor, the
Delaware Trustee and the Owner Trustee, on the terms and conditions hereinafter
set forth;

         .........NOW,  THEREFORE,  in  consideration of the premises and mutual
covenants  herein  contained,  the receipt and  sufficiency  of which are hereby
acknowledged,  the Depositor,  the Delaware Trustee and the Owner Trustee hereby
agree as follows:

                                    ARTICLE I

                             DEFINITIONS AND USAGE

         .........Except  as  otherwise  specified  herein or as the context may
otherwise  require,  capitalized terms used but not otherwise defined herein are
defined in Appendix A hereto,  which also contains  rules as to usage that shall
be applicable herein.

                                   ARTICLE II

                           ORGANIZATION OF THE TRUST

         .........SECTION 2.1  Name.  The Trust created hereby shall be known
as "Ford Credit Auto Owner Trust 2000-G", 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 on behalf of the Trust.

         .........SECTION 2.2  Offices.  The Delaware office of the Trust shall
be in care of the Delaware Trustee at the Corporate Trust Office or at such
other address in the State of Delaware as the Delaware Trustee may designate by
written notice to the Certificateholders and the Depositor. The New York office
of the Trust shall be in care of the Owner Trustee at the Corporate Trust Office
or at such other address in the State of New York as the Owner Trustee may
designate by written notice to the Certificateholders and the Depositor.

         .........SECTION 2.3  Purposes and Powers. (a)  The purpose of the
Trust is, and the Trust shall have the power and authority, 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 upon the written order of the Depositor;

                  (ii)  with  the  proceeds  of the  sale of the  Notes  and the
         Certificates,  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 pay interest on and principal of the Notes and
         distributions on the Certificates;

                  (iv)  to  Grant  the  Owner  Trust  Estate  (other  than  each
         Certificate  Distribution  Account  and the  proceeds  thereof)  to the
         Indenture Trustee pursuant to the Indenture;

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

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

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

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 other
Basic Documents.

         .........SECTION 2.4  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  2.5  Appointment  of Delaware  Trustee.  The Delaware
Trustee  is  appointed  to serve as the  trustee  of the  Trust in the  State of
Delaware  for the sole and limited  purpose of  satisfying  the  requirement  of
Section 3807 of the Delaware Business Trust Statute that the Trust have at least
one trustee with a principal place of business in Delaware. It is understood and
agreed  by the  parties  hereto  and the  Certificateholders  that the  Delaware
Trustee shall have none of the duties or liabilities  of the Owner Trustee.  The
duties of the Delaware  Trustee shall be limited to (a) accepting  legal process
served  on the  Trust in the  State of  Delaware  and (b) the  execution  of any
certificates  required to be filed with the  Secretary  of State of the State of
Delaware which the Delaware  Trustee is required to execute  pursuant to Section
3811 of the Business  Trust  Statute,  and the Delaware  Trustee  shall  provide
prompt  notice to the Owner  Trustee of its  performance  of any such acts.  The
parties hereto and the Certificateholders understand and agree that the Delaware
Trustee  shall not be entitled to exercise  any powers,  nor shall the  Delaware
Trustee  have any of the  duties  and  liabilities,  of the Owner  Trustee.  The
Delaware  Trustee  shall not be liable  for the acts or  omissions  of the Owner
Trustee,  the  Depositor or the Trust.  To the extent that, at law or in equity,
the Delaware  Trustee has duties  (including  fiduciary  duties) and liabilities
relating  thereto  to the  Trust  or to  the  Certificateholders,  it is  hereby
understood  and agreed by the other  parties  hereto and the  Certificateholders
that such duties and  liabilities  are replaced by the duties and liabilities of
the Delaware Trustee  expressly set forth in this Trust Agreement.  The Delaware
Trustee  shall owe no fiduciary or other duties to the Trust or to the Depositor
except as expressly provided for herein.

         .........SECTION 2.6  Capital Contribution of Owner Trust Estate.  As
of November 1, 2000, the Depositor sold, assigned, transferred, conveyed and set
over to the Owner Trustee the sum of $1. The Owner Trustee hereby acknowledges
receipt in trust from the Depositor, as of such date, of the foregoing
contribution, which shall constitute the initial Owner Trust Estate and shall be
deposited in the Certificate Distribution Account. The Depositor shall pay the
organizational expenses of the Trust as they may arise or shall, upon the
request of the Owner Trustee or the Delaware Trustee, promptly reimburse the
Owner Trustee or the Delaware Trustee for any such expenses paid by the Owner
Trustee or the Delaware Trustee. On the Closing Date, the Depositor shall convey
to the Trust the Trust Property and the Owner Trustee shall convey to the
Depositor the Notes and the Certificates.

         .........SECTION  2.7  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
Certificateholders,  subject  to the  obligations  of the Trust  under the Basic
Documents.  It is the  intention  of the  parties  hereto  that  (i)  the  Trust
constitute  a business  trust  under the  Business  Trust  Statute and that this
Agreement  constitute  the governing  instrument of such business trust and (ii)
for  income  and  franchise  tax  purposes,  the  Trust  shall be  treated  as a
partnership,  with the assets of the partnership being the Receivables and other
assets  held  by  the  Trust,   the  partners  of  the  partnership   being  the
Certificateholders and the Depositor and the Notes constituting  indebtedness of
the  partnership.  The parties  agree  that,  unless  otherwise  required by the
appropriate tax authorities, the Depositor, on behalf of 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 a partnership for such tax
purposes.  Effective as of the date  hereof,  the Owner  Trustee  shall have the
rights,  powers and duties set forth  herein and in the Business  Trust  Statute
with  respect to  accomplishing  the  purposes of the Trust.  Together  with the
Delaware Trustee,  the Owner Trustee has filed the Certificate of Trust with the
Secretary of State.

         .........SECTION  2.8 Liability of the Depositor.  (a)  Notwithstanding
Section 3803 of the Business Trust Statute, the Depositor in its capacity as the
holder of the interests  described in Section 3.11 shall be liable  directly to,
and will  indemnify  each  injured  party  for,  all  losses,  claims,  damages,
liabilities and expenses of the Trust  (including  Expenses,  to the extent that
the assets of the Trust that would  remain if all of the Notes were paid in full
would be insufficient to pay any such losses,  claims,  damages,  liabilities or
expenses, or to the extent that such losses,  claims,  damages,  liabilities and
expenses in fact are not paid out of the Owner Trust  Estate) that the Depositor
would  be  liable  for if  the  Trust  were  a  partnership  under  the  Limited
Partnership  Act in  which  the  Depositor  were a  general  partner;  provided,
however,  that the Depositor shall not be liable to or indemnify  Noteholders or
Note  Owners for any losses  incurred  by  Noteholders  or Note  Owners in their
capacity as holders of or  beneficial  owners of interests  in limited  recourse
debt   secured  by  the  Owner  Trust  Estate  or  be  liable  to  or  indemnify
Certificateholders  for any losses  incurred by the  Certificateholders  if such
losses would  nevertheless  have been incurred if the Certificates  were limited
recourse debt secured by the Owner Trust Estate.  In addition,  any  third-party
creditors of the Trust, or the  arrangement  between the Depositor and the Trust
(other  than in  connection  with the  obligations  described  in the  preceding
sentence  for  which  the  Depositor  shall  not be  liable),  shall  be  deemed
third-party beneficiaries of this paragraph.

         .........(b)      No Certificateholder other than the Depositor to the
extent set forth in paragraph (a) of this Section 2.8, shall have any personal
liability for any liability or obligation of the Trust.

         .........(c)      The Depositor's obligations under this Section 2.8
are obligations solely of the Depositor and shall not constitute a claim against
the Depositor to the extent that the Depositor does not have funds sufficient to
make payment of such obligations.  If the Depositor issues any securities, the
Depositor agrees that its obligations under this Section 2.8 shall be fully
subordinated to such securities.

         .........SECTION 2.9  Title to Trust Property. Legal title to the
entirety of 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 2.10  Situs of Trust. The Trust shall be administered
in the State of New York. 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 the
State of Delaware; provided, however, that nothing herein shall restrict or
prohibit the Bank, the Delaware Trustee or 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 principal office of the Trust shall be in
care of the Delaware Trustee in the State of Delaware. The Trust shall also have
an office in care of the Owner Trustee in the State of New York.

         .........SECTION 2.11  Representations and Warranties of the Depositor.
The Depositor hereby represents and warrants to the Owner Trustee and the
Delaware Trustee that:

         .........(a)  The Depositor is duly organized and validly existing as a
limited  partnership  in good standing  under the laws of the State of Delaware,
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.

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

         .........(c)  The  Depositor has the power and authority to execute and
deliver this  Agreement  and to carry out its terms,  and 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;  and the  execution,  delivery  and
performance of this Agreement has been duly authorized by the Depositor.

         .........(d)  This Agreement  constitutes a legal,  valid,  and binding
obligation  of the  Depositor,  enforceable  against the Depositor in accordance
with  its  terms,  subject,  as to  enforceability,  to  applicable  bankruptcy,
insolvency, reorganization, conservatorship, receivership, liquidation and other
similar laws and to general equitable principles.

         .........(e) 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 or both) a default  under,  the  Certificate of
Limited  Partnership  or the Limited  Partnership  Agreement,  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  Depositors  knowledge,  any  order,  rule  or  regulation
applicable to the  Depositor of any court or of any federal or state  regulatory
body,  administrative  agency  or  other  governmental   instrumentality  having
jurisdiction over the Depositor or its properties.

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

         .........(g)      The representations and warranties of the Depositor
in Section 3.1 of the Purchase Agreement are true and correct.

         .........SECTION 2.12  Federal Income Tax Matters.  The
Certificateholders acknowledge that it is their intent and that they understand
it is the intent of the Depositor and the Servicer that, for purposes of federal
income, state and local income and franchise tax and any other income taxes,
the Trust will be treated as a partnership and the Certificateholders and the
Depositor will be treated as partners in that partnership. The Depositor hereby
agrees and the Certificateholders by acceptance of a Certificate agree to such
treatment and each agrees to take no action inconsistent with such treatment.
For purposes of federal income, state and local income and franchise tax and any
other income taxes each month:

         .........(a)      amounts paid to any Certificateholder pursuant to
Section 5.2(a)(i) shall be treated as a guaranteed payment within the meaning of
Section 707(c) of the Code;

         .........(b)  to  the  extent  the  characterization  provided  for  in
paragraph (a) of this Section 2.11 is not respected,  gross  ordinary  income of
the Trust for such month as determined  for federal income tax purposes shall be
allocated among the  Certificateholders  of each Class of Certificates as of the
Record Date occurring within such month, in proportion to their ownership of the
Aggregate  Certificate  Balance on such date,  in an amount up to the sum of (i)
the  Accrued  Class C  Certificate  Interest  or  Accrued  Class  D  Certificate
Interest, as applicable,  for such Class for such month, (ii) the portion of the
market discount on the  Receivables  accrued during such month that is allocable
to the excess,  if any, of the  aggregate  Initial  Certificate  Balance of such
class of  Certificates  over the initial  aggregate issue price of such Class of
Certificates   and  (iii)  any  amount   expected  to  be   distributed  to  the
Certificateholders of such Class pursuant to Sections 4.6(c) and (d) of the Sale
and Servicing Agreement (to the extent not previously allocated pursuant to this
paragraph  (b)) to the  extent  necessary  to  reverse  any net loss  previously
allocated  to  Certificateholders  of such Class (to the  extent not  previously
reversed pursuant to this clause (iii)); and

         .........(c)  thereafter all remaining net income of the Trust (subject
to the  modifications  set forth below) for such month as determined for federal
income tax purposes (and each item of income,  gain,  credit,  loss or deduction
entering into the computation  thereof) shall be allocated to the Depositor,  to
the extent thereof.

If the gross ordinary income of the Trust for any month is insufficient  for the
allocations  described in paragraph (b) above,  subsequent gross ordinary income
shall  first  be  allocated  to make up such  shortfall  before  any  allocation
pursuant to paragraph (c) above.  Net losses of the Trust, if any, for any month
as determined  for federal  income tax purposes (and each item of income,  gain,
credit,  loss or  deduction  entering  into the  computation  thereof)  shall be
allocated  to the  Depositor  to the extent the  Depositor,  in its  capacity as
"general  partner," is reasonably  expected to bear the economic  burden of such
net  losses,  and  any  remaining  net  losses  shall  be  allocated  among  the
Certificateholders  as of  the  Record  Date  occurring  within  such  month  in
proportion  to their  ownership  of the  Aggregate  Certificate  Balance on such
Record Date.  The  Depositor is  authorized  to modify the  allocations  in this
paragraph  if  necessary  or  appropriate,  in  its  sole  discretion,  for  the
allocations to fairly reflect the economic income, gain or loss to the Depositor
or the Certificateholders or as otherwise required by the Code.

<PAGE>

                                   ARTICLE III

                  TRUST CERTIFICATES AND TRANSFER OF INTERESTS

         .........SECTION 3.1  Initial Beneficial Ownership. Upon the formation
of the Trust by the contribution by the Depositor pursuant to Section 2.5 and
until the issuance of the Certificates, the Depositor shall be the sole
beneficial owner of the Owner Trust Estate.

         .........SECTION  3.2 Capital  Accounts.  (a) The Owner  Trustee  shall
establish and maintain a separate  bookkeeping account (a "Capital Account") for
the Depositor  and each  Certificateholder.  The initial  balance of the Capital
Account for (i) each  Certificateholder  shall be the amount  initially paid for
such  Certificateholder's  Certificates  and (ii) the Depositor shall be (x) the
fair market value of the Receivables minus (y) the proceeds of the sale of Notes
net of the Reserve Initial Deposit. The Capital Account of the Depositor or each
Certificateholder  shall  also be  increased  by (i) the  dollar  amount  of any
additional cash contributions  made by the Depositor or such  Certificateholder,
as the case may be, (ii) the fair market value of any property (other than cash)
contributed to the Trust by the Depositor or such Certificateholder, as the case
may be (net of any  liabilities  to which the  property is  subject),  and (iii)
allocations to the Depositor or such  Certificateholder,  as the case may be, of
income and gain  (including  income exempt from tax). The Capital Account of the
Depositor or each Certificateholder  shall be decreased by (i) the dollar amount
of any cash  distributions made to the Depositor or such  Certificateholder,  as
the case may be, (ii) the fair market  value of any  property  (other than cash)
distributed to the Depositor or such Certificateholder,  as the case may be (net
of any liabilities to which the property is subject),  (iii)  allocations to the
Depositor or such  Certificateholder,  as the case may be, of loss or deductions
(or  items  thereof),  and (iv) any  allocations  of  expenditures  of the Trust
described in Section 705(a)(2)(B) of the Code.

         .........(b)      Notwithstanding any other provision of this Agreement
to the contrary, the foregoing provisions of this Section 3.2 regarding the
maintenance of Capital Accounts shall be construed so as to comply with the
provisions of the Treasury Regulations promulgated pursuant to Section 704 of
the Code. The Depositor is hereby authorized to modify these provisions to the
minimum extent necessary to comply with such regulations.

         .........SECTION 3.3 The Certificates. (a) The Class C Certificates and
the  Class D  Certificates  shall  each  be  issued  in one or more  registered,
definitive,  physical  certificates,  in the form set  forth  in  Exhibit  A and
Exhibit B,  respectively,  in  denominations of at least $20,000 and in integral
multiples of $1,000 in excess thereof. No Certificate may be sold,  transferred,
assigned,  participated,  pledged,  or  otherwise  disposed  of (any such act, a
"Transfer")  to any Person except in accordance  with the  provisions of Section
3.5 and any  attempted  Transfer in  violation  of Section 3.5 shall be null and
void (each a "Void Transfer").

         .........(b)      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
benefits of this Agreement, notwithstanding that such individuals or any of them
shall have ceased to be so authorized prior to the authentication and delivery
of such Certificates or did not hold such offices at the date of authentication
and delivery of such Certificates.

         .........(c) If Transfer of the  Certificates is permitted  pursuant to
Section 3.5, 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  transferees  acceptance of a Certificate
duly registered in such transferees name pursuant to Section 3.5.

         .........SECTION 3.4  Authentication of Certificates. Concurrently with
the initial sale of the Receivables to the Trust pursuant to the Sale and
Servicing Agreement, the Owner Trustee shall cause the Class C Certificates, in
an aggregate principal balance equal to the Initial Certificate Balance of such
Class C Certificates, and the Class D Certificates, in an aggregate principal
balance equal to the Initial Certificate Balance of such Class D Certificates,
to be executed on behalf of the Trust, authenticated and delivered to or upon
the written order of the Depositor, signed by the chairman of the board, the
president, any executive vice president, any vice president, the secretary, any
assistant secretary, the treasurer or any assistant treasurer of the General
Partner, without further action by the Depositor, in authorized denominations.
No Certificate shall entitle its Certificateholder to any benefit under this
Agreement, or shall be valid for any purpose, unless there shall appear on such
Certificate a certificate of authentication substantially in the form set forth
in Exhibit A or Exhibit B, as applicable, attached hereto executed by the Owner
Trustee 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 3.5  Registration of Certificates; Transfer and
Exchange of Certificates. (a)  The Certificate Registrar shall keep or cause to
be kept, at the office or agency maintained pursuant to Section 3.9, a
Certificate Register in which, subject to such reasonable regulations as it may
prescribe, the Trust shall provide for the registration of Certificates and of
Transfers and exchanges of Certificates as herein provided. The Bank shall be
the initial Certificate Registrar.  No Transfer of a Certificate shall be
recognized except upon registration of such Transfer in the Certificate
Register.

