Document:

EXHIBIT 4.2

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                        SALE AND SERVICING AGREEMENT

                                by and among

                       MMCA AUTO OWNER TRUST 2002-3,

                                as the Trust

                      MMCA AUTO RECEIVABLES TRUST II,

                                 as Seller

                                    and

                 MITSUBISHI MOTORS CREDIT OF AMERICA, INC.,
                                as Servicer

                         Dated as of August 1, 2002

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                                                  TABLE OF CONTENTS

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ARTICLE I - DEFINITIONS AND USAGE.................................................................................1

         Section 1.1       Definitions............................................................................1
         Section 1.2       Business Day Certificate...............................................................1

ARTICLE II - TRUST PROPERTY.......................................................................................1

         Section 2.1       Conveyance of Trust Property...........................................................1
         Section 2.2       Representations and Warranties of the Seller as to the Receivables.....................6
         Section 2.3       Repurchase upon Breach................................................................13
         Section 2.4       Custody of Receivable Files...........................................................14
         Section 2.5       Duties of Servicer as Custodian.......................................................15
         Section 2.6       Instructions; Authority to Act........................................................15
         Section 2.7       Custodian's Indemnification...........................................................16
         Section 2.8       Effective Period and Termination......................................................16

ARTICLE III - ADMINISTRATION AND SERVICING OF  RECEIVABLES AND TRUST  PROPERTY...................................16

         Section 3.1       Duties of Servicer....................................................................16
         Section 3.2       Collection and Allocation of Receivable Payments......................................19
         Section 3.3       Realization upon Receivables..........................................................21
         Section 3.4       Physical Damage Insurance.............................................................22
         Section 3.5       Maintenance of Security Interests in Financed Vehicles................................22
         Section 3.6       Covenants of Servicer.................................................................22
         Section 3.7       Purchase by Servicer upon Breach......................................................23
         Section 3.8       Servicing Compensation................................................................23
         Section 3.9       Servicer's Certificate................................................................23
         Section 3.10      Annual Statement as to Compliance; Notice of Event of Servicing
                           Termination...........................................................................24
         Section 3.11      Annual Independent Certified Public Accountants' Reports..............................24
         Section 3.12      Access to Certain Documentation and Information Regarding Receivables.................25
         Section 3.13      Reports to the Commission.............................................................25
         Section 3.14      Reports to Rating Agencies............................................................25

ARTICLE IV - DISTRIBUTIONS; RESERVE ACCOUNT;  STATEMENTS TO CERTIFICATEHOLDERS AND NOTEHOLDERS...................25

         Section 4.1       Accounts..............................................................................25
         Section 4.2       Collections...........................................................................30
         Section 4.3       Application of Collections............................................................31
         Section 4.4       Advances..............................................................................32
         Section 4.5       Additional Deposits...................................................................33
         Section 4.6       Allocation of Total Available Funds...................................................33
         Section 4.7       Reserve Account.......................................................................35
         Section 4.8       Net Deposits..........................................................................37
         Section 4.9       Statements to Noteholders and Certificateholders......................................37
         Section 4.10      Control of Securities Accounts........................................................38
         Section 4.11      Pre-Funding Account...................................................................38
         Section 4.12      Negative Carry Account................................................................39

ARTICLE V - YIELD SUPPLEMENT LETTER OF CREDIT AND THE YIELD SUPPLEMENT ACCOUNT...................................39

         Section 5.1       Yield Supplement Letter of Credit and the Yield Supplement Account....................39

ARTICLE VI - THE SELLER..........................................................................................42

         Section 6.1       Representations, Warranties and Covenants of Seller...................................42
         Section 6.2       Liability of Seller; Indemnities......................................................43
         Section 6.3       Merger or Consolidation of, or Assumption of the Obligations of,
                           Seller................................................................................44
         Section 6.4       Limitation on Liability of Seller and Others..........................................45
         Section 6.5       Seller May Own Notes or Certificates..................................................45

ARTICLE VII - THE SERVICER.......................................................................................45

         Section 7.1       Representations and Warranties of Servicer............................................45
         Section 7.2       Liability of Servicer; Indemnities....................................................46
         Section 7.3       Merger or Consolidation of, or Assumption of the Obligations of,
                           Servicer..............................................................................48
         Section 7.4       Limitation on Liability of Servicer and Others........................................48
         Section 7.5       Servicer Not to Resign................................................................49
         Section 7.6       Servicer May Own Notes or Certificates................................................49

ARTICLE VIII - SERVICING TERMINATION.............................................................................49

         Section 8.1       Events of Servicing Termination.......................................................49
         Section 8.2       Indenture Trustee to Act; Appointment of Successor Servicer...........................51
         Section 8.3       Effect of Servicing Transfer..........................................................51
         Section 8.4       Notification to Noteholders and Certificateholders....................................52
         Section 8.5       Waiver of Past Events of Servicing Termination........................................52

ARTICLE IX - TERMINATION.........................................................................................52

         Section 9.1       Optional Purchase of All Receivables..................................................52

ARTICLE X - MISCELLANEOUS PROVISIONS.............................................................................53

         Section 10.1      Amendment.............................................................................53
         Section 10.2      Protection of Title to Trust..........................................................54
         Section 10.3      Representations of the Seller and the Purchaser.......................................56
         Section 10.4      Governing Law.........................................................................56
         Section 10.5      Notices...............................................................................57
         Section 10.6      Severability of Provisions............................................................58
         Section 10.7      Assignment............................................................................58
         Section 10.8      Further Assurances....................................................................58
         Section 10.9      No Waiver; Cumulative Remedies........................................................58
         Section 10.10     Third-Party Beneficiaries.............................................................58
         Section 10.11     Actions by Noteholder or Certificateholders...........................................58
         Section 10.12     Counterparts..........................................................................59
         Section 10.13     Agent for Service.....................................................................59
         Section 10.14     No Bankruptcy Petition; Subordination; Claims Against Seller..........................59
         Section 10.15     Limitation of Liability of Owner Trustee and Indenture Trustee........................59

                                 SCHEDULES

Schedule of Initial Receivables..........................................................................Schedule A
Locations of Receivable Files............................................................................Schedule B

                                  EXHIBITS

Form of Servicer's Certificate............................................................................Exhibit A
Form of Statement to Noteholders..........................................................................Exhibit B
Form of Statement to Certificateholders...................................................................Exhibit C
Form of Yield Supplement Agreement....................................................................... Exhibit D
Form of Second-Tier Subsequent Assignment.................................................................Exhibit E
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                  SALE AND SERVICING AGREEMENT, dated as of August 1, 2002
(as amended, supplemented or otherwise modified and in effect from time to
time, this "Agreement"), by and among MMCA AUTO OWNER TRUST 2002-3, a
Delaware business trust (the "Trust"), MMCA AUTO RECEIVABLES TRUST II, a
Delaware business trust (the "Seller"), and MITSUBISHI MOTORS CREDIT OF
AMERICA, INC., a Delaware corporation (the "Servicer").

                  WHEREAS, the Trust desires to purchase portfolios of
receivables arising in connection with motor vehicle retail installment
sale contracts generated by Mitsubishi Motors Credit of America, Inc. in
the ordinary course of its business and sold to the Seller as of the date
hereof and from time to time hereafter;

                  WHEREAS, the Seller is willing to sell such receivables
to the Trust as of the date hereof and from time to time hereafter; and

                  WHEREAS, Mitsubishi Motors Credit of America, Inc. is
willing to service such receivables on behalf of the Trust;

                  NOW, THEREFORE, in consideration of the premises and the
mutual covenants herein contained, and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged,
the parties hereto, intending to be legally bound, agree as follows:

                     ARTICLE I - DEFINITIONS AND USAGE

                  Section 1.1 Definitions. Except as otherwise specified
herein or as the context may otherwise require, capitalized terms used but
not otherwise defined herein are defined in Appendix A to the Indenture
(the "Indenture"), dated as of August 1, 2002, between MMCA Auto Owner
Trust 2002-3, as issuer, and Bank of Tokyo-Mitsubishi Trust Company, as
indenture trustee (the "Indenture Trustee"), which also contains rules as
to usage that shall be applicable herein.

                  Section 1.2 Business Day Certificate. On the Closing Date
(with respect to the calendar year 2002) and thereafter, within 15 days
prior to the end of each succeeding calendar year while this Agreement
remains in effect, the Servicer shall deliver to the Indenture Trustee and
to Wilmington Trust Company, not in its individual capacity but solely as
owner trustee (the "Owner Trustee"), an Officer's Certificate specifying
the days on which banking institutions or trust companies in New York, New
York, Wilmington, Delaware or Los Angeles, California are authorized or
obligated by law, executive order or governmental decree to remain closed.

                        ARTICLE II - TRUST PROPERTY

                  Section 2.1 Conveyance of Trust Property. (a) In
consideration of the Trust's delivery to, or upon the written order of, the
Seller of authenticated Notes and Certificates, in authorized denominations
in aggregate principal amounts equal to the initial principal amount of the
Notes and the Initial Certificate Balance, respectively, the Seller hereby
irrevocably sells, transfers, assigns and otherwise conveys to the Trust,
without recourse (subject to the obligations herein), all right, title and
interest of the Seller, whether now owned or hereafter acquired, in, to and
under the following:

                      (i) the Initial Receivables;

                      (ii) with respect to Initial Receivables that are
Actuarial Receivables, monies due thereunder after the Initial Cutoff Date
(including Payaheads) and, with respect to Initial Receivables that are
Simple Interest Receivables, monies received thereunder after the Initial
Cutoff Date;

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

                      (iv) all rights to receive proceeds with respect to
the Initial Receivables from claims on any physical damage, theft, credit
life or disability insurance policies covering the related Financed
Vehicles or related Obligors;

                      (v) all rights to receive proceeds with respect to
the Initial Receivables from recourse to Dealers thereon pursuant to Dealer
Agreements;

                      (vi) all of the Seller's rights to the Receivable
Files that relate to the Initial Receivables;

                      (vii) the Trust Accounts and all amounts, securities,
financial assets, investments and other property deposited in or credited
to any of the foregoing and all proceeds thereof;

                      (viii) all of the Seller's rights under the Yield
Supplement Agreement and the Purchase Agreement, including the right of the
Seller to cause MMCA to repurchase Receivables from the Seller;

                      (ix) all payments and proceeds with respect to the
Initial Receivables held by MMCA;

                      (x) all property (including the right to receive
Liquidation Proceeds and Recoveries and Financed Vehicles and the proceeds
thereof acquired by the Seller pursuant to the terms of an Initial
Receivable that is a Final Payment Receivable), guarantees and other
collateral securing an Initial Receivable (other than an Initial Receivable
purchased by the Servicer or repurchased by the Seller);

                      (xi) all rebates of premiums and other amounts
relating to insurance policies and other items financed under the Initial
Receivables in effect as of the Initial Cutoff Date; and

                      (xii) all present and future claims, demands, causes
of action and choses in action in respect of any or all of the foregoing
and all payments on or under and all proceeds of every kind and nature
whatsoever in respect of any or all of the foregoing, including all
proceeds of the conversion thereof, voluntary or involuntary, into cash or
other liquid property, all cash proceeds, accounts, accounts receivable,
notes, drafts, acceptances, chattel paper, checks, deposit accounts,
insurance proceeds, condemnation awards, rights to payment of any and every
kind and other forms of obligations and receivables, instruments and other
property which at any time constitute all or part of or are included in the
proceeds of any of the foregoing.

                  (b) Subject to satisfaction of the conditions set forth
in Section 2.1(d), in consideration of the Indenture Trustee's delivery on
or prior to any Subsequent Transfer Date to the Seller of the amount
described in Section 4.11(a) to be delivered to the Seller, the Seller
shall, pursuant to a Second-Tier Subsequent Assignment, irrevocably sell,
transfer, assign and otherwise convey to the Trust, without recourse
(subject to the obligations herein), on each Subsequent Transfer Date, all
right, title and interest of the Seller, whether now owned or hereafter
acquired, in, to and under the following:

                      (i) the Subsequent Receivables listed on Schedule A
to the related Second-Tier Subsequent Assignment;

                      (ii) with respect to the Subsequent Receivables that
are Actuarial Receivables, monies due thereunder on or after the related
Subsequent Cutoff Date (including Payaheads) and, with respect to
Subsequent Receivables that are Simple Interest Receivables, monies
received thereunder on or after the related Subsequent Cutoff Date;

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

                      (iv) all rights to receive proceeds with respect to
such Subsequent Receivables from claims on any physical damage, theft,
credit life or disability insurance policies covering the related Financed
Vehicles or related Obligors;

                      (v) all rights to receive proceeds with respect to
such Subsequent Receivables from recourse to Dealers thereon pursuant to
Dealer Agreements;

                      (vi) all of the Seller's rights to the Receivable
Files that relate to such Subsequent Receivables;

                      (vii) all payments and proceeds with respect to such
Subsequent Receivables held by the Servicer;

                      (viii) all property (including the right to receive
Liquidation Proceeds and Recoveries and Financed Vehicles and the proceeds
thereof acquired by the Seller pursuant to the terms of a Subsequent
Receivable that is a Final Payment Receivable), guarantees and other
collateral securing a Subsequent Receivable (other than a Subsequent
Receivable purchased by the Servicer or repurchased by the Seller);

                      (ix) all of the Seller's rights under the related
First-Tier Subsequent Assignment;

                      (x) all rebates of premiums and other amounts
relating to insurance policies and other items financed under such
Subsequent Receivables in effect as of the related Subsequent Cutoff Date;
and

                      (xi) all present and future claims, demands, causes
of action and choses in action in respect of any or all of the foregoing
and all payments on or under and all proceeds of every kind and nature
whatsoever in respect of any or all of the foregoing, including all
proceeds of the conversion thereof, voluntary or involuntary, into cash or
other liquid property, all cash proceeds, accounts, accounts receivable,
notes, drafts, acceptances, chattel paper, checks, deposit accounts,
insurance proceeds, condemnation awards, rights to payment of any and every
kind and other forms of obligations and receivables, instruments and other
property which at any time constitute all or part of or are included in the
proceeds of any of the foregoing.

                  (c) It is the intention of the Seller and the Trust that
the transfer of the Trust Property contemplated by Section 2.1(a) and any
Second-Tier Subsequent Assignments executed pursuant to Section 2.1(b)
constitute sales of the Trust Property from the Seller to the Trust,
conveying good title to the Trust Property free and clear of any liens and,
in the event of the filing of a bankruptcy petition by or against the
Seller under any bankruptcy or similar law, that the Trust Property shall
not be part of the Seller's estate. However, in the event that such
transfer is deemed to be a pledge, the Seller hereby grants to the Trust a
first priority security interest in all of the Seller's right, title and
interest in, to and under the Trust Property, and all proceeds thereof, to
secure a loan deemed to have been made by the Trust to the Seller in an
amount equal to the sum of the initial principal amount of the Notes plus
accrued interest thereon and the Initial Certificate Balance.

                  (d) The Seller shall sell, transfer, assign and otherwise
convey to the Trust on any Subsequent Transfer Date the Subsequent
Receivables and the other property and rights related thereto described in
Section 2.1(b) only upon the satisfaction of each of the following
conditions on or prior to such Subsequent Transfer Date:

                      (i) the Seller shall have provided the Indenture
         Trustee, the Owner Trustee and the Rating Agencies (A) written
         notification of the addition of such Subsequent Receivables at
         least five Business Days prior to the Subsequent Transfer Date and
         (B) on or prior to the Subsequent Transfer Date, a statement
         listing the approximate aggregate Principal Balance of such
         Subsequent Receivables as of the related Subsequent Cutoff Date
         and any other information reasonably requested by any of the
         foregoing;

                      (ii) the Seller shall have delivered to each of the
         Owner Trustee and the Indenture Trustee a duly executed written
         assignment in substantially the form of Exhibit E hereto (the
         "Second-Tier Subsequent Assignment"), which shall include a
         Schedule A attached thereto listing the related Subsequent
         Receivables;

                      (iii) the Seller shall, to the extent required by
         Section 4.2, have deposited in the Collection Account all
         collections in respect of the Subsequent Receivables that are
         property of the Trust;

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

                      (v) the applicable Subsequent Reserve Account Deposit
         for such Subsequent Transfer Date shall have been made;

                      (vi) the applicable Subsequent Payahead Account
         Deposit for such Subsequent Transfer Date shall have been made;

                      (vii) the applicable Subsequent Yield Supplement
         Account Deposit for such Subsequent Transfer Date shall have been
         made;

                      (viii) the Receivables, including the Subsequent
         Receivables to be conveyed to the Trust on the Subsequent Transfer
         Date, shall meet the following criteria as of the related
         Subsequent Cutoff Date: (A) the weighted average number of
         payments remaining until the maturity of the Receivables will not
         be more than 72 payments; (B) the aggregate principal balance of
         the Last Scheduled Payments as a percentage of the Pool Balance
         will not be greater than 7.15%; (C) if any Receivable is a
         Deferred Payment Receivable, the deferral period will not extend
         for more than 450 days after origination of that Receivable; (D)
         the weighted average FICO score of the obligors on the Receivables
         will not be less than 673; (E) the aggregate principal balance of
         the Receivables relating to new automobiles and sports utility
         vehicles will be at least 98.18%, substantially all of which will
         be manufactured or distributed by Mitsubishi Motors; (F) the
         aggregate principal balance of the limited credit experience
         Receivables as a percentage of the aggregate principal balance of
         the Receivables will not be more than 5.70%; and (G) the weighted
         average annual percentage rate of the Receivables will be at least
         7.25%;

                      (ix) the Subsequent Receivables to be conveyed to the
         Trust on the Subsequent Transfer Date will have a weighted average
         deferral period, as of the related Subsequent Cutoff Date, that is
         less than or substantially the same as the weighted average
         deferral period of the Initial Receivables as of the Initial
         Cutoff Date;

                      (x) the Pre-Funding Period shall not have terminated
         prior to the Subsequent Transfer Date;

                      (xi) each of the representations and warranties made
         by the Seller pursuant to Sections 2.2 and 6.1 of this Agreement
         and by MMCA pursuant to Section 3.2 of the Purchase Agreement,
         with respect to the Seller, MMCA or the Subsequent Receivables, as
         applicable, shall be true and correct as of the date as of which
         such representations and warranties are made;

                      (xii) the Seller shall, at its own expense, on or
         prior to the Subsequent Transfer Date, indicate in its computer
         files that the Subsequent Receivables have been sold to the Trust
         pursuant to this Agreement and the related Second-Tier Subsequent
         Assignment and deliver to the Owner Trustee the related Schedule
         of Subsequent Receivables certified by an officer of the Seller to
         be true, correct and complete;

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

                      (xiv) no selection procedures believed by the Seller
         to be adverse to the interests of the Trust, the Noteholders or
         the Certificateholders shall have been utilized in selecting the
         Subsequent Receivables;

                      (xv) the addition of the Subsequent Receivables will
         not result in a material adverse tax consequence to the Trust, the
         Noteholders or the Certificateholders;

                      (xvi) the Seller shall have delivered to the Owner
         Trustee, the Indenture Trustee and the Rating Agencies an Opinion
         of Counsel relating to the security interests of the Owner Trustee
         and the Indenture Trustee in the Subsequent Receivables in
         substantially the form of the Opinion of Counsel delivered the
         Owner Trustee, the Indenture Trustee and the Rating Agencies
         regarding such matters on the Closing Date;

                      (xvii) the Seller shall have delivered to the Owner
         Trustee and the Indenture Trustee an Officer's Certificate
         confirming the satisfaction of each condition specified in this
         Section 2.1(d) (substantially in the form attached as Annex A to
         the form of Second-Tier Subsequent Assignment attached hereto as
         Exhibit E);

                      (xviii) all the conditions to the transfer of the
         Subsequent Receivables by MMCA to the Seller specified in Section
         4.1(b) of the Purchase Agreement shall be satisfied; and

                      (xix) the Servicer shall have provided to each of the
         Trust and the Indenture Trustee the Officer's Certificate required
         to be provided by the Servicer pursuant to Section 2.4.

                  (e) The sales, transfers, assignments and conveyances of
the Trust Property made under Section 2.1(a) shall not constitute and are
not intended to result in an assumption by the Trust of any obligation of
the Seller to the Obligors, the Dealers or any other Person in connection
with the Receivables and the other Trust Property or any agreement,
document or instrument related thereto.

                  Section 2.2 Representations and Warranties of the Seller
as to the Receivables. The Seller makes the following representations and
warranties as to the Receivables on which the Trust relies in accepting the
Receivables. Such representations and warranties speak as of the execution
and delivery of this Agreement in the case of the Initial Receivable and as
of the applicable Subsequent Transfer Date in the case of the Subsequent
Receivables, except in each case to the extent otherwise provided in the
following representations and warranties, but shall survive the sale,
transfer and assignment of the Receivables to the Trust and the pledge
thereof to the Indenture Trustee pursuant to the Indenture.

                      (i) Characteristics of Receivables. Each Receivable
         (a) shall have been originated (x) in the United States of America
         by a Dealer for the consumer or commercial sale of a Financed
         Vehicle in the ordinary course of such Dealer's business or (y) by
         MMCA in connection with the refinancing of a motor vehicle retail
         installment sale contract of the type described in subclause (x)
         above, shall have been fully and properly executed by the parties
         thereto, shall have been purchased by the Seller from MMCA, which
         in turn shall have purchased such Receivable from such Dealer
         under an existing Dealer Agreement with MMCA (unless such
         Receivable was originated by MMCA in connection with a
         refinancing), and shall have been validly assigned by such Dealer
         to MMCA in accordance with its terms (unless such Receivable was
         originated by MMCA in connection with a refinancing), which in
         turn shall have been validly assigned by MMCA to the Seller in
         accordance with its terms, (b) shall have created or shall create
         a valid, binding, subsisting and enforceable first priority
         security interest in favor of MMCA on the related Financed
         Vehicle, which security interest has been validly assigned by MMCA
         to the Seller, which in turn shall be validly assigned by the
         Seller to the Trust and by the Trust to the Indenture Trustee, (c)
         shall contain customary and enforceable provisions such that the
         rights and remedies of the holder thereof shall be adequate for
         realization against the collateral of the benefits of the
         security, (d) in the case of Standard Receivables, shall provide
         for monthly payments that fully amortize the Amount Financed by
         maturity of the Receivable and yield interest at the APR, (e) in
         the case of Balloon Payment Receivables and Final Payment
         Receivables, shall provide for a series of fixed level monthly
         payments and a larger payment due after such level monthly
         payments that fully amortize the Amount Financed by maturity and
         yield interest at the APR, (f) shall provide for, in the event
         that such contract is prepaid, a prepayment that fully pays the
         Principal Balance and all accrued and unpaid interest thereon, (g)
         is a retail installment sale contract, (h) is secured by a new or
         used automobile or sports-utility vehicle and (i) is an Actuarial
         Receivable or a Simple Interest Receivable (and may also be a
         Balloon Payment Receivable or a Final Payment Receivable).

                      (ii) Schedule of Receivables. The information set
         forth in the related Schedule of Receivables shall be true and
         correct in all material respects as of the opening of business on
         the related Cutoff Date and no selection procedures believed to be
         adverse to the Noteholders or the Certificateholders shall have
         been utilized in selecting the Receivables from those receivables
         which meet the criteria contained herein. The compact disk or
         other listing regarding the Receivables made available to the
         Trust and its assigns (which compact disk or other listing is
         required to be delivered as specified herein) is true and correct
         in all respects.

                      (iii) Compliance with Law. Each Receivable and the
         sale of the related Financed Vehicle shall have complied, at the
         time it was originated or made, and shall comply on the Closing
         Date (with respect to each Initial Receivable) or the related
         Subsequent Transfer Date (with respect to each Subsequent
         Receivable) in all material respects with all requirements of
         applicable Federal, state, and local laws, and regulations
         thereunder, including, without limitation, usury laws, the Federal
         Truth-in-Lending Act, the Equal Credit Opportunity Act, the Fair
         Credit Reporting Act, the Fair Credit Billing Act, the Fair Debt
         Collection Practices Act, the Federal Trade Commission Act, the
         Magnuson-Moss Warranty Act, the Federal Reserve Board's
         Regulations B and Z, the Soldiers' and Sailors' Civil Relief Act
         of 1940, the Texas Consumer Credit Code, and State adaptations of
         the Uniform Consumer Credit Code, and other consumer credit laws
         and equal credit opportunity and disclosure laws.

                      (iv) Binding Obligation. Each Receivable shall
         represent the genuine, legal, valid and binding payment obligation
         in writing of the Obligor, enforceable by the holder thereof in
         accordance with its terms, except as enforceability may be limited
         by bankruptcy, insolvency, reorganization, or other similar laws
         affecting the enforcement of creditors' rights generally and by
         general principles of equity.

                      (v) No Government Obligor. None of the Receivables is
         due from the United States of America or any state or from any
         agency, department or instrumentality of the United States of
         America or any state.

                      (vi) Security Interest in Financed Vehicle.
         Immediately prior to the sale, assignment, and transfer thereof
         pursuant to the Purchase Agreement, each Receivable shall be
         secured by a validly perfected first priority security interest in
         the related Financed Vehicle in favor of MMCA as secured party
         and, at such time as enforcement of such security interest is
         sought, there shall exist a valid, subsisting and enforceable
         first priority perfected security interest in such Financed
         Vehicle for the benefit of the Trust (subject to any statutory or
         other lien arising by operation of law after the Closing Date
         (with respect to each Initial Receivable) or the related
         Subsequent Transfer Date (with respect to each Subsequent
         Receivable) which is prior to such security interest), or all
         necessary and appropriate action with respect to such Receivables
         shall have been taken to perfect a first priority security
         interest in such Financed Vehicle for the benefit of the Trust.

                      (vii) Receivables in Force. No Receivable shall have
         been satisfied, subordinated, or rescinded, nor shall any Financed
         Vehicle have been released from the Lien granted by the related
         Receivable in whole or in part, which security interest shall be
         assignable by MMCA to the Seller and by the Seller to the Trust.

                      (viii) No Waiver. No provision of a Receivable shall
         have been waived in such a manner that such Receivable fails to
         meet all of the representations and warranties made by the Seller
         in this Section 2.2 with respect thereto.

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

                      (x) No Liens. To the best of the Seller's knowledge,
         no liens or claims shall have been filed for work, labor, or
         materials relating to a Financed Vehicle that shall be liens prior
         to, or equal or coordinate with, the security interest in the
         Financed Vehicle granted by the Receivable.

                      (xi) No Default; Repossession. Except for payment
         defaults continuing for a period of not more than 30 days or
         payment defaults of 10% or less of a Scheduled Payment, in each
         case as of the related Cutoff Date, or the failure of the Obligor
         to maintain satisfactory physical damage insurance covering the
         Financed Vehicle, no default, breach, violation, or event
         permitting acceleration under the terms of any Receivable shall
         have occurred; no continuing condition that with notice or the
         lapse of time or both would constitute a default, breach,
         violation, or event permitting acceleration under the terms of any
         Receivable shall have arisen; the Seller shall not have waived any
         of the foregoing; and no Financed Vehicle shall have been
         repossessed as of the related Cutoff Date.

                      (xii) Insurance. Each Contract shall require the
         related Obligor to maintain physical damage insurance (which
         insurance shall not be force placed insurance) covering the
         Financed Vehicle, in the amount determined by MMCA in accordance
         with its customary procedures.

                      (xiii) Title. It is the intention of the Seller that
         each transfer and assignment of the Receivables herein
         contemplated constitute a sale of such Receivables from the Seller
         to the Trust and that the beneficial interest in, and title to,
         such Receivables not be part of the Seller's estate in the event
         of the filing of a bankruptcy petition by or against the Seller
         under any bankruptcy law. No Receivable has been sold,
         transferred, assigned, or pledged by the Seller to any Person
         other than the Trust. Immediately prior to each transfer and
         assignment of the Receivables herein contemplated, the Seller had
         good and marketable title to such Receivables free and clear of
         all Liens, encumbrances, security interests, and rights of others
         and, immediately upon the transfer thereof, the Trust shall have
         good and marketable title to such Receivables, free and clear of
         all Liens, encumbrances, security interests, and rights of others;
         and the transfer has been perfected by all necessary action under
         the Relevant UCC.

                      (xiv) Valid Assignment. No Receivable shall have been
         originated in, or shall be subject to the laws of, any
         jurisdiction under which the sale, transfer, and assignment of
         such Receivable under this Agreement or the Indenture or pursuant
         to transfers of the Certificates shall be unlawful, void, or
         voidable. The Seller has not entered into any agreement with any
         obligor that prohibits, restricts or conditions the assignment of
         any portion of the Receivables.

                      (xv) All Filings Made. All filings (including,
         without limitation, filings under the Relevant UCC) necessary in
         any jurisdiction to give the Trust a first priority perfected
         security interest in the Receivables, and to give the Indenture
         Trustee a first priority perfected security interest therein,
         shall be made within 10 days of the Closing Date (with respect to
         the Initial Receivables) or 10 days of the related Subsequent
         Transfer Date (with respect to the Subsequent Receivables).

                      (xvi) Chattel Paper. Each Receivable constitutes
         "chattel paper" as defined in the Relevant UCC.

                      (xvii) One Original. There shall be only one original
         executed copy of each Receivable in existence.

                      (xviii) Principal Balance. Each Receivable had an
         original principal balance (net of unearned precomputed finance
         charges) of not more than $60,000, and a remaining Principal
         Balance as of the related Cutoff Date of not less than $100.

                      (xix) No Bankrupt Obligors. No Receivable was due
         from an Obligor who, as of the related Cutoff Date, was the
         subject of a proceeding under the Bankruptcy Code of the United
         States or was bankrupt.

                      (xx) New and Used Vehicles. Approximately 98.18% of
         the Initial Pool Balance, constituting approximately 96.88% of the
         total number of the Initial Receivables, relate to new automobiles
         and sports-utility vehicles, substantially all of which were
         manufactured or distributed by Mitsubishi Motors. Approximately
         1.50% of the Initial Pool Balance, constituting approximately
         2.43% of the total number of Initial Receivables, relate to used
         automobiles and sports-utility vehicle, substantially all of which
         were manufactured or distributed by Mitsubishi Motors.
         Approximately 0.32% of the Initial Pool Balance, constituting
         approximately 0.70% of the total number of Initial Receivables,
         relate to program automobiles and sports-utility vehicles,
         substantially all of which were manufactured or distributed by
         Mitsubishi Motors.

                      (xxi) Origination. Each Receivable shall have an
         origination date during or after January 27, 1999.

                      (xxii) Maturity of Receivables. Each Receivable shall
         have, as of the related Cutoff Date, not more than 72 remaining
         Scheduled Payments due under the Receivable.

                      (xxiii) Weighted Average Maturity of Receivables. As
         of the Initial Cutoff Date, the weighted average number of
         Scheduled Payments remaining until the maturity of the Initial
         Receivables shall be not more than 72 Scheduled Payments. As of
         the related Subsequent Cutoff Date, the weighted average number of
         Scheduled Payments remaining until the maturity of any Subsequent
         Receivables transferred to the Trust on the same Subsequent
         Transfer Date shall be not more than 72 Scheduled Payments.

                      (xxiv) Weighted Average Deferral Period. With respect
         to Subsequent Receivables transferred to the Issuer on the related
         Subsequent Transfer Date, the weighted average deferral period
         will be less than or substantially the same as the weighted
         average deferral period of the Initial Receivables as of the
         Initial Cutoff Date.

                      (xxv) Annual Percentage Rate. Each Receivable shall
         have an APR of at least 0% and not more than 30%.

                      (xxvi) Scheduled Payments. No Receivable shall have a
         payment of which more than 10% of such payment is more than 30
         days overdue as of the related Cutoff Date.

                      (xxvii) Location of Receivable Files. The Receivable
         Files shall be kept at one or more of the locations listed in
         Schedule B hereto.

                      (xxviii) Capped Receivables and Simple Interest
         Receivables. Except to the extent that there has been no material
         adverse effect on Noteholders or Certificateholders, each Capped
         Receivable has been treated consistently by the Seller and the
         Servicer as a Simple Interest Receivable and payments with respect
         to each Simple Interest Receivable have been allocated
         consistently in accordance with the Simple Interest Method.

                      (xxix) Agreement. The representations and warranties
         of the Seller in Section 6.1 are true and correct.

                      (xxx) Other Data. The tabular data and the numerical
         data relating to the characteristics of the Receivables contained
         in the Prospectus (as defined in the Purchase Agreement) are true
         and correct in all material respects.

                      (xxxi) Last Scheduled Payments. The aggregate
         principal balance of the Last Scheduled Payments of Balloon
         Payment Receivables and Final Payment Receivables that are Initial
         Receivables, as a percentage of the Initial Pool Balance as of the
         Initial Cutoff Date, shall be not greater than 7.15%. The
         aggregate principal balance of the Last Scheduled Payments of
         Balloon Payment Receivables and Final Payment Receivables that are
         Subsequent Receivables sold to the Purchaser on a Subsequent
         Transfer Date, as of the related Subsequent Cutoff Date, as a
         percentage of the aggregate principal balance of all of such
         Subsequent Receivables as of such related Subsequent Cutoff Date,
         shall be not greater than 7.15%.

                      (xxxii) Receivable Yield Supplement Amounts. An
         amount equal to the sum of all projected Yield Supplement Amounts
         for all future Payment Dates with respect to each Deferred Payment
         Receivable and each Deferred Balloon Payment Receivable, assuming
         that no prepayments are made on the Deferred Payment Receivable or
         the Deferred Balloon Payment Receivable, as the case may be, has
         been deposited to the Yield Supplement Account on or prior to the
         Closing Date or the related Subsequent Transfer Date, as
         applicable.

                      (xxxiii) Prepaid Receivables. No Receivable shall
         have been pre-paid by more than six monthly payments as of the
         related Cutoff Date.

                      (xxxiv) Limited Credit Experience. The aggregate
         principal balance of the Receivables on which the Obligor has
         limited credit experience, as a percentage of the aggregate
         principal balance of all Receivables, in each case as of the
         Cutoff Date, shall be not greater than 5.70%.

                      (xxxv) Deferred Payment Receivables. As of the
         Initial Cutoff Date, $128,402,141.03 total Principal Balance of
         Deferred Payment Receivables included in the Initial Receivables
         had a first payment that, as of the date of inception of the
         Receivable, was deferred for 300 days or greater. As of the
         Initial Cutoff Date, $50,240,124.87 total Principal Balance of
         Deferred Payment Receivables included in the Initial Receivables
         had a first payment that, as of the date of inception of the
         Receivable, was deferred for a period of between 200 and 299 days.
         As of the Initial Cutoff Date $30,120,031.55 total Principal
         Balance of Deferred Payment Receivables included in the Initial
         Receivables had a first payment that, as of the date of inception
         of the Receivable, was deferred for a period of between 100 and
         199 days. As of the Initial Cutoff Date $6,761,295.64 total
         Principal Balance of Deferred Payment Receivables included in the
         Initial Receivables had a first payment that, as of the date of
         inception of the Receivable, was deferred for a period of 99 days
         or less. In no case will the first payment on a Deferred Payment
         Receivable be due later than 480 days after the date of inception
         of that Receivable.

                      (xxxvi) Long Deferment Period Receivables. As of the
         Initial Cutoff Date $128,402,141.03 total Principal Balance of
         Deferred Payment Receivables included in the Initial Receivables
         were Long Deferment Period Receivables.

                      (xxxvii) Deferred Balloon Payment Receivables. As of
         the Initial Cutoff Date, $6,761,295.64 total principal balance of
         Deferred Balloon Payment Receivables were originated with a
         deferral period of 90 days, and $30,120,031.55 total principal
         balance of Deferred Balloon Payment Receivables were originated
         with a deferral period of 180 days.

                      (xxxviii) Modified Receivables. The APR of any
         Modified Receivable is equal to the APR of the related Deferred
         Payment Receivable. The date on which the final Scheduled Payment
         is due on a Modified Receivable is not different than the date set
         forth in the related Contract as the date on which the final
         Scheduled Payment under such Receivable is due. No Deferred
         Payment Receivable became a Modified Receivable after 90 days
         following the date the first Scheduled Payment on the Receivable
         was due.

                  Section 2.3 Repurchase upon Breach. The Seller, the
Servicer, or the Owner Trustee, as the case may be, shall inform the other
parties to this Agreement, the Indenture Trustee and MMCA promptly, in
writing, upon the discovery of any breach or failure to be true of the
representations and warranties made by the Seller pursuant to Section 2.2.
If the breach or failure shall not have been cured by the close of business
on the last day of the Collection Period which includes the 60th day after
the date on which the Seller becomes aware of, or receives written notice
from the Owner Trustee or the Servicer of, such breach or failure, and such
breach or failure materially and adversely affects the interest of the
Trust in a Receivable, the Seller shall repurchase from the Trust such
Receivable, on the Payment Date immediately following such Collection
Period. In consideration of the repurchase of a Receivable hereunder, the
Seller shall remit the Purchase Amount of such Receivable in the manner
specified in Section 4.5(a). The sole remedy of the Trust, the Owner
Trustee, the Indenture Trustee, the Noteholders and the Certificateholders
with respect to a breach or failure to be true of the representations and
warranties made by the Seller pursuant to Section 2.2 shall be to require
the Seller to repurchase Receivables pursuant to this Section 2.3 and to
enforce the obligation of MMCA to the Seller to repurchase such Receivable
pursuant to the Purchase Agreement. Neither the Owner Trustee nor the
Indenture Trustee shall have any duty to conduct an affirmative
investigation as to the occurrence of any condition requiring the
repurchase of any Receivable pursuant to this Section 2.3 or the
eligibility of any Receivable for purposes of this Agreement.

                  Section 2.4 Custody of Receivable Files. To assure
uniform quality in servicing the Receivables and to reduce administrative
costs, the Trust, upon the execution and delivery of this Agreement, hereby
revocably appoints the Servicer as its agent, and the Servicer hereby
accepts such appointment, to act as custodian on behalf of the Trust and
the Indenture Trustee of the following documents or instruments, which are
hereby constructively delivered to the Indenture Trustee, as pledgee of the
Trust pursuant to the Indenture (or, in the case of the Subsequent
Receivables, will as of the applicable Subsequent Transfer Date be
constructively delivered to the Indenture Trustee, as pledgee of the Trust
pursuant to the Indenture), with respect to each Receivable (collectively,
a "Receivable File"):

                      (i) the single original of the Receivable;

                      (ii) the original credit application fully executed
         by the Obligor or a photocopy thereof or a record thereof on a
         computer file tape, microfiche or other electronic medium;

                      (iii) the original certificate of title or such other
         documents that the Servicer or MMCA shall keep on file, in
         accordance with its customary practices and procedures, evidencing
         the security interest of MMCA in the Financed Vehicle;

                      (iv) documents evidencing the existence, at the time
         of origination of the Receivable, of any insurance covering the
         Financed Vehicle; and

                      (v) any and all other documents (including any
         computer tape, microfiche or other electronic medium) that the
         Servicer or the Seller shall keep on file, in accordance with its
         customary procedures, relating to a Receivable, an Obligor, or a
         Financed Vehicle.

                  On the Closing Date (with respect to the Initial
Receivables) and each Subsequent Transfer Date (with respect to the related
Subsequent Receivables), the Servicer shall provide an Officer's
Certificate to the Trust and the Indenture Trustee confirming that the
Servicer has received, on behalf of the Trust and the Indenture Trustee,
all the documents and instruments necessary for the Servicer to act as the
agent of the Trust and the Indenture Trustee for the purposes set forth in
this Section 2.4, including the documents referred to herein, and the
Trust, the Owner Trustee and the Indenture Trustee are hereby authorized to
rely on such Officer's Certificate.

                  Section 2.5 Duties of Servicer as Custodian
(a)Safekeeping. The Servicer, in its capacity as custodian, shall hold the
Receivable Files for the benefit of the Trust and the Indenture Trustee and
maintain such accurate and complete accounts, records, and computer systems
pertaining to each Receivable File as shall enable the Servicer and the
Trust to comply with the terms and provisions of this Agreement, and the
Indenture Trustee to comply with the terms and conditions of the Indenture.
In performing its duties as custodian, the Servicer shall act with
reasonable care, using that degree of skill and attention that the Servicer
exercises with respect to the receivable files relating to all comparable
motor vehicle receivables that the Servicer services for itself or others.
In accordance with its customary practices and procedures with respect to
its retail installment sale contracts, the Servicer shall conduct, or cause
to be conducted, periodic audits of the Receivable Files held by it under
this Agreement, and of the related accounts, records, and computer systems,
in such a manner as shall enable the Trust or the Indenture Trustee to
verify the accuracy of the Servicer's record keeping. The Servicer shall
promptly report to the Owner Trustee and the Indenture Trustee any failure
on its part to hold the Receivable Files and maintain its accounts,
records, and computer systems as herein provided and promptly take
appropriate action to remedy any such failure. Nothing herein shall be
deemed to require an initial review or any periodic review by the Trust,
the Owner Trustee or the Indenture Trustee of the Receivable Files and none
of the Trust, the Owner Trustee and the Indenture Trustee shall be liable
or responsible for any action or failure to act by the Servicer in its
capacity as custodian hereunder.

                  (b) Maintenance of and Access to Records. The Servicer
shall maintain each Receivable File at one of its offices specified in
Schedule B to this Agreement, or at such other office as shall be specified
to the Trust and the Indenture Trustee by written notice not later than 90
days after any change in location. The Servicer shall make available to the
Trust and the Indenture Trustee or its duly authorized representatives,
attorneys, or auditors a list of locations of the Receivable Files, and the
related accounts, records, and computer systems maintained by the Servicer
at such times as the Trust or the Indenture Trustee shall instruct.

                  (c) Release of Documents. Upon written instructions from
the Indenture Trustee, the Servicer shall release any document in the
Receivable Files to the Indenture Trustee, the Indenture Trustee's agent,
or the Indenture Trustee's designee, as the case may be, at such place or
places as the Indenture Trustee may designate, as soon thereafter as is
practicable. Any document so released shall be handled by the Indenture
Trustee with due care and returned to the Servicer for safekeeping as soon
as the Indenture Trustee or its agent or designee, as the case may be,
shall have no further need therefor.

                  (d) Title to Receivables. The Servicer agrees that, in
respect of any Receivable held by the Servicer as custodian hereunder, the
Servicer will not at any time have or in any way attempt to assert any
interest in such Receivable or the related Receivable File, other than for
collecting or enforcing the Receivable for the benefit of the Trust and
that the entire equitable interest in such Receivable and the related
Receivable File shall at all times be vested in the Trust.

                  Section 2.6 Instructions; Authority to Act. The Servicer
shall be deemed to have received proper instructions with respect to the
Receivable Files upon its receipt of written instructions signed by a
Responsible Officer of the Indenture Trustee. A certified copy of excerpts
of authorizing resolutions of the Board of Directors of the Indenture
Trustee shall constitute conclusive evidence of the authority of any such
Responsible Officer to act and shall be considered in full force and effect
until receipt by the Servicer of written notice to the contrary given by
the Indenture Trustee.

                  Section 2.7 Custodian's Indemnification. The Servicer, in
its capacity as custodian, shall indemnify and hold harmless the Trust, the
Owner Trustee and the Indenture Trustee and each of their respective
officers, directors, employees and agents from and against any and all
liabilities, obligations, losses, compensatory damages, payments, costs or
expenses (including legal fees if any) of any kind whatsoever that may be
imposed on, incurred, or asserted against the Trust, the Owner Trustee and
the Indenture Trustee or any of their respective officers, directors,
employees and agents as the result of any act or omission by the Servicer
relating to the maintenance and custody of the Receivable Files; provided,
however, that the Servicer shall not be liable hereunder to the Owner
Trustee to the extent, but only to the extent, that such liabilities,
obligations, losses, compensatory damages, payments, costs or expenses
result from the willful misfeasance, bad faith, or negligence of the Owner
Trustee and shall not be liable hereunder to the Indenture Trustee to the
extent, but only to the extent, that such liabilities, obligations, losses,
compensatory damages, payments, costs or expenses result from the willful
misfeasance, bad faith, or negligence of the Indenture Trustee.

                  Section 2.8 Effective Period and Termination. The
Servicer's appointment as custodian shall become effective as of the
Initial Cutoff Date and shall continue in full force and effect until
terminated pursuant to this Section 2.8. If the Servicer shall resign as
Servicer under Section 7.5, or if all of the rights and obligations of the
Servicer shall have been terminated under Section 8.1, the appointment of
the Servicer as custodian hereunder may be terminated by the Indenture
Trustee or by the Holders of Notes evidencing not less than 25% of the
principal amount of the then Outstanding Notes or, with the consent of
Holders of Notes evidencing not less than 25% of the principal amount of
the then Outstanding Notes, by the Owner Trustee or by Holders of
Certificates evidencing not less than 25% of the Certificate Balance, in
the same manner as the Indenture Trustee or such Holders may terminate the
rights and obligations of the Servicer under Section 8.1. As soon as
practicable after any termination of such appointment, the Servicer shall
deliver, or cause to be delivered, the Receivable Files and the related
accounts and records maintained by the Servicer to the Indenture Trustee,
the Indenture Trustee's agent or the Indenture Trustee's designee at such
place or places as the Indenture Trustee may reasonably designate.

               ARTICLE III - ADMINISTRATION AND SERVICING OF
                       RECEIVABLES AND TRUST PROPERTY

                  Section 3.1 Duties of Servicer. (a) The Servicer, acting
alone and/or through subservicers as provided in this Section 3.1, shall
administer the Receivables with reasonable care. The Servicer's duties
shall include, but not be limited to, the collection and posting of all
payments, responding to inquiries by Obligors on the Receivables, or by
federal, state, or local governmental authorities, investigating
delinquencies, reporting tax information to Obligors, furnishing monthly
and annual statements to the Owner Trustee and the Indenture Trustee with
respect to distributions, providing collection and repossession services in
the event of Obligor default, coordinating or arranging inspection of
Financed Vehicles relating to Final Payment Receivables at the end of the
related Contract term, refinancing or selling Financed Vehicles relating to
Final Payment Receivables at the end of the related Contract term depending
upon the options chosen by the Obligors and making Advances pursuant to
Sections 4.4(a) and (c). The Servicer shall also administer and enforce all
rights and responsibilities of the holder of the Receivables provided for
in the Dealer Agreements, to the extent that such Dealer Agreements relate
to the Receivables, the Financed Vehicles or the Obligors. In performing
its duties as Servicer hereunder, the Servicer will exercise that degree of
skill and attention that the Servicer exercises with respect to all
comparable motor vehicle receivables that it services for itself or others.
Subject to Section 3.2, the Servicer shall follow its customary standards,
policies, practices and procedures in performing its duties hereunder as
Servicer. Without limiting the generality of the foregoing, the Servicer is
hereby authorized and empowered to execute and deliver, on behalf of
itself, the Trust, the Owner Trustee, the Indenture Trustee, the
Certificateholders, the Noteholders or any one or more of them, any and all
instruments of satisfaction or cancellation, or of partial or full release
or discharge, and all other comparable instruments, with respect to the
Receivables or to the Financed Vehicles, all in accordance with this
Agreement; provided, however, that notwithstanding the foregoing, the
Servicer shall not, except pursuant to an order from a court of competent
jurisdiction, release an Obligor from payment of any unpaid amount under
any Receivable or waive the right to collect the unpaid balance (including
accrued interest) of any Receivable from the Obligor, except in connection
with a de minimis deficiency, Excess Wear and Tear, Excess Mileage or
disposition fees which the Servicer would not attempt to collect in
accordance with its customary procedures, in which event the Servicer shall
indemnify the Trust for such deficiency, Excess Wear and Tear, Excess
Mileage or disposition fee. If the Servicer shall commence a legal
proceeding to enforce a Receivable, the Owner Trustee shall thereupon be
deemed to have automatically assigned such Receivable to the Servicer,
which assignment shall be solely for purposes of collection. If in any
enforcement suit or legal proceeding it shall be held that the Servicer may
not enforce a Receivable on the ground that it shall not be a real party in
interest or a holder entitled to enforce the Receivable, the Owner Trustee
shall, at the Servicer's expense and direction, take steps to enforce the
Receivable, including bringing suit in its name or the names of the
Indenture Trustee, the Certificateholders, the Noteholders or any of them.
The Owner Trustee shall execute and deliver to the Servicer any powers of
attorney and other documents as shall be prepared by the Servicer and
reasonably necessary or appropriate to enable the Servicer to carry out its
servicing and administrative duties hereunder. The Servicer, at its
expense, shall obtain on behalf of the Trust or the Owner Trustee all
licenses, if any, required by the laws of any jurisdiction to be held by
the Trust or the Owner Trustee in connection with ownership of the
Receivables, and shall make all filings and pay all fees as may be required
in connection therewith during the term hereof.

                  The Servicer may enter into subservicing agreements with
one or more subservicers for the servicing and administration of certain of
the Receivables and may perform its duties as Servicer hereunder utilizing
the employees of MMSA. Notwithstanding anything to the contrary herein, the
Servicer shall remain fully liable hereunder for the performance of the
duties of Servicer, including such duties as may be performed by employees
of MMSA or by any subservicer. In addition, any subservicer shall be and
shall remain, for so long as it is acting as subservicer, an Eligible
Servicer, and any fees paid to such subservicer shall be paid by the
Servicer and not out of the proceeds of the Trust, and any such subservicer
shall agree to service the Receivables in a manner consistent with the
terms of this Agreement.

                  (b) References in this Agreement to actions taken, to be
taken, permitted to be taken, or restrictions on actions permitted to be
taken by the Servicer in servicing the Receivables and other actions taken,
to be taken, permitted to be taken, or restrictions on actions to be taken
with respect to the Trust Property shall include actions taken, to be
taken, permitted to be taken, or restrictions on actions permitted to be
taken by a subservicer on behalf of the Servicer and references herein to
payments received by the Servicer shall include payments received by a
subservicer, irrespective of whether such payments are actually deposited
in the Collection Account by such subservicer. Any such subservicing
agreement will contain terms and provisions substantially identical to the
terms and provisions of this Agreement and such other terms and provisions
as are not inconsistent with this Agreement and as the Servicer and the
subservicer have agreed.

                  (c) The Servicer shall be entitled to terminate any
subservicing agreement in accordance with the terms and conditions of such
subservicing agreement and without any limitation by virtue of this
Agreement; provided, however, that, in the event of termination of any
subservicing agreement by the Servicer, the Servicer shall either act
directly as Servicer of the related Receivables or enter into a
subservicing agreement with a successor subservicer which will be bound by
the terms of the related subservicing agreement.

                  (d) As a condition to the appointment of any subservicer,
the Servicer shall notify the Owner Trustee, the Indenture Trustee and the
Rating Agencies in writing before such assignment becomes effective and
such subservicer shall be required to execute and deliver an instrument in
which it agrees that, for so long as it acts as subservicer of the
Receivables and the other Trust Property being serviced by it, the
covenants, conditions, indemnities, duties, obligations and other terms and
provisions of this Agreement applicable to the Servicer hereunder shall be
applicable to it as subservicer, that it shall be required to perform its
obligations as subservicer for the benefit of the Trust as if it were
Servicer hereunder (subject, however, to the right of the Servicer to
direct the performance of such obligations in accordance with this
Agreement) and that, notwithstanding any provision of a subservicing
agreement to the contrary, such subservicer shall be directly liable to the
Owner Trustee and the Trust (notwithstanding any failure by the Servicer to
perform its duties and obligations hereunder) for the failure by such
subservicer to perform its obligations hereunder or under any subservicing
agreement, and that (notwithstanding any failure by the Servicer to perform
its duties and obligations hereunder) the Owner Trustee may enforce the
provisions of this Agreement and any subservicing agreement against the
subservicer for the benefit of the Trust, without diminution of such
obligations or liabilities by virtue of any subservicing agreement, by
virtue of any indemnification provided thereunder or by virtue of the fact
that the Servicer is primarily responsible hereunder for the performance of
such duties and obligations, as if a subservicer alone were servicing and
administering, under this Agreement, the Receivables and the other Trust
Property being serviced by it under the subservicing agreement.

                  (e) Notwithstanding any subservicing agreement, any of
the provisions of this Agreement relating to agreements or arrangements
between the Servicer or a subservicer or reference to actions taken through
such Persons or otherwise, the Servicer shall remain obligated and liable
to the Trust and the Owner Trustee for the servicing and administering of
the Receivables and the other Trust Property in accordance with the
provisions of this Agreement (including for the deposit of payments
received by a subservicer, irrespective of whether such payments are
actually remitted to the Servicer or deposited in the Collection Account by
such subservicer; provided that if such amounts are so deposited, the
Servicer shall have no further obligation to do so) without diminution of
such obligation or liability by virtue of such subservicing agreements or
arrangements or by virtue of indemnification from a subservicer, to the
same extent and under the same terms and conditions as if the Servicer
alone were servicing and administering the Receivables and the other Trust
Property. The Servicer shall be entitled to enter into any agreement with a
subservicer for indemnification of the Servicer and nothing contained in
this Agreement shall be deemed to limit or modify such indemnification.

                  (f) In the event the Servicer for any reason no longer
shall be acting as such (including by reason of the occurrence of an Event
of Servicing Termination), the successor Servicer may, in its discretion,
thereupon assume all of the rights and obligations of the outgoing Servicer
under a subservicing agreement. In such event, the successor Servicer shall
be deemed to have assumed all of the Servicer's interest therein and to
have replaced the outgoing Servicer as a party to such subservicing
agreement to the same extent as if such subservicing agreement had been
assigned to the successor Servicer, except that the outgoing Servicer shall
not thereby be relieved of any liability or obligation on the part of the
outgoing Servicer to the subservicer under such subservicing agreement. The
outgoing Servicer shall, upon request of the Indenture Trustee, but at the
expense of the outgoing Servicer, deliver to the successor Servicer all
documents and records relating to each such subservicing agreement and the
Receivables and the other Trust Property then being serviced thereunder and
an accounting of amounts collected and held by it and otherwise use its
best efforts to effect the orderly and efficient transfer of the
subservicing agreement to the successor Servicer. In the event that the
successor Servicer elects not to assume a subservicing agreement, such
subservicing agreement shall be immediately cancellable by the successor
Servicer upon written notice to the subservicer and the outgoing Servicer,
at its expense, shall cause the subservicer to deliver to the successor
Servicer all documents and records relating to the Receivables and the
other Trust Property being serviced thereunder and all amounts held (or
thereafter received) by such subservicer (together with an accounting of
such amounts) and shall otherwise use its best efforts to effect the
orderly and efficient transfer of servicing of the Receivables and the
other Trust Property being serviced by such subservicer to the successor
Servicer.

