Document:

EXHIBIT 4.2

                                                                 CONFORMED COPY

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                             AMENDED AND RESTATED

                                TRUST AGREEMENT

                                     Among

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

                    DAIMLERCHRYSLER RETAIL RECEIVABLES LLC

                                      And

                CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION,
                               as Owner Trustee

                         Dated as of November 1, 2000

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                               Table of Contents

                                                                           Page

                                   ARTICLE I

                                  Definitions

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

                                  ARTICLE II

                                 Organization

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

                                  ARTICLE III

                    Certificates and Transfer of Interests

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

                                  ARTICLE IV

                           Actions by Owner Trustee

         SECTION 4.01.Prior Notice to Owners with Respect to Certain Matters.12
         SECTION 4.02.Action by Owners with Respect to Certain Matters.......13
         SECTION 4.03.Action by Owners with Respect to Bankruptcy............13
         SECTION 4.04.Restrictions on Owners' Power..........................13
         SECTION 4.05.Majority Control.......................................14

                                   ARTICLE V

                  Application of Trust Funds; Certain Duties

         SECTION 5.01.Establishment of Deposit Account.......................14
         SECTION 5.02.Application of Trust Funds.  ..........................14
         SECTION 5.03.Method of Payment......................................14
         SECTION 5.04.Accounting and Reports to Owners, Internal Revenue
                      Service and Others.....................................14

                                  ARTICLE VI

                     Authority and Duties of Owner Trustee

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

                                  ARTICLE VII

                           Concerning Owner Trustee

         SECTION 7.01.Acceptance of Trusts and Duties........................17
         SECTION 7.02.Furnishing of Documents................................18
         SECTION 7.03.Representations and Warranties.........................18
         SECTION 7.04.Reliance; Advice of Counsel............................19
         SECTION 7.05.Not Acting in Individual Capacity......................19
         SECTION 7.06.Owner Trustee Not Liable for Certificates
                      or Receivables.........................................19
         SECTION 7.07.Owner Trustee May Own Certificates and Notes...........20
         SECTION 7.08.Pennsylvania Motor Vehicle Sales Finance Act Licenses..20

                                 ARTICLE VIII

                         Compensation of Owner Trustee

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

                                  ARTICLE IX

                        Termination of Trust Agreement

         SECTION 9.01.Termination of Trust Agreement.........................21

                                   ARTICLE X

            Successor Owner Trustees and Additional Owner Trustees

         SECTION 10.01.        Eligibility Requirements for Owner Trustee....22
         SECTION 10.02.        Resignation or Removal of Owner Trustee.......22
         SECTION 10.03.        Successor Owner Trustee.......................23
         SECTION 10.04.        Merger or Consolidation of Owner Trustee......23
         SECTION 10.05.        Appointment of Co-Trustee or Separate Trustee.23

                                  ARTICLE XI

                                 Miscellaneous

         SECTION 11.01.        Supplements and Amendments....................25
         SECTION 11.02.        No Legal Title to Owner Trust Estate in
                               Owners........................................26
         SECTION 11.03.        Limitations on Rights of Others...............26
         SECTION 11.04.        Notices.......................................26
         SECTION 11.05.        Severability..................................26
         SECTION 11.06.        Separate Counterparts.........................26
         SECTION 11.07.        Successors and Assigns........................27
         SECTION 11.08.        Covenants of Company..........................27
         SECTION 11.09.        No Petition...................................27
         SECTION 11.10.        No Recourse...................................27
         SECTION 11.11.        Headings......................................27
         SECTION 11.12.        GOVERNING LAW.................................27
         SECTION 11.13.        Certificate Transfer Restrictions.............27
         SECTION 11.14.        Depositor Payment Obligation..................28

                                   EXHIBITS

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

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

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

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

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

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

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

                                  ARTICLE I

                                 Definitions

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

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

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

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

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

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

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

     "Certificate Balance" shall initially equal $58,950,000, reduced (but not
below zero) by all amounts previously distributed pursuant to Section
5.05(a)(ii)(E) to Certificateholders.

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

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

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

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

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

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

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

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

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

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

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

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

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

     "Note Depository Agreement" shall mean the agreement dated November 6,
2000, among the Trust, the Indenture Trustee, the Administrator and The
Depository Trust Company, as the initial Clearing Agency, relating to the
Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4
Notes, as the same may be amended and supplemented from time to time.

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

     "Owner" shall mean each Holder of a Certificate.

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

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

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

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

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

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

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

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

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

     SECTION 1.02.  Other Definitional Provisions. (a) Capitalized terms
used and not otherwise defined herein have the meanings assigned to them in
the Sale and Servicing Agreement or, if not defined therein, in the Indenture.

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

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

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

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

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

                                  ARTICLE II

                                 Organization

     SECTION 2.01. Name. The Trust created hereby shall be known as
"DaimlerChrysler Auto Trust 2000-D," in which name the Owner Trustee may
conduct the business of the Trust, make and execute contracts and other
instruments on behalf of the Trust and sue and be sued.

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

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

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

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

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

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

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

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

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

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

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

     SECTION 2.05. Initial Capital Contribution of Owner Trust Estate. The
Depositor hereby sells, assigns, transfers, conveys and sets over to the Owner
Trustee, as of the date hereof, the sum of $1. The Owner Trustee hereby
acknowledges receipt in trust from the Depositor, as of the date hereof, of
the foregoing contribution, which shall constitute the initial Owner Trust
Estate and shall be deposited in the Deposit Account. The Depositor shall pay
organizational expenses of the Trust as they may arise or shall, upon the
request of the Owner Trustee, promptly reimburse the Owner Trustee for any
such expenses paid by the Owner Trustee.

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

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

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

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

     SECTION 2.10. Representations and Warranties of Depositor and Company.
(a) The Depositor hereby represents and warrants to the Owner Trustee that:

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

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

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

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

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

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

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

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

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

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

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

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

                                 ARTICLE III

                    Certificates and Transfer of Interests

     SECTION 3.01. Initial Ownership. Upon the formation of the Trust by the
contribution by the Depositor pursuant to Section 2.05 and until the issuance
of the Certificates, the Depositor shall be the sole beneficiary of the Trust.

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

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

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

     SECTION 3.04. Registration of Transfer and Exchange of Certificates;
Limitations on Transfer. The Certificate Registrar shall keep or cause to be
kept, at the office or agency maintained pursuant to Section 3.08, a
Certificate Register in which, subject to such reasonable regulations as it
may prescribe, the Owner Trustee shall provide for the registration of
Certificates and of transfers and exchanges of Certificates as herein
provided. The Chase Manhattan Bank shall be the initial Certificate Registrar.

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

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

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

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

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

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

     SECTION 3.06. Persons Deemed Owners. Prior to due presentation of a
Certificate for registration of transfer, the Owner Trustee, the Certificate
Registrar or any Paying Agent may treat the Person in whose name any
Certificate is registered in the Certificate Register as the owner of such
Certificate for the purpose of receiving distributions pursuant to Section
5.02 and for all other purposes whatsoever, and none of the Owner Trustee, the
Certificate Registrar or any Paying Agent shall be bound by any notice to the
contrary.

     SECTION 3.07. Access to List of Certificateholders' Names and Addresses.
The Owner Trustee shall furnish or cause to be furnished to the Servicer and
the Depositor, within 15 days after receipt by the Owner Trustee of a written
request therefor from the Servicer or the Depositor, a list, in such form as
the Servicer or the Depositor may reasonably require, of the names and
addresses of the Certificateholders as of the most recent Record Date. If a
Certificateholder applies in writing to the Owner Trustee, and such
application states that the applicant desires to communicate with other
Certificateholders with respect to their rights under this Agreement or under
the Certificates, then the Owner Trustee shall, within five Business Days
after the receipt of such application, afford such applicant access during
normal business hours to the current list of Certificateholders. Each Holder,
by receiving and holding a Certificate, shall be deemed to have agreed not to
hold any of the Depositor, the Company, the Certificate Registrar or the Owner
Trustee accountable by reason of the disclosure of its name and address,
regardless of the source from which such information was derived.

     SECTION 3.08. Maintenance of Office or Agency. The Owner Trustee shall
maintain in the Borough of Manhattan, The City of New York, an office or
offices or agency or agencies where Certificates may be surrendered for
registration of transfer or exchange and where notices and demands to or upon
the Owner Trustee in respect of the Certificates and the Basic Documents may
be served. The Owner Trustee initially designates The Chase Manhattan Bank, 55
Water Street, New York, New York 10041 as its office for such purposes. The
Owner Trustee shall give prompt written notice to the Company and to the
Certificateholders of any change in the location of the Certificate Register
or any such office or agency.

     SECTION 3.09. Appointment of Paying Agent. The Paying Agent shall make
distributions to Certificateholders from the Deposit Account pursuant to
Section 5.02 and shall report the amounts of such distributions to the Owner
Trustee. Subject to the provisions of Section 5.05 of the Sale and Servicing
Agreement, any Paying Agent shall have the revocable power to withdraw funds
from the Deposit Account for the purpose of making the distributions referred
to above. The Owner Trustee may revoke such power and remove the Paying Agent
if the Owner Trustee determines in its sole discretion that the Paying Agent
shall have failed to perform its obligations under this Agreement in any
material respect or that it is in the interest of the Certificateholders to do
so. The Paying Agent initially shall be the Indenture Trustee, and any
co-paying agent chosen by the Indenture Trustee and acceptable to the Owner
Trustee. The Person acting as Indenture Trustee shall not be permitted to
resign as Paying Agent so long as such Person is acting as the Indenture
Trustee. The Owner Trustee shall cause such successor Paying Agent or any
additional Paying Agent appointed by the Owner Trustee to execute and deliver
to the Owner Trustee an instrument in which such successor Paying Agent or
additional Paying Agent shall agree with the Owner Trustee that, as Paying
Agent, such successor Paying Agent or additional Paying Agent will hold all
sums, if any, held by it for payment to the Certificateholders in trust for
the benefit of the Certificateholders entitled thereto until such sums shall
be paid to such Certificateholders. The Paying Agent shall return all
unclaimed funds to the Owner Trustee and upon removal of a Paying Agent such
Paying Agent shall also return all funds in its possession to the Owner
Trustee. The provisions of Sections 7.01, 7.03, 7.04 and 8.01 shall apply to
the Owner Trustee also in its role as Paying Agent, for so long as the Owner
Trustee shall act as Paying Agent and, to the extent applicable, to any other
paying agent appointed hereunder. Any reference in this Agreement to the
Paying Agent shall include any co-paying agent unless the context requires
otherwise.

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

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

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

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

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

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

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

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

                                  ARTICLE IV

                           Actions by Owner Trustee

     SECTION 4.01. Prior Notice to Owners with Respect to Certain Matters.
With respect to the following matters, the Owner Trustee shall not take action
unless at least 30 days before the taking of such action, the Owner Trustee
shall have notified the Certificateholders in writing of the proposed action
and the Owners shall not have notified the Owner Trustee in writing prior to
the 30th day after such notice is given that such Owners have withheld consent
or provided alternative direction:

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

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

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

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

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

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

     SECTION 4.02. Action by Owners with Respect to Certain Matters. The Owner
Trustee shall not have the power, except upon the direction of the Owners, to
(a) remove the Administrator under the Administration Agreement pursuant to
Section 8 thereof, (b) appoint a successor Administrator pursuant to Section 8
of the Administration Agreement, (c) remove the Servicer under the Sale and
Servicing Agreement pursuant to Section 8.01 thereof or (d) except as
expressly provided in the Basic Documents, sell the Receivables after the
termination of the Indenture. The Owner Trustee shall take the actions
referred to in the preceding sentence only upon written instructions signed by
the Owners.

     SECTION 4.03. Action by Owners with Respect to Bankruptcy. The Owner
Trustee shall not have the power to commence a voluntary proceeding in
bankruptcy relating to the Trust without the unanimous prior approval of all
Owners and the delivery to the Owner Trustee by each such Owner of a
certificate certifying that such Owner reasonably believes that the Trust is
insolvent.

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

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

                                  ARTICLE V

                  Application of Trust Funds; Certain Duties

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

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

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

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

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

                                  ARTICLE VI

                     Authority and Duties of Owner Trustee

     SECTION 6.01. General Authority. The Owner Trustee is authorized and
directed to execute and deliver the Basic Documents to which the Trust is to
be a party and each certificate or other document attached as an exhibit to or
contemplated by the Basic Documents to which the Trust is to be a party and
any amendment or other agreement or instrument described in Section 3.11, in
each case, in such form as the Company shall approve, as evidenced
conclusively by the Owner Trustee's execution thereof. In addition to the
foregoing, the Owner Trustee is authorized, but shall not be obligated, to
take all actions required of the Trust pursuant to the Basic Documents. The
Owner Trustee is further authorized from time to time to take such action as
the Administrator recommends with respect to the Basic Documents.

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

     SECTION 6.03. Action upon Instruction. (a) Subject to Article IV and in
accordance with the terms of the Basic Documents, the Owners may by written
instruction direct the Owner Trustee in the management of the Trust. Such
direction may be exercised at any time by written instruction of the Owners
pursuant to Article IV.

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

     (c) Whenever the Owner Trustee is unable to decide between alternative
courses of action permitted or required by the terms of this Agreement or
under any Basic Document, the Owner Trustee shall promptly give notice (in
such form as shall be appropriate under the circumstances) to the Owners
requesting instruction as to the course of action to be adopted, and to the
extent the Owner Trustee acts in good faith in accordance with any written
instruction of the Owners received, the Owner Trustee shall not be liable on
account of such action to any Person. If the Owner Trustee shall not have
received appropriate instruction within 10 days of such notice (or within such
shorter period of time as reasonably may be specified in such notice or may be
necessary under the circumstances) it may, but shall be under no duty to, take
or refrain from taking such action not inconsistent with this Agreement or the
Basic Documents, as it shall deem to be in the best interests of the Owners,
and shall have no liability to any Person for such action or inaction.

     (d) In the event that the Owner Trustee is unsure as to the application
of any provision of this Agreement or any Basic Document or any such provision
is ambiguous as to its application, or is, or appears to be, in conflict with
any other applicable provision, or in the event that this Agreement permits
any determination by the Owner Trustee or is silent or is incomplete as to the
course of action that the Owner Trustee is required to take with respect to a
particular set of facts, the Owner Trustee may give notice (in such form as
shall be appropriate under the circumstances) to the Owners requesting
instruction and, to the extent that the Owner Trustee acts or refrains from
acting in good faith in accordance with any such instruction received, the
Owner Trustee shall not be liable, on account of such action or inaction, to
any Person. If the Owner Trustee shall not have received appropriate
instruction within 10 days of such notice (or within such shorter period of
time as reasonably may be specified in such notice or may be necessary under
the circumstances) it may, but shall be under no duty to, take or refrain from
taking such action not inconsistent with this Agreement or the Basic
Documents, as it shall deem to be in the best interests of the Owners, and
shall have no liability to any Person for such action or inaction.

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

     SECTION 6.05. No Action Except Under Specified Documents or Instructions.
The Owner Trustee shall not manage, control, use, sell, dispose of or
otherwise deal with any part of the Owner Trust Estate except (i) in
accordance with the powers granted to and the authority conferred upon the
Owner Trustee pursuant to this Agreement, (ii) in accordance with the Basic
Documents and (iii) in accordance with any document or instruction delivered
to the Owner Trustee pursuant to Section 6.03.

     SECTION 6.06. Restrictions. The Owner Trustee shall not take any action
(a) that is inconsistent with the purposes of the Trust set forth in Section
2.03 or (b) that, to the actual knowledge of the Owner Trustee, would result
in the Trust's becoming taxable as a corporation for federal income tax
purposes. The Owners shall not direct the Owner Trustee to take action that
would violate the provisions of this Section.

                                 ARTICLE VII

                           Concerning Owner Trustee

     SECTION 7.01. Acceptance of Trusts and Duties. The Owner Trustee accepts
the trusts hereby created and agrees to perform its duties hereunder with
respect to such trusts, but only upon the terms of this Agreement. The Owner
Trustee also agrees to disburse all moneys actually received by it
constituting part of the Owner Trust Estate upon the terms of the Basic
Documents and this Agreement. The Owner Trustee shall not be answerable or
accountable hereunder or under any Basic Document under any circumstances,
except (i) for its own willful misconduct or negligence or (ii) in the case of
the inaccuracy of any representation or warranty contained in Section 7.03
expressly made by the Owner Trustee. In particular, but not by way of
limitation (and subject to the exceptions set forth in the preceding
sentence):

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

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

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

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

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

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

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

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

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

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

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

     (c) Neither the execution or the delivery by it of this Agreement, nor
the consummation by it of the transactions contemplated hereby, nor compliance
by it with any of the terms or provisions hereof will contravene any federal
or Delaware law, governmental rule or regulation governing the banking or
trust powers of the Owner Trustee or any judgment or order binding on it, or
constitute any default under its charter documents or bylaws or any indenture,
mortgage, contract, agreement or instrument to which it is a party or by which
any of its properties may be bound.

     SECTION 7.04. Reliance; Advice of Counsel. (a) The Owner Trustee shall
incur no liability to anyone in acting upon any signature, instrument, notice,
resolution, request, consent, order, certificate, report, opinion, bond, or
other document or paper believed by it to be genuine and believed by it to be
signed by the proper party or parties. The Owner Trustee may accept a
certified copy of a resolution of the board of directors or other governing
body of any corporate party as conclusive evidence that such resolution has
been duly adopted by such body and that the same is in full force and effect.
As to any fact or matter the method of determination of which is not
specifically prescribed herein, the Owner Trustee may for all purposes hereof
rely on a certificate, signed by the president or any vice president or by the
treasurer or other authorized officers of the relevant party, as to such fact
or matter, and such certificate shall constitute full protection to the Owner
Trustee for any action taken or omitted to be taken by it in good faith in
reliance thereon.

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

     SECTION 7.05. Not Acting in Individual Capacity. Except as provided in
this Article VII, in accepting the trusts hereby created Chase Manhattan Bank
USA, National Association acts solely as Owner Trustee hereunder and not in
its individual capacity, and all Persons having any claim against the Owner
Trustee by reason of the transactions contemplated by this Agreement or any
Basic Document shall look only to the Owner Trust Estate for payment or
satisfaction thereof.