         .........(b)  Each Class C Certificate  and Class D  Certificate  shall
bear a  legend  to the  following  effect  unless  determined  otherwise  by the
Administrator (as certified to the Owner Trustee in an Officers Certificate) and
the Owner Trustee consistent with applicable law:

         ........."THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR UNDER ANY STATE SECURITIES OR
BLUE SKY LAW OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING
THIS  CERTIFICATE,  AGREES FOR THE BENEFIT OF THE TRUST AND THE  DEPOSITOR  THAT
THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY
IN COMPLIANCE  WITH THE SECURITIES ACT AND OTHER  APPLICABLE  LAWS, AND ONLY (1)
PURSUANT TO RULE 144A UNDER THE  SECURITIES  ACT ("RULE  144A") TO A PERSON THAT
THE HOLDER REASONABLY  BELIEVES IS A QUALIFIED  INSTITUTIONAL  BUYER, WITHIN THE
MEANING  OF RULE  l44A (A  "QIB"),  PURCHASING  FOR ITS OWN  ACCOUNT  OR FOR THE
ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED,  IN EACH CASE, THAT THE REOFFER,
RESALE,  PLEDGE,  OR OTHER  TRANSFER  IS BEING  MADE IN  RELIANCE  ON RULE 144A,
SUBJECT  TO (A) THE  RECEIPT  BY THE TRUST AND THE  CERTIFICATE  REGISTRAR  OF A
CERTIFICATE  SUBSTANTIALLY  IN THE  FORM  ATTACHED  AS  EXHIBIT  E TO THE  TRUST
AGREEMENT  AND (B) THE RECEIPT BY THE TRUST AND THE  CERTIFICATE  REGISTRAR OF A
LETTER  SUBSTANTIALLY  IN THE FORM ATTACHED AS EXHIBIT C TO THE TRUST AGREEMENT,
WITH SUCH CHANGES  THEREIN AS MAY BE APPROVED BY THE DEPOSITOR,  (2) PURSUANT TO
AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF
AVAILABLE),  SUBJECT TO THE RECEIPT BY THE TRUST, THE INITIAL  PURCHASER AND THE
CERTIFICATE  REGISTRAR OF SUCH EVIDENCE  ACCEPTABLE TO THE TRUST AND THE INITIAL
PURCHASER THAT SUCH REOFFER,  RESALE,  PLEDGE OR TRANSFER IS IN COMPLIANCE  WITH
THE TRUST AGREEMENT AND THE SECURITIES ACT AND OTHER  APPLICABLE LAWS, (3) TO AN
INSTITUTIONAL   "ACCREDITED   INVESTOR"  WITHIN  THE  MEANING  THEREOF  IN  RULE
501(a)(1),  (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT PURSUANT TO
ANY OTHER  EXEMPTION FROM THE  REGISTRATION  REQUIREMENTS OF THE SECURITIES ACT,
SUBJECT  TO (A) THE  RECEIPT  BY THE TRUST AND THE  CERTIFICATE  REGISTRAR  OF A
LETTER SUBSTANTIALLY IN THE FORM ATTACHED AS EXHIBIT D TO THE TRUST AGREEMENT OR
(B) THE  RECEIPT  BY THE  TRUST,  THE  INITIAL  PURCHASER  AND  THE  CERTIFICATE
REGISTRAR  OF SUCH  OTHER  EVIDENCE  ACCEPTABLE  TO THE  TRUST  AND THE  INITIAL
PURCHASER THAT SUCH REOFFER,  RESALE,  PLEDGE OR TRANSFER IS IN COMPLIANCE  WITH
THE TRUST AGREEMENT AND THE SECURITIES ACT AND OTHER  APPLICABLE LAWS, OR (4) TO
THE DEPOSITOR OR ITS AFFILIATES,  IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE
SECURITIES  LAWS OF THE UNITED  STATES AND  SECURITIES  AND BLUE SKY LAWS OF THE
STATES OF THE UNITED STATES."

         .........As  a  condition  to the  registration  of any  Transfer  of a
Certificate, the prospective transferee of such Certificate shall be required to
represent in writing to the Owner  Trustee,  the  Certificate  Registrar and the
Initial   Purchaser  the   following,   unless   determined   otherwise  by  the
Administrator (as certified to the Owner Trustee in an Officer's Certificate):

                  (i)  It  understands  that  no  subsequent   Transfer  of  the
         Certificates is permitted  unless it causes its proposed  transferee to
         provide  to the  Trust,  the  Certificate  Registrar  and  the  Initial
         Purchaser a letter  substantially in the form of Exhibit C or Exhibit D
         hereof (with such changes therein as may be approved by the Depositor),
         as applicable,  or such other written  statement as the Depositor shall
         prescribe.
         .........         .........
                  (ii)  It is either:

                  (A) not, and each account (if any) for which it is  purchasing
                  the  Certificates  is not (1) an  employee  benefit  plan,  as
                  defined in Section  3(3) of ERISA,  that is subject to Title I
                  of ERISA,  (2) a plan  described in Section  4975(e)(1) of the
                  Code  that is  subject  to  Section  4975 of the  Code,  (3) a
                  governmental  plan,  as  defined  in  Section  3(32) of ERISA,
                  subject  to any  federal,  State or local  law  which is, to a
                  material  extent,  similar to the provisions of Section 406 of
                  ERISA  or  Section  4975  of the  Code,  (4) an  entity  whose
                  underlying  assets  include  plan  assets by reason of a plans
                  investment in the entity  (within the meaning of Department of
                  Labor Regulation 29 C.F.R.  ss.  2510.3-101 or otherwise under
                  ERISA) or (5) a person  investing  "plan  assets"  of any such
                  plan  (including  without  limitation,  for  purposes  of this
                  clause  (5),  an  insurance   company  general  account,   but
                  excluding any entity  registered under the Investment  Company
                  Act of 1940, as amended); or

                  (B) an insurance company acting on behalf of a general account
                  and (1) on the date of  purchase  less than 25% (or such lower
                  percentage  as may be  determined  by  the  Depositor)  of the
                  assets of such general  account (as  reasonably  determined by
                  it) constitute  "plan assets" for purposes of Title I of ERISA
                  and Section 4975 of the Code,  (2) the purchase and holding of
                  such  Certificates  are  eligible for  exemptive  relief under
                  Sections  (I)  and  (III)  of  Prohibited   Transaction  Class
                  Exemption  95-60,  and (3) the purchaser agrees that if, after
                  the purchaser's  initial  acquisition of the Certificates,  at
                  any time  during  any  calendar  quarter  25% (or  such  lower
                  percentage as may be  determined by the  Depositor) or more of
                  the assets of such general  account (as reasonably  determined
                  by  it  no  less  frequently   than  each  calendar   quarter)
                  constitute  "plan  assets" for purposes of Title I of ERISA or
                  Section 4975 of the Code and no  exemption  or exception  from
                  the  prohibited  transaction  rules  applies to the  continued
                  holding of the Certificates  under Section 401(c) of ERISA and
                  the final  regulations  thereunder  or under an  exemption  or
                  regulation  issued by the United  States  Department  of Labor
                  under ERISA, it will dispose of all Certificates  then held in
                  its general account by the end of the next following  calendar
                  quarter.

                  (iii) It is a person who is (A) a citizen or  resident  of the
         United States,  (B) a corporation or partnership  organized in or under
         the laws of the United States or any political subdivision thereof, (c)
         an estate the income of which is  includible in gross income for United
         States tax purposes,  regardless  of its source,  (D) a trust if a U.S.
         court is able to exercise primary  supervision over the  administration
         of such trust and one or more persons described in clause (A), (B), (C)
         or (E) of  this  paragraph  (iii)  has the  authority  to  control  all
         substantial  decisions  of the trust or (E) a person not  described  in
         clauses (A) through (D) of this paragraph  (iii) whose ownership of the
         Certificates  is effectively  connected with such persons  conduct of a
         trade or business  within the United States  (within the meaning of the
         Code) and who  provides  the Trust and the  Depositor  with an IRS Form
         4224 (and such other  certifications,  representations,  or opinions of
         counsel as may be requested by the Trust or the Depositor).

                  (iv)  It  understands  that  any  purported  Transfer  of  any
         Certificate (or any interest  therein) in  contravention  of any of the
         restrictions  and  conditions  contained in this Section will be a Void
         Transfer,  and the purported  transferee in a Void Transfer will not be
         recognized by the Trust or any other person as a Certificateholder  for
         any purpose.

         .........(c) By acceptance of any  Certificate,  the  Certificateholder
thereof specifically agrees with and represents to the Depositor,  the Trust and
the Certificate  Registrar,  that no Transfer of such Certificate  shall be made
unless the  registration  requirements  of the Securities Act and any applicable
State  securities  laws are complied  with,  or such Transfer is exempt from the
registration   requirements  under  the  Securities  Act  because  the  Transfer
satisfies one of the following:

                  (i) such  Transfer is in  compliance  with Rule 144A under the
         Securities  Act  ("Rule  144A"),  to a  transferee  who the  transferor
         reasonably  believes  is  a  Qualified   Institutional  Buyer  that  is
         purchasing  for  its own  account  or for the  account  of a  Qualified
         Institutional  Buyer and to whom notice is given that such  Transfer is
         being made in reliance upon Rule 144A under the  Securities Act and (x)
         the transferor  executes and delivers to the Trust and the  Certificate
         Registrar, a Rule 144A transferor certificate substantially in the form
         attached as Exhibit E and (y) the  transferee  executes and delivers to
         the  Trust  and  the   Certificate   Registrar  an  investment   letter
         substantially in the form attached as Exhibit C;

                  (ii) after the appropriate  holding  period,  such Transfer is
         pursuant to an exemption  from  registration  under the  Securities Act
         provided by Rule 144 under the  Securities Act and the  transferee,  if
         requested  by the  Trust,  the  Certificate  Registrar  or the  Initial
         Purchaser,  delivers  an  Opinion  of  Counsel  in form  and  substance
         satisfactory to the Trust and the Initial Purchaser; or

                  (iii) such Transfer is to an institutional accredited investor
         as  defined  in  rule  501(a)(1),  (2),  (3)  or (7)  of  Regulation  D
         promulgated  under the Securities Act in a transaction  exempt from the
         registration  requirements  of the Securities  Act, such Transfer is in
         accordance  with any  applicable  securities  laws of any  State of the
         United States or any other jurisdiction, and such investor executes and
         delivers  to the  Trust and the  Certificate  Registrar  an  investment
         letter substantially in the form attached as Exhibit D.

         .........(d)      The Depositor shall make available to the prospective
transferor and transferee of a Certificate information requested to satisfy the
requirements of paragraph (d) (4) of Rule 144A (the "Rule 144A Information").
The Rule 144A Information shall include any or all of the following items
requested by the prospective transferee:

                  (i)  the private placement memorandum, if any, relating to the
         Certificates, and any amendments or supplements thereto;

                  (ii) each statement delivered to  Certificateholders  pursuant
         to Section 5.2(b) on each Distribution Date preceding such request; and

                  (iii) such other information as is reasonably available to the
         Owner Trustee in order to comply with requests for information pursuant
         to Rule 144A under the Securities Act.

         .........None of the Depositor, the Certificate Registrar or the Owner
Trustee is under an obligation to  register any Certificate under the Securities
Act or any other securities law.

         .........(e)  Upon  surrender  for  registration  of  Transfer  of  any
Certificate at the office or agency maintained  pursuant to Section 3.9 and upon
compliance with any provisions of this Agreement relating to such Transfer,  the
Owner  Trustee  shall  execute,  authenticate  and  deliver,  in the name of the
designated transferee or transferees, one or more new Certificates in authorized
denominations   of  a  like  Class  and  aggregate  amount  dated  the  date  of
authentication by the Owner Trustee or any  authenticating  agent. At the option
of a Certificateholder,  Certificates may be exchanged for other Certificates of
authorized  denominations of a like Class and aggregate amount upon surrender of
the Certificates to be exchanged at the office or agency maintained  pursuant to
Section 3.9.

         .........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  Certificateholder  or  his  attorney  in  writing,  with  such
signature  guaranteed  by a member  firm of the New  York  Stock  Exchange  or a
commercial bank or trust company. Each Certificate  surrendered for registration
of Transfer or exchange shall be cancelled and  subsequently  disposed of by the
Certificate Registrar 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 3.5 notwithstanding,
the Owner Trustee shall not make and the Certificate Registrar need not register
any  Transfer  or  exchange of  Certificates  for a period of fifteen  (15) days
preceding   any   Distribution   Date  for  any  payment  with  respect  to  the
Certificates.

         .........SECTION 3.6 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 shall have been acquired by
a protected  purchaser,  the Owner  Trustee on behalf of the Trust shall execute
and the Owner Trustee  shall  authenticate  and deliver,  in exchange for, or in
lieu  of,  any such  mutilated,  destroyed,  lost or  stolen  Certificate  a new
Certificate  of like  Class,  tenor and  denomination.  In  connection  with the
issuance of any new Certificate under this Section 3.6, 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 3.6 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 3.7 Persons Deemed Owners of Certificates Prior to due
presentation of a Certificate for  registration of Transfer,  the Owner Trustee,
the Certificate  Registrar and any Certificate Paying Agent may treat the Person
in whose name any Certificate shall be registered in the Certificate Register as
the  owner  of such  Certificate  for the  purpose  of  receiving  distributions
pursuant to Section 5.2 and for all other purposes  whatsoever,  and none of the
Owner Trustee,  the Certificate  Registrar or any Certificate Paying Agent shall
be bound by any notice to the contrary.

         .........SECTION  3.8 Access to List of  Certificateholders'  Names and
Addresses.  The Owner  Trustee  shall  furnish or cause to be  furnished  to the
Servicer and the  Depositor,  or to the Indenture  Trustee,  within fifteen (15)
days after receipt by the Owner Trustee of a written  request  therefor from the
Servicer or the Depositor, or the Indenture Trustee, as the case may be, a list,
in such form as the requesting  party may reasonably  require,  of the names and
addresses of the  Certificateholders as of the most recent Record Date. If three
or more  Certificateholders  or one or more  Certificateholders  of Certificates
evidencing  not less  than 25% of the  Aggregate  Certificate  Balance  apply in
writing to the Owner Trustee,  and such  application  states that the applicants
desire to communicate with other Certificateholders with respect to their rights
under  this  Agreement  or  under  the  Certificates  and  such  application  is
accompanied  by a copy of the  communication  that such  applicants  propose  to
transmit,  then the Owner Trustee shall, within five (5) Business Days after the
receipt  of such  application,  afford  such  applicants  access  during  normal
business   hours   to   the   current   list   of    Certificateholders.    Each
Certificateholder,  by receiving and holding a  Certificate,  shall be deemed to
have agreed not to hold any of the Depositor,  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 3.9  Maintenance of Office or Agency. The Owner
Trustee shall maintain in the State 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 Bank of New York, l01 Barclay Street, Floor 12
East, New York, New York 10286, Attention: Asset-Backed Finance Unit as its
principal corporate trust office for such purposes. The Owner Trustee shall
give prompt written notice to the Depositor and to the Certificateholders of any
change in the location of the Certificate Registrar or any such office or
agency.

         .........SECTION  3.10  Appointment  of Certificate  Paying Agent.  The
Certificate  Paying Agent shall make  distributions to  Certificateholders  from
each Certificate  Distribution  Account pursuant to Section 5.2 and shall report
the amounts of such  distributions to the Owner Trustee.  Any Certificate Paying
Agent shall have the  revocable  power to withdraw  funds from each  Certificate
Distribution  Account  for the purpose of making the  distributions  referred to
above. The Owner Trustee may revoke such power and remove the Certificate Paying
Agent  if  the  Owner  Trustee  determines  in  its  sole  discretion  that  the
Certificate Paying Agent shall have failed to perform its obligations under this
Agreement in any material respect.  The Certificate Paying Agent shall initially
be the Owner Trustee,  and any co-paying agent chosen by the Owner Trustee.  The
Owner  Trustee  shall be  permitted to resign as  Certificate  Paying Agent upon
thirty (30) days written notice to the Owner Trustee. In the event that the Bank
shall no longer be the Certificate Paying Agent, the Owner Trustee shall appoint
a successor to act as  Certificate  Paying Agent (which shall be a bank or trust
company).  The Owner Trustee shall cause such successor Certificate Paying Agent
or any  additional  Certificate  Paying Agent  appointed by the Owner Trustee to
execute and deliver to the Owner Trustee an  instrument in which such  successor
Certificate Paying Agent or additional Certificate Paying Agent shall agree with
the Owner Trustee that as Certificate  Paying Agent, such successor  Certificate
Paying Agent or additional  Certificate 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  Certificate  Paying Agent shall  return all  unclaimed
funds to the Owner Trustee and upon removal of a  Certificate  Paying Agent such
Certificate  Paying Agent shall also return all funds in its  possession  to the
Owner  Trustee.  The provisions of Sections 7.1, 7.3, 7.4 and 8.1 shall apply to
the Owner Trustee also in its role as Certificate  Paying Agent,  for so long as
the Owner  Trustee  shall act as  Certificate  Paying  Agent and,  to the extent
applicable, to any other paying agent appointed hereunder. Any reference in this
Agreement to the  Certificate  Paying Agent shall  include any  co-paying  agent
unless the context requires otherwise.

         .........SECTION 3.11 Certain Rights of Depositor.  The Depositor shall
be entitled to any amounts not needed on any Distribution  Date to make payments
on the Notes or the  Certificates  or to make  deposits to the  Reserve  Account
pursuant  to Section  4.6 of the Sale and  Servicing  Agreement,  and to receive
amounts  remaining in the Reserve  Account  following the payment in full of the
aggregate  principal amount of the Notes and the Aggregate  Certificate  Balance
and of all  other  amounts  owing or to be  distributed  hereunder  or under the
Indenture   or  the  Sale   and   Servicing   Agreement   to   Noteholders   and
Certificateholders  and the  termination  of the Trust.  The  Depositor  may not
Transfer  any such  rights  unless it shall have  received an Opinion of Counsel
that such Transfer  shall not cause the Trust to be classified as an association
(or publicly traded partnership) taxable as a corporation.