                  (g) The Servicer shall be required to provide a computer
tape or compact disk each month to Lewtan Technologies, Inc. containing
information relating to the Receivables, including the name, address and
telephone number of each Obligor and the balance on the Receivables. Lewtan
Technologies shall provide a copy of the tape or disk to the Indenture
Trustee, the Indenture Trustee's agent, or the Indenture Trustee's designee
upon the written request of the Indenture Trustee. Lewtan Technologies,
Inc. shall be paid a fee for such services and shall be reimbursed for any
expenses incurred by it in connection with such services. The Servicer
shall pay these amounts from its monthly Servicing Fee.

                  Section 3.2 Collection and Allocation of Receivable
Payments. (a) The Servicer shall make reasonable efforts to collect all
payments called for under the terms and provisions of the Receivables as
and when the same shall become due and shall follow such collection
procedures as it follows with respect to all comparable motor vehicle
receivables that it services for itself or others. The Servicer shall
allocate collections between principal and interest in accordance with the
customary servicing practices and procedures it follows with respect to all
comparable motor vehicle receivables that it services for itself or others.
The Servicer shall not increase or decrease the number or amount of any
Scheduled Payment, or the Amount Financed under a Receivable or the APR of
a Receivable, or extend, rewrite or otherwise modify the payment terms of a
Receivable; provided, however, that:

                      (i) in the case of a Deferred Payment Receivable or a
         Deferred Balloon Payment Receivable upon which the related Obligor
         has made one or more partial pre-payments on or prior to the date
         on which the first Scheduled Payment is due under the related
         Contract, the Servicer may, at any time on or before 90 days after
         that first Scheduled Payment is due, modify the terms of the
         Receivable including by reducing the amount of each Scheduled
         Payment; provided, that the Servicer may not change (x) the APR of
         such Receivable, and (y) the date on which the final Scheduled
         Payment under the Receivable is due from the date set forth in the
         related Contract as the date on which such final Scheduled Payment
         shall be due (any such Receivable, a "Modified Receivable"); and

                      (ii) the Servicer may extend the due date for one or
         more payments due on a Receivable for credit-related reasons that
         would be acceptable to the Servicer with respect to comparable
         motor vehicle receivables that it services for itself and others
         and in accordance with its customary standards, policies,
         practices and procedures if the cumulative extensions with respect
         to any Receivable shall not cause the term of such Receivable to
         extend beyond June 2009 and that such extensions, in the
         aggregate, do not exceed two months for each 12 months of the
         original term of the Receivable.

                  In the event that the Servicer fails to comply with the
provisions of the preceding sentence, the Servicer shall be required to
purchase the Receivable or Receivables affected thereby, for the Purchase
Amount, in the manner specified in Section 3.7, as of the close of the
Collection Period in which such failure occurs. The Servicer may, in its
discretion, (but only in accordance with its customary standards, policies,
practices and procedures), waive any late payment charge or any other fee
that may be collected in the ordinary course of servicing a Receivable.

                  (b) With respect to each Final Payment Receivable, the
Servicer, in accordance with its customary servicing standards, policies,
practices and procedures, shall contact the Obligor on or before the due
date of the Last Scheduled Payment specified in the related Contract. If,
at such time, the Obligor under the Final Payment Receivable has notified
MMCA on behalf of the Trust that it elects to sell the Financed Vehicle to
MMCA on behalf of the Trust in accordance with the terms of the Receivable,
the Servicer shall, upon delivery of the Financed Vehicle by the Obligor to
MMCA on behalf of the Trust, inspect the Financed Vehicle for Excess Wear
and Tear and Excess Mileage, and determine the necessity of any repairs. If
the Servicer determines that such Financed Vehicle requires repairs as a
result of Excess Wear and Tear, the Servicer shall require the Obligor to
pay the estimated cost of such repairs to the Servicer. If the Obligor
disputes the Servicer's estimate of the cost of such repairs, the Obligor
may obtain, at the Obligor's own expense, a professional appraisal of the
Financed Vehicle's value by an independent third-party appraiser acceptable
to both the Obligor and the Servicer, and the cost of repairs for Excess
Wear and Tear as determined by such appraisal shall be binding on the
Obligor and the Servicer. The Servicer shall, pursuant to the related
Contract, offset (x) the cost of repairs for Excess Wear and Tear as
determined by the appraisal, any charges for Excess Mileage and the
disposition fee payable to the Servicer pursuant to the related Contract,
and the Principal Balance, accrued interest and any other amounts owed by
the Obligor on the Receivable against (y) the purchase price otherwise due
to the Obligor for the Financed Vehicle, and shall collect any excess of
(x) over (y) from the Obligor.

                  (c) In connection with an Obligor's transfer of a
Financed Vehicle to MMCA on behalf of the Trust in satisfaction of its
obligation to pay the Last Scheduled Payment under a Final Payment
Receivable, pursuant to the terms of the Contract related to such Last
Scheduled Payment, the Servicer shall require the Obligor to pay a
disposition fee (which the Servicer will retain as servicing compensation),
whereupon the Servicer shall take possession of the related Financed
Vehicle and shall prepare such Financed Vehicle for sale at auction or
otherwise in accordance with the Servicer's customary servicing standards,
policies, practices and procedures.

                  (d) Proceeds received by the Servicer from the payment by
an Obligor of a Financed Vehicle of amounts attributable to Last Scheduled
Payments and other amounts (including Excess Wear and Tear and Excess
Mileage) owed by the Obligor and from the sale of a Financed Vehicle at
auction or otherwise constitute proceeds of Last Scheduled Payments and
collections on the Receivables, and shall be deposited into the Collection
Account. Following the sale of the Financed Vehicle, the Servicer, on
behalf of the Trust, shall deliver the related certificate of title to the
purchaser of such Financed Vehicle. Following the Servicer's receipt of
proceeds from the sale of such Financed Vehicle and amounts to be paid by
the Obligor pursuant to subparagraph (b) above, the Servicer shall record
on its books and records the termination of the Trust's ownership and
security interest in the related Final Payment Receivable (and shall
deliver copies thereof to the Indenture Trustee and the Owner Trustee upon
written request within 10 days of receipt of such request).

                  (e) If the Obligor under any Balloon Payment Receivable
or Final Payment Receivable has notified the Dealer that it desires to
refinance the amount that it owes on termination of the Receivable, MMCA
will, in accordance with its customary servicing standards, policies,
practices and procedures, make a decision to grant or deny credit, except
for Contracts for which the Obligors have the right to refinance without
such an assessment, in which case MMCA shall honor the Obligor's right to
refinance. If credit is denied, the Servicer shall require the Obligor to
satisfy its obligation to pay the remaining amounts owed in accordance with
the terms of the Balloon Payment Receivable or Final Payment Receivable. If
credit is granted, MMCA shall deposit an amount equal to the total amount
owed by the Obligor on the Receivable to the Collection Account. Upon
deposit of such amount into the Collection Account, the Trust's ownership
and security interest in the related Financed Vehicle shall terminate, and
the Trust will assign all interest in, to and under the Receivable and the
related Financed Vehicle to MMCA. The Servicer shall record such
termination on its books and records (and shall deliver copies thereof to
the Indenture Trustee and the Owner Trustee upon written request within 10
days of receipt of such request). If MMCA is no longer the Servicer, the
Trust or any Holder of the Certificates may make arrangements for the
successor Servicer or another party to provide refinancing of Last
Scheduled Payments to Obligors who desire to satisfy the Last Scheduled
Payment through refinancing and who meet such party's credit criteria, and
any reasonable costs and expenses of the successor Servicer or such third
party in determining whether to provide such refinancing shall be payable
from amounts, if any, which would otherwise be released from the Reserve
Account and paid to the Seller.

                  Section 3.3 Realization upon Receivables. (a) On behalf
of the Trust, the Servicer shall use reasonable efforts, in accordance with
the standard of care required by Section 3.1, to repossess or otherwise
convert the ownership of each Financed Vehicle securing a Defaulted
Receivable. In taking such action, the Servicer shall follow such customary
and usual practices and procedures as it shall deem necessary or advisable
in its servicing of comparable automotive receivables, and as are otherwise
consistent with the standard of care required under Section 3.1, which
shall include the exercise of any rights of recourse to Dealers under the
Dealer Agreements. The Servicer shall be entitled to recover all reasonable
expenses incurred by it in the course of repossessing and liquidating a
Financed Vehicle into cash proceeds, but only out of the cash proceeds of
such Financed Vehicle and any deficiency obtained from the Obligor. The
foregoing shall be subject to the provision that, in any case in which a
Financed Vehicle shall have suffered damage, the Servicer shall not expend
funds in connection with the repair or the repossession of such Financed
Vehicle unless it shall determine in its discretion that such repair and/or
repossession will increase the Liquidation Proceeds (or Recoveries) of the
related Receivable by an amount equal to or greater than the amount of such
expenses.

                  (b) If the Servicer elects to commence a legal proceeding
to enforce a Dealer Agreement, the act of commencement shall be deemed to
be an automatic assignment from the Trust to the Servicer of the rights of
recourse under such Dealer Agreement. If, however, in any enforcement suit
or legal proceeding, it is held that the Servicer may not enforce a Dealer
Agreement on the grounds that it is not a real party in interest or a
Person entitled to enforce the Dealer Agreement, the Owner Trustee, at the
Servicer's expense and direction, shall take such steps as the Servicer
deems necessary to enforce the Dealer Agreement, including bringing suit in
its name or the names of the Indenture Trustee, the Certificateholders, the
Noteholders or any of them.

                  Section 3.4 Physical Damage Insurance. The Servicer shall
follow its customary servicing procedures to determine whether or not each
Obligor shall have maintained physical damage insurance covering the
related Financed Vehicle.

                  Section 3.5 Maintenance of Security Interests in Financed
Vehicles. The Servicer, in accordance with the standard of care required
under Section 3.1, shall take such steps as are necessary to maintain
perfection of the security interest created by each Receivable in the
related Financed Vehicle. The Trust hereby authorizes the Servicer, and the
Servicer hereby agrees, to take such steps as are necessary to re-perfect
such security interest on behalf of the Trust and the Indenture Trustee in
the event the Servicer receives notice of, or otherwise has actual
knowledge of, the relocation of a Financed Vehicle or for any other reason.

                  Section 3.6 Covenants of Servicer. The Servicer hereby
makes the following covenants:

                  (a) Security Interest to Remain in Force. The Financed
Vehicle securing each Receivable will not be released from the security
interest granted by the Receivable in whole or in part, except as
contemplated herein.

                  (b) No Impairment. The Servicer will not (nor will it
permit any subservicer to) impair in any material respect the rights of the
Trust, the Owner Trustee, the Indenture Trustee, the Certificateholders or
the Noteholders in the Receivables or, subject to clause (c) below,
otherwise amend or alter the terms thereof if, as a result of such
amendment or alteration, the interests of the Trust, the Owner Trustee, the
Indenture Trustee, the Certificateholders or the Noteholders hereunder
would be materially adversely affected.

                  (c) Amendments. The Servicer will not increase or
decrease the number or amount of Scheduled Payments or the Amount Financed
under a Receivable, or extend, rewrite or otherwise modify the payment
terms of a Receivable, except pursuant to Section 3.2(a).

                  Section 3.7 Purchase by Servicer upon Breach. The Seller,
the Servicer or the Owner Trustee, as the case may be, shall inform the
other parties to this Agreement promptly, in writing, upon the discovery of
any breach of Section 3.2(a), 3.5 or 3.6. If the breach shall not have been
cured by the last day of the Collection Period which includes the 60th day
after the date on which the Servicer becomes aware of, or receives written
notice of, such breach, and such breach materially and adversely affects
the interests of the Trust in a Receivable, the Servicer shall purchase
such Receivable or Receivables on the immediately succeeding Payment Date;
provided, however, that with respect to a breach of Section 3.2(a), the
Servicer shall repurchase the affected Receivable from the Trust at the end
of the Collection Period in which such breach occurs. In consideration of
the purchase of a Receivable hereunder, the Servicer shall remit the
Purchase Amount of such Receivable in the manner specified in Section
4.5(a). Except as provided in Section 7.2, the sole remedy of the Trust,
the Owner Trustee, the Indenture Trustee, the Certificateholders or the
Noteholders against the Servicer with respect to a breach pursuant to
Section 3.2, 3.5 or 3.6 shall be to require the Servicer to repurchase
Receivables pursuant to this Section 3.7. Neither the Owner Trustee nor the
Indenture Trustee shall have any duty to conduct an affirmative
investigation as to the occurrence of any condition requiring the
repurchase of any Receivable pursuant to this Section 3.7 or the
eligibility of any Receivable for purposes of this Agreement.

                  Section 3.8 Servicing Compensation. The "Servicing Fee"
with respect to a Collection Period shall be an amount equal to the product
of one-twelfth (1/12) of the sum of (x) 1% of the aggregate Principal
Balance of all Receivables other than Deferred Payment Receivables and
Deferred Balloon Payment Receivables and (y) 0.25% of the aggregate
Principal Balance of Deferred Payment Receivables and Deferred Balloon
Payment Receivables, in each case as of the first day of such Collection
Period. As additional servicing compensation, the Servicer shall also be
entitled to earnings (net of losses and investment expenses) on amounts on
deposit in the Payahead Account, disposition fees paid with respect to
Final Payment Receivables and any administrative fees and charges and all
late payment fees actually collected (from whatever source) on the
Receivables other than fees paid in connection with the extension or
deferral of payments on a Receivable (the "Supplemental Servicing Fee").
The Servicer shall be required to pay all expenses incurred by it in
connection with its activities hereunder (including fees and expenses of
the Owner Trustee and the Indenture Trustee (and any custodian appointed by
the Owner Trustee and the Indenture Trustee) and independent accountants,
any subservicer, taxes imposed on the Servicer or any subservicer (to the
extent not paid by such subservicer), expenses incurred in connection with
distributions and reports to the Certificateholders and the Noteholders,
and any fees and reimbursements for expenses paid to Lewtan Technologies,
Inc.), except expenses incurred in connection with realizing upon
Receivables under Section 3.3.

                  Section 3.9 Servicer's Certificate. On or before the
Determination Date immediately preceding each Payment Date, the Servicer
shall deliver to the Owner Trustee, each Paying Agent, the Indenture
Trustee and the Seller, with a copy to the Rating Agencies, a certificate
of a Servicing Officer substantially in the form of Exhibit A hereto (a
"Servicer's Certificate") and attached to a Servicer's report containing
all information necessary to make the transfers and distributions pursuant
to Sections 4.3, 4.4, 4.5, 4.6 and 4.7, together with the written
statements to be furnished by the Owner Trustee to Certificateholders
pursuant to Section 4.9 and by the Indenture Trustee to the Noteholders
pursuant to Section 4.9 hereof and Section 6.6 of the Indenture. Upon
written request of the Owner Trustee or the Indenture Trustee, the Servicer
also shall separately identify (by account number of the Receivable as it
appears in the related Schedule of Receivables) in a written notice to the
Owner Trustee or the Indenture Trustee, as the case may be, the Receivables
to be repurchased by the Seller or to be purchased by the Servicer, as the
case may be, on the related Payment Date, and, also upon written request of
one of the foregoing parties, each Receivable which became a Defaulted
Receivable during the related Collection Period. The Servicer shall deliver
to the Rating Agencies any information, to the extent it is available to
the Servicer, that the Rating Agencies reasonably request in order to
monitor the Trust.

                  Section 3.10 Annual Statement as to Compliance; Notice of
Event of Servicing Termination. (a) The Servicer shall deliver to the Owner
Trustee and the Indenture Trustee, on or before March 31 of each year,
commencing March 31, 2003, an Officer's Certificate, stating that (i) a
review of the activities of the Servicer during the preceding calendar year
(or such shorter period, with respect to the first such Officer's
Certificate) and of its performance of its obligations under this Agreement
has been made under such officer's supervision and (ii) to the best of such
officer's knowledge, based on such review, the Servicer has fulfilled all
its obligations under this Agreement throughout such year (or such shorter
period with respect to the first such Officer's Certificate), or, if there
has been a default in the fulfillment of any such obligation, specifying
each such default known to such officer and the nature and status thereof.
A copy of such certificate shall be delivered by the Indenture Trustee to
each Noteholder, promptly following the Indenture Trustee's receipt of such
certificate, pursuant to Section 7.4 of the Indenture. In addition, a copy
of such certificate may be obtained by any Certificateholder by a request
in writing to the Owner Trustee or by any Person certifying that it is a
Note Owner by a request in writing to the Indenture Trustee, in either case
addressed to the applicable Corporate Trust Office. Upon the telephone
request of the Owner Trustee, the Indenture Trustee shall promptly furnish
the Owner Trustee a list of Noteholders as of the date specified by the
Owner Trustee.

                  (b) The Servicer shall deliver to the Owner Trustee, the
Indenture Trustee and the Rating Agencies, promptly upon having knowledge
thereof, but in no event later than five Business Days thereafter, written
notice in an Officer's Certificate of any event which constitutes or, with
the giving of notice or lapse of time or both, would become, an Event of
Servicing Termination under Section 8.1.

                  Section 3.11 Annual Independent Certified Public
Accountants' Reports. The Servicer shall cause a firm of independent
certified public accountants (who may also render other services to the
Servicer, the Seller or to MMCA) to deliver to the Owner Trustee and the
Indenture Trustee on or before March 31 of each year, commencing March 31,
2003, a report addressed to the Board of Directors of the Servicer with
respect to the preceding calendar year (or such shorter period, with
respect to the first such report) to the effect that such firm has audited
the financial statements of the Servicer and issued its report thereon and
that such audit (1) was made in accordance with generally accepted auditing
standards, (2) included tests relating to motor vehicle loans serviced for
others in accordance with the requirements of the Uniform Single
Attestation Program for Mortgage Bankers (the "Program"), to the extent the
procedures in such Program are applicable to the servicing obligations set
forth in this Agreement, and (3) except as described in the report,
disclosed no exceptions or errors in the records relating to automobile and
sports-utility vehicle loans serviced for others that such firm is required
to report under the Program. Such report shall also indicate that the firm
is independent with respect to the Seller and the Servicer within the
meaning of the Code of Professional Ethics of the American Institute of
Certified Public Accountants. A copy of such report shall be delivered by
the Indenture Trustee to each Noteholder, promptly following the Indenture
Trustee's receipt of such report, pursuant to Section 7.4 of the Indenture.
In addition, a copy of such report may be obtained by any Certificateholder
by a request in writing to the Owner Trustee, or by any Person certifying
that it is a Note Owner by a request in writing to the Indenture Trustee,
in either case addressed to the applicable Corporate Trust Office.

                  Section 3.12 Access to Certain Documentation and
Information Regarding Receivables. The Servicer shall provide the
Certificateholders, the Indenture Trustee and the Noteholders with access
to the Receivable Files in the cases where the Certificateholders, the
Indenture Trustee or the Noteholders shall be required by applicable
statutes or regulations to have access to such documentation. Such access
shall be afforded without charge, but only upon reasonable request and
during normal business hours at the offices of the Servicer. Nothing in
this Section 3.12 shall affect the obligation of the Servicer to observe
any applicable law prohibiting disclosure of information regarding the
Obligors, and the failure of the Servicer to provide access to information
as a result of such obligation shall not constitute a breach of this
Section 3.12. Any Certificateholder or Noteholder, by its acceptance of a
Certificate or Note, as the case may be, shall be deemed to have agreed to
keep any information obtained by it pursuant to this Section confidential,
except as may be required by applicable law.

                  Section 3.13 Reports to the Commission. The Servicer
shall, on behalf of the Trust, cause to be filed with the Commission any
periodic reports required to be filed under the provisions of the Exchange
Act, and the rules and regulations of the Commission thereunder. The Seller
shall, at its expense, cooperate in any reasonable request made by the
Servicer in connection with such filings.

                  Section 3.14 Reports to Rating Agencies. The Servicer
shall deliver to each Rating Agency, at such address as each Rating Agency
may request, a copy of all reports or notices furnished or delivered
pursuant to this Article and a copy of any amendments, supplements or
modifications to this Agreement and any subservicing agreement and any
other information reasonably requested by such Rating Agency to monitor
this transaction.

               ARTICLE IV - DISTRIBUTIONS; RESERVE ACCOUNT;
              STATEMENTS TO CERTIFICATEHOLDERS AND NOTEHOLDERS

                  Section 4.1 Accounts. (a) The Servicer shall, prior to
the Closing Date, establish and maintain a segregated trust account in the
name of the Indenture Trustee, at a Qualified Institution or Qualified
Trust Institution (which shall initially be the corporate trust department
of Bank of Tokyo-Mitsubishi Trust Company), which shall be designated as
the "Collection Account." The Collection Account shall be held in trust for
the benefit of the Noteholders and the Certificateholders. The Collection
Account shall be under the sole dominion and control of the Indenture
Trustee; provided, that the Servicer may make deposits to and direct the
Indenture Trustee in writing to make withdrawals from the Collection
Account in accordance with the terms of this Agreement, the Indenture and
the Trust Agreement. All monies deposited from time to time in the
Collection Account shall be held by the Indenture Trustee as part of the
Trust Property and all deposits to and withdrawals therefrom shall be made
only upon the terms and conditions of the Basic Documents.

                  If the Servicer is required to remit collections pursuant
to the first sentence of Section 4.2(a), all amounts held in the Collection
Account shall, to the extent permitted by applicable law, rules and
regulations, be invested, as directed in writing by the Servicer, by the
bank or trust company then maintaining the Collection Account, in Permitted
Investments that mature not later than the Business Day immediately prior
to the Payment Date for the Collection Period to which such amounts relate
and such Permitted Investments shall be held to maturity. All interest and
other income (net of losses and investment expenses) on funds on deposit in
the Collection Account shall be withdrawn from the Collection Account at
the written direction of the Servicer and shall be deposited in the
Certificate Distribution Account. In the event that the Collection Account
is no longer to be maintained at the corporate trust department of Bank of
Tokyo-Mitsubishi Trust Company, the Servicer shall, with the Indenture
Trustee's or Owner Trustee's assistance as necessary, cause the Collection
Account to be moved to a Qualified Institution or a Qualified Trust
Institution within 10 Business Days (or such longer period not to exceed 30
calendar days as to which each Rating Agency may consent).

                  (b) The Servicer shall, prior to the Closing Date,
establish and maintain a segregated trust account in the name of the
Indenture Trustee, at a Qualified Institution or Qualified Trust
Institution (which shall initially be the corporate trust department of
Bank of Tokyo-Mitsubishi Trust Company), which shall be designated as the
"Pre-Funding Account." The Pre-Funding Account shall be held in trust for
the benefit of the Noteholders and the Certificateholders. The Pre-Funding
Account shall be under the sole dominion and control of the Indenture
Trustee; provided, that the Servicer may make deposits to and direct the
Indenture Trustee in writing to make withdrawals from the Pre-Funding
Account in accordance with the terms of this Agreement and the other Basic
Documents. All monies deposited from time to time in the Pre-Funding
Account shall be held by the Indenture Trustee as part of the Trust
Property and all deposits to and withdrawals therefrom shall be made only
upon the terms and conditions of the Basic Documents.

                  All amounts held in the Pre-Funding Account shall, to the
extent permitted by applicable law, rules and regulations, be invested, as
directed in writing by the Servicer, by the bank or trust company then
maintaining the Pre-Funding Account, in Permitted Investments that mature
not later than the Business Day immediately prior to each Payment Date and
such Permitted Investments shall be held until maturity. On the Business
Day preceding each Payment Date, the Servicer shall instruct the Indenture
Trustee to withdraw from the Pre-Funding Account for deposit to the
Collection Account on such date an amount equal to the Pre-Funding Account
Investment Earnings, if any, for the related Collection Period. In the
event that the Pre-Funding Account is no longer to be maintained at the
corporate trust department of Bank of Tokyo-Mitsubishi Trust Company, the
Servicer shall, with the Indenture Trustee's or Owner Trustee's assistance
as necessary, cause the Pre-Funding Account to be moved to a Qualified
Institution or a Qualified Trust Institution within 10 Business Days (or
such longer period not to exceed 30 calendar days as to which each Rating
Agency may consent).

                  With respect to any amounts, securities, investments,
financial assets and other property deposited in or credited to the
Pre-Funding Account:

                      (i) any such property that is a "financial asset" as
         defined in Section 8-102(a)(9) of the Relevant UCC shall be
         physically delivered to, or credited to an account in the name of,
         the Qualified Institution or Qualified Trust Institution
         maintaining the Pre-Funding Account, as applicable, in accordance
         with such institution's customary procedures such that such
         institution establishes a "securities entitlement" in favor of the
         Indenture Trustee with respect thereto;

                      (ii) any such property that is held in deposit
         accounts shall be held solely in the name of the Indenture Trustee
         at one or more depository institutions having the Required Rating
         and each such deposit account shall be subject to the exclusive
         custody and control of the Indenture Trustee, and the Indenture
         Trustee shall have sole signature authority with respect thereto;
         and

                      (iii) except for any deposit accounts specified in
         clause (ii) above, the Pre-Funding Account shall only be invested
         in securities or in other assets which the Qualified Institution
         or Qualified Trust Institution maintaining the Pre-Funding
         Account, as applicable, agrees to treat as "financial assets" as
         defined in Section 8-102(a)(9) of the Relevant UCC.

                  (c) The Servicer shall, prior to the Closing Date,
establish and maintain a segregated trust account in the name of the
Indenture Trustee, at a Qualified Institution or Qualified Trust
Institution (which shall initially be the corporate trust department of
Bank of Tokyo-Mitsubishi Trust Company), which shall be designated as the
"Negative Carry Account." The Negative Carry Account shall be held in trust
for the exclusive benefit of the Noteholders. The Negative Carry Account
shall be under the sole dominion and control of the Indenture Trustee;
provided, that the Servicer may make deposits to and direct the Indenture
Trustee in writing to make withdrawals from the Negative Carry Account in
accordance with the terms of this Agreement and the other Basic Documents.
All monies deposited from time to time in the Negative Carry Account shall
be held by the Indenture Trustee as part of the Trust Property and all
deposits to and withdrawals therefrom shall be made only upon the terms and
conditions of the Basic Documents.

                  All amounts held in the Negative Carry Account shall, to
the extent permitted by applicable law, rules and regulations, be invested,
as directed in writing by the Servicer, by the bank or trust company then
maintaining the Negative Carry Account, in Permitted Investments that
mature not later than the Business Day immediately prior to each Payment
Date and such Permitted Investments shall be held until maturity. All
interest and other income (net of losses and investment expenses) on funds
on deposit in the Negative Carry Account shall be withdrawn from the
Negative Carry Account for deposit to the Collection Account or release to
the Seller at the time and in the manner provided in Section 4.12. In the
event that the Negative Carry Account is no longer to be maintained at the
corporate trust department of Bank of Tokyo-Mitsubishi Trust Company, the
Servicer shall, with the Indenture Trustee's or Owner Trustee's assistance
as necessary, cause the Negative Carry Account to be moved to a Qualified
Institution or a Qualified Trust Institution within 10 Business Days (or
such longer period not to exceed 30 calendar days as to which each Rating
Agency may consent).

                  With respect to any amounts, securities, investments,
financial assets and other property deposited in or credited to the
Negative Carry Account:

                      (i) any such property that is a "financial asset" as
         defined in Section 8-102(a)(9) of the Relevant UCC shall be
         physically delivered to, or credited to an account in the name of,
         the Qualified Institution or Qualified Trust Institution
         maintaining the Negative Carry Account, as applicable, in
         accordance with such institution's customary procedures such that
         such institution establishes a "securities entitlement" in favor
         of the Indenture Trustee with respect thereto;

                      (ii) any such property that is held in deposit
         accounts shall be held solely in the name of the Indenture Trustee
         at one or more depository institutions having the Required Rating
         and each such deposit account shall be subject to the exclusive
         custody and control of the Indenture Trustee and the Indenture
         Trustee shall have sole signature authority with respect thereto;
         and

                  except for any deposit accounts specified in clause (ii)
above, the Negative Carry Account shall only be invested in securities or
in other assets which the Qualified Institution or Qualified Trust
Institution maintaining the Negative Carry Account, as applicable, agrees
to treat as "financial assets" as defined in Section 8-102(a)(9) of the
Relevant UCC.

                  (d) The Servicer shall, prior to the Closing Date,
establish and maintain a segregated trust account in the name of the
Indenture Trustee at a Qualified Institution or Qualified Trust Institution
(which shall initially be the corporate trust department of Bank of
Tokyo-Mitsubishi Trust Company), which shall be designated as the "Note
Payment Account." The Note Payment Account shall be held in trust for the
exclusive benefit of the Noteholders. The Note Payment Account shall be
under the sole dominion and control of the Indenture Trustee. All monies
deposited from time to time in the Note Payment Account pursuant to this
Agreement and the Indenture shall be held by the Indenture Trustee as part
of the Trust Property and shall be applied as provided in this Agreement
and the Indenture. In the event that the Note Payment Account is no longer
to be maintained at the corporate trust department of Bank of
Tokyo-Mitsubishi Trust Company, the Servicer shall, with the Indenture
Trustee's assistance as necessary, cause the Note Payment Account to be
moved to a Qualified Institution or a Qualified Trust Institution within 10
Business Days (or such longer period not to exceed 30 calendar days as to
which each Rating Agency may consent).

                  (e) The Servicer shall, prior to the Closing Date,
establish and maintain a segregated trust account in the name of the Trust
at a Qualified Institution or Qualified Trust Institution (which shall
initially be Wilmington Trust Company), which shall be designated as the
"Certificate Distribution Account." Except as provided in the Trust
Agreement, the Certificate Distribution Account shall be held in trust for
the benefit of the Certificateholders. The Certificate Distribution Account
shall be under the sole dominion and control of the Owner Trustee; provided
that the Indenture Trustee may make deposits to such account in accordance
with the directions of the Servicer pursuant to this Agreement and the
Indenture. All monies deposited from time to time in the Certificate
Distribution Account pursuant to this Agreement and the Indenture shall be
held by the Owner Trustee as part of the Trust Property and shall be
applied as provided in this Agreement and the Trust Agreement. In the event
that the Certificate Distribution Account is no longer to be maintained at
Wilmington Trust Company, the Servicer shall, with the Owner Trustee's
assistance as necessary, cause the Certificate Distribution Account to be
moved to a Qualified Institution or a Qualified Trust Institution within 10
Business Days (or such longer period not to exceed 30 calendar days as to
which each Rating Agency may consent) and shall promptly notify the
Indenture Trustee of the account number and location of such account.

                  (f) The Servicer shall, prior to the Closing Date,
establish and maintain a segregated trust account in the name of the
Indenture Trustee at a Qualified Institution or Qualified Trust Institution
(which shall initially be the corporate trust department of Bank of
Tokyo-Mitsubishi Trust Company), which shall be designated as the "Payahead
Account." The Payahead Account shall be held in trust for the benefit of
the Noteholders and the Certificateholders. The Payahead Account shall be
under the sole dominion and control of the Indenture Trustee provided, that
the Servicer may make deposits to and direct the Indenture Trustee in
writing to make withdrawals from the Payahead Account in accordance with
this Agreement and the Indenture. All monies deposited from time to time in
the Payahead Account shall be held by the Indenture Trustee as part of the
Trust Property and all deposits to and withdrawals therefrom shall be made
only upon the terms and conditions of the Basic Documents.

                  On the Closing Date, the Seller shall deposit an amount
equal to the Initial Payahead Account Deposit into the Payahead Account
from the net proceeds of the sale of the Notes and the Certificates. On
each Subsequent Transfer Date, the Servicer shall instruct the Indenture
Trustee to withdraw from the Pre-Funding Account and deposit to the
Payahead Account an amount equal to the applicable Subsequent Payahead
Account Deposit.

                  If the Servicer is required to remit collections pursuant
to the first sentence of Section 4.2(a), all amounts held in the Payahead
Account shall, to the extent permitted by applicable law, rules and
regulations, be invested, as directed in writing by the Servicer, by the
bank or trust company then maintaining the Payahead Account, in Permitted
Investments that mature not later than the Business Day immediately prior
to the Payment Date for the Collection Period to which such amounts relate
and such Permitted Investments shall be held to maturity. All interest and
other income (net of losses and investment expenses) on funds on deposit in
the Payahead Account shall be withdrawn from the Payahead Account at the
direction of the Servicer and shall be paid to the Servicer as additional
servicing compensation. In the event that the Payahead Account is no longer
to be maintained at the corporate trust department of Bank of
Tokyo-Mitsubishi Trust Company, the Servicer shall, with the Indenture
Trustee's or Owner Trustee's assistance as necessary, cause the Payahead
Account to be moved to a Qualified Institution or a Qualified Trust
Institution within 10 Business Days (or such longer period not to exceed 30
calendar days as to which each Rating Agency may consent).

                  (g) Notwithstanding the provisions of clause (g) above,
for so long as (i) MMCA is the Servicer, (ii) the rating of MMCA's
short-term unsecured debt is at least "Prime-1" by Moody's, at least "A-1"
by S&P and at least "F1" by Fitch Ratings and (iii) no Events of Servicing
Termination shall have occurred (each, a "Monthly Remittance Condition"),
Payaheads need not be remitted to and deposited in the Payahead Account but
instead may be remitted to and held by the Servicer. So long as such
Monthly Remittance Conditions are met, the Servicer shall not be required
to segregate or otherwise hold separate any Payaheads remitted to the
Servicer as aforesaid but shall be required to remit Payaheads to the
Collection Account in accordance with Section 4.6(a)(i). At all times as
such Monthly Remittance Conditions are not met, the Servicer shall deposit
in the Payahead Account the amount of any Payaheads then held or received
by it. Notwithstanding the foregoing, if a Monthly Remittance Condition is
not satisfied, the Servicer may utilize, with respect to Payaheads, an
alternative remittance schedule (which may include the remittance schedule
utilized by the Servicer before the Monthly Remittance Condition became
unsatisfied), if the Servicer provides to the Owner Trustee and the
Indenture Trustee written confirmation from the Rating Agencies that such
alternative remittance schedule will not result in the downgrading or
withdrawal by the Rating Agencies of the ratings then assigned to the Notes
and the Certificates. The Owner Trustee and the Indenture Trustee shall not
be deemed to have knowledge of any event or circumstance under clauses (ii)
or (iii) of the first sentence of this Section 4.1(h) that would require
remittance of the Payaheads to the Payahead Account unless the Owner
Trustee or the Indenture Trustee has received written notice of such event
or circumstance from the Seller or the Servicer in an Officer's Certificate
or from the Holders of Notes evidencing not less than 25% of the principal
balance of the then Outstanding Notes or from the Holders of Certificates
evidencing not less than 25% of the Certificate Balance or unless a
Responsible Officer in the Corporate Trust Office with knowledge hereof and
familiarity herewith has actual knowledge of such event or circumstance.

                  (h) The Servicer shall be permitted to remit to any
Obligor, upon the request of such Obligor, the Payahead Balance with
respect to such Obligor's Receivable or such lesser amount as is requested
by such Obligor, in accordance with the Servicer's customary standards,
policies, practices and procedures, to the extent that such amount is not
then due on such Receivable. Upon any such remittance, the Payahead Balance
with respect to such Receivable shall be reduced by the amount of such
remittance.

                  Section 4.2 Collections. (a) Subject to the provisions of
subsection (b) below, the Servicer shall remit to the Collection Account
(i) all payments by or on behalf of the Obligors (including, subject to the
next two sentences, Payaheads on the Receivables, but excluding payments
with respect to Purchased Receivables and amounts included in the
Supplemental Servicing Fee), including amounts treated as collections on
Balloon Payment Receivables and Final Payment Receivables pursuant to
Section 3.2(d) and (ii) all Liquidation Proceeds and all Recoveries,
received by the Servicer during any Collection Period, as soon as
practicable, but in no event after the close of business on the second
Business Day after receipt thereof. Collections of Payaheads shall be
deposited in the Collection Account, pursuant to the preceding sentence for
purposes of administrative convenience only, pending determination of the
amount to be deposited in the Payahead Account (or in the event that the
Monthly Remittance Conditions are satisfied, remitted to the Servicer
pursuant to Section 4.1(h)), which amount shall be deposited in the
Payahead Account as soon as practicable but in no event later than the
Payment Date immediately following collection, and such amounts shall not
be transferred to the Collection Account until due.

                  MMCA, for so long as it is acting as the Servicer, may
make remittances of collections on a less frequent basis than that
specified in the immediately preceding paragraph. It is understood that
such less frequent remittances may be made only on the specific terms and
conditions set forth below in this Section 4.2(a) and only for so long as
such terms and conditions are fulfilled. Accordingly, notwithstanding the
provisions of the first sentence of this Section 4.2(a), the Servicer shall
remit collections received during a Collection Period to the Collection
Account in immediately available funds on the Business Day prior to the
related Payment Date but only for so long as each Monthly Remittance
Condition is satisfied. Notwithstanding the foregoing, if a Monthly
Remittance Condition is not satisfied, the Servicer may utilize an
alternative remittance schedule (which may include the remittance schedule
utilized by the Servicer before the Monthly Remittance Condition became
unsatisfied), if the Servicer provides to the Owner Trustee and the
Indenture Trustee written confirmation from the Rating Agencies that such
alternative remittance schedule will not result in the downgrading or
withdrawal by the Rating Agencies of the ratings then assigned to the Notes
and the Certificates. The Owner Trustee or the Indenture Trustee shall not
be deemed to have knowledge of any event or circumstance under clauses (ii)
or (iii) of the definition of Monthly Remittance Condition that would
require daily remittance by the Servicer to the Collection Account unless
the Owner Trustee or the Indenture Trustee has received notice of such
event or circumstance from the Seller or the Servicer in an Officer's
Certificate or written notice from the Holders of Notes evidencing not less
than 25% of the principal balance of the then outstanding Notes or from the
Holders of Certificates evidencing not less than 25% of the Certificate
Balance or a Responsible Officer in the Corporate Trust Office with
knowledge hereof or familiarity herewith has actual knowledge of such event
or circumstance.

                  (b) In those cases where a subservicer is servicing a
Receivable, the Servicer shall cause the subservicer to remit to the
Collection Account, as soon as practicable, but in no event after the close
of business on the second Business Day after receipt thereof by the
subservicer (but subject to the provisions of Section 4.2(a)) the amounts
referred to in Section 4.2(a) in respect of a Receivable being serviced by
the subservicer.

                  Section 4.3 Application of Collections. (a) For the
purposes of this Agreement, as of the close of business on the last day of
each Collection Period, all collections received pursuant to Section 4.2
for such Collection Period for each Receivable (excluding the amounts
actually collected with respect to the Supplemental Servicing Fee and
amounts collected with respect to a Purchased Receivable) shall be applied
by the Servicer, in the case of (i) a Simple Interest Receivable that is a
Standard Receivable, to interest and principal on the Receivable in
accordance with the Simple Interest Method, (ii) a Simple Interest
Receivable that is a Balloon Payment Receivable or a Final Payment
Receivable, to interest and principal in accordance with the Simple
Interest Method first, to accrued but unpaid interest, second, to the Level
Pay Balance of such Receivable, third, to the principal portion of the Last
Scheduled Payment to the extent a Last Scheduled Payment Advance has not
been made by the Servicer with respect to such Last Scheduled Payment and
fourth, to the extent of any unreimbursed Last Scheduled Payment Advance
with respect to such Simple Interest Receivable, to reimburse the Servicer
for such Last Scheduled Payment Advance and (iii) an Actuarial Receivable,
first, to the Scheduled Payment of such Actuarial Receivable, second to the
extent of any unreimbursed Actuarial Advances with respect to such
Actuarial Receivable, to reimburse the Servicer for any such Actuarial
Advances, third, to the extent of any unreimbursed Last Scheduled Payment
Advance with respect to such Actuarial Receivable, to reimburse the
Servicer for such Last Scheduled Payment Advance and fourth, to the extent
that any amounts are remaining then due to a prepayment of such Actuarial
Receivable, if the sum of such remaining amount and the previous Payahead
Balance shall be sufficient to prepay the Actuarial Receivable in full, and
otherwise to the Payahead Account (or, if all Monthly Remittance Conditions
are satisfied, to the Servicer) as a Payahead.

                  (b) All Liquidation Proceeds and any Recoveries, and any
proceeds realized upon the liquidation, sale or dissolution of the Owner
Trust Estate (or any part thereof) upon the occurrence of an Event of
Default under the Indenture shall, with respect to any Balloon Payment
Receivable or Final Payment Receivable be applied first to accrued but
unpaid interest thereon, second, to the Level Pay Balance of such
Receivable and third, to the principal portion of the related Last
Scheduled Payment.

                  Section 4.4 Advances. (a) As of the close of business on
the last day of each Collection Period, if the payments during such
Collection Period by or on behalf of the Obligor on or in respect of an
Actuarial Receivable (other than a Purchased Receivable) after application
under Section 4.3 shall be less than the Scheduled Payment, the Payahead
Balance of such Receivable shall be applied by the Indenture Trustee to the
extent of the shortfall, and such Payahead Balance shall be reduced
accordingly. Subject to the last sentence of this Section 4.4(a), on each
Payment Date the Servicer shall advance an amount equal to the excess, if
any, of the Scheduled Payment with respect to an Actuarial Receivable over
the sum of the (x) payments received on or in respect of such Actuarial
Receivable during the preceding Collection Period and (y) the Payahead
Balance with respect to such Actuarial Receivable (such advance, an
"Actuarial Advance"); provided that the Servicer shall make Actuarial
Advances with respect to the Last Scheduled Payment on Actuarial
Receivables that are Final Payment Receivables in accordance with Section
4.4(b). All applications of the Payahead Balance of a Receivable by the
Indenture Trustee and all Actuarial Advances by the Servicer pursuant to
this Section 4.4(a) shall be made based on the information set forth in the
Servicer's report attached to the Servicer's Certificate delivered pursuant
to Section 3.9. Notwithstanding anything in this Agreement to the contrary,
no successor to Mitsubishi Motors Credit of America, Inc. as Servicer shall
be required to make Actuarial Advances.

                  (b) As of the last day of the Collection Period in which
the Last Scheduled Payment with respect to a Final Payment Receivable is
due, if the payments during such Collection Period by or on behalf of the
related Obligor on or in respect of such Last Scheduled Payment after
application under Section 4.3(a) and, in the case of an Actuarial
Receivable, the amounts, if any, in the Payahead Account allocable to such
Last Scheduled Payment, shall be less than the amount of such Last
Scheduled Payment, the Servicer shall advance an amount equal to the
shortfall by depositing such amount into the Collection Account on the
related Payment Date (such advance, a "Last Scheduled Payment Advance").
Notwithstanding anything in this Agreement to the contrary, no successor to
Mitsubishi Motors Credit of America, Inc. as Servicer shall be required to
make Last Scheduled Payment Advances.

                  (c) (i) Upon either the written instructions of the
Servicer or based solely upon the information contained in the Servicer's
Certificate delivered on the related Determination Date pursuant to Section
3.9, the Indenture Trustee shall release from amounts available in the
Payahead Account, the amounts required to be released from amounts
available in the Payahead Account pursuant to Sections 4.4(a) and (b) with
respect to each Collection Period and shall deposit such amounts in the
Collection Account on the related Payment Date pursuant to Section 4.5(a).

                      (ii) On each Payment Date, the Servicer shall deposit
         into the Collection Account an amount equal to the aggregate
         amount of Actuarial Advances required to be made with respect to
         related Collection Period.

                  (d) On each Payment Date, the Servicer shall instruct the
Indenture Trustee to withdraw from the Collection Account for distribution
to the Servicer, in immediately available funds, an amount equal to the sum
of (i) the aggregate amount of collections on Actuarial Receivables with
respect to which the Servicer has made Actuarial Advances in a prior
Collection Period that are allocable to the reimbursement of such Actuarial
Advances pursuant to Section 4.3(a) and (ii) the aggregate amount of
Actuarial Advances that the Servicer has not been reimbursed for pursuant
to this Section 4.4(d) or Section 4.5(b) with respect to Actuarial
Receivables that became Defaulted Receivables in the related Collection
Period.

                  (e) On each Payment Date, the Servicer shall instruct the
Indenture Trustee to withdraw from the Collection Account for distribution
to the Servicer, in immediately available funds, an amount equal to the sum
of (i) the aggregate amount of collections on Final Payment Receivables in
the related Collection Period that are allocable to the reimbursement of
Last Scheduled Payment Advances pursuant to Section 4.3(a) and (ii) the
aggregate amount of losses on Last Scheduled Payments that the Servicer has
recorded in its books and records during the related Collection Period to
the extent such losses are allocable to Last Scheduled Payments with
respect to which the Servicer has made Last Scheduled Payment Advances, but
only to the extent such Last Scheduled Payment Advances have not already
been reimbursed pursuant to this Section 4.4(e) or Section 4.5(b).

                  Section 4.5 Additional Deposits. (a) The Indenture
Trustee shall deposit in the Collection Account amounts required pursuant
to Section 4.4(c). The Servicer shall deposit in the Collection Account
amounts required to be advanced by the Servicer pursuant to Sections 4.4(a)
and (b). The Seller and the Servicer shall deposit or cause to be deposited
in the Collection Account the aggregate Purchase Amount with respect to
Purchased Receivables pursuant to Section 2.3, 3.7 or 9.1. The Indenture
Trustee shall deposit in the Collection Account any amounts received
pursuant to the Yield Supplement Agreement and any amounts received from
the Letter of Credit Bank or the Yield Supplement Account pursuant to
Article V on the date of receipt thereof. All such deposits with respect to
a Collection Period shall be made in immediately available funds no later
than 10:00 a.m., New York City time, on the Payment Date related to such
Collection Period.

                  (b) The Indenture Trustee shall, on or prior to 10:00
a.m., New York City time, on the Payment Date relating to each Collection
Period make the following withdrawals from the Reserve Account in the
following order of priority (in each case as set forth in the Servicer's
Certificate for such Payment Date): (i) an amount equal to the Reserve
Account Advance Draw Amount, if any, calculated by the Servicer pursuant to
Section 4.6(b), and shall pay such amount to the Servicer and (ii) an
amount equal to the Reserve Account TRP Draw Amount, if any, calculated by
the Servicer pursuant to Section 4.6(b), and shall deposit to the
Collection Account.

                  Section 4.6 Allocation of Total Available Funds. (a) On
each Payment Date, the Indenture Trustee shall cause to be made the
following transfers and distributions in immediately available funds in the
amounts set forth in the Servicer's Certificate for such Payment Date:

                      (i) To the Collection Account from the Payahead
         Account (if the Monthly Remittance Conditions are not then
         satisfied) or otherwise from amounts remitted by the Servicer
         pursuant to Section 4.1(h) an amount equal to the sum of:

                           (1) the aggregate portion of Payaheads
                  constituting Scheduled Payments with respect to the
                  preceding Collection Period and prepayments in full
                  received during the preceding Collection Period, as
                  required by Sections 4.3 and 4.4(a); and

                           (2) the Payahead Balance, if any, relating to
                  any Purchased Receivable;

                      (ii) From the Collection Account to the Payahead
         Account or, if the Monthly Remittance Conditions are then
         satisfied, to the Servicer, the aggregate Payaheads received
         during the preceding Collection Period, as required by Section
         4.3.

                  (b) On each Determination Date, the Servicer shall
calculate the Available Funds, the Total Servicing Fee, the Accrued Note
Interest for each Class of Notes, the Principal Distribution Amount, the
Total Yield Supplement Overcollateralization Amount, the Yield Supplement
Amount, the Last Scheduled Payment Principal Collections and the Negative
Carry Amount, if any, in each case with respect to the following Payment
Date. In addition, on each Determination Date the Servicer shall calculate
the following amounts with respect to such Payment Date:

                      (i) an amount equal to the lesser of (x) the amount,
         if any, by which the aggregate amount payable to the Servicer out
         of the Collection Account on such Payment Date as reimbursement
         for Actuarial Advances pursuant to Section 4.4(d) and for Last
         Scheduled Payment Advances pursuant to Section 4.4(e) exceeds the
         amount in the Collection Account available for such purpose
         (without giving effect to any deposits thereto from amounts in the
         Reserve Account but giving effect to all other deposits to the
         Collection Account required to be made on such Payment Date) and
         (y) the Reserve Account Amount for such Payment Date (without
         giving effect to any deposits of Total Available Funds but giving
         effect to all other deposits to the Reserve Account on such
         Payment Date) (the "Reserve Account Advance Draw Amount");

                      (ii) an amount equal to the lesser of (x) the amount,
         if any, by which the Total Required Payment for such Payment Date
         exceeds the Available Funds for such Payment Date and (y) an
         amount equal to the Reserve Account Amount (without giving effect
         to any deposits of Total Available Funds on such Payment Date) for
         such Payment Date, less the Reserve Account Advance Draw Amount
         for such Payment Date (the "Reserve Account TRP Draw Amount");

                      (iii) the Total Available Funds for such Payment
         Date; and

                      (iv) the Reserve Account Amount with respect to such
         Payment Date after giving effect to the Reserve Account Advance
         Draw Amount and the Reserve Account TRP Draw Amount for such
         Payment Date, and the difference, if any, between the Reserve
         Account Amount and the Specified Reserve Balance for such Payment
         Date.

                  (c) On each Payment Date, the Servicer shall instruct the
Indenture Trustee (based on the information contained in the Servicer's
Certificate delivered on the related Determination Date pursuant to Section
3.9) to withdraw the Total Available Funds on deposit in the Collection
Account for the related Collection Period and make the following payments
and deposits for such Payment Date in the following order of priority:

                      (i) to the Servicer, the Total Servicing Fee;

                      (ii) with the same priority and ratably, in
         accordance with the outstanding principal balance of the Class A
         Notes, to the Note Payment Account, the Accrued Note Interest for
         the Class A Notes;

provided, that, if there are not sufficient funds available to pay the
entire amount of the Accrued Note Interest for the Class A Notes, the
amounts available shall be applied to the payment of such interest on the
Class A Notes on a pro rata basis;

                      (iii) to the Note Payment Account, the Accrued Note
         Interest for the Class B Notes;

                      (iv) to the Note Payment Account, the Accrued Note
         Interest for the Class C Notes;

                      (v) to the Note Payment Account, the Principal
         Distribution Amount;

                      (vi) to the Reserve Account, the amount, if any,
         necessary to reinstate the balance in the Reserve Account up to
         the Specified Reserve Balance;

                      (vii) prior to the payment in full of the aggregate
         principal balance of the Notes, to the Note Payment Account, any
         remaining portion of the Total Available Funds; and

                      (viii) following the payment in full of the aggregate
         principal balance of the Notes, to the Certificate Distribution
         Account, any remaining portion of the Total Available Funds.

                  Notwithstanding the foregoing, following the occurrence
and during the continuation of an Event of Default which has resulted in an
acceleration of the Notes, on each Payment Date the Total Available Funds
shall be deposited in the Note Payment Account and applied in accordance
with Section 2.8(f) of the Indenture.

                  Section 4.7 Reserve Account. (a) The Seller shall, prior
to the Closing Date, establish and maintain a segregated trust account in
the name of the Indenture Trustee at a Qualified Institution or Qualified
Trust Institution (which shall initially be the corporate trust department
of Bank of Tokyo-Mitsubishi Trust Company), which shall be designated as
the "Reserve Account." The Reserve Account shall be under the sole dominion
and control of the Indenture Trustee; provided, that the Servicer may make
deposits to the Reserve Account in accordance with this Agreement and the
Indenture. On the Closing Date, the Seller will deposit the Reserve Account
Initial Deposit into the Reserve Account from the net proceeds of the sale
of the Notes. On each Subsequent Transfer Date, the Seller shall deposit to
the Reserve Account an amount equal to the applicable Subsequent Reserve
Amount Deposit. It shall be a condition to the purchase by the Trust of
Subsequent Receivables from the Seller with funds on deposit in the
Pre-Funding Account that the Seller make such deposit. The Reserve Account
and all amounts, securities, investments, financial assets and other
property deposited in or credited to the Reserve Account (the "Reserve
Account Property") has been conveyed by the Seller to the Trust pursuant to
Section 2.1(a). Pursuant to the Indenture, the Trust will pledge all of its
right, title and interest in, to and under the Reserve Account and the
Reserve Account Property to the Indenture Trustee on behalf of the
Noteholders to secure its obligations under the Notes and the Indenture.

                  The Reserve Account Property shall, to the extent
permitted by applicable law, rules and regulations, be invested, as
directed in writing by the Servicer, by the bank or trust company then
maintaining the Reserve Account, in Permitted Investments that mature not
later than the Business Day immediately preceding the next Payment Date,
and such Permitted Investments shall be held to maturity. All interest and
other income (net of losses and investment expenses) on funds on deposit in
the Reserve Account shall, upon the written direction of the Servicer, be
paid to the Seller on any Payment Date to the extent that funds on deposit
therein, as certified by the Servicer, exceed the Specified Reserve
Balance. In the event the Reserve Account is no longer to be maintained at
the corporate trust department of Bank of Tokyo-Mitsubishi Trust Company,
the Servicer shall, with the Indenture Trustee's or Owner Trustee's
assistance as necessary, cause the Reserve Account to be moved to a
Qualified Institution or a Qualified Trust Institution within 10 Business
Days (or such longer period not to exceed 30 calendar days as to which each
Rating Agency may consent).

                  (b) With respect to any Reserve Account Property:

                      (i) any Reserve Account Property that is a "financial
         asset" as defined in Section 8-102(a)(9) of the Relevant UCC shall
         be physically delivered to, or credited to an account in the name
         of, the Qualified Institution or Qualified Trust Institution
         maintaining the Reserve Account in accordance with such
         institution's customary procedures such that such institution
         establishes a "securities entitlement" in favor of the Indenture
         Trustee with respect thereto;

                      (ii) any Reserve Account Property that is held in
         deposit accounts shall be held solely in the name of the Indenture
         Trustee at one or more depository institutions having the Required
         Rating and each such deposit account shall be subject to the
         exclusive custody and control of the Indenture Trustee and the
         Indenture Trustee shall have sole signature authority with respect
         thereto; and

                      (iii) except for any deposit accounts specified in
         clause (ii) above, the Reserve Account shall only be invested in
         securities or in other assets which the Qualified Institution or
         Qualified Trust Institution maintaining the Reserve Account agrees
         to treat as "financial assets" as defined in Section 8-102(a)(9)
         of the Relevant UCC.