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

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

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

                                 ARTICLE VIII

                         Compensation of Owner Trustee

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

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

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

                                  ARTICLE IX

                        Termination of Trust Agreement

     SECTION 9.01. Termination of Trust Agreement. (a) The Trust shall
dissolve upon the final distribution by the Owner Trustee of all moneys or
other property or proceeds of the Owner Trust Estate in accordance with the
terms of the Indenture, the Sale and Servicing Agreement and Article V. The
bankruptcy, liquidation, dissolution, death or incapacity of any Owner shall
not (x) operate to dissolve or terminate this Agreement or the Trust or (y)
entitle such Owner's legal representatives or heirs to claim an accounting or
to take any action or proceeding in any court for a partition or winding up of
all or any part of the Trust or Owner Trust Estate or (z) otherwise affect the
rights, obligations and liabilities of the parties hereto.

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

     (c) Notice of any dissolution of the Trust, specifying the Payment Date
upon which Certificateholders shall surrender their Certificates to the Paying
Agent for payment of the final distribution and cancellation, shall be given
by the Owner Trustee by letter to Certificateholders mailed within five
Business Days of receipt of a termination notice of such termination from the
Servicer given pursuant to Section 9.01(c) of the Sale and Servicing
Agreement, stating (i) the Payment Date upon or with respect to which final
payment of the Certificates shall be made upon presentation and surrender of
the Certificates at the office of the Paying Agent therein designated, (ii)
the amount of any such final payment and (iii) that the Record Date otherwise
applicable to such Payment Date is not applicable, payments being made only
upon presentation and surrender of the Certificates at the office of the
Paying Agent therein specified. The Owner Trustee shall give such notice to
the Certificate Registrar (if other than the Owner Trustee) and the Paying
Agent at the time such notice is given to Certificateholders. Upon
presentation and surrender of the Certificates, the Paying Agent shall cause
to be distributed to Certificateholders amounts distributable on such Payment
Date pursuant to Section 5.02.

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

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

                                   ARTICLE X

            Successor Owner Trustees and Additional Owner Trustees

     SECTION 10.01. Eligibility Requirements for Owner Trustee. The Owner
Trustee shall at all times be a corporation satisfying the provisions of
Section 3807(a) of the Business Trust Statute; authorized to exercise
corporate trust powers; having a combined capital and surplus of at least
$50,000,000 and subject to supervision or examination by federal or state
authorities; and having (or having a parent that has) time deposits that are
rated at least "A-1" by Standard & Poor's and "P-1" by Moody's. If such
corporation shall publish reports of condition at least annually pursuant to
law or to the requirements of the aforesaid supervising or examining
authority, then for the purpose of this Section, the combined capital and
surplus of such corporation shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. In
case at any time the Owner Trustee shall cease to be eligible in accordance
with the provisions of this Section, the Owner Trustee shall resign
immediately in the manner and with the effect specified in Section 10.02.

     SECTION 10.02. Resignation or Removal of Owner Trustee. The Owner Trustee
may at any time resign and be discharged from the trusts hereby created by
giving written notice thereof to the Administrator. Upon receiving such notice
of resignation, the Administrator shall promptly appoint a successor Owner
Trustee by written instrument, in duplicate, one copy of which instrument
shall be delivered to the resigning Owner Trustee and one copy to the
successor Owner Trustee. If no successor Owner Trustee shall have been so
appointed and have accepted appointment within 30 days after the giving of
such notice of resignation, the resigning Owner Trustee may petition any court
of competent jurisdiction for the appointment of a successor Owner Trustee.

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

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

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

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

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

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

     SECTION 10.05. Appointment of Co-Trustee or Separate Trustee.
Notwithstanding any other provisions of this Agreement, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any
part of the Owner Trust Estate or any Financed Vehicle may at the time be
located, the Administrator and the Owner Trustee acting jointly shall have the
power and shall execute and deliver all instruments to appoint one or more
Persons approved by the Administrator and Owner Trustee to act as co-trustee,
jointly with the Owner Trustee, or as separate trustee or separate trustees,
of all or any part of the Owner Trust Estate, and to vest in such Person, in
such capacity, such title to the Trust or any part thereof and, subject to the
other provisions of this Section, such powers, duties, obligations, rights and
trusts as the Administrator and the Owner Trustee may consider necessary or
desirable. If the Administrator shall not have joined in such appointment
within 15 days after the receipt by it of a request so to do, the Owner
Trustee alone shall have the power to make such appointment. No co-trustee or
separate trustee under this Agreement shall be required to meet the terms of
eligibility as a successor Owner Trustee pursuant to Section 10.01 and no
notice of the appointment of any co-trustee or separate trustee shall be
required pursuant to Section 10.03.

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

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

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

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

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

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

                                  ARTICLE XI

                                 Miscellaneous

     SECTION 11.01. Supplements and Amendments. This Agreement may be amended
by the Depositor, the Company and the Owner Trustee, with prior written notice
to the Rating Agencies, without the consent of any of the Noteholders or the
Certificateholders, to cure any ambiguity, to correct or supplement any
provisions in this Agreement or for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions in this Agreement
(including for the issuance of Fixed Value Securities pursuant to Section 2.03
of the Sale and Servicing Agreement) or of modifying in any manner the rights
of the Noteholders or the Certificateholders; provided, however, that such
action shall not, as evidenced by an Opinion of Counsel, adversely affect in
any material respect the interests of any Noteholder or Certificateholder.

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

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

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

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

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

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

     SECTION 11.02. No Legal Title to Owner Trust Estate in Owners. The Owners
shall not have legal title to any part of the Owner Trust Estate. The Owners
shall be entitled to receive distributions with respect to their undivided
ownership interest therein only in accordance with Articles V and IX. No
transfer, by operation of law or otherwise, of any right, title or interest of
the Owners to and in their ownership interest in the Trust shall operate to
terminate this Agreement or the trusts hereunder or entitle any transferee to
an accounting or to the transfer to it of legal title to any part of the Owner
Trust Estate.

     SECTION 11.03. Limitations on Rights of Others. The provisions of this
Agreement are solely for the benefit of the Owner Trustee, the Depositor, the
Company, the Owners, the Administrator and, to the extent expressly provided
herein, the Indenture Trustee and the Noteholders, and nothing in this
Agreement, whether express or implied, shall be construed to give to any other
Person any legal or equitable right, remedy or claim in the Owner Trust Estate
or under or in respect of this Agreement or any covenants, conditions or
provisions contained herein.

     SECTION 11.04. Notices. (a) Unless otherwise expressly specified or
permitted by the terms hereof, all notices shall be in writing and shall be
deemed given upon receipt by the intended recipient or three Business Days
after mailing if mailed by certified mail, postage prepaid (except that notice
to the Owner Trustee shall be deemed given only upon actual receipt by the
Owner Trustee), if to the Owner Trustee, addressed to the Corporate Trust
Office; if to the Depositor, addressed to Chrysler Financial Company L.L.C.,
27777 Franklin Road, Southfield, Michigan 48034, Attention of Assistant
Secretary; if to the Company, addressed to DaimlerChrysler Retail Receivables,
LLC, 27777 Franklin Road, Southfield, Michigan 48034, Attention of Assistant
Secretary; or, as to each party, at such other address as shall be designated
by such party in a written notice to each other party.

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

     SECTION 11.05. Severability. Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate
or render unenforceable such provision in any other jurisdiction.

     SECTION 11.06. Separate Counterparts. This Agreement may be executed by
the parties hereto in separate counterparts, each of which when so executed
and delivered shall be an original, but all such counterparts shall together
constitute but one and the same instrument.

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

     SECTION 11.08. Covenants of Company. In the event that any litigation
with claims in excess of $1,000,000 to which the Company is a party which
shall be reasonably likely to result in a material judgment against the
Company that the Company will not be able to satisfy shall be commenced by an
Owner, during the period beginning nine months following the commencement of
such litigation and continuing until such litigation is dismissed or otherwise
terminated (and, if such litigation has resulted in a final judgment against
the Company, such judgment has been satisfied), the Company shall not make any
distribution on or in respect of its membership interests to any of its
members, or repay the principal amount of any indebtedness of the Company held
by CFC, unless (i) after giving effect to such distribution or repayment, the
Company's liquid assets shall not be less than the amount of actual damages
claimed in such litigation or (ii) the Rating Agency Condition shall have been
satisfied with respect to any such distribution or repayment. The Company will
not at any time institute against the Trust any bankruptcy proceedings under
any United States federal or state bankruptcy or similar law in connection
with any obligations relating to the Certificates, the Notes, this Agreement
or any of the Basic Documents.

     SECTION 11.09. No Petition. The Owner Trustee, by entering into this
Agreement, each Certificateholder, by accepting a Certificate, and the
Indenture Trustee and each Noteholder, by accepting the benefits of this
Agreement, hereby covenant and agree that they will not at any time institute
against the Company or the Trust, or join in any institution against the
Company or the Trust of, any bankruptcy proceedings under any United States
federal or state bankruptcy or similar law in connection with any obligations
relating to the Certificates, the Notes, this Agreement or any of the Basic
Documents.

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

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

     SECTION 11.12. GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

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

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

<PAGE>

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

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

                          By: /s/ Anthony Pisano
                              ---------------------
                          Name:  Anthony Pisano
                          Title:  Assistant Controller

                          DAIMLERCHRYSLER RETAIL RECEIVABLES LLC

                          By:   Chrysler Financial Receivables Corporation,
                                as a Member

                          By: /s/ Anthony Pisano
                              ---------------------
                          Name: Anthony Pisano
                          Title:  Assistant Controller

                          CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION,
                          not in its individual capacity but solely
                              as Owner Trustee

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

<PAGE>

                                                                      EXHIBIT A

                              Form of Certificate

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

No. R-1                                               Percentage Interest: 100%

                       DAIMLERCHRYSLER AUTO TRUST 2000-D

                                  CERTIFICATE

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

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

         THIS CERTIFIES THAT ______________________________________ is the
registered owner of a __________________________________ PERCENT
nonassessable, fully-paid, undivided percentage interest in DaimlerChrysler
Auto Trust 2000-D (the "Trust"), formed by Chrysler Financial Company L.L.C.,
a Michigan limited liability company (the "Depositor"), and DaimlerChrysler
Retail Receivables LLC, a Michigan limited liability company (the "Company").
The initial Certificate Balance is $58,950,000.

<PAGE>

                 OWNER TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

CHASE MANHATTAN BANK USA,           CHASE MANHATTAN BANK USA,
NATIONAL ASSOCIATION, as Owner      NATIONAL ASSOCIATION,
Trustee                         or  as Owner Trustee

                                    by:    THE CHASE MANHATTAN BANK,
                                           as Authenticating Agent

by:                                 by:
-------------------------------        -------------------------------
    Authorized Signatory                    Authorized Signatory

<PAGE>

     The Trust was created pursuant to a Trust Agreement dated as of October
1, 2000, as amended and restated by an Amended and Restated Trust Agreement
dated as of November 1, 2000 (as so amended and restated and further amended
or supplemented from time to time, the "Trust Agreement"), among the
Depositor, the Company and Chase Manhattan Bank USA, National Association, as
owner trustee (the "Owner Trustee"), a summary of certain of the pertinent
provisions of which is set forth below. To the extent not otherwise defined
herein, the capitalized terms used herein have the meanings assigned to them
in the Trust Agreement or the Sale and Servicing Agreement dated as of
November 1, 2000 (as amended and supplemented from time to time, the "Sale and
Servicing Agreement"), between the Trust and the Depositor, as seller and as
servicer (in such capacity, the "Servicer"), as applicable.

     This Certificate is one of the duly authorized class of certificates
(herein called the "Certificates"). Also issued under an Indenture dated as of
November 1, 2000 (the "Indenture"), between the Trust and Bank One, National
Association, as indenture trustee, are the four classes of Notes designated as
"Class A-1 6.699% Asset Backed Notes," "Class A-2 6.700% Asset Backed Notes,"
"Class A-3 6.660% Asset Backed Notes" and "Class A-4 6.700% Asset Backed
Notes" (collectively, the "Notes"). This Certificate is issued under and is
subject to the terms, provisions and conditions of the Trust Agreement, to
which Trust Agreement the Holder of this Certificate by virtue of its
acceptance hereof assents and by which such Holder is bound. The property of
the Trust consists of a pool of retail installment sale contracts for new and
used automobiles and light duty trucks and the Amortizing Payments on the
Fixed Value Receivables (collectively, the "Receivables"), all monies received
on or after October 24, 2000, security interests in the vehicles financed
thereby, certain bank accounts and the proceeds thereof, proceeds from claims
on certain insurance policies and certain other rights under the Trust
Agreement and the Sale and Servicing Agreement and all proceeds of the
foregoing. The term "Fixed Value Receivables" shall mean retail sale contracts
secured by new automobiles or light duty trucks with a series of fixed level
payment monthly installments (the "Amortizing Payments") and a final fixed
value payment that is greater than each Amortizing Payment. Distributions, if
any, in respect of this Certificate will be made pursuant to Section 5.02 of
the Trust Agreement.

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

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

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

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

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

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

     THIS CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND
THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS.

<PAGE>

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

                           DAIMLERCHRYSLER AUTO TRUST 2000-D

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

Dated:                    by:
                             --------------------------------------------------
                                            Authorized Signatory

<PAGE>

                           [REVERSE OF CERTIFICATE]

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

     The Trust Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of
the Depositor and the Company and the rights of the Certificateholders under
the Trust Agreement at any time by the Depositor, the Company and the Owner
Trustee with the consent of the Holders of the Certificates and the Notes,
each voting as a class, evidencing not less than a majority of the Percentage
Interests evidenced by the outstanding Certificates or a majority of the
Outstanding Amount of the Notes of each such class. Any such consent by the
Holder of this Certificate shall be conclusive and binding on such Holder and
on all future Holders of this Certificate and of any Certificate issued upon
the transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent is made upon this Certificate. The Trust Agreement
also permits the amendment thereof, in certain limited circumstances, without
the consent of the Holders of any of the Certificates.

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

     Except as provided in the Trust Agreement, the Certificates are issuable
only as registered Certificates. As provided in the Trust Agreement and
subject to certain limitations therein set forth, Certificates are
exchangeable for new Certificates of authorized denominations evidencing the
same aggregate denomination, as requested by the Holder surrendering the same.
No service charge will be made for any such registration of transfer or
exchange, but the Owner Trustee or the Certificate Registrar may require
payment of a sum sufficient to cover any tax or governmental charge payable in
connection therewith.

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

     The obligations and responsibilities created by the Trust Agreement and
the Trust created thereby shall terminate upon the payment to
Certificateholders of all amounts required to be paid to them pursuant to the
Trust Agreement and the Sale and Servicing Agreement and the disposition of
all property held as part of the Owner Trust Estate. The Servicer of the
Receivables may at its option purchase the Owner Trust Estate at a price
specified in the Sale and Servicing Agreement, and such purchase of the
Receivables and other property of the Trust will effect early retirement of
the Certificates; provided, however, such right of purchase is exercisable
only as of the last day of any Collection Period as of which the Pool Balance
is less than or equal to 10% of the Original Pool Balance.

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

<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, and hereby irrevocably
constitutes and appoints , attorney, to transfer said Certificate on the books
of the Certificate Registrar, with full power of substitution in the premises.

Dated:                               ________________________________________*/
                                                Signature Guaranteed:

                                                 ____________________________*/

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

<PAGE>

                                      B-1

                                                                      EXHIBIT B

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

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

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

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

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

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

                                          CHASE MANHATTAN BANK USA,
                                          NATIONAL ASSOCIATION, not
                                          in its individual
                                          capacity but as owner
                                          trustee under the Trust
                                          Agreement dated as of
                                          ____________, 2000-D

                                          by:
                                           ------------------------------------
                                           Name:
                                           Title:

<PAGE>

                                                                      EXHIBIT C

                        FORM OF TRANSFEROR CERTIFICATE

                        [DATE]

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

                  Re:      DaimlerChrysler Auto Trust 2000-D Certificates

Ladies and Gentlemen:

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

                            Very truly yours,

                            [NAME OF TRANSFEROR]

                            By:
                               ----------------------------------------------
                                          Authorized Officer

<PAGE>

                                                                      EXHIBIT D

                           FORM OF INVESTMENT LETTER

                           [DATE]

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

                  Re:      DaimlerChrysler Auto Trust 2000-D  Certificates

Ladies and Gentlemen:

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

                                    Very truly yours,

                                    [NAME OF TRANSFEROR]

                                    By:
                                          -------------------------------------
                                          Authorized Officer

<PAGE>

                                                                      EXHIBIT E

                           FORM OF RULE 144A LETTER

                           [DATE]

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

                  Re:      DaimlerChrysler Auto Trust 2000-D Certificates

Ladies and Gentlemen:

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

                                    Very truly yours,

                                    [NAME OF TRANSFEROR]

                                    By:
                                          -------------------------------------
                                          Authorized OfficerExhibit 4.1

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

                            FORM OF TRUST AGREEMENT

                                    between

                         ML ASSET BACKED CORPORATION,

                                 as Depositor

                                      and

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

                                      as

                                 Owner Trustee

                         Dated as of __________, 200__

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

<PAGE>

                               Table of Contents
                                                                          Page
                                                                          ----

ARTICLE I        Definitions................................................1
                 SECTION 1.1     Capitalized Terms..........................1
                 SECTION 1.2     Other Definitional Provisions..............3

ARTICLE II       Organization...............................................4
                 SECTION 2.1     Name.......................................4
                 SECTION 2.2     Office.....................................4
                 SECTION 2.3     Purposes and Powers........................4
                 SECTION 2.4     Appointment of Owner Trustee...............5
                 SECTION 2.5     Initial Capital Contribution of Trust
                                 Estate.....................................5
                 SECTION 2.6     Declaration of Trust.......................5
                 SECTION 2.7     Liability of the Transferor................5
                 SECTION 2.8     Title to Trust Property....................5
                 SECTION 2.9     Situs of Trust.............................6
                 SECTION 2.10    Representations and Warranties of the
                                 Depositor..................................6
                 SECTION 2.11    Federal Income Taxes.......................7
                 SECTION 2.12    [Reserved].................................8
                 SECTION 2.13    Covenants of the Holders...................8