                                   ARTICLE IV

                            ACTIONS BY OWNER TRUSTEE

         .........SECTION 4.1 Prior Notice to Certificateholders with Respect to
Certain Matters. It is the intention of the Depositor and the Certificateholders
that  the  powers  and  duties  of  the  Owner  Trustee  are   ministerial   and
non-ministerial;  provided,  however, that any non-ministerial action (including
the  taking  of any legal  action)  may only be taken by the  Owner  Trustee  in
accordance  with this Section 4.1.  With respect to the following  matters,  the
Owner Trustee shall not take action unless, (I) at least thirty (30) days before
the  taking  of  such  action,   the  Owner  Trustee  shall  have  notified  the
Certificateholders and the Rating Agencies in writing of the proposed action and
(II)  Certificateholders  holding  not less  than a  majority  of the  Aggregate
Certificate  Balance  shall not have notified the Owner Trustee in writing prior
to the 30th day after  such  notice is given that such  Certificateholders  have
withheld consent or provided alternative direction:

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

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

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

         .........SECTION 4.2  Action by Certificateholders with Respect to
Certain Matters. The Owner Trustee may not, except upon the occurrence of an
Event of Servicing Termination subsequent to the payment in full of the Notes
and in accordance with the written direction of Certificateholders holding not
less than a majority of the Aggregate Certificate Balance, (a) remove the
Servicer under the Sale and Servicing Agreement pursuant to Article VIII
thereof, (b) appoint a successor Servicer pursuant to Article VIII of the
Sale and Servicing Agreement, (c) remove the Administrator under the
Administration Agreement pursuant to Section 9 thereof or (d) appoint a
successor Administrator pursuant to Section 9 of the Administration Agreement.

         .........SECTION 4.3  Action by Certificateholders with Respect to
Bankruptcy. The Owner Trustee shall not have the power to commence a voluntary
proceeding in bankruptcy relating to the Trust unless the Notes have been paid
in full and each Certificateholder (other than the Depositor) approves of such
commencement in advance and delivers to the Owner Trustee a certificate
certifying that such Certificateholder reasonably believes that the Trust is
insolvent.

         .........SECTION 4.4  Restrictions on Certificateholders' Power.
The Certificateholders shall not direct the Owner Trustee to take or refrain
from taking any action if such action or inaction would be contrary to any
obligation of the Trust or the Owner Trustee under this Agreement or any of the
other Basic Documents or would be contrary to Section 2.3, nor shall the Owner
Trustee be obligated to follow any such direction, if given.

         .........SECTION 4.5  Majority Control. Except as expressly provided
herein, any action that may be taken by the Certificateholders under this
Agreement may be taken by the Certificateholders of Certificates evidencing not
less than a majority of the Aggregate Certificate Balance. Except as expressly
provided herein, any written notice of the Certificateholders delivered
pursuant to this Agreement shall be effective if signed by Certificateholders of
Certificates evidencing not less than a majority of the Aggregate Certificate
Balance at the time of the delivery of such notice.

                                    ARTICLE V

                   APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

         .........SECTION 5.1  Establishment of Certificate Distribution
Account. Pursuant to Section 4.1(c) of the Sale and Servicing Agreement, there
has been established and there shall be maintained two segregated trust
accounts, each in the name of "The Bank of New York, as Owner Trustee" at a
Qualified Institution or Qualified Trust Institution (which shall initially be
the corporate trust department of the Bank), which shall be designated as the
"Certificate Interest Distribution Account" and the "Certificate Principal
Distribution Account," respectively (each of the Certificate Interest
Distribution Account and the Certificate Principal Distribution Account, a
"Certificate Distribution Account"). Except as expressly provided in Section
3.10, each Certificate Distribution Account shall be under the sole dominion
and control of the Owner Trustee. All monies deposited from time to time in
each Certificate Distribution Account pursuant to the Sale and Servicing
Agreement shall be applied as provided in the Basic Documents. In the event
that either Certificate Distribution Account is no longer to be maintained at
the corporate trust department of the Bank, the Servicer shall, with the Owner
Trustee's assistance as necessary, cause such Certificate Distribution Account
to be moved to a Qualified institution or a Qualified Trust Institution within
ten (10) Business Days (or such longer period not to exceed thirty (30)
calendar days as to which each Rating Agency may consent). Each Certificate
Distribution Account will be established and maintained pursuant to an account
agreement which specifies New York law as the governing law.

         .........SECTION 5.2  Application of Trust Funds. (a) On each
Distribution Date, the Owner Trustee shall, based on the information contained
in the Servicer's Certificate delivered on the relevant Determination Date
pursuant to Section 3.9 of the Sale and Servicing Agreement:

                  (i)  withdraw  the  amounts  deposited  into  the  Certificate
         Interest  Distribution  Account  pursuant to Section 4.6(c) of the Sale
         and Servicing  Agreement on or prior to such Distribution Date and make
         or cause to be made  distributions  and payments in the following order
         of priority:

                           (1)  first,  to the  Certificateholders  of  Class  C
                  Certificates,   an  amount  equal  to  the  Accrued   Class  C
                  Certificate   Interest,   provided   that  if  there  are  not
                  sufficient  funds  available  to pay the entire  amount of the
                  Accrued Class C Certificate  Interest,  the amounts  available
                  shall be applied to the payment of such  interest on the Class
                  C Certificates on a pro rata basis;

                           (2)  second,  to the  Certificateholders  of  Class D
                  Certificates,   an  amount  equal  to  the  Accrued   Class  D
                  Certificate   Interest;   provided   that  if  there  are  not
                  sufficient  funds  available  to pay the entire  amount of the
                  Accrued Class D Certificate  Interest,  the amounts  available
                  shall be applied to the payment of such  interest on the Class
                  D Certificates on a pro rata basis; and

                           (3)      third, to the Depositor, any funds remaining
                  on deposit in the Certificate Interest Distribution Account.

                  (ii)  withdraw  the  amounts  deposited  into the  Certificate
         Principal  Distribution  Account  pursuant to Section 4.6(c) and (d) of
         the Sale and Servicing  Agreement on or prior to such Distribution Date
         and  make  or  cause  to be  made  distributions  and  payments  in the
         following order of priority:

                           (1) first, to the  Certificateholders  of the Class C
                  Certificates  in reduction of the  Certificate  Balance of the
                  Class C  Certificates,  until the  Certificate  Balance of the
                  Class C Certificates  has been reduced to zero;  provided that
                  if there are not  sufficient  funds  available  to reduce  the
                  Certificate  Balance of the Class C Certificates  to zero, the
                  amounts  available  shall be applied to the  reduction  of the
                  Certificate  Balance of the Class C Certificates on a pro rata
                  basis;

                           (2) second, to the  Certificateholders of the Class D
                  Certificates  in reduction of the  Certificate  Balance of the
                  Class D  Certificates,  until the  Certificate  Balance of the
                  Class D Certificates  has been reduced to zero;  provided that
                  if there are not  sufficient  funds  available  to reduce  the
                  Certificate  Balance of the Class D Certificates  to zero, the
                  amounts  available  shall be applied to the  reduction  of the
                  Certificate  Balance of the Class D  Certificates  on pro rata
                  basis; and

                           (3)      third, to the Depositor, any funds remaining
                  on deposit in the Certificate Principal Distribution Account.

         .........(b)  On each  Distribution  Date, the Owner Trustee shall,  or
shall cause the Certificate Paying Agent to, send to each  Certificateholder  as
of the related  Record Date the  statement  provided to the Owner Trustee by the
Servicer  pursuant  to  Section  4.9 of the Sale and  Servicing  Agreement  with
respect to such Distribution Date.

         .........(c)  In the event that any  withholding  tax is imposed on the
Trust's  payment (or  allocations  of income) to a  Certificateholder,  such tax
shall reduce the amount  otherwise  distributable to such  Certificateholder  in
accordance with this Section 5.2. The Owner Trustee and each Certificate  Paying
Agent is hereby  authorized  and  directed  to  retain  from  amounts  otherwise
distributable to the Certificateholders  sufficient funds for the payment of any
such  withholding 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 a  Certificateholder  shall be treated  as cash  distributed  to such
Certificateholder  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.
Certificateholder), the Owner Trustee may, in its sole discretion, withhold such
amounts  in  accordance   with  this   paragraph   (c).  In  the  event  that  a
Certificateholder  wishes to apply for a refund of any such withholding tax, the
Owner Trustee shall reasonably  cooperate with such  Certificateholder in making
such  claim so long as such  Certificateholder  agrees  to  reimburse  the Owner
Trustee for any out-of-pocket expenses incurred.

         .........SECTION  5.3 Method of  Payment.  Subject  to Section  9.1(c),
distributions required to be made to Certificateholders on any Distribution Date
shall be made to each  Certificateholder  of record on the preceding Record Date
either by wire transfer,  in immediately available funds, to the account of such
Certificateholder  at a bank  or  other  entity  having  appropriate  facilities
therefor, if (i) such  Certificateholder  shall have provided to the Certificate
Registrar appropriate written instructions at least five (5) Business Days prior
to such  Distribution  Date and  such  Certificateholder's  Certificates  in the
aggregate  evidence a  denomination  of not less than  $1,000,000,  or (ii) such
Certificateholder  is the  Depositor  or,  if  not,  by  check  mailed  to  such
Certificateholder  at the  address of such  Certificateholder  appearing  in the
Certificate Register.  Notwithstanding the foregoing,  the final distribution in
respect  of  any  Certificate   (whether  on  the  applicable   Final  Scheduled
Distribution  Date or  otherwise)  will be payable  only upon  presentation  and
surrender  of such  Certificate  at the  office  or agency  maintained  for that
purpose by the Owner Trustee pursuant to Section 3.9.

         .........SECTION 5.4  No Segregation of Monies; No Interest. Subject to
Sections 5.1 and 5.2, monies received by the Owner Trustee hereunder need not be
segregated in any manner except to the extent required by law, the Indenture or
the Sale and Servicing Agreement, and may be deposited under such general
conditions as may be prescribed by law, and the Owner Trustee shall not be
liable for any interest thereon.

         .........SECTION 5.5  Accounting and Reports to Noteholders,
Certificateholders, Internal Revenue Service and Others. The Owner Trustee
shall, based on information provided by or on behalf of the Depositor,
(a) maintain (or cause to be maintained) the books of the Trust on a calendar
year basis on the accrual method of accounting, (b) deliver (or cause to be
delivered) to each Certificateholder, as may be required by the Code and
applicable Treasury Regulations, such information as may be required (including
Schedule K-1) to enable each Certificateholder to prepare its federal and State
income tax returns, (c) file (or cause to be filed) such tax returns relating to
the Trust (including a partnership information return, IRS Form 1065), and make
such elections as may from time to time be required or appropriate under any
applicable State or federal statute or rule or regulation thereunder so as to
maintain the Trust's characterization as a partnership for federal income tax
purposes, (d) cause such tax returns to be signed in the manner required by law
and (e) collect (or cause to be collected) any withholding tax as described in
and in accordance with Section 5.2(c) with respect to income or distributions to
Certificateholders. The Owner Trustee shall elect under Section 1278 of the
Code to include in income currently any market discount that accrues with
respect to the Receivables. The Owner Trustee shall not make the election
provided under Section 754 of the Code.

         .........SECTION 5.6  Signature on Returns; Tax Matters Partner. (a)
The Depositor, as general partner for income tax purposes, shall prepare (or
cause to be prepared) and sign, on behalf of the Trust, the tax returns of the
Trust.

         .........(b)      The Depositor shall be designated the "tax matters
partner" of the Trust pursuant to Section 6231(a)(7)(A) of the Code and
applicable Treasury Regulations.

                                   ARTICLE VI

                     AUTHORITY AND DUTIES OF OWNER TRUSTEE

         .........SECTION 6.1 General Authority. The Owner Trustee is authorized
and  directed to execute and deliver on behalf of the Trust 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,  in each case, in
such form as the Depositor shall approve, as evidenced conclusively by the Owner
Trustee's execution thereof and the Depositor's execution of this Agreement, and
to direct the Indenture  Trustee to authenticate and deliver (i) Class A-1 Notes
in the aggregate  principal amount of $270,000,000,  (ii) Class A-2 Notes in the
aggregate  principal  amount  of  $450,000,000,  (iii)  Class  A-3  Notes in the
aggregate  principal  amount  of  $1,455,000,000,  (iv)  Class  A-4 Notes in the
aggregate  principal  amount  of  $1,118,000,000,  (v)  Class  A-5  Notes in the
aggregate  principal  amount  of  $314,091,000  and  (vi)  Class B Notes  in the
aggregate  principal amount of $133,595,000.  In addition to the foregoing,  the
Owner Trustee is authorized 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 on  behalf of the Trust as is  permitted  by the Basic
Documents  and which the Servicer or the  Administrator  directs with respect to
the Basic Documents, except to the extent that this Agreement expressly requires
the consent of Certificateholders for such action.

         .........SECTION 6.2 General Duties.  Subject to Section 4.1 hereof, 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
other Basic  Documents to which the Trust is a party and to administer the Trust
in the interest of the Certificateholders,  subject to the lien of the Indenture
and in  accordance  with the  provisions  of this  Agreement and the other Basic
Documents.  Notwithstanding anything else to the contrary in this Agreement, the
Owner Trustee shall be deemed to have discharged its duties and responsibilities
hereunder  and under the Basic  Documents  to the  extent the  Administrator  is
required in the Administration Agreement to perform any act or to discharge such
duty of the Owner  Trustee  or the  Trust  hereunder  or under  any other  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.  Except as expressly provided in the Basic Documents,
the Owner Trustee shall have no obligation to administer, service or collect the
Receivables or to maintain,  monitor or otherwise  supervise the administration,
servicing or collection of the Receivables.

         .........SECTION 6.3  Action upon Instruction. (a) Subject to Article
IV, and in accordance with the terms of the Basic Documents, the
Certificateholders may, by written instruction, direct the Owner Trustee in
the management of the Trust.

         .........(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 other Basic Document or is otherwise contrary to law.

         .........(c)  Whenever  the Owner  Trustee is unable to decide  between
alternative  courses  of  action  permitted  or  required  by the  terms of this
Agreement or any other Basic  Document,  the Owner Trustee  shall  promptly give
notice (in such form as shall be  appropriate  under the  circumstances)  to the
Certificateholders  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  Certificateholders  received,  the Owner
Trustee  shall not be liable on account  of such  action to any  Person.  If the
Owner Trustee shall not have received  appropriate  instruction  within ten (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 other Basic Documents,  as it shall deem
to be in the  best  interests  of the  Certificateholders,  and  shall  have  no
liability to any Person for such action or inaction.

         .........(d)  In the  event  the  Owner  Trustee  is  unsure  as to the
application  of any provision of this  Agreement or any other 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
Certificateholders  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 ten (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
other  Basic  Documents,  as it shall  deem to be in the best  interests  of the
Certificateholders, and shall have no liability to any Person for such action or
inaction.

         .........SECTION 6.4 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 or the Trust 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 6.3; and no implied duties or
obligations  shall be read  into this  Agreement  or any  other  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 Commission filing for the
Trust or to record this Agreement or any other 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 lien (other than the lien of the
Indenture)  on any part of the Owner Trust  Estate that results 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 6.5  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 other Basic
Documents to which the Trust or the Owner Trust is a party and (iii) in
accordance with any document or instruction delivered to the Owner Trustee
pursuant to Section 6.3. Neither the Depositor nor the Certificateholders shall
direct the Trustee to take any action that would violate the provisions of this
Section 6.5.

         .........SECTION 6.6  Restrictions. The Owner Trustee shall not take
any action (a) that is inconsistent with the purposes of the Trust set forth in
Section 2.3 or (b) that, to the actual knowledge of the Owner Trustee, would
(i) affect the treatment of the Notes as indebtedness for federal income or
Applicable Tax State income or franchise tax purposes, (ii) be deemed to cause
a taxable exchange of the Notes for federal income or Applicable Tax State
income or franchise tax purposes or (iii) cause the Trust or any portion
thereof to be taxable as an association (or publicly traded partnership)
taxable as a corporation for federal income or Applicable Tax State income or
franchise tax purposes. The Certificateholders shall not direct the Owner
Trustee to take action that would violate the provisions of this Section 6.6.

                                   ARTICLE VII

              REGARDING THE OWNER TRUSTEE AND THE DELAWARE TRUSTEE

         .........SECTION 7.1  Acceptance of Trusts and Duties. Each of the
Owner Trustee and the Delaware Trustee accept the trusts hereby created and each
agrees to perform its duties hereunder with respect to such trusts but only upon
the terms of this Agreement. Each Co-Trustee also agrees to disburse all monies
actually received by it constituting part of the Owner Trust Estate upon the
terms of this Agreement and the other Basic Documents to which each Co-Trustee
is a party. Each Co-Trustee shall not be answerable or accountable hereunder or
under any other Basic Document under any circumstances, except (i) for its own
willful misconduct, bad faith or negligence or (ii) in the case of the
inaccuracy of any representation or warranty contained in Section 7.3 expressly
made by either Co-Trustee. In particular, but not by way of limitation (and
subject to the exceptions set forth in the preceding sentence):

         .........(a)      the Co-Trustees shall not be liable for any error of
judgment made by a responsible officer of either of the Co-Trustees;

         .........(b)      the Co-Trustees shall not be liable with respect to
any action taken or omitted to be taken by them in accordance with the
instructions of any Certificateholder, the Indenture Trustee, the Depositor,
the Administrator or the Servicer;

         .........(c) no provision of this Agreement or any other Basic Document
shall  require the  Co-Trustees  to expend or risk funds or otherwise  incur any
financial  liability  in the  performance  of  any of  their  rights  or  powers
hereunder  or under any other  Basic  Document  if the  Co-Trustees  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 them;

         .........(d)      under no circumstances shall the Co-Trustees be
liable for indebtedness evidenced by or arising under any of the Basic
Documents, including the principal of and interest on the Notes or amounts
distributable on the Certificates;

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

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

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

         .........SECTION 7.2  Furnishing of Documents. The Owner Trustee shall
furnish to the Certificateholders, 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 7.3  Representations and Warranties.  (a)  The Owner
Trustee hereby represents and warrants to the Depositor, for the benefit of the
Certificateholders, that:

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

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

                  (iii)  Neither the  execution  nor the  delivery by it of this
         Agreement, nor the consummation by it of the transactions  contemplated
         hereby nor compliance by it with any of the terms or provisions  hereof
         will contravene any federal or Delaware State 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 by-laws or any indenture,  mortgage, contract,
         agreement or  instrument  to which it is a party or by which any of its
         properties may be bound.