                  (c) If the amount on deposit in the Reserve Account on
any Payment Date (after giving effect to all deposits thereto or
withdrawals therefrom on such Payment Date) is greater than the Specified
Reserve Balance for such Payment Date, the Servicer shall instruct the
Indenture Trustee to distribute the amount of such excess to the Seller;
provided that the Indenture Trustee and the Owner Trustee hereby release,
on each Payment Date, their security interest in, to and under Reserve
Account Property distributed to the Seller.

                  (d) Following the payment in full of the aggregate
principal balance of the Notes and the Certificate Balance and of all other
amounts owing or to be distributed hereunder or under the Indenture or the
Trust Agreement to Noteholders or Certificateholders and the termination of
the Trust, any remaining Reserve Account Property shall be distributed to
the Seller.

                  Section 4.8 Net Deposits. As an administrative
convenience only, unless the Servicer is required to remit collections
pursuant to the first sentence of Section 4.2(a), the Seller and the
Servicer may make any remittance pursuant to this Article IV with respect
to a Collection Period net of distributions to be made to the Seller or the
Servicer with respect to such Collection Period. Nonetheless, such
obligations shall remain separate obligations, no party shall have a right
of offset, and each such party shall account for all of the above described
remittances and distributions as if the amounts were deposited and/or
transferred separately.

                  Section 4.9 Statements to Noteholders and
Certificateholders. On or prior to each Payment Date, the Servicer shall
provide to the Indenture Trustee (with copies to the Rating Agencies and
each Paying Agent) for the Indenture Trustee to forward to each Noteholder
of record as of the most recent Record Date and to the Owner Trustee (with
copies to the Rating Agencies and to each Paying Agent) for the Owner
Trustee to forward to each Certificateholder of record as of the most
recent Record Date a statement in substantially the forms of Exhibits B and
C, respectively, setting forth at least the following information as to the
Notes and the Certificates to the extent applicable:

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

                      (ii) the amount of such distribution allocable to
         interest paid to each Class of Notes;

                      (iii) the Yield Supplement Amount;

                      (iv) the amount of the Total Servicing Fee with
         respect to the related Collection Period;

                      (v) the aggregate outstanding principal balance of
         each Class of Notes, the applicable Note Pool Factor, the
         Certificate Balance and the Certificate Pool Factor as of the
         close of business on the last day of the preceding Collection
         Period, after giving effect to payments allocated to principal
         reported under clause (i) above;

                      (vi) the Pool Balance, the Level Pay Pool Balance and
         the Last Scheduled Payment Pool Balance, in each case as of the
         close of business on the last day of the related Collection
         Period;

                      (vii) the amounts of the Interest Carryover
         Shortfall, if any, for the next Payment Date and the portion
         thereof attributable to each Class of Notes;

                      (viii) the amount of the aggregate Realized Losses,
         if any, with respect to the related Collection Period;

                      (ix) the balance of the Reserve Account on such
         Payment Date, after giving effect to changes therein on such
         Payment Date;

                      (x) the aggregate Purchase Amount of Receivables
         repurchased by the Seller or purchased by the Servicer, if any,
         with respect to the related Collection Period;

                      (xi) the amount of Actuarial Advances and Last
         Scheduled Payment Advances, if any, with respect to the related
         Collection Period;

                      (xii) for each such Payment Date during the
         Pre-Funding Period, (A) the amount, if any, withdrawn from the
         Pre-Funding Account to purchase Subsequent Receivables during the
         related Collection Period, (B) the Remaining Pre-Funded Amount, if
         any, (C) the Negative Carry Amount, if any, for the related
         Collection Period, and (D) the amount remaining on deposit in the
         Negative Carry Account, if any, after all withdrawals, if any,
         made on such Payment Date; and

                      (xiii) for the first Payment Date on or immediately
         following the end of the Pre-Funding Period, the Remaining
         Pre-Funded Amount, if any.

                  Each amount set forth on the Payment Date statement
pursuant to clauses (i), (ii), (iv) and (vii) above shall be expressed as a
dollar amount per $1,000 of original principal balance of a Certificate or
Note, as applicable.

                  Section 4.10 Control of Securities Accounts.
Notwithstanding anything else contained herein, the Trust agrees that each
of the Collection Account, the Pre-Funding Account, the Note Payment
Account, the Reserve Account, the Negative Carry Account and the Yield
Supplement Account will only be established at a Qualified Institution or
Qualified Trust Institution that agrees substantially as follows: (i) it
will comply with "entitlement orders" (as defined in Section 8-102(a)(8) of
the Relevant UCC; i.e., orders directing the transfer or redemption of any
financial asset) relating to such accounts issued by the Indenture Trustee
without further consent by the Seller or the Trust; (ii) until the
termination of the Indenture, it will not enter into any other agreement
relating to any such account pursuant to which it agrees to comply with
entitlement orders of any Person other than the Indenture Trustee; and
(iii) all assets delivered or credited to it in connection with such
accounts and all investments thereof will be promptly credited to such
accounts.

                  Section 4.11 Pre-Funding Account. (a) On the Closing
Date, the Seller shall deposit in the Pre-Funding Account $158,539,161.88
from the net proceeds of the sale of the Notes. On or prior to the Business
Day immediately preceding each Subsequent Transfer Date, the Servicer shall
calculate the following amounts: (i) the aggregate Principal Balance of the
Subsequent Receivables transferred to the Trust on such Subsequent Transfer
Date, and (ii) the Subsequent Payahead Account Deposit. The Servicer shall
instruct the Indenture Trustee to distribute the amount in clause (i) to
the Seller and to deposit the amount in clause (ii) to the Payahead Account
on behalf of the Seller on such Subsequent Transfer Date.

                  The Trust has applied for but has not yet obtained a
sales finance company license from the State of Pennsylvania. In the event
that the Trust does not obtain this license before the Closing Date, the
Trust will not acquire Receivables originated in Pennsylvania from the
Seller on the Closing Date. Instead, an amount equal to the principal
balance of these Receivables will be deposited into the Pre-Funding Account
on the Closing Date and the Trust will use the funds to purchase these
Receivables during the Pre-Funding Period after it obtains the license.
Approximately 3.71% of the Receivables available for acquisition by the
Trust from the Seller on the Closing Date were originated in Pennsylvania.

                  (b) If the Pre-Funding Account has not been reduced to
zero on the Payment Date on which the Pre-Funding Period ends (or, if the
Pre-Funding Period does not end on a Payment Date, on the first Payment
Date following the end of the Pre-Funding Period), after giving effect to
any reductions in the Pre-Funding Account on such date pursuant to
paragraph (a), the Servicer shall instruct the Indenture Trustee to
withdraw from the Pre-Funding Account on such Payment Date (or, if the
Pre-Funding Period does not end on a Payment Date, on the first Payment
Date following the end of the Pre-Funding Period), the amount remaining in
the Pre-Funding Account at such time exclusive of the Pre-Funding Account
Investment Earnings, if any, for the related Collection Period (such
remaining amount being the "Remaining Pre-Funded Amount") and deposit such
amount in the Collection Account for inclusion in the Available Funds for
such Payment Date. The Pre-Funding Account Investment Earnings for the
related Collection Period (together with any other interest and other
income (net of losses and expenses) earned on amounts on deposit in the
Pre-Funding Account that are on deposit in the Pre-Funding Account) shall
be deposited to the Collection Account.

                  Section 4.12 Negative Carry Account. (a) On the Closing
Date, the Seller shall deposit the Negative Carry Account Initial Deposit
into the Negative Carry Account. On each Payment Date, the Servicer shall
instruct the Indenture Trustee to withdraw from the Negative Carry Account
and deposit into the Collection Account an amount equal to the lesser of
(x) the amount, if any, on deposit in the Negative Carry Account on such
Payment Date and (y) the Negative Carry Amount, if any, for such Payment
Date. If the amount on deposit in the Negative Carry Account on any Payment
Date (after giving effect to the withdrawal therefrom of the Negative Carry
Amount, if any, for such Payment Date) is greater than the Required
Negative Carry Account Balance for such Payment Date, the excess shall be
released to the Seller on such Payment Date. On the Payment Date on which
the Pre-Funding Period ends (or, if the Pre-Funding Period does not end on
a Payment Date, on the first Payment Date following the end of the
Pre-Funding Period), the Servicer shall instruct the Indenture Trustee to
release to the Seller on such Payment Date all amounts remaining on deposit
in the Negative Carry Account after giving effect to any withdrawals of the
Negative Carry Amount on such Payment Date.

             ARTICLE V - YIELD SUPPLEMENT LETTER OF CREDIT AND
                        THE YIELD SUPPLEMENT ACCOUNT

                  Section 5.1 Yield Supplement Letter of Credit and the
Yield Supplement Account.

                  (a) The Servicer shall, prior to the Closing Date,
establish and maintain a segregated trust account in the name of the
Indenture Trustee at a Qualified Institution or Qualified Trust Institution
(which shall initially be the corporate trust department of Bank of
Tokyo-Mitsubishi Trust Company), which shall be designated as the "Yield
Supplement Account" (the Yield Supplement Account, together with the
Payahead Account, the Collection Account, the Pre-Funding Account, the Note
Payment Account, the Negative Carry Account and the Reserve Account, the
"Trust Accounts"). Amounts on deposit in the Yield Supplement Account will
be used for the payment of any Yield Supplement Amounts required to be paid
on any Payment Date pursuant to the Yield Supplement Agreement which MMCA
has not paid as of such Payment Date. The Yield Supplement Account shall be
under the sole dominion and control of the Indenture Trustee provided, that
the Servicer may make deposits to and direct the Indenture Trustee to make
withdrawals from the Yield Supplement Account in accordance with this
Agreement and the Yield Supplement Agreement. On the Closing Date, the
Seller shall deposit an amount equal to the Initial Yield Supplement Amount
into the Yield Supplement Account from the net proceeds of the sale of the
Notes. On each Subsequent Transfer Date, the Seller shall deposit to the
Yield Supplement Account an amount equal to the applicable Subsequent Yield
Supplement Account Deposit unless the Yield Supplement Account has been
replaced by a Yield Supplement Letter of Credit on or prior to such
Subsequent Transfer Date, in which case the Servicer shall cause the amount
available to be drawn under the Yield Supplement Letter of Credit as of
such Subsequent Transfer Date to be no less than the Specified Yield
Supplement Account Balance as of such Subsequent Transfer Date after giving
effect to the transfer to the Trust of the related Subsequent Receivables.
It shall be a condition to the sale of Subsequent Receivables that are
Deferred Payment Receivables to the Trust that the Seller make such
deposit. To the extent, on any Payment Date, the amount on deposit in the
Yield Supplement Account (after giving effect to any withdrawals to be made
on such Payment Date, but exclusive of net investment income) is greater
than the Specified Yield Supplement Account Balance for such Payment Date,
then, in such event, the Servicer shall instruct the Indenture Trustee in
writing to pay such excess amount to the Seller.

                  All amounts held in the Yield Supplement Account shall be
invested, as directed in writing by the Servicer, by the bank or trust
company then maintaining the Yield Supplement Account in Permitted
Investments that mature not later than the Business Day immediately
preceding the next Payment Date and such Permitted Investments shall be
held to maturity. All interest and other income (net of losses and
investment expenses) on funds on deposit in the Yield Supplement Account
shall be withdrawn from the Yield Supplement Account at the written
direction of the Servicer and shall be paid to the Seller. In the event
that the Yield Supplement Account is no longer to be maintained at the
corporate trust department of Bank of Tokyo-Mitsubishi Trust Company, the
Servicer shall, with the Indenture Trustee's assistance as necessary, cause
the Yield Supplement Account to be moved to a Qualified Institution or a
Qualified Trust Institution within 10 Business Days (or such longer period
not to exceed 30 calendar days as to which each Rating Agency may consent).

                  The Seller hereby sells, conveys and transfers to the
Trust the Yield Supplement Account, all funds and investments on deposit
therein or credited thereto and all proceeds thereof, subject, however, to
the limitations set forth below.

                  Pursuant to the Indenture, the Trust will pledge its
rights under the Yield Supplement Agreement (including its rights to
amounts on deposit in the Yield Supplement Account) to the Indenture
Trustee to secure its obligations under the Notes and the Indenture. Such
sale, conveyance and transfer of the Yield Supplement Account by the Seller
to the Trust, and such pledge by the Trust of its rights to amounts in the
Yield Supplement Account to the Indenture Trustee, shall be subject to the
following limitations:

                      (i) All or a portion of the Yield Supplement Account
         may be invested and reinvested in the manner specified in Section
         5.1(a) in accordance with written instructions from the Servicer.
         All such investments shall be made in the name of the Indenture
         Trustee and all income and gain realized thereon shall be solely
         for the benefit of the Seller and shall be payable by the
         Indenture Trustee to the Seller upon written direction of the
         Servicer as specified in Section 5.1(a);

                      (ii) If, with respect to any Collection Period, MMCA
         shall have failed to make or cause to be made in full the
         remittance of the Yield Supplement Amount on the date required by
         the Yield Supplement Agreement, the Indenture Trustee not later
         than 10:00 a.m. (New York City time) on the Payment Date, shall,
         upon the written direction of the Servicer, withdraw from the
         Yield Supplement Account and deposit into the Collection Account
         the amount of the shortfall between the amount of funds that are
         required to be remitted by MMCA with respect to the Yield
         Supplement Agreement as set forth in the Servicer's Certificate
         and the amount of funds actually so remitted and to the extent of
         any remaining shortfall, the Indenture Trustee shall withdraw an
         amount equal thereto from the Reserve Account, and deposit such
         amounts in the Collection Account; and

                      (iii) Upon termination of this Agreement in
         accordance with Section 9.1 or (a) in the event that the Seller
         obtains a Yield Supplement Letter of Credit or (b) the Seller
         otherwise satisfies the requirements with respect to the Yield
         Supplement Agreement established by the Rating Agencies, in either
         case as evidenced by satisfaction of the Rating Agency Condition
         and an Officer's Certificate of the Seller that all conditions to
         the liquidation of the Yield Supplement Account have been
         satisfied, any amounts on deposit in the Yield Supplement Account
         shall, upon written request of the Seller, be paid to the Seller.

                  (b) If a Yield Supplement Letter of Credit has been
obtained by MMCA, and if, with respect to any Collection Period, MMCA shall
have failed to make or cause to be made in full the remittance of the Yield
Supplement Amount, upon written notice by the Servicer of such failure
(which notice shall be given no later than 10:00 a.m. (New York City time)
on the Payment Date for such Collection Period), the Indenture Trustee
shall draw on the Yield Supplement Letter of Credit in accordance with the
terms thereof, in the amount of the shortfall between the amount of funds
with respect to the Yield Supplement Amount that are required to be
remitted by MMCA with respect to the Yield Supplement Agreement as set
forth in the Servicer's Certificate and the amount of funds actually so
remitted as set forth in the Servicer's Certificate. Any such draw on the
Yield Supplement Letter of Credit shall be made after receipt of the
related Servicer's Certificate on or before 11:00 a.m. (New York City time)
on the Payment Date for such Collection Period. Upon receipt of a request
for a draw by the Indenture Trustee under the Yield Supplement Letter of
Credit, the Letter of Credit Bank is to promptly make a payment to the
Indenture Trustee in an amount equal to the Yield Supplement Amount (minus
payments made on the Yield Supplement Agreement), and the Indenture Trustee
shall deposit into the Collection Account pursuant to Section 4.5(a) the
amount received from the Letter of Credit Bank in respect of such drawing.
The Servicer shall include in each Servicer's Certificate, or in an
Officer's Certificate provided to the Indenture Trustee with each
Servicer's Certificate, the Stated Amount (as defined in the Yield
Supplement Letter of Credit) of the Yield Supplement Letter of Credit as of
the close of business on the last day of the Collection Period preceding
the date of such Servicer's Certificate. In the event that the rating of
the Letter of Credit Bank declines below the Required Rating, the Servicer
shall promptly notify the Indenture Trustee in writing of such decline, and
upon receipt of such notification, the Indenture Trustee shall, unless a
suitable replacement letter of credit shall have been delivered, promptly
draw the full amount available under the Yield Supplement Letter of Credit
and deposit such amount in the Yield Supplement Account.

                  ARTICLE VI - THE SELLER

                  Section 6.1 Representations, Warranties and Covenants of
Seller. The Seller makes the following representations, warranties and
covenants on which the Trust is deemed to have relied in acquiring the
Trust Property. The representations, warranties and covenants speak as of
the Closing Date in the case of the Initial Receivables and the other Trust
Property related thereto, and as of the related Subsequent Transfer Date in
the case of the Subsequent Receivables and the other Trust Property related
thereto, and shall survive the sale of the Trust Property to the Trust and
the pledge thereof by the Trust to the Indenture Trustee pursuant to the
Indenture:

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

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

                  (c) Power and Authority. The Seller has the power and
authority to execute and deliver this Agreement and the other Basic
Documents to which it is a party and to carry out their terms. The Seller
has full power and authority to sell and assign the property to be sold and
assigned to and deposited with the Trust and has duly authorized such sale
and assignment to the Trust by all necessary corporate action; and the
execution, delivery, and performance of this Agreement and the other Basic
Documents to which it is a party have been, and the execution, delivery and
performance of each Second-Tier Subsequent Assignment has been or will be
on or before the related Subsequent Transfer Date, duly authorized by the
Seller by all necessary corporate action.

                  (d) Valid Sale; Binding Obligation. This Agreement
effects a valid sale, transfer and assignment of the Initial Receivables
and the other Trust Property related thereto conveyed by the Seller to the
Trust hereunder and this Agreement together with each Second-Tier
Subsequent Assignment will effect a valid sale, transfer and assignment of
the related Subsequent Receivables and the other Trust Property related
thereto, in each case enforceable against creditors of and purchasers from
the Seller; and this Agreement and the other Basic Documents to which the
Seller is a party constitute, and each Second-Tier Subsequent Assignment
when executed and delivered by the Seller will constitute, legal, valid,
and binding obligations of the Seller, enforceable against the Seller in
accordance with their terms, subject, as to enforceability, to applicable
bankruptcy, insolvency, reorganization, conservatorship, receivership,
liquidation and other similar laws and to general equitable principles.

                  (e) No Violation. The execution, delivery and performance
by the Seller of this Agreement and the other Basic Documents to which the
Seller is a party and the consummation of the transactions contemplated
hereby and thereby and the fulfillment of the terms hereof and thereof will
not conflict with, result in any breach of any of the terms and provisions
of, or constitute (with or without notice or lapse of time or both) a
default under, the certificate of trust or amended and restated trust
agreement of the Seller, or conflict with, or breach any of the terms or
provisions of, or constitute (with or without notice or lapse of time or
both) a default under, any indenture, agreement, mortgage, deed of trust or
other instrument to which the Seller is a party or by which the Seller is
bound or any of its properties are subject, or result in the creation or
imposition of any lien upon any of its properties pursuant to the terms of
any such indenture, agreement, mortgage, deed of trust or other instrument
(other than this Agreement), or violate any law, order, rule, or
regulation, applicable to the Seller or its properties, of any federal or
state regulatory body, any court, administrative agency, or other
governmental instrumentality having jurisdiction over the Seller or any of
its properties.

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

                  (g) Florida Securities and Investor Protection Act. In
connection with the offering of the Notes in the State of Florida, the
Seller hereby certifies that it has complied with all provisions of Section
517.075 of the Florida Securities and Investor Protection Act.

                  Section 6.2 Liability of Seller; Indemnities. The Seller
shall be liable in accordance herewith only to the extent of the
obligations specifically undertaken by the Seller under this Agreement, and
hereby agrees to the following:

                  (a) The Seller shall indemnify, defend, and hold harmless
the Trust, the Owner Trustee and the Indenture Trustee from and against any
taxes that may at any time be asserted against any such Person with respect
to, and as of the date of, the sale of the Receivables to the Trust or the
issuance and original sale of the Notes or the Certificates, including any
sales, gross receipts, general corporation, tangible personal property,
privilege, or license taxes (but, in the case of the Trust, not including
any taxes asserted with respect to ownership of the Receivables or Federal
or other Applicable Tax State income taxes arising out of the transactions
contemplated by this Agreement and the other Basic Documents) and costs and
expenses in defending against the same.

                  (b) The Seller shall indemnify, defend, and hold harmless
the Trust, the Owner Trustee, the Indenture Trustee, the Noteholders and
the Certificateholders from and against any loss, liability or expense
incurred by reason of (i) the Seller's willful misfeasance, bad faith, or
negligence (other than errors in judgment) in the performance of its duties
under this Agreement, or by reason of reckless disregard of its obligations
and duties under this Agreement and (ii) the Seller's violation of Federal
or state securities laws in connection with the registration or the sale of
the Notes or the Certificates.

                  (c) The Seller shall indemnify, defend and hold harmless
the Owner Trustee and the Indenture Trustee and their respective officers,
directors, employees and agents from and against all costs, expenses,
losses, claims, damages and liabilities arising out of or incurred in
connection with the acceptance or performance of the trusts and duties
contained herein and in the Trust Agreement, in the case of the Owner
Trustee, and in the Indenture, in the case of the Indenture Trustee, except
to the extent that such cost, expense, loss, claim, damage or liability:
(i) shall be due to the willful misfeasance, bad faith or negligence
(except for errors in judgment) of the Owner Trustee or the Indenture
Trustee, as applicable; (ii) in the case of the Owner Trustee shall arise
from the breach by the Owner Trustee of any of its representations or
warranties set forth in Section 7.3 of the Trust Agreement or (iii) in the
case of the Indenture Trustee shall arise from the breach by the Indenture
Trustee of any of its representations and warranties set forth in the
Indenture.

                  (d) The Seller shall pay any and all taxes levied or
assessed upon all or any part of the Owner Trust Estate.

                  (e) Indemnification under this Section 6.2 shall survive
the resignation or removal of the Owner Trustee or the Indenture Trustee
and the termination of this Agreement and shall include reasonable fees and
expenses of counsel and expenses of litigation. If the Seller shall have
made any indemnity payments pursuant to this Section 6.2 and the Person to
or on behalf of whom such payments are made thereafter shall collect any of
such amounts from others, such Person shall promptly repay such amounts to
the Seller, without interest.

                  Section 6.3 Merger or Consolidation of, or Assumption of
the Obligations of, Seller. Any Person (i) into which the Seller may be
merged or consolidated, (ii) resulting from any merger, conversion, or
consolidation to which the Seller shall be a party or (iii) that may
succeed by purchase and assumption to all or substantially all of the
business of the Seller, which Person in any of the foregoing cases executes
an agreement of assumption to perform every obligation of the Seller under
this Agreement, will be the successor to the Seller under this Agreement
without the execution or filing of any document or any further act on the
part of any of the parties to this Agreement; provided, however, that (x)
the Seller shall have delivered to the Owner Trustee and the Indenture
Trustee an Officer's Certificate and an Opinion of Counsel each stating
that such merger, conversion, consolidation or succession and such
agreement of assumption comply with this Section 6.3, and (y) the Seller
shall have delivered to the Owner Trustee and the Indenture Trustee an
Opinion of Counsel either (A) stating that, in the opinion of such counsel,
all financing statements and continuation statements and amendments thereto
have been authorized and filed that are necessary to fully preserve and
protect the interest of the Trust and the Indenture Trustee, respectively,
in the Receivables and the other Trust Property, and reciting the details
of such filings, or (B) stating that, in the opinion of such counsel, no
such action shall be necessary to fully preserve and protect such interest.
The Seller shall provide notice of any merger, conversion, consolidation,
or succession pursuant to this Section 6.3 to the Rating Agencies.
Notwithstanding anything herein to the contrary, the execution of the
foregoing agreement of assumption and compliance with clauses (x) or (y)
above shall be conditions to the consummation of the transactions referred
to in clauses (i), (ii) or (iii) above.

                  Section 6.4 Limitation on Liability of Seller and Others.
The Seller, and any director or officer or employee or agent of the Seller,
may rely in good faith on the advice of counsel or on any document of any
kind, prima facie properly executed and submitted by any Person respecting
any matters arising hereunder. The Seller shall not be under any obligation
to appear in, prosecute, or defend any legal action that shall not be
incidental to its obligations under this Agreement, and that in its opinion
may involve it in any expense or liability.

                  Section 6.5 Seller May Own Notes or Certificates. The
Seller, and any Affiliate of the Seller, may in its individual or any other
capacity become the owner or pledgee of Notes not to exceed 20% (calculated
on an aggregate basis of the Seller and any Affiliates which are owners or
pledgees of the Notes) of the Outstanding Notes or Certificates with the
same rights as it would have if it were not the Seller or an Affiliate
thereof, except as otherwise expressly provided herein or in the other
Basic Documents. Except as set forth herein or in the other Basic
Documents, Notes and Certificates so owned by or pledged to the Seller or
such controlling, controlled or commonly controlled Person shall have an
equal and proportionate benefit under the provisions of this Agreement and
the other Basic Documents, without preference, priority, or distinction as
among all of the Notes and Certificates.

                        ARTICLE VII - THE SERVICER

                  Section 7.1 Representations and Warranties of Servicer.
The Servicer makes the following representations and warranties on which
the Trust is deemed to have relied in acquiring the Trust Property, and
such representations and warranties speak as of the Closing Date, in the
case of the Initial Receivables and the other Trust Property related
thereto, and as of the related Subsequent Transfer Date, in the case of the
Subsequent Receivables and the other Trustee Property related thereto, and
shall survive the sale of the Trust Property to the Trust and the pledge
thereof by the Trust pursuant to the Indenture:

                  (a) Organization and Good Standing. The Servicer has been
duly organized and is validly existing as a corporation in good standing
under the laws of the state of its incorporation, with power and authority
to own its properties and to conduct its business as such properties shall
be currently owned and such business is presently conducted, and had at all
relevant times, and shall have, power, authority, and legal right to
acquire, own, sell, and service the Receivables and to hold the Receivable
Files as custodian on behalf of the Trustee.

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

                  (c) Power and Authority. The Servicer has the power and
authority to execute and deliver this Agreement and the other Basic
Documents to which it is a party and to carry out their terms, and the
execution, delivery and performance of this Agreement and the other Basic
Documents to which it is a party have been duly authorized by the Servicer
by all necessary corporate action.

                  (d) Binding Obligation. This Agreement and the other
Basic Documents to which it is a party constitute legal, valid, and binding
obligations of the Servicer, enforceable against the Servicer in accordance
with their terms, subject, as to enforceability, to applicable bankruptcy,
insolvency, reorganization, conservatorship, receivership, liquidation and
other similar laws and to general equitable principles.

                  (e) No Violation. The execution, delivery and performance
by the Servicer of this Agreement and the other Basic Documents to which it
is a party, the consummation of the transactions contemplated hereby and
thereby and the fulfillment of the terms hereof and thereof will not
conflict with, result in any breach of any of the terms and provisions of,
or constitute (with or without notice or lapse of time or both) a default
under, the certificate of incorporation or bylaws of the Servicer, or
conflict with, or breach any of the terms or provisions of, or constitute
(with or without notice or lapse of time or both) a default under, any
indenture, agreement, mortgage, deed of trust or other instrument to which
the Servicer is a party or by which the Servicer is bound or to which any
of its properties are subject, or result in the creation or imposition of
any lien upon any of its properties pursuant to the terms of any such
indenture, agreement, mortgage, deed of trust or other instrument (other
than this Agreement), or violate any law, order, rule, or regulation
applicable to the Servicer or its properties of any Federal or state
regulatory body, any court, administrative agency, or other governmental
instrumentality having jurisdiction over the Servicer or any of its
properties.

                  (f) No Proceedings. There are no proceedings or
investigations pending, or, to the Servicer's knowledge, threatened, before
any court, regulatory body, administrative agency, or tribunal or other
governmental instrumentality having jurisdiction over the Servicer or its
properties: (a) asserting the invalidity of this Agreement, the Indenture,
any of the other Basic Documents, the Notes, or the Certificates, (b)
seeking to prevent the issuance of the Notes or the Certificates or the
consummation of any of the transactions contemplated by this Agreement, the
Indenture or any of the other Basic Documents, (c) seeking any
determination or ruling that might materially and adversely affect the
performance by the Servicer of its obligations under, or the validity or
enforceability of, this Agreement, the Indenture, any of the other Basic
Documents, the Notes or the Certificates, or (d) that may adversely affect
the Federal or Applicable Tax State income, excise, franchise or similar
tax attributes of the Notes or the Certificates.

                  Section 7.2 Liability of Servicer; Indemnities. The
Servicer shall be liable in accordance herewith only to the extent of the
obligations specifically undertaken by the Servicer under this Agreement,
and hereby agrees to the following:

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

                  (b) The Servicer shall indemnify, defend and hold
harmless the Trust, the Owner Trustee and the Indenture Trustee from and
against any taxes that may at any time be asserted against any such Person
with respect to the transactions contemplated herein or in the other Basic
Documents, if any, including, without limitation, any sales, gross
receipts, general corporation, tangible personal property, privilege or
license taxes (but, in the case of the Trust, not including any taxes
asserted with respect to, and as of the date of, the sale of the
Receivables to the Trust or the issuance and original sale of the Notes and
the Certificates and the issuance of the Certificates, or asserted with
respect to ownership of the Receivables, or Federal or other Applicable Tax
State income taxes arising out of the transactions contemplated by this
Agreement and the other Basic Documents) and costs and expenses in
defending against the same.

                  (c) The Servicer shall indemnify, defend and hold
harmless the Trust, the Owner Trustee, the Indenture Trustee, the
Noteholders, the Certificateholders and the Seller from and against any and
all costs, expenses, losses, claims, damages and liabilities to the extent
that such cost, expense, loss, claim, damage or liability arose out of, or
was imposed upon any such Person through, the negligence, willful
misfeasance or bad faith of the Servicer in the performance of its duties
under this Agreement or any other Basic Document to which it is a party
(except for errors in judgment), or by reason of reckless disregard of its
obligations and duties under this Agreement or any other Basic Document to
which it is a party. (d) The Servicer shall indemnify, defend and hold
harmless the Owner Trustee and the Indenture Trustee, as applicable, from
and against all costs, expenses, losses, claims, damages and liabilities
arising out of or incurred in connection with the acceptance or performance
of the trusts and duties contained herein and in the other Basic Documents,
if any, except to the extent that such cost, expense, loss, claim, damage
or liability: (a) shall be due to the willful misfeasance, bad faith or
negligence (except for errors in judgment) of the Owner Trustee or the
Indenture Trustee, as applicable; (b) relates to any tax other than the
taxes with respect to which either the Seller or the Servicer shall be
required to indemnify the Owner Trustee or the Indenture Trustee, as
applicable; (c) in the case of the Owner Trustee, shall arise from the
Owner Trustee's breach of any of its representations or warranties set
forth in Section 7.3 of the Trust Agreement or, in the case of the
Indenture Trustee, from the Indenture Trustee's breach of any of its
representations or warranties set forth in the Indenture; or (d) in the
case of the Indenture Trustee, shall arise out of or be incurred in
connection with the performance by the Indenture Trustee of the duties of
successor Servicer hereunder.

                  In addition to the foregoing indemnities, if the Owner
Trustee or the Indenture Trustee is entitled to indemnification by the
Seller pursuant to Section 6.2 and the Seller is unable for any reason to
provide such indemnification to the Owner Trustee or the Indenture Trustee,
then the Servicer shall be liable for any indemnification that the Owner
Trustee or the Indenture Trustee is entitled to under Section 6.2.

                  For purposes of this Section 7.2, in the event of the
termination of the rights and obligations of MMCA (or any successor thereto
pursuant to Section 8.2) as Servicer pursuant to Section 8.1, or a
resignation by such Servicer pursuant to this Agreement, such Servicer
shall be deemed to be the Servicer pending appointment of a successor
Servicer (other than the Indenture Trustee) pursuant to Section 8.2.

                  Indemnification under this Section 7.2 by MMCA (or any
successor thereto pursuant to Section 8.2) as Servicer, with respect to the
period such Person was (or was deemed to be) the Servicer, shall survive
the termination of such Person as Servicer or a resignation by such Person
as Servicer as well as the termination of this Agreement or the resignation
or removal of the Owner Trustee or the Indenture Trustee and shall include
reasonable fees and expenses of counsel and expenses of litigation. If the
Servicer shall have made any indemnity payments pursuant to this Section
and the recipient thereafter collects any of such amounts from others, the
recipient shall promptly repay such amounts to the Servicer, without
interest.

                  Section 7.3 Merger or Consolidation of, or Assumption of
the Obligations of, Servicer. Any Person (i) into which the Servicer may be
merged or consolidated, (ii) resulting from any merger, conversion, or
consolidation to which the Servicer shall be a party, or (iii) that may
succeed by purchase and assumption to all or substantially all of the
business of the Servicer, which Person in any of the foregoing cases is an
Eligible Servicer and executes an agreement of assumption to perform every
obligation of the Servicer under this Agreement, will be the successor to
the Servicer under this Agreement without the execution or filing of any
paper or any further act on the part of any of the parties to this
Agreement; provided, however, that (x) the Servicer shall have delivered to
the Owner Trustee and the Indenture Trustee an Officer's Certificate and an
Opinion of Counsel each stating that such merger, conversion, consolidation
or succession and such agreement of assumption comply with this Section
7.3, and (y) the Servicer shall have delivered to the Owner Trustee and the
Indenture Trustee an Opinion of Counsel either (A) stating that, in the
opinion of such counsel, all financing statements and continuation
statements and amendments thereto have been authorized and filed that are
necessary to fully preserve and protect the interest of the Trust and the
Indenture Trustee, respectively, in the Receivables, and reciting the
details of such filings, or (B) stating that, in the opinion of such
Counsel, no such action shall be necessary to fully preserve and protect
such interests. The Servicer shall provide notice of any merger,
conversion, consolidation or succession pursuant to this Section 7.3 to the
Rating Agencies. Notwithstanding anything herein to the contrary, the
execution of the foregoing agreement or assumption and compliance with
clauses (x) and (y) above shall be conditions to the consummation of the
transactions referred to in clauses (i), (ii) or (iii) above.

                  Section 7.4 Limitation on Liability of Servicer and
Others. (a) Neither the Servicer nor any of the directors or officers or
employees or agents of the Servicer shall be under any liability to the
Trust, the Noteholders or the Certificateholders, except as provided under
this Agreement, for any action taken or for refraining from the taking of
any action pursuant to this Agreement or for errors in judgment; provided,
however, that this provision shall not protect the Servicer or any such
Person against any liability that would otherwise be imposed by reason of
willful misfeasance or bad faith in the performance of duties or by reason
of reckless disregard of obligations and duties under this Agreement, or by
reason of negligence in the performance of its duties under this Agreement
(except for errors in judgment). The Servicer and any director, officer or
employee or agent of the Servicer may rely in good faith on any document of
any kind prima facie properly executed and submitted by any Person in
respect of any matters arising under this Agreement.

                  (b) Except as provided in this Agreement, the Servicer
shall not be under any obligation to appear in, prosecute or defend any
legal action that shall not be incidental to its duties to service the
Receivables in accordance with this Agreement, and that in its opinion may
involve it in any expense or liability; provided, however, that the
Servicer may undertake any reasonable action that it may deem necessary or
desirable in respect of this Agreement and the rights and duties of the
parties to this Agreement and the interests of the Noteholders and
Certificateholders under this Agreement. In such event, the legal expenses
and costs of such action and any liability resulting therefrom shall be
expenses, costs and liabilities of the Servicer.

                  Section 7.5 Servicer Not to Resign. Subject to the
provisions of Section 7.3, the Servicer shall not resign from its
obligations and duties under this Agreement except upon a determination
that the performance of its duties is no longer permissible under
applicable law. Any such determination permitting the resignation of the
Servicer shall be evidenced by an Opinion of Counsel to such effect
delivered to the Owner Trustee and the Indenture Trustee. No such
resignation shall become effective until the Indenture Trustee or a
successor Servicer shall have (i) assumed the responsibilities and
obligations of the Servicer in accordance with Section 8.2 and (ii) become
the Administrator under the Administration Agreement pursuant to Section 8
thereof.

                  Section 7.6 Servicer May Own Notes or Certificates. The
Servicer, and any Affiliate of the Servicer, may, in its individual or any
other capacity, become the owner or pledgee of Notes or Certificates with
the same rights as it would have if it were not the Servicer or an
Affiliate thereof, except as otherwise expressly provided herein or in the
other Basic Documents. Except as set forth herein or in the other Basic
Documents, Notes and Certificates so owned by or pledged to the Servicer or
such Affiliate shall have an equal and proportionate benefit under the
provisions of this Agreement, without preference, priority or distinction
as among all of the Notes and Certificates.

                   ARTICLE VIII - SERVICING TERMINATION

                  Section 8.1 Events of Servicing Termination. (a) The
occurrence of any one of the following events shall constitute an event of
servicing termination hereunder (each, an "Event of Servicing
Termination"):

                      (i) Any failure by the Servicer to deliver to the
         Owner Trustee or the Indenture Trustee the Servicer's Certificate
         for any Collection Period, which shall continue beyond the earlier
         of three Business Days from the date such Servicer's Certificate
         was due to be delivered and the related Payment Date, or any
         failure by the Servicer to make any required payment or deposit
         under this Agreement, which shall continue unremedied for a period
         of five Business Days following the due date therefor (or, in the
         case of a payment or deposit to be made no later than a Payment
         Date, the failure to make such payment or deposit by such Payment
         Date); or

                      (ii) Any failure on the part of the Servicer duly to
         observe or to perform in any material respect any other covenant
         or agreement set forth in the Notes, the Certificates, or in this
         Agreement, which failure shall materially and adversely affect the
         rights of Noteholders or Certificateholders and continue
         unremedied for a period of 30 days after the date on which written
         notice of such failure, requiring the same to be remedied, shall
         have been given to the Servicer by the Owner Trustee or the
         Indenture Trustee or to the Owner Trustee, the Indenture Trustee,
         the Seller and the Servicer by the Holders of Notes or
         Certificates, as applicable, evidencing not less than 25% of the
         principal balance of the then Notes Outstanding, in the aggregate,
         or 25% of the Certificate Balance; or

                      (iii) The entry of a decree or order by a court or
         agency or supervisory authority of competent jurisdiction for the
         appointment of a conservator, receiver, liquidator or trustee for
         the Seller or the Servicer in any bankruptcy, insolvency,
         readjustment of debt, marshalling of assets and liabilities, or
         similar proceedings, or for the winding up or liquidation of its
         affairs, and any such decree or order continues unstayed and in
         effect for a period of 60 consecutive days; or

                      (iv) The consent by the Seller or the Servicer to the
         appointment of a conservator, receiver, liquidator or trustee in
         any bankruptcy, insolvency, readjustment of debt, marshalling of
         assets and liabilities, or similar proceedings of or relating to
         the Seller or the Servicer or relating to substantially all of its
         property, the admission in writing by the Servicer of its
         inability to pay its debts generally as they become due, the
         filing by the Seller or the Servicer of a petition to take
         advantage of any applicable bankruptcy, insolvency or
         reorganization statute, the making by the Seller or the Servicer
         of an assignment for the benefit of its creditors or the voluntary
         suspension by the Seller or the Servicer of payment of its
         obligations; or

                      (v) The failure by the Servicer to be an Eligible
         Servicer;

then, and in each and every case and for so long as an Event of Servicing
Termination shall not have been remedied, either the Indenture Trustee, or
the Holders of Notes evidencing not less than 51% of the aggregate
principal amount of the Notes Outstanding, voting as a group, or if no
Notes are Outstanding, the Owner Trustee pursuant to the Trust Agreement by
notice then given in writing to the Servicer (with a copy to the Indenture
Trustee and the Owner Trustee if given by the Noteholders), may terminate
all of the rights and obligations of the Servicer under this Agreement. On
or after the receipt by the Servicer of such written notice, all authority
and power of the Servicer under this Agreement, whether with respect to the
Notes, the Certificates, or the Trust Property or otherwise, shall pass to
and be vested in the Indenture Trustee or a successor Servicer appointed
under Section 8.2; and, without limitation, the Indenture Trustee and the
Owner Trustee shall be authorized and empowered to execute and deliver, on
behalf of the Servicer, as attorney-in-fact or otherwise, any and all
documents and other instruments, and to do or accomplish all other acts or
things necessary or appropriate to effect the purposes of such notice of
termination, whether to complete the transfer and endorsement of the
Receivable Files, the certificates of title to the Financed Vehicles, or
otherwise. The Servicer shall cooperate with the Indenture Trustee, the
Owner Trustee and such successor Servicer in effecting the termination of
its responsibilities and rights as Servicer under this Agreement, including
the transfer to the Indenture Trustee or such successor Servicer for
administration of all cash amounts that are at the time held by the
Servicer for deposit or thereafter shall be received with respect to a
Receivable, all Receivable Files and all information or documents that the
Indenture Trustee or such successor Servicer may require. In addition, the
Servicer shall transfer its electronic records relating to the Receivables
to the successor Servicer in such electronic form as the successor Servicer
may reasonably request. All reasonable costs and expenses incurred by the
successor Servicer, including allowable compensation of employees and
overhead costs, in connection with the transfer of servicing shall be paid
by the outgoing Servicer (or by the initial Servicer if the outgoing
Servicer is the Indenture Trustee acting on an interim basis) upon
presentation of reasonable documentation of such costs and expenses.

                  (b) If any of the foregoing Events of Servicing
Termination occur, the Indenture Trustee and the Owner Trustee shall have
no obligation to notify Noteholders, Certificateholders or any other Person
of such occurrence prior to the continuance of such event through the end
of any cure period specified in Section 8.1(a).

                  Section 8.2 Indenture Trustee to Act; Appointment of
Successor Servicer. Upon the Servicer's resignation pursuant to Section 7.5
or upon the Servicer's receipt of notice of termination as Servicer
pursuant to Section 8.1(a), the Indenture Trustee (or an Affiliate of the
Indenture Trustee that is an Eligible Servicer appointed by the Indenture
Trustee) shall be the successor in all respects to the Servicer in its
capacity as Servicer under this Agreement (provided that neither the
Indenture Trustee nor any other successor Servicer shall have any
obligation, but may elect, to make available to an Obligor any refinancing
of a Last Scheduled Payment in the manner specified in the last sentence of
Section 3.2(e) hereof), and shall be subject to all the responsibilities,
duties and liabilities relating thereto placed on the Servicer by the terms
and provisions of this Agreement. As compensation therefor, the Indenture
Trustee shall be entitled to such compensation (whether payable out of the
Collection Account or otherwise) as the Servicer would have been entitled
to under this Agreement if no such notice of termination or resignation had
been given, except that all collections shall be deposited in the
Collection Account within two Business Days of receipt and shall not be
retained by the Servicer. Notwithstanding the above, the Indenture Trustee
may, if it shall be unwilling so to act, or shall, if it is legally unable
so to act, appoint, or petition a court of competent jurisdiction to
appoint, an Eligible Servicer as the successor to the terminated Servicer
under this Agreement. In connection with such appointment, the Indenture
Trustee may make such arrangements for the compensation of such successor
Servicer out of payments on Receivables as it and such successor shall
agree, which, in no event, shall be greater than that payable to MMCA as
Servicer hereunder. The Indenture Trustee and such successor shall take
such action, consistent with this Agreement, as shall be necessary to
effectuate any such succession including, but not limited to, making
arrangements in respect of the last sentence of Section 3.2(e) of this
Agreement. The Indenture Trustee shall not be relieved of its duties as
successor Servicer under this Section 8.2 until a newly appointed Servicer
shall have assumed the responsibilities and obligations of the terminated
Servicer under this Agreement.

                  Section 8.3 Effect of Servicing Transfer. (a) After the
transfer of servicing hereunder, the Indenture Trustee or successor
Servicer shall notify Obligors to make directly to the successor Servicer
payments that are due under the Receivables after the effective date of
such transfer.

                  (b) Except as provided in Section 8.2 after the transfer
of servicing hereunder, the outgoing Servicer shall have no further
obligations with respect to the administration, servicing, custody or
collection of the Receivables and the successor Servicer shall have all of
such obligations, except that the outgoing Servicer will transmit or cause
to be transmitted directly to the successor Servicer for its own account,
promptly on receipt and in the same form in which received, any amounts
held by the outgoing Servicer (properly endorsed where required for the
successor Servicer to collect any such items) received as payments upon or
otherwise in connection with the Receivables and the outgoing Servicer
shall continue to cooperate with the successor Servicer by providing
information and in the enforcement of the Dealer Agreements.

                  (c) Any successor Servicer shall provide the Seller with
access to the Receivable Files and to the successor Servicer's records
(whether written or automated) with respect to the Receivable Files. Such
access shall be afforded without charge, but only upon reasonable request
and during normal business hours at the offices of the successor Servicer.
Nothing in this Section 8.3 shall affect the obligation of the successor
Servicer to observe any applicable law prohibiting disclosure of
information regarding the Obligors, and the failure of the Servicer to
provide access to information as a result of such obligation shall not
constitute a breach of this Section 8.3.

                  Section 8.4 Notification to Noteholders and
Certificateholders. Upon any notice of an Event of Servicing Termination or
upon any termination of, or appointment of a successor to, the Servicer
pursuant to this Article VIII, the Indenture Trustee shall give prompt
written notice thereof to Noteholders, and the Owner Trustee shall give
prompt written notice thereof to Certificateholders at their addresses of
record and to the Rating Agencies.

                  Section 8.5 Waiver of Past Events of Servicing
Termination. The Holders of Notes evidencing not less than 51% of the Notes
Outstanding or the Holders of Certificates evidencing not less than 51% of
the Certificate Balance (in the case of an Event of Servicing Termination
which does not adversely affect the Indenture Trustee or the Noteholders)
may, on behalf of all Noteholders and Certificateholders, waive any Event
of Servicing Termination hereunder and its consequences, except an event
resulting from the failure to make any required deposits to, or payments
from, any of the Trust Accounts and the Certificate Distribution Account in
accordance with this Agreement. Upon any such waiver of a past Event of
Servicing Termination, such event shall cease to exist, and shall be deemed
to have been remedied for every purpose of this Agreement. No such waiver
shall extend to any subsequent or other event or impair any right arising
therefrom, except to the extent expressly so waived.

                         ARTICLE IX - TERMINATION

                  Section 9.1 Optional Purchase of All Receivables. (a) On
each Payment Date following the last day of a Collection Period as to which
the Pool Balance shall be less than or equal to the product of (i) the
Optional Purchase Percentage, and (ii) the Initial Pool Balance, the
Servicer shall have the option to purchase the Owner Trust Estate, other
than the Trust Accounts and the Certificate Distribution Account. To
exercise such option, the Servicer shall notify the Owner Trustee and the
Indenture Trustee no later than the 15th day of the month immediately
preceding the month in which such repurchase is to be effected and shall
deposit an amount equal to the aggregate Purchase Amount for the
Receivables, plus the appraised value of any other property held in the
Trust other than in the Trust Accounts and the Certificate Distribution
Account, such value to be determined by an appraiser mutually agreed upon
by the Servicer, the Owner Trustee and the Indenture Trustee, into the
Collection Account on the Payment Date occurring in the month in which such
repurchase is to be effected. Upon such payment, the Servicer shall succeed
to and own all interests in and to the Trust. Notwithstanding the
foregoing, the Servicer shall not be permitted to exercise such option
unless the amount to be deposited in the Collection Account pursuant to the
second preceding sentence is greater than or equal to the sum of the
outstanding principal balance of the Notes and all accrued but unpaid
interest (including any overdue interest) thereon and the Certificate
Balance. The Purchase Amount, any Negative Carry Amounts and any Yield
Supplement Amounts for such Payment Date, plus to the extent necessary all
amounts in the Reserve Account, shall be used to make payments in full to
Noteholders and Certificateholders in the manner set forth in Article IV.

                  (b) Unless otherwise required by the Rating Agencies as
set forth in writing delivered to the Owner Trustee and the Indenture
Trustee, if at the time the Servicer exercises its purchase option
hereunder the Servicer's long-term unsecured debt has a rating lower than
investment grade by the Rating Agencies, the Servicer shall deliver to the
Owner Trustee and the Indenture Trustee on such Payment Date a letter from
an Independent investment bank or an Independent public accountant to the
effect that the price paid by the Servicer for the Receivables at the time
of transfer pursuant to such purchase option represented a fair market
price for such Receivables.

                  (c) Following the satisfaction and discharge of the
Indenture and the payment in full of the principal of and interest on the
Notes, the Certificateholders will succeed to the rights of the Noteholders
hereunder, and the Indenture Trustee will continue to carry out its
obligations hereunder with respect to the Certificateholders, including
without limitation making distributions from the Payahead Account and the
Collection Account in accordance with Section 4.6 and making withdrawals
from the Reserve Account in accordance with Sections 4.5(b) and 4.7.

                   ARTICLE X - MISCELLANEOUS PROVISIONS

                  Section 10.1 Amendment. (a) This Agreement may be amended
by the Seller, the Servicer and the Trust with the consent of the Indenture
Trustee (which consent may not be unreasonably withheld), but without the
consent of any of the Noteholders or the Certificateholders to add, change
or eliminate any other provisions with respect to matters or questions
arising under this Agreement as may be necessary or advisable in order to:
(i) cure any ambiguity, to revise, correct or supplement any provisions
herein, (ii) enable the Trust to avoid becoming a member of MMCA's
consolidated group under GAAP or (iii) enable the Transferor or any
Affiliate of the Transferor or any of their Affiliates to otherwise comply
with or obtain more favorable treatment under any law or regulation or any
accounting rule or principle; provided, however, that such action shall
not, as evidenced by an Opinion of Counsel delivered to the Owner Trustee
and the Indenture Trustee materially and adversely affect the interests of
any Noteholder or Certificateholder; provided, further, that no such
amendment shall be inconsistent with the derecognition by MMCA of the
Receivables under GAAP or cause the Trust to become a member of MMCA's
consolidated group under GAAP.

                  (b) This Agreement may also be amended from time to time
by the Seller, the Servicer and the Trust with the consent of the Indenture
Trustee, the consent of the Holders of Notes evidencing not less than 51%
of Outstanding Amount of all of the Notes, voting as a group, and the
consent of the Holders of Certificates evidencing not less than 51% of the
Certificate Balance for the purpose of adding any provisions to or changing
in any manner or eliminating any of the provisions of this Agreement, or of
modifying in any manner the rights of the Noteholders or the
Certificateholders; provided, however, that no such amendment shall (a)
increase or reduce in any manner the amount of, or accelerate or delay the
timing of, or change the allocation or priority of, collections of payments
on Receivables or distributions that shall be required to be made on any
Note or Certificate or change the Note Interest Rate or the Specified
Reserve Balance, without the consent of all adversely affected Noteholders
or Certificateholders, (b) reduce the aforesaid percentage required to
consent to any such amendment, without the consent of the Holders of all
Notes and Certificates affected thereby or (c) adversely affect the rating
of any Class of Notes by the Rating Agencies without the consent, as
applicable, of Noteholders evidencing not less than 66 2/3% of the Notes of
such Class Outstanding.

                  (c) Prior to the execution of any amendment or consent
pursuant to Section 10.1(b), the Servicer shall provide written
notification of the substance of such amendment or consent to each Rating
Agency.

                  (d) Promptly after the execution of any amendment or
consent pursuant to this Section 10.1, 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 Noteholders or the
Certificateholders pursuant to this Section 10.1 to approve the particular
form of any proposed amendment or consent, but it shall be sufficient if
such consent shall approve the substance thereof. The manner of obtaining
such consents (and any other consents of Noteholders and Certificateholders
provided for in this Agreement) and of evidencing the authorization of the
execution thereof by Noteholders and Certificateholders shall be subject to
such reasonable requirements as the Owner Trustee and the Indenture Trustee
may prescribe.

                  (e) Prior to the execution of any amendment to this
Agreement, the Owner Trustee and the Indenture Trustee shall be entitled to
receive and rely upon (i) an Opinion of Counsel stating that the execution
of such amendment (A) is authorized or permitted by this Agreement, (B)
will not materially adversely affect the Federal or any Applicable Tax
State income or franchise taxation of any Outstanding Note or Certificate
or any Holder thereof, and (C) will not cause the Trust to be taxable as a
corporation for Federal or any Applicable Tax State income or franchise tax
purposes and (ii) an Officer's Certificate of the Servicer that all
conditions to the execution of such amendment have been complied with. The
Owner Trustee or the Indenture Trustee may, but shall not be obligated to,
enter into any such amendment which affects such Owner Trustee's or
Indenture Trustee's own rights, duties or immunities under this Agreement
or otherwise.

                  Section 10.2 Protection of Title to Trust. (a) The Seller
or Servicer, or both, shall authorize and file such financing statements
and cause to be authorized and filed such continuation statements, all in
such manner and in such places as may be required by law fully to preserve,
maintain, and protect the interest of the Trust and the Indenture Trustee
for the benefit of the Noteholders in the Receivables and in the proceeds
thereof. The Seller or Servicer, or both, shall deliver (or cause to be
delivered) to the Owner Trustee and the Indenture Trustee file-stamped
copies of, or filing receipts for, any document filed as provided above, as
soon as available following such filing.

                  (b) Neither the Seller nor the Servicer shall change its
name, identity, or corporate structure in any manner that would, could, or
might make any financing statement or continuation statement filed by the
Seller or the Servicer in accordance with paragraph (a) above seriously
misleading within the meaning of Section 9-506(b) of the Relevant UCC,
unless it shall have given the Owner Trustee and the Indenture Trustee at
least 60 days' prior written notice thereof and shall have promptly filed
appropriate amendments to all previously filed financing statements or
continuation statements.

                  (c) The Seller and the Servicer shall give the Owner
Trustee and the Indenture Trustee at least 60 days' prior written notice of
any change in its jurisdiction of organization if, as a result of such
relocation or change, the applicable provisions of the Relevant UCC would
require the filing of any amendment of any previously filed financing or
continuation statement or of any new financing statement and shall promptly
file any such amendment, continuation statement or any new financing
statement. The Servicer shall at all times maintain each office from which
it shall service Receivables and its jurisdiction of organization within
the United States of America.