ARTICLE III      Trust Certificates and Transfer of Interests...............8
                 SECTION 3.1     Initial Ownership..........................8
                 SECTION 3.2     The Trust Certificates.....................9
                 SECTION 3.3     Authentication of Trust Certificates.......9
                 SECTION 3.4     Registration of Transfer and Exchange of
                                 Trust Certificates.........................9
                 SECTION 3.5     Mutilated, Destroyed, Lost or Stolen
                                 Trust Certificates........................11
                 SECTION 3.6     Persons Deemed Certificateholders.........12
                 SECTION 3.7     Access to List of Certificateholders'
                                 Names and Addresses.......................12
                 SECTION 3.8     Maintenance of Office or Agency...........12
                 SECTION 3.9     Appointment of Certificate Paying Agent...13
                 SECTION 3.10    [Reserved]................................13
                 SECTION 3.11    [Reserved]................................13
                 SECTION 3.12    [Reserved]................................13
                 SECTION 3.13    ERISA Restrictions........................13
                 SECTION 3.14    [Reserved]................................14
                 SECTION 3.15    [Reserved]................................14
                 SECTION 3.16    [Reserved]................................14
                 SECTION 3.17    Original Issuance.........................14
                 SECTION 3.18    Actions of Certificateholders.............14

ARTICLE IV       Actions by Owner Trustee..................................15
                 SECTION 4.1     Prior Notice to Holders with Respect
                                 to Certain Matters........................15
                 SECTION 4.2     Action by Certificateholders with Respect
                                 to Certain Matters........................15
                 SECTION 4.3     Action by Certificateholders with Respect
                                 to Bankruptcy.............................15
                 SECTION 4.4     Restrictions on Certificateholders' Power.16
                 SECTION 4.5     Majority Control..........................16
                 SECTION 4.6     Rights of Insurer.........................17

ARTICLE V        Application of Trust Funds; Certain Duties................17
                 SECTION 5.1    Establishment of Certificate
                                Distribution Account.......................17
                 SECTION 5.2    Application of Funds in Certificate
                                Distribution Account.......................17
                 SECTION 5.3    [Reserved].................................19
                 SECTION 5.4    Method of Payment..........................19
                 SECTION 5.5    No Segregation of Monies; No Interest......19
                 SECTION 5.6    Accounting and Reports to the Noteholders,
                                Certificateholders the Internal Revenue
                                Service and Others.........................19
                 SECTION 5.7    Signature on Returns; Tax Matters Partner..20

ARTICLE VI       Authority and Duties of Owner Trustee.....................20
                 SECTION 6.1    General Authority..........................20
                 SECTION 6.2    General Duties.............................20
                 SECTION 6.3    Action upon Instruction....................21
                 SECTION 6.4    No Duties Except as Specified in this
                                Agreement or in Instructions...............22
                 SECTION 6.5    No Action Except under Specified Documents
                                or Instructions............................22
                 SECTION 6.6    Restrictions...............................22

ARTICLE VII      Concerning the Owner Trustee..............................22
                 SECTION 7.1    Acceptance of Trusts and Duties............22
                 SECTION 7.2    Furnishing of Documents....................24
                 SECTION 7.3    Representations and Warranties.............24
                 SECTION 7.4    Reliance; Advice of Counsel................24
                 SECTION 7.5    Not Acting in Individual Capacity..........25
                 SECTION 7.6    Owner Trustee Not Liable for Trust
                                Certificates or Receivables................25
                 SECTION 7.7    Owner Trustee May Own Trust Certificates
                                and Notes..................................26
                 SECTION 7.8    Payments from Owner Trust Estate...........26
                 SECTION 7.9    Doing Business in Other Jurisdictions......26

ARTICLE VIII     Compensation of Owner Trustee.............................26
                 SECTION 8.1    Owner Trustee's Fees and Expenses..........26
                 SECTION 8.2    Indemnification............................26
                 SECTION 8.3    Payments of Owner Trustee..................27
                 SECTION 8.4    Non-recourse Obligations...................27

ARTICLE IX       Termination of Trust Agreement............................27
                 SECTION 9.1    Termination of Trust Agreement.............27

ARTICLE X        Successor Owner Trustees and Additional Owner Trustees....28
                 SECTION 10.1   Eligibility Requirements for Owner Trustee.28
                 SECTION 10.2   Resignation or Removal of Owner Trustee....29
                 SECTION 10.3   Successor Owner Trustee....................29
                 SECTION 10.4   Merger or Consolidation of Owner Trustee...30
                 SECTION 10.5   Appointment of Co-Trustee or Separate
                                Trustee....................................30

ARTICLE XI       Miscellaneous.............................................31
                 SECTION 11.1   Supplements and Amendments.................31
                 SECTION 11.2   No Legal Title to Owner Trust Estate
                                in Certificateholders......................33
                 SECTION 11.3   Limitations on Rights of Others............33
                 SECTION 11.4   Notices....................................33
                 SECTION 11.5   [Reserved].................................33
                 SECTION 11.6   Severability...............................33
                 SECTION 11.7   Separate Counterparts......................34
                 SECTION 11.8   Third-Party Beneficiaries..................34
                 SECTION 11.9   [Reserved].................................34
                 SECTION 11.10  No Petition................................34
                 SECTION 11.11  No Recourse................................34
                 SECTION 11.12  Headings...................................34
                 SECTION 11.13  GOVERNING LAW..............................34
                 SECTION 11.14  Agreement Creates No Partnership Except
                                for Tax Purposes...........................34
                 SECTION 11.15  Servicer...................................35

<PAGE>

         TRUST AGREEMENT dated as of __________, 200__ between ML ASSET BACKED
CORPORATION, a Delaware corporation, as Depositor, and
_________________________, a Delaware banking corporation as Owner Trustee.

                                   ARTICLE I

                                  Definitions

         SECTION 1.1 Capitalized Terms. For all purposes of this Agreement,
the following terms shall have the meanings set forth below:

                  "Actual Knowledge" means, with respect to the Owner Trustee,
any officer within the Corporate Trust Administration office of the Owner
Trustee responsible for administering the Trust hereunder, or under the Basic
Documents, who has actual knowledge of an action taken or an action not taken
with regard to the Trust. Actions taken or actions not taken of which the
Owner Trustee should have had knowledge, and constructive knowledge, do not
meet the definition of Actual Knowledge hereunder.

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

                  "Basic Documents" shall mean Certificate of Trust, the Trust
Agreement, the Sale and Servicing Agreement, the Indenture, the Insurance
Agreement, the Reserve Account Agreement, the Custodial Agreement, the
Depository Agreement and the other documents and certificates delivered in
connection therewith.

                  "Benefit Plan" shall have the meaning assigned to such term
in Section 3.13.

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

                  "Certificate" means a Trust Certificate evidencing the
beneficial interest of a Certificateholder in the Trust, substantially in the
form of Exhibit A-1 or Exhibit A-2 attached hereto.

                  "Certificate Distribution Account" shall have the meaning
assigned to such term in Section 5.1.

                  "Certificate Majority" means the Holders of more than 50% of
the Outstanding Amount of the Class A Certificates and more than 50% of
Holders of the Class R Certificates.

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

                  "Certificate Paying Agent" shall mean any paying agent or
co-paying agent appointed pursuant to Section 3.9 and shall initially be the
Trustee.

                  "Certificate Register" and "Certificate Registrar" shall
mean the register mentioned and the registrar appointed pursuant to Section
3.4.

                  "Closing Date" means _____________, 200_.

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

                  "Corporate Trust Office" shall mean, with respect to the
Owner Trustee, the principal corporate trust office of the Owner Trustee
located _________________________ _________, Wilmington, Delaware, 19890, or
at such other address as the Owner Trustee may designate by notice to the
Certificateholders and the Depositor, or the principal corporate trust office
of any successor Owner Trustee (the address of which the successor owner
trustee will notify the Certificateholders and the Depositor).

                  "Definitive Trust Certificates" shall mean Trust
Certificates issued in certificated, fully registered form as provided in
Section 3.17 hereof.

                  "Depositor" shall mean ML Asset Backed Corporation in its
capacity as Depositor hereunder.

                  "ERISA" shall have the meaning assigned to such term in
Section 3.13.

                  "Expenses" shall have the meaning assigned to such term in
Section 8.2.

                  "Holder" or "Certificateholder" shall mean the Person in
whose name a Trust Certificate is registered on the Certificate Register.

                  "Indemnified Parties" shall have the meaning assigned to
such term in Section 8.2.

                  "Insurer" shall mean ________________________ its successors
and assigns.

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

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

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

                  "Record Date" shall mean with respect to any Payment Date,
the last day of the calendar month immediately preceding such Payment Date.

                  "Responsible Officer" means, with respect to the Owner
Trustee, any officer within the Corporate Trust Administration office of the
Owner Trustee, including any Vice President, Assistant Vice President,
Assistant Treasurer, Assistant Secretary or any other officer of the Owner
Trustee customarily performing functions similar to those performed by any of
the above designated officers and also, with respect to a particular matter,
any other officer to whom such matter is referred because of such officer's
knowledge of and familiarity with the particular subject.

                  "Sale and Servicing Agreement" shall mean the Sale and
Servicing Agreement among the Trust, __________________, the Depositor, the
Seller, the Servicer, the Indenture Trustee and the Backup Servicer, dated as
of _______________, 200_, as the same maybe amended and supplemented from time
to time.

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

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

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

                  "Trust Certificate" shall mean a Certificate.

         SECTION 1.2  Other Definitional Provisions. (a) Capitalized terms used
herein and not otherwise defined have the meanings assigned to them in the
Sale and Servicing Agreement or, if not defined therein, in the Indenture.

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

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

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

                                  ARTICLE II

                                 Organization

         SECTION 2.1 Name. There is hereby formed a trust to be known as
"______________________________" (hereinafter, the "Trust"), in which name the
Owner Trustee may conduct the business of the Trust, make and execute
contracts and other instruments on behalf of the Trust and sue and be sued.

         SECTION 2.2 Office. The office of the Trust shall be in care of the
Owner Trustee at the Corporate Trust Office or at such other address 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 Trust
         Certificates pursuant to this Agreement, and to sell the Notes and
         the Trust Certificates;

               (ii) to enter into the transactions contemplated by the Sale
         and Servicing Agreement;

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

               (iv) to assign, grant, transfer, pledge, mortgage and convey
         the Owner Trust Estate (other than the Certificate Distribution
         Account) to the Indenture Trustee pursuant to the Indenture for the
         benefit of the Insured and the Indenture Trustee on behalf of the
         Noteholders and to hold, manage and distribute to the
         Certificateholders and the Transferor pursuant to the terms of the
         Sale and Servicing Agreement any portion of the Owner Trust Estate
         released from the Lien of, and remitted to the Trust pursuant to,
         the Indenture;

               (v) to enter into and perform its obligations under the Basic
         Documents to which it is 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 Certificateholders and the Noteholders.

            (b) The Trust is hereby authorized to engage in the foregoing
activities. The Trust shall not engage in any activity other than in
connection with the foregoing or other than as required or authorized by the
terms of this Agreement or the Basic Documents.

         SECTION 2.4 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 Initial Capital Contribution of Trust Estate. The
Depositor hereby sells, assigns, transfers, conveys and sets over to the Owner
Trustee, as of the date hereof, the sum of $1. The Owner Trustee hereby
acknowledges receipt in trust from the Depositor, as of the date hereof, of
the foregoing contribution, which shall constitute the initial Owner Trust
Estate and shall be deposited in the Certificate Distribution Account.

         SECTION 2.6 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 Holders, subject to
the obligations of the Trust under the Basic Documents. It is the intention of
the parties hereto that the Trust constitute a business trust under the
Business Trust Statute and that this Agreement constitute the governing
instrument of such business trust.  It is the intention of the parties hereto
that, solely for income and franchise tax purposes, the Trust shall be treated
as a partnership if the Certificates are treated as held by more than one
person and a disregarded entity if the Certificates are treated as held by a
single person. The parties agree that unless otherwise required by appropriate
tax authorities, the Trust will file or cause to be filed annual or other
necessary returns, reports and other forms consistent with this intention.
Effective as of the date hereof, the Owner Trustee shall have all rights,
powers and duties set forth herein and to the extent not inconsistent
herewith, in the Business Trust Statute with respect to accomplishing the
purposes of the Trust. The Owner Trustee shall file the Certificate of Trust
with the Secretary of State.

         SECTION 2.7 Liability of the Transferor. (a) The Transferor shall pay
organizational expenses of the Trust as they may arise or shall, upon the
request of the Owner Trustee, promptly reimburse the Owner Trustee for any
such expenses paid by the Owner Trustee.

            (b) No Holder, other than to the extent set forth in clause (a),
shall have any personal liability for any liability or obligation of the
Trust.

         SECTION 2.8 Title to Trust Property. (a) Legal title to all the Owner
Trust Estate shall be vested at all times in the Trust as a separate legal
entity except where applicable law in any jurisdiction requires title to any
part of the Owner Trust Estate to be vested in a trustee or trustees, in which
case title shall be deemed to be vested in the Owner Trustee, a co-trustee
and/or a separate trustee, as the case may be.

            (b) The Holders shall not have legal title to any part of the Trust
Property. The Holders shall be entitled to receive distributions with respect
to their undivided beneficial ownership interest therein only in accordance
with Articles V and IX. No transfer, by operation of law or otherwise, of any
right, title or interest by any Certificateholder of its ownership interest in
the Owner Trust Estate shall operate to terminate this Agreement or the trusts
hereunder or entitle any transferee to an accounting or to the transfer to it
of legal title to any part of the Trust Property.

         SECTION 2.9 Situs of Trust. The Trust will be located and
administered in the State of Delaware. All bank accounts maintained by the
Owner Trustee on behalf of the Trust shall be located in the State of Delaware
or the State of New York. 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 Trust shall not have any employees in any state
other than Delaware; provided however, that nothing herein shall restrict or
prohibit the Owner Trustee, in its individual capacity, the Servicer or any
agent of the Trust from having employees within or without the State of
Delaware. The only office of the Trust will be at the Corporate Trust Office
in Delaware.

         SECTION 2.10 Representations and Warranties of the Depositor. The
Depositor makes the following representations and warranties on which the
Owner Trustee relies in accepting the Owner Trust Estate in trust and issuing
the Certificates and upon which the Insurer relies in issuing the Policy.

            (a) Organization and Good Standing. The Depositor is duly organized
and validly existing as a Delaware corporation 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 and is proposed to be conducted
pursuant to this Agreement and the Basic Documents.

            (b) Due Qualification. It is duly qualified to do business as a
foreign corporation in good standing, and has obtained all necessary licenses
and approvals, in all jurisdictions in which the ownership or lease of its
property, the conduct of its business and the performance of its obligations
under this Agreement and the Basic Documents requires such qualification.

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

            (d) Due Authorization and Enforceability. This Agreement has been
duly authorized, executed and delivered by the Depositor, and, assuming the
due authorization, execution and delivery by the other parties thereto, will
constitute a valid and binding agreement of the Depositor, enforceable against
the Depositor in accordance with its terms, except as the enforcement thereof
may be limited by bankruptcy, insolvency, reorganization, moratorium or
similar laws affecting enforcement of creditors' rights generally and except
as enforcement thereof is subject to general principles of equity (regardless
of whether enforcement is considered in a proceeding in equity or at law).

            (e) No Consent Required. No consent, license, approval or
authorization or registration or declaration with, any Person or with any
governmental authority, bureau or agency is required in connection with the
execution, delivery or performance of this Agreement and the Basic Documents,
except for such as have been obtained, effected or made.

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

            (g) No Proceedings. There are no proceedings or investigations
pending or, to its knowledge threatened against it before any court,
regulatory body, administrative agency or other tribunal or governmental
instrumentality having jurisdiction over it or its properties (A) asserting
the invalidity of this Agreement or any of the Basic Documents, (B) seeking to
prevent the issuance of the Certificates or the Notes or the consummation of
any of the transactions contemplated by this Agreement or any of the Basic
Documents, (C) seeking any determination or ruling that might materially and
adversely affect its performance of its obligations under, or the validity or
enforceability of, this Agreement or any of the Basic Documents, or (D)
seeking to adversely affect the Federal, state or local income tax attributes
of the Certificates.

         SECTION 2.11 Federal Income Taxes.

            (a) If Certificates are treated as held by more than one person or
the Trust is recharacterized as an entity separate from its owner, each
Certificateholder acknowledges and agrees that the Trust will be treated as a
partnership solely for income tax purposes and that this Agreement does not
create a partnership for any other purpose. No election to treat the Trust
other than as a disregarded entity if the Certificates are treated as held by
a single person or as a partnership if the Certificates are treated as held by
more than one person for Federal income tax purposes or any relevant state tax
purposes shall be made by or on behalf of the Trust, or by any
Certificateholder.

            (b) Net income of the Trust for any month as determined for Federal
income tax purposes (and each item of income, gain, loss, credit and deduction
entering into the computation thereof) shall be allocated to the extent of
available net income and in accordance with Federal income tax accounting and
allocation principles, among the Certificateholders as of the first Record
Date following the end of such month, in proportion to their ownership of
principal amount of Trust Certificates on such date, in the priorities set
forth in Section 5.2 herein.

            (c) If the net income of the Trust for any month is insufficient
for the allocation described in clause (b) above, subsequent net income shall
first be allocated to make up such shortfall before being allocated as
provided in clause (b).

            (d) Net losses of the Trust, if any, for any month as determined
for Federal income tax accounting and allocation purposes (and each item of
income, gain, loss, credit and deduction entering into the computation
thereof) shall be allocated among the Certificateholders as of the first
Record Date following the end of such month in proportion to their ownership
of principal amount of Trust Certificates on such Record Date until the
principal balance of the Trust Certificates is reduced to zero.

            (e) Notwithstanding anything provided in this Section 2.11, if the
Certificates are treated as held solely by one person or the Trust has not
been recharacterized as an entity separate from its owner, the application of
clause (b), clause (c) and clause (d) of this Section shall be disregarded

         SECTION 2.12 [Reserved].