         .........(b)      The Delaware Trustee hereby represents and warrants
to the Depositor, for the benefit of the Certificateholders, that:

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

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

                  (iii)  Neither the  execution  nor the  delivery by it of this
         Agreement, nor the consummation by it of the transactions  contemplated
         hereby nor compliance by it with any of the terms or provisions  hereof
         will contravene any federal or Delaware State law, governmental rule or
         regulation  governing  the  banking  or trust  powers  of the  Delaware
         Trustee  or any  judgment  or order  binding on it, or  constitute  any
         default  under its  charter  documents  or  by-laws  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  7.4 Reliance;  Advice of Counsel. (a) The Co-Trustees
may rely upon,  shall be protected in relying upon, and 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  Co-Trustees may accept a certified copy of a resolution of the
board of directors or other  governing body of any corporate party as conclusive
evidence  that such  resolution  has been duly adopted by such body and that the
same is in full  force and  effect.  As to any fact or matter  the method of the
determination of which is not specifically  prescribed  herein,  the Co-Trustees
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  Co-Trustees 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
other  Basic  Documents,  the  Co-Trustees  (i) may act  directly or through its
agents or attorneys  pursuant to agreements  entered into with any of them,  and
the Co-Trustees 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
Co-Trustees 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 Co-Trustees  shall not be liable for anything done,  suffered or omitted
in good faith by them 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 other Basic Document.

         .........SECTION 7.5  Not Acting in Individual Capacity. Except as
provided in this Article VII, in accepting the trusts hereby created, The Bank
of New York acts solely as Owner Trustee hereunder and The Bank of New York
(Delaware) acts solely as Delaware Trustee hereunder and not in their individual
capacities, and all Persons having any claim against the Co-Trustees by reason
of the transactions contemplated by this Agreement or any other Basic Document
shall look only to the Owner Trust Estate for payment or satisfaction thereof.

         .........SECTION  7.6 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 Owner Trustee assumes
no  responsibility  for  the  correctness   thereof.  The  Co-Trustees  make  no
representations  as to the validity or  sufficiency  of this  Agreement,  of any
other  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,  the Delaware Trustee,
The Bank of New York and The Bank of New York  (Delaware)  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 any intervening  assignment;  the  completeness of any Receivable;  the
performance or enforcement of any Receivable; the compliance by the Depositor or
the Servicer with any warranty or  representation  made under any Basic Document
or  in  any  related  document,   or  the  accuracy  of  any  such  warranty  or
representation or any action of the Indenture Trustee,  the Administrator or the
Servicer  or any  subservicer  taken in the  name of the  Owner  Trustee  or the
Delaware Trustee.

         .........SECTION 7.7  Co-Trustees May Own Certificates and Notes.
The Bank of New York and The Bank of New York (Delaware), in their individual
or any other capacities, may become the owner or pledgee of Certificates or
Notes and may deal with the Depositor, the Servicer, the Administrator and the
Indenture Trustee in banking transactions with the same rights as they would
have if either of them were not the Owner Trustee or the Delaware Trustee.

                                  ARTICLE VIII

                  COMPENSATION AND INDEMNITY OF OWNER TRUSTEE

         .........SECTION 8.1  Owner Trustee's Fees and Expenses. The
Co-Trustees shall receive as compensation for their services hereunder such
fees as have been separately agreed upon before the date hereof between the
Depositor and the Co-Trustees, and the Co-Trustees shall be entitled to and
reimbursed by the Depositor for their other reasonable expenses hereunder,
including the reasonable compensation, expenses and disbursements of such
agents, representatives, experts and counsel as the Co-Trustees may employ
in connection with the exercise and performance of their rights and its duties
hereunder. Such amounts shall be treated for tax purposes as having been
contributed to the Trust by the Depositor and the tax deduction for such
amounts shall be allocated to the Depositor.

         .........SECTION 8.2  Indemnification. (a)  The Depositor shall be
liable as prime obligor for, and shall indemnify the Co-Trustees, The Bank of
New York and The Bank of New York (Delaware) and their respective 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 Co-Trustees, The Bank of New York and The Bank of New York
(Delaware) or any Indemnified Party in any way relating to or arising out of
this Agreement, the other Basic Documents, the Owner Trust Estate, the
administration of the Owner Trust Estate or the action or inaction of the Owner
Trustee hereunder; provided that the Depositor shall not be liable for or
required to indemnify an Indemnified Party from and against Expenses arising or
resulting from (i) the Indemnified Party's own willful misconduct, bad faith or
negligence, or (ii) the inaccuracy of any representation or warranty contained
in Section 7.3 expressly made by the Indemnified Party. The indemnities
contained in this Section 8.2 shall survive the resignation or termination of
the Co-Trustees or the termination of this Agreement. In the event of any claim,
action or proceeding for which indemnity will be sought pursuant to this
Section 8.2, the Co-Trustees' choice of legal counsel shall be subject to the
approval of the Depositor, which approval shall not be unreasonably withheld.

         .........(b)      The Depositor's obligations under this Section 8.2
are obligations solely of the Depositor and shall not constitute a claim
against the Depositor to the extent that the Depositor does not have funds
sufficient to make payment of such obligations.  If the Depositor issues any
securities, the Depositor agrees that its obligations under this Section 8.2
shall be fully subordinated to such securities.

         .........SECTION 8.3  Payments to Co-Trustees. Any amounts paid to the
Co-Trustees 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

         .........SECTION 9.1 Termination of Trust Agreement. (a) This Agreement
(other than the provisions of Article VIII) shall terminate and be of no further
force or effect and the Trust  shall wind up and  dissolve,  upon the earlier of
(i) the maturity or other  liquidation of the last remaining  Receivable and the
disposition of any amounts  received upon such maturity or liquidation  and (ii)
the  payment  to the  Noteholders  and  the  Certificateholders  of all  amounts
required to be paid to them pursuant to the terms of the Indenture, the Sale and
Servicing   Agreement  and  Article  V.  Any  Insolvency   Event,   liquidation,
dissolution,  death or incapacity with respect to any  Certificateholder,  shall
neither (x) operate to terminate  this  Agreement or the Trust,  nor (y) entitle
such  Certificateholder'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 nor (z)  otherwise  affect
the rights,  obligations and liabilities of the parties hereto. Upon dissolution
of the Trust,  the Owner  Trustee  shall wind up the business and affairs of the
Trust as required by Section 3808 of the Business Trust Statute.

         .........(b)      Neither the Depositor nor any Certificateholder shall
be entitled to revoke or terminate the Trust.

         .........(c)  Notice of any  termination  of the Trust,  specifying the
Distribution  Date  upon  which the  Certificateholders  shall  surrender  their
Certificates  to  the  Certificate   Paying  Agent  for  payment  of  the  final
distribution and cancellation,  shall be given by the Owner Trustee by letter to
Certificateholders  mailed within five (5) Business Days of receipt of notice of
such  termination from the Servicer,  stating (i) the Distribution  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 Certificate
Paying  Agent  therein  designated,  (ii) the amount of any such  final  payment
(after reservation of sums sufficient to pay all claims and obligations, if any,
known to the Owner  Trustee  and payable by the Trust) and (iii) that the Record
Date otherwise applicable to such Distribution Date is not applicable,  payments
being made only upon  presentation  and  surrender  of the  Certificates  at the
office of the  Certificate  Paying Agent  therein  specified.  The Owner Trustee
shall give such  notice to the  Certificate  Registrar  (if other than the Owner
Trustee)  and the  Certificate  Paying Agent at the time such notice is given to
Certificateholders.  Upon  presentation and surrender of the  Certificates,  the
Certificate  Paying Agent shall cause to be  distributed  to  Certificateholders
amounts  distributable on such  Distribution  Date pursuant to Section 5.2. Upon
the  satisfaction  and discharge of the Indenture,  and receipt of a certificate
from the Indenture  Trustee stating that all Noteholders  have been paid in full
and that the Indenture Trustee is aware of no claims remaining against the Trust
in respect of the Indenture and the Notes, the Owner Trustee,  in the absence of
actual  knowledge of any other claim against the Trust,  shall be deemed to have
made  reasonable  provision  to  pay  all  claims  and  obligations   (including
conditional,  contingent  or  unmatured  obligations)  for  purposes  of Section
3808(e) of the Business Trust Statute.

         .........In  the  event  that all of the  Certificateholders  shall not
surrender their  Certificates for  cancellation  within six (6) 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 Owner Trustee to the Depositor.

         .........(d)  Upon final  distribution  of any funds  remaining  in the
Trust, 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(c) of the Business Trust Statute.

         .........SECTION 9.2  Prepayment of Certificates. (a) The Certificates
shall be prepaid in whole, but not in part, at the direction of the Servicer
pursuant to Section 9.1 of the Sale and Servicing Agreement, on any
Distribution Date on which the Servicer exercises its option to purchase the
assets of the Trust pursuant to said Section 9.1, and the amount paid by the
Servicer shall be treated as collections of Receivables and applied to pay the
unpaid principal amount of the Notes and the Aggregate Certificate Balance plus
accrued and unpaid interest (including any overdue interest) thereon. The
Servicer shall furnish the Rating Agencies and the Owner Trustee notice of such
prepayment. If the Certificates are to be prepaid pursuant to this Section
9.2(a), the Servicer shall furnish notice of such election to the Owner Trustee
not later than twenty (20) days prior to the Prepayment Date and the Trust
shall deposit by 10:00 A.M. (New York City time) on the Prepayment Date in the
Certificate Distribution Account the Prepayment Price of the Certificates to be
redeemed, whereupon all such Certificates shall be due and payable on the
Prepayment Date.

         .........(b)  Notice of prepayment  under Section 9.2(a) shall be given
by the Owner  Trustee by  first-class  mail,  postage  prepaid,  or by facsimile
mailed or transmitted  immediately following receipt of notice from the Trust or
Servicer  pursuant to Section 9.2(a),  but not later than ten (10) days prior to
the applicable  Prepayment  Date, to each  Certificateholder  as of the close of
business on the Record Date  preceding the applicable  Prepayment  Date, at such
Certificateholder's  address or facsimile  number  appearing in the  Certificate
Register.

         .........All notices of prepayment shall state:

                  (i)  the Prepayment Date;

                  (ii)  the Prepayment Price; and

                  (iii) the place where such  Certificates are to be surrendered
         for  payment  of the  Prepayment  Price  (which  shall be the office or
         agency of the Owner  Trustee to be  maintained  as  provided in Section
         3.9).

Notice of prepayment of the Certificates  shall be given by the Owner Trustee in
the name and at the expense of the Trust.  Failure to give notice of prepayment,
or any defect therein, to any  Certificateholder  shall not impair or affect the
validity of the prepayment of any other Certificate.

         .........(c)  Following  notice of  prepayment  as  required by Section
9.2(b),  the  Certificates  shall on the Prepayment Date be paid by the Trust at
the  Prepayment  Price and (unless the Trust shall default in the payment of the
Prepayment  Price) no  interest  shall  accrue on the  Prepayment  Price for any
period after the date to which accrued  interest is  calculated  for purposes of
calculating the Prepayment  Price.  Following  payment in full of the Prepayment
Price, this Agreement and the Trust shall terminate.

                                    ARTICLE X

             SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

         .........SECTION  10.1  Eligibility  Requirements for Owner Trustee and
Delaware Trustee.  (a) The Owner Trustee shall at all times (i) be authorized to
exercise corporate trust powers;  (ii) have a combined capital and surplus of at
least  $50,000,000 and shall be subject to supervision or examination by federal
or state  authorities;  and (iii) shall have (or shall have a parent that has) a
long-term debt rating of investment  grade by each of the Rating  Agencies or be
otherwise  acceptable to the Rating Agencies.  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 10.1, 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 10.1, the
Owner  Trustee  shall  resign  immediately  in the  manner  and with the  effect
specified in Section 10.2.

         .........(b)      The Delaware Trustee shall at all times be a
corporation satisfying the provisions of Section 3807(a) of the Business Trust
Statute.

         .........SECTION  10.2  Resignation  or Removal of Owner Trustee or the
Delaware Trustee.  (a) The Owner Trustee or the Delaware 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 or Delaware
Trustee, as applicable,  by written instrument,  in duplicate, one copy of which
instrument shall be delivered to the resigning Owner Trustee or Delaware Trustee
and one copy to the applicable  successor Owner Trustee or Delaware Trustee.  If
no successor Owner Trustee or Delaware  Trustee shall have been so appointed and
have  accepted  appointment  within  thirty  (30) days  after the giving of such
notice of  resignation,  the  resigning  Owner  Trustee or Delaware  Trustee may
petition any court of competent  jurisdiction for the appointment of a successor
Owner Trustee or Delaware Trustee; provided, however, that such right to appoint
or to  petition  for the  appointment  of any such  successor  shall in no event
relieve the  resigning  Owner Trustee or Delaware  Trustee from any  obligations
otherwise  imposed on it under the Basic  Documents  until such successor has in
fact assumed such appointment.

         .........(b) If at any time the Owner Trustee or Delaware Trustee shall
cease to be eligible in  accordance  with the  provisions  of Section  10.1 or a
Co-Trustee resigns pursuant to Section 10.2 of this Agreement and the ineligible
or  non-resigning  Co-Trustee or either  Co-Trustees  shall fail to resign after
written  request  therefor  by the  Administrator,  or if at any time the  Owner
Trustee or Delaware Trustee shall be legally unable to act, or if at any time an
Insolvency  Event with respect to the Owner  Trustee or Delaware  Trustee  shall
have  occurred  and  be  continuing,  then  the  Administrator  may  remove  the
Co-Trustee  that is  insolvent  or  legally  unable  to act or may  remove  both
Co-Trustees.  If the  Administrator  shall remove one or both of the Co-Trustees
under the authority of the immediately  preceding  sentence,  the  Administrator
shall promptly appoint a successor Co-Trustee or Co-Trustees,  as applicable, by
written  instrument,  in  duplicate,  one  copy of  which  instrument  shall  be
delivered to the outgoing Co-Trustee or Co-Trustees,  as applicable,  so removed
and one copy to the successor  Co-Trustee or  Co-Trustees,  as  applicable,  and
shall  pay  all  fees  owed  to  the  outgoing  Co-Trustee  or  Co-Trustees,  as
applicable.

         .........(c) Any resignation or removal of a Co-Trustee and appointment
of a successor  Co-Trustee or  Co-Trustees  pursuant to any of the provisions of
this Section 10.2 shall not become  effective until acceptance of appointment by
the successor Co-Trustee or Co-Trustees pursuant to Section 10.3, payment of all
fees and expenses owed to the outgoing  Co-Trustee or Co-Trustees and the filing
of a  certificate  of amendment to the  Certificate  of Trust if required by the
Business  Trust  Statute.   The  Administrator  shall  provide  notice  of  such
resignation   or   removal   of   the   Co-Trustee   or   Co-Trustees   to   the
Certificateholders,  the  Indenture  Trustee,  the  Noteholders,  any  remaining
Co-Trustee and each of the Rating Agencies.

         .........SECTION  10.3 Successor Owner Trustee or Delaware Trustee. (a)
Any successor Owner Trustee or Delaware  Trustee  appointed  pursuant to Section
10.2 shall  execute,  acknowledge  and deliver to the  Administrator  and to its
predecessor  Owner  Trustee or Delaware  Trustee an  instrument  accepting  such
appointment  under  this  Agreement.  Upon the  resignation  or  removal  of the
predecessor  Owner Trustee or Delaware  Trustee becoming  effective  pursuant to
Section 10.2,  such  successor  Owner Trustee or Delaware  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 or Delaware  Trustee.  The
predecessor  Owner Trustee or Delaware  Trustee shall,  upon payment of its fees
and  expenses,  deliver to the successor  Owner Trustee or Delaware  Trustee all
documents and  statements  and monies held by it under this  Agreement,  and the
Administrator  and the  predecessor  Owner  Trustee or  Delaware  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  or  Delaware  Trustee  all  such  rights,  powers,  duties,  and
obligations.

         .........(b)  No  successor  Owner  Trustee or Delaware  Trustee  shall
accept  appointment as provided in this Section 10.3 unless, at the time of such
acceptance,  such successor Owner Trustee or Delaware  Trustee shall be eligible
pursuant to Section 10.1.

         .........(c)  Upon  acceptance  of  appointment  by a  successor  Owner
Trustee or Delaware  Trustee  pursuant to this Section 10.3,  the  Administrator
shall mail notice of the successor of such Owner Trustee or Delaware  Trustee to
all  Certificateholders,  the Indenture Trustee, the Noteholders,  any remaining
Co-Trustee and the Rating Agencies. If the Administrator shall fail to mail such
notice  within ten (10) days after  acceptance of  appointment  by the successor
Owner  Trustee or De1aware  Trustee,  the  successor  Owner  Trustee or Delaware
Trustee   shall   cause  such  notice  to  be  mailed  at  the  expense  of  the
Administrator.

         .........(d)  Any successor Delaware Trustee appointed hereunder
shall file the amendments to the Certificate of Trust with the Secretary of
State identifying the name and principal place of business of such successor
Delaware Trustee in the State of Delaware.

         .........SECTION 10.4  Merger or Consolidation of Owner Trustee or
Delaware Trustee. Any corporation into which the Owner Trustee or Delaware
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 or Delaware Trustee shall be a party, or any corporation
succeeding to all or substantially all of the corporate trust business of the
Owner Trustee or Delaware Trustee, shall, 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, be the successor of the Owner
Trustee or Delaware Trustee hereunder; provided that such corporation shall be
eligible pursuant to Section 10.1; and provided further, that (i) the Owner
Trustee or Delaware Trustee shall mail notice of such merger or consolidation to
the Rating Agencies not less than fifteen (15) days prior to the effective date
thereof and (ii) the Delaware Trustee shall file an amendment to the Certificate
of Trust as required by Section 10.3.

         .........SECTION  10.5  Appointment of Co-Trustee or Separate  Trustee.
(a) 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 Owner  Trustee  to act as  co-trustee,  jointly  with the Owner
Trustee,  or separate  trustee or separate  trustees,  of all or any part of the
Trust,  and to vest in such Person,  in such  capacity,  such title to the Owner
Trust Estate, or any part thereof,  and, subject to the other provisions of this
Section  10.5,  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 fifteen (15) days
after the  receipt by it of a request so to do, the Owner  Trustee  alone  shall
have the power to make such appointment. No co-trustee or separate trustee under
this Agreement shall be required to meet the terms of eligibility as a successor
trustee  pursuant  to  Section  10.1 and no  notice  of the  appointment  of any
co-trustee or separate trustee shall be required pursuant to Section 10.3.