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

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

                  (f) If at any time the Seller or the Servicer shall
propose to sell, grant a security interest in, or otherwise transfer any
interest in any automobile or sports-utility vehicle receivables to any
prospective purchaser, lender, or other transferee, the Servicer shall give
to such prospective purchaser, lender, or other transferee computer tapes,
compact disks, records, or print-outs (including any restored from back-up
archives) that, if they shall refer in any manner whatsoever to any
Receivable, shall indicate clearly that such Receivable has been sold and
is owned by the Trust and has been pledged to the Indenture Trustee unless
such Receivable has been paid in full or repurchased by the Seller or
purchased by the Servicer.

                  (g) The Servicer shall permit the Owner Trustee, the
Indenture Trustee and their respective agents at any time during normal
business hours to inspect, audit, and make copies of and abstracts from the
Servicer's records regarding any Receivable.

                  (h) Upon request, the Servicer shall furnish to the Owner
Trustee and the Indenture Trustee, within 10 Business Days, a list of all
Receivables (by contract number and name of Obligor) then held as part of
the Trust, together with a reconciliation of such list to the Schedules of
Receivables and to each of the Servicer's Certificates furnished before
such request indicating removal of Receivables from the Trust.

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

                           (1) promptly after the execution and delivery of
                  each amendment to any financing statement, an Opinion of
                  Counsel either (A) stating that, in the opinion of such
                  Counsel, all financing statements and continuation
                  statements have been authorized and filed that are
                  necessary fully to preserve and protect the interest of
                  the Trust and the Indenture Trustee in the Receivables,
                  and reciting the details of such filings or referring to
                  prior Opinions of Counsel in which such details are
                  given, or (B) stating that, in the opinion of such
                  Counsel, no such action shall be necessary to preserve
                  and protect such interest; and

                           (2) within 90 days after the beginning of each
                  calendar year commencing in the year 2003, an Opinion of
                  Counsel, dated as of a date during such 90-day period,
                  either (A) stating that, in the opinion of such Counsel,
                  all financing statements and continuation statements have
                  been authorized and filed that are necessary fully to
                  preserve and protect the interest of the Trust and the
                  Indenture Trustee in the Receivables, and reciting the
                  details of such filings or referring to prior Opinions of
                  Counsel in which such details are given, or (B) stating
                  that, in the opinion of such Counsel, no such action
                  shall be necessary to preserve and protect such interest.

                  Each Opinion of Counsel referred to in clause (i)(1) or
(i)(2) above shall specify any action necessary (as of the date of such
opinion) to be taken in the following year to preserve and protect such
interest.

                  (j) The Seller shall, to the extent required by
applicable law, cause the Notes to be registered with the Commission
pursuant to Section 12(b) or Section 12(g) of the Exchange Act within the
time periods specified in such sections.

                  Section 10.3 Representations of the Seller and the
Purchaser. The respective agreements, representations, warranties and other
statements by the Seller and the Purchaser set forth in or made pursuant to
this Agreement shall remain in full force and effect and will survive the
Closing.

                  Section 10.4 Governing Law. This Agreement shall be
construed in accordance with the laws of the State of New York without
reference to its conflict of laws provisions (other than section 5-1401 of
the general obligations law) and the obligations, rights, and remedies of
the parties hereunder shall be determined in accordance with such laws.

                  Section 10.5 Notices. All demands, notices, and
communications under this Agreement shall be in writing, personally
delivered, sent via facsimile, overnight courier or mailed by certified
mail, return receipt requested, and shall be deemed to have been duly given
upon receipt,

                  (a) in the case of the Seller or the Servicer, to the
agent for service as specified in Section 10.13 hereof, or at such other
address as shall be designated by the Seller or the Servicer in a written
notice to the Owner Trustee and the Indenture Trustee;

                  (b) in the case of the Owner Trustee, at the Corporate
Trust Office of the Owner Trustee;

                  (c) in the case of the Indenture Trustee, at the
Corporate Trust Office of the Indenture Trustee;

                  (d) in the case of Moody's, at the following address:

                           Moody's Investors Service, Inc.
                           ABS Monitoring Department
                           99 Church Street
                           New York, New York 10007
                           Fax: (212) 553-0573

                  (e) in the case of S&P, at the following address:

                           Standard & Poor's Ratings Services
                           55 Water Street, 40th Floor
                           New York, New York 10041
                           Fax: (212) 438-2649

                  (f) in the case of Fitch Ratings, at the following
address:

                           Fitch Ratings
                           One State Street Plaza
                           New York, New York  10004
                           Attention: Asset Backed Surveillance Department
                           Fax: (212) 480-4438

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

                  Section 10.6 Severability of Provisions. If any one or
more of the covenants, agreements, provisions, or terms of this Agreement
shall be for any reason whatsoever held invalid, then such covenants,
agreements, provisions, or terms shall be deemed severable from the
remaining covenants, agreements, provisions, or terms of this Agreement and
shall in no way affect the validity or enforceability of the other
provisions of this Agreement or of the Notes, the Certificates, or the
rights of the Holders thereof.

                  Section 10.7 Assignment. Notwithstanding anything to the
contrary contained herein, except as provided in Sections 7.3 and 8.2 and
as provided in the provisions of this Agreement concerning the resignation
of the Servicer, this Agreement may not be assigned by the Seller or the
Servicer without the prior written consent of the Owner Trustee, the
Indenture Trustee, the Holders of Notes evidencing not less than 66 2/3% of
the Outstanding Amount of the Notes and the Holders of Certificates
evidencing not less than 66 2/3% of the Certificate Balance and any such
assignment without the required consents shall be null and void.

                  Section 10.8 Further Assurances. The Seller and the
Servicer agree to do and perform, from time to time, any and all acts and
to execute any and all further instruments required or reasonably requested
by the Owner Trustee or the Indenture Trustee more fully to effect the
purposes of this Agreement, including, without limitation, the execution of
any financing statements or continuation statements relating to the
Receivables for filing under the provisions of the Relevant UCC of any
applicable jurisdiction.

                  Section 10.9 No Waiver; Cumulative Remedies. No failure
to exercise and no delay in exercising, on the part of the Owner Trustee,
the Indenture Trustee, the Noteholders or the Certificateholders, any
right, remedy, power or privilege hereunder, shall operate as a waiver
thereof; nor shall any single or partial exercise of any right, remedy,
power or privilege hereunder preclude any other or further exercise thereof
or the exercise of any other right, remedy, power or privilege. The rights,
remedies, powers and privileges therein provided are cumulative and not
exhaustive of any rights, remedies, powers and privileges provided by law.

                  Section 10.10 Third-Party Beneficiaries. This Agreement
will inure to the benefit of and be binding upon the parties hereto, the
Noteholders, the Certificateholders, and their respective successors and
permitted assigns. Except as otherwise provided in this Article X, no other
Person will have any right or obligation hereunder. The parties hereto
hereby acknowledge and consent to the pledge of this Agreement by the Trust
to the Indenture Trustee for the benefit of Noteholders pursuant to the
Indenture.

                  Section 10.11 Actions by Noteholder or
Certificateholders. (a) Wherever in this Agreement a provision is made that
an action may be taken or a notice, demand, or instruction given by
Noteholders or Certificateholders, such action, notice, or instruction may
be taken or given by any Noteholder or Certificateholder, as applicable,
unless such provision requires a specific percentage of Noteholders or
Certificateholders.

                  (b) Any request, demand, authorization, direction,
notice, consent, waiver, or other act by a Noteholder or Certificateholder
shall bind such Noteholder or Certificateholder and every subsequent Holder
of such Note or 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 Indenture Trustee or
the Servicer in reliance thereon, whether or not notation of such action is
made upon such Note or Certificate.

                  Section 10.12 Counterparts. For the purpose of
facilitating the execution of this Agreement and for other purposes, this
Agreement may be executed simultaneously in any number of counterparts,
each of which counterparts shall be deemed to be an original, and all of
which counterparts shall constitute but one and the same instrument.

                  Section 10.13 Agent for Service. The agent for service of
the Seller and the Servicer in respect of this Agreement shall be Executive
Vice President and Treasurer, Mitsubishi Motors Credit of America, Inc.,
6363 Katella Avenue, Cypress, California 90630-5205, mailing address: P.O.
Box 6038, Cypress, California 90630-0038.

                  Section 10.14 No Bankruptcy Petition; Subordination;
Claims Against Seller. The Owner Trustee, the Indenture Trustee, the Trust
and the Servicer each covenants and agrees that:

                  (a) prior to the date which is one year and one day after
the payment in full of all securities issued by the Seller or by a trust
for which the Seller was the depositor which securities were rated by any
nationally recognized statistical rating organization, it will not
institute against, or join any other Person in instituting against, the
Seller any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings, or other proceedings under any federal or state
bankruptcy or similar law;

                  (b) any claim that it may have at any time against the
Subtrust Assets of any Subtrust unrelated to the Receivables, and any claim
that it may have at any time against the Seller that it may seek to enforce
against the Subtrust Assets of any Subtrust unrelated to the Receivables,
shall be subordinate to the payment in full, including post-petition
interest, in the event that the Seller becomes a debtor or debtor in
possession in a case under any applicable federal or state bankruptcy,
insolvency or other similar law now or hereafter in effect or otherwise
subject to any insolvency, reorganization, liquidation, rehabilitation or
other similar proceedings, of the claims of the holders of any Securities
related to such unrelated Subtrust and the holders of any other notes,
bonds, contracts or other obligations that are related to such unrelated
Subtrust; and

                  (c) it hereby irrevocably makes the election afforded by
Title 11 United States Code Section 1111(b)(1)(A)(i) to secured creditors
to receive the treatment afforded by Title 11 United States Code Section
1111(b)(2) with respect to any secured claim that it may have at any time
against the Seller. The obligations of the Seller under this Agreement are
limited to the related Subtrust and the related Subtrust Assets. This
Section 10.13 shall survive the resignation or removal of the Owner Trustee
under the Trust Agreement or the Indenture Trustee under the Indenture or
the termination of such Agreement.

                  Section 10.15 Limitation of Liability of Owner Trustee
and Indenture Trustee. (a) Notwithstanding anything contained herein to the
contrary, this Agreement has been countersigned by Wilmington Trust
Company, not in its individual capacity but solely in its capacity as Owner
Trustee of the Trust and in no event shall Wilmington Trust Company in its
individual capacity or, except as expressly provided in the Trust
Agreement, as Owner Trustee of the Trust, have any liability for the
representations, warranties, covenants, agreements or other obligations of
the Trust hereunder or in any of the certificates, notices or agreements
delivered pursuant hereto, as to all of which recourse shall be had solely
to the assets of the Trust. For all purposes of this Agreement, in the
performance of its duties or obligations hereunder or in the performance of
any duties or obligations of the Trust hereunder, the Owner Trustee shall
be subject to, and entitled to the benefits of, the terms and provisions of
Articles VI, VII and VIII of the Trust Agreement.

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

<PAGE>

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

                                          MMCA AUTO RECEIVABLES TRUST II,

                                          as Seller

                                          By:  /s/ Hideyuki Kitamura
                                               -----------------------------
                                               Name:  Hideyuki Kitamura
                                               Title: Secretary & Treasurer

                                          MMCA AUTO OWNER TRUST 2002-3

                                          By:  WILMINGTON TRUST COMPANY,
                                               not in its individual capacity
                                               but solely as Owner Trustee

                                          By:  /s/ Patricia A. Evans
                                               ------------------------------
                                               Name:  Patricia A. Evans
                                               Title: Assistant Vice President

                                          MITSUBISHI MOTORS CREDIT OF
                                          AMERICA, INC., as Servicer

                                          By:  /s/ C. A. Tredway
                                               ------------------------------
                                               Name:  C. A. Tredway
                                               Title: Executive Vice President
                                                      and General Manager

Accepted and agreed:

BANK OF TOKYO-MITSUBISHI TRUST COMPANY,
as Indenture Trustee

By: /s/ F. Galarraga
    -----------------------------
    Name:  F. Galarraga
    Title: Trust Officer

<PAGE>

                                                                 Schedule A

                      SCHEDULE OF INITIAL RECEIVABLES

                    Exhibit B to the Purchase Agreement
                      Incorporated by Reference Herein

<PAGE>

                                                                 Schedule B

                       LOCATIONS OF RECEIVABLES FILES

                              Corporate Office
                            6363 Katella Avenue
                               P.O. Box 6038
                           Cypress, CA 90630-5205

                          National Service Center
                      10805 Holder Street, Third Floor
                               P.O. Box 6043
                           Cypress, CA 90630-0040

<PAGE>

                                                                  Exhibit A

                      [Form of Servicer's Certificate]

                  The undersigned certifies that he is a
_____________________ of Mitsubishi Motors Credit of America, Inc., a
corporation in good standing under the laws of the state of its
incorporation (the "Company"), and that as such he is duly authorized to
execute and deliver this certificate on behalf of the Company pursuant to
Section 3.9 of the Sale and Servicing Agreement, dated as of __________,
_____, by and among the Company, as Servicer, MMCA Auto Receivables Trust
II, as Seller, and MMCA Auto Owner Trust ____-__ (the "Sale and Servicing
Agreement") (all capitalized terms used herein without definition have the
respective meanings specified in the Sale and Servicing Agreement), and
further certifies that:

                           (a) The Servicer's report for the period from
         __________ to ____________ attached to this certificate is
         complete and accurate and contains all information required by
         Section 3.9 of the Sale and Servicing Agreement; and

                           (b) As of the date hereof, no Event of Servicing
         Termination or event that with notice or lapse of time or both
         would become an Event of Servicing Termination has occurred.

                  IN WITNESS WHEREOF, I have affixed hereunto my signature
and the corporate seal of the Company this ___ day of __________, _____.

                                                  MITSUBISHI MOTORS CREDIT OF
                                                  AMERICA, INC.

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

<PAGE>

                                                                  Exhibit B

                      FORM OF STATEMENT TO NOTEHOLDERS

<TABLE>
<CAPTION>

                                      MITSUBISHI MOTORS CREDIT OF AMERICA, INC.
                                              Statement to Noteholders
                                            MMCA Auto Owner Trust ___-__
                                         July 1, ____ through June 30, _____

                                                                                                      Per Original
                                                                                   Aggregate         $1,000 Note or
                                                                                                      Certificate
<S>     <C>                                                                       <C>                  <C>
I.       A.  Distribution of Note Principal
              1.  Class A-1
              2.  Class A-2
              3.  Class A-3
              4.  Class A-4
              5.  Class B
              6,. Class C
         B.  Distribution of Certificate Principal

II.      Distribution of Note Interest
         A.  Class A-1
         B.  Class A-2
         C.  Class A-3
         D.  Class A-4
         E.  Class B
         F.  Class C

III.     Yield Supplement Amount

IV.      Total Servicing Fee

V.       Principal Balances and Pool Factors
         A.  Note Principal Balance
              1.  Class A-1
              2.  Class A-2
              3.  Class A-3
              4.  Class A-4
              5.  Class B
              6.  Class C
         B.  Note Pool Factors
              1.  Class A-1
              2.  Class A-2
              3.  Class A-3
              4.  Class A-4
              5.  Class B
              6.  Class C
         C.  Certificate Balance
         D.  Certificate Pool Factor

VI.      A.  Pool Balance at End of This Collection Period
         B.  Yield Supplement Overcollateralization Amount
         C.  Adjusted Principal Balance of Receivables Pool

VII.     A.  Level Pay Pool Balance
         B.  Last Scheduled Payment Pool Balance

VIII.    Principal Balance of Deferred Receivables

IX.      Interest Carryover Shortfall
              1.  Class A-1
              2.  Class A-2
              3.  Class A-3
              4.  Class A-4
              5.  Class B
              6.  Class C

X.       Principal Carryover Shortfall
              1.  Class A-1
              2.  Class A-2
              3.  Class A-3
              4.  Class A-4
              5.  Class B
              6.  Class C

XI.      Aggregate Realized Losses for This Collection Period

XII.     Reserve Account Balance on Payment Date

XIII.    Amount of Advances for This Collection Period
         A.  Actuarial Advances
         B.  Last Scheduled Payment Advances

XIV.     Purchase Amount of Receivables Repurchased by Seller or Purchased
         by Servicer

</TABLE>

<PAGE>

                                                                  Exhibit C

                  FORM OF STATEMENT TO CERTIFICATEHOLDERS

<TABLE>
<CAPTION>

                                      MITSUBISHI MOTORS CREDIT OF AMERICA, INC.
                                           Statement to Certificateholders
                                            MMCA Auto Owner Trust ___-__
                                         July 1, ____ through June 30, _____

                                                                                                      Per Original
                                                                                   Aggregate         $1,000 Note or
                                                                                                      Certificate

<S>     <C>                                                                        <C>                  <C>
I.       A.  Distribution of Note Principal
              1.  Class A-1
              2.  Class A-2
              3.  Class A-3
              4.  Class A-4
              5.  Class B
              6.  Class C
         B.  Distribution of Certificate Principal

II.      Distribution of Note Interest
         A.  Class A-1
         B.  Class A-2
         C.  Class A-3
         D.  Class A-4
         E.  Class B
         F.  Class C

III.     Yield Supplement Amount

IV.      Total Servicing Fee

V.       Principal Balances and Pool Factors
         A.  Note Principal Balance
              1.  Class A-1
              2.  Class A-2
              3.  Class A-3
              4.  Class A-4
              5.  Class B
              6.  Class C
         B.  Note Pool Factors
              1.  Class A-1
              2.  Class A-2
              3.  Class A-3
              4.  Class A-4
              5.  Class B
              6.  Class C
         C.  Certificate Balance
         D.  Certificate Pool Factor

VI.      A.  Pool Balance at End of This Collection Period
         B.  Yield Supplement Overcollateralization Amount
         C.  Adjusted Principal Balance of Receivables Pool

VII.     A.  Level Pay Pool Balance
         B.  Last Scheduled Payment Pool Balance

VIII.    Principal Balance of Deferred Receivables

IX.      Interest Carryover Shortfall
              1.  Class A-1
              2.  Class A-2
              3.  Class A-3
              4.  Class A-4
              5.  Class B
              6.  Class C

X.       Principal Carryover Shortfall
              1.  Class A-1
              2.  Class A-2
              3.  Class A-3
              4.  Class A-4
              5.  Class B
              6.  Class C

XI.      Aggregate Realized Losses for This Collection Period

XII.     Reserve Account Balance on Payment Date

XIII.    Amount of Advances for This Collection Period
         A.  Actuarial Advances
         B.  Last Scheduled Payment Advances

XIV.     Purchase Amount of Receivables Repurchased by Seller or Purchased
         by Servicer

</TABLE>

<PAGE>

                                                                  Exhibit D

                    [Form of Yield Supplement Agreement]

                       MMCA Auto Receivables Trust II
                            6363 Katella Avenue
                       Cypress, California 90630-5205

                  Re:  MMCA Auto Owner Trust 2002-3

Ladies and Gentlemen:

                  We hereby confirm arrangements made as of the date hereof
with you to be effective upon (i) receipt by us of the enclosed copy of
this letter agreement (as amended, supplemented or otherwise modified and
in effect from time to time, the "Yield Supplement Agreement"), executed by
you, and (ii) execution of the Purchase Agreement referred to below and
payment of the purchase price specified thereunder. Capitalized terms used
and not otherwise defined herein shall have the meanings assigned to such
terms in, or incorporated by reference into, the Purchase Agreement, dated
as of August 1, 2002 (as amended, supplemented or otherwise modified and in
effect from time to time, the "Purchase Agreement"), between Mitsubishi
Motors Credit of America, Inc., as seller (the "Seller"), and MMCA Auto
Receivables Trust II, as purchaser (the "Purchaser").

                  1. On or prior to the Determination Date preceding each
Payment Date, the Servicer shall notify the Purchaser and the Seller of the
Yield Supplement Amount for such Payment Date.

                  2. In consideration for the Purchaser entering into the
Purchase Agreement and the purchase price paid to the Seller for the
Receivables under the Purchase Agreement, we agree to make a payment of the
Yield Supplement Amount to the Purchaser, or to the pledgee of the assignee
of the Purchaser referred to in Section 5 hereof, on the Business Day prior
to each Payment Date.

                  3. All payments pursuant hereto shall be made by federal
wire transfer (same day) funds or in immediately available funds, to such
account as the Purchaser or the pledgee of the assignee of the Purchaser
referred to in Section 5 hereof, may designate in writing to the Seller,
prior to the relevant Payment Date.

                  4. Our agreements set forth in this Yield Supplement
Agreement are our primary obligations and such obligations are irrevocable,
absolute and unconditional, shall not be subject to any counterclaim,
setoff or defense and shall remain in full force and effect without regard
to, and shall not be released, discharged or in any way affected by, any
circumstances or condition whatsoever.

                  5. Pursuant to the Sale and Servicing Agreement, the
Purchaser will sell, transfer, assign and convey its interest in this Yield
Supplement Agreement to MMCA Auto Owner Trust 2002-3 (the "Trust"), and the
Seller hereby acknowledges and consents to such sale, transfer, assignment
and conveyance. Concurrent with such sale, transfer, assignment and
conveyance, pursuant to the Indenture, the Trust will pledge its rights
under this Yield Supplement Agreement, along with certain other assets of
the Trust, to Bank of Tokyo-Mitsubishi Trust Company, as Indenture Trustee,
to secure its obligations under the Notes and the Indenture, and the Seller
hereby acknowledges and consents to such pledge. The Seller hereby agrees,
for the benefit of the Trust, that following such sale, transfer,
assignment, conveyance and pledge, this Yield Supplement Agreement shall
not be amended, modified or terminated without the consent of Wilmington
Trust Company, as Owner Trustee on behalf of the Trust, and, prior to the
payment in full of the Notes, the Indenture Trustee.

                  6. This Yield Supplement Agreement will be governed by,
and construed in accordance with, the laws of the State of New York.

                  7. Except as otherwise provided herein, all notices
pursuant to this Yield Supplement Agreement shall be in writing and shall
be effective upon receipt thereof. All notices shall be directed as set
forth below, or to such other address or to the attention of such other
person as the relevant party shall have designated for such purpose in a
written notice.

                  If to the Purchaser:

                  MMCA Auto Receivables Trust II
                  6363 Katella Avenue
                  Cypress, California  90630-5205
                  Attention:  Secretary/Treasurer
                  Telephone:  (714) 236-1614
                  Fax:  (714) 236-1600

                  If to the Seller:

                  Mitsubishi Motors Credit of America, Inc.
                  6363 Katella Avenue
                  Cypress, California  90630-5205
                  Attention:  Executive Vice President and Treasurer
                  Telephone:  (714) 236-1500
                  Fax:  (714) 236-1300

                  8. This Yield Supplement Agreement may be executed in one
or more counterparts and by the different parties hereto on separate
counterparts, all of which shall be deemed to be one and the same document.

<PAGE>

                  If the foregoing satisfactorily sets forth the terms and
conditions of our agreement, please indicate your acceptance thereof by
signing in the space provided below and returning to us the enclosed
duplicate original of this letter.

                                              Very truly yours,

                                              MITSUBISHI MOTORS CREDIT
                                              OF AMERICA, INC.,
                                              as Seller

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

Agreed and accepted as of
the date first above written:

MMCA AUTO RECEIVABLES TRUST II,

as Purchaser

By:
   ____________________________
   Name:
   Title:

<PAGE>

                                                                  Exhibit E

                [Form of Second-Tier Subsequent Assignment]

                          Dated:__________, _____

                  For value received, in accordance with and subject to the
Sale and Servicing Agreement, dated as of August 1, 2002 (the "Sale and
Servicing Agreement"), among MMCA Auto Owner Trust 2002-3 (the "Trust"),
MMCA Auto Receivables Trust II, as the Seller (the "Seller"), and
Mitsubishi Motors Credit of America, Inc., as the Servicer (the
"Servicer"), the Seller hereby irrevocably sells, transfers, assigns and
otherwise conveys to the Trust, without recourse (subject to the
obligations herein), all right, title and interest of the Seller, whether
now owned or hereafter acquired, in, to and under the following:

         (i) the Subsequent Receivables listed on Schedule A hereto;

         (ii) with respect to the Subsequent Receivables that are Actuarial
         Receivables, monies due thereunder on or after __________, _____
         (the "Subsequent Cutoff Date") (including Payaheads), and, with
         respect to Subsequent Receivables that are Simple Interest
         Receivables, monies received thereunder on or after the Subsequent
         Cutoff Date;

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

         (iv) all rights to receive proceeds with respect to such
         Subsequent Receivables from claims on any physical damage, theft,
         credit life or disability insurance policies covering the related
         Financed Vehicles or related Obligors;

         (v) all rights to receive proceeds with respect to such Subsequent
         Receivables from recourse to Dealers thereon pursuant to Dealer
         Agreements;

         (vi) all of the Seller's rights to the Receivable Files that
         relate to such Subsequent Receivables;

         (vii) all payments and proceeds with respect to such Subsequent
         Receivables held by the Servicer;

         (viii) all property (including the right to receive Liquidation
         Proceeds and Recoveries and Financed Vehicles and the proceeds
         thereof acquired by the Seller pursuant to the terms of a
         Subsequent Receivable that is a Final Payment Receivable),
         guarantees and other collateral securing a Subsequent Receivable
         (other than a Subsequent Receivable purchased by the Servicer or
         repurchased by the Seller);

         (ix) all of the Seller's rights under the related First-Tier
         Subsequent Assignment;

         (x) all rebates of premiums and other amounts relating to
         insurance policies and other items financed under such Subsequent
         Receivables in effect as of the Subsequent Cutoff Date; and

         (xi) all present and future claims, demands, causes of action and
         choses in action in respect of any or all of the foregoing and all
         payments on or under and all proceeds of every kind and nature
         whatsoever in respect of any or all of the foregoing, including
         all proceeds of the conversion thereof, voluntary or involuntary,
         into cash or other liquid property, all cash proceeds, accounts,
         accounts receivable, notes, drafts, acceptances, chattel paper,
         checks, deposit accounts, insurance proceeds, condemnation awards,
         rights to payment of any and every kind and other forms of
         obligations and receivables, instruments and other property which
         at any time constitute all or part of or are included in the
         proceeds of any of the foregoing.

                  The Seller hereby represents that as of the Subsequent
Cutoff Date, the aggregate Principal Balance of the Subsequent Receivables
was $______________.

                  The foregoing sale, transfer, assignment and conveyance
shall not constitute and is not intended to result in an assumption by the
Trust of any obligation of the Seller to the Obligors, the Dealers or any
other Person with respect the Subsequent Receivables set forth in Schedule
A attached hereto and the other Trust Property related thereto or any
agreement, document or instrument related thereto.

                  In the event that the foregoing sale, transfer,
assignment and conveyance is deemed to be a pledge, the Seller hereby
grants to the Trust a first priority security interest in all of the
Seller's right to and interest in the Subsequent Receivables and other
property described in clauses (i) through (xi) above to secure a loan
deemed to have been made by the Trust to the Seller in an amount equal to
the sum of the initial principal amount of the Notes plus accrued interest
thereon and the Initial Certificate Balance.

                  This Second-Tier Subsequent Assignment shall be construed
in accordance with the laws of the State of New York and the obligations of
the Seller under this Second-Tier Subsequent Assignment shall be determined
in accordance with such laws.

                  This Second-Tier Subsequent Assignment is made pursuant
to and upon the representations, warranties and agreements on the part of
the Seller contained in the Sale and Servicing Agreement and is to be
governed in all respects by the Sale and Servicing Agreement. Capitalized
terms used but not otherwise defined herein shall have the meanings
assigned to them in the Sale and Servicing Agreement.

                  IN WITNESS WHEREOF, the undersigned has caused this
Second-Tier Subsequent Assignment to be duly executed as of the day
hereinabove set forth.

                                            MMCA AUTO RECEIVABLES TRUST II

                                            By:  ___________________________
                                                 Name:
                                                 Title:

<PAGE>

                                                  Schedule A (to Exhibit E)

             SCHEDULE OF SUBSEQUENT RECEIVABLES PROVIDED TO THE
          INDENTURE TRUSTEE ON THE SUBSEQUENT CLOSING DATE, WHICH
            MAY BE ON COMPUTER TAPE, COMPACT DISK, OR MICROFICHE

<PAGE>

                                                     Annex A (to Exhibit E)

                           OFFICER'S CERTIFICATE

                  The undersigned officer of MMCA Auto Receivables Trust II
(the "Company"), does hereby certify, pursuant to Section 2.1(d)(xvii) of
the Sale and Servicing Agreement, dated as of August 1, 2002 among MMCA
Auto Owner Trust 2002-3 (the "Trust"), MMCA Auto Receivables Trust II, as
the Seller, and Mitsubishi Motors Credit of America, Inc., as the Servicer
(as amended, supplemented or otherwise modified as of the date hereof, the
"Agreement") that all of the conditions to the transfer to the Trust of the
Subsequent Receivables listed on Schedule A to the Second-Tier Subsequent
Assignment delivered herewith and the other property and rights related to
such Subsequent Receivable, as described in Section 2.1(d) of the
Agreement, have been satisfied on or prior to the related Subsequent
Transfer Date.

                  Capitalized terms used but not defined herein shall have
the meanings assigned to such terms in the Agreement.

                  IN WITNESS WHEREOF, the undersigned have caused this
certificate to be duly executed this ____ day of __________, ____.

                                            By: ____________________________
                                                Name:
                                                Title:Exhibit 4.3

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

                                   INDENTURE

                                    between

                         MMCA AUTO OWNER TRUST 2002-3,
                                  as Issuer,

                                      and

                    BANK OF TOKYO-MITSUBISHI TRUST COMPANY,
                             as Indenture Trustee

                          Dated as of August 1, 2002

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

               $70,000,000 1.7475% Class A-1 Asset Backed Notes
                $165,000,000 2.15% Class A-2 Asset Backed Notes
                $150,000,000 2.97% Class A-3 Asset Backed Notes
                $131,750,000 3.57% Class A-4 Asset Backed Notes
                 $50,375,000 3.86% Class B Asset Backed Notes
                 $27,625,000 4.60% Class C Asset Backed Notes
                          ---------------------------

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

<PAGE>

<TABLE>
<CAPTION>

                                              CROSS REFERENCE TABLE1

  TIA                                                                                            Indenture
Section                                                                                           Section

<S>      <C>                                                                                         <C>
310   (a)(1)..........................................................................................6.11
      (a)(2)..........................................................................................6.11
      (a)(3)..........................................................................................6.10
      (a)(4).........................................................................................N.A.2
      (a)(5)..........................................................................................6.11
      (b)........................................................................................6.8; 6.11
      (c).............................................................................................N.A.
311   (a).............................................................................................6.12
      (b).............................................................................................6.12
      (c).............................................................................................N.A.
312 (a)...............................................................................................7.1
      (b).............................................................................................7.2
      (c).............................................................................................7.2
313   (a).............................................................................................7.4
      (b)(1)..........................................................................................7.4
      (b)(2)....................................................................................7.4; 11.5
      (c).............................................................................................7.4
      (d).............................................................................................7.3
314   (a).............................................................................................7.3
      (b)...........................................................................................11.15
      (c)(1).........................................................................................11.1
      (c)(2).........................................................................................11.1
      (c)(3).........................................................................................11.1
      (d)............................................................................................11.1
      (e)............................................................................................11.1
      (f)............................................................................................11.1
315   (a).............................................................................................6.1
      (b).......................................................................................6.5; 11.5
      (c).............................................................................................6.1
      (d).............................................................................................6.1
      (e).............................................................................................5.13
316   (a) (last sentence)..............................................................................1.1
      (a)(1)(A).......................................................................................5.11
      (a)(1)(B).......................................................................................5.12
      (a)(2)..........................................................................................N.A.
      (b).............................................................................................5.7
      (c).............................................................................................N.A
317   (a)(1)..........................................................................................5.3
      (a)(2)..........................................................................................5.3
      (b).............................................................................................3.3
318   (a)............................................................................................11.7

-----------------------
1        Note:  This Cross Reference Table shall not, for any purpose, be deemed to be part of this Indenture.
2        N.A. means Not Applicable.

<CAPTION>

                               TABLE OF CONTENTS
                                                                                                               Page

ARTICLE I - DEFINITIONS AND INCORPORATION BY REFERENCE............................................................3

<S>                          <C>                                                                                 <C>
         Section 1.1          Definitions.........................................................................3
         Section 1.2          Incorporated by Reference of Trust Indenture Act....................................3

ARTICLE II - THE NOTES............................................................................................4

         Section 2.1          Form................................................................................4
         Section 2.2          Execution, Authentication and Delivery..............................................4
         Section 2.3          Temporary Notes.....................................................................5
         Section 2.4          Tax Treatment.......................................................................5
         Section 2.5          Registration; Registration of Transfer and Exchange.................................5
         Section 2.6          Mutilated, Destroyed, Lost or Stolen Notes..........................................6
         Section 2.7          Persons Deemed Owner................................................................7
         Section 2.8          Payments............................................................................7
         Section 2.9          Cancellation.......................................................................10
         Section 2.10         Release of Collateral..............................................................11
         Section 2.11         Book-Entry Notes...................................................................11
         Section 2.12         Notices to Clearing Agency.........................................................12
         Section 2.13         Definitive Notes...................................................................12
         Section 2.14         Authenticating Agents..............................................................12

ARTICLE III - COVENANTS..........................................................................................13

         Section 3.1          Payment Covenant...................................................................13
         Section 3.2          Maintenance of Office or Agency....................................................13
         Section 3.3          Money for Payments To Be Held in Trust.............................................13
         Section 3.4          Existence..........................................................................14
         Section 3.5          Protection of Trust Estate.........................................................15
         Section 3.6          Opinions as to Trust Estate........................................................15
         Section 3.7          Performance of Obligations; Servicing of Receivables...............................15
         Section 3.8          Negative Covenants.................................................................17
         Section 3.9          Annual Statement as to Compliance..................................................18
         Section 3.10         Consolidation, Merger, etc., of the Issuer; Disposition of Subtrust Assets.........18
         Section 3.11         No Other Business..................................................................18
         Section 3.12         No Borrowing.......................................................................18
         Section 3.13         Servicer's Obligations.............................................................18
         Section 3.14         Guarantees, Loans, Advances and Other Liabilities..................................18
         Section 3.15         Capital Expenditures...............................................................18
         Section 3.16         Further Instruments and Acts.......................................................18
         Section 3.17         Restricted Payments................................................................19
         Section 3.18         Notice of Events of Default........................................................19
         Section 3.19         Removal of Administrator...........................................................19

ARTICLE IV - SATISFACTION AND DISCHARGE..........................................................................19

         Section 4.1          Satisfaction and Discharge of Indenture............................................19
         Section 4.2          Satisfaction and Discharge of the Notes............................................20
         Section 4.3          Application of Trust Money.........................................................21
         Section 4.4          Repayment of Monies Held by Paying Agent...........................................21

ARTICLE V - REMEDIES.............................................................................................21

         Section 5.1          Events of Default..................................................................21
         Section 5.2          Acceleration of Maturity; Rescission and Annulment.................................23
         Section 5.3          Collection of Indebtedness and Suits for Enforcement by Indenture Trustee..........23
         Section 5.4          Remedies; Priorities...............................................................25
         Section 5.5          Optional Preservation of the Receivables...........................................26
         Section 5.6          Limitation of Suits................................................................26
         Section 5.7          Unconditional Rights of Noteholders To Receive Principal and Interest..............27
         Section 5.8          Restoration of Rights and Remedies.................................................27
         Section 5.9          Rights and Remedies Cumulative.....................................................27
         Section 5.10         Delay or Omission Not a Waiver.....................................................27
         Section 5.11         Control by Noteholders.............................................................27
         Section 5.12         Waiver of Past Default.............................................................28
         Section 5.13         Undertaking for Costs..............................................................28
         Section 5.14         Waiver of Stay or Extension Laws...................................................29
         Section 5.15         Action on Notes....................................................................29
         Section 5.16         Performance and Enforcement of Certain Obligations.................................29

ARTICLE VI - THE INDENTURE TRUSTEE...............................................................................30

         Section 6.1          Duties of Indenture Trustee........................................................30
         Section 6.2          Rights of Indenture Trustee........................................................31
         Section 6.3          Individual Rights of Indenture Trustee.............................................32
         Section 6.4          Indenture Trustee's Disclaimer.....................................................32
         Section 6.5          Notice of Defaults.................................................................32
         Section 6.6          Reports by Indenture Trustee to Holders............................................32
         Section 6.7          Compensation and Indemnity.........................................................32
         Section 6.8          Replacement of Indenture Trustee...................................................33
         Section 6.9          Successor Indenture Trustee by Merger..............................................33
         Section 6.10         Appointment of Co-Indenture Trustee or Separate Indenture Trustee..................34
         Section 6.11         Eligibility; Disqualification......................................................35
         Section 6.12         Preferential Collection of Claims Against Issuer...................................35
         Section 6.13         Pennsylvania Motor Vehicle Sales Finance Act Licenses..............................35

ARTICLE VII - NOTEHOLDERS' LISTS; REPORTING......................................................................36

         Section 7.1          Issuer To Furnish Indenture Trustee Names and Addresses of Noteholders.............36
         Section 7.2          Preservation of Information; Communications to Noteholders.........................36
         Section 7.3          Reporting by Issuer................................................................36
         Section 7.4          Reporting and Notices by Indenture Trustee.........................................36

ARTICLE VIII - ACCOUNTS, DISBURSEMENTS AND RELEASES..............................................................37

         Section 8.1          Collection of Money................................................................37
         Section 8.2          Trust Accounts.....................................................................37
         Section 8.3          General Provisions Regarding Accounts..............................................37
         Section 8.4          Release of Trust Estate............................................................38
         Section 8.5          Opinion of Counsel.................................................................38

ARTICLE IX - SUPPLEMENTAL INDENTURES.............................................................................39

         Section 9.1          Supplemental Indentures Without Consent of Noteholders.............................39
         Section 9.2          Supplemental Indentures with Consent of Noteholders................................40
         Section 9.3          Execution of Supplemental Indentures...............................................42
         Section 9.4          Effect of Supplemental Indenture...................................................42
         Section 9.5          Conformity with Trust Indenture Act................................................42
         Section 9.6          Reference in Notes to Supplemental Indentures......................................42

ARTICLE X - REDEMPTION OF NOTES..................................................................................42

         Section 10.1         Redemption.........................................................................42
         Section 10.2         Form of Redemption Notice..........................................................43
         Section 10.3         Notes Payable on Redemption Date...................................................43

ARTICLE XI - MISCELLANEOUS.......................................................................................43

         Section 11.1         Compliance Certificates and Opinions, etc..........................................43
         Section 11.2         Form of Documents Delivered to Indenture Trustee...................................45
         Section 11.3         Acts of Noteholders................................................................45
         Section 11.4         Notices, etc., to Indenture Trustee, Issuer and Rating Agencies....................46
         Section 11.5         Notices to Noteholders; Waiver.....................................................47
         Section 11.6         Alternate Payment and Notice Provisions............................................48
         Section 11.7         Conflict with Trust Indenture Act..................................................48
         Section 11.8         Effect of Headings and Table of Contents...........................................48
         Section 11.9         Successors and Assigns.............................................................48
         Section 11.10        Separability.......................................................................48
         Section 11.11        Benefits of Indenture..............................................................48
         Section 11.12        Legal Holiday......................................................................48
         Section 11.13        Governing Law......................................................................48
         Section 11.14        Counterparts.......................................................................48
         Section 11.15        Recording of Indenture.............................................................48
         Section 11.16        Trust Obligation...................................................................49
         Section 11.17        No Petition; Subordination; Claims Against Seller..................................49
         Section 11.18        Inspection.........................................................................49
         Section 11.19        Employee Benefit Plans.............................................................50

                                   SCHEDULES

   Schedule of Receivables...............................................................................Schedule A
   List of Permitted Investments.........................................................................Schedule I

                                   EXHIBITS

   Form of Class A-1 Note ..............................................................................Exhibit A-1
   Form of Class A-2 Note...............................................................................Exhibit A-2
   Form of Class A-3 Note...............................................................................Exhibit A-3
   Form of Class A-4 Note...............................................................................Exhibit A-4
   Form of Class B Note Exhibit B
   Form of Class C Note Exhibit C
   Form of Opinion of Counsel Pursuant to Section 3.6(a)..................................................Exhibit D

                                    ANNEXES

   Form of Retail Installment Sale Contract.................................................................Annex A

                                  APPENDICES

   Definitions and Usage.................................................................................Appendix A
</TABLE>

         INDENTURE, dated as of August 1, 2002 (as amended, supplemented or
otherwise modified and in effect from time to time, this "Indenture"), between
MMCA AUTO OWNER TRUST 2002-3, a Delaware business trust (the "Issuer"), and
BANK OF TOKYO-MITSUBISHI TRUST COMPANY, a New York banking corporation, as
trustee for the benefit of the Noteholders and not in its individual capacity
(in such capacity, the "Indenture Trustee").

         Each party agrees as follows for the benefit of the other party and
for the equal and ratable benefit of the holders of the Issuer's 1.7475% Class
A-1 Asset Backed Notes (the "Class A-1 Notes"), 2.15% Class A-2 Asset Backed
Notes (the "Class A-2 Notes"), 2.97% Class A-3 Asset Backed Notes (the "Class
A-3 Notes"), 3.57% 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 "Class A Notes"), 3.86% Class B Asset Backed Notes (the "Class B
Notes") and 4.60% Class C Asset Backed Notes (the "Class C Notes" and,
together with the Class A Notes and the Class B Notes, the "Notes"):

                                GRANTING CLAUSE

         The Issuer hereby Grants to the Indenture Trustee at the Closing
Date, as Indenture Trustee for the benefit of the Holders of the Notes, all of
the Issuer's right, title and interest in, to and under, whether now owned or
existing or hereafter acquired or arising:

         (a) the Initial Receivables;

         (b) with respect to Initial Receivables that are Actuarial
Receivables, monies due thereunder after the Initial Cutoff Date (including
Payaheads) and, with respect to Initial Receivables that are Simple Interest
Receivables, monies received thereunder after the Initial Cutoff Date;

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

         (d) all rights to receive proceeds with respect to the Initial
Receivables from claims on any physical damage, theft, credit life or
disability insurance policies covering the related Financed Vehicles or
related Obligors;

         (e) all rights to receive proceeds with respect to the Initial
Receivables from recourse to Dealers thereon pursuant to the Dealer
Agreements;

         (f) all of the Issuer's rights to the Receivable Files that relate to
the Initial Receivables;

         (g) the Trust Accounts and all amounts, securities, financial assets,
investments and other property deposited in or credited to any of the
foregoing and all proceeds thereof;

         (h) all rights under the Sale and Servicing Agreement and the Yield
Supplement Agreement;

         (i) all rights under the Purchase Agreement, including the right of
the Seller to cause MMCA to repurchase Receivables from the Seller;

         (j) all payments and proceeds with respect to the Initial Receivables
held by the Servicer;

         (k) all property (including the right to receive Liquidation Proceeds
and Recoveries and Financed Vehicles and the proceeds thereof acquired by the
Issuer pursuant to the terms of an Initial Receivable that is a Final Payment
Receivable), guarantees and other collateral securing an Initial Receivable
(other than an Initial Receivable purchased by the Servicer or repurchased by
the Seller);

         (l) all rebates of premiums and other amounts relating to insurance
policies and other items financed under the Initial Receivables in effect as
of the Initial Cutoff Date; and

         (m) all present and future claims, demands, causes of action and
choses in action in respect of any or all of the foregoing and all payments on
or under and all proceeds of every kind and nature whatsoever in respect of
any or all of the foregoing, including all proceeds of the conversion thereof,
voluntary or involuntary, into cash or other liquid property, all cash
proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel
paper, checks, deposit accounts, insurance proceeds, condemnation awards,
rights to payment of any and every kind and other forms of obligations and
receivables, instruments and other property which at any time constitute all
or part of or are included in the proceeds of any of the foregoing
(collectively, the "Collateral").

         The Issuer hereby Grants to the Indenture Trustee on each Subsequent
Transfer Date, as Indenture Trustee for the benefit of the Holders of the
Notes, all of the Issuer's right, title and interest in, to and under, whether
now owned or existing or hereafter acquired or arising:

         (a) the Subsequent Receivables;

         (b) with respect to Subsequent Receivables that are Actuarial
Receivables, monies due thereunder on or after the related Subsequent Cutoff
Date (including Payaheads) and, with respect to Subsequent Receivables that
are Simple Interest Receivables, monies received thereunder on or after the
related Subsequent Cutoff Date;

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

         (d) all rights to receive proceeds with respect to the Subsequent
Receivables from claims on any physical damage, theft, credit life or
disability insurance policies covering the related Financed Vehicles or
related Obligors;

         (e) all rights to receive proceeds with respect to such Subsequent
Receivables from recourse to Dealers thereon pursuant to the Dealer
Agreements;

         (f) all rights to the Receivable Files that relate to such Subsequent
Receivables;

         (g) all payments and proceeds with respect to such Subsequent
Receivables held by the Servicer;

         (h) all property (including the right to receive Liquidation Proceeds
and Recoveries and Financed Vehicles and the proceeds thereof acquired by the
Issuer pursuant to the terms of a Subsequent Receivable that is a Final
Payment Receivable), guarantees and other collateral securing a Subsequent
Receivable (other than a Subsequent Receivable purchased by the Servicer or
repurchased by the Seller);

         (i) all of the Seller's rights under the related First-Tier
Subsequent Assignment;

         (j) all rebates of premiums and other amounts relating to insurance
policies and other items financed under such Subsequent Receivables in effect
as of the related Subsequent Cutoff Date; and

         (k) all present and future claims, demands, causes of action and
choses in action in respect of any or all of the foregoing and all payments on
or under and all proceeds of every kind and nature whatsoever in respect of
any or all of the foregoing, including all proceeds of the conversion thereof,
voluntary or involuntary, into cash or other liquid property, all cash
proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel
paper, checks, deposit accounts, insurance proceeds, condemnation awards,
rights to payment of any and every kind and other forms of obligations and
receivables, instruments and other property which at any time constitute all
or part of or are included in the proceeds of any of the foregoing.

         The foregoing Grants are made in trust to secure the payment of
principal of and interest on, and any other amounts owing in respect of, the
Notes, equally and ratably without prejudice, priority or distinction, and to
secure compliance with the provisions of this Indenture, all as provided in
this Indenture.

         The Indenture Trustee, as Indenture Trustee on behalf of the Holders
of the Notes, acknowledges such Grant, accepts the trusts under this Indenture
in accordance with the provisions of this Indenture and agrees to perform its
duties required in this Indenture to the best of its ability to the end that
the interests of the Holders of the Notes may be adequately and effectively
protected.

            ARTICLE I - DEFINITIONS AND INCORPORATION BY REFERENCE

         Section 1.1 Definitions. Except as otherwise specified herein or as
the context may otherwise require, capitalized terms used but not otherwise
defined herein are defined in Appendix A hereto, which also contains rules as
to usage that shall be applicable herein.

         Section 1.2 Incorporated by Reference of Trust Indenture Act.
Whenever this Indenture refers to a provision of the TIA, the provision is
incorporated by reference in and made a part of this Indenture. The following
TIA terms used in this Indenture have the following meanings:

         "Indenture securities" shall mean the Notes.

         "Indenture security holder" shall mean a Noteholder.

         "Indenture to be qualified" shall mean this Indenture.

         "Indenture trustee" or "Institutional trustee" shall mean the
Indenture Trustee.

         "Obligor" on the indenture securities shall mean the Issuer and any
other obligor on the indenture securities.

         All other TIA terms used in this Indenture that are defined in the
TIA, defined by TIA reference to another statute or defined by Commission rule
have the meaning assigned to them by such definitions.

                            ARTICLE II - THE NOTES

         Section 2.1 Form. (a) The Class A-1 Notes, the Class A-2 Notes, the
Class A-3 Notes, the Class A-4 Notes, the Class B Notes and the Class C Notes,
together with the Indenture Trustee's Certificates of Authentication, shall be
in substantially the form set forth in Exhibit A-1, Exhibit A-2, Exhibit A-3,
Exhibit A-4, Exhibit B and Exhibit C, respectively, with such appropriate
insertions, omissions, substitutions and other variations as are required or
permitted by this Indenture, and may have such letters, numbers or other marks
of identification and such legends or endorsements placed thereon as may,
consistently herewith, be determined by the officers executing such Notes, as
evidenced by their execution thereof. Any portion of the text of any Note may
be set forth on the reverse thereof, with an appropriate reference thereto on
the face of the Note.

         (b) The Definitive Notes shall be typewritten, printed, lithographed
or engraved or produced by any combination of these methods (with or without
steel engraved borders), all as determined by the officers executing such
Notes, as evidenced by their execution of such Notes.

         (c) Each Note shall be dated the date of its authentication. The
terms of the Notes set forth in Exhibits A-1, A-2, A-3, A-4, B and C hereto
are part of the terms of this Indenture and are incorporated herein by
reference.

         Section 2.2 Execution, Authentication and Delivery.

         (a) The Notes shall be executed on behalf of the Issuer by any of its
Responsible Officers. The signature of any such Responsible Officer on the
Notes may be manual or facsimile.

         (b) Notes bearing the manual or facsimile signature of individuals
who were at any time Responsible Officers of the Issuer shall bind the Issuer,
notwithstanding that such individuals or any of them have ceased to hold such
offices prior to the authentication and delivery of such Notes or did not hold
such offices at the date of such Notes.

         (c) The Indenture Trustee shall, upon Issuer Order, authenticate and
deliver Class A-1 Notes for original issue in an aggregate principal amount of
$70,000,000, Class A-2 Notes for original issue in an aggregate principal
amount of $165,000,000, Class A-3 Notes for original issue in an aggregate
principal amount of $150,000,000, Class A-4 Notes for original issue in an
aggregate principal amount of $131,750,000, Class B Notes for original issue
in an aggregate principal amount of $50,375,000 and Class C Notes for original
issue in an aggregate principal amount of $27,625,000. The aggregate principal
amounts of Notes outstanding at any time may not exceed those respective
amounts except as provided in Section 2.6.

         (d) Each Note shall be dated the date of its authentication. The
Notes shall be issuable in minimum denominations of $1,000 and integral
multiples of $1,000 in excess thereof.

         (e) No Note shall be entitled to any benefit under this Indenture or
be valid or obligatory for any purpose, unless there appears on such Note a
certificate of authentication substantially in the form provided for herein
executed by the Indenture Trustee by the manual signature of one of its
authorized signatories, and such certificate upon any Note shall be conclusive
evidence, and the only evidence, that such Note has been duly authenticated
and delivered hereunder.

         Section 2.3 Temporary Notes.

         (a) Pending the preparation of Definitive Notes pursuant to Section
2.13, the Issuer may execute, and upon receipt of an Issuer Order the
Indenture Trustee shall authenticate and deliver, temporary Notes that are
printed, lithographed, typewritten, mimeographed or otherwise produced, of the
tenor of the Definitive Notes in lieu of which they are issued and with such
variations not inconsistent with the terms of this Indenture as the officers
executing such Notes may determine, as evidenced by their execution of such
Notes.

         (b) If temporary Notes are issued pursuant to Section 2.3(a), the
Issuer shall cause Definitive Notes to be prepared without unreasonable delay.
After the preparation of Definitive Notes, the temporary Notes shall be
exchangeable for Definitive Notes upon surrender of the temporary Notes at the
office or agency of the Issuer to be maintained as provided in Section 3.2,
without charge to the Holder. Upon surrender for cancellation of any one or
more temporary Notes, the Issuer shall execute, and the Indenture Trustee
shall authenticate and deliver in exchange therefor, a like principal amount
of Definitive Notes of authorized denominations. Until so exchanged, the
temporary Notes shall in all respects be entitled to the same benefits under
this Indenture as Definitive Notes.

         Section 2.4 Tax Treatment. The Issuer has entered into this
Indenture, and the Notes shall be issued, with the intention that, for
federal, state and local income and franchise tax purposes, the Notes shall
qualify as indebtedness of the Issuer secured by the Trust Estate. The Issuer,
by entering into this Indenture, and each Noteholder, by its acceptance of a
Note (and each Note Owner by its acceptance of an interest in the applicable
Book-Entry Note), agree to treat the Notes for federal, state and local income
and franchise tax purposes as indebtedness of the Issuer.

         Section 2.5 Registration; Registration of Transfer and Exchange.

         (a) The Issuer shall cause to be kept a register (the "Note
Register") in which, subject to such reasonable regulations as it may
prescribe, the Issuer shall provide for the registration of Notes and the
registration of transfers of Notes. The Indenture Trustee initially shall be
the "Note Registrar" for the purpose of registering Notes and transfers of
Notes as herein provided. Upon any resignation of any Note Registrar, the
Issuer shall promptly appoint a successor or, if it elects not to make such an
appointment, assume the duties of Note Registrar.

         (b) If a Person other than the Indenture Trustee is appointed by the
Issuer as Note Registrar, (i) the Issuer shall give the Indenture Trustee
prompt written notice of the appointment of such Note Registrar and of the
location and any change in the location, of the Note Register, (ii) the
Indenture Trustee shall have the right to inspect the Note Register at all
reasonable times and to obtain copies thereof and (iii) the Indenture Trustee
shall have the right to rely upon a certificate executed on behalf of the Note
Registrar by an Executive Officer thereof as to the names and addresses of the
Holders of the Notes and the principal amounts and number of such Notes.

         (c) Upon surrender for registration of transfer of any Note at the
office or agency of the Issuer to be maintained as provided in Section 3.2, if
the requirements of Section 8-401 of the Relevant UCC are met, the Issuer
shall execute, and the Indenture Trustee shall authenticate and the Noteholder
shall obtain from the Indenture Trustee, in the name of the designated
transferee or transferees, one or more new Notes of the same Class in any
authorized denomination, of a like aggregate principal amount. The Indenture
Trustee may rely upon the Administrator with respect to the determination of
whether the requirements of Section 8-401 of the Relevant UCC are met.

         (d) At the option of the Noteholder, Notes may be exchanged for other
Notes of the same Class in any authorized denominations, of a like aggregate
principal amount, upon surrender of the Notes to be exchanged at such office
or agency. Whenever any Notes are so surrendered for exchange, if the
requirements of Section 8-401 of the Relevant UCC are met, the Issuer shall
execute, the Indenture Trustee shall authenticate, and the Noteholder shall
obtain from the Indenture Trustee, the Notes which the Noteholder making such
exchange is entitled to receive. The Indenture Trustee may rely upon the
Administrator with respect to the determination of whether the requirements of
Section 8-401 of the Relevant UCC are met.

         (e) All Notes issued upon any registration of transfer or exchange of
Notes shall be the valid obligations of the Issuer, evidencing the same debt,
and entitled to the same benefits under this Indenture as the Notes
surrendered upon such registration of transfer or exchange.