         SECTION 2.13 Covenants of the Holders. Each Holder agrees:

            (a) to be bound by the terms and conditions of the Certificates and
of this Agreement, including any supplements or amendments hereto and to
perform the obligations of a Holder as set forth therein or herein, in all
respects as if it were a signatory hereto. This undertaking is made for the
benefit of the Trust, the Insurer, the Owner Trustee and all other Holders
present and future;

            (b) to hereby appoint the Owner Trustee as such Holder's agent and
attorney-in-fact to sign any federal income tax information return filed on
behalf of the Trust and agree that, if requested by the Trust, it will sign
such federal income tax information return in its capacity as holder of an
interest in the Trust. Each Holder also hereby agrees that in its tax returns
it will not take any position inconsistent with those taken in any tax returns
filed by the Trust;

            (c) to notify the Owner Trustee of any transfer by it of a
Certificate in a taxable sale or exchange, within 30 days of the date of the
transfer; and

            (d) until the completion of the events specified in Section 9.1,
not to, for any reason, institute proceedings for the Trust to be adjudicated a
bankrupt or insolvent, or consent to the institution of bankruptcy or
insolvency proceedings against the Trust, or file a petition seeking or
consenting to reorganization or relief under any applicable federal or state
law relating to bankruptcy, or consent to the appointment of a receiver,
liquidator, assignee, trustee, sequestrator (or other similar official) of the
Trust or a substantial part of its property, or cause or permit the Trust to
make any assignment for the benefit of its creditors, or admit in writing its
inability to pay its debts generally as they become due, or declare or effect
a moratorium on its debt or take any action in furtherance of any such action.

                                 ARTICLE III

                 Trust Certificates and Transfer of Interests

         SECTION 3.1 Initial Ownership. Upon the formation of the Trust by the
contribution by the Depositor pursuant to Section 2.5 and until the issuance
of the Trust Certificates, the Depositor shall be the sole beneficiary of the
Trust.  Upon issuance in accordance with this Trust Agreement, the Trust
Certificates shall represent fully-paid, non-assessable beneficial interests
in the assets of the Trust, and will entitle the Holders thereof to the
benefits of this Trust Agreement.

         SECTION 3.2 The Trust Certificates. The Class A Trust Certificates
shall be issued in minimum denominations of $1,000 and integral multiples
thereof (except for one Trust Certificate which may be issued in a
denomination other than an integral multiple of $1,000). The Class R Trust
Certificates shall be issued in a 100% percentage interest in the Trust. The
Trust Certificates shall be executed on behalf of the Trust by manual or
facsimile signature of an authorized officer of the Owner Trustee. Trust
Certificates bearing the manual or facsimile signatures of individuals who
were, at the time when such signatures shall have been affixed, authorized to
sign on behalf of the Trust, shall be validly issued and entitled to the
benefit of this Agreement, notwithstanding that such individuals or any of
them shall have ceased to be so authorized prior to the authentication and
delivery of such Trust Certificates or did not hold such offices at the date
of authentication and delivery of such Trust Certificates. A transferee of a
Trust Certificate shall become a Certificateholder, and shall be entitled to
the rights and subject to the obligations of a Certificateholder hereunder,
upon due registration of such Trust Certificate in such transferee's name
pursuant to Section 3.4.  Upon issuance in accordance with this Trust
Agreement, the Trust Certificates shall represent fully-paid, non-assessable
beneficial interests in the assets of the Trust, and will entitle the Holders
thereof to the benefits of this Trust Agreement.

         SECTION 3.3 Authentication of Trust Certificates. Concurrently with
the initial transfer of the Receivables to the Trust pursuant to the Sale and
Servicing Agreement, the Owner Trustee shall cause the Trust Certificates in
an aggregate principal amount equal to the initial Certificate Balance and
percentage interest, as applicable, to be executed on behalf of the Trust,
authenticated and delivered to or upon the written order of the Depositor,
signed by its chairman of the board, its president or any vice president, its
treasurer or any assistant treasurer without further corporate action by the
Depositor, in authorized denominations. No Trust Certificate shall entitle its
holder to any benefit under this Agreement, or shall be valid for any purpose,
unless there shall appear on such Trust Certificate a certificate of
authentication substantially in the form set forth in Exhibits A-1 and A-2,
executed by the Owner Trustee or the Owner Trustee's authentication agent, by
manual signature; such authentication shall constitute conclusive evidence
that such Trust Certificate shall have been duly authenticated and delivered
hereunder. All Trust Certificates shall be dated the date of their
authentication.

         SECTION 3.4 Registration of Transfer and Exchange of Trust
Certificates. (a) The Certificate Registrar shall keep or cause to be kept, at
the office or agency maintained pursuant to Section 3.8, a Certificate
Register in which, subject to such reasonable regulations as it may prescribe,
the Certificate Registrar shall provide for the registration of Trust
Certificates and of transfers and exchanges of Trust Certificates as herein
provided. The Depositor hereby appoints the Indenture Trustee as the initial
Certificate Registrar.

            (b) Upon surrender for registration of transfer of any Trust
Certificate at the office or agency maintained pursuant to Section 3.8,
accompanied by the certification appearing on the reverse of the form of the
Certificate relating to Rule 144A, executed by the Holder of such Certificate,
the Owner Trustee shall execute, authenticate and deliver, (or cause the
Certificate Registrar as its authenticating agent to authenticate and deliver)
in the name of the designated transferee or transferees, one or more new Trust
Certificates in authorized denominations of alike class and aggregate face
amount dated the date of authentication by the Owner Trustee or any
authenticating agent. At the option of a Holder, Trust Certificates may be
exchanged for other Trust Certificates of the same class in authorized
denominations of alike aggregate amount upon surrender of the Trust
Certificates to be exchanged at the office or agency maintained pursuant to
Section 3.8.

            (c) Every Trust 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
duly authorized in writing, with such signature guaranteed by an "eligible
guarantor institution" meeting the requirements of the Certificate Registrar,
which requirements include membership or participation in the Securities
Transfer Agent's Medallion Program ("STAMP") or such other "signature
guarantee program" as may be determined by the Certificate Registrar in
addition to, or in substitution for, STAMP, all in accordance with the
Exchange Act. Each Trust Certificate surrendered for registration of transfer
or exchange shall be canceled and subsequently disposed of by the Certificate
Registrar in accordance with its customary practice.

            (d) No service charge shall be made for any registration of transfer
or exchange of Trust 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 Trust Certificates.

            (e) Transfer Restrictions.

                (A) No Certificateholder may, in any transaction or series of
transactions, directly or indirectly (each of the following, a "transfer"),
(i) sell, assign or otherwise in any manner dispose of all or any part of its
interest in any Certificate issued to it, whether by act, deed, merger or
otherwise or (ii) mortgage, pledge or create a lien or security interest in
such beneficial interest unless such transfer is made to a Qualified
Institutional Buyer in accordance with Rule 144A, under the Securities Act.
Each Certificateholder (other than the initial Holder which shall be deemed to
have represented that it is an "institutional accredited investor" under Rule
501 of the Securities Act) by acquiring any Certificate or any interest therein
shall be deemed to represent to the Issuer and the Owner Trustee that it is a
Qualified Institutional Buyer. Notwithstanding anything contained herein to the
contrary, neither the Certificate Registrar nor shall the Owner Trustee be
responsible for compliance with the Securities Act or applicable securities
law.

              (B) At any time during the taxable year of the Trust, there shall
be no more than 100 Holders. The Certificate Registrar shall take such action
as maybe necessary to ensure that this Section 3.4(e) is satisfied, including,
without limitation, refusing to register the transfer of any Certificate. The
Certificate Registrar shall comply with all reasonable written directions
given by the Owner Trustee.

              (C) Each Certificate issued hereunder shall contain the following
legend:

THIS CERTIFICATE IS TRANSFERABLE ONLY UPON COMPLIANCE WITH CERTAIN PROVISIONS
OF A TRUST AGREEMENT BETWEEN ML ASSET BACKED CORPORATION AND
______________________________ (THE "TRUST AGREEMENT"). THIS CERTIFICATE HAS
NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT"), OR ANY SECURITIES LAWS, AND ISSUER HAS NOT
BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS
AMENDED, AND PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE
TRUST AGREEMENT AND APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED
STATES AND TO "QUALIFIED INSTITUTIONAL BUYERS" (AS DEFINED IN RULE 144A UNDER
THE SECURITIES ACT), AND SOLELY WITH RESPECT TO THE INITIAL OFFERING OF THE
CERTIFICATES, TO INSTITUTIONAL "ACCREDITED INVESTORS" (AS DEFINED IN RULE
501(A) (1), (2), (3) OR (7) UNDER THE SECURITIES ACT) UPON DELIVERY OF A
REPRESENTATION LETTER TO THE TRUSTEE.

NO EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED ("ERISA") AND NO OTHER PLAN SUBJECT TO
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), OR
ANY ENTITY THE ASSETS OF WHICH CONSTITUTE OR ARE DEEMED FOR PURPOSES OF ERISA
OR SECTION 4975 OF THE CODE TO CONSTITUTE THE ASSETS OF ANY SUCH PLAN, MAY
PURCHASE THIS CERTIFICATE OR ANY INTEREST HEREIN, UNLESS SUCH PURCHASE AND THE
HOLDING OF THIS CERTIFICATE OR SUCH INTEREST BY SUCH PLAN (OR ANY ENTITY THE
ASSETS OF WHICH CONSTITUTE `PLAN ASSETS" OF ANY SUCH PLAN) IS SUBJECT TO A
STATUTORY OR ADMINISTRATIVE EXEMPTION. ANY HOLDER HEREOF OR ANY INTEREST
HEREIN THAT IS, OR IS ACTING ON BEHALF OF OR WITH "PLAN ASSETS" OF, AN
EMPLOYEE BENEFIT PLAN SUBJECT TO ERISA OR A PLAN SUBJECT TO SECTION 4975 OF
THE CODE, AND WITH RESPECT TO WHICH THE TRUSTEE OR THE OWNER TRUSTEE IS A
"PARTY IN INTEREST" OR A "DISQUALIFIED PERSON", BY PURCHASING THIS CERTIFICATE
OR SUCH INTEREST REPRESENTS THAT ITS PURCHASE OF THIS CERTIFICATE OR SUCH
INTEREST IS SUBJECT TO A STATUTORY OR ADMINISTRATIVE EXEMPTION FROM THE
PROHIBITED TRANSACTION RULES OF ERISA AND SECTION 4975 OF THE CODE.

EACH PURCHASER REPRESENTS AND WARRANTS FOR THE BENEFIT OF THE ISSUER THAT SUCH
PURCHASER HAS NOT ACQUIRED NOR WILL IT SELL, TRADE, TRANSFER, ASSIGN,
PARTICIPATE, PLEDGE, HYPOTHECATE, CAUSE TO BE MARKETED, OR OTHERWISE DISPOSE
OF THIS CERTIFICATE (OR ANY INTEREST HEREIN) ON OR THROUGH (I) AN "ESTABLISHED
SECURITIES MARKET" WITHIN THE MEANING OF SECTION 7704(B)(1) OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED, INCLUDING, WITHOUT LIMITATION, AN
OVER-THE-COUNTER-MARKET OR AN "INTERDEALER QUOTATION SYSTEM" THAT REGULARLY
DISSEMINATES FIRM BUY OR SELL QUOTATIONS, OR (II) A "SECONDARY MARKET (OR THE
SUBSTANTIAL EQUIVALENT THEREOF)" WITHIN THE MEANING OF CODE SECTION
7704(B)(2).

[THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS AS SET FORTH
HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE AT
ANY TIME MAYBE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.]

         SECTION 3.5 Mutilated, Destroyed, Lost or Stolen Trust Certificates.
If (a) any mutilated Trust Certificate shall be surrendered to the Certificate
Registrar, or if the Owner Trustee and the Certificate Registrar shall receive
evidence to their satisfaction of the destruction, loss or theft of any Trust
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 Trust
Certificate shall have been acquired by a bona fide purchaser, the Owner
Trustee on behalf of the Trust shall execute and the Owner Trustee or the
Owner Trustee's authentication agent or Certificate Registrar shall
authenticate and deliver, in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Trust Certificate, a new Trust Certificate of like
class, tenor and denomination. In connection with the issuance of any new
Trust Certificate under this Section, the Owner Trustee or the Certificate
Registrar may require the payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection therewith. Any
duplicate Trust Certificate issued pursuant to this Section shall constitute
conclusive evidence of an ownership interest in the Trust, as if originally
issued, whether or not the lost, stolen or destroyed Trust Certificate shall
be found at any time.

         SECTION 3.6 Persons Deemed Certificateholders. Every Person by virtue
of becoming a Certificateholder in accordance with this Agreement shall be
deemed to be bound by the terms of this Agreement. Prior to due presentation
of a Trust Certificate for registration of transfer, the Owner Trustee, the
Certificate Registrar and any agent of the Owner Trustee and the Certificate
Registrar may treat the Person in whose name any Trust Certificate shall be
registered in the Certificate Register as the Holder of such Trust Certificate
for the purpose of receiving distributions pursuant to Section 5.2 and for all
other purposes whatsoever, and none of the Owner Trustee or the Certificate
Registrar nor any agent of the Owner Trustee or the Certificate Registrar
shall be bound by any notice to the contrary.

         SECTION 3.7 Access to List of Certificateholders' Names and
Addresses. The Certificate Registrar shall furnish or cause to be furnished to
the Owner Trustee, the Insurer, the Servicer or the Depositor, within 15 days
after receipt by the Certificate Registrar of a request therefor from such
Person in writing (or such shorter period as may be specified in such
request), a list, of the names and addresses of the Certificateholders as of
the most recent Record Date. If three or more Holders of Trust Certificates or
one or more Holders of Trust Certificates evidencing not less than 25% of the
Certificate Balance apply in writing to the Certificate Registrar, and such
application states that the applicants desire to communicate with other
Certificateholders with respect to their rights under this Agreement or under
the Trust Certificates and such application is accompanied by a copy of the
communication that such applicants propose to transmit, then the Certificate
Registrar shall, within five Business Days after the receipt of such
application, afford such applicants access during normal business hours to the
current list of Certificateholders. Each Holder, by receiving and holding a
Trust Certificate, shall be deemed to have agreed not to hold any of the
Depositor, the Servicer, the Insurer, the Certificate Registrar or the Owner
Trustee or any agent thereof accountable by reason of the disclosure of its
name and address, regardless of the source from which such information was
derived.

         SECTION 3.8 Maintenance of Office or Agency. The Owner Trustee shall
maintain an office or offices or agency or agencies where Trust 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 Trust Certificates
and the Basic Documents maybe served. The Owner Trustee initially designates
_____________________________, as its office for such purposes. The Owner
Trustee shall give prompt written notice to the Depositor, the Insurer and the
Certificateholders of any change in the location of the Certificate Register
or any such office or agency.

         SECTION 3.9 Appointment of Certificate Paying Agent. The Certificate
Paying Agent shall make distributions to Certificateholders from the
Certificate Distribution Account pursuant to Section 5.2 and shall report the
amounts of such distributions to the Owner Trustee. The Certificate Paying
Agent shall invest amounts on deposit in the Certificate Distribution Account
in accordance with Section 5.1 hereof. Any Certificate Paying Agent shall have
the revocable power to withdraw funds from the Certificate Distribution
Account for the purpose of making the distributions referred to above. The
Owner Trustee may revoke such power and remove the 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
Indenture Trustee, and any co-paying agent chosen by the Owner Trustee, and
acceptable to the Servicer. The Certificate Paying Agent shall be permitted to
resign upon 30 days' written notice to the Owner Trustee and the Servicer. In
the event that the Indenture Trustee 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, 8.1 and 8.2 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. The Indenture Trustee,
in acting as Certificate Registrar and Certificate Paying Agent hereunder
shall be entitled to the benefit of the same protective and exculpatory
provisions and the indemnity and compensation provisions applicable to the
Indenture Trustee in the Indenture and Sale and Servicing Agreement.

         SECTION 3.10 [Reserved].

         SECTION 3.11 [Reserved].

         SECTION 3.12 [Reserved].

         SECTION 3.13 ERISA Restrictions. The Certificates may not be acquired
by or for the account of (i) an employee benefit plan (as defined in Section
3(3) of the Employee Retirement Income Security Act of 1974, as amended
("ERISA")) that is subject to the provisions of Title 1 of ERISA, (ii) a plan
described in Section 4975(e)(1) of the Internal Revenue Code of 1985, as
amended, or (iii) any entity whose underlying assets include plan assets by
reason of a plan's investment in the entity (each, a "Benefit Plan"). By
accepting and holding a Certificate, the Holder thereof shall be deemed to
have represented and warranted that it is not a Benefit Plan.

         SECTION 3.14 [Reserved].

         SECTION 3.15 [Reserved].

         SECTION 3.16 [Reserved].

         SECTION 3.17 Original Issuance. The Trust Certificates, upon original
issuance, will be issued in the form of Definitive Trust Certificates to be
delivered by or on behalf of the Trust in accordance with the written
instructions of the Depositor. The Owner Trustee shall recognize the Holders
of the Definitive Trust Certificates as Certificateholders. The Trust
Certificate shall be printed, lithographed or engraved or maybe reproduced in
any other manner as so reasonably acceptable to the Owner Trustee, as evidence
by its execution thereof.

         SECTION 3.18 Actions of Certificateholders.

            (a) Any request, demand, authorization, direction, notice, consent,
waiver or other action provided by this Agreement to be given or taken by the
Certificateholders may be embodied in and evidenced by one or more instruments
of substantially similar tenor signed by such Certificateholders in person or
by agent duly appointed in writing; and except as herein otherwise expressly
provided, such action shall become effective when such instrument or
instruments are delivered to the Owner Trustee and, when required, to the
Depositor or the Servicer. Proof of execution of any such instrument or of a
writing appointing any such agent shall be sufficient for any purpose of this
Agreement and conclusive in favor of the Owner Trustee, the Depositor and the
Servicer, if made in the manner provided in this Section 3.18.

            (b) The fact and date of the execution by any Certificateholder of
any such instrument or writing may be proved in any reasonable manor which the
Owner Trustee deems sufficient.

            (c) Any request, demand, authorization, direction, notice, consent,
waiver or other act by a Certificateholder shall bind every Holder of every
Certificate issued upon the registration of transfer thereof or in exchange
therefor or in lieu thereof, in respect of anything done, or omitted to be
done, by the Owner Trustee, the Depositor or the Servicer in reliance thereon,
regardless of whether notation of such action is made upon such Certificate.

            (d) The Owner Trustee may require such additional proof of any
matter referred to in this Section 3.18 as it shall deem necessary.