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

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

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

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

         .........(c)      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 X. 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.

         .........(d) 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 trustee.

         .........SECTION 10.6  Compliance with Business Trust Statute.
Notwithstanding anything herein to the contrary, the Trust shall at all times
have at least one trustee which meets the requirements of Section 3807(a) of the
Business Trust Statute.

                                   ARTICLE XI

                                 MISCELLANEOUS

         .........SECTION  11.1  Supplements and Amendments.  (a) This Agreement
may be amended by the Depositor 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  inconsistent  with any other  provision  of 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;  provided,
however,  that such  action  shall not,  as  evidenced  by an opinion of Counsel
satisfactory to the Owner Trustee and the Indenture Trustee, adversely affect in
any material respect the interests of any Noteholder or  Certificateholder;  and
provided  further that an Opinion of Counsel shall be furnished to the Indenture
Trustee  and the Owner  Trustee to the effect that such  amendment  (A) will not
materially  adversely  affect the federal or any  Applicable Tax State income or
franchise taxation of any outstanding Note or Certificate,  or any Noteholder or
Certificateholder  and  (B)  will  not  cause  the  Trust  to  be  taxable  as a
corporation  for federal or any  Applicable  Tax State income or  franchise  tax
purposes.  In addition,  this  Agreement may be amended by the Depositor and the
Owner Trustee, with prior notice to the Rating Agencies,  without the consent of
any of the  Noteholders  or  the  Certificateholders,  in  connection  with  the
registration  of  the  Certificates  under  the  Securities  Act,  in  order  to
facilitate such registration,  including with respect to the modification of the
restrictions  applicable to the transfer of the Certificates and modification of
the legend set forth on the form of the Certificates.

         .........(b)  This  Agreement  may also be amended from time to time by
the Depositor,  the Owner Trustee and the Delaware  Trustee,  with prior written
notice to the Rating Agencies, with the consent of (i) the Indenture Trustee, to
the extent that its rights or obligations  would be affected by such  amendment,
(ii)  the  Noteholders  of Notes  evidencing  not less  than a  majority  of the
principal amount of the Notes  Outstanding and (iii) the  Certificateholders  of
Certificates  evidencing  not less than a majority of the Aggregate  Certificate
Balance,  for the purpose of adding any  provisions to or changing in any manner
or  eliminating  any of the  provisions of this Agreement or of modifying in any
manner  the  rights  of the  Noteholders  or the  Certificateholders;  provided,
however,  that no such amendment  shall (i) increase or reduce in any manner the
amount of, or  accelerate  or delay the timing of, or change the  allocation  or
priority of,  collections of payments on Receivables or  distributions  that are
required   to  be   made   for   the   benefit   of  the   Noteholders   or  the
Certificateholders,  or (ii) reduce the  aforesaid  percentage  of the principal
amount of the Notes Outstanding and the Aggregate  Certificate  Balance required
to consent to any such amendment, without the consent of all the Noteholders and
Certificateholders  affected thereby;  and provided further,  that an Opinion of
Counsel shall be furnished to the Indenture Trustee and the Owner Trustee to the
effect that such amendment (A) will not materially  adversely affect the federal
or any Applicable Tax State income or franchise taxation of any outstanding Note
or Certificate,  or any Noteholder or  Certificateholder  and (B) will not cause
the Trust to be taxable as a corporation for federal or any Applicable Tax State
income or franchise tax purposes.

         .........(c)      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.

         .........(d)   It  shall  not  be   necessary   for  the   consent   of
Certificateholders,  the Noteholders or the Indenture  Trustee  pursuant to this
Section  11.1 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.

         .........(e)      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.

         .........(f)  Prior to the execution of any amendment to this Agreement
or the Certificate of Trust, the Owner Trustees 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 which affects the Owner Trustee's
own rights, duties or immunities under this Agreement or otherwise.

         .........(g)  In connection with the execution of any amendment to this
Agreement or any amendment to any other agreement to which the Trust 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 Trust or the Owner Trustee, as the
case may be, have been satisfied.

         .........SECTION 11.2  No Legal Title to Owner Trust Estate in
Certificateholders. The Certificateholders shall not have legal title to any
part of the Owner Trust Estate. The Certificateholders shall be entitled to
receive distributions with respect to their beneficial interests 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 Certificateholders to and in
their beneficial interest in the Owner Trust Estate shall operate to terminate
this Agreement or the trusts hereunder or entitle any transferee to an
accounting or to the transfer to it of legal title to any part of the Owner
Trust Estate.

         .........SECTION 11.3  Limitation on Rights of Others. Except for
Sections 2.7 and 11.1, the provisions of this Agreement are solely for the
benefit of the Owner Trustee, the Delaware Trustee, the Depositor, the
Administrator, the Certificateholders, the Servicer and, to the extent expressly
provided herein, the Indenture Trustee and the Noteholders, and nothing in this
Agreement (other than Section 2.7), 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 11.4  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 (3)
Business Days after mailing if mailed by certified mail, postage prepaid
(except that notice to the Owner Trustee and the Delaware Trustee shall be
deemed given only upon actual receipt by the Owner Trustee and the Delaware
Trustee, respectively), if to the Owner Trustee or the Delaware Trustee,
addressed to the respective Corporate Trust Office; if to the Depositor,
addressed to Ford Credit Auto Receivables Two L.P. at the address of its
principal executive office first above written; 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 Certificateholder as shown in the Certificate Register. Any
notice so mailed within the time prescribed in this Agreement shall be
conclusively presumed to have been duly given, whether or not the
Certificateholder receives such notice.

         .........SECTION 11.5  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 11.6  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 11.7  Successors and Assigns. All covenants and
agreements contained herein shall be binding upon, and inure to the benefit of,
the Depositor, the Owner Trustee and its successors and each Certificateholder
and its successors and permitted assigns, all as herein provided. Any request,
notice, direction, consent, waiver or other instrument or action by a
Certificateholder shall bind the successors and assigns of such
Certificateholder.

         .........SECTION 11.8  No Petition. The Owner Trustee (not in its
individual capacity but solely as Owner Trustee), by entering into this
Agreement, and each Certificateholder, by accepting a Certificate, hereby
covenants and agrees that it will not, until after the Notes have been paid in
full, institute against the Depositor, the General Partner or the Trust, or
join in any institution against the Depositor, the General Partner or the Trust
of, any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings, or other proceedings under any United States federal or State
bankruptcy or similar law in connection with any obligations relating to the
Certificates, the Notes, this Agreement or any of the other Basic Documents.

         .........SECTION 11.9  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 General Partner,
the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or
any Affiliate thereof, and no recourse may be had against such parties or their
assets, except as may be expressly set forth or contemplated in this Agreement,
 the Certificates or the other Basic Documents.

         .........SECTION 11.10  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 11.11  Governing Law. This Agreement shall be
construed in accordance with the laws of the State of Delaware and the
obligations, rights and remedies of the parties hereunder shall be determined
in accordance with such laws.

         .........SECTION 11.12  Sale and Servicing Agreement Obligations.
Notwithstanding any other provision of this Agreement, the Owner Trustee agrees
that it will comply with its obligations under Sections 3.1, 4.1 and 4.2 of the
Sale and Servicing Agreement.

<PAGE>

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

                           FORD CREDIT AUTO RECEIVABLES
                           TWO L.P., as Depositor

                           By:      FORD CREDIT AUTO RECEIVABLES TWO, INC.,
                                    as General Partner

                                       By:    /s/ Stacy Thomas
                                       Name:  Stacy Thomas
                                       Title: Assistant Secretary

                           THE BANK OF NEW YORK (DELAWARE),
                           as Delaware Trustee

                                    By:  /s/  William T. Lewis
                                       Name:  William T. Lewis
                                       Title: SVP

                           THE BANK OF NEW YORK,
                           as Owner Trustee

                                       By:     /s/  John Bobko
                                       Name:  John Bobko
                                       Title: Assistant Treasurer

<PAGE>

                                                                       EXHIBIT A

                          FORM OF CLASS C CERTIFICATE

REGISTERED                                                          $76,341,000
No. R-1                                                   CUSIP NO. 34527R FD 0

THIS  CERTIFICATE HAS NOT BEEN  REGISTERED  UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT"), OR UNDER ANY STATE SECURITIES OR BLUE SKY LAW OF
ANY  STATE  OF  THE  UNITED  STATES.  THE  HOLDER  HEREOF,  BY  PURCHASING  THIS
CERTIFICATE,  AGREES FOR THE  BENEFIT OF THE TRUST AND THE  DEPOSITOR  THAT THIS
CERTIFICATE MAY BE REOFFERED,  RESOLD,  PLEDGED OR OTHERWISE TRANSFERRED ONLY IN
COMPLIANCE  WITH THE  SECURITIES  ACT AND OTHER  APPLICABLE  LAWS,  AND ONLY (1)
PURSUANT TO RULE 144A UNDER THE  SECURITIES  ACT ("RULE  144A") TO A PERSON THAT
THE HOLDER REASONABLY  BELIEVES IS A QUALIFIED  INSTITUTIONAL  BUYER, WITHIN THE
MEANING  OF RULE  144A (A  "QIB"),  PURCHASING  FOR ITS OWN  ACCOUNT  OR FOR THE
ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED,  IN EACH CASE, THAT THE REOFFER,
RESALE,  PLEDGE,  OR OTHER  TRANSFER  IS BEING  MADE IN  RELIANCE  ON RULE 144A,
SUBJECT  TO (A) THE  RECEIPT  BY THE TRUST AND THE  CERTIFICATE  REGISTRAR  OF A
CERTIFICATE  SUBSTANTIALLY  IN THE  FORM  ATTACHED  AS  EXHIBIT  E TO THE  TRUST
AGREEMENT  AND (B) THE RECEIPT BY THE TRUST AND THE  CERTIFICATE  REGISTRAR OF A
LETTER  SUBSTANTIALLY  IN THE FORM ATTACHED AS EXHIBIT C TO THE TRUST AGREEMENT,
(2) PURSUANT TO AN EXEMPTION  FROM  REGISTRATION  PROVIDED BY RULE 144 UNDER THE
SECURITIES ACT (IF AVAILABLE),  SUBJECT TO THE RECEIPT BY THE TRUST, THE INITIAL
PURCHASER AND THE CERTIFICATE REGISTRAR OF SUCH EVIDENCE ACCEPTABLE TO THE TRUST
AND THE INITIAL  PURCHASER THAT SUCH REOFFER,  RESALE,  PLEDGE OR TRANSFER IS IN
COMPLIANCE WITH THE TRUST AGREEMENT AND THE SECURITIES ACT AND OTHER  APPLICABLE
LAWS, (3) TO AN INSTITUTIONAL  "ACCREDITED  INVESTOR" WITHIN THE MEANING THEREOF
IN RULE  501(a)(1),  (2), (3) OR (7) OF  REGULATION D UNDER THE  SECURITIES  ACT
PURSUANT  TO ANY  OTHER  EXEMPTION  FROM THE  REGISTRATION  REQUIREMENTS  OF THE
SECURITIES  ACT,  SUBJECT TO (A) THE  RECEIPT  BY THE TRUST AND THE  CERTIFICATE
REGISTRAR  OF A LETTER  SUBSTANTIALLY  IN THE FORM  ATTACHED AS EXHIBIT D TO THE
TRUST AGREEMENT OR (B) THE RECEIPT BY THE TRUST,  THE INITIAL  PURCHASER AND THE
CERTIFICATE  REGISTRAR OF SUCH OTHER  EVIDENCE  ACCEPTABLE  TO THE TRUST AND THE
INITIAL PURCHASER THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE
WITH THE TRUST  AGREEMENT AND THE SECURITIES ACT AND OTHER  APPLICABLE  LAWS, OR
(4) TO THE DEPOSITOR,  IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES
LAWS OF THE UNITED STATES AND  SECURITIES AND BLUE SKY LAWS OF THE STATES OF THE
UNITED STATES.

THE PRINCIPAL OF THIS  CERTIFICATE  IS  DISTRIBUTABLE  AS SET FORTH IN THE TRUST
AGREEMENT. ACCORDINGLY, THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT
ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

                       FORD CREDIT AUTO OWNER TRUST 2000-G

                     CLASS C 7.26 % ASSET BACKED CERTIFICATE

evidencing a beneficial interest in the property of the Trust, as defined below,
which  property  includes  a pool  of  motor  vehicle  retail  installment  sale
contracts, secured by security interests in the motor vehicles financed thereby,
conveyed to Ford Credit Auto  Receivables  Two L.P. by Ford Motor Credit Company
and conveyed by Ford Credit Auto Receivables Two L.P. to the Trust. The property
of the Trust has been pledged to the Indenture Trustee pursuant to the Indenture
to secure the payment of the Notes issued thereunder.

(This  Certificate does not represent an interest in or obligation of Ford Motor
Credit Company, Ford Credit Auto Receivables Two L.P. or any of their respective
Affiliates, except to the extent described below.)

                  THIS CERTIFIES THAT  ____________  is the registered  owner of
_______________ DOLLARS nonassessable,  fully-paid, beneficial interest in Class
C  Certificates  of Ford Credit Auto Owner Trust 2000-G (the "Trust")  formed by
Ford Credit Auto  Receivables  Two L.P.,  a Delaware  limited  partnership  (the
"Depositor").  The Class C Certificates  have an aggregate  Initial  Certificate
Balance  of  $76,341,000  and bear  interest  at a rate of 7.26% per annum  (the
"Class C Rate").

                  The Trust was  created  pursuant  to an Amended  and  Restated
Trust  Agreement,  dated as of November  1, 2000 (as from time to time  amended,
supplemented or otherwise modified and in effect, the "Trust Agreement"),  among
the Depositor,  The Bank of New York (Delaware),  not in its individual capacity
but solely as Delaware  trustee  (the  "Delaware  Trustee")  and The Bank of New
York,  not in its  individual  capacity but solely 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.

                  This  Certificate is one of the duly  authorized  Certificates
designated  as "Class C 7.26%  Asset  Backed  Certificates"  (herein  called the
"Class C  Certificates")  which,  together with the  Certificates  designated as
"Class D 9.00%  Asset  Backed  Certificates"  (the "Class D  Certificates"  and,
together with the Class C Certificates, the "Certificates") are issued under and
are subject to the terms,  provisions and conditions of the Trust Agreement,  to
which Trust Agreement the Certificateholder of this Certificate by virtue of the
acceptance  hereof assents and by which such  Certificateholder  is bound.  Also
issued under the  Indenture,  dated as of November 1, 2000 (as from time to time
amended,  supplemented or otherwise  modified and in effect,  the  "Indenture"),
between the Trust and The Chase  Manhattan  Bank, as indenture  trustee (in such
capacity,  the  "Indenture  Trustee"),  are the Notes  designated  as "Class A-1
6.569% Asset Backed Notes",  "Class A-2 6.688% Asset Backed  Notes",  "Class A-3
6.67% Asset  Backed  Notes",  "Class A-4 6.62% Asset Backed  Notes",  "Class A-5
6.66% Asset Backed Notes" and "Class B 6.92% Asset Backed Notes"  (collectively,
the  "Notes").  The property of the Trust  includes (i) a pool of motor  vehicle
retail  installment sale contracts for new and used automobiles and light trucks
and certain rights and  obligations  thereunder (the  "Receivables");  (ii) with
respect to  Actuarial  Receivables,  all monies due  thereunder  on or after the
Cutoff Date and, with respect to Simple Interest Receivables,  all monies due or
received thereunder on or after the Cutoff Date; (iii) the security interests in
the Financed  Vehicles  granted by Obligors  pursuant to the Receivables and any
other  interest of the Trust in the Financed  Vehicles;  (iv) rights to proceeds
from claims on certain physical damage,  credit life, credit disability or other
insurance policies,  if any, covering Financed Vehicles or Obligors;  (v) Dealer
Recourse;  (vi) all of the Seller's rights to the Receivable  Files;  (vii) such
amounts  as from  time to time  may be held in one or more  accounts  maintained
pursuant to the Sale and Servicing  Agreement,  dated as of November 1, 2000 (as
from time to time amended, supplemented or otherwise modified and in effect, the
"Sale and  Servicing  Agreement"),  by and among the Trust,  the  Depositor,  as
seller (in such  capacity,  the  "Seller"),  and Ford Motor Credit  Company,  as
servicer (the  "Servicer"),  including the Reserve Account;  (viii) the Seller's
rights under the Sale and Servicing  Agreement;  (ix) the Seller's  rights under
the  Purchase  Agreement;   (x)  payments  and  proceeds  with  respect  to  the
Receivables  held by the  Servicer;  (xi) all property  (including  the right to
receive  Liquidation  Proceeds)  securing a Receivable  (other than a Receivable
repurchased  by the  Servicer or  purchased  by the  Seller);  (xii)  rebates of
premiums  and other  amounts  relating  to  insurance  policies  and other items
financed  under the  Receivables in effect as of the Cutoff Date; and (xiii) any
and all  proceeds  of the  foregoing.  The rights of the Trust in the  foregoing
property of the Trust have been pledged to the  Indenture  Trustee to secure the
payment of the Notes.

                  Under the Trust  Agreement,  there will be  distributed on the
fifteenth day of each month, or if such fifteenth day is not a Business Day, the
next Business Day (each, a "Distribution Date"), commencing in December 2000, to
the Person in whose name this Certificate is registered at the close of business
on  the  last  day  of  the   preceding   month   (the   "Record   Date")   such
Certificateholder's percentage interest in the amount to be distributed to Class
C  Certificateholders  on  such  Distribution  Date;  provided,   however,  that
principal  will  be  distributed  to the  Class  C  Certificateholders  on  each
Distribution  Date on (to the extent of funds remaining after all classes of the
Notes  have been paid in full)  and after the date on which all  classes  of the
Notes  have been paid in full.  Notwithstanding  the  foregoing,  following  the
occurrence  and  during  the  continuation  of an event  of  default  under  the
Indenture which has resulted in an  acceleration of the Notes, no  distributions
of principal or interest  will be made on the  Certificates  until all principal
and interest on the Notes has been paid in full.