         (f) Every Note presented or surrendered for registration of transfer
or exchange shall be duly endorsed by, or be accompanied by a written
instrument of transfer in form satisfactory to the Indenture Trustee duly
executed by, the Holder thereof or such Holder's attorney duly authorized in
writing, with such signature guaranteed by an "eligible guarantor institution"
meeting the requirements of the Note Registrar.

         (g) No service charge shall be made to a Holder for any registration
of transfer or exchange of Notes, but the Issuer may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed
in connection with any registration of transfer or exchange of Notes, other
than exchanges pursuant to Section 2.3 or 9.6 not involving any transfer.

         (h) The preceding provisions of this Section 2.5 notwithstanding, the
Issuer shall not be required to make and the Note Registrar need not register
transfers or exchanges of Notes selected for redemption or of any Note for a
period of 15 days preceding the due date for any payment with respect to such
Note.

         (i) Each Person to whom a Note is transferred will be required to
represent, in the case of a Definitive Note, or deemed to represent, in the
case of a Book-Entry Note, that (x) such Person is not an employee benefit
plan, as described in Section 3(3) of ERISA, or a plan, as defined in Section
4975(E)(1) of the Code, that is subject to Title I of ERISA or to Section 4975
of the Code, a government plan subject to any state or local law similar to
Title I of ERISA or Section 4975 of the Code, or a Person investing on behalf
of or with "plan assets" of such a plan, or (y) the Person's acquisition,
holding and disposition of the Note are and will be eligible for relief under
a prohibited transaction exemption.

         Section 2.6 Mutilated, Destroyed, Lost or Stolen Notes.

         (a) If (i) any mutilated Note is surrendered to the Indenture
Trustee, or the Indenture Trustee receives evidence to its satisfaction of the
destruction, loss or theft of any Note, and (ii) there is delivered to the
Indenture Trustee such security or indemnity as may be required by it to hold
the Issuer and the Indenture Trustee harmless, then, in the absence of notice
to the Issuer, the Note Registrar or the Indenture Trustee that such Note has
been acquired by a protected purchaser, and provided that the requirements of
Section 8-405 of the Relevant UCC are met, the Issuer shall execute, and upon
its request the Indenture Trustee shall authenticate and deliver, in exchange
for or in lieu of any such mutilated, destroyed, lost or stolen Note, a
replacement Note of the same Class; provided, however, that if any such
destroyed, lost or stolen Note, but not a mutilated Note, shall have become or
within seven days of the Indenture Trustee's receipt of evidence to its
satisfaction of such destruction, loss or theft shall be due and payable, or
shall have been called for redemption, instead of issuing a replacement Note
of the same Class, the Issuer may pay such destroyed, lost or stolen Note when
so due or payable or upon the Redemption Date without surrender thereof. The
Indenture Trustee may rely upon the Administrator with respect to the
determination of whether the requirements of Section 8-405 of the Relevant UCC
are met. If, after the delivery of such replacement Note or payment of a
destroyed, lost or stolen Note pursuant to the proviso to the preceding
sentence, a protected purchaser of the original Note in lieu of which such
replacement Note was issued presents for payment such original Note, the
Issuer and the Indenture Trustee shall be entitled to recover such replacement
Note (or such payment) from the Person to whom it was delivered or any Person
taking such replacement Note from such Person to whom such replacement Note
was delivered or any assignee of such Person, except a protected purchaser,
and shall be entitled to recover upon the security or indemnity provided
therefor to the extent of any loss, damage, cost or expense incurred by the
Issuer or the Indenture Trustee in connection therewith.

         (b) Upon the issuance of any replacement Note under this Section 2.6,
the Issuer may require the payment by the Holder of such Note of a sum
sufficient to cover any tax or other governmental charge that may be imposed
in relation thereto and any other reasonable expenses (including the fees and
expenses of the Indenture Trustee) connected therewith.

         (c) Every replacement Note issued pursuant to this Section 2.6 in
replacement of any mutilated, destroyed, lost or stolen Note shall constitute
an original additional contractual obligation of the Issuer, whether or not
the mutilated, destroyed, lost or stolen Note shall be at any time enforceable
by anyone, and shall be entitled to all the benefits of this Indenture equally
and proportionately with any and all other Notes duly issued hereunder.

         (d) The provisions of this Section 2.6 are exclusive and shall
preclude (to the extent lawful) all other rights and remedies with respect to
the replacement or payment of mutilated, destroyed, lost or stolen Notes.

         Section 2.7 Persons Deemed Owner. Prior to due presentment for
registration of transfer of any Note, the Issuer, the Indenture Trustee and
any agent of the Issuer or the Indenture Trustee may treat the Person in whose
name any Note is registered (as of the day of determination) as the owner of
such Note for the purpose of receiving payments of principal of and interest,
if any, on such Note and for all other purposes whatsoever, whether or not
such Note be overdue, and none of the Issuer, the Indenture Trustee or any
agent of the Issuer or the Indenture Trustee shall be affected by notice to
the contrary.

         Section 2.8 Payments.

         (a) On each Payment Date, upon receipt of written instructions from
the Servicer pursuant to Section 4.6(c) of the Sale and Servicing Agreement,
the Indenture Trustee shall withdraw the Total Available Funds on deposit in
the Collection Account for the related Collection Period and make the
following payments and deposits for such Payment Date in the following order
of priority:

            (i) to the Servicer, the Total Servicing Fee;

            (ii) with the same priority and ratably, in accordance with the
         outstanding balance of the Class A Notes, to the Note Payment
         Account, the Accrued Note Interest for the Class A Notes:

         provided, that, if there are not sufficient funds available
         to pay the entire amount of the Accrued Note Interest for
         the Class A Notes, the amounts available shall be applied to
         the payment of such interest on the Class A Notes on a pro
         rata basis;

            (iii) to the Note Payment Account, the Accrued Note Interest for
         the Class B Notes;

            (iv) to the Note Payment Account, the Accrued Note Interest for
         the Class C Notes;

            (v) to the Note Payment Account, the Principal Distribution
         Amount;

            (vi) to the Reserve Account, the amount, if any, necessary to
         reinstate the balance in the Reserve Account up to the Specified
         Reserve Balance;

            (vii) prior to the payment in full of the aggregate principal
         balance of the Notes, to the Note Payment Account, any remaining
         Total Available Funds; and

            (viii) following the payment in full of the aggregate principal
         balance of the Notes, to the Certificate Distribution Account, any
         remaining Total Available Funds.

         Notwithstanding the foregoing, following the occurrence and during
the continuation of an Event of Default which has resulted in an acceleration
of the Notes, on each Payment Date the Total Available Funds shall be
deposited in the Note Payment Account and applied in accordance with Section
2.8(f).

         (b) The principal of each Note shall be payable in installments on
each Payment Date in an aggregate amount (unless the Notes have been
accelerated in accordance with Section 5.2 following the occurrence of an
Event of Default) for all Classes of Notes equal to the Principal Distribution
Amount with respect to such Payment Date. On each Payment Date, unless the
Notes have been accelerated in accordance with Section 5.2 following the
occurrence of an Event of Default, the Issuer shall cause to be paid all
amounts on deposit in the Note Payment Account with respect to the related
Collection Period in the following order of priority:

            (i) to the Class A Noteholders, Accrued Note Interest (and, if
         amounts on deposit in the Note Payment Account are insufficient for
         such purpose, payments shall be made to the Class A Noteholders pro
         rata in proportion to the Accrued Note Interest for each Class of
         Class A Notes);

            (ii) to the Class B Noteholders, Accrued Note Interest;

            (iii) to the Class C Noteholders, Accrued Note Interest;

            (iv) to the Class A-1 Noteholders, 100% of the Principal
         Distribution Amount in reduction of principal until the Class A-1
         Notes are paid in full;

            (v) following payment in full of the Class A-1 Notes, the Class A
         Percentage of the remaining Principal Distribution Amount in
         reduction of principal to the Class A-2 Noteholders until the Class
         A-2 Notes are paid in full, then to the Class A-3 Noteholders until
         the Class A-3 Notes are paid in full, then to the Class A-4
         Noteholders until the Class A-4 Notes are paid in full;

            (vi) following payment in full of the Class A-1 Notes, the Class B
         Percentage of the remaining Principal Distribution Amount in
         reduction of principal to the Class B Noteholders until the Class B
         Notes are paid in full; and

            (vii) following payment in full of the Class A-1 Notes, the Class
         C Percentage of the remaining Principal Distribution Amount in
         reduction of principal to the Class C Noteholders until the Class C
         Notes are paid in full.

         (c) The principal amount of the Class A-1 Notes, to the extent not
previously paid, will be due on the Class A-1 Stated Maturity Date, the
principal amount of the Class A-2 Notes, to the extent not previously paid,
will be due on the Class A-2 Stated Maturity Date, the principal amount of the
Class A-3 Notes, to the extent not previously paid, will be due on the Class
A-3 Stated Maturity Date, the principal amount of the Class A-4 Notes, to the
extent not previously paid, will be due on the Class A-4 Stated Maturity Date,
the principal amount of the Class B Notes, to the extent not previously paid,
will be due on the Class B Stated Maturity Date, and the principal amount of
the Class C Notes, to the extent not previously paid, will be due on the Class
C Stated Maturity Date.

         (d) The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes,
the Class A-4 Notes, the Class B Notes and the Class C Notes shall accrue
interest at the Class A-1 Rate, the Class A-2 Rate, the Class A-3 Rate, the
Class A-4 Rate, the Class B Rate and the Class C Rate, respectively, and such
interest shall be due and payable on each Payment Date. Interest on the Class
A-1 Notes shall be calculated on the basis of the actual days elapsed and a
360-day year. Interest on the Class A-2 Notes, the Class A-3 Notes, the Class
A-4 Notes, the Class B Notes and the Class C Notes shall be calculated on the
basis of a 360-day year of twelve 30-day months. Subject to Section 3.1, any
installment of interest or principal, if any, payable on any Note that is
punctually paid or duly provided for by the Issuer on the applicable Payment
Date shall be paid to the Person in whose name such Note (or one or more
Predecessor Notes) is registered on the Record Date by check mailed
first-class postage prepaid to such Person's address as it appears on the Note
Register on such Record Date; provided that, unless Definitive Notes have been
issued pursuant to Section 2.13, with respect to Notes registered on the
Record Date in the name of the nominee of the Clearing Agency (initially, such
nominee to be Cede & Co.), payment shall be made by wire transfer in
immediately available funds to the account designated by such nominee, and
except for the final installment of principal payable with respect to such
Note on a Payment Date or on the related Stated Maturity Date (and except for
the Redemption Price for any Note called for redemption), which shall be
payable as provided below. The funds represented by any such checks returned
undelivered shall be held in accordance with Section 3.3. The Issuer shall pay
all Accrued Note Interest, including Interest Carryover Shortfalls, to the
Persons who are Noteholders on the Record Date for a particular Payment Date
even if a portion of such Accrued Note Interest relates to a different Payment
Date.

         (e) All principal payments on a Class of Notes shall be made pro rata
to the Noteholders entitled thereto. The Indenture Trustee shall notify the
Person in whose name a Note is registered at the close of business on the
Record Date preceding the Payment Date on which the Issuer expects that the
final installment of principal of and interest on such Note shall be paid.
Such notice shall be mailed or transmitted by facsimile prior to such final
Payment Date and shall specify that such final installment shall be payable
only upon presentation and surrender of such Note and shall specify the place
where such Note may be presented and surrendered for payment of such
installment. Notices in connection with redemption of Notes shall be mailed to
Noteholders as provided in Section 10.2.

         (f) Notwithstanding the foregoing, the entire unpaid principal amount
of the Notes shall be due and payable, if not previously paid, on the date on
which an Event of Default shall have occurred and be continuing, if the
Indenture Trustee or the Holders of Notes representing not less than a
majority of the principal amount of the Notes Outstanding have declared the
Notes to be immediately due and payable in the manner provided in Section 5.2.
On each Payment Date following acceleration of the Notes, all amounts on
deposit in the Note Payment Account shall be paid in the following order of
priority.

            (i) first, to the Indenture Trustee for amounts due under Section
         6.7 and to the Owner Trustee for amounts due under Sections 8.1 and
         8.2 of the Trust Agreement;

            (ii) second, to the Servicer for amounts due and unpaid in respect
         of Total Servicing Fees;

            (iii) third, to Noteholders of the Class A Notes, the Accrued Note
         Interest ratably in proportion to the Accrued Note Interest for each
         Class of Class A Notes, without preference or priority of any kind,
         according to the amounts due and payable on the Class A Notes for
         interest;

            (iv) fourth, to the Class A-1 Noteholders, the outstanding
         principal amount of the Class A-1 Notes as of such Payment Date
         (prior to giving effect to any payment of principal on such date) in
         reduction of principal until the principal amount of the Class A-1
         Notes has been paid in full;

            (v) fifth, to the Class A-2 Noteholders, the Class A-3 Noteholders
         and the Class A-4 Noteholders, the outstanding principal amount of
         the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes,
         respectively, pro rata in proportion to the respective principal
         balances of each of such Classes as of such Payment Date (prior to
         giving effect to any payment of principal on such date) in reduction
         of principal until the principal amount of each of such Classes has
         been paid in full;

            (vi) sixth, to the Class B Noteholders, Accrued Note Interest;

            (vii) seventh, to the Class B Noteholders, the outstanding
         principal amount of the Class B Notes as of such Payment Date (prior
         to giving effect to any payment of principal on such date) in
         reduction of principal until the principal amount of the Class B
         Notes has been paid in full;

            (viii) eighth, to the Class C Noteholders, Accrued Note Interest;

            (ix) ninth, to the Class C Noteholders, the outstanding principal
         amount of the Class C Notes as of such Payment Date (prior to giving
         effect to any payment of principal on such date) in reduction of
         principal until the principal amount of the Class C Notes has been
         paid in full; and

            (x) tenth, to the Certificateholders.

         Section 2.9 Cancellation. All Notes surrendered for payment,
registration of transfer, exchange or redemption shall, if surrendered to any
Person other than the Indenture Trustee, be delivered to the Indenture Trustee
and shall be promptly cancelled by the Indenture Trustee. The Issuer may at
any time deliver to the Indenture Trustee for cancellation any Notes
previously authenticated and delivered hereunder which the Issuer may have
acquired in any manner whatsoever, and all Notes so delivered shall be
promptly cancelled by the Indenture Trustee. No Notes shall be authenticated
in lieu of or in exchange for any Notes cancelled as provided in this Section
2.9, except as expressly permitted by this Indenture. All cancelled Notes may
be held or disposed of by the Indenture Trustee in accordance with its
standard retention or disposal policy as in effect at the time unless the
Issuer shall direct by an Issuer Order that they be destroyed or returned to
it, provided, that such Issuer Order is timely and the Notes have not been
previously disposed of by the Indenture Trustee.

         Section 2.10 Release of Collateral. Subject to Section 11.1 and the
terms of the Basic Documents, the Indenture Trustee shall release property
from the lien of this Indenture only upon receipt of (i) an Issuer Request
accompanied by an Officer's Certificate and an Opinion of Counsel, in each
case stating that all conditions precedent, if any, provided for in this
Indenture relating to the release of the property from the lien of this
Indenture have been complied with, provided that counsel rendering any such
opinion may rely, without independent investigation, on the accuracy and
validity of any certificate or other instrument delivered to the Indenture
Trustee in connection with any such action and (ii) Independent Certificates
in accordance with TIA Sections 314(c) and 314(d)(1) or an Opinion of Counsel
in lieu of such Independent Certificates to the effect that the TIA does not
require any such Independent Certificates. If the Commission shall issue an
exemptive order under TIA Section 304(d) modifying the Owner Trustee's
obligations under TIA Sections 314(c) and 314(d)(1), the Indenture Trustee
shall release property from the lien of this Indenture in accordance with the
conditions and procedures set forth in such exemptive order.

         Section 2.11 Book-Entry Notes. The Notes, upon original issuance,
shall be issued in the form of typewritten Notes representing the Book-Entry
Notes, to be delivered to the Indenture Trustee as custodian for The
Depository Trust Company, the initial Clearing Agency, by, or on behalf of,
the Issuer. The Book-Entry Notes shall be registered initially on the Note
Register in the name of Cede & Co., the nominee of the initial Clearing
Agency, and no Note Owner thereof shall receive a definitive Note representing
such Note Owner's interest in such Note, except as provided in Section 2.13.
Unless and until definitive, fully registered Notes (the "Definitive Notes")
have been issued to such Note Owners pursuant to Section 2.13:

            (i) the provisions of this Section 2.11 shall be in full force and
         effect;

            (ii) the Note Registrar and the Indenture Trustee shall be
         entitled to deal with the Clearing Agency for all purposes of this
         Indenture (including the payment of principal of and interest on the
         Notes and the giving of instructions or directions hereunder) as the
         sole Holder of the Notes, and shall have no obligation to the Note
         Owners;

            (iii) to the extent that the provisions of this Section 2.11
         conflict with any other provisions of this Indenture, the provisions
         of this Section shall control;

            (iv) the rights of Note Owners shall be exercised only through the
         Clearing Agency and shall be limited to those established by law and
         agreements between such Note Owners and the Clearing Agency and/or
         the Clearing Agency Participants pursuant to the Note Depository
         Agreement; unless and until Definitive Notes are issued pursuant to
         Section 2.13, the initial Clearing Agency shall make book-entry
         transfers among the Clearing Agency Participants and receive and
         transmit payments of principal of and interest on the Notes to such
         Clearing Agency Participants; and

            (v) whenever this Indenture requires or permits actions to be
         taken based upon instructions or directions of Holders of Notes
         evidencing a specified percentage of the principal amount of the
         Notes or any Class of Notes Outstanding, the Clearing Agency shall be
         deemed to represent such percentage only to the extent that it has
         received instructions to such effect from Note Owners and/or Clearing
         Agency Participants owning or representing, respectively, such
         required percentage of the beneficial interest in the Notes or such
         Class of Notes and has delivered such instructions to the Indenture
         Trustee.

         Section 2.12 Notices to Clearing Agency. Whenever a notice or other
communication to the Noteholders is required under this Indenture, unless and
until Definitive Notes shall have been issued to such Note Owners pursuant to
Section 2.13, the Indenture Trustee shall give all such notices and
communications specified herein to be given to Holders of the Notes to the
Clearing Agency, and shall have no obligation to such Note Owners.

         Section 2.13 Definitive Notes. If (i) the Issuer, the Administrator
or the Servicer advises the Indenture Trustee in writing that the Clearing
Agency is no longer willing or able to properly discharge its responsibilities
with respect to the Book-Entry Notes and the Indenture Trustee or the
Administrator is unable to locate a qualified successor, (ii) the
Administrator, at its option, advises the Indenture Trustee in writing that it
elects to terminate the book-entry system through the Clearing Agency or (iii)
after the occurrence of an Event of Default or an Event of Servicing
Termination, Note Owners of the Book-Entry Notes representing beneficial
interests aggregating not less than 51% of the principal amount of such Notes
advise the Indenture Trustee and the Clearing Agency in writing that the
continuation of a book-entry system through the Clearing Agency is no longer
in the best interests of such Note Owners, then the Clearing Agency shall
notify all Note Owners and the Indenture Trustee of the occurrence of such
event and of the availability of Definitive Notes to Note Owners requesting
the same. Upon surrender to the Indenture Trustee of the typewritten Notes
representing the Book-Entry Notes by the Clearing Agency, accompanied by
registration instructions, the Issuer shall execute and the Indenture Trustee
shall authenticate the Definitive Notes in accordance with the instructions of
the Clearing Agency. None of the Issuer, the Note Registrar or the Indenture
Trustee shall be liable for any delay in delivery of such instructions and may
conclusively rely on, and shall be protected in relying on, such instructions.
Any portion of a Book-Entry Note transferred or exchanged pursuant to this
Section 2.13 shall be executed, authenticated and delivered only in the
minimum denominations and integral multiples set forth in Section 2.2(d). Upon
the issuance of Definitive Notes, the Indenture Trustee shall recognize the
Holders of the Definitive Notes as Noteholders.

         Section 2.14 Authenticating Agents. The Indenture Trustee may appoint
one or more Persons (each, an "Authenticating Agent") with power to act on its
behalf and subject to its direction in the authentication of Notes in
connection with issuance, transfers and exchanges under Sections 2.2, 2.3, 2.5
and 2.6, as fully to all intents and purposes as though each such
Authenticating Agent had been expressly authorized by those Sections to
authenticate such Notes. For all purposes of this Indenture, the
authentication of Notes by an Authenticating Agent pursuant to this Section
2.14 shall be deemed to be the authentication of Notes "by the Indenture
Trustee."

         Any corporation into which any Authenticating Agent may be merged or
converted or with which it may be consolidated, or any corporation resulting
from any merger, consolidation or conversion to which any Authenticating Agent
shall be a party, or any corporation succeeding to all or substantially all of
the corporate trust business of any Authenticating Agent, shall be the
successor of such Authenticating Agent hereunder, without the execution or
filing of any further act on the part of the parties hereto or such
Authenticating Agent or such successor corporation.

         Any Authenticating Agent may at any time resign by giving written
notice of resignation to the Indenture Trustee and the Owner Trustee. The
Indenture Trustee may at any time terminate the agency of any Authenticating
Agent by giving written notice of termination to such Authenticating Agent and
the Owner Trustee. Upon receiving such notice of resignation or upon such a
termination, the Indenture Trustee may appoint a successor Authenticating
Agent and shall give written notice of any such appointment to the Owner
Trustee.

         The Administrator agrees to pay to each Authenticating Agent from
time to time reasonable compensation for its services. The provisions of
Sections 2.9 and 6.4 shall be applicable to any Authenticating Agent.

                           ARTICLE III - COVENANTS

         Section 3.1 Payment Covenant. The Issuer shall duly and punctually
pay the principal of and interest on, if any, the Notes in accordance with the
terms of the Notes and this Indenture. Amounts properly withheld under the
Code by any Person from a payment to any Noteholder of interest and/or
principal shall be considered as having been paid by the Issuer to such
Noteholder for all purposes of this Indenture.

         Section 3.2 Maintenance of Office or Agency. The Issuer shall
maintain in the Borough of Manhattan, The City of New York, an office or
agency where Notes may be surrendered for registration of transfer or
exchange, and where notices and demands to or upon the Issuer in respect of
the Notes and this Indenture may be served. The Issuer hereby initially
appoints the Indenture Trustee to serve as its agent for the foregoing
purposes. The Issuer shall give prompt written notice to the Indenture Trustee
of the location, and of any change in the location, of any such office or
agency. If, at any time, the Issuer shall fail to maintain any such office or
agency or shall fail to furnish the Indenture Trustee with the address
thereof, such surrenders, notices and demands may be made or served at the
Corporate Trust Office, and the Issuer hereby appoints the Indenture Trustee
as its agent to receive all such surrenders, notices and demands.

         Section 3.3 Money for Payments To Be Held in Trust. (a) As provided
in Section 8.2, all payments of amounts due and payable with respect to any
Notes that are to be made from amounts withdrawn from the Collection Account,
the Pre-Funding Account, the Reserve Account, the Negative Carry Account, the
Yield Supplement Account and the Note Payment Account shall be made on behalf
of the Issuer by the Indenture Trustee or by another Paying Agent, and no
amounts so withdrawn from the Collection Account, the Pre-Funding Account, the
Reserve Account, the Negative Carry Account, the Yield Supplement Account and
the Note Payment Account for payments of Notes shall be paid over to the
Issuer, except as provided in this Section 3.3.

         (b) On or before each Payment Date and Redemption Date, the Issuer
shall deposit or cause to be deposited in the Note Payment Account an
aggregate sum sufficient to pay the amounts then becoming due under the Notes,
such sum to be held in trust for the benefit of the Persons entitled thereto,
and (unless the Paying Agent is the Indenture Trustee) shall promptly notify
the Indenture Trustee of its action or failure so to act.

         (c) The Issuer shall cause each Paying Agent other than the Indenture
Trustee to execute and deliver to the Indenture Trustee an instrument in which
such Paying Agent shall agree with the Indenture Trustee (and if the Indenture
Trustee acts as Paying Agent, it hereby so agrees), subject to the provisions
of this Section 3.3, that such Paying Agent shall:

            (i) hold all sums held by it for the payment of amounts due with
         respect to the Notes in trust for the benefit of the Persons entitled
         thereto until such sums shall be paid to such Persons, or otherwise
         disposed of as herein provided, and pay such sums to such Persons as
         herein provided;

            (ii) give the Indenture Trustee notice of any default by the
         Issuer (or any other obligor upon the Notes) of which it has actual
         knowledge in the making of any payment required to be made with
         respect to the Notes;

            (iii) at any time during the continuance of any such default, upon
         the written request of the Indenture Trustee, forthwith pay to the
         Indenture Trustee all sums so held in trust by such Paying Agent;

            (iv) immediately resign as a Paying Agent and forthwith pay to the
         Indenture Trustee all sums held by it in trust for the payment of
         Notes if at any time it ceases to meet the standards required to be
         met by a Paying Agent at the time of its appointment; and

            (v) comply with all requirements of the Code and any state or
         local tax law with respect to the withholding from any payments made
         by it on any Notes of any applicable withholding taxes imposed
         thereon and with respect to any applicable reporting requirements in
         connection therewith.

The Issuer may at any time, for the purpose of obtaining the satisfaction and
discharge of this Indenture or for any other purpose, by Issuer Order direct
any Paying Agent to pay to the Indenture Trustee all sums held in trust by
such Paying Agent, such sums to be held by the Indenture Trustee upon the same
trusts as those upon which the sums were held by such Paying Agent; and upon
such payment by any Paying Agent to the Indenture Trustee, such Paying Agent
shall be released from all further liability with respect to such money.

         (d) Subject to applicable laws with respect to escheat of funds, any
money held by the Indenture Trustee or any Paying Agent in trust for the
payment of any amount due with respect to any Note and remaining unclaimed for
two years after such amount has become due and payable shall be discharged
from such trust and be paid to the Issuer on Issuer Request; and the Holder of
such Note shall thereafter, as an unsecured general creditor, look only to the
Issuer for payment thereof (but only to the extent of the amounts so paid to
the Issuer), and all liability of the Indenture Trustee or such Paying Agent
with respect to such trust money shall thereupon cease; provided, however,
that the Indenture Trustee or such Paying Agent, before being required to make
any such repayment, shall at the expense and direction of the Issuer cause to
be published once, in a newspaper published in the English language,
customarily published on each Business Day and of general circulation in The
City of New York, notice that such money remains unclaimed and that, after a
date specified therein, which shall not be less than 30 days from the date of
such publication, any unclaimed balance of such money then remaining shall be
repaid to the Issuer. The Indenture Trustee shall also adopt and employ, at
the expense and direction of the Issuer, any other reasonable means of
notification of such repayment (including, but not limited to, mailing notice
of such repayment to Holders whose Notes have been called but have not been
surrendered for redemption or whose right to or interest in monies due and
payable but not claimed is determinable from the records of the Indenture
Trustee or of any Paying Agent, at the last address of record for each such
Holder).

         Section 3.4 Existence. The Issuer shall keep in full effect its
existence, rights and franchises as a business trust under the laws of the
State of Delaware (unless it becomes, or any successor Issuer hereunder is or
becomes, organized under the laws of any other State or of the United States
of America, in which case the Issuer shall keep in full effect its existence,
rights and franchises under the laws of such other jurisdiction) and shall
obtain and preserve its qualification to do business in each jurisdiction in
which such qualification is or shall be necessary to protect the validity and
enforceability of this Indenture, the Notes, the Collateral and each other
instrument or agreement included in the Trust Estate.

         Section 3.5 Protection of Trust Estate. The Issuer shall from time to
time execute (or, in the case of financing statements, authorize) and deliver
all such supplements and amendments hereto and all such financing statements,
continuation statements, instruments of further assurance and other
instruments, and shall take such other action necessary or advisable to:

            (i) maintain or preserve the lien and security interest (and the
         priority thereof) of this Indenture or carry out more effectively the
         purposes hereof;

            (ii) perfect, publish notice of or protect the validity of any
         Grant made or to be made by this Indenture;

            (iii) enforce any of the Collateral; or

            (iv) preserve and defend title to the Trust Estate and the rights
         of the Indenture Trustee and the Noteholders in such Trust Estate
         against the claims of all Persons.

The Issuer hereby designates the Indenture Trustee its agent and
attorney-in-fact to authorize any financing statement, continuation statement
or other instrument required to be authorized pursuant to this Section 3.5.

         Section 3.6 Opinions as to Trust Estate. (a) On the Closing Date, the
Issuer shall furnish to the Indenture Trustee an Opinion of Counsel
substantially in the form attached hereto as Exhibit D.

         (b) On or before March 31, in each calendar year, beginning in 2003,
the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel either
stating that, in the opinion of such counsel, such action has been taken with
respect to the recording, filing, re-recording and refiling of this Indenture,
any indentures supplemental hereto and any other requisite documents and with
respect to the authorization and filing of any financing statements and
continuation statements as is necessary to maintain the lien and security
interest created by this Indenture and reciting the details of such action or
stating that in the opinion of such counsel no such action is necessary to
maintain such lien and security interest. Such Opinion of Counsel shall also
describe the recording, filing, re-recording and refiling of this Indenture,
any indentures supplemental hereto and any other requisite documents and the
authorization and filing of any financing statements and continuation
statements that shall, in the opinion of such counsel, be required to maintain
the lien and security interest of this Indenture until March 31 in the
following calendar year.

         Section 3.7 Performance of Obligations; Servicing of Receivables. (a)
The Issuer shall not take any action and shall use its best efforts not to
permit any action to be taken by others that would release any Person from any
of such Person's material covenants or obligations under any instrument or
agreement included in the Trust Estate or that would result in the amendment,
hypothecation, subordination, termination or discharge of, or impair the
validity or effectiveness of, any such instrument or agreement, except as
expressly provided in this Indenture and the other Basic Documents.

         (b) The Issuer may contract with other Persons to assist it in
performing its duties under this Indenture, and any performance of such duties
by a Person identified to the Indenture Trustee in an Officer's Certificate of
the Issuer shall be deemed to be action taken by the Issuer. Initially, the
Issuer has contracted with the Servicer and the Administrator to assist the
Issuer in performing its duties under this Indenture.

         (c) The Issuer shall punctually perform and observe all of its
obligations and agreements contained in this Indenture, the Basic Documents
and in the instruments and agreements included in the Trust Estate, including,
but not limited to, filing or causing to be filed all financing statements and
continuation statements required to be filed under the Relevant UCC by the
terms of this Indenture and the Sale and Servicing Agreement in accordance
with and within the time periods provided for herein and therein. Except as
otherwise expressly provided therein, the Issuer shall not waive, amend,
modify, supplement or terminate any Basic Document or any provision thereof
without the consent of the Indenture Trustee or the Holders of at least a
majority of the principal amount of the Notes Outstanding.

         (d) If the Issuer shall have knowledge of the occurrence of an Event
of Servicing Termination under the Sale and Servicing Agreement, the Issuer
shall promptly notify the Indenture Trustee and the Rating Agencies thereof
and shall specify in such notice the action, if any, the Issuer is taking in
respect of such default. If an Event of Servicing Termination shall arise from
the failure of the Servicer to perform any of its duties or obligations under
the Sale and Servicing Agreement with respect to the Receivables, the Issuer
shall take all reasonable steps available to it to remedy such failure.

         (e) As promptly as possible after the giving of notice of termination
to the Servicer of the Servicer's rights and powers pursuant to Section 8.1 of
the Sale and Servicing Agreement, the Issuer shall (subject to the rights of
the Indenture Trustee to direct such appointment pursuant to Section 8.2 of
the Sale and Servicing Agreement) appoint a successor servicer (the "Successor
Servicer"), and such Successor Servicer shall accept its appointment by a
written assumption in a form acceptable to the Indenture Trustee. In the event
that a Successor Servicer has not been appointed or has not accepted its
appointment at the time when the Servicer ceases to act as Servicer, the
Indenture Trustee, without further action, shall automatically be appointed
the Successor Servicer. The Indenture Trustee may resign as the Servicer by
giving written notice of such resignation to the Issuer and in such event
shall be released from such duties and obligations, such release not to be
effective until the date a new servicer enters into a servicing agreement with
the Issuer as provided below. Upon delivery of any such notice to the Issuer,
the Issuer shall obtain a new servicer as the Successor Servicer under the
Sale and Servicing Agreement. Any Successor Servicer (other than the Indenture
Trustee) shall (i) be an established financial institution having a net worth
of not less than $50,000,000 and whose regular business includes the servicing
of automotive installment sale contracts and (ii) enter into a servicing
agreement with the Issuer having substantially the same provisions as the
provisions of the Sale and Servicing Agreement applicable to the Servicer. If,
within 30 days after the delivery of the notice referred to above, the Issuer
shall not have obtained such a new servicer, the Indenture Trustee may
appoint, or may petition a court of competent jurisdiction to appoint, a
Successor Servicer. In connection with any such appointment, the Indenture
Trustee may make such arrangements for the compensation of such successor as
it and such successor shall agree, subject to the limitations set forth below
and in the Sale and Servicing Agreement, and in accordance with Section 8.2 of
the Sale and Servicing Agreement, the Issuer shall enter into an agreement
with such successor for the servicing of the Receivables (such agreement to be
in form and substance satisfactory to the Indenture Trustee). If the Indenture
Trustee shall succeed to the Servicer's duties as servicer of the Receivables
as provided herein, it shall do so in its individual capacity and not in its
capacity as Indenture Trustee and, accordingly, the provisions of Article VI
hereof shall be inapplicable to the Indenture Trustee in its duties as the
successor to the Servicer and the servicing of the Receivables. If the
Indenture Trustee shall become successor to the Servicer under the Sale and
Servicing Agreement, the Indenture Trustee shall be entitled to appoint as
Servicer any one of its Affiliates; provided that the Indenture Trustee, in
its capacity as the Servicer, shall be fully liable for the actions and
omissions of such Affiliate in such capacity as Successor Servicer.

         (f) Upon any termination of the Servicer's rights and powers pursuant
to the Sale and Servicing Agreement, the Issuer shall promptly notify the
Indenture Trustee. As soon as a Successor Servicer is appointed by the Issuer,
the Issuer shall notify the Indenture Trustee of such appointment, specifying
in such notice the name and address of such Successor Servicer.

         (g) Without derogating from the absolute nature of the assignment
granted to the Indenture Trustee under this Indenture or the rights of the
Indenture Trustee hereunder, the Issuer hereby agrees that it shall not,
without the prior written consent of the Indenture Trustee or the Holders of
at least a majority in principal amount of the Notes Outstanding, amend,
modify, waive, supplement, terminate or surrender, or agree to any amendment,
modification, supplement, termination, waiver or surrender of, the terms of
any Collateral (except to the extent otherwise provided in the Sale and
Servicing Agreement or the Basic Documents).

         Section 3.8 Negative Covenants. So long as any Notes are Outstanding,
the Issuer shall not:

            (i) except as expressly permitted by this Indenture, the Trust
         Agreement, the Purchase Agreement or the Sale and Servicing
         Agreement, sell, transfer, exchange or otherwise dispose of any of
         the properties or assets of the Issuer, including those included in
         the Trust Estate, unless directed to do so by the Indenture Trustee;

            (ii) claim any credit on, or make any deduction from the principal
         or interest payable in respect of, the Notes (other than amounts
         properly withheld from such payments under the Code or applicable
         state law) or assert any claim against any present or former
         Noteholder by reason of the payment of the taxes levied or assessed
         upon the Issuer;

            (iii) consolidate or merge with or into any other Person;

            (iv) dissolve or liquidate in whole or in part;

            (v) (A) permit the validity or effectiveness of this Indenture to
         be impaired, or permit the lien of this Indenture to be amended,
         hypothecated, subordinated, terminated or discharged, or permit any
         Person to be released from any covenants or obligations with respect
         to the Notes under this Indenture except as may be expressly
         permitted hereby, (B) permit any lien, charge, excise, claim,
         security interest, mortgage or other encumbrance (other than the lien
         of this Indenture) to be created on or extend to or otherwise arise
         upon or burden the assets of the Issuer or any part thereof or any
         interest therein or the proceeds thereof or (C) permit the lien of
         this Indenture not to constitute a valid first priority (other than
         with respect to any such tax, mechanics' or other lien) security
         interest in the Trust Estate; or

            (vi) engage in any activity which is inconsistent with the
         treatment of the Issuer as a "Qualifying Special Purpose Entity" as
         such term is used in SFAS 140 and any successor rule thereto.

         Section 3.9 Annual Statement as to Compliance. The Issuer shall
deliver to the Indenture Trustee, on or before March 31 of each year
(commencing with the year 2003), an Officer's Certificate stating, as to the
Responsible Officer signing such Officer's Certificate, that:

            (i) a review of the activities of the Issuer during such year (or
         such shorter period, with respect to the first such Officer's
         Certificate) and of its performance under this Indenture has been
         made under such Responsible Officer's supervision; and

            (ii) to the best of such Responsible Officer's knowledge, based on
         such review, the Issuer has complied with all conditions and
         covenants under this Indenture throughout such year (or such shorter
         period, with respect to the first such Officer's Certificate), or, if
         there has been a default in its compliance with any such condition or
         covenant, specifying each such default known to such Responsible
         Officer and the nature and status thereof.

         Section 3.10 Consolidation, Merger, etc., of the Issuer; Disposition
of Subtrust Assets.

         (a) The Issuer shall not consolidate or merge with or into any other
Person.

         (b) Except as otherwise expressly permitted by this Indenture or the
other Basic Documents, the Issuer shall not sell, convey, exchange, transfer
or otherwise dispose of any material portion of the properties and assets
included in the Trust Estate to any Person.

         Section 3.11 No Other Business. The Issuer shall not engage in any
business other than financing, acquiring, owning and pledging the Receivables
in the manner contemplated by this Indenture and the other Basic Documents and
activities incidental thereto.

         Section 3.12 No Borrowing. The Issuer shall not issue, incur, assume,
guarantee or otherwise become liable, directly or indirectly, for any
indebtedness except for the Notes.

         Section 3.13 Servicer's Obligations. The Issuer shall cause the
Servicer to comply with the Sale and Servicing Agreement, including Sections
3.7, 3.9, 3.10, 3.11, 3.12, 3.13, 3.14 and 4.9 and Article VII thereof.

         Section 3.14 Guarantees, Loans, Advances and Other Liabilities.
Except as contemplated by this Indenture and the other Basic Documents, the
Issuer shall not make any loan or advance or credit to, or guarantee (directly
or indirectly or by an instrument having the effect of assuring another's
payment or performance on any obligation or capability of so doing or
otherwise), endorse or otherwise become contingently liable, directly or
indirectly, in connection with the obligations, stocks or dividends of, or
own, purchase, repurchase or acquire (or agree contingently to do so) any
stock, obligations, assets or securities of, or any other interest in, or make
any capital contribution to, any other Person.

         Section 3.15 Capital Expenditures. The Issuer shall not make any
expenditure (by long-term or operating lease or otherwise) for capital assets
(either realty or personalty).

         Section 3.16 Further Instruments and Acts. Upon request of the
Indenture Trustee, the Issuer shall execute and deliver such further
instruments and do such further acts as may be reasonably necessary or proper
to carry out more effectively the purpose of this Indenture.

         Section 3.17 Restricted Payments. The Issuer shall not, directly or
indirectly, (i) make any distribution (by reduction of capital or otherwise),
whether in cash, property, securities or a combination thereof, to the Owner
Trustee or any owner of a beneficial interest in the Issuer or otherwise with
respect to any ownership or equity interest or security in or of the Issuer or
to the Servicer, (ii) redeem, purchase, retire or otherwise acquire for value
any such ownership or equity interest or security or (iii) set aside or
otherwise segregate any amounts for any such purpose; provided, however, that
the Issuer may make, or cause to be made, (x) payments to the Servicer, the
Owner Trustee and the Certificateholders as contemplated by, and to the extent
funds are available for such purpose under, the Sale and Servicing Agreement
or the Trust Agreement and (y) payments to the Indenture Trustee pursuant to
Section 1(a)(ii) of the Administration Agreement. The Issuer shall not,
directly or indirectly, make payments to or distributions from the Collection
Account except in accordance with this Indenture and the other Basic
Documents.

         Section 3.18 Notice of Events of Default. The Issuer shall give the
Indenture Trustee and the Rating Agencies prompt written notice of each Event
of Default hereunder and of each default on the part of any party to the Sale
and Servicing Agreement, the Purchase Agreement with respect to any of the
provisions thereof.

         Section 3.19 Removal of Administrator. For so long as any Notes are
Outstanding, the Issuer shall not remove the Administrator without cause
unless the Rating Agency Condition shall have been satisfied in connection
therewith.

                   ARTICLE IV - SATISFACTION AND DISCHARGE

         Section 4.1 Satisfaction and Discharge of Indenture.

         (a) This Indenture shall cease to be of further effect with respect
to the Notes except as to (i) rights of registration of transfer and exchange,
(ii) substitution of mutilated, destroyed, lost or stolen Notes, (iii) rights
of Noteholders to receive payments of principal thereof and interest thereon,
(iv) Sections 3.3, 3.4, 3.5, 3.8, 3.11 and 3.12 hereof, (v) the rights,
obligations and immunities of the Indenture Trustee hereunder (including the
rights of the Indenture Trustee under Section 6.7 and the obligations of the
Indenture Trustee under Section 4.3), and (vi) the rights of Noteholders as
beneficiaries hereof with respect to the property so deposited with the
Indenture Trustee payable to all or any of them, and the Indenture Trustee, on
demand of and at the expense of the Issuer, shall execute proper instruments
acknowledging satisfaction and discharge of this Indenture with respect to the
Notes, when either:

                  (A) all Notes of all Classes theretofore authenticated and
         delivered (other than (i) Notes that have been destroyed, lost or
         stolen and that have been replaced or paid as provided in Section 2.6
         and (ii) Notes for whose payment money has theretofore been
         irrevocably deposited in trust or segregated and held in trust by the
         Issuer and thereafter repaid to the Issuer or discharged from such
         trust, as provided in Section 3.3) have been delivered to the
         Indenture Trustee for cancellation; or

                  (B)      each of the following:

                           (1) all Notes not theretofore delivered to the
                           Indenture Trustee for cancellation have become due
                           and payable and the Issuer has irrevocably
                           deposited or caused to be irrevocably deposited
                           with the Indenture Trustee cash or direct
                           obligations of or obligations guaranteed by the
                           United States of America (which will mature prior
                           to the date such amounts are payable), in trust for
                           such purpose, in an amount sufficient to pay and
                           discharge the entire indebtedness on such Notes not
                           theretofore delivered to the Indenture Trustee for
                           cancellation when due to the applicable Stated
                           Maturity Date or Redemption Date (if Notes shall
                           have been called for redemption pursuant to Section
                           10.1(a)), as the case may be;

                           (2) the Issuer has paid or caused to be paid all
                           other sums payable by the Issuer hereunder and
                           under the other Basic Documents;

                           (3) the Issuer has delivered to the Indenture
                           Trustee an Officer's Certificate, an Opinion of
                           Counsel and (if required by the TIA or the
                           Indenture Trustee) an Independent Certificate from
                           a firm of certified public accountants, each
                           meeting the applicable requirements of Section
                           11.1(a) and, subject to Section 11.2, each stating
                           that all conditions precedent herein provided for
                           relating to the satisfaction and discharge of this
                           Indenture have been complied with;

                           (4) the Issuer has delivered to the Indenture
                           Trustee an Opinion of Counsel to the effect that
                           the satisfaction and discharge of the Notes
                           pursuant to this Section 4.1 will not cause any
                           Noteholder to be treated as having sold or
                           exchanged any of its Notes for purposes of Section
                           1001 of the Code; and

                           (5) the Issuer has delivered to the Indenture
                           Trustee an Officer's Certificate stating that the
                           satisfaction and discharge of this Indenture (i) is
                           not inconsistent with the derecognition by MMCA of
                           the Receivables under GAAP and (ii) will not cause
                           the Issuer to become part of MMCA's consolidated
                           group under GAAP.

         (b) Notwithstanding anything to the contrary herein or in any other
Basic Document, the Issuer shall not cause or permit the Notes to be prepaid
except as set forth in Section 10.1.

         Section 4.2 Satisfaction and Discharge of the Notes.

         (a) Upon satisfaction of the conditions set forth in subsection (b)
below, the Issuer shall be deemed to have paid and discharged the entire
indebtedness on all the Notes Outstanding, and the provisions of this
Indenture, as it relates to such Notes, shall no longer be in effect (and the
Indenture Trustee, at the expense of the Issuer, shall execute proper
instruments acknowledging the same), except as to:

            (i) the rights of Holders of Notes to receive, from the trust
         funds described in subsection (b)(i) hereof, payment of the principal
         of and interest on the Notes Outstanding at maturity of such
         principal or interest;

            (ii) the obligations of the Issuer with respect to the Notes under
         Sections 2.5, 2.6, 3.2 and 3.3 hereof;

            (iii) the obligations of the Issuer to the Indenture Trustee under
         Section 6.7 hereof; and

            (iv) the rights, powers, trusts and immunities of the Indenture
         Trustee hereunder and the duties of the Indenture Trustee hereunder.

         (b) The satisfaction and discharge of the Notes pursuant to
subsection (a) of this Section 4.2 is subject to the satisfaction of all of
the following conditions:

            (i) the Issuer has deposited or caused to be deposited irrevocably
         (except as provided in Section 4.4 hereof) with the Indenture Trustee
         as trust funds in trust, specifically pledged as security for, and
         dedicated solely to, the benefit of the Holders of the Notes, which,
         through the payment of interest and principal in respect thereof in
         accordance with their terms will provide, not later than one day
         prior to the due date of any payment referred to below, money in an
         amount sufficient, in the opinion of a nationally recognized firm of
         independent certified public accountants expressed in a written
         certification thereof delivered to the Indenture Trustee, to pay and
         discharge the entire indebtedness on the Notes Outstanding, for
         principal thereof and interest thereon to the date of such deposit
         (in the case of Notes that have become due and payable) or to the
         maturity of such principal and interest, as the case may be;

            (ii) such deposit will not result in a breach or violation of, or
         constitute an event of default under, any other agreement or
         instrument to which the Issuer is bound;

            (iii) no Event of Default with respect to the Notes shall have
         occurred and be continuing on the date of such deposit or on the 91st
         day after such date;

            (iv) the Issuer has delivered to the Indenture Trustee an Opinion
         of Counsel to the effect that the satisfaction and discharge of the
         Notes pursuant to this Section 4.2 will not cause any Noteholder to
         be treated as having sold or exchanged any of its Notes for purposes
         of Section 1001 of the Code; and

            (v) the Issuer has delivered to the Indenture Trustee an Officer's
         Certificate and an Opinion of Counsel, each stating that all
         conditions precedent relating to the satisfaction and discharge of
         the Notes contemplated by this Section 4.2 have been complied with.

         (c) Notwithstanding anything to the contrary herein or in any other
Basic Document, the Issuer shall not cause or permit the Notes to be prepaid
except as set forth in Section 10.1.

         Section 4.3 Application of Trust Money. All monies deposited with the
Indenture Trustee pursuant to Section 4.1 shall be held in trust and applied
by it, in accordance with the provisions of the Notes and this Indenture, to
the payment, either directly or through any Paying Agent, as the Indenture
Trustee may determine, to the Holders of the particular Notes for the payment
or redemption of which such monies have been deposited with the Indenture
Trustee, of all sums due and to become due thereon for principal and interest,
but such monies need not be segregated from other funds except to the extent
required herein or in the Sale and Servicing Agreement or required by law.

         Section 4.4 Repayment of Monies Held by Paying Agent. In connection
with the satisfaction and discharge of this Indenture with respect to the
Notes, all monies then held by any Paying Agent other than the Indenture
Trustee under the provisions of this Indenture with respect to such Notes
shall, upon demand of the Issuer, be paid to the Indenture Trustee to be held
and applied according to Section 3.3 and thereupon such Paying Agent shall be
released from all further liability with respect to such monies.

                             ARTICLE V - REMEDIES

         Section 5.1 Events of Default. "Event of Default," wherever used
herein, means the occurrence of any one of the following events (whatever the
reason for such Event of Default and whether it shall be voluntary or
involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any
administrative or governmental body):

            (i) default in the payment of any interest on any Note when the
         same becomes due and payable, and such default shall continue for a
         period of five days or more; or

            (ii) default in the payment of the principal of or any installment
         of the principal of any Note when the same becomes due and payable,
         including with respect to each Class of Notes, the Stated Maturity
         Date for such Class; or

            (iii) default in the observance or performance of any material
         covenant or agreement of the Issuer made in this Indenture (other
         than a covenant or agreement, a default in the observance or
         performance of which is elsewhere in this Section 5.1 specifically
         dealt with), or any representation or warranty of the Issuer made in
         this Indenture or in any certificate or other writing delivered
         pursuant hereto or in connection herewith proving to have been
         incorrect in any material respect as of the time when the same shall
         have been made, and such default shall continue or not be cured, or
         the circumstance or condition in respect of which such
         misrepresentation or warranty was incorrect shall not have been
         eliminated or otherwise cured, for a period of 60 days or in the case
         of a materially incorrect representation and warranty 30 days, after
         there shall have been given, by registered or certified mail, to the
         Issuer by the Indenture Trustee or to the Issuer and the Indenture
         Trustee by the Holders of not less than 25% of the principal amount
         of the Notes Outstanding, a written notice specifying such default or
         incorrect representation or warranty and requiring it to be remedied
         and stating that such notice is a notice of Default hereunder; or

            (iv) the filing of a decree or order for relief by a court having
         jurisdiction in the premises in respect of the Issuer or any
         substantial part of the Trust Estate in an involuntary case under any
         applicable federal or state bankruptcy, insolvency or other similar
         law now or hereafter in effect, or appointing a receiver, liquidator,
         assignee, custodian, trustee, sequestrator or similar official of the
         Issuer or for any substantial part of the Trust Estate, or ordering
         the winding-up or liquidation of the Issuer's affairs, and such
         decree or order shall remain unstayed and in effect for a period of
         60 consecutive days; or

            (v) the commencement by the Issuer of a voluntary case under any
         applicable federal or state bankruptcy, insolvency or other similar
         law now or hereafter in effect, or the consent by the Issuer to the
         entry of an order for relief in an involuntary case under any such
         law, or the consent by the Issuer to the appointment or taking
         possession by a receiver, liquidator, assignee, custodian, trustee,
         sequestrator or similar official of the Issuer or for any substantial
         part of the Trust Estate, or the making by the Issuer of any general
         assignment for the benefit of creditors, or the failure by the Issuer
         generally to pay its debts as such debts become due, or the taking of
         any action by the Issuer in furtherance of any of the foregoing.

The Issuer shall deliver to the Indenture Trustee, within five days after the
occurrence thereof, written notice in the form of an Officer's Certificate of
any Default which with the giving of notice and the lapse of time would become
an Event of Default under clause (iii), its status and what action the Issuer
is taking or proposes to take with respect thereto.

         Section 5.2 Acceleration of Maturity; Rescission and Annulment. (a)
If an Event of Default should occur and be continuing, then and in every such
case the Indenture Trustee or the Holders of Notes representing not less than
a majority of the principal amount of the Notes Outstanding, voting as a
group, may declare all the Notes to be immediately due and payable, by a
notice in writing to the Issuer (and to the Indenture Trustee if given by
Noteholders), and upon any such declaration the unpaid principal amount of
such Notes, together with accrued and unpaid interest thereon through the date
of acceleration, shall become immediately due and payable. If an Event of
Default specified in Section 5.1(iv) or (v) occurs, all unpaid principal,
together with all accrued and unpaid interest thereon, of all the Notes, and
all other amounts payable hereunder, shall automatically become due and
payable without any declaration or other act on the part of the Indenture
Trustee or any Holder of the Notes.

         (b) At any time after a declaration of acceleration of maturity has
been made and before a judgment or decree for payment of the amount due has
been obtained by the Indenture Trustee as hereinafter provided in this Article
V, the Holders of Notes representing a majority of the principal amount of the
Notes Outstanding, voting as a group, by written notice to the Issuer and the
Indenture Trustee, may rescind and annul such declaration and its consequences
if:

            (i) the Issuer has paid or deposited with the Indenture Trustee a
         sum sufficient to pay:

                  (A) all payments of principal of and interest on all Notes
         and all other amounts that would then be due hereunder or upon such
         Notes if the Event of Default giving rise to such acceleration had
         not occurred; and

                  (B) all sums paid or advanced by the Indenture Trustee
         hereunder and the reasonable compensation, expenses, disbursements
         and advances of the Indenture Trustee and its agents and counsel and
         other amounts due and owing to the Indenture Trustee pursuant to
         Section 6.7; and

            (ii) all Events of Default, other than the nonpayment of the
         principal of the Notes that has become due solely by such
         acceleration, have been cured or waived as provided in Section 5.12.

No such rescission shall affect any subsequent default or impair any right
consequent thereto.

         Section 5.3 Collection of Indebtedness and Suits for Enforcement by
Indenture Trustee. (a) The Issuer covenants that if (i) there is a default in
the payment of any interest on any Note when the same becomes due and payable,
and such default continues for a period of five days, or (ii) there is a
default in the payment of the principal of or any installment of the principal
of any Note when the same becomes due and payable, the Issuer shall, upon
demand of the Indenture Trustee, pay to the Indenture Trustee, for the benefit
of the Holders of the Notes, the whole amount then due and payable on the
Notes for principal and interest, with interest upon the overdue principal at
the applicable Note Interest Rate and, to the extent payment at such rate of
interest shall be legally enforceable, upon overdue installments of interest
at the applicable Note Interest Rate and in addition thereto such further
amount as shall be sufficient to cover the costs and expenses of collection,
including the reasonable compensation, expenses, disbursements and advances of
the Indenture Trustee and its agents and counsel and other amounts due and
owing to the Indenture Trustee pursuant to Section 6.7.

         (b) In case the Issuer shall fail forthwith to pay such amounts upon
such demand, the Indenture Trustee, in its own name and as trustee of an
express trust, may institute a Proceeding for the collection of the sums so
due and unpaid, and may prosecute such Proceeding to judgment or final decree,
and may enforce the same against the Issuer or other obligor upon the Notes
and collect in the manner provided by law out of the property of the Issuer or
other obligor upon the Notes, wherever situated, the monies adjudged or
decreed to be payable.