                                  ARTICLE IV

                           Actions by Owner Trustee

         SECTION 4.1 Prior Notice to Holders with Respect to Certain Matters.
(a) With respect to the following matters, the Owner Trustee shall not take
action unless at least 30 days before the taking of such action, the Owner
Trustee shall have notified the Certificateholders and the Insurer in writing
of the proposed action and the Certificateholders 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:

               (i)   (i) 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 or unless such amendment would not
         materially and adversely affect the interests of the Holders, as
         evidenced by all opinion of counsel to such effect);

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

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

               (iv)  (iv) except pursuant to Section 11.1 of the Sale and
         Servicing Agreement, the amendment, change or modification of the
         Sale and Servicing Agreement, except to cure any ambiguity or defect
         or to amend or supplement any provision in a manner that would not
         materially adversely affect the interests of the Certificateholders.

            (b) The Owner Trustee shall notify the Certificateholders in writing
of any appointment of a successor Note Registrar, Certificate Paying Agent or
Certificate Registrar within five Business Days of the effective date of such
appointment.

         SECTION 4.2 Action by Certificateholders with Respect to Certain
Matters. The Owner Trustee shall not have the power, except upon the direction
of the Certificateholders in accordance with the Basic Documents, to (a)
remove the Servicer under the Sale and Servicing Agreement pursuant to Section
8.1 thereof following payment of the Notes in full or (b) except as expressly
provided in the Basic Documents, sell the Receivables after the termination of
the Indenture. The Owner Trustee shall take the actions referred to in the
preceding sentence only upon written instructions signed by the
Certificateholders and the furnishing of indemnification satisfactory to the
Owner Trustee by the Certificateholders.

         SECTION 4.3 Action by Certificateholders with Respect to Bankruptcy.
The Owner Trustee shall not have the power to, and shall not, institute
proceedings for the Trust to be adjudicated a bankrupt or insolvent, or
consent to the institution of bankruptcy or insolvency proceedings against the
Trust, or file a petition seeking or consenting to reorganization or relief
under any applicable federal or state law relating to the bankruptcy of the
Trust, or consent to the appointment of a receiver, liquidator, assignee,
trustee, sequestrator (or other similar official) of the Trust or a
substantial part of the property of the Trust or cause or permit the Trust to
make any assignment for the benefit of creditors, or admit in writing the
inability of the Trust to pay its debts generally as they become due, or
declare or effect a moratorium on the debt of the Trust or take any action in
furtherance of any such action relating to the Trust without the unanimous
prior approval of all Certificateholders and the delivery to the Owner Trustee
by each such Certificateholder of a certificate certifying that such
Certificateholder reasonably believes that the Trust is insolvent.

         SECTION 4.4 Restrictions on Certificateholders' Power. (a) 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 Basic Documents or would be contrary to Section 2.3 nor shall the Owner
Trustee be obligated to follow any such direction, if given.

            (b) No Certificateholder shall have any right by virtue or by
availing itself of any provisions of this Agreement to institute any suit,
action, or proceeding in equity or at law upon or under or with respect to
this Agreement or any Basic Document, unless the Certificateholders are the
instructing party pursuant to Section 6.3 of this Agreement and unless a
Certificateholder previously shall have given to the Owner Trustee a written
notice of default and of the continuance thereof, as provided in this
Agreement, and also unless Certificateholders evidencing not less than 25% of
the Certificate Balance shall have made written request upon the Owner Trustee
to institute such action, suit or proceeding in its own name as Owner Trustee
under this Agreement and shall have offered to the Owner Trustee such
reasonable indemnity as it may require against the costs, expenses and
liabilities to be incurred therein or thereby, and the Owner Trustee, for 30
days after its receipt of such notice, request, and offer of indemnity, shall
have neglected or refused to institute any such action, suit, or proceeding,
and during such 30day period no request or waiver inconsistent with such
written request has been given to the Owner Trustee pursuant to and in
compliance with this Section or Section 6.3 of this Agreement; it being
understood and intended, and being expressly covenanted by each
Certificateholder with every other Certificateholder and the Owner Trustee,
that no one or more Holders of Certificates shall have any right in any manner
whatever by virtue or by availing itself or themselves of any provisions of
this Agreement to affect, disturb, or prejudice the rights of the Holders of
any other of the Certificates, or to obtain or seek to obtain priority over or
preference to any other such Holder, or to enforce any right under this
Agreement, except in the manner provided in this Agreement and for the equal,
ratable, and common benefit of all Certificateholders. For the protection and
enforcement of the provisions of this Section 4.4, each and every
Certificateholder and the Owner Trustee shall be entitled to such relief as
can be given either at law or in equity.

         SECTION 4.5 Majority Control. No Certificateholder shall have any
right to vote or in any manner otherwise control the operation and management
of the Trust except as expressly provided in this Agreement. Except as
expressly provided herein, any action that may be taken by the
Certificateholders under this Agreement maybe taken by the Holders of each
class of Trust Certificates evidencing not less than a majority of the
Certificate Balance or, in the case of the Class R Certificates, a majority
percentage interest. Except as expressly provided herein, any written notice
of the Certificateholders delivered pursuant to this Agreement shall be
effective if signed by Holders of each Class of Certificates evidencing not
less than a majority of the Certificate Balance or, in the case of the Class R
Certificates, a majority percentage interest at the time of the delivery of
such notice.

         SECTION 4.6 Rights of Insurer. Notwithstanding anything to the
contrary in the Basic Documents, for so long as any Notes are Outstanding
under the Indenture, without the prior written consent of the Insurer (so long
as no Insurer Default shall have occurred and be continuing), the Owner
Trustee shall not (i) remove the Servicer, (ii) initiate any claim, suit or
proceeding by the Trust or compromise any claim, suit or proceeding brought by
or against the Trust, other than with respect to the enforcement of any
Receivable or any rights of the Trust thereunder, (iii) authorize the merger
or consolidation of the Trust with or into any other business trust or other
entity (other than in accordance with Section 3.10 of the Indenture) or (iv)
amend the Certificate of Trust.

        With respect to the Insurer, the Owner Trustee undertakes to perform
or observe only such of the covenants and obligations of the Owner Trustee as
are expressly set forth in this Agreement, and no implied covenants or
obligations with respect to the Insurer shall be read into this Agreement or
the other Basic Documents against the Owner Trustee.  The Owner Trustee shall
not be deemed to owe any fiduciary duty to the Insurer and shall not be liable
to any such person for the failure of the Trust to perform its obligations to
such persons other than as a result of the gross negligence or willful
misconduct of the Owner Trustee in the performance of its express obligations
under this Agreement.

                                  ARTICLE V

                  Application of Trust Funds; Certain Duties

         SECTION 5.1 Establishment of Certificate Distribution Account. (a)
The Owner Trustee, for the benefit of the Certificateholders, shall establish
or cause to be established and maintained in the name of the Trust an Eligible
Deposit Account (the "Certificate Distribution Account"), bearing a
designation clearly indicating that the funds deposited therein are held for
the benefit of the Certificateholders. The Certificate Distribution Account
shall be initially established with the Certificate Paying Agent.

            (b) The Owner Trustee shall possess all right, title and interest in
all funds on deposit from time to time in the Certificate Distribution Account
and in all proceeds thereof. If, at any time, the Certificate Distribution
Account ceases to be an Eligible Deposit Account, the Owner Trustee shall
within five (5) Business Days (or such longer period, not to exceed thirty
(30) calendar days, as to which each Rating Agency may consent) establish or
cause to be established a new Certificate Distribution Account as an Eligible
Deposit Account and shall transfer any cash and/or any investments to such new
Certificate Distribution Account.

            (c) All amounts held in the Certificate Distribution Account shall,
to the extent permitted by applicable laws, rules and regulations, be
invested, by the Certificate Paying Agent at the Servicer's written direction,
in Eligible Investments that mature not later than one (1) Business Day prior
to the Payment Date for the Collection Period to which such amounts relate.
Investments in Eligible Investments shall be made in the name of the Trust,
and such investments shall not be sold or disposed of prior to their maturity.
Subject to the other provisions hereof, the Owner Trustee shall have sole
control over each such investment and the income thereon, and any certificate
or other instrument evidencing any such investment, if any, shall be delivered
directly to the Owner Trustee. All Investment Earnings on funds in the
Certificate Distribution Account shall be distributed on the next Payment Date
pursuant to Section 5.6 of the Sale and Servicing Agreement.

         SECTION 5.2 Application of Funds in Certificate Distribution Account.
(a) On each Payment Date, the Certificate Paying Agent will, based on the
information contained in the Servicer's Certificate delivered on the related
Determination Date pursuant to Section 4.9 of the Sale and Servicing
Agreement, distribute to the Owner Trustee (as necessary) and the
Certificateholders, to the extent of the funds available, amounts deposited in
the Certificate Distribution Account pursuant to Section 5.6(b)(vii) of the
Sale and Servicing Agreement on such Payment Date in the following order of
priority:

               (i) first, to the Owner Trustee for any unpaid fees and
         expenses due and owing;

               (ii) second, to the Class A Certificateholders, on a pro rata
         basis, an amount equal to the Certificateholders' Principal
         Distributable Amount; and

               (iii) third, to the Class R Certificateholders, in accordance
         with the percentage interest held, an amount equal to the remaining
         amounts on deposit in the Certificate Distribution Account.

            (b) On the Payment Date following the date on which amounts received
in respect of the Transferor's exercise of its option to purchase the corpus
of the Trust pursuant to Section 9.1(a) of the Sale and Servicing Agreement
are deposited in the Certificate Distribution Account, the Certificate Paying
Agent will distribute such amounts taking into account any concurrent
distribution made pursuant to Section 5.2(a):

               (i) first, to the Owner Trustee for any unpaid fees and
         expenses due and owing;

               (ii) second, to the Class A Certificateholders, on a pro rata
         basis, an amount equal to the Certificateholders' Principal
         Distributable Amount; and

               (iii) third, to the Class R Certificateholders, in accordance
         with the percentage interest held, an amount equal to the remaining
         amounts on deposit in the Certificate Distribution Account.

            (c) On the Payment Date following the date on which the Indenture
Trustee makes payments of money or property in respect of liquidation of the
Trust Property pursuant to Section 5.6 of the Indenture and deposits funds
received in connection with such liquidation in the Certificate Distribution
Account, the Certificate Paying Agent will distribute such funds taking into
account any concurrent distribution made pursuant to Section 5.2(a):

               (i) first, to the Owner Trustee for any unpaid fees and
         expenses due and owing;

               (ii) second, to the Class A Certificateholders, on a pro rata
         basis, an amount equal to the Certificateholders' Principal
         Distributable Amount; and

               (iii) third, to the Class R Certificateholders, in accordance
         with the percentage interest held, an amount equal to the remaining
         amounts on deposit in the Certificate Distribution Account.

            (d) On each Payment Date, the Certificate Paying Agent shall send to
each Certificateholder the statement provided to the Owner Trustee by the
Servicer pursuant to Section 5.8 of the Sale and Servicing Agreement on such
Payment Date.

            (e) 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 the Certificateholder in
accordance with this Section. The Certificate Paying Agent is hereby
authorized and directed to retain from amounts otherwise distributable to the
Certificateholders sufficient funds for the payment of any tax that is legally
owed by the Trust (but such authorization shall not prevent the Owner Trustee
or Certificate Paying Agent from contesting arty 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-US Cettificateholder), the Certificate Paying Agent may in it sole
discretion withhold such amounts in accordance with this clause (e). In the
event that an Holder wishes to apply for a refund of any such withholding tax,
the Owner Trustee or Certificate Paying Agent shall reasonably cooperate with
such Certificateholder in making such claim so long as such Certificateholder
agrees to reimburse the Owner Trustee or Certificate Paying Agent for any
out-of-pocket expenses incurred.

         SECTION 5.3 [Reserved].

         SECTION 5.4 Method of Payment. Subject to Section 9.1(c),
distributions required to be made to Certificateholders on any Payment 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 Holder 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 Business Days prior to such
Payment Date and such Holder's Trust Certificates in the aggregate evidence a
denomination of not less than $1,000,000 or (ii) such Certificateholder is the
Depositor, or an Affiliate thereof or of the Servicer, or, if not, by check
mailed to such Certificateholder at the address of such holder appearing in
the Certificate Register. Notwithstanding the foregoing, the final
distribution in respect of any Trust Certificate (whether on the Final
Scheduled Payment Date or otherwise) will be payable only upon presentation
and surrender of such Trust Certificate at the office or agency maintained for
that purpose by the Owner Trustee pursuant to Section 3.8.

         SECTION 5.5 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 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 5.6 Accounting and Reports to the Noteholders,
Certificateholders the Internal Revenue Service and Others. Subject to Article
X of the Sale and Servicing Agreement and to Section 2.11 herein, the Owner
Trustee shall (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, if applicable) to enable the Certificateholders to
prepare their 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, Form 1065, if applicable) 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 disregarded entity if the Certificates are treated as
held by a single person or as a partnership if the Certificates are treated as
held by more than one person for Federal income tax purposes and (d) collect
or cause to be collected any withholding tax as described in and in accordance
with Section 5.2(e) with respect to income or distributions to
Certificateholders. The Owner Trustee shall make all elections pursuant to
this Section as directed by the "tax matters partner". The Owner Trustee shall
sign any tax information returns filed pursuant to this Section 5.6 and any
other returns as may be required by law, and in doing so shall rely entirely
upon, and shall have no liability for information provided by, or calculations
provided by, the "tax matters partner". 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 make the
election provided under Section 754 of the Code only upon written request of
the Holder of the Class R Certificate.

         SECTION 5.7 Signature on Returns; Tax Matters Partner. (a)
Notwithstanding the provisions of Section 5.6, the Owner Trustee shall sign on
behalf of the Trust any tax returns of the Trust, unless applicable law
requires a Certificateholder to sign such documents, in which case such
documents shall be signed by the Holder of the Class R Certificate.

            (b) If the Trust is characterized as a partnership for U. S. Federal
income tax purposes, the Holder of the Class R Certificate shall be the "tax
matters partner" of the Trust pursuant to the Code.

                                  ARTICLE VI

                     Authority and Duties of Owner Trustee

         SECTION 6.1 General Authority. The Owner Trustee is authorized and
directed to execute and deliver the Basic Documents to which the Trust is
named as a party and each certificate or other document attached as an exhibit
to or contemplated by the Basic Documents to which the Trust is named as a
party, in each case, in such form as the Depositor
shall approve as evidenced conclusively by the Owner Trustee's execution
thereof, and on behalf of the Trust, to direct the Indenture Trustee to
authenticate and deliver the [Class A-1 Notes, Class A-2 Notes, Class A-3
Notes and Class A-4 Notes] in the aggregate principal amounts, of [$_________,
$_________, $________ and $__________], respectively. In addition to the
foregoing, the Owner Trustee is authorized, but shall not be obligated, to
take all actions required of the Trust pursuant to the Basic Documents.

         SECTION 6.2 General Duties. It shall be the duty of the Owner Trustee
to discharge (or cause to be discharged) all of its responsibilities pursuant
to the terms of this Agreement and to administer the Trust in the interest of
the Holders, subject to the Basic Documents and in accordance with the
provisions of this Agreement. Notwithstanding the foregoing, the Owner Trustee
shall be deemed to have discharged its duties and responsibilities hereunder
and under the Basic Documents to the extent the Servicer has agreed in the
Sale and Servicing Agreement to perform any act or to discharge any duty of
the Owner Trustee hereunder or under any Basic Document, and the Owner Trustee
shall not be liable for the default or failure of the Servicer to carry out
its obligations under the Sale and Servicing Agreement.

         SECTION 6.3 Action upon Instruction. (a) Subject to Article IV, the
Holders of a majority of the Outstanding Amount of the Class A Certificates
and a majority percentage interest of the Class R Certificates shall have the
exclusive right to direct the actions of the Owner Trustee in the management
of the Trust, so long as such instructions are not inconsistent with the
express terms set forth herein or in any Basic Document. Such majority of
Certificateholders shall not instruct the Owner Trustee in a manner
inconsistent with this Agreement or the Basic Documents.

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

            (c) Whenever the Owner Trustee is unable to decide between
alternative courses of action permitted or required by the terms of this
Agreement or any Basic Document, the Owner Trustee shall promptly give notice
(in such form as shall be appropriate under the circumstances) to the
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 days
of such notice (or within such shorter period of time as reasonably may be
specified in such notice or may be necessary under the circumstances) it may,
but shall be under no duty to, take or refrain from taking such action, not
inconsistent with this Agreement or the Basic Documents, as it shall deem to
be in the best interests of the Certificateholders, and shall have no
liability to any Person for such action or inaction.

            (d) In the event that the Owner Trustee is unsure as to the
application of any provision of this Agreement or any Basic Document or any
such provision is ambiguous as to its application, or is, or appears to be, in
conflict with any other applicable provision, or in the event that this
Agreement permits any determination by the Owner Trustee or is silent or is
incomplete as to the course of action that the Owner Trustee is required to
take with respect to a particular set of facts, the Owner Trustee may give
notice (in such form as shall be appropriate under the circumstances) to the
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 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 arty duty or obligation to
manage, make any payment with respect to, register, record, sell, dispose of,
or otherwise deal with the Owner Trust Estate, or to otherwise take or refrain
from taking any action under, or in connection with, any document contemplated
hereby to which the Owner Trustee is a party, except as expressly provided by
the terms of this Agreement or in any document or written instruction received
by the Owner Trustee pursuant to Section 6.3; and no implied duties or
obligations shall be read into this Agreement or any Basic Document against
the Owner Trustee. The Owner Trustee shall have no responsibility for filing
any financing or continuation statement in any public office at any time or to
otherwise perfect or maintain the perfection of any security interest or lien
granted to it hereunder or to prepare or file any Commission filing for the
Trust or to record this Agreement or any Basic Document. The Owner Trustee
nevertheless agrees that it will, at its own cost and expense, promptly take
all action as may be necessary to discharge any Liens on any part of the Owner
Trust Estate that result from actions by, or claims against, the Owner Trustee
(solely in its individual capacity) and 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 Basic
Documents and (iii) in accordance with any document or instruction delivered
to the Owner Trustee pursuant to Section 6.3.

         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 result in
the Trust becoming taxable as a corporation for Federal income tax purposes.
The Certificateholders shall not direct the Owner Trustee to take action that
would violate the provisions of this Section.