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

                  It is the  intent  of the  Depositor,  the  Servicer  and  the
Certificateholders  that,  for  purposes  of  federal  income,  state  and local
franchise and income tax and any other income  taxes,  the Trust will be treated
as a partnership  and the  Certificateholders  (including the Depositor) will be
treated  as  partners  in  that   partnership.   The  Depositor  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, until after the Notes
have been paid in full, institute against the Depositor,  the General Partner or
the Trust, or join in any institution against the Depositor, the General Partner
or the Trust of, any  bankruptcy,  reorganization,  arrangement,  insolvency  or
liquidation proceedings, or other proceedings under any United States federal or
state  bankruptcy or similar law in connection with any obligations  relating to
the Notes,  the  Certificates,  the Trust  Agreement  or any of the other  Basic
Documents.

                  Distributions  on this Certificate will be made as provided in
the Trust Agreement by the Owner Trustee or the Certificate 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 the purpose by the Owner Trustee in New York, 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  Certificateholder  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  and the  obligations,  rights and remedies of the
parties hereunder shall be determined in accordance with such laws.

<PAGE>

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

                                  FORD CREDIT AUTO OWNER TRUST 2000-G

                                        By:      THE BANK OF NEW YORK, not in
                                        its individual capacity but solely as
                                        Owner Trustee

                                        By:
                                              Authorized Officer

                  OWNER TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Dated:

                                         THE BANK OF NEW YORK, not in its
                                          individual capacity but solely as
                                          Owner Trustee

                                          By:
                                                Authorized Officer

<PAGE>

                             REVERSE OF CERTIFICATE

                  The  Certificates  do not  represent an  obligation  of, or an
interest  in,  the   Depositor,   the  General   Partner,   the  Servicer,   the
Administrator,  the  Owner  Trustee  or any  Affiliates  of any of  them  and no
recourse  may be had  against  such  parties or their  assets,  except as may be
expressly set forth or  contemplated  herein,  in the Trust  Agreement or in the
other Basic  Documents.  In addition,  this Certificate is not guaranteed by any
governmental  agency or  instrumentality  and is  limited in right of payment to
certain collections with respect to the Receivables (and certain other amounts),
all as  more  specifically  set  forth  herein  and in the  Sale  and  Servicing
Agreement.

                  The Trust Agreement  permits,  with certain exceptions therein
provided,  the  amendment  thereof  and  the  modification  of  the  rights  and
obligations of the Depositor and the rights of the Certificateholders  under the
Trust  Agreement  at any time by the  Depositor  and the Owner  Trustee with the
consent of the Noteholders and the Certificateholders evidencing not less than a
majority of the  principal  amount of the Notes  Outstanding  and the  Aggregate
Certificate Balance,  respectively. Any such consent by the Certificateholder of
this Certificate shall be conclusive and binding on such  Certificateholder  and
on all future  Certificateholders  of this  Certificate  and of any  Certificate
issued upon the  registration  of 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 any of the  Noteholders  or the
Certificateholders.

                  As  provided  in the Trust  Agreement  and  subject to certain
limitations  therein set forth, the Transfer of the Certificates are registrable
in the Certificate  Register upon surrender of this Certificate for registration
of Transfer at the offices or agencies maintained by The Bank of New York in its
capacity as Certificate Registrar, or by any successor Certificate Registrar, in
New York,  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  Certificates  are  issuable  as  registered  Certificates
without coupons in denominations  of at least $20,000 and in integral  multiples
of $1,000 in excess thereof.  Certificates are exchangeable for new Certificates
of like  Class  and  authorized  denominations  evidencing  the  same  aggregate
denomination,  as requested by the  Certificateholder  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 Class C  Certificates  may be  acquired  only by an entity
that is either:  (a) not, and each  account (if any) for which it is  purchasing
the Class C  Certificates  is not (i) an  employee  benefit  plan (as defined in
Section 3(3) of the Employee  Retirement Income Security Act of 1974, as amended
("ERISA")) that is subject to Title I of ERISA, (ii) a plan described in Section
4975(e)(1) of the Internal Revenue Code of 1986, as amended (the "Code") that is
subject to Section 4975 of the Code,  (iii) a  governmental  plan, as defined in
Section 3(32) of ERISA, subject to any federal,  State or local law which is, to
a material extent,  similar to the provisions of Section 406 of ERISA or Section
4975 of the Code, (iv) an entity whose underlying  assets include plan assets by
reason of a plan's investment in the entity (within the meaning of Department of
Labor  Regulation 29 C.F.R.  ss.  2510.3-101 or otherwise  under ERISA) or (v) a
person investing "plan assets" of any such plan (including  without  limitation,
for  purposes of this clause (v), an  insurance  company  general  account,  but
excluding any entity  registered  under the  Investment  Company Act of 1940, as
amended);  or (b) an insurance company acting on behalf of a general account and
(i) on the date of  purchase  less than 25% (or such  lesser  percentage  as may
determined  by  the  Depositor)  of the  assets  of  such  general  account  (as
reasonably determined by it) constitute "plan assets" for purposes of Title I of
ERISA and Section 4975 of the Code,  (ii) the purchase and holding of such Class
C Certificates are eligible for exemptive relief under Sections (I) and (III) of
Prohibited  Transaction  Class Exemption  95-60,  and (iii) the purchaser agrees
that if, after the purchaser's  initial acquisition of the Class C Certificates,
at any time during any calendar quarter 25% (or such lesser percentage as may be
determined by the  Depositor) or more of the assets of such general  account (as
reasonably  determined  by it no less  frequently  than each  calendar  quarter)
constitute "plan assets" for purposes of Title I of ERISA or Section 4975 of the
Code and no exemption or exception from the prohibited transaction rules applies
to the continued  holding of the Class C  Certificates  under Section  401(c) of
ERISA and the final  regulations  thereunder or under an exemption or regulation
issued by the United States  Department of Labor under ERISA, it will dispose of
all Class C Certificates then held in its general account by the end of the next
following calendar quarter.

                  In  addition,  the  Certificates  may not be acquired by or on
behalf of a Person  other than (A) a citizen or resident  of the United  States,
(B) a corporation  or  partnership  organized in or under the laws of the United
States or any political  subdivision  thereof, (C) an estate the income of which
is includible in gross income for United States tax purposes,  regardless of its
source, (D) a trust if a U.S. court is able to exercise primary supervision over
the  administration of such trust and one or more Persons meeting the conditions
of this paragraph has the authority to control all substantial  decisions of the
trust or (E) a Person not  described  in clauses  (A)  through  (D) above  whose
ownership  of the  Certificates  is  effectively  connected  with such  Person's
conduct of a trade or business  within the United States  (within the meaning of
the Code) and who provides the Owner Trustee and the Depositor  with an IRS Form
4224 (and such other certifications,  representations, or opinions of counsel as
may be requested by the Owner Trustee or the Depositor).

                  The  obligations  and  responsibilities  created  by the Trust
Agreement and the Trust created thereby shall terminate (i) upon the maturity or
other  liquidation of the last remaining  Receivable and the  disposition of any
amounts  received upon such maturity or  liquidation or (ii) upon the payment to
the Noteholders and the Certificateholders of all amounts required to be paid to
them pursuant to the Indenture,  the Trust  Agreement and the Sale and Servicing
Agreement,  and upon such termination any remaining assets of the Trust shall be
distributed to the Depositor.  The Servicer of the Receivables may at its option
purchase the assets of the Trust at a price  specified in the Sale and Servicing
Agreement,  and such purchase of the Receivables and other property of the Trust
will effect early retirement of the Notes and the  Certificates;  however,  such
right of  purchase  is  exercisable  only as of the  last day of any  Collection
Period as of which the Pool  Balance is less than or equal to 10% of the Initial
Pool Balance.

<PAGE>

                                   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, hereby irrevocably
constituting and appointing

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 as it
appears upon the face of the within  Certificate  in every  particular,  without
alteration,   enlargement  or  any  change  whatever.  Such  signature  must  be
guaranteed by a member firm of the New York Stock Exchange or a commercial  bank
or trust company.

<PAGE>

                                                                       EXHIBIT B
                          FORM OF CLASS D CERTIFICATE

REGISTERED                                                          $76,341,000
No. R-1                                                   CUSIP NO. 34527R FE 8

THIS  CERTIFICATE  HAS NOT BEEN AND WILL NOT BE REGISTERED  UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR UNDER ANY STATE SECURITIES OR
BLUE SKY LAW OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING
THIS  CERTIFICATE,  AGREES FOR THE BENEFIT OF THE TRUST AND THE  DEPOSITOR  THAT
THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY
IN COMPLIANCE  WITH THE SECURITIES ACT AND OTHER  APPLICABLE  LAWS, AND ONLY (1)
PURSUANT TO RULE 144A UNDER THE  SECURITIES  ACT ("RULE  144A") TO A PERSON THAT
THE HOLDER REASONABLY  BELIEVES IS A QUALIFIED  INSTITUTIONAL  BUYER, WITHIN THE
MEANING  OF RULE  144A (A  "QIB"),  PURCHASING  FOR ITS OWN  ACCOUNT  OR FOR THE
ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED,  IN EACH CASE, THAT THE REOFFER,
RESALE,  PLEDGE,  OR OTHER  TRANSFER  IS BEING  MADE IN  RELIANCE  ON RULE 144A,
SUBJECT  TO (A) THE  RECEIPT  BY THE TRUST AND THE  CERTIFICATE  REGISTRAR  OF A
CERTIFICATE  SUBSTANTIALLY  IN THE  FORM  ATTACHED  AS  EXHIBIT  E TO THE  TRUST
AGREEMENT  AND (B) THE RECEIPT BY THE TRUST AND THE  CERTIFICATE  REGISTRAR OF A
LETTER  SUBSTANTIALLY  IN THE FORM ATTACHED AS EXHIBIT C TO THE TRUST AGREEMENT,
(2) PURSUANT TO AN EXEMPTION  FROM  REGISTRATION  PROVIDED BY RULE 144 UNDER THE
SECURITIES ACT (IF AVAILABLE),  SUBJECT TO THE RECEIPT BY THE TRUST, THE INITIAL
PURCHASER AND THE CERTIFICATE REGISTRAR OF SUCH EVIDENCE ACCEPTABLE TO THE TRUST
AND THE INITIAL  PURCHASER THAT SUCH REOFFER,  RESALE,  PLEDGE OR TRANSFER IS IN
COMPLIANCE WITH THE TRUST AGREEMENT AND THE SECURITIES ACT AND OTHER  APPLICABLE
LAWS, (3) TO AN INSTITUTIONAL  "ACCREDITED  INVESTOR" WITHIN THE MEANING THEREOF
IN RULE  501(a)(1),  (2), (3) OR (7) OF  REGULATION D UNDER THE  SECURITIES  ACT
PURSUANT  TO ANY  OTHER  EXEMPTION  FROM THE  REGISTRATION  REQUIREMENTS  OF THE
SECURITIES  ACT,  SUBJECT TO (A) THE  RECEIPT  BY THE TRUST AND THE  CERTIFICATE
REGISTRAR  OF A LETTER  SUBSTANTIALLY  IN THE FORM  ATTACHED AS EXHIBIT D TO THE
TRUST AGREEMENT OR (B) THE RECEIPT BY THE TRUST,  THE INITIAL  PURCHASER AND THE
CERTIFICATE  REGISTRAR OF SUCH OTHER  EVIDENCE  ACCEPTABLE  TO THE TRUST AND THE
INITIAL PURCHASER THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE
WITH THE TRUST  AGREEMENT AND THE SECURITIES ACT AND OTHER  APPLICABLE  LAWS, OR
(4) TO THE DEPOSITOR,  IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES
LAWS OF THE UNITED STATES AND  SECURITIES AND BLUE SKY LAWS OF THE STATES OF THE
UNITED STATES.

THE PRINCIPAL OF THIS  CERTIFICATE  IS  DISTRIBUTABLE  AS SET FORTH IN THE TRUST
AGREEMENT. ACCORDINGLY, THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT
ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

                       FORD CREDIT AUTO OWNER TRUST 2000-G

                     CLASS D 9.00% ASSET BACKED CERTIFICATE

evidencing a beneficial interest in the property of the Trust, as defined below,
which  property  includes  a pool  of  motor  vehicle  retail  installment  sale
contracts, secured by security interests in the motor vehicles financed thereby,
conveyed to Ford Credit Auto  Receivables  Two L.P. by Ford Motor Credit Company
and conveyed by Ford Credit Auto Receivables Two L.P. to the Trust. The property
of the Trust has been pledged to the Indenture Trustee pursuant to the Indenture
to secure the payment of the Notes issued thereunder.

(This  Certificate does not represent an interest in or obligation of Ford Motor
Credit Company, Ford Credit Auto Receivables Two L.P. or any of their respective
Affiliates, except to the extent described below.)

                  THIS  CERTIFIES  THAT  __________is  the  registered  owner of
_____________ DOLLARS nonassessable,  fully-paid, beneficial interest in Class D
Certificates of Ford Credit Auto Owner Trust 2000-G (the "Trust") formed by Ford
Credit  Auto  Receivables  Two  L.P.,  a  Delaware   limited   partnership  (the
"Depositor").  The Class D Certificates  have an aggregate  Initial  Certificate
Balance  of  $76,341,000  and bear  interest  at a rate of 9.00% per annum  (the
"Class D Rate").

                  The Trust was  created  pursuant  to an Amended  and  Restated
Trust  Agreement,  dated as of November  1, 2000 (as from time to time  amended,
supplemented or otherwise modified and in effect, the "Trust Agreement"),  among
the Depositor,  The Bank of New York (Delaware),  not in its individual capacity
but solely as Delaware  trustee  (the  "Delaware  Trustee")  and The Bank of New
York,  not in its  individual  capacity but solely 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.

                  This  Certificate is one of the duly  authorized  Certificates
designated  as "Class D 9.00%  Asset  Backed  Certificates"  (herein  called the
"Class D  Certificates")  which,  together with the  Certificates  designated as
"Class C 7.26%  Asset  Backed  Certificates"  (the "Class C  Certificates"  and,
together with the Class D Certificates, the "Certificates") are issued under and
are subject to the terms,  provisions and conditions of the Trust Agreement,  to
which Trust Agreement the Certificateholder of this Certificate by virtue of the
acceptance  hereof assents and by which such  Certificateholder  is bound.  Also
issued under the  Indenture,  dated as of November 1, 2000 (as from time to time
amended,  supplemented or otherwise  modified and in effect,  the  "Indenture"),
between the Trust and The Chase  Manhattan  Bank, as indenture  trustee (in such
capacity, the "Indenture Trustee"), are the Notes designated as "Class A-1 6.569
% Asset Backed Notes",  "Class A-2 6.688% Asset Backed Notes",  "Class A-3 6.67%
Asset  Backed  Notes",  "Class A-4 6.62% Asset Backed  Notes",  "Class A-5 6.66%
Asset Backed  Notes" and "Class B 6.92% Asset Backed Notes"  (collectively,  the
"Notes").  The property of the Trust includes (i) a pool of motor vehicle retail
installment  sale  contracts for new and used  automobiles  and light trucks and
certain  rights  and  obligations  thereunder  (the  "Receivables")  ; (ii) with
respect to  Actuarial  Receivables,  all monies due  thereunder  on or after the
Cutoff Date and, with respect to Simple Interest Receivables,  all monies due or
received thereunder on or after the Cutoff Date; (iii) the security interests in
the Financed  Vehicles  granted by Obligors  pursuant to the Receivables and any
other  interest of the Trust in the Financed  Vehicles;  (iv) rights to proceeds
from claims on certain physical damage,  credit life, credit disability or other
insurance policies,  if any, covering Financed Vehicles or Obligors;  (v) Dealer
Recourse;  (vi) all of the Seller's rights to the Receivable  Files;  (vii) such
amounts  as from  time to time  may be held in one or more  accounts  maintained
pursuant to the Sale and Servicing  Agreement,  dated as of November 1, 2000 (as
from time to time amended, supplemented or otherwise modified and in effect, the
"Sale and  Servicing  Agreement"),  by and among the Trust,  the  Depositor,  as
seller (in such  capacity,  the  "Seller") , and Ford Motor Credit  Company,  as
servicer (the  "Servicer"),  including the Reserve Account;  (viii) the Seller's
rights under the Sale and Servicing  Agreement;  (ix) the Seller's  rights under
the  Purchase  Agreement;   (x)  payments  and  proceeds  with  respect  to  the
Receivables  held by the  Servicer;  (xi) all property  (including  the right to
receive  Liquidation  Proceeds)  securing a Receivable  (other than a Receivable
repurchased  by the  Servicer or  purchased  by the  Seller);  (xii)  rebates of
premiums  and other  amounts  relating  to  insurance  policies  and other items
financed  under the  Receivables in effect as of the Cutoff Date; and (xiii) any
and all  proceeds  of the  foregoing.  The rights of the Trust in the  foregoing
property of the Trust have been pledged to the  Indenture  Trustee to secure the
payment of the Notes.

                  Under the Trust  Agreement,  there will be  distributed on the
fifteenth day of each month, or if such fifteenth day is not a Business Day, the
next Business Day (each, a "Distribution Date"), commencing in December 2000, to
the Person in whose name this Certificate is registered at the close of business
on  the  last  day  of  the   preceding   month   (the   "Record   Date")   such
Certificateholder's percentage interest in the amount to be distributed to Class
D  Certificateholders  on  such  Distribution  Date;  provided,   however,  that
principal  will  be  distributed  to the  Class  D  Certificateholders  on  each
Distribution  Date on (to the extent of funds remaining after all classes of the
Notes and the Class C Certificates have been paid in full) and after the date on
which all  classes of the Notes and the Class C  Certificates  have been paid in
full.  Notwithstanding  the  foregoing,  following the occurrence and during the
continuation of an event of default under the Indenture which has resulted in an
acceleration  of the Notes,  no  distributions  of principal or interest will be
made on the Certificates  until all principal and interest on the Notes has been
paid in full.