         (c) If an Event of Default occurs and is continuing, the Indenture
Trustee may, as more particularly provided in Section 5.4, in its discretion,
proceed to protect and enforce its rights and the rights of the Noteholders by
such appropriate Proceedings as the Indenture Trustee shall deem most
effective to protect and enforce any such rights, whether for the specific
enforcement of any covenant or agreement in this Indenture or in aid of the
exercise of any power granted herein, or to enforce any other proper remedy or
legal or equitable right vested in the Indenture Trustee by this Indenture or
by law.

         (d) In case there shall be pending, relative to the Issuer or any
other obligor upon the Notes or any Person having or claiming an ownership
interest in the Trust Estate, Proceedings under Title 11 of the United States
Code or any other applicable federal or state bankruptcy, insolvency or other
similar law, or in case a receiver, assignee or trustee in bankruptcy or
reorganization, liquidator, sequestrator or similar official shall have been
appointed for or taken possession of the Issuer or its property or such other
obligor or Person, or in case of any other comparable judicial Proceedings
relative to the Issuer or other obligor upon the Notes, or to the creditors or
property of the Issuer or such other obligor, the Indenture Trustee,
irrespective of whether the principal of any Notes shall then be due and
payable as therein expressed or by declaration or otherwise and irrespective
of whether the Indenture Trustee shall have made any demand pursuant to the
provisions of this Section 5.3, shall be entitled and empowered, by
intervention in such Proceedings or otherwise:

            (i) to file and prove a claim or claims for the whole amount of
         principal and interest owing and unpaid in respect of the Notes and
         to file such other papers or documents as may be necessary or
         advisable in order to have the claims of the Indenture Trustee
         (including any claim for reasonable compensation to the Indenture
         Trustee and each predecessor Indenture Trustee, and their respective
         agents, attorneys and counsel, and all other amounts due and owing to
         the Indenture Trustee pursuant to Section 6.7), of the Noteholders
         allowed in such Proceedings;

            (ii) unless prohibited by applicable law and regulations, to vote
         on behalf of the Holders of Notes in any election of a trustee, a
         standby trustee or Person performing similar functions in any such
         Proceedings;

            (iii) to collect and receive any monies or other property payable
         or deliverable on any such claims and to pay all amounts received
         with respect to the claims of the Noteholders and of the Indenture
         Trustee on their behalf; and

            (iv) to file such proofs of claim and other papers or documents as
         may be necessary or advisable in order to have the claims of the
         Indenture Trustee or the Holders of Notes allowed in any judicial
         proceedings relative to the Issuer, its creditors and its property;

and any trustee, receiver, liquidator, custodian or other similar official in
any such Proceeding is hereby authorized by each of such Noteholders to make
payments to the Indenture Trustee and, in the event that the Indenture Trustee
shall consent to the making of payments directly to such Noteholders, to pay
to the Indenture Trustee such amounts as shall be sufficient to cover
reasonable compensation to the Indenture Trustee, each predecessor Indenture
Trustee and their respective agents, attorneys and counsel, and all other
amounts due and owing to the Indenture Trustee pursuant to Section 6.7.

         (e) Nothing herein contained shall be deemed to authorize the
Indenture Trustee to authorize or consent to or vote for or accept or adopt on
behalf of any Noteholder any plan of reorganization, arrangement, adjustment
or composition affecting the Notes or the rights of any Noteholder to
authorize the Indenture Trustee to vote in respect of the claim of any
Noteholder in any such proceeding except, as aforesaid, to vote for the
election of a trustee in bankruptcy or similar Person.

         (f) All rights of action and of asserting claims under this
Indenture, or under any of the Notes, may be enforced by the Indenture Trustee
without the possession of any of the Notes or the production thereof in any
trial or other Proceedings relative thereto, and any such action or
Proceedings instituted by the Indenture Trustee shall be brought in its own
name as trustee of an express trust, and any recovery of judgment, subject to
the payment of the expenses, disbursements and compensation of the Indenture
Trustee, each predecessor Indenture Trustee and their respective agents and
attorneys, shall be for the ratable benefit of the Holders of the Notes.

         (g) In any Proceedings brought by the Indenture Trustee (and also any
Proceedings involving the interpretation of any provision of this Indenture to
which the Indenture Trustee shall be a party), the Indenture Trustee shall be
held to represent all the Noteholders, and it shall not be necessary to make
any Noteholder a party to any such Proceedings.

         Section 5.4 Remedies; Priorities. (a) If an Event of Default shall
have occurred and be continuing, the Indenture Trustee may, but shall not be
obligated to, do one or more of the following (subject to Section 5.5):

            (i) institute Proceedings in its own name and as trustee of an
         express trust for the collection of all amounts then payable on the
         Notes or under this Indenture with respect thereto, whether by
         declaration or otherwise, enforce any judgment obtained, and collect
         from the Issuer and any other obligor upon such Notes the amounts
         then payable and adjudged due;

            (ii) institute Proceedings from time to time for the complete or
         partial foreclosure of this Indenture with respect to the Trust
         Estate;

            (iii) exercise any remedies of a secured party under the Relevant
         UCC and take any other appropriate action to protect and enforce the
         rights and remedies of the Indenture Trustee and the Noteholders; and

            (iv) sell or liquidate the Trust Estate or any portion thereof or
         rights or interest therein at one or more public or private sales
         called and conducted in any manner permitted by law;

provided, however, that the Indenture Trustee may not sell or otherwise
liquidate the Trust Estate following an Event of Default, other than an Event
of Default described in Section 5.1(i) or (ii), unless (A) the Holders of 100%
of the principal amount of the Notes Outstanding, voting as a group, consent
thereto, (B) the proceeds of such sale or liquidation are sufficient to pay in
full the principal of and the accrued interest on the outstanding Notes or (C)
the Indenture Trustee determines that the Trust Estate will not continue to
provide sufficient funds for the payment of principal of and interest on the
Notes as they would have become due if the Notes had not been declared due and
payable, and the Indenture Trustee obtains the consent of Holders of 66 2/3%
of the principal amount of the Notes Outstanding, voting as a group. In
determining such sufficiency or insufficiency with respect to clauses (B) and
(C) above, the Indenture Trustee may, but need not, obtain and rely upon an
opinion of an Independent investment banking or accounting firm of national
reputation as to the feasibility of such proposed action and as to the
sufficiency of the Trust Estate for such purpose.

         (b) Notwithstanding the foregoing, if an Event of Default specified
in Section 5.1(i) shall have occurred and be continuing and the Notes shall
have been accelerated under Section 5.2(a),

            (i) if the Indenture Trustee determines that the net proceeds of a
         sale or liquidation of the Trust Estate would be sufficient to
         discharge in full the principal of and accrued interest on the Notes,
         the Indenture Trustee shall sell or liquidate the Trust Estate or any
         portion thereof or rights or interest therein at one or more public
         or private sales called and conducted in any manner permitted by law;
         or

            (ii) if the Indenture Trustee determines that the net proceeds of
         a sale or liquidation of the Trust Estate would not be sufficient to
         discharge in full the principal of and accrued interest on the Notes,
         the Indenture Trustee may sell or liquidate the Trust Estate at one
         or more public or private sales called and conducted in any manner
         permitted by law if the Indenture Trustee obtains the consent of
         Holders of 66 2/3% of the principal amount of the Notes Outstanding,
         voting as a group.

         (c) If the Indenture Trustee collects any money or property pursuant
to this Article V, it shall pay out the money or property in the order of
priority set forth in Section 2.8(f).

         (d) The Indenture Trustee may fix a record date and payment date for
any payment to Noteholders pursuant to this Section 5.4. At least 15 days
before such record date, the Issuer shall mail to each Noteholder and the
Indenture Trustee a notice that states the record date, the payment date and
the amount to be paid.

         Section 5.5 Optional Preservation of the Receivables. Subject to
Section 5.4(b), if the Notes have been declared to be due and payable under
Section 5.2 following an Event of Default, and such declaration and its
consequences have not been rescinded and annulled, the Indenture Trustee may,
but need not, elect to maintain possession of the Trust Estate and apply
proceeds as if there had been no declaration of acceleration; provided,
however, that Total Available Funds shall be applied in accordance with such
declaration of acceleration in the manner specified in Section 4.6(c) of the
Sale and Servicing Agreement. It is the desire of the parties hereto and the
Noteholders that there be at all times sufficient funds for the payment of
principal of and interest on the Notes, and the Indenture Trustee shall take
such desire into account when determining whether or not to maintain
possession of the Trust Estate. In determining whether to maintain possession
of the Trust Estate, the Indenture Trustee may, but need not, obtain and rely
upon an opinion of an Independent investment banking or accounting firm of
national reputation as to the feasibility of such proposed action and as to
the sufficiency of the Trust Estate for such purpose.

         Section 5.6 Limitation of Suits. No Holder of any Note shall have any
right to institute any Proceeding, judicial or otherwise, with respect to this
Indenture or for the appointment of a receiver or trustee, or for any other
remedy hereunder, unless:

         (a) such Holder has previously given written notice to the Indenture
Trustee of a continuing Event of Default;

         (b) the Holders of not less than 25% of the principal amount of the
Notes Outstanding have made written request to the Indenture Trustee to
institute such Proceeding in respect of such Event of Default in its own name
as Indenture Trustee hereunder;

         (c) such Holder or Holders have offered to the Indenture Trustee
reasonable indemnity against the costs, expenses and liabilities to be
incurred in complying with such request;

         (d) the Indenture Trustee for 60 days after its receipt of such
notice, request and offer of indemnity has failed to institute such
Proceedings; and

         (e) no direction inconsistent with such written request has been
given to the Indenture Trustee during such 60-day period by the Holders of a
majority of the principal amount of the Notes Outstanding.

         It is understood and intended that no one or more Holders of Notes
shall have any right in any manner whatever by virtue of, or by availing of,
any provision of this Indenture to affect, disturb or prejudice the rights of
any other Holders of Notes or to obtain or to seek to obtain priority or
preference over any other Holders or to enforce any right under this
Indenture, except in the manner herein provided.

         In the event the Indenture Trustee shall receive conflicting or
inconsistent requests and indemnity from two or more groups of Holders of
Notes, each representing less than a majority of the principal amount of the
Notes Outstanding, the Indenture Trustee in its sole discretion may determine
what action, if any, shall be taken, notwithstanding any other provisions of
this Indenture.

         Section 5.7 Unconditional Rights of Noteholders To Receive Principal
and Interest. Notwithstanding any other provisions in this Indenture, the
Holder of any Note shall have the right, which is absolute and unconditional,
to receive payment of the principal of and interest on, if any, such Note on
or after the respective due dates thereof expressed in such Note or in this
Indenture (or, in the case of redemption, on or after the Redemption Date) and
to institute suit for the enforcement of any such payment, and such right
shall not be impaired without the consent of such Holder.

         Section 5.8 Restoration of Rights and Remedies. If the Indenture
Trustee or any Noteholder has instituted any Proceeding to enforce any right
or remedy under this Indenture and such Proceeding has been discontinued or
abandoned for any reason or has been determined adversely to the Indenture
Trustee or to such Noteholder, then and in every such case the Issuer, the
Indenture Trustee and the Noteholders shall, subject to any determination in
such Proceeding, be restored severally and respectively to their former
positions hereunder, and thereafter all rights and remedies of the Indenture
Trustee and the Noteholders shall continue as though no such Proceeding had
been instituted.

         Section 5.9 Rights and Remedies Cumulative. No right or remedy herein
conferred upon or reserved to the Indenture Trustee or to the Noteholders is
intended to be exclusive of any other right or remedy, and every right and
remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at
law or in equity or otherwise. The assertion or employment of any right or
remedy hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy.

         Section 5.10 Delay or Omission Not a Waiver. No delay or omission of
the Indenture Trustee or any Holder of any Note to exercise any right or
remedy accruing upon any Default or Event of Default shall impair any such
right or remedy or constitute a waiver of any such Default or Event of Default
or any acquiescence therein. Every right and remedy given by this Article V or
by law to the Indenture Trustee or to the Noteholders may be exercised from
time to time, and as often as may be deemed expedient, by the Indenture
Trustee or by the Noteholders, as the case may be.

         Section 5.11 Control by Noteholders. The Holders of a majority of the
principal amount of the Notes Outstanding shall have the right to direct the
time, method and place of conducting any Proceeding for any remedy available
to the Indenture Trustee with respect to the Notes or exercising any trust or
power conferred on the Indenture Trustee; provided that:

         (a) such direction shall not be in conflict with any rule of law or
with this Indenture;

         (b) subject to the express terms of Section 5.4, any direction to the
Indenture Trustee to sell or liquidate the Trust Estate shall be by Holders of
Notes representing not less than 100% of the principal amount of the Notes
Outstanding;

         (c) if the conditions set forth in Section 5.5 have been satisfied
and the Indenture Trustee elects to retain the Trust Estate pursuant to such
Section, then any direction to the Indenture Trustee by Holders of Notes
representing less than 100% of the principal amount of the Notes Outstanding
to sell or liquidate the Trust Estate shall be of no force and effect; and

         (d) the Indenture Trustee may take any other action deemed proper by
the Indenture Trustee that is not inconsistent with such direction.

Notwithstanding the rights of Noteholders set forth in this Section, subject
to Section 6.1, the Indenture Trustee need not take any action that it
reasonably believes might involve it in costs, expenses and liabilities for
which it will not be adequately indemnified or might materially adversely
affect the rights of any Noteholders not consenting to such action.

         Section 5.12 Waiver of Past Default. Prior to the declaration of the
acceleration of the maturity of the Notes as provided in Section 5.2, the
Holders of Notes representing not less than a majority of the principal amount
of the Notes Outstanding, voting as a group, may waive any past Default or
Event of Default and its consequences except a Default or Event of Default (a)
in the payment of principal of or interest on any of the Notes or (b) in
respect of a covenant or provision hereof that cannot be amended, supplemented
or modified without the consent of the Holder of each Note. In the case of any
such waiver, the Issuer, the Indenture Trustee and the Holders of the Notes
shall be restored to their former positions and rights hereunder,
respectively; but no such waiver shall extend to any subsequent or other
Default or Event of Default or impair any right consequent thereto.

         Upon any such waiver, such Default or Event of Default shall cease to
exist and be deemed to have been cured and not to have occurred, and any Event
of Default arising therefrom shall be deemed to have been cured and not to
have occurred, for every purpose of this Indenture; but no such waiver shall
extend to any subsequent or other Default or Event of Default or impair any
right consequent thereto.

         Section 5.13 Undertaking for Costs. All parties to this Indenture
agree, and each Holder of any Note by such Holder's acceptance thereof shall
be deemed to have agreed, that any court may in its discretion require, in any
suit for the enforcement of any right or remedy under this Indenture, or in
any suit against the Indenture Trustee for any action taken, suffered or
omitted by it as Indenture Trustee, the filing by any party litigant in such
suit of an undertaking to pay the costs of such suit, and that such court may
in its discretion assess reasonable costs, including reasonable attorney's
fees, against any party litigant in such suit, having due regard to the merits
and good faith of the claims or defenses made by such party litigant; but the
provisions of this Section 5.13 shall not apply to (a) any suit instituted by
the Indenture Trustee, (b) any suit instituted by any Noteholder or group of
Noteholders, in each case holding in the aggregate more than 10% of the
principal amount of the Notes Outstanding or (c) any suit instituted by any
Noteholder for the enforcement of the payment of principal of or interest on
any Note on or after the respective due dates expressed in such Note and in
this Indenture (or, in the case of redemption, on or after the Redemption
Date).

         Section 5.14 Waiver of Stay or Extension Laws. The Issuer covenants
(to the extent that it may lawfully do so) that it shall not at any time
insist upon, or plead or in any manner whatsoever, claim or take the benefit
or advantage of, any stay or extension law wherever enacted, now or at any
time hereafter in force, that may affect the covenants or the performance of
this Indenture, and the Issuer (to the extent that it may lawfully do so)
hereby expressly waives all benefit or advantage of any such law, and
covenants that it shall not hinder, delay or impede the execution of any power
herein granted to the Indenture Trustee, but will suffer and permit the
execution of every such power as though no such law had been enacted.

         Section 5.15 Action on Notes. The Indenture Trustee's right to seek
and recover judgment on the Notes or under this Indenture shall not be
affected by the seeking, obtaining or application of any other relief under or
with respect to this Indenture. Neither the lien of this Indenture nor any
rights or remedies of the Indenture Trustee or the Noteholders shall be
impaired by the recovery of any judgment by the Indenture Trustee against the
Issuer or by the levy of any execution under such judgment upon any portion of
the Trust Estate or upon any of the assets of the Issuer. Any money or
property collected by the Indenture Trustee shall be applied in accordance
with Section 5.4(c).

         Section 5.16 Performance and Enforcement of Certain Obligations. (a)
Promptly following a request from the Indenture Trustee to do so, and at the
Administrator's expense, the Issuer shall take all such lawful action as the
Indenture Trustee may request to compel or secure the performance and
observance by the Seller and the Servicer, as applicable, of each of their
obligations to the Issuer under or in connection with the Sale and Servicing
Agreement or by the Seller of each of its obligations under or in connection
with the Purchase Agreement, and to exercise any and all rights, remedies,
powers and privileges lawfully available to the Issuer under or in connection
with the Sale and Servicing Agreement to the extent and in the manner directed
by the Indenture Trustee, including the transmission of notices of default on
the part of the Seller or the Servicer thereunder and the institution of legal
or administrative actions or proceedings to compel or secure performance by
the Seller or the Servicer of each of their obligations under the Sale and
Servicing Agreement.

         (b) If an Event of Default has occurred and is continuing, the
Indenture Trustee may, and at the direction (which direction shall be in
writing or by telephone, confirmed in writing promptly thereafter) of the
Holders of 66 2/3% of the principal amount of the Notes Outstanding, voting as
a group, shall, exercise all rights, remedies, powers, privileges and claims
of the Issuer against the Seller or the Servicer under or in connection with
the Sale and Servicing Agreement, or against the Seller under or in connection
with the Purchase Agreement, including the right or power to take any action
to compel or secure performance or observance by the Seller or the Servicer,
as the case may be, of each of their obligations to the Issuer thereunder and
to give any consent, request, notice, direction, approval, extension, or
waiver under the Sale and Servicing Agreement or the Purchase Agreement, as
the case may be, and any right of the Issuer to take such action shall be
suspended.

         (c) Promptly following a request from the Indenture Trustee to do so,
and at the Administrator's expense, the Issuer agrees to take all such lawful
action as the Indenture Trustee may request to compel or secure the
performance and observance by MMCA of each of its obligations to the Seller
under or in connection with the Purchase Agreement in accordance with the
terms thereof, and to exercise any and all rights, remedies, powers and
privileges lawfully available to the Issuer under or in connection with the
Purchase Agreement to the extent and in the manner directed by the Indenture
Trustee, including the transmission of notices of default on the part of the
Seller thereunder and the institution of legal or administrative actions or
proceedings to compel or secure performance by MMCA of each of its obligations
under the Purchase Agreement.

         (d) If an Event of Default has occurred and is continuing, the
Indenture Trustee may, and, at the direction (which direction shall be in
writing or by telephone (confirmed in writing promptly thereafter)) of the
Holders of 66 2/3% of the principal amount of the Notes Outstanding, voting as
a group, shall exercise all rights, remedies, powers, privileges and claims of
the Seller against MMCA under or in connection with the Purchase Agreement,
including the right or power to take any action to compel or secure
performance or observance by MMCA of each of its obligations to the Seller
thereunder and to give any consent, request, notice, direction, approval,
extension or waiver under the Purchase Agreement, and any rights of the Seller
to take such action shall be suspended.

                      ARTICLE VI - THE INDENTURE TRUSTEE

         Section 6.1 Duties of Indenture Trustee. (a) If an Event of Default
has occurred and is continuing, the Indenture Trustee shall exercise the
rights and powers vested in it by this Indenture and use the same degree of
care and skill in their exercise as a prudent person would exercise or use
under the circumstances in the conduct of such Person's own affairs.

         (b) Except during the continuance of an Event of Default:

            (i) the Indenture Trustee undertakes to perform such duties and
         only such duties as are specifically set forth in this Indenture and
         no implied covenants or obligations shall be read into this Indenture
         against the Indenture Trustee; and

            (ii) in the absence of bad faith on its part, the Indenture
         Trustee may conclusively rely, as to the truth of the statements and
         the correctness of the opinions expressed therein, upon certificates
         or opinions furnished to the Indenture Trustee and, if required by
         the terms of this Indenture, conforming to the requirements of this
         Indenture; however, the Indenture Trustee shall examine the
         certificates and opinions to determine whether or not they conform to
         the requirements of this Indenture.

         (c) The Indenture Trustee may not be relieved from liability for its
own negligent action, negligent failure to act, willful misconduct or bad
faith, except that:

            (i) this paragraph does not limit the effect of paragraph (b) of
         this Section 6.1;

            (ii) the Indenture Trustee shall not be liable for any error of
         judgment made in good faith by a Responsible Officer unless it is
         proved that the Indenture Trustee was negligent in ascertaining the
         pertinent facts; and

            (iii) the Indenture Trustee shall not be liable with respect to
         any action it takes or omits to take in good faith in accordance with
         a direction received by it pursuant to Section 5.11.

         (d) Every provision of this Indenture that in any way relates to the
Indenture Trustee is subject to paragraphs (a), (b), (c), (e) and (g) of this
Section 6.1.

         (e) The Indenture Trustee shall not be liable for interest on any
money received by it except as the Indenture Trustee may agree in writing with
the Issuer.

         (f) Money held in trust by the Indenture Trustee need not be
segregated from other funds except to the extent required by law or the terms
of this Indenture or the Sale and Servicing Agreement.

         (g) No provision of this Indenture shall require the Indenture
Trustee to expend or risk its own funds or otherwise incur financial liability
in the performance of any of its duties hereunder or in the exercise of any of
its rights or powers, if it shall have reasonable grounds to believe that
repayment of such funds or adequate indemnity against such risk or liability
is not reasonably assured to it.

         (h) Every provision of this Indenture relating to the conduct or
affecting the liability of or affording protection to the Indenture Trustee
shall be subject to the provisions of this Section 6.1 and to the provisions
of the TIA.

         (i) The Indenture Trustee shall not be charged with knowledge of any
Event of Default unless either (1) a Responsible Officer shall have actual
knowledge of such Event of Default or (2) written notice of such Event of
Default shall have been given to the Indenture Trustee in accordance with the
provisions of this Indenture.

         Section 6.2 Rights of Indenture Trustee. (a) The Indenture Trustee
may rely on any document believed by it to be genuine and to have been signed
or presented by the proper Person. The Indenture Trustee need not investigate
any fact or matters stated in the document.

         (b) Before the Indenture Trustee acts or refrains from acting, it may
require an Officer's Certificate or an Opinion of Counsel. The Indenture
Trustee shall not be liable for any action it takes or omits to take in good
faith in reliance on an Officer's Certificate or Opinion of Counsel unless it
is proved that the Indenture Trustee was negligent in such reliance.

         (c) The Indenture Trustee may execute any of the trusts or powers
hereunder or perform any duties hereunder either directly or by or through
agents or attorneys or a custodian or nominee, and the Indenture Trustee shall
not be responsible for any misconduct or negligence on the part of, or for the
supervision of, any such agent, attorney, custodian or nominee appointed with
due care by it hereunder.

         (d) The Indenture Trustee shall not be liable for any action it takes
or omits to take in good faith which it believes to be authorized or within
its rights or powers; provided, however, that such action or omission by the
Indenture Trustee does not constitute willful misconduct, negligence or bad
faith.

         (e) The Indenture Trustee may consult with counsel, and the advice or
opinion of counsel with respect to legal matters relating to this Indenture
and the Notes shall be full and complete authorization and protection from
liability in respect to any action taken, omitted or suffered by it hereunder
in good faith and in accordance with the advice or opinion of such counsel.

         (f) The Indenture Trustee shall be under no obligation to exercise
any of the rights or powers vested in it by this Indenture at the request or
direction of any of the Noteholders pursuant to this Indenture, unless such
Noteholders shall have offered to the Indenture Trustee reasonable security or
indemnity against the costs, expenses and liabilities which might be incurred
by it in compliance with such request or direction.

         (g) The Indenture Trustee shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent,
order, bond, debenture or other paper or document, but the Indenture Trustee,
in its discretion, may make such further inquiry or investigation into such
facts or matters as it may see fit, and, if the Indenture Trustee shall
determine to make such further inquiry or investigation, it shall be entitled
to examine the books, records and premises of the Issuer, personally or by
agent or attorney.

         Section 6.3 Individual Rights of Indenture Trustee. The Indenture
Trustee, in its individual or any other capacity, may become the owner or
pledgee of Notes and may otherwise deal with the Issuer or its Affiliates with
the same rights it would have if it were not Indenture Trustee. Any Paying
Agent, Note Registrar, co-registrar or co-paying agent hereunder may do the
same with like rights.

         Section 6.4 Indenture Trustee's Disclaimer. The Indenture Trustee (i)
shall not be responsible for, and makes no representation, as to the validity
or adequacy of this Indenture or the Notes and (ii) shall not be accountable
for the Issuer's use of the proceeds from the Notes, or responsible for any
statement of the Issuer in this Indenture or in any document issued in
connection with the sale of the Notes or in the Notes other than the Indenture
Trustee's certificate of authentication.

         Section 6.5 Notice of Defaults. If a Default occurs and is continuing
and if it is known to a Responsible Officer of the Indenture Trustee, the
Indenture Trustee shall mail to each Noteholder notice of such Default within
90 days after it occurs. Except in the case of a Default in payment of
principal of or interest on any Note (including payments pursuant to the
mandatory redemption provisions of such Note), the Indenture Trustee may
withhold the notice if and so long as a committee of its Responsible Officers
in good faith determines that withholding the notice is in the interests of
Noteholders.

         Section 6.6 Reports by Indenture Trustee to Holders. Within a
reasonable period of time after the end of each calendar year, but not later
than the latest date permitted by law, in each case as determined by the
Servicer, the Indenture Trustee shall deliver to each Person who at any time
during the preceding calendar year was a Noteholder a statement prepared by
the Servicer pursuant to Section 3.9 of the Sale and Servicing Agreement
containing the information which is required to be expressed in the Payment
Date statements as a dollar amount per $1,000 of original denomination of the
Notes or Class of Notes, as applicable, aggregated for such calendar year, for
the purposes of such Noteholder's preparation of Federal income tax returns.

         Section 6.7 Compensation and Indemnity. (a) The Issuer shall, or
shall cause the Administrator to, pay to the Indenture Trustee from time to
time reasonable compensation for its services. The Indenture Trustee's
compensation shall not be limited by any law on compensation of a trustee of
an express trust. The Issuer shall, or shall cause the Administrator to,
reimburse the Indenture Trustee for all reasonable out-of-pocket expenses
incurred or made by it, including costs of collection, in addition to the
compensation for its services. Such expenses shall include the reasonable
compensation and expenses, disbursements and advances of the Indenture
Trustee's agents, counsel, accountants and experts. The Issuer shall, or shall
cause the Administrator to, indemnify the Indenture Trustee against any and
all loss, liability or expense (including attorneys' fees) incurred by it in
connection with the administration of this trust and the performance of its
duties hereunder. The Indenture Trustee shall notify the Issuer and the
Administrator promptly of any claim for which it may seek indemnity. Failure
by the Indenture Trustee to so notify the Issuer and the Administrator shall
not relieve the Issuer or the Administrator of its obligations hereunder. The
Issuer shall, or shall cause the Servicer to, defend any such claim, and the
Indenture Trustee may have separate counsel and the Issuer shall, or shall
cause the Servicer to, pay the fees and expenses of such counsel. Neither the
Issuer nor the Administrator need reimburse any expense or indemnity against
any loss, liability or expense incurred by the Indenture Trustee through the
Indenture Trustee's own willful misconduct, negligence or bad faith.

         (b) The Issuer's payment obligations to the Indenture Trustee
pursuant to this Section 6.7 shall survive the resignation or removal of the
Indenture Trustee and the discharge of this Indenture. When the Indenture
Trustee incurs expenses after the occurrence of a Default specified in Section
5.1(iv) or (v) with respect to the Issuer, the expenses are intended to
constitute expenses of administration under Title 11 of the United States Code
or any other applicable federal or state bankruptcy, insolvency or similar
law.

         Section 6.8 Replacement of Indenture Trustee. (a) No resignation or
removal of the Indenture Trustee, and no appointment of a successor Indenture
Trustee, shall become effective until the acceptance of appointment by the
successor Indenture Trustee pursuant to this Section 6.8. Subject to the
preceding sentence, the Indenture Trustee may resign at any time by so
notifying the Issuer. The Holders of a majority in principal amount of the
Notes Outstanding, voting as a group, may remove the Indenture Trustee without
cause by so notifying the Indenture Trustee and the Issuer and the Issuer may
appoint a successor Indenture Trustee. The Issuer shall remove the Indenture
Trustee if:

            (i) the Indenture Trustee fails to comply with Section 6.11;

            (ii) the Indenture Trustee is adjudged a bankrupt or insolvent;

            (iii) a receiver or other public officer takes charge of the
         Indenture Trustee or its property; or

            (iv) the Indenture Trustee otherwise becomes incapable of acting.

If the Indenture Trustee resigns or is removed or if a vacancy exists in the
office of Indenture Trustee for any reason (the Indenture Trustee in such
event being referred to herein as the retiring Indenture Trustee), the Issuer
shall promptly appoint a successor Indenture Trustee.

         (b) Any successor Indenture Trustee shall deliver a written
acceptance of its appointment to the retiring Indenture Trustee and to the
Issuer. Thereupon, the resignation or removal of the retiring Indenture
Trustee shall become effective, and the successor Indenture Trustee shall have
all the rights, powers and duties of the Indenture Trustee under this
Indenture. The successor Indenture Trustee shall mail a notice of its
succession to Noteholders. The retiring Indenture Trustee shall promptly
transfer all property held by it as Indenture Trustee to the successor
Indenture Trustee.

         (c) If a successor Indenture Trustee does not take office within 60
days after the retiring Indenture Trustee resigns or is removed, the retiring
Indenture Trustee, the Issuer or the Holders of a majority in principal amount
of the Notes Outstanding may petition any court of competent jurisdiction to
appoint a successor Indenture Trustee. If the Indenture Trustee fails to
comply with Section 6.11, any Noteholder may petition any court of competent
jurisdiction to remove the Indenture Trustee and to appoint a successor
Indenture Trustee.

         (d) Notwithstanding the replacement of the Indenture Trustee pursuant
to this Section 6.8, the Issuer's and the Administrator's obligations under
Section 6.7 shall continue for the benefit of the retiring Indenture Trustee.

         Section 6.9 Successor Indenture Trustee by Merger. (a) If the
Indenture Trustee consolidates with, merges or converts into, or transfers all
or substantially all its corporate trust business or assets to, another
corporation or banking association, the resulting, surviving or transferee
corporation or banking association without any further act shall be the
successor Indenture Trustee; provided, that such corporation or banking
association shall be otherwise qualified and eligible under Section 6.11. The
Indenture Trustee shall provide the Rating Agencies with prior written notice
of any such transaction.

         (b) If at the time such successor or successors by merger, conversion
or consolidation to the Indenture Trustee shall succeed to the trusts created
by this Indenture, any of the Notes shall have been authenticated but not
delivered, any such successor to the Indenture Trustee may adopt the
certificate of authentication of any predecessor trustee, and deliver such
Notes so authenticated, and if at that time any of the Notes shall not have
been authenticated, any successor to the Indenture Trustee may authenticate
such Notes either in the name of any predecessor hereunder or in the name of
the successor to the Indenture Trustee. In all such cases such certificates
shall have the full force which it is anywhere in the Notes or in this
Indenture provided that the certificate of the Indenture Trustee shall have.

         Section 6.10 Appointment of Co-Indenture Trustee or Separate
Indenture Trustee. (a) Notwithstanding any other provisions of this Indenture,
at any time, for the purpose of meeting any legal requirement of any
jurisdiction in which any part of the Trust Estate may at the time be located,
the Indenture Trustee shall have the power and may execute and deliver an
instrument to appoint one or more Persons to act as a co-trustee or
co-trustees, or separate trustee or separate trustees, of all or any part of
the Trust Estate, and to vest in such Person or Persons, in such capacity and
for the benefit of the Noteholders, such title to the Trust Estate, or any
part hereof, and, subject to the other provisions of this Section, such
powers, duties, obligations, rights and trusts as the Indenture Trustee may
consider necessary or desirable. No co-trustee or separate trustee hereunder
shall be required to meet the terms of eligibility as a successor trustee
under Section 6.11 and no notice to Noteholders of the appointment of any
co-trustee or separate trustee shall be required under Section 6.8 hereof.

         (b) Every 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 Indenture Trustee shall be conferred or imposed upon
         and exercised or performed by the Indenture Trustee and such separate
         trustee or co-trustee jointly (it being understood that such separate
         trustee or co-trustee shall not be authorized to act separately
         without the Indenture 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 Indenture 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 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
         Indenture Trustee;

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

            (iii) the Indenture Trustee may at any time remove or accept the
         resignation of any separate trustee or co-trustee.

         (c) Any notice, request or other writing given to the Indenture
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
Indenture and the conditions of this Article VI. 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 Indenture Trustee or separately, as may be provided therein,
subject to all the provisions of this Indenture, specifically including every
provision of this Indenture relating to the conduct of, affecting the
liability of, or affording protection to, the Indenture Trustee. Every such
instrument shall be filed with the Indenture Trustee.

         (d) Any separate trustee or co-trustee may at any time constitute the
Indenture 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 Indenture Trustee, to the extent permitted by
law, without the appointment of a new or successor trustee.

         Section 6.11 Eligibility; Disqualification. (a) The Indenture Trustee
shall at all times satisfy the requirements of TIA Section 310(a). The
Indenture Trustee or its parent shall have a combined capital and surplus of
at least $50,000,000 as set forth in its most recent published annual report
of condition and shall have a long-term debt rating of investment grade by
each of the Rating Agencies or shall otherwise be acceptable to each of the
Rating Agencies. The Indenture Trustee shall comply with TIA Section 310(b).

         (b) Within 90 days after ascertaining the occurrence of an Event of
Default which shall not have been cured or waived, unless authorized by the
Commission, the Indenture Trustee shall resign with respect to the Class A
Notes, the Class B Notes and/or the Class C Notes in accordance with Section
6.8 of this Indenture, and the Issuer shall appoint a successor Indenture
Trustee for one or both of such Classes, as applicable, so that there will be
separate Indenture Trustees for the Class A Notes, the Class B Notes and the
Class C Notes. In the event the Indenture Trustee fails to comply with the
terms of the preceding sentence, the Indenture Trustee shall comply with
clauses (ii) and (iii) of TIA Section 310(b).

         (c) In the case of the appointment pursuant to this Section 6.11 of a
successor Indenture Trustee with respect to any Class of Notes, the Issuer,
the retiring Indenture Trustee and the successor Indenture Trustee with
respect to such Class of Notes shall execute and deliver an indenture
supplemental hereto wherein each successor Indenture Trustee shall accept such
appointment and which (i) shall contain such provisions as shall be necessary
or desirable to transfer and confirm to, and to vest in, the successor
Indenture Trustee all the rights, powers, trusts and duties of the retiring
Indenture Trustee with respect to the Notes of the Class to which the
appointment of such successor Indenture Trustee relates, (ii) if the retiring
Indenture Trustee is not retiring with respect to all Classes of Notes, shall
contain such provisions as shall be deemed necessary or desirable to confirm
that all the rights, powers, trusts and duties of the retiring Indenture
Trustee with respect to the Notes of each Class as to which the retiring
Indenture Trustee is not retiring shall continue to be vested in the Indenture
Trustee and (iii) shall add to or change any of the provisions of this
Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one Indenture Trustee, it
being understood that nothing herein or in such supplemental indenture shall
constitute such Indenture Trustees co-trustees of the same trust and that each
such Indenture Trustee shall be a trustee of a trust or trusts hereunder
separate and apart from any trust or trusts hereunder administered by any
other such Indenture Trustee; and upon the removal of the retiring Indenture
Trustee shall become effective to the extent provided herein.

         Section 6.12 Preferential Collection of Claims Against Issuer. The
Indenture Trustee shall comply with TIA Section 311(a), excluding any creditor
relationship listed in TIA Section 311(b). An Indenture Trustee who has
resigned or been removed shall be subject to TIA Section 311(a) to the extent
indicated.

         Section 6.13 Pennsylvania Motor Vehicle Sales Finance Act Licenses.
The Indenture Trustee shall use its best efforts to maintain the effectiveness
of all licenses required under the Pennsylvania Motor Vehicle Sales Finance
Act in connection with this Indenture and the transactions contemplated hereby
until the lien and security interest of this Indenture shall no longer be in
effect in accordance with the terms hereof.

         ARTICLE VII - NOTEHOLDERS' LISTS; REPORTING

         Section 7.1 Issuer To Furnish Indenture Trustee Names and Addresses
of Noteholders. The Issuer shall furnish or cause to be furnished to the
Indenture Trustee (a) not more than five days after each Record Date, a list,
in such form as the Indenture Trustee may reasonably require, of the names and
addresses of the Holders of Notes as of such Record Date and (b) at such other
times as the Indenture Trustee may request in writing, within 30 days after
receipt by the Issuer of any such request, a list of similar form and content
as of a date not more than 10 days prior to the time such list is furnished;
provided, however, that so long as (i) the Indenture Trustee is the Note
Registrar or (ii) the Notes are issued as Book-Entry Notes, no such list shall
be required to be furnished.

         Section 7.2 Preservation of Information; Communications to
Noteholders. (a) The Indenture Trustee shall preserve, in as current a form as
is reasonably practicable, the names and addresses of the Holders of Notes
contained in the most recent list furnished to the Indenture Trustee as
provided in Section 7.1 and the names and addresses of Holders of Notes
received by the Indenture Trustee in its capacity as Note Registrar. The
Indenture Trustee may destroy any list furnished to it as provided in such
Section 7.1 upon receipt of a new list so furnished.

         (b) Noteholders may communicate pursuant to TIA Section 312(b) with
other Noteholders with respect to their rights under this Indenture or under
the Notes.

         (c) The Issuer, the Indenture Trustee and the Note Registrar shall
have the protection of TIA Section 312(c).

         Section 7.3 Reporting by Issuer. (a) The Issuer shall:

            (i) file with the Indenture Trustee, within 15 days after the
         Issuer is required to file the same with the Commission, copies of
         the annual reports and of the information, documents and other
         reports (or copies of such portions of any of the foregoing as the
         Commission may from time to time by rules and regulations prescribe)
         that the Issuer may be required to file with the Commission pursuant
         to Section 13 or 15(d) of the Exchange Act;

            (ii) file with the Indenture Trustee and the Commission in
         accordance with the rules and regulations prescribed from time to
         time by the Commission such additional information, documents and
         reports with respect to compliance by the Issuer with the conditions
         and covenants of this Indenture as may be required from time to time
         by such rules and regulations; and

            (iii) supply to the Indenture Trustee (and the Indenture Trustee
         shall transmit by mail to all Noteholders described in TIA Section
         313(c)) such summaries of any information, documents and reports
         required to be filed by the Issuer pursuant to clauses (i) and (ii)
         of this Section 7.3(a) and by rules and regulations prescribed from
         time to time by the Commission.

         (b) Unless the Issuer otherwise determines, the fiscal year of the
Issuer shall correspond to the calendar year.

         Section 7.4 Reporting and Notices by Indenture Trustee. (a) If
required by TIA Section 313(a), within 60 days after each March 31, beginning
with March 31, 2003, the Indenture Trustee shall mail to each Noteholder as
required by TIA Section 313(c) a brief report dated as of such date that
complies with TIA Section 313(a). The Indenture Trustee also shall comply with
TIA Section 313(b).

         (b) A copy of each report at the time of its mailing to Noteholders
shall be filed by the Indenture Trustee with the Commission and each stock
exchange, if any, on which the Notes are listed. The Issuer shall notify the
Indenture Trustee if and when the Notes are listed on any stock exchange.

             ARTICLE VIII - ACCOUNTS, DISBURSEMENTS AND RELEASES

         Section 8.1 Collection of Money. Except as otherwise expressly
provided herein, the Indenture Trustee may demand payment or delivery of, and
shall receive and collect, directly and without intervention or assistance of
any fiscal agent or other intermediary, all money and other property payable
to or receivable by the Indenture Trustee pursuant to this Indenture and the
Sale and Servicing Agreement. The Indenture Trustee shall apply all such money
received by it as provided in this Indenture and the Sale and Servicing
Agreement. Except as otherwise expressly provided in this Indenture, if any
default occurs in the making of any payment or performance under any agreement
or instrument that is part of the Trust Estate, the Indenture Trustee may take
such action as may be appropriate to enforce such payment or performance,
including the institution and prosecution of appropriate Proceedings. Any such
action shall be without prejudice to any right to claim a Default or Event of
Default under this Indenture and any right to proceed thereafter as provided
in Article V.

         Section 8.2 Trust Accounts. (a) On or prior to the Closing Date, the
Issuer shall cause the Servicer to establish and maintain, in the name of the
Indenture Trustee, (i) for the benefit of the Noteholders and the
Certificateholders, each of the Trust Accounts other than the Negative Carry
Account and the Note Payment Account as provided in Sections 4.1, 4.7 and 5.1
of the Sale and Servicing Agreement and (ii) for the exclusive benefit of the
Noteholders, the Negative Carry Account and the Note Payment Account as
provided in Sections 4.1(d) and 4.1(e) of the Sale and Servicing Agreement.

         (b) On or before each Payment Date, the Servicer shall deposit in the
Collection Account all amounts required to be deposited therein with respect
to the related Collection Period as provided in Sections 4.2 and 4.4 of the
Sale and Servicing Agreement. On or before each Payment Date, all amounts
required to be deposited in the Note Payment Account with respect to the
related Collection Period pursuant to Sections 4.6 and 4.7 of the Sale and
Servicing Agreement shall be withdrawn by the Indenture Trustee from the
Collection Account and/or the Reserve Account and deposited to the Note
Payment Account for payment to Noteholders in accordance with Section 2.8 on
such Payment Date.

         Section 8.3 General Provisions Regarding Accounts. (a) So long as no
Default or Event of Default shall have occurred and be continuing, all or a
portion of the funds in the Collection Account, the Pre-Funding Account, the
Payahead Account, the Reserve Account, the Negative Carry Account and the
Yield Supplement Account shall be invested by the Indenture Trustee at the
direction of the Servicer in Permitted Investments as provided in Sections
4.1, 4.7 and 5.1 of the Sale and Servicing Agreement. All income or other gain
(net of losses and investment expenses) from investments of monies deposited
in the Collection Account, the Pre-Funding Account, the Payahead Account, the
Reserve Account, the Negative Carry Account and the Yield Supplement Account
shall be withdrawn by the Indenture Trustee from such accounts and distributed
(but only under the circumstances set forth in the Sale and Servicing
Agreement in the case of the Pre-Funding Account, the Reserve Account, the
Negative Carry Account and the Yield Supplement Account) as provided in
Sections 4.1, 4.7, 4.11, 4.12 and 5.1 of the Sale and Servicing Agreement. The
Servicer shall not direct the Indenture Trustee to make any investment of any
funds or to sell any investment held in any of the Trust Accounts unless the
security interest Granted and perfected in such account will continue to be
perfected in such investment or the proceeds of such sale, in either case
without any further action by any Person, and, in connection with any
direction to the Indenture Trustee to make any such investment or sale, if
requested by the Indenture Trustee, the Issuer shall deliver to the Indenture
Trustee an Opinion of Counsel, acceptable to the Indenture Trustee, to such
effect.

         (b) Subject to Section 6.1(c), the Indenture Trustee shall not in any
way be held liable by reason of any insufficiency in any of the Trust Accounts
resulting from any loss on any Permitted Investment included therein, except
for losses attributable to the Indenture Trustee's failure to make payments on
such Permitted Investments issued by the Indenture Trustee, in its commercial
capacity as principal obligor and not as trustee, in accordance with their
terms.

         (c) If (i) the Servicer shall have failed to give investment
directions to the Indenture Trustee by 11:00 a.m., New York Time (or such
other time as may be agreed by the Issuer and Indenture Trustee), on the
Business Day preceding each Payment Date for any funds on deposit in the
Collection Account, the Pre-Funding Account, the Payahead Account, the Reserve
Account, the Negative Carry Account or the Yield Supplement Account, (ii) to
the knowledge of a Responsible Officer of the Indenture Trustee, a Default or
Event of Default shall have occurred and be continuing with respect to the
Notes but the Notes shall not have been declared due and payable pursuant to
Section 5.2 or (iii) the Notes shall have been declared due and payable
following an Event of Default and amounts collected or receivable from the
Trust Estate are being applied in accordance with Section 5.4 as if there had
not been such a declaration, then the Indenture Trustee shall, to the fullest
extent practicable, invest and reinvest funds in such Trust Accounts in one or
more Permitted Investments as set forth in Schedule I hereto.

         Section 8.4 Release of Trust Estate. (a) Subject to the payment of
its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and
when required by the provisions of this Indenture shall, execute instruments
to release property from the lien of this Indenture, or convey the Indenture
Trustee's interest in the same, in a manner and under circumstances that are
not inconsistent with the provisions of this Indenture. No party relying upon
an instrument executed by the Indenture Trustee as provided in this Article
VIII shall be bound to ascertain the Indenture Trustee's authority, inquire
into the satisfaction of any conditions precedent or see to the application of
any monies.

         (b) The Indenture Trustee shall, at such time as there are no Notes
Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7
have been paid in full, release any remaining portion of the Trust Estate that
secured the Notes from the lien of this Indenture and release to the Issuer or
any other Person entitled thereto any funds then on deposit in the Trust
Accounts. The Indenture Trustee shall release property from the lien of this
Indenture pursuant to this Section 8.4(b) only upon receipt of (i) an Issuer
Request accompanied by, an Officer's Certificate and an Opinion of Counsel, in
each case stating that all conditions precedent, if any, provided for in this
Indenture relating to the release of the property from the lien of this
Indenture have been complied with, provided that counsel rendering any such
opinion may rely, without independent investigation, on the accuracy and
validity of any certificate or other instrument delivered to the Indenture
Trustee in connection with any such action and (ii) if required by the TIA,
Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1)
meeting the applicable requirements of Section 11.1.

         Section 8.5 Opinion of Counsel. The Indenture Trustee shall receive
at least seven days notice when requested by the Issuer to take any action
pursuant to Section 8.4(a), accompanied by copies of any instruments involved,
and the Indenture Trustee shall also require, except in connection with any
action contemplated by Section 8.4(b), as a condition to such action, an
Opinion of Counsel, in form and substance satisfactory to the Indenture
Trustee, stating the legal effect of any such action, outlining the steps
required to complete the same, and concluding that all conditions precedent to
the taking of such action have been complied with and such action will not
materially and adversely impair the security for the Notes or the rights of
the Noteholders in contravention of the provisions of this Indenture;
provided, however, that such Opinion of Counsel shall not be required to
express an opinion as to the fair value of the Trust Estate. Counsel rendering
any such opinion may rely, without independent investigation, on the accuracy
and validity of any certificate or other instrument delivered to the Indenture
Trustee in connection with any such action.

         ARTICLE IX - SUPPLEMENTAL INDENTURES

         Section 9.1 Supplemental Indentures Without Consent of Noteholders.

         (a) Without the consent of the Holders of any Notes but with prior
notice to the Rating Agencies, the Issuer and the Indenture Trustee, when
authorized by an Issuer Order, at any time and from time to time, may enter
into one or more indentures supplemental hereto (which shall conform to the
provisions of the Trust Indenture Act as in force at the date of the execution
thereof), in form satisfactory to the Indenture Trustee, for any of the
following purposes:

            (i) to correct or amplify the description of any property at any
         time subject to the lien of this Indenture, or better to assure,
         convey and confirm unto the Indenture Trustee any property subject or
         required to be subjected to the lien of this Indenture, or to subject
         to the lien of this Indenture additional property;

            (ii) to evidence the succession, in compliance with the applicable
         provisions hereof, of another Person to the Issuer, and the
         assumption by any such successor of the covenants of the Issuer
         herein and in the Notes contained;

            (iii) to add to the covenants of the Issuer, for the benefit of
         the Holders of the Notes, or to surrender any right or power herein
         conferred upon the Issuer;

            (iv) to convey, transfer, assign, mortgage or pledge any property
         to or with the Indenture Trustee;

            (v) to cure any ambiguity, to correct or supplement any provision
         herein or in any supplemental indenture that may be inconsistent with
         any other provision herein or in any supplemental indenture or to
         make any other provisions with respect to matters or questions
         arising under this Indenture which will not be inconsistent with
         other provisions of the Indenture; provided, that such action shall
         not materially adversely affect the interests of the Noteholders;

            (vi) to evidence and provide for the acceptance of the appointment
         hereunder by a successor trustee with respect to the Notes and to add
         to or change any of the provisions of this Indenture as shall be
         necessary to facilitate the administration of the trusts hereunder by
         more than one trustee, pursuant to the requirements of Article VI;

            (vii) to modify, eliminate or add to the provisions of this
         Indenture to such extent as shall be necessary to effect the
         qualification of this Indenture under the TIA or under any similar
         federal statute hereafter enacted and to add to this Indenture such
         other provisions as may be expressly required by the TIA; or

            (viii) to add, delete or modify any provisions necessary or
         advisable to allow the Receivables to be derecognized by MMCA under
         GAAP or to allow the Issuer to avoid becoming a member of MMCA's
         consolidated group under GAAP;

provided, however, that (i) such action shall not, as evidenced by an Opinion
of Counsel, adversely affect in any material respect the interests of any
Noteholder, (ii) the Rating Agency Condition shall have been satisfied with
respect to such action and (iii) such action shall not, as evidenced by an
Opinion of Counsel, cause the Issuer to be characterized for Federal or any
then Applicable Tax State income tax purposes as an association taxable as a
corporation or otherwise have any material adverse impact on the Federal or
any then Applicable Tax State income taxation of any Notes Outstanding or
outstanding Certificates or any Noteholder or Certificateholder. The Indenture
Trustee is hereby authorized to join in the execution of any such supplemental
indenture and to make any further appropriate agreements and stipulations that
may be therein contained;

         (b) Notwithstanding anything contained herein to the contrary, this
Indenture may be amended by the parties hereto, whose consent to so amend this
Indenture will not be unreasonably withheld, but without the consent of any
Noteholders, to add, modify or eliminate such provisions as may be necessary
or advisable in order to enable: (a) the transfer to the Issuer of all or any
portion of the Receivables to be derecognized by MMCA under GAAP, (b) the
Issuer to avoid becoming a member of MMCA's consolidated group under GAAP or
(c) the Issuer or any affiliate of the Seller to otherwise comply with or
obtain more favorable treatment under any law or regulation or any accounting
rule or principle; provided, however, it being a condition to any such
amendment that the Rating Agency Condition shall have been met; provided,
further, that in the case of any amendment hereunder, the Administrator shall
furnish to the Indenture Trustee an Opinion of Counsel which provides that:
(i) the interests of the Noteholders will not be materially and adversely
affected by the amendment and (ii) the amendment will not significantly change
the permitted activities of the Issuer; and provided, further, that no such
amendment shall be inconsistent with the derecognition by MMCA of the
Receivables under GAAP or cause the Issuer to become a member of MMCA's
consolidated group under GAAP.

         Section 9.2 Supplemental Indentures with Consent of Noteholders. The
Issuer and the Indenture Trustee, when authorized by an Issuer Order, also
may, with prior notice to the Rating Agencies and with the consent of the
Holders of not less than a majority of the principal amount of the Notes
Outstanding, by Act of such Holders delivered to the Issuer and the Indenture
Trustee, enter into an indenture or indentures supplemental hereto for the
purpose of adding any provisions to, or changing in any manner or eliminating
any of the provisions of, this Indenture or modifying in any manner the rights
of the Holders of the Notes under this Indenture; provided, however, that (i)
such action shall not, as evidenced by an Opinion of Counsel, adversely affect
in any material respect the interests of any Noteholder, (ii) the Rating
Agency Condition shall have been satisfied with respect to such action, (iii)
such action shall not, as evidenced by an Opinion of Counsel, cause the Issuer
to be characterized for Federal or any then Applicable Tax State income tax
purposes as an association taxable as a corporation or otherwise have any
material adverse impact on the Federal or any then Applicable Tax State income
taxation of any Notes Outstanding or outstanding Certificates or any
Noteholder or Certificateholder; and provided, further, that no such
supplemental indenture shall, without the consent of the Holder of each
Outstanding Note affected thereby:

            (i) change any Stated Maturity Date or the date of payment of any
         installment of principal of or interest on any Note, or reduce the
         principal amount thereof, the interest rate thereon or the Redemption
         Price with respect thereto, change the provisions of this Indenture
         relating to the application of collections on, or the proceeds of the
         sale of, the Trust Estate to payment of principal of or interest on
         the Notes, or change any place of payment where, or the coin or
         currency in which, any Note or the interest thereon is payable, or
         impair the right to institute suit for the enforcement of the
         provisions of this Indenture requiring the application of funds
         available therefor, as provided in Article V, to the payment of any
         such amount due on the Notes on or after the respective due dates
         thereof (or, in the case of redemption, on or after the Redemption
         Date);

            (ii) reduce the percentage of the principal amount of the Notes
         Outstanding, the consent of the Holders of which is required for any
         such supplemental indenture, or the consent of the Holders of which
         is required for any waiver of compliance with certain provisions of
         this Indenture or certain defaults hereunder and their consequences
         provided for in this Indenture;

            (iii) modify or alter the provisions of the proviso to the
         definition of the term "Outstanding";

            (iv) reduce the percentage of the principal amount of the Notes
         Outstanding required to direct the Indenture Trustee to sell or
         liquidate the Trust Estate pursuant to Section 5.4 if the proceeds of
         such sale would be insufficient to pay the principal amount and
         accrued but unpaid interest on the Notes and the Certificates;

            (v) modify any provision of this Indenture specifying a percentage
         of the aggregate principal amount of the Notes necessary to amend
         this Indenture or the other Basic Documents except to increase any
         percentage specified herein or to provide that certain additional
         provisions of this Indenture or the Basic Documents cannot be
         modified or waived without the consent of the Holder of each
         Outstanding Note affected thereby;

            (vi) modify any of the provisions of this Indenture in such manner
         as to affect the calculation of the amount of any payment of interest
         or principal due on any Note on any Payment Date (including the
         calculation of any of the individual components of such calculation)
         or to affect the rights of the Holders of Notes to the benefit of any
         provisions for the mandatory redemption of the Notes contained
         herein; or

            (vii) permit the creation of any lien ranking prior to or on a
         parity with the lien of this Indenture with respect to any part of
         the Trust Estate or, except as otherwise permitted or contemplated
         herein, terminate the lien of this Indenture on any such collateral
         at any time subject hereto or deprive the Holder of any Note of the
         security provided by the lien of this Indenture.