                                 ARTICLE VII

                         Concerning the Owner Trustee

         SECTION 7.1 Acceptance of Trusts and Duties. The Owner Trustee
accepts the trusts hereby created and agrees to perform its duties hereunder
with respect to such trusts but only upon the terms of this Agreement. The
Owner Trustee, in its individual capacity, and the Certificate Paying Agent
also agree to disburse all moneys actually received by them constituting part
of the Owner Trust Estate upon the terms of the Basic Documents and this
Agreement. The Owner Trustee in its individual capacity shall not be
answerable or accountable hereunder or under any Basic Document undue any
circumstances, except (i) for its own willful misconduct, bad faith or gross
negligence, (ii) in the case of the inaccuracy of any representation or
warranty contained in Section 7.3 expressly made by the Owner Trustee, in its
individual capacity, (iii) for liabilities arising from the failure of the
Owner Trustee to perform obligations expressly undertaken by it in the last
sentence of Section 6.4 hereof, (iv) for any investments issued by the Owner
Trustee or any branch or affiliate thereof in its commercial capacity or (v)
for taxes, fees or other charges on, based on or measured by, any fees,
commissions or compensation received by the Owner Trustee, in its individual
capacity. In particular, but not by way of limitation (and subject to the
exceptions set forth in the preceding sentence):

            (a) the Owner Trustee shall not be liable for any error of judgment
made by a Responsible Officer of the Owner Trustee;

            (b) the Owner Trustee shall not be liable with respect to any action
taken or omitted to be taken by it in accordance with the instructions of the
Servicer or any Certificateholder or with the consent of the Insurer;

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

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

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

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

            (g) the Owner Trustee shall be under no obligation to exercise any
of the rights or powers vested in it by this Agreement, or to institute, conduct
or defend any litigation under this Agreement or otherwise or in relation to
this Agreement or any Basic Document, at the request, order or direction of
any of the Certificateholders, unless such Certificateholders have offered to
the Owner Trustee security or indemnity satisfactory to it against the costs,
expenses and liabilities that may be incurred by the Owner Trustee therein or
thereby. The right of the Owner Trustee to perform any discretionary act
enumerated in this Agreement or in any Basic Document shall not be construed
as a duty, and the Owner Trustee shall not be answerable for other than its
gross negligence, bad faith or willful misconduct 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. The Owner Trustee in its
individual capacity hereby represents and warrants to the Depositor and to the
Holders and the Insurer (which shall have relied on such representations and
warranties in issuing the Policy), that:

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

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

            (c) Neither the execution 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.

            (d) The execution, delivery and performance by the Owner Trustee of
this Agreement does not require the authorization, consent, or approval of,
the giving of notice to, the filing or registration with, or the taking of any
other action in respect of, any governmental authority or agency of the State
of Delaware or the United States of America regulating the banking or trust
powers of the Owner Trustee, other than the filing of the Certificate of Trust
with the Secretary of State.

            (e) This Agreement has been duly authorized, executed and delivered
by the Owner Trustee and shall constitute the legal, valid, and binding
agreement of the Owner Trustee, enforceable in accordance with its terms,
except as such enforcement maybe limited by bankruptcy, insolvency,
reorganization and other laws affecting the rights of creditors generally, and
by general principles of equity regardless of whether enforcement is pursuant
to a proceeding in equity or at law.

         SECTION 7.4 Reliance; Advice of Counsel. (a) The Owner Trustee shall
incur no liability to anyone in acting upon any signature, instrument, notice,
resolution, request, consent, order, certificate, report, opinion, bond or
other document or paper believed by it to be genuine and believed by it to be
signed by the proper party or parties. The Owner Trustee may accept a
certified copy of a resolution of the board of directors or other governing
body of any corporate party as conclusive evidence that such resolution has
been duly adopted by such body and that the same is in full force and effect.
As to any fact or matter the method of the determination of which is not
specifically prescribed herein, the Owner Trustee may for all purposes hereof
rely on a certificate, signed by the president or any vice president or by the
treasurer, secretary or other authorized officers of the relevant party, as to
such fact or matter, and such certificate shall constitute full protection to
the Owner Trustee for any action taken or omitted to be taken by it in good
faith in reliance thereon.

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

         SECTION 7.5 Not Acting in Individual Capacity. Except as provided
herein or in any other Basic Document, in accepting the trusts hereby created
[________________________] acts solely as Owner Trustee hereunder and not in
its individual capacity and all Persons having any claim against the Owner
Trustee by reason of the transactions contemplated by this Agreement or any
Basic Document shall look only to the Owner Trust Estate for payment or
satisfaction thereof.

         SECTION 7.6 Owner Trustee Not Liable for Trust Certificates or
Receivables. The statements contained herein and in the Trust Certificates
(other than the signature and countersignature of the Owner Trustee on the
Trust Certificates) shall be taken as the statements of the Depositor and the
Owner Trustee assumes no responsibility for the correctness thereof. The Owner
Trustee makes no representations as to the validity or sufficiency of this
Agreement, of any Basic Document or of the Trust Certificates (other than the
signature and countersignature of the Owner Trustee on the Trust Certificates)
or the Notes, or of any Receivable or related documents. The Owner Trustee
shall at no time have any responsibility or liability for or with respect to
the legality, validity and enforceability of any Receivable, or the perfection
and priority of any security interest created by any Receivable in any
Financed Vehicle or the maintenance of any such perfection and priority, or
for or with respect to the sufficiency of the Owner Trust Estate or its
ability to generate the payments to be distributed to Certificateholders under
this Agreement or the Noteholders under the Indenture, including, without
limitation: the existence, condition and ownership of any Financed Vehicle;
the existence and enforceability of any insurance thereon; the existence and
contents of any Receivable on any computer or other record thereof; the
validity of the assignment of any Receivable to the Trust or of any
intervening assignment; the completeness of any Receivable; the performance or
enforcement of any Receivable; the compliance by the Depositor 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 Trustee or the Servicer or any subservicer taken in the name of
the Owner Trustee.

         SECTION 7.7 Owner Trustee May Own Trust Certificates and Notes. The
Owner Trustee in its individual or any other capacity may become the owner or
pledgee of Trust Certificates or Notes and may deal with the Depositor, the
Trustee and the Servicer in banking transactions with the same rights as it
would have if it were not Owner Trustee.

         SECTION 7.8 Payments from Owner Trust Estate. All payments to be made
by the Owner Trustee under this Agreement or any of the Basic Documents to
which the Trust or the Owner Trustee is a party shall be made only from the
income and proceeds of the Owner Trust Estate and only to the extent that the
Owner Trust shall have received income or proceeds from the Owner Trust Estate
to make such payments in accordance with the terms hereof.
[_____________________], or any successor thereto, in its individual capacity,
shall not be liable for any amounts payable under this Agreement or any of the
Basic Documents to which the Trust or the Owner Trustee is a party.

         SECTION 7.9 Doing Business in Other Jurisdictions. Notwithstanding
anything contained to the contrary, neither [_____________],or any successor
thereto, nor the Owner Trustee shall be required to take any action in any
jurisdiction other than in the State of Delaware if the taking of such action
will, even after the appointment of a co-trustee or separate trustee in
accordance with Section 10.5 hereof, (i) require the consent or approval or
authorization or order of or the giving of notice to, or the registration with
or the taking of any other action in respect of, any state or other
governmental authority or agency of any jurisdiction other than the State of
Delaware; (ii) result in any fee, tax or other governmental charge under the
laws of the State of Delaware becoming payable by _____________________ (or
any successor thereto); or (iii) subject ______________________ (or any
successor thereto) to personal jurisdiction in any jurisdiction other than the
State of Delaware for causes of action arising from acts unrelated to the
consummation of the transactions by _________________ (or any successor
thereto) or the Owner Trustee, as the case may be, contemplated hereby.

                                 ARTICLE VIII

                         Compensation of Owner Trustee

         SECTION 8.1 Owner Trustee's Fees and Expenses. The Owner Trustee
shall receive from the Servicer as compensation for its services hereunder
such fees as have been separately agreed upon with the Servicer before the
date hereof, and the Owner Trustee shall be entitled to be reimbursed from the
Servicer in accordance with the terms of such agreement for its other
reasonable expenses hereunder, including the reasonable compensation, expenses
and disbursements of such agents, representatives, experts and counsel as the
Owner Trustee may employ in connection with the exercise and performance of
its rights and its duties in accordance with the terms of such agreement.

         SECTION 8.2 Indemnification. The Owner Trustee and its successors,
assigns, agents and servants (collectively, the "Indemnified Parties") shall
be indemnified by the Servicer from and against, any and all liabilities,
obligations, losses, damages, taxes, claims, actions and suits, and any and
all reasonable costs, expenses and disbursements (including reasonable legal
fees and expenses) of any kind and nature whatsoever (collectively,
"Expenses") which may at any time be imposed on, incurred by, or asserted
against the Owner Trustee or any Indemnified Party in any way relating to or
arising out of this Agreement, the Basic Documents, the Owner Trust Estate,
the administration of the Owner Trust Estate or the action or inaction of the
Owner Trustee hereunder, except only that the Owner Trustee shall not be
indemnified from and against Expenses arising or resulting from any of the
matters described in the third sentence of Section 7.1. The indemnities
contained in this Section shall survive the resignation or termination of the
Owner Trustee or the termination of this Agreement. All amounts payable to the
Owner Trustee under this Section 8.2 shall be paid in accordance with the
terms of the Sale and Servicing Agreement.

         SECTION 8.3 Payments of Owner Trustee. Any amounts paid to the Owner
Trustee pursuant to this Article VIII shall be deemed not to be a part of the
Owner Trust Estate immediately after such payment. To the extent that the
Owner Trustee's fees and expenses have not been paid, the Owner Trustee shall
have a lien on the Certificate Distribution Account.

         SECTION 8.4 Non-recourse Obligations. Notwithstanding anything in
this Agreement or any Basic Document, the Owner Trustee agrees in its
individual capacity and in its capacity as Owner Trustee for the Trust that
all obligations of the Trust to the Owner Trustee individually or as Owner
Trustee for the Trust shall be recourse to the Owner Trust Estate only and
specifically shall not be recourse to the assets of any Holder.

                                  ARTICLE IX

                        Termination of Trust Agreement

         SECTION 9.1 Termination of Trust Agreement. (a) This Agreement shall
terminate and the Trust shall wind-up, dissolve and terminate and be of no
further force or effect upon the latest of (i) the maturity or other
liquidation of the last Receivable (including the purchase by the Servicer at
its option of the corpus of the Trust as described in Section 9.1 of the Sale
and Servicing Agreement) and the subsequent distribution of amounts in respect
of such Receivables as provided in the Basic Documents and (ii) six (6) months
after distributions of all moneys and other property or proceeds of Owner
Trust Estate in accordance with the Indenture, Sale and Servicing Agreement
and Article V of this Agreement, including the payment to Certificateholders
of all amounts required to be paid to them pursuant to this Agreement;
provided, however, that the rights to indemnification under Section 8.2 shall
survive the termination of the Trust. The Servicer shall promptly notify the
Owner Trustee of any prospective termination pursuant to this Section 9.1. The
bankruptcy, liquidation, dissolution, death or incapacity of any
Certificateholder, shall not (x) operate to terminate this Agreement or the
Trust, nor (y) entitle such Cerrificateholder'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.

            (b) Except as provided in clause (a), 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 Payment
Date upon which the Certificateholders shall surrender their Trust
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 given pursuant to Section 9.1(c)
of the Sale and Servicing Agreement, stating (i) the Payment Date upon or with
respect to which final payment of the Trust Certificates shall be made upon
presentation and surrender of the Trust Certificates at the office of the
Certificate Paying Agent therein designated, (ii) the amount of any such final
payment and (iii) that the Record Date otherwise applicable to such Payment
Date is not applicable, payments being made only upon presentation and
surrender of the Trust 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 Trust Certificates, the Certificate Paying
Agent shall cause to be distributed to Certificateholders amounts
distributable on such Payment Date pursuant to Section 5.2.

            In the event that all of the Certificateholders shall not
surrender their Trust Certificates for cancellation within six months after
the date specified in the above mentioned written notice, the Owner Trustee
shall give a second written notice to the remaining Certificateholders to
surrender their Trust Certificates for cancellation and receive the final
distribution with respect thereto. If within one year after the second notice
all the Trust 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 Trust Certificates, and the cost thereof shall be paid out
of the funds and other assets that shall remain subject to this Agreement. Any
funds remaining in the Trust after exhaustion of such remedies shall be
distributed, subject to applicable escheat laws, by the Owner Trustee to the
Depositor.

            (d) Any funds remaining in the Trust after funds for final
distribution have been distributed or set aside for distribution shall be
distributed by the Owner Trustee to the Class R Certificateholder.

            (e) Upon the winding up of the Trust and its termination, the Owner
Trustee shall upon the written direction of the Depositor cause the
Certificate of Trust to be canceled by filing a certificate of cancellation
with the Secretary of State in accordance with the provisions of Section 3810
of the Business Trust Statute.

                                  ARTICLE X

            Successor Owner Trustees and Additional Owner Trustees

         SECTION 10.1 Eligibility Requirements for Owner Trustee. The Owner
Trustee shall at all times be a corporation (i) satisfying the provisions of
Section 3807(a) of the Business Trust Statute; (ii) authorized to exercise
corporate trust powers; (iii) having a combined capital and surplus of at
least $50,000,000 and subject to supervision or examination by Federal or
State authorities and (iv) acceptable to the Insurer in its sole discretion,
so long as an Insurer Default shall not have occurred and be continuing. If
such corporation shall publish reports of condition at least annually,
pursuant to law or to the requirements of the aforesaid supervising or
examining authority, then for the purpose of this Section, the combined
capital and surplus of such corporation shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so
published. In case at any time the Owner Trustee shall cease to be eligible in
accordance with the provisions of this Section, the Owner Trustee shall resign
immediately in the manner and with the effect specified in Section 10.2.

         SECTION 10.2 Resignation or Removal of Owner Trustee. The Owner
Trustee may at any time resign and be discharged from the trusts hereby
created by giving written notice thereof to the Insurer, the
Certificateholders, the Depositor and the Servicer. Upon receiving such notice
of resignation, the Depositor or a Certificate Majority shall, with the prior
written consent of the Insurer, promptly appoint a successor Owner Trustee by
written instrument, in duplicate, one copy of which instrument shall be
delivered to the resigning Owner Trustee and one copy to the successor Owner
Trustee, provided that the Depositor shall have received written confirmation
from each of the Rating Agencies that the proposed appointment will not result
in an increased capital charge to the Insurer by either of the Rating
Agencies. If no successor Owner Trustee shall have been so appointed and have
accepted appointment within 30 days after the giving of such notice of
resignation, the resigning Owner Trustee or the Insurer may petition any court
of competent jurisdiction for the appointment of a successor the Owner
Trustee.

            If at any time the Owner Trustee shall cease to be eligible in
accordance with the provisions of Section 10.1 and shall fail to resign after
written request therefor by the Depositor or a Certificate Majority, or if at
any time the Owner Trustee shall be legally unable to act, or shall be
adjudged bankrupt or insolvent, or a receiver of the Owner Trustee or of its
property shall be appointed, or any public officer shall take charge or
control of the Owner Trustee or of its property or affairs for the purpose of
rehabilitation, conservation or liquidation, then the Depositor or a
Certificate Majority may remove the Owner Trustee. If the Depositor or a
Certificate Majority shall remove the Owner Trustee under the authority of the
immediately preceding sentence, the Depositor or a Certificate Majority, as
applicable, with the prior written consent of the Insurer, so long as no
Insurer Default has occurred and is continuing, shall promptly appoint a
successor Owner Trustee by written instrument, in duplicate, one copy of which
instrument shall be delivered to the outgoing Owner Trustee so removed and one
copy to the Depositor, if the Certificate Majority is acting, and one copy to
the successor Owner Trustee and payment of all fees owed to the outgoing Owner
Trustee.

            Any resignation or removal of the Owner Trustee and
appointment of a successor Owner Trustee pursuant to any of the provisions of
this Section shall not become effective until acceptance of appointment by the
successor Owner Trustee pursuant to Section 10.3 and payment of all fees and
expenses owed to the outgoing Owner Trustee. The Depositor shall provide
notice of such resignation or removal of the Owner Trustee and to each of the
Rating Agencies.

         SECTION 10.3 Successor Owner Trustee. Any successor Owner Trustee
appointed pursuant to Section 10.2 shall execute, acknowledge and deliver to
the Depositor, the Servicer, the Insurer and to its predecessor Owner Trustee
an instrument accepting such appointment under this Agreement, and thereupon
the resignation or removal of the predecessor Owner Trustee shall become
effective and such successor Owner Trustee, without any further act, deed or
conveyance, shall become fully vested with all the rights, powers, duties and
obligations of its predecessor under this Agreement, with like effect as if
originally named as Owner Trustee. The predecessor Owner Trustee shall upon
payment of its fees and expenses deliver to the successor Owner Trustee all
documents and statements and monies held by it under this Agreement; and the
Depositor and the predecessor Owner Trustee shall execute and deliver such
instruments and do such other things as may reasonably be required for fully
and certainly vesting and confirming in the successor Owner Trustee all such
rights, powers, duties and obligations.

            No successor Owner Trustee shall accept appointment as
provided in this Section unless at the time of such acceptance such successor
Owner Trustee shall be eligible pursuant to Section 10.1.

            Upon acceptance of appointment by a successor Owner Trustee
pursuant to this Section, the Servicer shall mail notice of the successor of
such Owner Trustee to all Certificateholders, the Trustee, the Noteholders and
the Rating Agencies. If the Servicer shall fail to mail such notice within 10
days after acceptance of appointment by the successor Owner Trustee, the
successor Owner Trustee shall cause such notice to be mailed at the expense of
the Servicer.  Any successor Owner Trustee appointed hereunder shall promptly
file a certificate of amendment to the Certificate of Trust with the Delaware
Secretary of State.

         SECTION 10.4 Merger or Consolidation of Owner Trustee. Any Person
into which the Owner Trustee may be merged or converted or with which it may
be consolidated, or any Person resulting from any merger, conversion or
consolidation to which the Owner Trustee shall be a party, or any Person
succeeding to all or substantially all of the corporate trust business of the
Owner Trustee, shall be the successor of the Owner Trustee hereunder, provided
such Person shall be eligible pursuant to Section 10.1, without the execution
or filing of any instrument or any further act on the part of any of the
parties hereto, anything herein to the contrary notwithstanding, provided
further that the Owner Trustee shall mail notice of any such merger or
consolidation to the Rating Agencies.