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

                  It is the  intent  of the  Depositor,  the  Servicer  and  the
Certificateholders  that,  for  purposes  of  federal  income,  state  and local
franchise and income tax and any other income  taxes,  the Trust will be treated
as a partnership  and the  Certificateholders  (including the Depositor) will be
treated  as  partners  in  that   partnership.   The  Depositor  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, until after the Notes
have been paid in full, institute against the Depositor,  the General Partner or
the Trust, or join in any institution against the Depositor, the General Partner
or the Trust of, any  bankruptcy,  reorganization,  arrangement,  insolvency  or
liquidation proceedings, or other proceedings under any United States federal or
state  bankruptcy or similar law in connection with any obligations  relating to
the Notes,  the  Certificates,  the Trust  Agreement  or any of the other  Basic
Documents.

                  Distributions  on this Certificate will be made as provided in
the Trust Agreement by the Owner Trustee or the Certificate 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 the purpose by the Owner Trustee in New York, 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  Certificateholder  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  and the  obligations,  rights and remedies of the
parties hereunder shall be determined in accordance with such laws.

<PAGE>

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

                                            FORD CREDIT AUTO OWNER TRUST 2000-G

                                            By:    THE BANK OF NEW YORK, not
                                            in its individual capacity but
                                            solely as Owner Trustee

                                            By:
                                                  Authorized Officer

                  OWNER TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Dated:

                                            THE BANK OF NEW YORK,
                                            not in its individual capacity but
                                            solely as Owner Trustee

                                            By:
                                                   Authorized Officer

<PAGE>

                             REVERSE OF CERTIFICATE

                  The  Certificates  do not  represent an  obligation  of, or an
interest  in,  the   Depositor,   the  General   Partner,   the  Servicer,   the
Administrator,  the  Owner  Trustee  or any  Affiliates  of any of  them  and no
recourse  may be had  against  such  parties or their  assets,  except as may be
expressly set forth or  contemplated  herein,  in the Trust  Agreement or in the
other Basic  Documents.  In addition,  this Certificate is not guaranteed by any
governmental  agency or  instrumentality  and is  limited in right of payment to
certain collections with respect to the Receivables (and certain other amounts),
all as  more  specifically  set  forth  herein  and in the  Sale  and  Servicing
Agreement.  A  registration  statement,  which  includes  a form  of  the  Trust
Agreement as an exhibit thereto, has been filed with the Securities and Exchange
Commission with respect to the Class A-3 Notes,  the Class A-4 Notes,  the Class
A-5 Notes and the Class B Notes.

                  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 rights of the Certificateholders  under the
Trust  Agreement  at any time by the  Depositor  and the Owner  Trustee with the
consent of the Noteholders and the Certificateholders evidencing not less than a
majority of the  principal  amount of the Notes  Outstanding  and the  Aggregate
Certificate Balance,  respectively. Any such consent by the Certificateholder of
this Certificate shall be conclusive and binding on such  Certificateholder  and
on all future  Certificateholders  of this  Certificate  and of any  Certificate
issued upon the  registration  of 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 any of the  Noteholders  or the
Certificateholders.

                  As  provided  in the Trust  Agreement  and  subject to certain
limitations  therein set forth, the Transfer of the Certificates are registrable
in the Certificate  Register upon surrender of this Certificate for registration
of Transfer at the offices or agencies maintained by The Bank of New York in its
capacity as Certificate Registrar, or by any successor Certificate Registrar, in
New York,  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  Certificates  are  issuable  as  registered  Certificates
without coupons in denominations  of at least $20,000 and in integral  multiples
of $1,000 in excess thereof.  Certificates are exchangeable for new Certificates
of like  Class  and  authorized  denominations  evidencing  the  same  aggregate
denomination,  as requested by the  Certificateholder  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 Class D  Certificates  may be  acquired  only by an entity
that is either:  (a) not, and each  account (if any) for which it is  purchasing
the Class D  Certificates  is not (i) an  employee  benefit  plan (as defined in
Section 3(3) of the Employee  Retirement Income Security Act of 1974, as amended
("ERISA")) that is subject to Title I of ERISA, (ii) a plan described in Section
4975(e)(1) of the Internal Revenue Code of 1986, as amended (the "Code") that is
subject to Section 4975 of the Code,  (iii) a  governmental  plan, as defined in
Section 3(32) of ERISA, subject to any federal,  State or local law which is, to
a material extent,  similar to the provisions of Section 406 of ERISA or Section
4975 of the Code, (iv) an entity whose underlying  assets include plan assets by
reason of a plan's investment in the entity (within the meaning of Department of
Labor  Regulation 29 C.F.R.  ss.  2510.3-101 or otherwise  under ERISA) or (v) a
person investing "plan assets" of any such plan (including  without  limitation,
for  purposes of this clause (v), an  insurance  company  general  account,  but
excluding any entity  registered  under the  Investment  Company Act of 1940, as
amended);  or (b) an insurance company acting on behalf of a general account and
(i) on the date of purchase  less than 25% (or such lesser  percentage as may be
determined  by  the  Depositor)  of the  assets  of  such  general  account  (as
reasonably determined by it) constitute "plan assets" for purposes of Title I of
ERISA and Section 4975 of the Code,  (ii) the purchase and holding of such Class
D Certificates are eligible for exemptive relief under Sections (I) and (III) of
Prohibited  Transaction  Class Exemption  95-60,  and (iii) the purchaser agrees
that if, after the purchaser's  initial acquisition of the Class D Certificates,
at any time during any calendar quarter 25% (or such lesser percentage as may be
determined by the  Depositor) or more of the assets of such general  account (as
reasonably  determined  by it no less  frequently  than each  calendar  quarter)
constitute "plan assets" for purposes of Title I of ERISA or Section 4975 of the
Code and no exemption or exception from the prohibited transaction rules applies
to the continued  holding of the Class D  Certificates  under Section  401(c) of
ERISA and the final  regulations  thereunder or under an exemption or regulation
issued by the United States  Department of Labor under ERISA, it will dispose of
all Class D Certificates then held in its general account by the end of the next
following calendar quarter.

                  In  addition,  the  Certificates  may not be acquired by or on
behalf of a Person  other than (A) a citizen or resident  of the United  States,
(B) a corporation  or  partnership  organized in or under the laws of the United
States or any political  subdivision  thereof, (C) an estate the income of which
is includible in gross income for United States tax purposes,  regardless of its
source, (D) a trust if a U.S. court is able to exercise primary supervision over
the  administration of such trust and one or more Persons meeting the conditions
of this paragraph has the authority to control all substantial  decisions of the
trust or (E) a Person not  described  in clauses  (A)  through  (D) above  whose
ownership  of the  Certificates  is  effectively  connected  with such  Person's
conduct of a trade or business  within the United States  (within the meaning of
the Code) and who provides the Owner Trustee and the Depositor  with an IRS Form
4224 (and such other certifications,  representations, or opinions of counsel as
may be requested by the Owner Trustee or the Depositor).

                  The  obligations  and  responsibilities  created  by the Trust
Agreement and the Trust created thereby shall terminate (i) upon the maturity or
other  liquidation of the last remaining  Receivable and the  disposition of any
amounts  received upon such maturity or  liquidation or (ii) upon the payment to
the Noteholders and the Certificateholders of all amounts required to be paid to
them pursuant to the Indenture,  the Trust  Agreement and the Sale and Servicing
Agreement,  and upon such termination any remaining assets of the Trust shall be
distributed to the Depositor.  The Servicer of the Receivables may at its option
purchase the assets of the Trust at a price  specified in the Sale and Servicing
Agreement,  and such purchase of the Receivables and other property of the Trust
will effect early retirement of the Notes and the  Certificates;  however,  such
right of  purchase  is  exercisable  only as of the  last day of any  Collection
Period as of which the Pool  Balance is less than or equal to 10% of the Initial
Pool Balance.

<PAGE>

                                   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, hereby irrevocably
constituting and appointing

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 as it
appears upon the face of the within  Certificate  in every  particular,  without
alteration,   enlargement  or  any  change  whatever.  Such  signature  must  be
guaranteed by a member firm of the New York Stock Exchange or a commercial  bank
or trust company.

<PAGE>

C-1
                                                                       EXHIBIT C

                            FORM OF INVESTMENT LETTER
                         QUALIFIED INSTITUTIONAL BUYER

Date

Ford Credit Auto Owner Trust 2000-G
  as Issuer
The Bank of New York
  as Owner Trustee and
  Certificate Registrar
101 Barclay Street
New York, New York 10286

                  Re:      Ford Credit Auto Owner Trust 2000-G
                           Class C 7.26% Asset Backed
                           Certificates Class D 9.00%
                           Asset Backed Certificates

Ladies and Gentlemen:

         In  connection  with our  proposed  purchase of the Class C 7.26% Asset
Backed Certificates Class D 9.00% Asset Backed Certificates (the "Certificates")
of Ford Credit Auto Owner Trust  2000-G (the  "Issuer"),  a trust formed by Ford
Credit Auto Receivables Two L.P. (the "Depositor"), we confirm that:

         1. The undersigned agrees to be bound by, and not to resell,  transfer,
assign, participate, pledge or otherwise dispose of (any such act, a "Transfer")
the Certificates  except in compliance with, the restrictions and conditions set
forth in the legend on the face of the Certificates and under the Securities Act
of 1933, as amended (the "Securities Act").

         2. We understand  that no subsequent  Transfer of the  Certificates  is
permitted unless we cause our proposed  transferee to provide to the Issuer, the
Certificate  Registrar and the Initial  Purchaser a letter  substantially in the
form of this letter or Exhibit D to the Trust Agreement, as applicable,  or such
other written statement as the Depositor shall prescribe.

         3. We are a "qualified institutional buyer" (within the meaning of Rule
144A under the Securities  Act) (a "QIB") and we are acquiring the  Certificates
for our own  account  or for a single  account  (which  is a QIB) as to which we
exercise sole investment discretion.

         4.       We are either:

                  (a) not, and each account (if any) for which we are purchasing
                  the  Certificates  is not (i) an  employee  benefit  plan  (as
                  defined  in Section  3(3) of the  Employee  Retirement  Income
                  Security Act of 1974, as amended ("ERISA")) that is subject to
                  Title I of ERISA, (ii) a plan described in Section  4975(e)(1)
                  of the Internal  Revenue Code of 1986, as amended (the "Code")
                  that  is  subject  to  Section  4975  of  the  Code,  (iii)  a
                  governmental  plan,  as  defined  in  Section  3(32) of ERISA,
                  subject  to any  federal,  state or local  law  which is, to a
                  material  extent,  similar to the provisions of Section 406 of
                  ERISA  or  Section  4975 of the  Code,  (iv) an  entity  whose
                  underlying  assets  include  plan assets by reason of a plan's
                  investment in the entity  (within the meaning of Department of
                  Labor  Regulation  29 C.F.R.  Section  2510.3-101 or otherwise
                  under ERISA) or (v) a person  investing  "plan  assets" of any
                  such plan (including without limitation,  for purposes of this
                  clause  (v),  an  insurance   company  general  account,   but
                  excluding an entity  registered  under the Investment  Company
                  Act of 1940, as amended), or

                  (b) an insurance company acting on behalf of a general account
                  and (i) on the date hereof less than 25% of the assets of such
                  general  account (as  reasonably  determined by us) constitute
                  "plan  assets"  for  purposes  of Title I of ERISA and Section
                  4975 of the  Code,  (ii)  the  purchase  and  holding  of such
                  Certificates  are eligible for exemptive relief under Sections
                  (I) and (III) of Prohibited Transaction Class Exemption 95-60,
                  and  (iii)  the   undersigned   agrees  that  if,   after  the
                  undersigned's initial acquisition of the Certificates,  at any
                  time during any calendar  quarter 25% or more of the assets of
                  such general  account (as reasonably  determined by us no less
                  frequently  than  each  calendar  quarter)   constitute  "plan
                  assets" for  purposes  of Title I of ERISA or Section  4975 of
                  the Code and no  exemption or  exception  from the  prohibited
                  transaction  rules  applies  to the  continued  holding of the
                  Certificates  under  Section  401(c)  of ERISA  and the  final
                  regulations  thereunder  or under an exemption  or  regulation
                  issued  by  the  DOL  under  ERISA,  we  will  dispose  of all
                  Certificates  then held in our  general  account by the end of
                  the next following calendar quarter.

         5. We are a person  who is (i) a  citizen  or  resident  of the  United
States, (ii) a corporation or partnership  organized in or under the laws of the
United States or any political  subdivision thereof,  (iii) an estate the income
of  which  is  includible  in gross  income  for  United  States  tax  purposes,
regardless  of its  source,  (iv) a trust if a U.S.  court  is able to  exercise
primary  supervision  over  the  administration  of such  trust  and one or more
persons  described  in  clauses  (i) to (iii)  above or clause (v) below has the
authority to control all substantial  decisions of the trust or (v) a person not
described in clauses (i) to (iv) above whose  ownership of the  Certificates  is
effectively  connected with such person's  conduct of a trade or business within
the United  States  (within the meaning of the Code) and who provides the Issuer
and  the   Depositor   with  a  Form  4224  (and  such   other   certifications,
representations, or opinions of counsel as may be requested by the Issuer or the
Depositor).

         6. We understand that any purported Transfer of any Certificate (or any
interest therein) in contravention of the restrictions and conditions above will
be null and void (each, a "Void  Transfer"),  and the purported  transferee in a
Void  Transfer  will not be  recognized  by the Issuer or any other  person as a
Certificateholder for any purpose.

         You  are  entitled  to  rely  upon  this  letter  and  are  irrevocably
authorized  to produce this letter or a copy hereof to any  interested  party in
any  administrative or legal proceedings or official inquiry with respect to the
matters covered hereby.

                                            Very truly yours,

                                            By:
                                               Name:
                                               Title:

Securities To Be Purchased:
$                           principal amount of Certificates

<PAGE>

D-1
                                                                       EXHIBIT D

                           FORM OF INVESTMENT LETTER
                       INSTITUTIONAL ACCREDITED INVESTOR

Date

Ford Credit Auto Owner Trust 2000-G
  as Issuer
The Bank of New York
  as Owner Trustee and
  Certificate Registrar
101 Barclay Street
New York, New York 10286

                  Re:      Ford Credit Auto Owner Trust 2000-G
                           Class C 7.26% Asset Backed
                           Certificates Class D 9.00%
                           Asset Backed Certificates

Ladies and Gentlemen:

         In  connection  with our  proposed  purchase of the Class C 7.26% Asset
Backed Certificates Class D 9.00% Asset Backed Certificates (the "Certificates")
of Ford Credit Auto Owner Trust  2000-G (the  "Issuer") , a trust formed by Ford
Credit Auto Receivables Two L.P. (the "Depositor"), we confirm that:

         1. The undersigned agrees to be bound by, and not to resell,  transfer,
         assign,  participate,  pledge or otherwise  dispose of (any such act, a
         "Transfer")   the   Certificates   except  in  compliance   with,   the
         restrictions  and conditions set forth in the legend on the face of the
         Class D  Certificates  and under the Securities Act of 1933, as amended
         (the "Securities Act").

         2. We understand  that no subsequent  Transfer of the  Certificates  is
         permitted  unless we cause our  proposed  transferee  to provide to the
         Issuer,  the Certificate  Registrar and the Initial  Purchaser a letter
         substantially  in the form of this  letter  or  Exhibit  C to the Trust
         Agreement,  as  applicable,  or such  other  written  statement  as the
         Depositor shall prescribe.

         3.  We  are a  "qualified  institutional  buyer"  (within  the
         meaning  of Rule 144A  under the  Securities  Act) (a "QIB") and we are
         acquiring the  Certificates for our own account or for a single account
         (which is a QIB) as to which we exercise sole investment discretion.

         4. We are either:

                  (a) not, and each account (if any) for which we are purchasing
                  the  Certificates  is not (i) an  employee  benefit  plan  (as
                  defined  in Section  3(3) of the  Employee  Retirement  Income
                  Security Act of 1974, as amended ("ERISA")) that is subject to
                  Title I of ERISA, (ii) a plan described in Section  4975(e)(1)
                  of the Internal  Revenue Code of 1986, as amended (the "Code")
                  that  is  subject  to  Section  4975  of  the  Code,  (iii)  a
                  governmental  plan,  as  defined  in  Section  3(32) of ERISA,
                  subject  to any  federal,  state or local  law  which is, to a
                  material  extent,  similar to the provisions of Section 406 of
                  ERISA  or  Section  4975 of the  Code,  (iv) an  entity  whose
                  underlying  assets  include  plan assets by reason of a plan's
                  investment in the entity  (within the meaning of Department of
                  Labor  Regulation  29 C.F.R.  Section  2510.3-101 or otherwise
                  under ERISA) or (v) a person  investing  "plan  assets" of any
                  such plan (including without limitation,  for purposes of this
                  clause  (v),  an  insurance   company  general  account,   but
                  excluding an entity  registered  under the Investment  Company
                  Act of 1940, as amended), or

                  (b) an insurance company acting on behalf of a general account
                  and (i) on the date hereof less than 25% of the assets of such
                  general  account (as  reasonably  determined by us) constitute
                  "plan  assets"  for  purposes  of Title I of ERISA and Section
                  4975 of the  Code,  (ii)  the  purchase  and  holding  of such
                  Certificates  are eligible for exemptive relief under Sections
                  (I) and (III) of Prohibited Transaction Class Exemption 95-60,
                  and  (iii)  the   undersigned   agrees  that  if,   after  the
                  undersigned's initial acquisition of the Certificates,  at any
                  time during any calendar  quarter 25% or more of the assets of
                  such general  account (as reasonably  determined by us no less
                  frequently  than  each  calendar  quarter)   constitute  "plan
                  assets" for  purposes  of Title I of ERISA or Section  4975 of
                  the Code and no  exemption or  exception  from the  prohibited
                  transaction  rules  applies  to the  continued  holding of the
                  Certificates  under  Section  401(c)  of ERISA  and the  final
                  regulations  thereunder  or under an exemption  or  regulation
                  issued  by  the  DOL  under  ERISA,  we  will  dispose  of all
                  Certificates  then held in our  general  account by the end of
                  the next following calendar quarter.