         SECTION 10.5 Appointment of Co-Trustee or Separate Trustee.
Notwithstanding any other provisions of this Agreement, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any
part of the Owner Trust Estate or any Financed Vehicle may at the time be
located, the Servicer 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, and if Notes are Outstanding, the
Insurer to act as co-trustee, jointly with the Owner Trustee, or separate
trustee or separate trustees, of all or any part of the Owner Trust Estate,
and to vest in such Person, in such capacity, such title to the Trust, or any
part thereof, and, subject to the other provisions of this Section, such
powers, duties, obligations, rights and trusts as the Servicer and the Owner
Trustee may consider necessary or desirable. If the Servicer shall not have
joined in such appointment within 15 days after the receipt by it of a request
so to do, the Owner Trustee subject, unless an Insurer Default shall have
occurred and be continuing or no Notes remain Outstanding, to the approval of
the Insurer (which approval shall not be unreasonably withheld) 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.

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

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

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

                                  ARTICLE XI

                                 Miscellaneous

         SECTION 11.1 Supplements and Amendments. (a) This Agreement may be
amended by the Depositor and the Owner Trustee, with the prior written consent
of the Insurer (so long as any Notes are Outstanding and an Insurer Default
shall not have occurred and be continuing) and with prior written notice to
the Rating Agencies, without the consent of any of the Noteholders or the
Certificateholders, (i) to cure any ambiguity or defect or (ii) to correct,
supplement or modify any provisions in this Agreement; provided, however, that
such action shall not, as evidenced by an Opinion of Counsel, adversely affect
in any material respect the interests of any Noteholder or Certificateholder.

            (b) This Agreement may also be amended by the Depositor and the
Owner Trustee from time to time, (i) with the prior written consent of the
Insurer (so long as any Notes are Outstanding and an Insurer Default shall not
have occurred and be continuing) but without the consent of any Noteholders or
Certificateholders or, (ii) if an Insurer Default shall have occurred and be
continuing, with (x) the consent of a Note Majority, if Notes are Outstanding
and to the extent such amendment materially and adversely affects the
interests of the Noteholders, and (y) the consent of the Holders of
Certificates evidencing not less than a majority of the Certificate Balance
(which consent of any Holder of a Certificate or Note given pursuant to this
Section or pursuant to any other provision of this Agreement shall be
conclusive and binding on such Holder and on all future Holders of such
Certificate or Note and of any Certificate or Note issued upon the transfer
thereof or in exchange thereof or in lieu thereof whether or not notation of
such consent is made upon the Certificate or Note) with prior written notice
to the Rating Agencies, 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, subject to the express rights of
the Insurer under the Basic Documents, no such amendment shall (a) increase or
reduce in any manner the amount of, or accelerate or delay the timing of,
collections of payments on Receivables or distributions that shall be required
to be made for the benefit of the Noteholders or the Cerrificateholders or (b)
reduce the aforesaid percentage of the Outstanding Amount of the Notes and the
Certificate Balance required to consent to any such amendment, without the
consent of the Holders of all the outstanding Notes and Holders of all
outstanding Certificates; provided, further, that no such amendment shall
affect the rights or obligations of the Certificate Registrar or Certificate
Paying Agent without its consent

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

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

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

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

         SECTION 11.2 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 undivided ownership interest
therein only in accordance with Articles V and IX. No transfer, by operation
of law or otherwise, of any right, title or interest of the Certificateholders
to and in their ownership interest in the Owner Trust Estate shall operate to
terminate this Agreement or the trusts hereunder or entitle any transferee to
an accounting or to the transfer to it of legal title to any part of the Owner
Trust Estate.

         SECTION 11.3 Limitations on Rights of Others. Except for Section 2.7,
the provisions of this Agreement are solely for the benefit of the Owner
Trustee, the Depositor, the Certificateholders, the Servicer and, to the
extent expressly provided herein, the Indenture Trustee, the Insurer and the
Noteholders, and nothing in this Agreement, whether express or implied, shall
be construed to give to any other Person any legal or equitable right, remedy
or claim in the Owner Trust Estate or under or in respect of this Agreement or
any covenants, conditions or provisions contained herein.

         SECTION 11.4 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 personally delivered, delivered by overnight courier
or mailed first class mail or certified mail, in each case return receipt
requested, and shall be deemed to have been duly given upon receipt, if to the
Owner Trustee, addressed to _____________________, at its Corporate Trust
Office, Attention: Corporate Trust Administration; if to the Insurer,
addressed to Insurer, _______________________________________________________,
Attention: _______________________________________, Confirmation: (__) ___-___,
Telecopy Nos.: (___)___-____, (___) ___-____ (in each case in which notice or
other communication to ________________ refers to an Event of Default, a claim
on the Policies or with respect to which failure on the part of _____________
to respond shall be deemed to constitute consent or acceptance, then a copy of
such notice or other communication should also be sent to the attention of
the__________________________________; or, as to each party, at such other
address as shall be designated by such pasty in a written notice to each other
party.

            (b) Any notice required or permitted to be given to a
Certificateholder shall be given by personal delivery, overnight courier or by
first-class mail, postage prepaid, at the address of such Holder as shown in
the Certificate Register. Any notice so given 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 [Reserved].

         SECTION 11.6 Severability. Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate
or rider unenforceable such provision in any other jurisdiction.

         SECTION 11.7 Separate Counterparts. This Agreement may be executed by
the parties hereto in separate counterparts, each of which when so executed
and delivered shall be an original, but all such counterparts shall together
constitute but one and the same instrument.

         SECTION 11.8 Third-Party Beneficiaries. This Agreement shall inure to
the benefit of and be binding upon the parties hereto and their respective
successors and permitted assigns. Except as otherwise provided in this
Agreement, no other Person shall have any right or obligation hereunder. Upon
issuance of the Policy, this Agreement shall also inure to the benefit of the
Insurer for so long as an Insurer Default shall not have occurred and be
continuing. Without limiting the generality of the foregoing, all covenants
and agreements in this Agreement which confer rights upon the Insurer shall be
for the benefit of and run directly to the Insurer and the Insurer shall be
entitled to rely on and enforce such covenants, subject, however, to the
limitations on such rights provided in this Agreement and the Basic Documents.
The Insurer may disclaim any of its rights and powers under this Agreement
(but not its duties and obligations under the Policy) upon delivery of a
written notice to the Owner Trustee.

         SECTION 11.9 [Reserved].

         SECTION 11.10 No Petition. The Owner Trustee (not in its individual
capacity but solely as Owner Trustee), by entering into this Agreement, each
Certificateholder, by accepting a Trust Certificate, and the Indenture Trustee
and each Noteholder by accepting the benefits of this Agreement, hereby
covenants and agrees that they will not at any time institute against the
Depositor, or join in any institution against the Depositor of, any
bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings, or other proceedings under any United States Federal or state
bankruptcy or similar law in connection with any obligations relating to the
Trust Certificates, the Notes, this Agreement or any of the Basic Documents.

         SECTION 11.11 No Recourse. Each Certificateholder by accepting a
Trust Certificate acknowledges that such Certificateholder's Trust
Certificates represent beneficial interests in the Trust only and do not
represent interests in or obligations of the Seller, the Servicer, the
Transferor, the Depositor, the Owner Trustee, the Indenture Trustee, the
Insurer or any Affiliate thereof and no recourse maybe had against such
parties or their assets, except as may be expressly set forth or contemplated
in this Agreement, the Trust Certificates or the Basic Documents.

         SECTION 11.12 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 11.13 GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

         SECTION 11.14 Agreement Creates No Partnership Except for Tax
Purposes. Except as provided in Section 2.11, by acceptance of their
Certificates, each Holder and transferee of a Certificate acknowledges that it
understands and intends that if the Certificates are treated as held by two or
more persons, the arrangement created hereby is a partnership for income tax
purposes and that it intends and expects to be treated as a partner for such
purposes. The provisions of the agreement shall be interpreted and applied in
a manner consistent with such intent. Each Holder acknowledges and agrees that
if the Certificates are treated as held by two or more persons, any tax
partnership created hereby is created solely for income tax purposes and that
this Agreement does not create a partnership for any other purpose.

         SECTION 11.15 Servicer. The Servicer is authorized to prepare, or
cause to be prepared, execute and deliver on behalf of the Trust all such
documents, reports, filings, instruments, certificates and opinions as it
shall be the duty of the Trust or Owner Trustee to prepare, file or deliver
pursuant to the Basic Documents. Upon written request, the Owner Trustee shall
execute and deliver to the Servicer a limited power of attorney appointing the
Servicer the Trust's agent and attorney-in-fact to prepare, or cause to be
prepared, execute and deliver all such documents, reports, filings,
instruments, certificates and opinions.

<PAGE>

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

                                 -------------------------------------------,
                                 Owner Trustee

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

                                 ML ASSET BACKED CORPORATION,
                                 as Depositor

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

                                   -------------------------------------------,
                                   with respect to Article VIII and Section
                                   11.4, as Servicer

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

Acknowledged and Agreed
Indenture Trustee

-----------------------------------------------------
As Certificate Paying Agent and Certificate Registrar

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

<PAGE>
                                                                  EXHIBIT A-1

                       CLASS A ASSET BACKED CERTIFICATE

$[______________]          ------------------------
Original Principal            Registered Owner
Amount                                                              No. A-001

                      SEE REVERSE FOR CERTAIN DEFINITIONS

THIS CERTIFICATE IS TRANSFERABLE ONLY UPON COMPLIANCE WITH CERTAIN PROVISIONS
OF A TRUST AGREEMENT BETWEEN ML ASSET BACKED CORPORATION AND
________________________ (THE "TRUST AGREEMENT"). THIS CERTIFICATE HAS NOT
BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE "SECURITIES ACT"), OR ANY SECURITIES LAWS, AND ISSUER HAS NOT BEEN
REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED,
AND PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE TRUST
INDENTURE AND APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES
AND TO "QUALIFIED INSTITUTIONAL BUYERS" (AS DEFINED IN RULE 144A UNDER THE
SECURITIES ACT), AND SOLELY WITH RESPECT TO THE INITIAL OFFERING OF THE
CERTIFICATES, TO INSTITUTIONAL "ACCREDITED INVESTORS" (AS DEFINED IN RULE
501(A) (1), (2), (3) OR (7) UNDER THE SECURITIES ACT) UPON DELIVERY OF A
REPRESENTATION LETTER TO THE TRUSTEE.

NO EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED ("ERISA") AND NO OTHER PLAN SUBJECT TO
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), OR
ANY ENTITY THE ASSETS OF WHICH CONSTITUTE OR ARE DEEMED FOR PURPOSES OF ERISA
OR SECTION 4975 OF THE CODE TO CONSTITUTE THE ASSETS OF ANY SUCH PLAN, MAY
PURCHASE THIS CERTIFICATE OR ANY INTEREST HEREIN, UNLESS SUCH PURCHASE AND THE
HOLDING OF THIS CERTIFICATE OR SUCH INTEREST BY SUCH PLAN (OR ANY ENTITY THE
ASSETS OF WHICH CONSTITUTE "PLAN ASSETS" OF ANY SUCH PLAN) IS SUBJECT TO A
STATUTORY OR ADMINISTRATIVE EXEMPTION. ANY HOLDER HEREOF OR ANY INTEREST
HEREIN THAT IS, OR IS ACTING ON BEHALF OF OR WITH "PLAN ASSETS" OF, AN
EMPLOYEE BENEFIT PLAN SUBJECT TO ERISA OR A PLAN SUBJECT TO SECTION 4975 OF
THE CODE, AND WITH RESPECT TO WHICH THE TRUSTEE OR THE OWNER TRUSTEE IS A
"PARTY IN INTEREST" OR A "DISQUALIFIED PERSON", BY PURCHASING THIS CERTIFICATE
OR SUCH INTEREST REPRESENTS THAT ITS PURCHASE OF THIS CERTIFICATE OR SUCH
INTEREST IS SUBJECT TO A STATUTORY OR ADMINISTRATIVE EXEMPTION FROM THE
PROHIBITED TRANSACTION RULES OF ERISA AND SECTION 4975 OF THE CODE.

EACH PURCHASER REPRESENTS AND WARRANTS FOR THE BENEFIT OF THE ISSUER THAT SUCH
PURCHASER HAS NOT ACQUIRED NOR WILL IT SELL, TRADE, TRANSFER, ASSIGN,
PARTICIPATE, PLEDGE, HYPOTHECATE, CAUSE TO BE MARKETED, OR OTHERWISE DISPOSE
OF THIS CERTIFICATE (OR ANY INTEREST HEREIN) ON OR THROUGH (I) AN "ESTABLISHED
SECURITIES MARKET" WITHIN THE MEANING OF SECTION 7704(B)(1) OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED, INCLUDING, WITHOUT LIMITATION, AN
OVER-THE-COUNTER-MARKET OR AN "INTERDEALER QUOTATION SYSTEM" THAT REGULARLY
DISSEMINATES FIRM BUY OR SELL QUOTATIONS, OR (II) A "SECONDARY MARKET (OR THE
SUBSTANTIAL EQUIVALENT THEREOF)" WITHIN THE MEANING OF CODE SECTION
7704(B)(2).

THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS AS SET FORTH
HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE AT
ANY TIME MAYBE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

              _____________________ VEHICLE RECEIVABLES OWNER TRUST 200_-_

                       CLASS A ASSET BACKED CERTIFICATE

evidencing a beneficial ownership interest in certain distributions of the
Trust, as defined below, the property of which includes a pool of motor
vehicle loans secured by new or used automobiles, vans, light duty trucks or
motorcycles and transferred to the Trust by ML Asset Backed Corporation.

                  (This Trust Certificate does not represent an interest in or
obligation of ____________, __________________, the Owner Trustee or any of
their Affiliates, except to the extent described below.)

                  THIS CERTIFIES THAT [_________] is the registered owner of [
] ($) nonassessable, fully-paid, beneficial ownership interest in certain
distributions of __________________ Vehicle Receivables Owner Trust 200_-_
(the "Trust") formed by ML Asset Backed Corporation.

<PAGE>

                 OWNER TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

_________________________________, not      _________________________, not
in its individual capacity but solely       in its individual capacity but
as Owner Trustee                            solely as Owner Trustee

By  _____________________________           By_____________________________,
                                              Authenticating Agent
                                              By____________________________

<PAGE>

                  The Trust was created pursuant to a Trust Agreement dated as
of _________ [ 1], 200_ (the "Trust Agreement"), between the Depositor and
______________________, 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 Trust
Certificates designated as a Class A Asset Backed Certificates (together with
the Class R Asset Backed Certificates, the "Trust Certificates"). Also issued
under the Indenture dated as of ____________ [1], 200_, between the Trust and
________________________, as trustee and indenture collateral agent, are
(four) classes of Notes designated as "Class A-1 _____% Asset Backed Notes"
(the "Class A-1 Notes"), "Class A-1 _____% Asset Backed Notes" (the "Class A-2
Notes", "Class A-3 _____% Asset Backed Notes" (the "Class A-3 Notes") and
"Class A-4 _____% Asset Backed Notes" (the "Class A-4 Notes", and together
with the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, the
"Notes")). This Trust Certificate is issued under and is subject to the terms,
provisions and conditions of the Trust Agreement, to which Trust Agreement the
holder of this Trust Certificate by virtue of the acceptance hereof assents
and by which such holder is bound.

                  The property of the Trust includes a pool of retail
installment loan contracts secured by new and used automobiles, vans, light
duty trucks or motorcycles (the "Receivables"), all monies due or to become
due thereunder on or after the Initial Cutoff Date with respect to the Initial
Receivables and after the Subsequent Cutoff Date with respect to Subsequent
Receivables, security interests in the vehicles financed thereby, certain bank
accounts and the proceeds thereof, proceeds from claims on certain insurance
policies and certain other rights under the Trust Agreement and the Sale and
Servicing Agreement and all proceeds of the foregoing.

                  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 succeeding Business Day (the "Payment Date"), commencing in
___________ 200_, to the Person in whose name this Trust Certificate is
registered at the close of business on the Business Day preceding such Payment
Date (the "Record Date") such Certificateholder's fractional undivided
interest in the amount to be distributed to Certificateholders on such Payment
Date. No principal will be paid on the Trust Certificate until the Class A
Notes have been paid in full.

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

                  It is the intent of the Seller, Servicer, the Depositor and
Certificateholders that, for purposes of Federal income taxes, if the
Certificates are treated as held by a single person, the Trust will be
disregarded as an entity separate from its owner and if the Certificates are
treated or held by two or more persons, the Trust will be treated as a
partnership and the Certificateholders will be treated as partners in that
partnership. The Certificateholders by acceptance of a Trust Certificate,
agree to treat, and to take no action inconsistent with such treatment of, the
Trust Certificates for such tax purposes.

                  Each Certificateholder, by its acceptance of a Trust
Certificate, covenants and agrees that such Certificateholder will not at any
time institute against the Trust, the Transferor or the Depositor, or join in
any institution against the Trust, the Transferor or the Depositor 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
Trust Certificates, the Notes, the Trust Agreement or any of the Basic
Documents.

                  Distributions on this Trust Certificate will be made as
provided in the Trust Agreement by or on behalf of the Owner Trustee by wire
transfer or check mailed to the Certificateholder of record in the Trust
Certificate Register without the presentation or surrender of this Trust
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 Trust 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 Trust Certificate at the office or agency maintained for the purpose
by the Owner Trustee in the Borough of Manhattan, The City of New York.

                  Reference is hereby made to the further provisions of this
Trust 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 Trust Certificate shall not entitle the holder hereof to any
benefit under the Trust Agreement or the Sale and Servicing Agreement or be
valid for any purpose.

                  THIS TRUST CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW
PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER
SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

<PAGE>

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

                                    ________________________ VEHICLE
                                    RECEIVABLES OWNER TRUST 200_-_

                                    By: _____________________________,
                                    not in its individual capacity but solely
                                    as Owner Trustee

Dated:                              By:_______________________________

<PAGE>

                        (Reverse of Trust Certificate)

                  The Trust Certificates do not represent an obligation of, or
an interest in, the Seller, the Servicer, the Transferor, the Depositor, the
Owner Trustee or any Affiliates of any of them and no recourse may be had
against such parties or their assets, except as may be expressly set forth or
contemplated herein or in the Trust Agreement, the Indenture or the Basic
Documents. In addition, this Trust 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, all as more specifically
set forth herein and in the Sale and Servicing Agreement. The Trust
Certificates are limited in right of payment to certain collections and
recoveries respecting the Receivables, all as more specifically set forth in
the Sale and Servicing Agreement. A copy of each of the Sale and Servicing
Agreement and the Trust Agreement may be examined during normal business hours
at the principal office of the Seller, and at such other places, if any,
designated by the Seller, by any Certificateholder upon written request.