         5. We are a person  who is (i) a  citizen  or  resident  of the  United
         States,  (ii) a corporation  or  partnership  organized in or under the
         laws of the United States or any political  subdivision thereof,  (iii)
         an estate the income of which is  includible in gross income for United
         States tax purposes,  regardless of its source,  (iv) a trust if a U.S.
         court is able to exercise primary  supervision over the  administration
         of such trust and one or more persons described in clauses (i) to (iii)
         above or clause (v) below has the authority to control all  substantial
         decisions of the trust or (v) a person not  described in clauses (i) to
         (iv) above whose ownership of the Certificates is effectively connected
         with such  person's  conduct of a trade or  business  within the United
         States (within the meaning of the Code) and who provides the Issuer and
         the  Depositor  with  a  Form  4224  (and  such  other  certifications,
         representations,  or  opinions  of counsel as may be  requested  by the
         Issuer or the Depositor).

         6. We understand that any purported Transfer of any Certificate (or any
         interest  therein) in  contravention of the restrictions and conditions
         above  will  be null  and  void  (each,  a  "Void  Transfer"),  and the
         purported  transferee  in a Void Transfer will not be recognized by the
         Issuer or any other person as a Certificateholder for any purpose.

         You  are  entitled  to  rely  upon  this  letter  and  are  irrevocably
authorized  to produce this letter or a copy hereof to any  interested  party in
any  administrative or legal proceedings or official inquiry with respect to the
matters covered hereby.

                                            Very truly yours,

                                            By:
                                               Name:
                                               Title:

Securities To Be Purchased:
$                          principal amount of Certificates

<PAGE>

 E-1                                                                   EXHIBIT E

                                FORM OF RULE 144
                            A TRANSFEROR CERTIFICATE

Date

The Bank of New York
  as Owner Trustee and
  Certificate Registrar
101 Barclay Street
New York, New York 10286

                  Re:      Ford Credit Auto Owner Trust 2000-G
                           Class C 7.26% Asset Backed
                           Certificates Class D 9.00%
                           Asset Backed Certificates

Ladies and Gentlemen:

         This is to notify  you as to the  transfer  of $ * in  denomination  of
Class C 7.26% Asset Backed  Certificates Class D 9.00% Asset Backed Certificates
(the "Certificates") of Ford Credit Auto Owner Trust 2000-G (the "Issuer").

         The undersigned is the holder of the  Certificates and with this notice
hereby deposits with the Owner Trustee $* in  denomination  of Certificates  and
requests that Certificates of the same class in the same aggregate  denomination
be issued,  executed  and  authenticated  and  registered  to the  purchaser  on
___________,  200, as specified in the Trust  Agreement  dated as of November 1,
2000 relating to the Certificates, as follows:

         Name:                              Denominations:
         Address:
         Taxpayer I.D. No:

         The  undersigned  represents  and  warrants  that the  undersigned  (i)
reasonably  believes  the  purchaser is a  "qualified  institutional  buyer," as
defined in Rule 144A under the  Securities  Act of 1933 (the  "Act"),  (ii) such
purchaser has acquired the Certificates in a transaction  effected in accordance
with the exemption  from the  registration  requirements  of the Act provided by
Rule 144A,  (iii) if the purchaser has purchased the Certificates for an account
for which it is acting  as  fiduciary  or agent,  such  account  is a  qualified
institutional buyer and (iv) the purchaser is acquiring Certificates for its own
account or for an  institutional  account for which it is acting as fiduciary or
agent.

                                                     Very truly yours,

                                                     NAME OF HOLDER OF
                                                     CERTIFICATES

                                                     By:
                                                        Name:
                                                        Title:

* authorized denomination

<PAGE>

F-1

                                                                       EXHIBIT F

                          FORM OF CERTIFICATE OF TRUST
                             CERTIFICATE OF TRUST OF
                       FORD CREDIT AUTO OWNER TRUST 2000-G

                  This  Certificate  of Trust of Ford  Credit  Auto Owner  Trust
2000-G (the  "Trust"),  dated as of November 1, 2000, is being duly executed and
filed by The Bank of New York  (Delaware),  a Delaware banking  corporation,  as
Delaware  trustee (the "Delaware  Trustee") and The Bank of New York, a New York
banking corporation,  as owner trustee (the "Owner Trustee"), to form a business
trust under the Delaware Business Trust Act (12 Delaware Code, ss. 3801 et seq.)
(the "Act").

                  1. Name.  The name of the business trust formed hereby is Ford
Credit Auto Owner Trust 2000-G.

                  2. Delaware Trustee.  The name and business address of the
trustee of the Trust in the State of Delaware is The Bank of New York
(Delaware), White Clay Center, Route 273, Newark, Delaware 19711.

                  3. Effective Date. This Certificate of Trust shall be
effective upon filing.

<PAGE>

                  IN WITNESS WHEREOF,  the undersigned,  being the sole trustees
of the Trust, have executed this Certificate of Trust as of the date first above
written in accordance with Section 3811(a)(1) of the Act.

                                            THE BANK OF NEW YORK,
                                            not in its individual capacity but
                                            solely as Owner Trustee under a
                                            Trust Agreement dated
                                            as of November 1, 2000

                                            By:
                                                     Name:
                                                     Title:

                                            THE BANK OF NEW YORK (DELAWARE),
                                            not in its individual capacity but
                                            solely as Delaware Trustee under a
                                            Trust Agreement dated
                                            as of November 1, 2000

                                            By:
                                                     Name:
                                                     Title:

<PAGE>

                                   APPENDIX A

                             Definitions and UsageAMENDMENT NO. 4

                                       TO

                           SECOND AMENDED AND RESTATED
                  REVOLVING CREDIT LOAN AND SECURITY AGREEMENT

     THIS AMENDMENT NO. 4  ("Amendment")  is entered into as of January 12, 2000
among THE FONDA GROUP, INC., a corporation organized under the laws of the State
of Delaware ("Borrower"),  the undersigned financial institutions (collectively,
the "Lenders" and  individually  a "Lender") and IBJ WHITEHALL  BUSINESS  CREDIT
CORPORATION  ("IBJWBCC")  (F/K/A IBJ SCHRODER BUSINESS CREDIT  CORPORATION),  as
successor to IBJ SCHRODER BANK & TRUST COMPANY,  as agent for Lenders  (IBJWBCC,
in such capacity, the "Agent").

                                   BACKGROUND

     Borrower,  Agent and Lenders are parties to a Second  Amended and  Restated
Revolving  Credit and Security  Agreement  dated as of February  27,1997 (as the
same has been and may further be amended,  restated,  supplemented  or otherwise
modified  from time to time,  the "Loan  Agreement")  pursuant to which  Lenders
provided Borrower with certain financial accommodations.

     Borrower has  concurrently  herewith  purchased  from Creative  Expressions
Group,  Inc.  ("CEG"),  an affiliate of Borrower,  certain  inventory  (the "CEG
Inventory") for an aggregate  purchase price of $5,000,000 payable by Borrower's
accepting title to the CEG Inventory subject to the lien created pursuant to the
CEG  Loan  Agreement  (as  defined  in the  Commitment  Transfer  Supplement  as
hereinafter  defined)  and by  Borrower's  assuming  payment of the  obligations
secured thereby in the aggregate amount of $5,000,000.

     Lenders have currently  herewith purchased all right, title and interest of
the Transferor Lenders (as defined in the Commitment Transfer Supplement) in and
to the CEG Loan  Agreement.  Borrower has requested that Agent and Lenders amend
the Loan Agreement to reflect the $5,000,000 of revolving credit loans which are
simultaneously  being  transferred  to and purchased by Lenders  pursuant to the
terms and conditions of the Commitment  Transfer Supplement in the form attached
hereto as  Exhibit A (the  "Commitment  Transfer  Supplement")  and  assumed  by
Borrower  pursuant to the terms and  conditions of an Assignment  and Assumption
Agreement in the form attached hereto as Exhibit B (the "Assumption  Agreement")
and  Agent  and  Lenders  are  willing  to do so on  the  terms  and  conditions
hereinafter set forth.

     NOW, THEREFORE,  in consideration of any loan or advance or grant of credit
heretofore  or  hereafter  made to or for the  account of  Borrower  by Agent or
Lenders,  and for  other  good  and  valuable  consideration,  the  receipt  and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as
follows:
<PAGE>
     1.   Definitions. All capitalized  terms not otherwise defined herein shall
have the meanings given to them in the Loan Agreement.

     2.   Amendment to Loan Agreement. Subject to satisfaction of the conditions
precedent set forth in Section 3 below,  the Loan Agreement is hereby amended as
follows:

     (a)  Section 1.2 of the Loan Agreement is hereby amended as follows:

          (i) the defined terms "Maximum  Revolving Advance Amount" and "Maximum
     Revolving Loan  Commitment" are hereby amended in their entirety to provide
     as follows:

          "Maximum Revolving Advance Amount" shall mean (a) $50,000,000 plus (b)
          $5,000,000 (which reflects the amount of the Assumed Indebtedness), as
          reduced in accordance with Section 2.12 hereof.

          "Maximum  Revolving  Loan  Commitment"  of any  Lender  shall mean the
          Commitment  Percentage  of  such  Lender  multiplied  by  the  Maximum
          Revolving Advance Amount.

          (ii) the following defined terms are hereby added in their appropriate
     alphabetical order:

          "Amendment No. 4" shall mean  Amendment No. 4 to this Agreement  dated
          as of January 12, 2000 by and among Borrower, Lenders and Agent.

          "Amendment  No. 4  Effective  Date"  shall  mean the date  upon  which
          Amendment No. 4 becomes effective.

          "Assumed  Indebtedness"  shall mean the $5,000,000 of revolving credit
          loans of CEG which were  assumed by  Borrower on the  Amendment  No. 4
          Effective  Date  pursuant to the terms of  Assignment  and  Assumption
          Agreement attached to Amendment No. 4 as Exhibit B and with respect to
          such  revolving  credit  loans  all  rights  attendant   thereto  were
          simultaneously  transferred by the lenders of CEG to Lenders  pursuant
          to the terms and  conditions  of the  Commitment  Transfer  Supplement
          attached to Amendment No. 4 as Exhibit A.

     (b)  A  new  subsection  2.6(d)  is  hereby  added  immediately   following
subsection 2.6(c):

          "(d) the Assumed Indebtedness shall be deemed to be the last Revolving
          Advances repaid by Borrower under this Agreement."

     (c)  Section 7.11 is hereby amended in its entirety to provide as follows:
<PAGE>
          "7.11  Leases Enter as lessee into any lease  arrangement  for real or
          personal property (unless  capitalized and permitted under Section 7.6
          hereof)  if after  giving  effect  thereto,  aggregate  annual  rental
          payments for all leased  property  would exceed  $5,000,000 in any one
          fiscal year."

     (d)  Schedules  1.2,  4.5, 5.2,  5.8(b),  5.8(d),  5.9 and 5.14 of the Loan
Agreement  are hereby  amended in their  entirety by Schedules  1.2,  4.5,  5.2,
5.8(b), 5.8(d), 5.9 and 5.14 hereto.

     3.   Conditions of Effectiveness. This Amendment shall become  effective on
January  12, 2000 (the  "Effective  Date") upon  satisfaction  of the  following
conditions precedent:

          (i) Agent  shall  have  received  four (4)  copies  of this  Amendment
     executed by Lenders,  Borrower and consented and agreed to by Dennis Mehiel
     as guarantor,

          (ii) Agent shall have received  amended and restated Notes in favor of
     each  Lender  duly  executed  and  delivered  by an  authorized  officer of
     Borrower;

          (iii)  Each  document  (including,  without  limitation,  any  Uniform
     Commercial  Code  financing  statement)  required  by this  Amendment,  any
     related  agreement or under law or reasonably  requested by the Agent to be
     filed,  registered  or  recorded in order to create,  in favor of Agent,  a
     perfected  security interest in or lien upon the Collateral shall have been
     properly  filed,  registered or recorded in each  jurisdiction in which the
     filing,  registration  or recordation  thereof is so required or requested,
     and Agent shall have received an  acknowledgment  copy,  or other  evidence
     satisfactory  to it, of each such filing,  registration  or recordation and
     satisfactory  evidence of the payment of any necessary  fee, tax or expense
     relating thereto;

          (iv) Agent shall have received a copy of the resolutions,  in form and
     substance  reasonably  satisfactory  to Agent, of the Board of Directors of
     Borrower  authorizing  (i) the execution,  delivery and performance of this
     Amendment  certified by the Secretary or an Assistant Secretary of Borrower
     as of the  Effective  Date;  and,  such  certificate  shall  state that the
     resolutions thereby certified have not been amended,  modified,  revoked or
     rescinded as of the date of such certificate;

          (v) Agent shall have  received a  certificate  of the  Secretary or an
     Assistant  Secretary  of  Borrower,  dated the  Effective  Date,  as to the
     incumbency  and  signature  of the  officers  of  Borrower  executing  this
     Agreement,  any  certificate  or  other  documents  to be  delivered  by it
     pursuant hereto, together with evidence of the incumbency of such Secretary
     or Assistant Secretary;

          (vi)  Agent  shall have  received  executed  copies of the  Commitment
     Transfer  Supplement,  the Assumption Agreement and all the other documents
     set forth on Exhibit C hereto  (the  "Other  Documents"),  each in form and
     substance satisfactory to Agent.

          (vii) Agent shall have received, in form and substance satisfactory to
     Agent,  loss payable  endorsements  on Agent's  standard form of loss payee
     endorsement naming Agent as
<PAGE>
     loss  payee  on  each  insurance  policy  of  Borrower,  and  together with
     endorsements  naming Agent as a co-insured on each such policy;

          (viii) Agent shall have  received  any and all  Consents  necessary to
     permit the effectuation of the transactions contemplated by this Agreement,
     the Commitment Transfer Supplement,  the Assumption Agreement and the Other
     Documents; and, Agent shall have received such Consents and waivers of such
     third  parties as might assert  claims with respect to the  Collateral,  as
     Agent and its counsel shall deem necessary;

          (ix) Agent shall have received a fully executed copy of the opinion of
     Harvey Friedman, Esq., which shall be in form and substance satisfactory to
     Agent;

          (x) Agent shall have  received  landlord,  mortgagee  or  warehouseman
     agreements  satisfactory  to Agent with respect to all  premises  leased by
     Borrower at which Inventory is located; and

          (xi) Agent shall have received such other  certificates,  instruments,
     documents,  agreements  and opinions of counsel as may be required by Agent
     or its counsel,  each of which shall be in form and substance  satisfactory
     to Agent and its counsel.

     4.   Representations and Warranties.Borrower hereby represents and warrants
as follows:

          (a)  This  Amendment  and  the  Loan  Agreement,  as  amended  hereby,
     constitute  legal,  valid  and  binding  obligations  of  Borrower  and are
     enforceable against Borrower in accordance with their respective terms.

          (b)  Upon  the  effectiveness  of  this  Amendment,   Borrower  hereby
     reaffirms all covenants,  representations  and warranties  made in the Loan
     Agreement to the extent the same are not amended  hereby and agree that all
     such covenants, representations and warranties shall be deemed to have been
     remade as of the effective date of this Amendment.

          (c) No Event of Default or Default has occurred and is  continuing  or
     would exist after giving effect to this Amendment.

          (d)  Borrower has no defense,  counterclaim  or offset with respect to
     the Loan Agreement.

     5.   Effect on the Loan Agreement.

          (a) Upon the effectiveness of Section 2 hereof,  each reference in the
     Loan  Agreement to "this  Agreement,"  "hereunder,"  "hereof,"  "herein" or
     words of like import shall mean and be a reference to the Loan Agreement as
     amended hereby.
<PAGE>
          (b) Except as specifically amended herein, the Loan Agreement, and all
     other  documents,  instruments and agreements  executed and/or delivered in
     connection therewith, shall remain in full force and effect, and are hereby
     ratified and confirmed.

          (c) The execution,  delivery and effectiveness of this Amendment shall
     not  operate  as a waiver  of any  right,  power or  remedy of Agent or any
     Lender, nor constitute a waiver of any provision of the Loan Agreement,  or
     any other  documents,  instruments or agreements  executed and/or delivered
     under or in connection therewith.

     6.   Governing Law. This  Amendment  shall be binding upon and inure to the
benefit of the parties  hereto and their  respective  successors and assigns and
shall be governed by and construed in  accordance  with the laws of the State of
New York.

     7.   Headings. Section  headings in this Amendment are included  herein for
convenience  of reference only and shall not constitute a part of this Amendment
for any other purpose.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
<PAGE>

     8.   Counterparts.  This Amendment may be executed by the parties hereto in
one or more  counterparts,  each of which shall be deemed an original and all of
which taken together shall constitute one and the same agreement.  Any signature
delivered by telecopy shall be deemed to be an original signature hereto.

     IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and
year first written above.

                                         THE FONDA GROUP, INC.

                                         By: /s/ Hans H. Heinsen
                                            --------------------
                                         Name:  Hans H. Heinsen
                                         Title: Senior Vice President

                    [SIGNATURES CONTINUED ON FOLLOWING PAGE]
<PAGE>

IBJ WHITEHALL BUSINESS CREDIT CORPORATION, as Lender and as Agent

By: /s/ Robert Wallace
    ------------------
Name:  Robert Wallace
Title: Vice President

NATIONAL CITY COMMERCIAL FINANCE, INC., as Lender

By: /s/
    ------------------
Name:
Title:

PNC BANK, NATIONAL ASSOCIATION, as successor to
BTM CAPITAL CORPORATION
(F/K/A BOT FINANCIAL CORPORATION), as Lender

By: /s/ Michelle Stanley-Nurse
    --------------------------
Name:  Michelle Stanley-Nurse
Title: Vice President

FIRST UNION NATIONAL BANK successor by merger to SIGNET BANK, as Lender

By: /s/
    --------------------------
Name:
Title:

CONSENTED AND AGREED TO:

/s/ Dennis Mehiel
-----------------
Dennis Mehiel

<PAGE>

                                    Exhibit A

                         Commitment Transfer Supplement
                                  (Omitted)

<PAGE>

                                    Exhibit B

                              Assumption Agreement
                                  (Omitted)

<PAGE>

                                    Exhibit C

                                 Other Documents

None

<PAGE>

                                    Schedules

                                    (Omitted)

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