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

                  As provided in the Trust Agreement and subject to certain
limitations therein set forth, the transfer of this Trust Certificate is
registerable in the Certificate Register upon surrender of this Trust
Certificate for registration of transfer at the offices or agencies of the
Certificate Registrar maintained by the Owner Trustee in the Borough of
Manhattan, The City of New York, accompanied by a written instrument of
transfer in foam 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 Trust Certificates in
authorized denominations evidencing the same aggregate interest in the Trust
will be issued to the designated transferee. The initial Certificate Registrar
appointed under the Trust Agreement is ___________________________.

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

                  The Owner Trustee, the Certificate Registrar and any agent
of the Owner Trustee or the Certificate Registrar may treat the person in
whose name this Trust Certificate is registered as the owner hereof for all
purposes, and none of the Owner Trustee, the Certificate Registrar, nor any
such agent shall be affected by any notice to the contrary.

                  The obligations and responsibilities created by the Trust
Agreement and the Trust created thereby shall terminate upon the payment to
Certificateholders of all amounts required to be paid to them pursuant to the
Trust Agreement and the Sale and Servicing Agreement and the disposition of
all property held as part of the Trust. The Transferor of the Receivables may
at its option purchase the corpus of the Trust at a price specified in the
Sale and Servicing Agreement, and such purchase of the Receivables and other
property of the Trust will effect early retirement of the Trust Certificates;
however, such right of purchase is exercisable, subject to certain
restrictions, only as of the last day of any Collection Period as of which the
Pool Balance is 15% or less of the Original Pool Balance.

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

                  The recitals contained herein shall be taken as the
statements of the Depositor or the Servicer, as the case may be, and the Owner
Trustee assumes no responsibility for the correctness thereof. The Owner
Trustee makes no representations as to the validity or sufficiency of this
Certificate or of any Receivable or related document.

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

<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 Trust Certificate, and all rights thereunder, hereby irrevocably
constituting and appointing

____________________________________________ Attorney to transfer said Trust
Certificate on the books of the Trust Certificate Registrar, with full power of
substitution in the premises.

         The undersigned has requested an exchange or transfer of this
Certificate in the form of an equal principal amount of Certificates evidenced
by one or more Definitive Certificates, to be delivered to the undersigned or,
in the case of a transfer of such Certificate, to such Person as the
undersigned instructs the Trustee.

         In connection with such request and in respect of the Certificates
surrendered to the Trustee herewith for transfer (the "Surrendered
Certificate", the Holder of such Surrendered Certificates hereby certifies
that the Surrendered Certificate is being transferred pursuant to and in
accordance with Rule 144A under the United States Securities Act of 1933, as
amended (the "Securities Act"), and, accordingly, the undersigned reasonably
believes is purchasing the Surrendered Certificates for its own account, or
for one or more accounts with respect to which such Person exercises sole
investment discretion, and such Person and each such account is "qualified
institutional buyer" within the meaning of Rule 144A, in each case in a
transaction meeting the requirements of Rule 144 and the Surrendered
Certificate is being transferred in compliance with any applicable blue sky or
securities laws of any state of the United States or any other applicable
jurisdiction.

         This certificate and the statements contained herein are made for the
benefit of the Issuer and the Owner Trustee. The undersigned acknowledges that
the Issuer and the Owner Trustee will rely upon the undersigned's
confirmation, acknowledgments and agreements set forth herein, and the
undersigned agrees to notify the Owner Trustee promptly in writing if any of
the undersigned's representations or warranties herein ceases to be accurate
and complete.

Dated:
                                          *

                                          -------------------------------
                                          Signature Guaranteed:

                                          *

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

<PAGE>
                                                              EXHIBIT A-2

                       CLASS R ASSET BACKED CERTIFICATE

100%                    ------------------------------
Percentage                     Registered Owner
Interest                                                          No. R-001

                      SEE REVERSE FOR CERTAIN DEFINITIONS

THIS CERTIFICATE IS TRANSFERABLE ONLY UPON COMPLIANCE WITH CERTAIN PROVISIONS
OF A TRUST AGREEMENT BETWEEN ML ASSET BACKED CORPORATION AND
___________________________ (THE "TRUST AGREEMENT'). THIS CERTIFICATE HAS NOT
BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE "SECURITIES ACT"), OR ANY SECURITIES LAWS, AND ISSUER HAS NOT BEEN
REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED,
AND PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE TRUST
INDENTURE AND APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES
AND TO "QUALIFIED INSTITUTIONAL BUYERS" (AS DEFINED IN RULE 144A UNDER THE
SECURITIES ACT), AND SOLELY WITH RESPECT TO THE INITIAL OFFERING OF THE
CERTIFICATES, TO INSTITUTIONAL "ACCREDITED INVESTORS" (AS DEFINED IN RULE
501(A) (1), (2), (3) OR (7) UNDER THE SECURITIES ACT) UPON DELIVERY OF A
REPRESENTATION LETTER TO THE TRUSTEE.

NO EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED ("ERISA") AND NO OTHER PLAN SUBJECT TO
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), OR
ANY ENTITY THE ASSETS OF WHICH CONSTITUTE OR ARE DEEMED FOR PURPOSES OF ERISA
OR SECTION 4975 OF THE CODE TO CONSTITUTE THE ASSETS OF ANY SUCH PLAN, MAY
PURCHASE THIS CERTIFICATE OR ANY INTEREST HEREIN, UNLESS SUCH PURCHASE AND THE
HOLDING OF THIS CERTIFICATE OR SUCH INTEREST BY SUCH PLAN (OR ANY ENTITY THE
AS SETS OF WHICH CONSTITUTE "PLAN ASSETS" OF ANY SUCH PLAN) IS SUBJECT TO A
STATUTORY OR ADMINISTRATIVE EXEMPTION. ANY HOLDER HEREOF OR ANY INTEREST
HEREIN THAT IS, OR IS ACTING ON BEHALF OF OR WITH "PLAN ASSETS" OF, AN
EMPLOYEE BENEFIT PLAN SUBJECT TO ERISA OR A PLAN SUBJECT TO SECTION 4975 OF
THE CODE, AND WITH RESPECT TO WHICH THE TRUSTEE OR THE OWNER TRUSTEE IS A
"PARTY IN INTEREST" OR A "DISQUALIFIED PERSON", BY PURCHASING THIS CERTIFICATE
OR SUCH INTEREST REPRESENTS THAT ITS PURCHASE OF THIS CERTIFICATE OR SUCH
INTEREST IS SUBJECT TO A STATUTORY OR ADMINISTRATIVE EXEMPTION FROM THE
PROHIBITED TRANSACTION RULES OF ERISA AND SECTION 4975 OF THE CODE.

EACH PURCHASER REPRESENTS AND WARRANTS FOR THE BENEFIT OF THE ISSUER THAT SUCH
PURCHASER HAS NOT ACQUIRED NOR WILL IT SELL, TRADE, TRANSFER, ASSIGN,
PARTICIPATE, PLEDGE, HYPOTHECATE, CAUSE TO BE MARKETED, OR OTHERWISE DISPOSE
OF THIS CERTIFICATE (OR ANY INTEREST HEREIN) ON OR THROUGH (i) AN "ESTABLISHED
SECURITIES MARKET" WITHIN THE MEANING OF SECTION 7704(B)(1) OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED, INCLUDING, WITHOUT LIMITATION, AN
OVER-THE-COUNTER-MARKET OR AN "INTERDEALER QUOTATION SYSTEM" THAT REGULARLY
DISSEMINATES FIRM BUY OR SELL QUOTATIONS, OR (ii) A "SECONDARY MARKET (OR THE
SUBSTANTIAL EQUIVALENT THEREOF)" WITHIN THE MEANING OF CODE SECTION
7704(B)(2).

<PAGE>

           _________________ VEHICLE RECEIVABLES OWNER TRUST 200_-_

                       CLASS R ASSET BACKED CERTIFICATE

evidencing a beneficial ownership interest in certain distributions of the
Trust, as defined below, the property of which includes a pool of motor
vehicle loans secured by new or used automobiles, vans or light duty trucks
and transferred to the Trust by ML Asset Backed Corporation.

                  (This Trust Certificate does not represent an interest in or
obligation of _______________, ____________________, the Owner Trustee or any
of their Affiliates, except to the extent described below.)

                  THIS CERTIFIES THAT [______________] is the registered owner
of a beneficial ownership interest in certain distributions of ______________
Vehicle Receivables Owner Trust 200_-_ (the "Trust") formed by ML Asset Backed
Corporation.

<PAGE>

                 OWNER TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

____________________________, not in      ____________________________, not in
its individual capacity but solely        its individual capacity but solely as
as Owner Trustee or                       Owner Trustee

                                          By________________________________,
By__________________________________      Authenticating Agent

                                          By________________________________

<PAGE>

                  The Trust was created pursuant to a Trust Agreement dated as
of ________ [1 ], 200_ (the "Trust Agreement"), between the Depositor and
_______________________, 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 Trust
Certificates designated as a Class R Asset Backed Certificates (together with
the Class A Asset Backed Certificates, the `Trust Certificates"). Also issued
under the Indenture dated as of ___________ [1], 200_, the Trust and
_____________________, as trustee and indenture collateral agent, are four
classes of Notes designated as ["Class A-1 _____% Asset Backed Notes" (the
"Class A-I Notes"), "Class A-2 _____% Asset Backed Notes" (the "Class A-2
Notes"), the "Class A-3 _____% Asset Backed Notes" (the "Class A-3 Notes") and
the "Class A-4 _____% Asset Backed Notes" (the "Class A-4 Notes" and together
with the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, the
"Notes")]. This Trust Certificate is issued under and is subject to the terms,
provisions and conditions of the Trust Agreement, to which Trust Agreement the
holder of this Trust Certificate by virtue of the acceptance hereof assents
and by which such holder is bound. The property of the Trust includes a pool
of retail installment loan contracts secured by new and used automobiles,
vans, light duty trucks or motorcycles (the "Receivables"), all monies due or
to become due thereunder on or after the Initial Cutoff Date with respect to
the Initial Receivables and after the Subsequent Cutoff Date with respect to
Subsequent Receivables, security interests in the vehicles financed thereby,
certain bank accounts and the proceeds thereof, proceeds from claims on
certain insurance policies and certain other rights under the Trust Agreement
and the Sale and Servicing Agreement and all proceeds of the foregoing.

                  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 succeeding Business Day (the "Payment Date"), commencing in [_____]
200_ the Person in whose name this Trust Certificate is registered at the
close of business on the Business Day preceding such Payment Date (the "Record
Date") such Certificateholder's fractional undivided interest in the amount to
be distributed to Class R Certificateholders, if any, on such Payment Date. No
payments will be paid on this Class R Certificate until the Class A Notes and
the Class A Certificates have been paid in full.

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

                  It is the intent of the Seller, Servicer, the Depositor and
Certificateholders that, for purposes of Federal income taxes, if the
Certificates are treated as held by a single person, the Trust will be
disregarded as an entity separate firm its owner and if the Certificates are
treated or held by two or more persons, the Trust will be treated as a
partnership and the Certificateholders will be treated as partners in that
partnership. The Certificateholders by acceptance of a Trust Certificate,
agree to treat, and to take no action inconsistent with such treatment of, the
Trust Certificates for such tax purposes.

                  Each Certificateholder, by its acceptance of a Trust
Certificate, covenants and agrees that such Certificateholder will not at any
time institute against the Trust, the Transferor or the Depositor, or join in
any institution against the Trust, the Transferor or the Depositor 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
Trust Certificates, the Notes, the Trust Agreement or any of the Basic
Documents.

                  Distributions on this Trust Certificate will be made as
provided in the Trust Agreement by or on behalf of the Owner Trustee by wire
transfer or check mailed to the Certificateholder of record in the Trust
Certificate Register without the presentation or surrender of this Trust
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 Trust 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 Trust Certificate at the office or agency maintained for the propose
by the Owner Trustee in the Borough of Manhattan, The City of New York.

                  Reference is hereby made to the further provisions of this
Trust 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 Trust Certificate shall not entitle the holder hereof to any
benefit under the Trust Agreement or the Sale and Servicing Agreement or be
valid for any purpose.

                  THIS TRUST CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW
PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER
SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

<PAGE>

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

                                       __________________________ VEHICLE
                                       RECEIVABLES OWNER TRUST 200_-_

                                       By: _______________________________,
                                       not in its individual capacity but
                                       solely as Owner Trustee

Dated:                                 By:_________________________________

<PAGE>

                        (Reverse of Trust Certificate)

                  The Trust Certificates do not represent an obligation of, or
an interest in, the Seller, the Servicer, the Transferor, the Depositor, the
Owner Trustee or any Affiliates of any of them and no recourse may be had
against such parties or their assets, except as may be expressly set forth or
contemplated herein or in the Trust Agreement, the Indenture or the Basic
Documents. In addition, this Trust 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, all as more specifically
set forth herein and in the Sale and Servicing Agreement. The Trust
Certificates are limited in right of payment to certain collections and
recoveries respecting the Receivables, all as more specifically set forth in
the Sale and Servicing Agreement. A copy of each of the Sale and Servicing
Agreement and the Trust Agreement may be examined during normal business hours
at the principal office of the Seller, and at such other places, if any,
designated by the Seller, by any Certificateholder upon written request.

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

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

                  As provided in the Trust Agreement and subject to certain
limitations therein set forth, Trust Certificates are exchangeable for new
Trust Certificates in authorized denominations evidencing the same aggregate
denomination, as requested by the holder surrendering the same. No service
charge will be made for any such registration of transfer or exchange, but the
Owner Trustee or the Certificate Registrar may require payment of a sum
sufficient to cover any tax or governmental charge payable in connection
therewith.

                  The Owner Trustee, the Certificate Registrar and any agent
of the Owner Trustee or the Certificate Registrar may treat the person in
whose name this Trust Certificate is registered as the owner hereof for all
purposes, and none of the Owner Trustee, the Certificate Registrar, nor any
such agent shall be affected by any notice to the contrary.

                  The obligations and responsibilities created by the Trust
Agreement and the Trust created thereby shall terminate upon the payment to
Certificateholders of all amounts required to be paid to them pursuant to the
Trust Agreement and the Sale and Servicing Agreement and the disposition of
all property held as part of the Trust. The Transferor may at its option
purchase the corpus of the Trust at a price specified in the Sale and
Servicing Agreement, and such purchase of the Receivables and other property
of the Trust will effect early retirement of the Trust Certificates; however,
such right of purchase is exercisable, subject to certain restrictions, only
as of the last day of any Collection Period as of which the Pool Balance is
15% or less of the Original Pool Balance.

                  The Trust Certificates may not be acquired by (a) an
employee benefit plan (as defined in Section 3(3) of ER1SA) that is subject to
the provisions of Title 1 of ERISA, (b) a plan described in Section 4975(e)
(1) of the Code or (c) any entity whose underlying assets include plan assets
by reason of a plan's investment in the entity (each, a "Benefit Plan"). By
accepting and holding this Trust Certificate, the Holder hereof shall be
deemed to have represented and warranted that it is not a Benefit Plan.

                  The recitals contained herein shall be taken as the
statements of the Depositor, the Transferor or the Servicer, as the case
maybe, and the Owner Trustee assumes no responsibility for the correctness
thereof. The Owner Trustee makes no representations as to the validity or
sufficiency of this Certificate or of any Receivable or related document.

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

<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 Trust Certificate, and all rights thereunder, hereby irrevocably
constituting and appointing

______________________________________________ Attorney to transfer said Trust
Certificate on the books of the Trust Certificate Registrar, with full power
of substitution in the premises.

         The undersigned has requested an exchange or transfer of this
Certificate in the form of an equal principal amount of Certificates evidenced
by one or more Definitive Certificates, to be delivered to the undersigned or,
in the case of a transfer of such Certificate, to such Person as the
undersigned instructs the Trustee.

         In connection with such request and in respect of the Certificates
surrendered to the Trustee herewith for transfer (the "Surrendered
Certificate"), the Holder of such Surrendered Certificates hereby certifies
that the Surrendered Certificate is being transferred pursuant to and in
accordance with Rule 144A under the United States Securities Act of 1933, as
amended (the "Securities Act"), and, accordingly, the undersigned reasonably
believes is purchasing the Surrendered Certificates for its own account, or
for one or more accounts with respect to which such Person exercises sole
investment discretion, and such Person and each such account is "qualified
institutional buyer" within the meaning of Rule 144A, in each case in a
transaction meeting the requirements of Rule 144 and the Surrendered
Certificate is being transferred in compliance with any applicable blue sky or
securities laws of any state of the United States or any other applicable
jurisdiction.

         This certificate and the statements contained herein are made for the
benefit of the Issuer and the Owner Trustee. The undersigned acknowledges that
the Issuer and the Owner Trustee will rely upon the undersigned's
confirmation, acknowledgments and agreements set forth herein, and the
undersigned agrees to notify the Owner Trustee promptly in writing if any of
the undersigned's representations or warranties herein ceases to be accurate
and complete.

Dated:
                                          *

                                          --------------------------------
                                          Signature Guaranteed:

                                          *

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

<PAGE>
                                                                 EXHIBIT B

                                   [FORM OF]

                            CERTIFICATE OF TRUST OF

                   ____________________ VEHICLE RECEIVABLES
                              OWNER TRUST 200_-_

                  THIS Certificate of Trust of ________________ Vehicle
Receivables Owner Trust 200_-_ (the "Trust"), dated as of _____________ ___,
200_, is being duly executed and filed by _____________________________, a
____________ as trustee to form a business trust under the Delaware Business
Trust Act (12 Del. Code, ss. 3801 et seq.).

         1.      Name. The name of the business trust formed hereby is
______________ Vehicle Receivables Owner Trust 200_-_.

         2.      Delaware Trustee.  The name and principal place of business
of the trustee of the trust in the State of Delaware is _____________________.

         3.      Effective Date. This Certificate of Trust will be effective
______________, 200_.

                 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.

                                 _________________________________, not in its
                                 individual capacity but solely as Owner
                                 Trustee of the Trust.

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

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