The Indenture Trustee may in its discretion determine whether or not any Notes
would be affected by any supplemental indenture and any such determination
shall be conclusive upon the Holders of all Notes, whether theretofore or
thereafter authenticated and delivered hereunder. The Indenture Trustee shall
not be liable for any such determination made in good faith or on the basis of
an Opinion of Counsel.

         It shall not be necessary for any Act of Noteholders under this
Section 9.2 to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such Act shall approve the substance
thereof.

         Promptly after the execution by the Issuer and the Indenture Trustee
of any supplemental indenture pursuant to this Section 9.2, the Indenture
Trustee shall mail to the Holders of the Notes to which such amendment or
supplemental indenture relates a notice setting forth in general terms the
substance of such supplemental indenture. Any failure of the Indenture Trustee
to mail such notice, or any defect therein, shall not, however, in any way
impair or affect the validity of any such supplemental indenture.

         Section 9.3 Execution of Supplemental Indentures. In executing, or
permitting the additional trusts created by, any supplemental indenture
permitted by this Article IX or the modification thereby of the trusts created
by this Indenture, the Indenture Trustee shall be entitled to receive and,
subject to Sections 6.1 and 6.2, shall be fully protected in relying upon, an
Opinion of Counsel stating that the execution of such supplemental indenture
is authorized or permitted by this Indenture and that all conditions precedent
to the execution and delivery of such supplemental indenture have been
satisfied. The Indenture Trustee may, but shall not be obligated to, enter
into any such supplemental indenture that affects the Indenture Trustee's own
rights, duties, liabilities or immunities under this Indenture or otherwise.

         Section 9.4 Effect of Supplemental Indenture. Upon the execution of
any supplemental indenture pursuant to the provisions hereof, this Indenture
shall be and shall be deemed to be modified and amended in accordance
therewith with respect to the Notes affected thereby, and the respective
rights, limitations of rights, obligations, duties, liabilities and immunities
under this Indenture of the Indenture Trustee, the Issuer and the Holders of
the Notes shall thereafter be determined, exercised and enforced hereunder
subject in all respects to such modifications and amendments, and all the
terms and conditions of any such supplemental indenture shall be and be deemed
to be part of the terms and conditions of this Indenture for any and all
purposes.

         Section 9.5 Conformity with Trust Indenture Act. Every amendment of
this Indenture and every supplemental indenture executed pursuant to this
Article IX shall conform to the requirements of the Trust Indenture Act as
then in effect so long as this Indenture shall then be qualified under the
Trust Indenture Act.

         Section 9.6 Reference in Notes to Supplemental Indentures. Notes
authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article IX may, and if required by the Indenture Trustee
shall, bear a notation in form approved by the Indenture Trustee as to any
matter provided for in such supplemental indenture. If the Issuer or the
Indenture Trustee shall so determine, new Notes so modified as to conform, in
the opinion of the Indenture Trustee and the Issuer, to any such supplemental
indenture may be prepared and executed by the Issuer and authenticated and
delivered by the Indenture Trustee in exchange for Outstanding Notes.

                       ARTICLE X - REDEMPTION OF NOTES

         Section 10.1 Redemption. (a) The Notes are subject to redemption in
whole, but not in part, at the direction of the Servicer pursuant to Section
9.1(a) of the Sale and Servicing Agreement, on any Payment Date on which the
Servicer exercises its option to purchase the assets of the Issuer pursuant to
said Section 9.1(a), and the amount paid by the Servicer shall be treated as
collections of Receivables and applied to pay the unpaid principal amount of
the Notes plus accrued and unpaid interest thereon and the Certificate
Balance. The Servicer or the Issuer shall furnish the Rating Agencies and the
Noteholders notice of such redemption. If the Notes are to be redeemed
pursuant to this Section 10.1(a), the Servicer or the Issuer shall furnish
notice of such election to the Indenture Trustee not later than 20 days prior
to the Redemption Date and the Issuer shall deposit by 10:00 a.m. (New York
City time) on the Redemption Date with the Indenture Trustee in the Note
Payment Account the Redemption Price of the Notes to be redeemed, whereupon
all such Notes shall be due and payable on the Redemption Date.

         (b) In the event that on or prior to the Payment Date on which the
Pre-Funding Period ends (or, if the Pre-Funding Period does not end on a
Payment Date, the immediately succeeding Payment Date) the Remaining
Pre-Funded Amount has been withdrawn from the Pre-Funding Account and
deposited to the Collection Account by the Indenture Trustee at the direction
of the Servicer pursuant to Section 4.11(b) of the Sale and Servicing
Agreement, the Remaining Pre-Funded Amount shall be treated as a part of the
Available Funds and the Principal Distribution Amount for such Payment Date.

         Section 10.2 Form of Redemption Notice. Notice of redemption under
Section 10.1(a) shall be given by the Indenture Trustee by first-class mail,
postage prepaid, or by facsimile mailed or transmitted promptly following
receipt of notice from the Issuer or Servicer pursuant to Section 10.1(a), but
not later than 10 days prior to the applicable Redemption Date, to each Holder
of Notes as of the close of business on the Record Date preceding the
applicable Redemption Date, at such Holder's address or facsimile number
appearing in the Note Register.

         All notices of redemption shall state:

            (i) the Redemption Date;

            (ii) the Redemption Price; and

            (iii) the place where such Notes are to be surrendered for payment
         of the Redemption Price (which shall be the office or agency of the
         Issuer to be maintained as provided in Section 3.2).

         Notice of redemption of the Notes shall be given by the Indenture
Trustee in the name and at the expense of the Issuer; provided, that in the
case of a redemption pursuant to Section 10.1(b) or Section 10.1(c), no notice
shall be required to be given to Noteholders. Failure to give any required
notice of redemption, or any defect therein, to any Holder of any Note shall
not impair or affect the validity of the redemption of any other Note.

         Section 10.3 Notes Payable on Redemption Date. The Notes to be
redeemed shall, following notice of redemption as required by Section 10.2 (in
the case of redemption pursuant to Section 10.1(a)), on the Redemption Date
become due and payable at the Redemption Price and (unless the Issuer shall
default in the payment of the Redemption Price) no interest shall accrue on
the Redemption Price for any period after the date to which accrued interest
is calculated for purposes of calculating the Redemption Price.

                          ARTICLE XI - MISCELLANEOUS

         Section 11.1 Compliance Certificates and Opinions, etc. (a) Upon any
application or request by the Issuer to the Indenture Trustee to take any
action under any provision of this Indenture, the Issuer shall furnish to the
Indenture Trustee (i) an Officer's Certificate stating that all conditions
precedent, if any, provided for in this Indenture relating to the proposed
action have been complied with, (ii) an Opinion of Counsel stating that in the
opinion of such counsel all such conditions precedent, if any, have been
complied with and (iii) (if required by the TIA) an Independent Certificate
from a firm of certified public accountants meeting the applicable
requirements of this Section 11.1, except that, in the case of any such
application or request as to which the furnishing of such documents is
specifically required by any provision of this Indenture, no additional
certificate or opinion need be furnished.

         Every certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture shall include:

                  (A) a statement that each signatory of such certificate or
         opinion has read or has caused to be read such covenant or condition
         and the definitions herein relating thereto;

                  (B) a brief statement as to the nature and scope of the
         examination or investigation upon which the statements or opinions
         contained in such certificate or opinion are based;

                  (C) a statement that, in the opinion of each such signatory,
         such signatory has made such examination or investigation as is
         necessary to enable such signatory to express an informed opinion as
         to whether or not such covenant or condition has been complied with;
         and

                  (D) a statement as to whether, in the opinion of each such
         signatory, such condition or covenant has been complied with.

         (b) (i) Prior to the deposit of any Collateral or other property or
securities with the Indenture Trustee that is to be made the basis for the
release of any property or securities subject to the lien of this Indenture,
the Issuer shall, in addition to any obligation imposed in Section 11.1(a) or
elsewhere in this Indenture, furnish to the Indenture Trustee an Officer's
Certificate certifying or stating the opinion of each person signing such
certificate as to the fair value (within 90 days of such deposit) to the
Issuer of the Collateral or other property or securities to be so deposited.

            (ii) Whenever the Issuer is required to furnish to the Indenture
         Trustee an Officer's Certificate certifying or stating the opinion of
         any signer thereof as to the matters described in clause (i) above,
         the Issuer shall also deliver to the Indenture Trustee an Independent
         Certificate as to the same matters, if the fair value to the Issuer
         of the property or securities to be so deposited and of all other
         such property or securities made the basis of any such withdrawal or
         release since the commencement of the then-current fiscal year of the
         Issuer, as set forth in the certificates delivered pursuant to clause
         (i) above and this clause (ii), is 10% or more of the principal
         amount of the Notes Outstanding, but such a certificate need not be
         furnished with respect to any property or securities so deposited, if
         the fair value thereof to the Issuer as set forth in the related
         Officer's Certificate is less than $25,000 or less than 1% of the
         principal amount of the Notes Outstanding.

            (iii) Whenever any property or securities are to be released from
         the lien of this Indenture, the Issuer shall also furnish to the
         Indenture Trustee an Officer's Certificate certifying or stating the
         opinion of each person signing such certificate as to the fair value
         (within 90 days of such release) of the property or securities
         proposed to be released and stating that in the opinion of such
         person the proposed release will not impair the security under this
         Indenture in contravention of the provisions hereof.

            (iv) Whenever the Issuer is required to furnish to the Indenture
         Trustee an Officer's Certificate certifying or stating the opinion of
         any signer thereof as to the matters described in clause (iii) above,
         the Issuer shall also furnish to the Indenture Trustee an Independent
         Certificate as to the same matters if the fair value of the property
         or securities and of all other property, other than property as
         contemplated by clause (v) below or securities released from the lien
         of this Indenture since the commencement of the then-current calendar
         year, as set forth in the certificates required by clause (iii) above
         and this clause (iv), equals 10% or more of the principal amount of
         the Notes Outstanding, but such certificate need not be furnished in
         the case of any release of property or securities if the fair value
         thereof as set forth in the related Officer's Certificate is less
         than $25,000 or less than 1% of the principal amount of the then
         Outstanding Notes.

            (v) Notwithstanding Section 2.10 or any other provisions of this
         Section 11.1, the Issuer may, without compliance with the
         requirements of the other provisions of this Section 11.1, (A)
         collect, liquidate, sell or otherwise dispose of Receivables and
         Financed Vehicles as and to the extent permitted or required by the
         Basic Documents and (B) make cash payments out of the Trust Accounts
         as and to the extent permitted or required by the Basic Documents.

         Section 11.2 Form of Documents Delivered to Indenture Trustee. (a) In
any case where several matters are required to be certified by, or covered by
an opinion of, any specified Person, it is not necessary that all such matters
be certified by, or covered by the opinion of, only one such Person, or that
they be so certified or covered by only one document, but one such Person may
certify or give an opinion with respect to some matters and one or more other
such Persons as to other matters, and any such Person may certify or give an
opinion as to such matters in one or several documents.

         (b) Any certificate or opinion of a Responsible Officer of the Issuer
may be based, insofar as it relates to legal matters, upon a certificate or
opinion of, or representations by, counsel, unless such officer knows, or in
the exercise of reasonable care should know, that the certificate or opinion
or representations with respect to the matters upon which such officer's
certificate or opinion is based are erroneous. Any such certificate of a
Responsible Officer or Opinion of Counsel may be based, insofar as it relates
to factual matters, upon a certificate or opinion of, or representations by,
an officer or officers of the Servicer, the Seller, the Administrator or the
Issuer, stating that the information with respect to such factual matters is
in the possession of the Servicer, the Seller, the Administrator or the
Issuer, unless such Responsible Officer or counsel knows, or in the exercise
of reasonable care should know, that the certificate or opinion or
representations with respect to such matters are erroneous.

         (c) Where any Person is required to make, give or execute two or more
applications, requests, comments, certificates, statements, opinions or other
instruments under this Indenture, they may, but need not, be consolidated and
form one instrument.

         (d) Whenever in this Indenture, in connection with any application or
certificate or report to the Indenture Trustee, it is provided that the Issuer
shall deliver any document as a condition of the granting of such application,
or as evidence of the Issuer's compliance with any term hereof, it is intended
that the truth and accuracy, at the time of the granting of such application
or at the effective date of such certificate or report (as the case may be),
of the facts and opinions stated in such document shall in such case be
conditions precedent to the right of the Issuer to have such application
granted or to the sufficiency of such certificate or report. The foregoing
shall not, however, be construed to affect the Indenture Trustee's right to
rely upon the truth and accuracy of any statement or opinion contained in any
such document as provided in Article VI.

         Section 11.3 Acts of Noteholders. (a) Any request, demand,
authorization, direction, notice, consent, waiver or other action provided by
this Indenture to be given or taken by Noteholders may be embodied in and
evidenced by one or more instruments of substantially similar tenor signed by
such Noteholders in person or by agents 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 Indenture Trustee, and,
where it is hereby expressly required, to the Issuer. Such instrument or
instruments (and the action embodied herein and evidenced thereby) are herein
sometimes referred to as the "Act" of the Noteholders signing such instrument
or instruments. Proof of execution of any such instrument or of a writing
appointing any such agent shall be sufficient for any purpose of this
Indenture and (subject to Section 6.1) conclusive in favor of the Indenture
Trustee and the Issuer, if made in the manner provided in this Section 11.3.

         (b) The fact and date of the execution by any Person of any such
instrument or writing may be proved in any manner that the Indenture Trustee
deems sufficient.

         (c) The ownership of Notes shall be provided by the Note Register.

         (d) Any request, demand, authorization, direction, notice, consent,
waiver or other action by the Holder of any Notes shall bind the Holder of
every Note issued upon the registration thereof or in exchange therefor or in
lieu thereof, in respect of anything done, omitted or suffered to be done by
the Indenture Trustee or the Issuer in reliance thereon, whether or not
notation of such action is made upon such Note.

         Section 11.4 Notices, etc., to Indenture Trustee, Issuer and Rating
Agencies. Any request, demand, authorization, direction, notice, consent,
waiver or Act of Noteholders or other documents provided or permitted by this
Indenture shall be in writing and if such request, demand, authorization,
direction, notice, consent, waiver or Act of Noteholders is to be made upon,
given or furnished to or filed with:

         (a) the Indenture Trustee by any Noteholder or by the Issuer, shall
be sufficient for every purpose hereunder if made, given, furnished or filed
in writing to or with the Indenture Trustee at its Corporate Trust Office; or

         (b) the Issuer by the Indenture Trustee or by any Noteholder, shall
be sufficient for every purpose hereunder if in writing and mailed
first-class, postage prepaid to the Issuer addressed to:

                           MMCA Auto Owner Trust 2002-3,
                           c/o Wilmington Trust Company
                           Rodney Square North
                           1100 North Market Street
                           Wilmington, Delaware 19801
                           Attention: Corporate Trust Department

                           with a copy to the Administrator at:

                           6363 Katella Avenue
                           Cypress, California 90630-5205
                           Attention: Executive Vice President and Treasurer

or at any other address previously furnished in writing to the Indenture
Trustee by the Issuer or the Administrator. The Issuer shall promptly transmit
any notice received by it from the Noteholders to the Indenture Trustee.

         (c) Notices required to be given to the Rating Agencies by the
Issuer, the Indenture Trustee, the Owner Trustee shall be in writing,
personally delivered, sent by facsimile or mailed by certified mail, return
receipt requested, to

         in the case of Moody's, at the following address:

                           Moody's Investors Service, Inc.
                           ABS Monitoring Department
                           99 Church Street
                           New York, New York 10007
                           Attention:  Eric Fellows
                           Fax: (212) 553-0573

         in the case of S&P, at the following address:

                           Standard & Poor's Ratings Services
                           55 Water Street, 40th Floor
                           New York, New York 10041
                           Attention:  Mark O'Neil
                           Fax: (212) 438-2649

         in the case of Fitch Ratings, at the following address:

                           Fitch Ratings
                           One State Street Plaza
                           New York, New York 10004
                           Attention:  Asset Backed Surveillance Department
                           Fax: (212) 480-4438

         Section 11.5 Notices to Noteholders; Waiver. (a) Where this Indenture
provides for notice to Noteholders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing
and mailed, first-class, postage prepaid to each Noteholder affected by such
event, at his address as it appears on the Note Register, not later than the
latest date, and not earlier than the earliest date, prescribed for the giving
of such notice. In any case where notice to Noteholders is given by mail,
neither the failure to mail such notice nor any defect in any notice so mailed
to any particular Noteholder shall affect the sufficiency of such notice with
respect to other Noteholders, and any notice that is mailed in the manner
herein provided shall conclusively be presumed to have been duly given.

         (b) Where this Indenture provides for notice in any manner, such
notice may be waived in writing by any Person entitled to receive such notice,
either before or after the event, and such waiver shall be the equivalent of
such notice. Waivers of notice by Noteholders shall be filed with the
Indenture Trustee but such filing shall not be a condition precedent to the
validity of any action taken in reliance upon such a waiver.

         (c) In case, by reason of the suspension of regular mail service as a
result of a strike, work stoppage or similar activity, it shall be impractical
to mail notice of any event to Noteholders when such notice is required to be
given pursuant to any provision of this Indenture, then any manner of giving
such notice as shall be satisfactory to the Indenture Trustee shall be deemed
to be a sufficient giving of such notice.

         (d) Where this Indenture provides for notice to the Rating Agencies,
failure to give such notice shall not affect any other rights or obligations
created hereunder, and shall not under any circumstance constitute a Default
or Event of Default.

         Section 11.6 Alternate Payment and Notice Provisions. Notwithstanding
any provision of this Indenture or any of the Notes to the contrary, the
Issuer may enter into any agreement with any Holder of a Note providing for a
method of payment, or notice by the Indenture Trustee or any Paying Agent to
such Holder, that is different from the methods provided for in this Indenture
for such payments or notices. The Issuer shall furnish to the Indenture
Trustee a copy of each such agreement and the Indenture Trustee shall cause
payments to be made and notices to be given in accordance with such
agreements.

         Section 11.7 Conflict with Trust Indenture Act. If any provision
hereof limits, qualifies or conflicts with another provision hereof that is
required to be included in this Indenture by any of the provisions of the
Trust Indenture Act, such required provision shall control.

         The provisions of TIA Sections 310 through 317 that impose duties on
any Person (including the provisions automatically deemed included herein
unless expressly excluded by this Indenture) are a part of and govern this
Indenture, whether or not physically contained herein.

         Section 11.8 Effect of Headings and Table of Contents. The Article
and Section headings herein and the Table of Contents are for convenience only
and shall not affect the construction hereof.

         Section 11.9 Successors and Assigns. All covenants and agreements in
this Indenture and the Notes by the Issuer shall bind its successors and
assigns, whether so expressed or not. All agreements of the Indenture Trustee
in this Indenture shall bind its successors, co-trustees and agents.

         Section 11.10 Separability. In case any provision in this Indenture
or in the Notes shall be invalid, illegal or unenforceable, the validity,
legality, and enforceability of the remaining provisions shall not in any way
be affected or impaired thereby.

         Section 11.11 Benefits of Indenture. Nothing in this Indenture or in
the Notes, express or implied, shall give to any Person, other than the
parties hereto and their successors hereunder, and the Noteholders and any
other party secured hereunder, and any other Person with an ownership interest
in any part of the Trust Estate, any benefit or any legal or equitable right,
remedy or claim under this Indenture.

         Section 11.12 Legal Holiday. In any case where the date on which any
payment is due shall not be a Business Day, then (notwithstanding any other
provision of the Notes or this Indenture) payment need not be made on such
date, but may be made on the next succeeding Business Day with the same force
and effect as if made on the date on which nominally due, and no interest
shall accrued for the period from and after any such nominal date.

         Section 11.13 Governing Law. This Indenture shall be construed in
accordance with the laws of the State of New York without reference to its
conflict of laws provisions (other than Section 5-1401 of the General
Obligations Law) and the obligations, rights and remedies of the parties
hereunder shall be determined in accordance with such laws.

         Section 11.14 Counterparts. This Indenture may be executed in any
number of counterparts, each of which so executed shall be deemed to be an
original, but all such counterparts shall together constitute but one and the
same instrument.

         Section 11.15 Recording of Indenture. If this Indenture is subject to
recording in any appropriate public recording offices, such recording is to be
effected by the Issuer and at its expense accompanied by an Opinion of Counsel
(which may be counsel to the Indenture Trustee or any other counsel reasonably
acceptable to the Indenture Trustee) to the effect that such recording is
necessary either for the protection of the Noteholders or any other Person
secured hereunder or for the enforcement of any right or remedy granted to the
Indenture Trustee under this Indenture.

         Section 11.16 Trust Obligation. No recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer, the Owner Trustee
or the Indenture Trustee on the Notes or under this Indenture or any
certificate or other writing delivered in connection herewith or therewith,
against (i) the Indenture Trustee or the Owner Trustee in its individual
capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any
partner, owner, beneficiary, agent, officer, director, employee or agent of
the Indenture Trustee or the Owner Trustee in its individual capacity, any
holder of a beneficial interest in the Issuer, the Owner Trustee or the
Indenture Trustee or of any successor or assign of the Indenture Trustee or
the Owner Trustee in its individual capacity, except as any such Person may
have expressly agreed (it being understood that the Indenture Trustee and the
Owner Trustee have no such obligations in their individual capacities), and
except that any such partner, owner or beneficiary shall be fully liable, to
the extent provided by applicable law, for any unpaid consideration for stock,
unpaid capital contribution or failure to pay any installment or call owing to
such entity. For all purposes of this Indenture, in the performance of any
duties or obligations of the Issuer hereunder, the Owner Trustee shall be
subject to, and entitled to the benefits of, the terms and provisions of
Article VI, VII and VIII of the Trust Agreement.

         Section 11.17 No Petition; Subordination; Claims Against Seller. The
Indenture Trustee, by entering into this Indenture, and each Noteholder or
Note Owner, by accepting a Note or beneficial interest in a Note, as the case
may be, hereby covenant and agree that (a) they will not at any time institute
against the Seller or the Issuer, or join in any institution against the
Seller or the Issuer of, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings, or other proceedings under any United
States federal or state bankruptcy or similar law in connection with any
obligations relating to the Notes, this Indenture or any of the Basic
Documents, (b) any claim that they may have at any time against the Subtrust
Assets of any Subtrust unrelated to the Notes, and any claim they have at any
time against the Seller that they may seek to enforce against the Subtrust
Assets of any Subtrust unrelated to the Notes, shall be subordinate to the
payment in full, including post-petition interest, in the event that the
Seller becomes a debtor or debtor in possession in a case under any applicable
federal or state bankruptcy, insolvency or other similar law now or hereafter
in effect or otherwise subject to any insolvency, reorganization, liquidation,
rehabilitation or other similar proceedings, of the claims of the holders of
any Securities related to such unrelated Subtrust and the holders of any other
notes, bonds, contracts or other obligations that are related to such
unrelated Subtrust and (c) they hereby irrevocably make the election afforded
by Title 11 United States Code Section 1111(b)(1)(A)(i) to secured creditors
to receive the treatment afforded by Title 11 United States Code Section
1111(b)(2) with respect to any secured claim that they may have at any time
against the Seller. The obligations of the Seller under this Indenture are
limited to the related Subtrust and the related Subtrust Assets.

         Section 11.18 Inspection. The Issuer agrees that, with reasonable
prior notice, it will permit any representative of the Indenture Trustee,
during the Issuer's normal business hours, to examine all the books of
account, records, reports and other papers of the Issuer, to make copies and
extracts therefrom, to cause such books to be audited by Independent certified
public accountants, and to discuss the Issuer's affairs, finances and accounts
with the Issuer's officers, employees, and Independent certified public
accountants, all at such reasonable times and as often as may be reasonably
requested. The Indenture Trustee shall and shall cause its representatives to
hold in confidence all such information except to the extent disclosure may be
required by law (and all reasonable applications for confidential treatment
are unavailing) and except to the extent that the Indenture Trustee may
reasonably determine that such disclosure is consistent with its obligations
hereunder.

         Section 11.19 Employee Benefit Plans. Each Plan that acquires a Note,
by its acceptance of the Note, shall be deemed to represent that its
acquisition, holding and disposition of the Note does not give rise to a
prohibited transaction for which no exemption is available.

         IN WITNESS WHEREOF, the Issuer and the Indenture Trustee have caused
this Indenture to be duly executed by their respective officers, thereunto
duly authorized, all as of the day and year first above written.

                              MMCA AUTO OWNER TRUST 2002-3

                              By:   WILMINGTON TRUST COMPANY,
                                    not in its individual capacity but solely
                                    as Owner Trustee

                              By:   /s/ Patricia A. Evans
                                    ------------------------------------------
                                    Name: Patricia A. Evans
                                    Title: Assistant Vice President

                              By:   BANK OF TOKYO-MITSUBISHI TRUST
                                    COMPANY,
                                    not in its individual capacity but solely
                                    as Indenture Trustee

                              By:   /s/ F. Galarraga
                                    ------------------------------------------
                                    Name: F. Galarraga
                                    Title: Trust Officer

<PAGE>

                                                                   Schedule A

             Schedule of Receivables provided to Indenture Trustee
                 on Computer Tape, Compact Disk or Microfiche

<PAGE>

                                                                   Schedule I

                         List of Permitted Investments

Account(s)                              Permitted Investments

Collection Account                      Federated Government Obligations Fund

Negative Carry Account                  Federated Government Obligations Fund

Payahead Account                        Federated Government Obligations Fund

Pre-Funding Account                     Federated Government Obligations Fund

Reserve Account                         Federated Government Obligations Fund

Yield Supplement Account                Federated Government Obligations Fund

<PAGE>

                                                                  Exhibit A-1

                     [Form of Class A-1 Asset Backed Note]

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO.
OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
HAS AN INTEREST HEREIN.

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

REGISTERED                                                       $70,000,000

No. R-1                                                CUSIP NO. 553083 CR 5

                         MMCA AUTO OWNER TRUST 2002-3

                     1.7475% CLASS A-1 ASSET BACKED NOTES

         MMCA Auto Owner Trust 2002-3, a business trust organized and existing
under the laws of the State of Delaware (herein referred to as the "Issuer"),
for value received, hereby promises to pay to Cede & Co., or its registered
assigns, the principal sum of SEVENTY MILLION DOLLARS payable on each Payment
Date in the aggregate amount, if any, payable from the Note Payment Account in
respect of principal on the Class A-1 Notes pursuant to Section 2.8 of the
Indenture, dated as of August 1, 2002 (as amended, supplemented or otherwise
modified and in effect from time to time, the "Indenture"), between the Issuer
and Bank of Tokyo-Mitsubishi Trust Company, a New York banking corporation, as
Indenture Trustee (in such capacity the "Indenture Trustee"); provided,
however, that if not paid prior to such date, the entire unpaid principal
amount of this Note shall be due and payable on the earlier of the September
2003 Payment Date (the "Class A-1 Stated Maturity Date") and the Redemption
Date, if any, pursuant to Section 10.1(a) of the Indenture. In addition, the
unpaid principal amount of this Note may be redeemed pursuant to Section
10.1(b) of the Indenture to the extent of a pro rata share of funds remaining
in the Pre-Funding Account upon the termination of the Pre-Funding Period.
Capitalized terms used but not defined herein are defined in the Indenture,
which also contains rules as to construction that shall be applicable herein.

         The Issuer shall pay interest on this Note at the rate per annum
shown above on each Payment Date until the principal of this Note is paid or
made available for payment, on the principal amount of this Note outstanding
on the preceding Payment Date (after giving effect to all payments of
principal made on the preceding Payment Date), subject to certain limitations
contained in Section 3.1 of the Indenture. Interest on this Note will accrue
for each Payment Date from and including the previous Payment Date (or, in the
case of the initial Payment Date, or if no interest has been paid, from and
including the Closing Date) to but excluding such Payment Date. Interest will
be computed on the basis of the actual number of days elapsed and a 360-day
year. Such principal of and interest on this Note shall be paid in the manner
specified on the reverse side hereof.

         The principal of and interest on this Note are payable in such coin
or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the
Issuer with respect to this Note shall be applied first to interest due and
payable on this Note as provided above and then to the unpaid principal of
this Note.

         Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note.

         Unless the certificate of authentication hereon has been executed by
the Indenture Trustee whose name appears below by manual signature, this Note
shall not be entitled to any benefit under the Indenture referred to on the
reverse hereof, or be valid or obligatory for any purpose.

                  IN WITNESS WHEREOF, the Issuer has caused this instrument to
be signed, manually or in facsimile, by its Responsible Officer, as of the
date set forth below.

                               MMCA AUTO OWNER TRUST 2002-3,

                               By: WILMINGTON TRUST COMPANY,
                                   not in its individual capacity but solely as
                                   Owner Trustee under the Trust Agreement

                               By: __________________________________
                                     Responsible Officer

Date: ________, _____

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

         This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

                                   BANK OF TOKYO-MITSUBISHI TRUST COMPANY,
                                   not in its individual capacity but solely as
                                   Indenture Trustee

                                   By: __________________________________
                                         Responsible Officer

Date: ________, _____

         This Class A-1 Note is one of a duly authorized issue of Notes of the
Issuer, designated as its 1.7475% Class A-1 Asset Backed Notes, which,
together with the Class A-2 Asset-Backed Notes, the Class A-3 Asset-Backed
Notes, the Class A-4 Asset-Backed Notes, the Class B Asset-Backed Notes and
the Class C Asset-Backed Notes (collectively, the "Notes"), are issued under
the Indenture, to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee and the Holders of
the Notes. The Notes are subject to all terms of the Indenture.

         The Class A-1 Notes are and will be equally and ratably secured by
the collateral pledged as security therefor as provided in the Indenture.
Except as otherwise set forth in the Indenture, the Class A-1 Notes are equal
in right of payment to the Class A-2 Notes, the Class A-3 Notes and the Class
A-4 Notes, senior in right of payment to the Class B Notes and the Class C
Notes.

         Principal of the Class A-1 Notes will be payable on each Payment Date
in an amount described on the face hereof. "Payment Date" means the 15th day
of each month or, if any such day is not a Business Day, the next succeeding
Business Day, commencing September 16, 2002.

         As described above, the entire unpaid principal amount of this Class
A-1 Note shall be due and payable on the earlier of the Class A-1 Stated
Maturity Date and the Redemption Date, if any, pursuant to Section 10.1(a) of
the Indenture. In addition, the unpaid principal amount of this Class A-1 Note
may be redeemed pursuant to Section 10.1(b) of the Indenture to the extent of
a pro rata share of funds remaining in the Pre-Funding Account upon the
termination of the Pre-Funding Period. Notwithstanding the foregoing, the
entire unpaid principal amount of the Notes shall be due and payable on the
date on which an Event of Default shall have occurred and be continuing and
the Indenture Trustee or the Holders of the Notes representing not less than a
majority of all the Notes Outstanding of all Classes, voting as a group, have
declared the Notes to be immediately due and payable in the manner provided in
Section 5.2 of the Indenture. All principal payments on the Class A-1 Notes
shall be made pro rata to the Holders entitled thereto.

         Payments of interest on this Class A-1 Note due and payable on each
Payment Date, together with the installment of principal, if any, to the
extent not in full payment of this Class A-1 Note, shall be made by check
mailed to the Person whose name appears as the Registered Holder of this Class
A-1 Note (or one or more Predecessor Notes) on the Note Register as of the
close of business on each Record Date, except that with respect to Class A-1
Notes registered on the Record Date in the name of the nominee of the Clearing
Agency (initially, such nominee to be Cede & Co.), payments will be made by
wire transfer in immediately available funds to the account designated by such
nominee. Such checks shall be mailed to the Person entitled thereto at the
address of such Person as it appears on the Note Register as of the applicable
Record Date without requiring that this Class A-1 Note be submitted for
notation of payment. Any reduction in the principal amount of this Class A-1
Note (or any one or more Predecessor Notes) effected by any payments made on
any Payment Date shall be binding upon all future Holders of this Class A-1
Note and of any Class A-1 Note issued upon the registration of transfer hereof
or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds
are expected to be available, as provided in the Indenture, for payment in
full of the then remaining unpaid principal amount of this Class A-1 Note on a
Payment Date, then the Indenture Trustee, in the name of and on behalf of the
Issuer, will notify the Person who was the Registered Holder hereof as of the
Record Date preceding such Payment Date by notice mailed or transmitted by
facsimile prior to such Payment Date, and the amount then due and payable
shall be payable only upon presentation and surrender of this Class A-1 Note
at the Indenture Trustee's Corporate Trust Office or at the office of the
Indenture Trustee's agent appointed for such purposes located in New York, New
York.

         The Issuer shall pay interest on overdue installments of interest at
the Class A-1 Rate to the extent lawful.

         As provided in the Indenture, the Notes may be redeemed in the manner
and to the extent described in the Indenture and the Sale and Servicing
Agreement.

         As provided in the Indenture, and subject to certain limitations set
forth therein, the transfer of this Class A-1 Note may be registered on the
Note Register upon surrender of this Class A-1 Note for registration of
transfer at the office or agency designated by the Issuer pursuant to the
Indenture, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Indenture Trustee duly executed by, the
Holder hereof or such Holder's attorney duly authorized in writing, with such
signature guaranteed by an "eligible guarantor institution" meeting the
requirements of the Note Registrar, and thereupon one or more new Class A-1
Notes of authorized denominations and in the same aggregate principal amount
will be issued to the designated transferee or transferees. No service charge
will be charged for any registration of transfer or exchange of this Class A-1
Note, but the transferor may be required to pay a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection with any
such registration of transfer or exchange.

         Each Noteholder or Note Owner, by its acceptance of a Note or, in the
case of a Note Owner, a beneficial interest in a Note, covenants and agrees
that no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the
Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (i) the Indenture Trustee or the Owner Trustee,
each in its individual capacity, (ii) any owner of a beneficial interest in
the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director
or employee of the Indenture Trustee or the Owner Trustee, each in its
individual capacity, any holder of a beneficial interest in the Issuer, the
Owner Trustee or the Indenture Trustee or of any successor or assign of the
Indenture Trustee or the Owner Trustee, each in its individual capacity,
except as any such Person may have expressly agreed and except that any such
partner, owner or beneficiary shall be fully liable, to the extent provided by
applicable law, for any unpaid consideration for stock, unpaid capital
contribution for stock, unpaid capital contribution or failure to pay any
installment or call owing to such entity.

         Each Noteholder or Note Owner, by acceptance of a Note or, in the
case of a Note Owner, a beneficial interest in a Note, covenants and agrees by
accepting the benefits of the Indenture that (a) such Noteholder or Note Owner
will not at any time institute against the Seller, or the Issuer, or join in
any institution against the Seller or the Issuer of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings under any
United States federal or state bankruptcy or similar law in connection with
any obligations relating to the Notes, the Indenture or the Basic Documents
and (b) any claim that such Noteholder or Note Owner may have at any time
against the Subtrust Assets of any Subtrust unrelated to the Notes, and any
claim that such Noteholder may have against the Seller that such Noteholder
may seek to enforce against the Subtrust Assets of any Subtrust unrelated to
the Notes, shall be subordinate to the payment in full, including
post-petition interest, in the event that the Seller becomes a debtor or
debtor in possession in a case under any applicable federal or state
bankruptcy, insolvency or other similar law now or hereafter in effect or
otherwise subject to any insolvency, reorganization, liquidation,
rehabilitation or other similar proceedings, of the claims of the holders of
any Securities related to such unrelated Subtrust and the holders of any other
notes, bonds, contracts or other obligations that are related to such
unrelated Subtrust. The obligations of the Seller represented by this Note are
limited to the related Subtrust and the related Subtrust Assets.

         Each Noteholder or Note Owner that is a Plan, by its acceptance of a
Note or, in the case of a Note Owner, a beneficial interest in a Note, shall
be deemed to represent that its acquisition, holding and disposition of the
Note or beneficial interest in the Note, as applicable, does not give rise to
a prohibited transaction for which no exemption is available.

         EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE OR, IN THE
CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A NOTE, HEREBY IRREVOCABLY
MAKES THE ELECTION AFFORDED BY TITLE 11 UNITED STATES CODE SECTION
1111(b)(1)(A)(i) TO SECURED CREDITORS TO RECEIVE THE TREATMENT AFFORDED BY
TITLE 11 UNITED STATES CODE SECTION 1111(b)(2) WITH RESPECT TO ANY SECURED
CLAIM THAT SUCH NOTEHOLDER OR NOTE OWNER MAY HAVE AT ANY TIME AGAINST THE
SELLER.

         The Issuer has entered into the Indenture and this Class A-1 Note is
issued with the intention that, for federal, state and local income, and
franchise tax purposes, the Notes will qualify as indebtedness of the Issuer
secured by the Trust Estate. Each Noteholder, by its acceptance of a Note (and
each Note Owner by its acceptance of a beneficial interest in a Note), agrees
to treat the Notes for federal, state and local income, single business and
franchise tax purposes as indebtedness of the Issuer.

         Prior to the due presentment for registration of transfer of this
Class A-1 Note, the Issuer, the Indenture Trustee and any agent of the Issuer
or the Indenture Trustee may treat the Person in whose name this Class A-1
Note (as of the day of determination or as of such other date as may be
specified in the Indenture) is registered as the owner hereof for all
purposes, whether or not this Class A-1 Note be overdue, and none of the
Issuer, the Indenture Trustee or any such agent shall be affected by notice to
the contrary.

         The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of
the Issuer and the rights of the Holders of the Notes under the Indenture at
any time by the Issuer with the consent of the Holders of Notes representing a
majority of all of the Notes Outstanding, voting as a group. The Indenture
also contains provisions permitting the Holders of Notes representing
specified percentages of the Class A Notes Outstanding, on behalf of the
Holders of all the Notes, to waive compliance by the Issuer with certain
provisions of the Indenture and certain past defaults under the Indenture and
their consequences. Any such consent or waiver by the Holder of this Class A-1
Note (or any one or more Predecessor Notes) shall be conclusive and binding
upon such Holder and upon all future Holders of this Class A-1 Note and of any
Class A-1 Note issued upon the registration of transfer hereof or in exchange
hereof or in lieu hereof whether or not notation of such consent or waiver is
made upon this Class A-1 Note. The Indenture also permits the Indenture
Trustee to amend or waive certain terms and conditions set forth in the
Indenture without the consent of Holders of the Notes issued thereunder.

         The term "Issuer," as used in this Note, includes any successor to
the Issuer under the Indenture.

         The Issuer is permitted by the Indenture, under certain
circumstances, to merge or consolidate, subject to the rights of the Indenture
Trustee and the Holders of Notes under the Indenture.

         The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth.

         This Class A-1 Note and the Indenture shall be governed by, and
construed in accordance with the laws of the State of New York, and the
obligations, rights and remedies of the parties hereunder and thereunder shall
be determined in accordance with such laws.

         No reference herein to the Indenture, and no provision of this Note
or of the Indenture, shall alter or impair the obligation of the Issuer, which
is absolute and unconditional, to pay the principal of and interest on this
Note at the times, place and rate, and in the coin or currency herein
prescribed.

         Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, none of Bank of Tokyo-Mitsubishi Trust
Company, in its individual capacity, Wilmington Trust Company, in its
individual capacity, any owner of a beneficial interest in the Issuer, or any
of their respective partners, beneficiaries, agents, officers, directors,
employees or successors or assigns shall be personally liable for, nor shall
recourse be had to any of them for, the payment of principal or of interest on
this Class A-1 Note or performance of, or omission to perform, any of the
covenants, obligations or indemnifications contained in the Indenture. The
Holder of this Note, by his acceptance hereof, agrees that, except as
expressly provided in the Basic Documents, in the case of an Event of Default
under the Indenture, the Holder shall have no claim against any of the
foregoing for any deficiency, loss or claim therefrom; provided, however, that
nothing contained herein shall be taken to prevent recourse to, and
enforcement against, the assets of the Issuer for any and all liabilities,
obligations and undertakings contained in the Indenture or in this Class A-1
Note.

                                  ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee:

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

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

------------------------------------------------------------------
         (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints ___________________, attorney, to transfer said Note on the books
kept for registration thereof, with full power of substitution in the
premises.

Dated: __________________                    ______________________________*/
                                                  Signature Guaranteed

                                             ______________________________*/
                                                  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
         Note 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 Note
         Registrar.

<PAGE>

                                                                  Exhibit A-2

                     [Form of Class A-2 Asset Backed Note]

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO.
OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
HAS AN INTEREST HEREIN.

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

REGISTERED                                                       $165,000,000

No. R-1                                                 CUSIP NO. 553083 CS 3

                         MMCA AUTO OWNER TRUST 2002-3

                      2.15% CLASS A-2 ASSET BACKED NOTES

         MMCA Auto Owner Trust 2002-3, a business trust organized and existing
under the laws of the State of Delaware (herein referred to as the "Issuer"),
for value received, hereby promises to pay to Cede & Co., or its registered
assigns, the principal sum of ONE HUNDRED SIXTY FIVE MILLION DOLLARS payable
on each Payment Date in the aggregate amount, if any, payable from the Note
Payment Account in respect of principal on the Class A-2 Notes pursuant to
Section 2.8 of the Indenture, dated as of August 1, 2002 (as amended,
supplemented or otherwise modified and in effect from time to time, the
"Indenture"), between the Issuer and Bank of Tokyo-Mitsubishi Trust Company, a
New York banking corporation, as Indenture Trustee (in such capacity the
"Indenture Trustee"); provided, however, that if not paid prior to such date,
the entire unpaid principal amount of this Note shall be due and payable on
the earlier of the October 2005 Payment Date (the "Class A-2 Stated Maturity
Date") and the Redemption Date, if any, pursuant to Section 10.1(a) of the
Indenture. In addition, the unpaid principal amount of this Note may be
redeemed pursuant to Section 10.1(b) of the Indenture to the extent of a pro
rata share of funds remaining in the Pre-Funding Account upon the termination
of the Pre-Funding Period. Capitalized terms used but not defined herein are
defined in the Indenture, which also contains rules as to construction that
shall be applicable herein.

         The Issuer shall pay interest on this Note at the rate per annum
shown above on each Payment Date until the principal of this Note is paid or
made available for payment, on the principal amount of this Note outstanding
on the preceding Payment Date (after giving effect to all payments of
principal made on the preceding Payment Date), subject to certain limitations
contained in Section 3.1 of the Indenture. Interest on this Note will accrue
for each Payment Date from and including the 15th of the previous month (or,
in the case of the initial Payment Date, or if no interest has been paid, from
the Closing Date) to the 14th of the month of such Payment Date. Interest will
be computed on the basis of a 360-day year of twelve 30-day months. Such
principal of and interest on this Note shall be paid in the manner specified
on the reverse side hereof.

         The principal of and interest on this Note are payable in such coin
or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the
Issuer with respect to this Note shall be applied first to interest due and
payable on this Note as provided above and then to the unpaid principal of
this Note.

         Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note.

         Unless the certificate of authentication hereon has been executed by
the Indenture Trustee whose name appears below by manual signature, this Note
shall not be entitled to any benefit under the Indenture referred to on the
reverse hereof, or be valid or obligatory for any purpose.

         IN WITNESS WHEREOF, the Issuer has caused this instrument to be
signed, manually or in facsimile, by its Responsible Officer, as of the date
set forth below.

                         MMCA AUTO OWNER TRUST 2002-3,

                           By: WILMINGTON TRUST COMPANY,
                               not in its individual capacity but solely as
                               Owner Trustee under the Trust Agreement

                           By: __________________________________
                                 Responsible Officer

Date: ________, _____

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

         This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

                                 BANK OF TOKYO-MITSUBISHI TRUST COMPANY,
                                 not in its individual capacity but solely as
                                 Indenture Trustee

                                 By: __________________________________
                                       Responsible Officer

Date: ________, _____

<PAGE>

         This Class A-2 Note is one of a duly authorized issue of Notes of the
Issuer, designated as its 2.15% Class A-2 Asset Backed Notes, which, together
with the Class A-1 Asset-Backed Notes, the Class A-3 Asset-Backed Notes, the
Class A-4 Asset-Backed Notes, the Class B Asset-Backed Notes and the Class C
Asset-Backed Notes (collectively, the "Notes"), are issued under the
Indenture, to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee and the Holders of
the Notes. The Notes are subject to all terms of the Indenture.

         The Class A-2 Notes are and will be equally and ratably secured by
the collateral pledged as security therefor as provided in the Indenture.
Except as otherwise set forth in the Indenture, the Class A-2 Notes are equal
in right of payment to the Class A-1 Notes, the Class A-3 Notes and the Class
A-4 Notes, senior in right of payment to the Class B Notes and the Class C
Notes.

         Principal of the Class A-2 Notes will be payable on each Payment Date
in an amount described on the face hereof. "Payment Date" means the 15th day
of each month or, if any such day is not a Business Day, the next succeeding
Business Day, commencing September 16, 2002.

         As described above, the entire unpaid principal amount of this Class
A-2 Note shall be due and payable on the earlier of the Class A-2 Stated
Maturity Date and the Redemption Date, if any, pursuant to Section 10.1(a) of
the Indenture. In addition, the unpaid principal amount of this Class A-2 Note
may be redeemed pursuant to Section 10.1(b) of the Indenture to the extent of
a pro rata share of funds remaining in the Pre-Funding Account upon the
termination of the Pre-Funding Period. Notwithstanding the foregoing, the
entire unpaid principal amount of the Notes shall be due and payable on the
date on which an Event of Default shall have occurred and be continuing and
the Indenture Trustee or the Holders of the Notes representing not less than a
majority of all the Notes Outstanding of all Classes, voting as a group, have
declared the Notes to be immediately due and payable in the manner provided in
Section 5.2 of the Indenture. All principal payments on the Class A-2 Notes
shall be made pro rata to the Holders entitled thereto.

         Payments of interest on this Class A-2 Note due and payable on each
Payment Date, together with the installment of principal, if any, to the
extent not in full payment of this Class A-2 Note, shall be made by check
mailed to the Person whose name appears as the Registered Holder of this Class
A-2 Note (or one or more Predecessor Notes) on the Note Register as of the
close of business on each Record Date, except that with respect to Class A-2
Notes registered on the Record Date in the name of the nominee of the Clearing
Agency (initially, such nominee to be Cede & Co.), payments will be made by
wire transfer in immediately available funds to the account designated by such
nominee. Such checks shall be mailed to the Person entitled thereto at the
address of such Person as it appears on the Note Register as of the applicable
Record Date without requiring that this Class A-2 Note be submitted for
notation of payment. Any reduction in the principal amount of this Class A-2
Note (or any one or more Predecessor Notes) effected by any payments made on
any Payment Date shall be binding upon all future Holders of this Class A-2
Note and of any Class A-2 Note issued upon the registration of transfer hereof
or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds
are expected to be available, as provided in the Indenture, for payment in
full of the then remaining unpaid principal amount of this Class A-2 Note on a
Payment Date, then the Indenture Trustee, in the name of and on behalf of the
Issuer, will notify the Person who was the Registered Holder hereof as of the
Record Date preceding such Payment Date by notice mailed or transmitted by
facsimile prior to such Payment Date, and the amount then due and payable
shall be payable only upon presentation and surrender of this Class A-2 Note
at the Indenture Trustee's Corporate Trust Office or at the office of the
Indenture Trustee's agent appointed for such purposes located in New York, New
York.

         The Issuer shall pay interest on overdue installments of interest at
the Class A-2 Rate to the extent lawful.

         As provided in the Indenture, the Notes may be redeemed in the manner
and to the extent described in the Indenture and the Sale and Servicing
Agreement.

         As provided in the Indenture, and subject to certain limitations set
forth therein, the transfer of this Class A-2 Note may be registered on the
Note Register upon surrender of this Class A-2 Note for registration of
transfer at the office or agency designated by the Issuer pursuant to the
Indenture, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Indenture Trustee duly executed by, the
Holder hereof or such Holder's attorney duly authorized in writing, with such
signature guaranteed by an "eligible guarantor institution" meeting the
requirements of the Note Registrar, and thereupon one or more new Class A-2
Notes of authorized denominations and in the same aggregate principal amount
will be issued to the designated transferee or transferees. No service charge
will be charged for any registration of transfer or exchange of this Class A-2
Note, but the transferor may be required to pay a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection with any
such registration of transfer or exchange.

         Each Noteholder or Note Owner, by its acceptance of a Note or, in the
case of a Note Owner, a beneficial interest in a Note, covenants and agrees
that no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the
Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (i) the Indenture Trustee or the Owner Trustee,
each in its individual capacity, (ii) any owner of a beneficial interest in
the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director
or employee of the Indenture Trustee or the Owner Trustee, each in its
individual capacity, any holder of a beneficial interest in the Issuer, the
Owner Trustee or the Indenture Trustee or of any successor or assign of the
Indenture Trustee or the Owner Trustee, each in its individual capacity,
except as any such Person may have expressly agreed and except that any such
partner, owner or beneficiary shall be fully liable, to the extent provided by
applicable law, for any unpaid consideration for stock, unpaid capital
contribution for stock, unpaid capital contribution or failure to pay any
installment or call owing to such entity.

         Each Noteholder or Note Owner, by acceptance of a Note or, in the
case of a Note Owner, a beneficial interest in a Note, covenants and agrees by
accepting the benefits of the Indenture that (a) such Noteholder or Note Owner
will not at any time institute against the Seller, or the Issuer, or join in
any institution against the Seller or the Issuer of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings under any
United States federal or state bankruptcy or similar law in connection with
any obligations relating to the Notes, the Indenture or the Basic Documents
and (b) any claim that such Noteholder or Note Owner may have at any time
against the Subtrust Assets of any Subtrust unrelated to the Notes, and any
claim that such Noteholder may have against the Seller that such Noteholder
may seek to enforce against the Subtrust Assets of any Subtrust unrelated to
the Notes, shall be subordinate to the payment in full, including
post-petition interest, in the event that the Seller becomes a debtor or
debtor in possession in a case under any applicable federal or state
bankruptcy, insolvency or other similar law now or hereafter in effect or
otherwise subject to any insolvency, reorganization, liquidation,
rehabilitation or other similar proceedings, of the claims of the holders of
any Securities related to such unrelated Subtrust and the holders of any other
notes, bonds, contracts or other obligations that are related to such
unrelated Subtrust. The obligations of the Seller represented by this Note are
limited to the related Subtrust and the related Subtrust Assets.

         Each Noteholder or Note Owner that is a Plan, by its acceptance of a
Note or, in the case of a Note Owner, a beneficial interest in a Note, shall
be deemed to represent that its acquisition, holding and disposition of the
Note or beneficial interest in the Note, as applicable, does not give rise to
a prohibited transaction for which no exemption is available.

         EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE OR, IN THE
CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A NOTE, HEREBY IRREVOCABLY
MAKES THE ELECTION AFFORDED BY TITLE 11 UNITED STATES CODE SECTION
1111(b)(1)(A)(i) TO SECURED CREDITORS TO RECEIVE THE TREATMENT AFFORDED BY
TITLE 11 UNITED STATES CODE SECTION 1111(b)(2) WITH RESPECT TO ANY SECURED
CLAIM THAT SUCH NOTEHOLDER OR NOTE OWNER MAY HAVE AT ANY TIME AGAINST THE
SELLER.

         The Issuer has entered into the Indenture and this Class A-2 Note is
issued with the intention that, for federal, state and local income, and
franchise tax purposes, the Notes will qualify as indebtedness of the Issuer
secured by the Trust Estate. Each Noteholder, by its acceptance of a Note (and
each Note Owner by its acceptance of a beneficial interest in a Note), agrees
to treat the Notes for federal, state and local income, single business and
franchise tax purposes as indebtedness of the Issuer.

         Prior to the due presentment for registration of transfer of this
Class A-2 Note, the Issuer, the Indenture Trustee and any agent of the Issuer
or the Indenture Trustee may treat the Person in whose name this Class A-2
Note (as of the day of determination or as of such other date as may be
specified in the Indenture) is registered as the owner hereof for all
purposes, whether or not this Class A-2 Note be overdue, and none of the
Issuer, the Indenture Trustee or any such agent shall be affected by notice to
the contrary.

         The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of
the Issuer and the rights of the Holders of the Notes under the Indenture at
any time by the Issuer with the consent of the Holders of Notes representing a
majority of all of the Notes Outstanding, voting as a group. The Indenture
also contains provisions permitting the Holders of Notes representing
specified percentages of the Class A Notes Outstanding, on behalf of the
Holders of all the Notes, to waive compliance by the Issuer with certain
provisions of the Indenture and certain past defaults under the Indenture and
their consequences. Any such consent or waiver by the Holder of this Class A-2
Note (or any one or more Predecessor Notes) shall be conclusive and binding
upon such Holder and upon all future Holders of this Class A-2 Note and of any
Class A-2 Note issued upon the registration of transfer hereof or in exchange
hereof or in lieu hereof whether or not notation of such consent or waiver is
made upon this Class A-2 Note. The Indenture also permits the Indenture
Trustee to amend or waive certain terms and conditions set forth in the
Indenture without the consent of Holders of the Notes issued thereunder.

         The term "Issuer," as used in this Note, includes any successor to
the Issuer under the Indenture.

         The Issuer is permitted by the Indenture, under certain
circumstances, to merge or consolidate, subject to the rights of the Indenture
Trustee and the Holders of Notes under the Indenture.

         The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth.

         This Class A-2 Note and the Indenture shall be governed by, and
construed in accordance with the laws of the State of New York, and the
obligations, rights and remedies of the parties hereunder and thereunder shall
be determined in accordance with such laws.

         No reference herein to the Indenture, and no provision of this Note
or of the Indenture, shall alter or impair the obligation of the Issuer, which
is absolute and unconditional, to pay the principal of and interest on this
Note at the times, place and rate, and in the coin or currency herein
prescribed.

         Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, none of Bank of Tokyo-Mitsubishi Trust
Company, in its individual capacity, Wilmington Trust Company, in its
individual capacity, any owner of a beneficial interest in the Issuer, or any
of their respective partners, beneficiaries, agents, officers, directors,
employees or successors or assigns shall be personally liable for, nor shall
recourse be had to any of them for, the payment of principal or of interest on
this Class A-2 Note or performance of, or omission to perform, any of the
covenants, obligations or indemnifications contained in the Indenture. The
Holder of this Note, by his acceptance hereof, agrees that, except as
expressly provided in the Basic Documents, in the case of an Event of Default
under the Indenture, the Holder shall have no claim against any of the
foregoing for any deficiency, loss or claim therefrom; provided, however, that
nothing contained herein shall be taken to prevent recourse to, and
enforcement against, the assets of the Issuer for any and all liabilities,
obligations and undertakings contained in the Indenture or in this Class A-2
Note.

                                  ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee:

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

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

------------------------------------------------------------------
                  (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints ______________________, attorney, to transfer said Note on the
books kept for registration thereof, with full power of substitution in the
premises.

Dated: __________________                    ______________________________*/
                                                  Signature Guaranteed

                                             ______________________________*/
                                                  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 Note 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 Note Registrar.

<PAGE>

                                                                 Exhibit A-3

                     [Form of Class A-3 Asset Backed Note]

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO.
OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
HAS AN INTEREST HEREIN.

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

REGISTERED                                                        $150,000,000

No. R-1                                                  CUSIP NO. 553083 CT 1

                         MMCA AUTO OWNER TRUST 2002-3

                      2.97% CLASS A-3 ASSET BACKED NOTES

         MMCA Auto Owner Trust 2002-3, a business trust organized and existing
under the laws of the State of Delaware (herein referred to as the "Issuer"),
for value received, hereby promises to pay to Cede & Co., or its registered
assigns, the principal sum of ONE HUNDRED FIFTY MILLION DOLLARS payable on
each Payment Date in the aggregate amount, if any, payable from the Note
Payment Account in respect of principal on the Class A-3 Notes pursuant to
Section 2.8 of the Indenture, dated as of August 1, 2002 (as amended,
supplemented or otherwise modified and in effect from time to time, the
"Indenture"), between the Issuer and Bank of Tokyo-Mitsubishi Trust Company, a
New York banking corporation, as Indenture Trustee (in such capacity the
"Indenture Trustee"); provided, however, that if not paid prior to such date,
the entire unpaid principal amount of this Note shall be due and payable on
the earlier of the March 2007 Payment Date (the "Class A-3 Stated Maturity
Date") and the Redemption Date, if any, pursuant to Section 10.1(a) of the
Indenture. In addition, the unpaid principal amount of this Note may be
redeemed pursuant to Section 10.1(b) of the Indenture to the extent of a pro
rata share of funds remaining in the Pre-Funding Account upon the termination
of the Pre-Funding Period. Capitalized terms used but not defined herein are
defined in the Indenture, which also contains rules as to construction that
shall be applicable herein.

         The Issuer shall pay interest on this Note at the rate per annum
shown above on each Payment Date until the principal of this Note is paid or
made available for payment, on the principal amount of this Note outstanding
on the preceding Payment Date (after giving effect to all payments of
principal made on the preceding Payment Date), subject to certain limitations
contained in Section 3.1 of the Indenture. Interest on this Note will accrue
for each Payment Date from and including the 15th of the previous month (or,
in the case of the initial Payment Date, or if no interest has been paid, from
the Closing Date) to the 14th of the month of such Payment Date. Interest will
be computed on the basis of a 360-day year of twelve 30-day months. Such
principal of and interest on this Note shall be paid in the manner specified
on the reverse side hereof.

         The principal of and interest on this Note are payable in such coin
or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the
Issuer with respect to this Note shall be applied first to interest due and
payable on this Note as provided above and then to the unpaid principal of
this Note.

         Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note.

         Unless the certificate of authentication hereon has been executed by
the Indenture Trustee whose name appears below by manual signature, this Note
shall not be entitled to any benefit under the Indenture referred to on the
reverse hereof, or be valid or obligatory for any purpose.

                  IN WITNESS WHEREOF, the Issuer has caused this instrument to
be signed, manually or in facsimile, by its Responsible Officer, as of the
date set forth below.

                             MMCA AUTO OWNER TRUST 2002-3,

                             By: WILMINGTON TRUST COMPANY,
                                 not in its individual capacity but solely as
                                 Owner Trustee under the Trust Agreement

                             By: __________________________________
                                   Responsible Officer

Date: ________, _____

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

                  This is one of the Notes designated above and referred to in
the within-mentioned Indenture.

                          BANK OF TOKYO-MITSUBISHI TRUST COMPANY,
                          not in its individual capacity but solely as
                          Indenture Trustee

                          By: __________________________________
                                Responsible Officer

Date: ________, _____

<PAGE>

         This Class A-3 Note is one of a duly authorized issue of Notes of the
Issuer, designated as its 2.97% Class A-3 Asset Backed Notes, which, together
with the Class A-1 Asset-Backed Notes, the Class A-2 Asset-Backed Notes, the
Class A-4 Asset-Backed Notes, the Class B Asset-Backed Notes and the Class C
Asset-Backed Notes (collectively, the "Notes"), are issued under the
Indenture, to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee and the Holders of
the Notes. The Notes are subject to all terms of the Indenture.

         The Class A-3 Notes are and will be equally and ratably secured by
the collateral pledged as security therefor as provided in the Indenture.
Except as otherwise set forth in the Indenture, the Class A-3 Notes are equal
in right of payment to the Class A-1 Notes, the Class A-2 Notes and the Class
A-4 Notes, senior in right of payment to the Class B Notes and the Class C
Notes.

         Principal of the Class A-3 Notes will be payable on each Payment Date
in an amount described on the face hereof. "Payment Date" means the 15th day
of each month or, if any such day is not a Business Day, the next succeeding
Business Day, commencing September 16, 2002.

         As described above, the entire unpaid principal amount of this Class
A-3 Note shall be due and payable on the earlier of the Class A-3 Stated
Maturity Date and the Redemption Date, if any, pursuant to Section 10.1(a) of
the Indenture. In addition, the unpaid principal amount of this Class A-3 Note
may be redeemed pursuant to Section 10.1(b) of the Indenture to the extent of
a pro rata share of funds remaining in the Pre-Funding Account upon the
termination of the Pre-Funding Period. Notwithstanding the foregoing, the
entire unpaid principal amount of the Notes shall be due and payable on the
date on which an Event of Default shall have occurred and be continuing and
the Indenture Trustee or the Holders of the Notes representing not less than a
majority of all the Notes Outstanding of all Classes, voting as a group, have
declared the Notes to be immediately due and payable in the manner provided in
Section 5.2 of the Indenture. All principal payments on the Class A-3 Notes
shall be made pro rata to the Holders entitled thereto.

         Payments of interest on this Class A-3 Note due and payable on each
Payment Date, together with the installment of principal, if any, to the
extent not in full payment of this Class A-3 Note, shall be made by check
mailed to the Person whose name appears as the Registered Holder of this Class
A-3 Note (or one or more Predecessor Notes) on the Note Register as of the
close of business on each Record Date, except that with respect to Class A-3
Notes registered on the Record Date in the name of the nominee of the Clearing
Agency (initially, such nominee to be Cede & Co.), payments will be made by
wire transfer in immediately available funds to the account designated by such
nominee. Such checks shall be mailed to the Person entitled thereto at the
address of such Person as it appears on the Note Register as of the applicable
Record Date without requiring that this Class A-3 Note be submitted for
notation of payment. Any reduction in the principal amount of this Class A-3
Note (or any one or more Predecessor Notes) effected by any payments made on
any Payment Date shall be binding upon all future Holders of this Class A-3
Note and of any Class A-3 Note issued upon the registration of transfer hereof
or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds
are expected to be available, as provided in the Indenture, for payment in
full of the then remaining unpaid principal amount of this Class A-3 Note on a
Payment Date, then the Indenture Trustee, in the name of and on behalf of the
Issuer, will notify the Person who was the Registered Holder hereof as of the
Record Date preceding such Payment Date by notice mailed or transmitted by
facsimile prior to such Payment Date, and the amount then due and payable
shall be payable only upon presentation and surrender of this Class A-3 Note
at the Indenture Trustee's Corporate Trust Office or at the office of the
Indenture Trustee's agent appointed for such purposes located in New York, New
York.

         The Issuer shall pay interest on overdue installments of interest at
the Class A-3 Rate to the extent lawful.

         As provided in the Indenture, the Notes may be redeemed in the manner
and to the extent described in the Indenture and the Sale and Servicing
Agreement.

         As provided in the Indenture, and subject to certain limitations set
forth therein, the transfer of this Class A-3 Note may be registered on the
Note Register upon surrender of this Class A-3 Note for registration of
transfer at the office or agency designated by the Issuer pursuant to the
Indenture, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Indenture Trustee duly executed by, the
Holder hereof or such Holder's attorney duly authorized in writing, with such
signature guaranteed by an "eligible guarantor institution" meeting the
requirements of the Note Registrar, and thereupon one or more new Class A-3
Notes of authorized denominations and in the same aggregate principal amount
will be issued to the designated transferee or transferees. No service charge
will be charged for any registration of transfer or exchange of this Class A-3
Note, but the transferor may be required to pay a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection with any
such registration of transfer or exchange.

         Each Noteholder or Note Owner, by its acceptance of a Note or, in the
case of a Note Owner, a beneficial interest in a Note, covenants and agrees
that no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the
Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (i) the Indenture Trustee or the Owner Trustee,
each in its individual capacity, (ii) any owner of a beneficial interest in
the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director
or employee of the Indenture Trustee or the Owner Trustee, each in its
individual capacity, any holder of a beneficial interest in the Issuer, the
Owner Trustee or the Indenture Trustee or of any successor or assign of the
Indenture Trustee or the Owner Trustee, each in its individual capacity,
except as any such Person may have expressly agreed and except that any such
partner, owner or beneficiary shall be fully liable, to the extent provided by
applicable law, for any unpaid consideration for stock, unpaid capital
contribution for stock, unpaid capital contribution or failure to pay any
installment or call owing to such entity.

         Each Noteholder or Note Owner, by acceptance of a Note or, in the
case of a Note Owner, a beneficial interest in a Note, covenants and agrees by
accepting the benefits of the Indenture that (a) such Noteholder or Note Owner
will not at any time institute against the Seller, or the Issuer, or join in
any institution against the Seller or the Issuer of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings under any
United States federal or state bankruptcy or similar law in connection with
any obligations relating to the Notes, the Indenture or the Basic Documents
and (b) any claim that such Noteholder or Note Owner may have at any time
against the Subtrust Assets of any Subtrust unrelated to the Notes, and any
claim that such Noteholder may have against the Seller that such Noteholder
may seek to enforce against the Subtrust Assets of any Subtrust unrelated to
the Notes, shall be subordinate to the payment in full, including
post-petition interest, in the event that the Seller becomes a debtor or
debtor in possession in a case under any applicable federal or state
bankruptcy, insolvency or other similar law now or hereafter in effect or
otherwise subject to any insolvency, reorganization, liquidation,
rehabilitation or other similar proceedings, of the claims of the holders of
any Securities related to such unrelated Subtrust and the holders of any other
notes, bonds, contracts or other obligations that are related to such
unrelated Subtrust. The obligations of the Seller represented by this Note are
limited to the related Subtrust and the related Subtrust Assets.

         Each Noteholder or Note Owner that is a Plan, by its acceptance of a
Note or, in the case of a Note Owner, a beneficial interest in a Note, shall
be deemed to represent that its acquisition, holding and disposition of the
Note or beneficial interest in the Note, as applicable, does not give rise to
a prohibited transaction for which no exemption is available.

         EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE OR, IN THE
CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A NOTE, HEREBY IRREVOCABLY
MAKES THE ELECTION AFFORDED BY TITLE 11 UNITED STATES CODE SECTION
1111(b)(1)(A)(i) TO SECURED CREDITORS TO RECEIVE THE TREATMENT AFFORDED BY
TITLE 11 UNITED STATES CODE SECTION 1111(b)(2) WITH RESPECT TO ANY SECURED
CLAIM THAT SUCH NOTEHOLDER OR NOTE OWNER MAY HAVE AT ANY TIME AGAINST THE
SELLER.

         The Issuer has entered into the Indenture and this Class A-3 Note is
issued with the intention that, for federal, state and local income, and
franchise tax purposes, the Notes will qualify as indebtedness of the Issuer
secured by the Trust Estate. Each Noteholder, by its acceptance of a Note (and
each Note Owner by its acceptance of a beneficial interest in a Note), agrees
to treat the Notes for federal, state and local income, single business and
franchise tax purposes as indebtedness of the Issuer.

         Prior to the due presentment for registration of transfer of this
Class A-3 Note, the Issuer, the Indenture Trustee and any agent of the Issuer
or the Indenture Trustee may treat the Person in whose name this Class A-3
Note (as of the day of determination or as of such other date as may be
specified in the Indenture) is registered as the owner hereof for all
purposes, whether or not this Class A-3 Note be overdue, and none of the
Issuer, the Indenture Trustee or any such agent shall be affected by notice to
the contrary.

         The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of
the Issuer and the rights of the Holders of the Notes under the Indenture at
any time by the Issuer with the consent of the Holders of Notes representing a
majority of all of the Notes Outstanding, voting as a group. The Indenture
also contains provisions permitting the Holders of Notes representing
specified percentages of the Class A Notes Outstanding, on behalf of the
Holders of all the Notes, to waive compliance by the Issuer with certain
provisions of the Indenture and certain past defaults under the Indenture and
their consequences. Any such consent or waiver by the Holder of this Class A-3
Note (or any one or more Predecessor Notes) shall be conclusive and binding
upon such Holder and upon all future Holders of this Class A-3 Note and of any
Class A-3 Note issued upon the registration of transfer hereof or in exchange
hereof or in lieu hereof whether or not notation of such consent or waiver is
made upon this Class A-3 Note. The Indenture also permits the Indenture
Trustee to amend or waive certain terms and conditions set forth in the
Indenture without the consent of Holders of the Notes issued thereunder.

         The term "Issuer," as used in this Note, includes any successor to
the Issuer under the Indenture.

         The Issuer is permitted by the Indenture, under certain
circumstances, to merge or consolidate, subject to the rights of the Indenture
Trustee and the Holders of Notes under the Indenture.

         The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth.

         This Class A-3 Note and the Indenture shall be governed by, and
construed in accordance with the laws of the State of New York, and the
obligations, rights and remedies of the parties hereunder and thereunder shall
be determined in accordance with such laws.

         No reference herein to the Indenture, and no provision of this Note
or of the Indenture, shall alter or impair the obligation of the Issuer, which
is absolute and unconditional, to pay the principal of and interest on this
Note at the times, place and rate, and in the coin or currency herein
prescribed.

         Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, none of Bank of Tokyo-Mitsubishi Trust
Company, in its individual capacity, Wilmington Trust Company, in its
individual capacity, any owner of a beneficial interest in the Issuer, or any
of their respective partners, beneficiaries, agents, officers, directors,
employees or successors or assigns shall be personally liable for, nor shall
recourse be had to any of them for, the payment of principal or of interest on
this Class A-3 Note or performance of, or omission to perform, any of the
covenants, obligations or indemnifications contained in the Indenture. The
Holder of this Note, by his acceptance hereof, agrees that, except as
expressly provided in the Basic Documents, in the case of an Event of Default
under the Indenture, the Holder shall have no claim against any of the
foregoing for any deficiency, loss or claim therefrom; provided, however, that
nothing contained herein shall be taken to prevent recourse to, and
enforcement against, the assets of the Issuer for any and all liabilities,
obligations and undertakings contained in the Indenture or in this Class A-3
Note.

                                  ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee:

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

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

------------------------------------------------------------------
         (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints ______________________, attorney, to transfer said Note on the
books kept for registration thereof, with full power of substitution in the
premises.

Dated: __________________                    ______________________________*/
                                                 Signature Guaranteed

                                             ______________________________*/
                                                 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 Note 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 Note Registrar.

                                                                 Exhibit A-4

                     [Form of Class A-4 Asset Backed Note]

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO.
OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
HAS AN INTEREST HEREIN.

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

REGISTERED                                                       $131,750,000

No. R-1                                                 CUSIP NO. 553083 CU 8

                         MMCA AUTO OWNER TRUST 2002-3

                      3.57% CLASS A-4 ASSET BACKED NOTES

         MMCA Auto Owner Trust 2002-3, a business trust organized and existing
under the laws of the State of Delaware (herein referred to as the "Issuer"),
for value received, hereby promises to pay to Cede & Co., or its registered
assigns, the principal sum of ONE HUNDRED THIRTY-ONE MILLION SEVEN HUNDRED
FIFTY THOUSAND DOLLARS payable on each Payment Date in the aggregate amount,
if any, payable from the Note Payment Account in respect of principal on the
Class A-4 Notes pursuant to Section 2.8 of the Indenture, dated as of August
1, 2002 (as amended, supplemented or otherwise modified and in effect from
time to time, the "Indenture"), between the Issuer and Bank of
Tokyo-Mitsubishi Trust Company, a New York banking corporation, as Indenture
Trustee (in such capacity the "Indenture Trustee"); provided, however, that if
not paid prior to such date, the entire unpaid principal amount of this Note
shall be due and payable on the earlier of the August 2009 Payment Date (the
"Class A-4 Stated Maturity Date") and the Redemption Date, if any, pursuant to
Section 10.1(a) of the Indenture. In addition, the unpaid principal amount of
this Note may be redeemed pursuant to Section 10.1(b) of the Indenture to the
extent of a pro rata share of funds remaining in the Pre-Funding Account upon
the termination of the Pre-Funding Period. Capitalized terms used but not
defined herein are defined in the Indenture, which also contains rules as to
construction that shall be applicable herein.

         The Issuer shall pay interest on this Note at the rate per annum
shown above on each Payment Date until the principal of this Note is paid or
made available for payment, on the principal amount of this Note outstanding
on the preceding Payment Date (after giving effect to all payments of
principal made on the preceding Payment Date), subject to certain limitations
contained in Section 3.1 of the Indenture. Interest on this Note will accrue
for each Payment Date from and including the 15th of the previous month (or,
in the case of the initial Payment Date, or if no interest has been paid, from
the Closing Date) to the 14th of the month of such Payment Date. Interest will
be computed on the basis of a 360-day year of twelve 30-day months. Such
principal of and interest on this Note shall be paid in the manner specified
on the reverse side hereof.

         The principal of and interest on this Note are payable in such coin
or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the
Issuer with respect to this Note shall be applied first to interest due and
payable on this Note as provided above and then to the unpaid principal of
this Note.

         Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note.

         Unless the certificate of authentication hereon has been executed by
the Indenture Trustee whose name appears below by manual signature, this Note
shall not be entitled to any benefit under the Indenture referred to on the
reverse hereof, or be valid or obligatory for any purpose.

         IN WITNESS WHEREOF, the Issuer has caused this instrument to be
signed, manually or in facsimile, by its Responsible Officer, as of the date
set forth below.

                             MMCA AUTO OWNER TRUST 2002-3,

                             By: WILMINGTON TRUST COMPANY,
                                 not in its individual capacity but solely as
                                 Owner Trustee under the Trust Agreement

                             By: __________________________________
                                   Responsible Officer

Date: ________, _____

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

         This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

                                   BANK OF TOKYO-MITSUBISHI TRUST COMPANY,
                                   not in its individual capacity but solely as
                                   Indenture Trustee

                                   By: __________________________________
                                         Responsible Officer

Date: ________, _____

<PAGE>

         This Class A-4 Note is one of a duly authorized issue of Notes of the
Issuer, designated as its 3.57% Class A-4 Asset Backed Notes, which, together
with the Class A-1 Asset-Backed Notes, the Class A-2 Asset-Backed Notes, the
Class A-3 Asset-Backed Notes, the Class B Asset-Backed Notes and the Class C
Asset-Backed Notes (collectively, the "Notes"), are issued under the
Indenture, to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee and the Holders of
the Notes. The Notes are subject to all terms of the Indenture.

         The Class A-4 Notes are and will be equally and ratably secured by
the collateral pledged as security therefor as provided in the Indenture.
Except as otherwise set forth in the Indenture, the Class A-4 Notes are equal
in right of payment to the Class A-1 Notes, the Class A-2 Notes and the Class
A-3 Notes, senior in right of payment to the Class B Notes and the Class C
Notes.

         Principal of the Class A-4 Notes will be payable on each Payment Date
in an amount described on the face hereof. "Payment Date" means the 15th day
of each month or, if any such day is not a Business Day, the next succeeding
Business Day, commencing on September 16, 2002.

         As described above, the entire unpaid principal amount of this Class
A-4 Note shall be due and payable on the earlier of the Class A-4 Stated
Maturity Date and the Redemption Date, if any, pursuant to Section 10.1(a) of
the Indenture. In addition, the unpaid principal amount of this Class A-4 Note
may be redeemed pursuant to Section 10.1(b) of the Indenture to the extent of
a pro rata share of funds remaining in the Pre-Funding Account upon the
termination of the Pre-Funding Period. Notwithstanding the foregoing, the
entire unpaid principal amount of the Notes shall be due and payable on the
date on which an Event of Default shall have occurred and be continuing and
the Indenture Trustee or the Holders of the Notes representing not less than a
majority of all the Notes Outstanding of all Classes, voting as a group, have
declared the Notes to be immediately due and payable in the manner provided in
Section 5.2 of the Indenture. All principal payments on the Class A-4 Notes
shall be made pro rata to the Holders entitled thereto.

         Payments of interest on this Class A-4 Note due and payable on each
Payment Date, together with the installment of principal, if any, to the
extent not in full payment of this Class A-4 Note, shall be made by check
mailed to the Person whose name appears as the Registered Holder of this Class
A-4 Note (or one or more Predecessor Notes) on the Note Register as of the
close of business on each Record Date, except that with respect to Class A-4
Notes registered on the Record Date in the name of the nominee of the Clearing
Agency (initially, such nominee to be Cede & Co.), payments will be made by
wire transfer in immediately available funds to the account designated by such
nominee. Such checks shall be mailed to the Person entitled thereto at the
address of such Person as it appears on the Note Register as of the applicable
Record Date without requiring that this Class A-4 Note be submitted for
notation of payment. Any reduction in the principal amount of this Class A-4
Note (or any one or more Predecessor Notes) effected by any payments made on
any Payment Date shall be binding upon all future Holders of this Class A-4
Note and of any Class A-4 Note issued upon the registration of transfer hereof
or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds
are expected to be available, as provided in the Indenture, for payment in
full of the then remaining unpaid principal amount of this Class A-4 Note on a
Payment Date, then the Indenture Trustee, in the name of and on behalf of the
Issuer, will notify the Person who was the Registered Holder hereof as of the
Record Date preceding such Payment Date by notice mailed or transmitted by
facsimile prior to such Payment Date, and the amount then due and payable
shall be payable only upon presentation and surrender of this Class A-4 Note
at the Indenture Trustee's Corporate Trust Office or at the office of the
Indenture Trustee's agent appointed for such purposes located in New York, New
York.

         The Issuer shall pay interest on overdue installments of interest at
the Class A-4 Rate to the extent lawful.

         As provided in the Indenture, the Notes may be redeemed in the manner
and to the extent described in the Indenture and the Sale and Servicing
Agreement.

         As provided in the Indenture, and subject to certain limitations set
forth therein, the transfer of this Class A-4 Note may be registered on the
Note Register upon surrender of this Class A-4 Note for registration of
transfer at the office or agency designated by the Issuer pursuant to the
Indenture, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Indenture Trustee duly executed by, the
Holder hereof or such Holder's attorney duly authorized in writing, with such
signature guaranteed by an "eligible guarantor institution" meeting the
requirements of the Note Registrar, and thereupon one or more new Class A-4
Notes of authorized denominations and in the same aggregate principal amount
will be issued to the designated transferee or transferees. No service charge
will be charged for any registration of transfer or exchange of this Class A-4
Note, but the transferor may be required to pay a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection with any
such registration of transfer or exchange.

         Each Noteholder or Note Owner, by its acceptance of a Note or, in the
case of a Note Owner, a beneficial interest in a Note, covenants and agrees
that no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the
Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (i) the Indenture Trustee or the Owner Trustee,
each in its individual capacity, (ii) any owner of a beneficial interest in
the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director
or employee of the Indenture Trustee or the Owner Trustee, each in its
individual capacity, any holder of a beneficial interest in the Issuer, the
Owner Trustee or the Indenture Trustee or of any successor or assign of the
Indenture Trustee or the Owner Trustee, each in its individual capacity,
except as any such Person may have expressly agreed and except that any such
partner, owner or beneficiary shall be fully liable, to the extent provided by
applicable law, for any unpaid consideration for stock, unpaid capital
contribution for stock, unpaid capital contribution or failure to pay any
installment or call owing to such entity.

         Each Noteholder or Note Owner, by acceptance of a Note or, in the
case of a Note Owner, a beneficial interest in a Note, covenants and agrees by
accepting the benefits of the Indenture that (a) such Noteholder or Note Owner
will not at any time institute against the Seller, or the Issuer, or join in
any institution against the Seller or the Issuer of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings under any
United States federal or state bankruptcy or similar law in connection with
any obligations relating to the Notes, the Indenture or the Basic Documents
and (b) any claim that such Noteholder or Note Owner may have at any time
against the Subtrust Assets of any Subtrust unrelated to the Notes, and any
claim that such Noteholder may have against the Seller that such Noteholder
may seek to enforce against the Subtrust Assets of any Subtrust unrelated to
the Notes, shall be subordinate to the payment in full, including
post-petition interest, in the event that the Seller becomes a debtor or
debtor in possession in a case under any applicable federal or state
bankruptcy, insolvency or other similar law now or hereafter in effect or
otherwise subject to any insolvency, reorganization, liquidation,
rehabilitation or other similar proceedings, of the claims of the holders of
any Securities related to such unrelated Subtrust and the holders of any other
notes, bonds, contracts or other obligations that are related to such
unrelated Subtrust. The obligations of the Seller represented by this Note are
limited to the related Subtrust and the related Subtrust Assets.

         Each Noteholder or Note Owner that is a Plan, by its acceptance of a
Note or, in the case of a Note Owner, a beneficial interest in a Note, shall
be deemed to represent that its acquisition, holding and disposition of the
Note or beneficial interest in the Note, as applicable, does not give rise to
a prohibited transaction for which no exemption is available.

         EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE OR, IN THE
CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A NOTE, HEREBY IRREVOCABLY
MAKES THE ELECTION AFFORDED BY TITLE 11 UNITED STATES CODE SECTION
1111(b)(1)(A)(i) TO SECURED CREDITORS TO RECEIVE THE TREATMENT AFFORDED BY
TITLE 11 UNITED STATES CODE SECTION 1111(b)(2) WITH RESPECT TO ANY SECURED
CLAIM THAT SUCH NOTEHOLDER OR NOTE OWNER MAY HAVE AT ANY TIME AGAINST THE
SELLER.

         The Issuer has entered into the Indenture and this Class A-4 Note is
issued with the intention that, for federal, state and local income, and
franchise tax purposes, the Notes will qualify as indebtedness of the Issuer
secured by the Trust Estate. Each Noteholder, by its acceptance of a Note (and
each Note Owner by its acceptance of a beneficial interest in a Note), agrees
to treat the Notes for federal, state and local income, single business and
franchise tax purposes as indebtedness of the Issuer.

         Prior to the due presentment for registration of transfer of this
Class A-4 Note, the Issuer, the Indenture Trustee and any agent of the Issuer
or the Indenture Trustee may treat the Person in whose name this Class A-4
Note (as of the day of determination or as of such other date as may be
specified in the Indenture) is registered as the owner hereof for all
purposes, whether or not this Class A-4 Note be overdue, and none of the
Issuer, the Indenture Trustee or any such agent shall be affected by notice to
the contrary.

         The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of
the Issuer and the rights of the Holders of the Notes under the Indenture at
any time by the Issuer with the consent of the Holders of Notes representing a
majority of all of the Notes Outstanding, voting as a group. The Indenture
also contains provisions permitting the Holders of Notes representing
specified percentages of the Class A Notes Outstanding, on behalf of the
Holders of all the Notes, to waive compliance by the Issuer with certain
provisions of the Indenture and certain past defaults under the Indenture and
their consequences. Any such consent or waiver by the Holder of this Class A-4
Note (or any one or more Predecessor Notes) shall be conclusive and binding
upon such Holder and upon all future Holders of this Class A-4 Note and of any
Class A-4 Note issued upon the registration of transfer hereof or in exchange
hereof or in lieu hereof whether or not notation of such consent or waiver is
made upon this Class A-4 Note. The Indenture also permits the Indenture
Trustee to amend or waive certain terms and conditions set forth in the
Indenture without the consent of Holders of the Notes issued thereunder.

         The term "Issuer," as used in this Note, includes any successor to
the Issuer under the Indenture.

         The Issuer is permitted by the Indenture, under certain
circumstances, to merge or consolidate, subject to the rights of the Indenture
Trustee and the Holders of Notes under the Indenture.

         The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth.

         This Class A-4 Note and the Indenture shall be governed by, and
construed in accordance with the laws of the State of New York, and the
obligations, rights and remedies of the parties hereunder and thereunder shall
be determined in accordance with such laws.

         No reference herein to the Indenture, and no provision of this Note
or of the Indenture, shall alter or impair the obligation of the Issuer, which
is absolute and unconditional, to pay the principal of and interest on this
Note at the times, place and rate, and in the coin or currency herein
prescribed.

         Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, none of Bank of Tokyo-Mitsubishi Trust
Company, in its individual capacity, Wilmington Trust Company, in its
individual capacity, any owner of a beneficial interest in the Issuer, or any
of their respective partners, beneficiaries, agents, officers, directors,
employees or successors or assigns shall be personally liable for, nor shall
recourse be had to any of them for, the payment of principal or of interest on
this Class A-4 Note or performance of, or omission to perform, any of the
covenants, obligations or indemnifications contained in the Indenture. The
Holder of this Note, by his acceptance hereof, agrees that, except as
expressly provided in the Basic Documents, in the case of an Event of Default
under the Indenture, the Holder shall have no claim against any of the
foregoing for any deficiency, loss or claim therefrom; provided, however, that
nothing contained herein shall be taken to prevent recourse to, and
enforcement against, the assets of the Issuer for any and all liabilities,
obligations and undertakings contained in the Indenture or in this Class A-4
Note.

                                  ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee:

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

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

------------------------------------------------------------------
         (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints _____________________, attorney, to transfer said Note on the
books kept for registration thereof, with full power of substitution in the
premises.

Dated: __________________                  ______________________________*/
                                                 Signature Guaranteed

                                           ______________________________*/
                                                 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 Note 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 Note Registrar.

<PAGE>

                                                                  Exhibit B

                                        [Form of Class B Asset Backed Note]

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO.
OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
HAS AN INTEREST HEREIN.

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

REGISTERED                                                  $50,375,000

No. R-1                                           CUSIP NO. 553083 CV 6

                         MMCA AUTO OWNER TRUST 2002-3

                       3.86% CLASS B ASSET BACKED NOTES

         MMCA Auto Owner Trust 2002-3, a business trust organized and existing
under the laws of the State of Delaware (herein referred to as the "Issuer"),
for value received, hereby promises to pay to Cede & Co., or its registered
assigns, the principal sum of FIFTY MILLION THREE HUNDRED SEVENTY FIVE
THOUSAND DOLLARS payable on each Payment Date in the aggregate amount, if any,
payable from the Note Payment Account in respect of principal on the Class B
Notes pursuant to Section 2.8 of the Indenture, dated as of August 1, 2002 (as
amended, supplemented or otherwise modified and in effect from time to time,
the "Indenture"), between the Issuer and Bank of Tokyo-Mitsubishi Trust
Company, a New York banking corporation, as Indenture Trustee (in such
capacity the "Indenture Trustee"); provided, however, that if not paid prior
to such date, the entire unpaid principal amount of this Note shall be due and
payable on the earlier of the August 2009 Payment Date (the "Class B Stated
Maturity Date") and the Redemption Date, if any, pursuant to Section 10.1(a)
of the Indenture. In addition, the unpaid principal amount of this Note may be
redeemed pursuant to Section 10.1(b) of the Indenture to the extent of a pro
rata share of funds remaining in the Pre-Funding Account upon the termination
of the Pre-Funding Period. Capitalized terms used but not defined herein are
defined in the Indenture, which also contains rules as to construction that
shall be applicable herein.

         The Issuer shall pay interest on this Note at the rate per annum
shown above on each Payment Date until the principal of this Note is paid or
made available for payment, on the principal amount of this Note outstanding
on the preceding Payment Date (after giving effect to all payments of
principal made on the preceding Payment Date), subject to certain limitations
contained in Section 3.1 of the Indenture. Interest on this Note will accrue
for each Payment Date from and including the 15th of the previous month (or,
in the case of the initial Payment Date, or if no interest has been paid, from
the Closing Date) to the 14th of the month of such Payment Date. Interest will
be computed on the basis of a 360-day year of twelve 30-day months. Such
principal of and interest on this Note shall be paid in the manner specified
on the reverse side hereof.

         The principal of and interest on this Note are payable in such coin
or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the
Issuer with respect to this Note shall be applied first to interest due and
payable on this Note as provided above and then to the unpaid principal of
this Note.

         Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note.

         Unless the certificate of authentication hereon has been executed by
the Indenture Trustee whose name appears below by manual signature, this Note
shall not be entitled to any benefit under the Indenture referred to on the
reverse hereof, or be valid or obligatory for any purpose.

                  IN WITNESS WHEREOF, the Issuer has caused this instrument to
be signed, manually or in facsimile, by its Responsible Officer, as of the
date set forth below.

                              MMCA AUTO OWNER TRUST 2002-3,

                              By: WILMINGTON TRUST COMPANY,
                                  not in its individual capacity but solely as
                                  Owner Trustee under the Trust Agreement

                              By: __________________________________
                                    Responsible Officer

Date: ________, _____

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

         This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

                                   BANK OF TOKYO-MITSUBISHI TRUST COMPANY,
                                   not in its individual capacity but solely as
                                   Indenture Trustee

                                   By: __________________________________
                                         Responsible Officer

Date: ________, _____

<PAGE>

         This Class B Note is one of a duly authorized issue of Notes of the
Issuer, designated as its 3.86% Class B Asset Backed Notes, which, together
with the Class A-1 Asset-Backed Notes, the Class A-2 Asset-Backed Notes, the
Class A-3 Asset-Backed Notes, the Class A-4 Asset-Backed Notes and the Class C
Asset-Backed Notes (collectively, the "Notes"), are issued under the
Indenture, to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee and the Holders of
the Notes. The Notes are subject to all terms of the Indenture.

         The Class B Notes are and will be equally and ratably secured by the
collateral pledged as security therefor as provided in the Indenture. Except
as otherwise set forth in the Indenture, the Class B Notes are subordinated in
right of payment to the Class A-1 Notes, the Class A-2 Notes, the Class A-3
Notes and the Class A-4 Notes and equal in right of payment to the Class C
Notes.

         Principal of the Class B Notes will be payable on each Payment Date
in an amount described on the face hereof. "Payment Date" means the 15th day
of each month or, if any such day is not a Business Day, the next succeeding
Business Day, commencing September 16, 2002.

         As described above, the entire unpaid principal amount of this Class
B Note shall be due and payable on the earlier of the Class B Stated Maturity
Date and the Redemption Date, if any, pursuant to Section 10.1(a) of the
Indenture. In addition, the unpaid principal amount of this Class B Note may
be redeemed pursuant to Section 10.1(b) of the Indenture to the extent of a
pro rata share of funds remaining in the Pre-Funding Account upon the
termination of the Pre-Funding Period. Notwithstanding the foregoing, the
entire unpaid principal amount of the Notes shall be due and payable on the
date on which an Event of Default shall have occurred and be continuing and
the Indenture Trustee or the Holders of the Notes representing not less than a
majority of all the Notes Outstanding of all Classes, voting as a group, have
declared the Notes to be immediately due and payable in the manner provided in
Section 5.2 of the Indenture. All principal payments on the Class B Notes
shall be made pro rata to the Holders entitled thereto.

         Payments of interest on this Class B Note due and payable on each
Payment Date, together with the installment of principal, if any, to the
extent not in full payment of this Class B Note, shall be made by check mailed
to the Person whose name appears as the Registered Holder of this Class B Note
(or one or more Predecessor Notes) on the Note Register as of the close of
business on each Record Date, except that with respect to Class B Notes
registered on the Record Date in the name of the nominee of the Clearing
Agency (initially, such nominee to be Cede & Co.), payments will be made by
wire transfer in immediately available funds to the account designated by such
nominee. Such checks shall be mailed to the Person entitled thereto at the
address of such Person as it appears on the Note Register as of the applicable
Record Date without requiring that this Class B Note be submitted for notation
of payment. Any reduction in the principal amount of this Class B Note (or any
one or more Predecessor Notes) effected by any payments made on any Payment
Date shall be binding upon all future Holders of this Class B Note and of any
Class B Note issued upon the registration of transfer hereof or in exchange
hereof or in lieu hereof, whether or not noted hereon. If funds are expected
to be available, as provided in the Indenture, for payment in full of the then
remaining unpaid principal amount of this Class B Note on a Payment Date, then
the Indenture Trustee, in the name of and on behalf of the Issuer, will notify
the Person who was the Registered Holder hereof as of the Record Date
preceding such Payment Date by notice mailed or transmitted by facsimile prior
to such Payment Date, and the amount then due and payable shall be payable
only upon presentation and surrender of this Class B Note at the Indenture
Trustee's Corporate Trust Office or at the office of the Indenture Trustee's
agent appointed for such purposes located in New York, New York.

         The Issuer shall pay interest on overdue installments of interest at
the Class B Rate to the extent lawful.

         As provided in the Indenture, the Notes may be redeemed in the manner
and to the extent described in the Indenture and the Sale and Servicing
Agreement.

         As provided in the Indenture, and subject to certain limitations set
forth therein, the transfer of this Class B Note may be registered on the Note
Register upon surrender of this Class B Note for registration of transfer at
the office or agency designated by the Issuer pursuant to the Indenture, duly
endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Indenture Trustee duly executed by, the Holder hereof or
such Holder's attorney duly authorized in writing, with such signature
guaranteed by an "eligible guarantor institution" meeting the requirements of
the Note Registrar, and thereupon one or more new Class B Notes of authorized
denominations and in the same aggregate principal amount will be issued to the
designated transferee or transferees. No service charge will be charged for
any registration of transfer or exchange of this Class B Note, but the
transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such
registration of transfer or exchange.

         Each Noteholder or Note Owner, by its acceptance of a Note or, in the
case of a Note Owner, a beneficial interest in a Note, covenants and agrees
that no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the
Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (i) the Indenture Trustee or the Owner Trustee,
each in its individual capacity, (ii) any owner of a beneficial interest in
the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director
or employee of the Indenture Trustee or the Owner Trustee, each in its
individual capacity, any holder of a beneficial interest in the Issuer, the
Owner Trustee or the Indenture Trustee or of any successor or assign of the
Indenture Trustee or the Owner Trustee, each in its individual capacity,
except as any such Person may have expressly agreed and except that any such
partner, owner or beneficiary shall be fully liable, to the extent provided by
applicable law, for any unpaid consideration for stock, unpaid capital
contribution for stock, unpaid capital contribution or failure to pay any
installment or call owing to such entity.

         Each Noteholder or Note Owner, by acceptance of a Note or, in the
case of a Note Owner, a beneficial interest in a Note, covenants and agrees by
accepting the benefits of the Indenture that (a) such Noteholder or Note Owner
will not at any time institute against the Seller, or the Issuer, or join in
any institution against the Seller or the Issuer of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings under any
United States federal or state bankruptcy or similar law in connection with
any obligations relating to the Notes, the Indenture or the Basic Documents
and (b) any claim that such Noteholder or Note Owner may have at any time
against the Subtrust Assets of any Subtrust unrelated to the Notes, and any
claim that such Noteholder may have against the Seller that such Noteholder
may seek to enforce against the Subtrust Assets of any Subtrust unrelated to
the Notes, shall be subordinate to the payment in full, including
post-petition interest, in the event that the Seller becomes a debtor or
debtor in possession in a case under any applicable federal or state
bankruptcy, insolvency or other similar law now or hereafter in effect or
otherwise subject to any insolvency, reorganization, liquidation,
rehabilitation or other similar proceedings, of the claims of the holders of
any Securities related to such unrelated Subtrust and the holders of any other
notes, bonds, contracts or other obligations that are related to such
unrelated Subtrust. The obligations of the Seller represented by this Note are
limited to the related Subtrust and the related Subtrust Assets.

         Each Noteholder or Note Owner that is a Plan, by its acceptance of a
Note or, in the case of a Note Owner, a beneficial interest in a Note, shall
be deemed to represent that its acquisition, holding and disposition of the
Note or beneficial interest in the Note, as applicable, does not give rise to
a prohibited transaction for which no exemption is available.

         EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE OR, IN THE
CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A NOTE, HEREBY IRREVOCABLY
MAKES THE ELECTION AFFORDED BY TITLE 11 UNITED STATES CODE SECTION
1111(b)(1)(A)(i) TO SECURED CREDITORS TO RECEIVE THE TREATMENT AFFORDED BY
TITLE 11 UNITED STATES CODE SECTION 1111(b)(2) WITH RESPECT TO ANY SECURED
CLAIM THAT SUCH NOTEHOLDER OR NOTE OWNER MAY HAVE AT ANY TIME AGAINST THE
SELLER.

         The Issuer has entered into the Indenture and this Class B Note is
issued with the intention that, for federal, state and local income, and
franchise tax purposes, the Notes will qualify as indebtedness of the Issuer
secured by the Trust Estate. Each Noteholder, by its acceptance of a Note (and
each Note Owner by its acceptance of a beneficial interest in a Note), agrees
to treat the Notes for federal, state and local income, single business and
franchise tax purposes as indebtedness of the Issuer.

         Prior to the due presentment for registration of transfer of this
Class B Note, the Issuer, the Indenture Trustee and any agent of the Issuer or
the Indenture Trustee may treat the Person in whose name this Class B Note (as
of the day of determination or as of such other date as may be specified in
the Indenture) is registered as the owner hereof for all purposes, whether or
not this Class B Note be overdue, and none of the Issuer, the Indenture
Trustee or any such agent shall be affected by notice to the contrary.

         The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of
the Issuer and the rights of the Holders of the Notes under the Indenture at
any time by the Issuer with the consent of the Holders of Notes representing a
majority of all of the Notes Outstanding, voting as a group. The Indenture
also contains provisions permitting the Holders of Notes representing
specified percentages of the Class A Notes Outstanding, on behalf of the
Holders of all the Notes, to waive compliance by the Issuer with certain
provisions of the Indenture and certain past defaults under the Indenture and
their consequences. Any such consent or waiver by the Holder of this Class B
Note (or any one or more Predecessor Notes) shall be conclusive and binding
upon such Holder and upon all future Holders of this Class B Note and of any
Class B Note issued upon the registration of transfer hereof or in exchange
hereof or in lieu hereof whether or not notation of such consent or waiver is
made upon this Class B Note. The Indenture also permits the Indenture Trustee
to amend or waive certain terms and conditions set forth in the Indenture
without the consent of Holders of the Notes issued thereunder.

         The term "Issuer," as used in this Note, includes any successor to
the Issuer under the Indenture.

         The Issuer is permitted by the Indenture, under certain
circumstances, to merge or consolidate, subject to the rights of the Indenture
Trustee and the Holders of Notes under the Indenture.

         The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth.

         This Class B Note and the Indenture shall be governed by, and
construed in accordance with the laws of the State of New York, and the
obligations, rights and remedies of the parties hereunder and thereunder shall
be determined in accordance with such laws.

         No reference herein to the Indenture, and no provision of this Note
or of the Indenture, shall alter or impair the obligation of the Issuer, which
is absolute and unconditional, to pay the principal of and interest on this
Note at the times, place and rate, and in the coin or currency herein
prescribed.

         Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, none of Bank of Tokyo-Mitsubishi Trust
Company, in its individual capacity, Wilmington Trust Company, in its
individual capacity, any owner of a beneficial interest in the Issuer, or any
of their respective partners, beneficiaries, agents, officers, directors,
employees or successors or assigns shall be personally liable for, nor shall
recourse be had to any of them for, the payment of principal or of interest on
this Class B Note or performance of, or omission to perform, any of the
covenants, obligations or indemnifications contained in the Indenture. The
Holder of this Note, by his acceptance hereof, agrees that, except as
expressly provided in the Basic Documents, in the case of an Event of Default
under the Indenture, the Holder shall have no claim against any of the
foregoing for any deficiency, loss or claim therefrom; provided, however, that
nothing contained herein shall be taken to prevent recourse to, and
enforcement against, the assets of the Issuer for any and all liabilities,
obligations and undertakings contained in the Indenture or in this Class B
Note.

                                  ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee:

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

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

------------------------------------------------------------------
         (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints _____________________, attorney, to transfer said Note on the
books kept for registration thereof, with full power of substitution in the
premises.

Dated: __________________                  ______________________________*/
                                                Signature Guaranteed

                                           ______________________________*/
                                                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 Note 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 Note Registrar.

<PAGE>

                                                                   Exhibit C

                      [Form of Class C Asset Backed Note]

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO.
OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
HAS AN INTEREST HEREIN.

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

REGISTERED                                                      $27,625,000

No. R-1                                               CUSIP NO. 553083 CW 4

                         MMCA AUTO OWNER TRUST 2002-3

                       4.60% CLASS C ASSET BACKED NOTES

         MMCA Auto Owner Trust 2002-3, a business trust organized and existing
under the laws of the State of Delaware (herein referred to as the "Issuer"),
for value received, hereby promises to pay to Cede & Co., or its registered
assigns, the principal sum of TWENTY SEVEN MILLION SIX HUNDRED TWENTY-FIVE
THOUSAND DOLLARS payable on each Payment Date in the aggregate amount, if any,
payable from the Note Payment Account in respect of principal on the Class C
Notes pursuant to Section 2.8 of the Indenture, dated as of August 1, 2002 (as
amended, supplemented or otherwise modified and in effect from time to time,
the "Indenture"), between the Issuer and Bank of Tokyo-Mitsubishi Trust
Company, a New York banking corporation, as Indenture Trustee (in such
capacity the "Indenture Trustee"); provided, however, that if not paid prior
to such date, the entire unpaid principal amount of this Note shall be due and
payable on the earlier of the August 2009 Payment Date (the "Class C Stated
Maturity Date") and the Redemption Date, if any, pursuant to Section 10.1(a)
of the Indenture. In addition, the unpaid principal amount of this Note may be
redeemed pursuant to Section 10.1(b) of the Indenture to the extent of a pro
rata share of funds remaining in the Pre-Funding Account upon the termination
of the Pre-Funding Period. Capitalized terms used but not defined herein are
defined in the Indenture, which also contains rules as to construction that
shall be applicable herein.

         The Issuer shall pay interest on this Note at the rate per annum
shown above on each Payment Date until the principal of this Note is paid or
made available for payment, on the principal amount of this Note outstanding
on the preceding Payment Date (after giving effect to all payments of
principal made on the preceding Payment Date), subject to certain limitations
contained in Section 3.1 of the Indenture. Interest on this Note will accrue
for each Payment Date from and including the 15th of the previous month (or,
in the case of the initial Payment Date, or if no interest has been paid, from
the Closing Date) to the 14th of the month of such Payment Date. Interest will
be computed on the basis of a 360-day year of twelve 30-day months. Such
principal of and interest on this Note shall be paid in the manner specified
on the reverse side hereof.

         The principal of and interest on this Note are payable in such coin
or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the
Issuer with respect to this Note shall be applied first to interest due and
payable on this Note as provided above and then to the unpaid principal of
this Note.

         Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note.

         Unless the certificate of authentication hereon has been executed by
the Indenture Trustee whose name appears below by manual signature, this Note
shall not be entitled to any benefit under the Indenture referred to on the
reverse hereof, or be valid or obligatory for any purpose.

                  IN WITNESS WHEREOF, the Issuer has caused this instrument to
be signed, manually or in facsimile, by its Responsible Officer, as of the
date set forth below.

                              MMCA AUTO OWNER TRUST 2002-3,

                              By: WILMINGTON TRUST COMPANY,
                                  not in its individual capacity but solely as
                                  Owner Trustee under the Trust Agreement

                              By: __________________________________
                                    Responsible Officer

Date: ________, _____

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

                  This is one of the Notes designated above and referred to in
the within-mentioned Indenture.

                                  BANK OF TOKYO-MITSUBISHI TRUST COMPANY,
                                  not in its individual capacity but solely as
                                  Indenture Trustee

                                  By: __________________________________
                                        Responsible Officer

Date: ________, _____

<PAGE>

         This Class C Note is one of a duly authorized issue of Notes of the
Issuer, designated as its 4.60% Class C Asset Backed Notes, which, together
with the Class A-1 Asset-Backed Notes, the Class A-2 Asset-Backed Notes, the
Class A-3 Asset-Backed Notes, the Class A-4 Asset-Backed Notes and the Class B
Asset-Backed Notes (collectively, the "Notes"), are issued under the
Indenture, to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee and the Holders of
the Notes. The Notes are subject to all terms of the Indenture.

         The Class C Notes are and will be equally and ratably secured by the
collateral pledged as security therefor as provided in the Indenture. Except
as otherwise set forth in the Indenture, the Class C Notes are subordinated in
right of payment to the Class A-1 Notes , the Class A-2 Notes, the Class A-3
Notes and the Class A-4 Notes and equal in right of payment to the Class B
Notes.

         Principal of the Class C Notes will be payable on each Payment Date
in an amount described on the face hereof. "Payment Date" means the 15th day
of each month or, if any such day is not a Business Day, the next succeeding
Business Day, commencing September 16, 2002.

         As described above, the entire unpaid principal amount of this Class
C Note shall be due and payable on the earlier of the Class C Stated Maturity
Date and the Redemption Date, if any, pursuant to Section 10.1(a) of the
Indenture. In addition, the unpaid principal amount of this Class C Note may
be redeemed pursuant to Section 10.1(b) of the Indenture to the extent of a
pro rata share of funds remaining in the Pre-Funding Account upon the
termination of the Pre-Funding Period. Notwithstanding the foregoing, the
entire unpaid principal amount of the Notes shall be due and payable on the
date on which an Event of Default shall have occurred and be continuing and
the Indenture Trustee or the Holders of the Notes representing not less than a
majority of all the Notes Outstanding of all Classes, voting as a group, have
declared the Notes to be immediately due and payable in the manner provided in
Section 5.2 of the Indenture. All principal payments on the Class C Notes
shall be made pro rata to the Holders entitled thereto.

         Payments of interest on this Class C Note due and payable on each
Payment Date, together with the installment of principal, if any, to the
extent not in full payment of this Class C Note, shall be made by check mailed
to the Person whose name appears as the Registered Holder of this Class C Note
(or one or more Predecessor Notes) on the Note Register as of the close of
business on each Record Date, except that with respect to Class C Notes
registered on the Record Date in the name of the nominee of the Clearing
Agency (initially, such nominee to be Cede & Co.), payments will be made by
wire transfer in immediately available funds to the account designated by such
nominee. Such checks shall be mailed to the Person entitled thereto at the
address of such Person as it appears on the Note Register as of the applicable
Record Date without requiring that this Class C Note be submitted for notation
of payment. Any reduction in the principal amount of this Class C Note (or any
one or more Predecessor Notes) effected by any payments made on any Payment
Date shall be binding upon all future Holders of this Class C Note and of any
Class C Note issued upon the registration of transfer hereof or in exchange
hereof or in lieu hereof, whether or not noted hereon. If funds are expected
to be available, as provided in the Indenture, for payment in full of the then
remaining unpaid principal amount of this Class C Note on a Payment Date, then
the Indenture Trustee, in the name of and on behalf of the Issuer, will notify
the Person who was the Registered Holder hereof as of the Record Date
preceding such Payment Date by notice mailed or transmitted by facsimile prior
to such Payment Date, and the amount then due and payable shall be payable
only upon presentation and surrender of this Class C Note at the Indenture
Trustee's Corporate Trust Office or at the office of the Indenture Trustee's
agent appointed for such purposes located in New York, New York.

         The Issuer shall pay interest on overdue installments of interest at
the Class C Rate to the extent lawful.

         As provided in the Indenture, the Notes may be redeemed in the manner
and to the extent described in the Indenture and the Sale and Servicing
Agreement.

         As provided in the Indenture, and subject to certain limitations set
forth therein, the transfer of this Class C Note may be registered on the Note
Register upon surrender of this Class C Note for registration of transfer at
the office or agency designated by the Issuer pursuant to the Indenture, duly
endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Indenture Trustee duly executed by, the Holder hereof or
such Holder's attorney duly authorized in writing, with such signature
guaranteed by an "eligible guarantor institution" meeting the requirements of
the Note Registrar, and thereupon one or more new Class C Notes of authorized
denominations and in the same aggregate principal amount will be issued to the
designated transferee or transferees. No service charge will be charged for
any registration of transfer or exchange of this Class C Note, but the
transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such
registration of transfer or exchange.

         Each Noteholder or Note Owner, by its acceptance of a Note or, in the
case of a Note Owner, a beneficial interest in a Note, covenants and agrees
that no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the
Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (i) the Indenture Trustee or the Owner Trustee,
each in its individual capacity, (ii) any owner of a beneficial interest in
the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director
or employee of the Indenture Trustee or the Owner Trustee, each in its
individual capacity, any holder of a beneficial interest in the Issuer, the
Owner Trustee or the Indenture Trustee or of any successor or assign of the
Indenture Trustee or the Owner Trustee, each in its individual capacity,
except as any such Person may have expressly agreed and except that any such
partner, owner or beneficiary shall be fully liable, to the extent provided by
applicable law, for any unpaid consideration for stock, unpaid capital
contribution for stock, unpaid capital contribution or failure to pay any
installment or call owing to such entity.

         Each Noteholder or Note Owner, by acceptance of a Note or, in the
case of a Note Owner, a beneficial interest in a Note, covenants and agrees by
accepting the benefits of the Indenture that (a) such Noteholder or Note Owner
will not at any time institute against the Seller, or the Issuer, or join in
any institution against the Seller or the Issuer of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings under any
United States federal or state bankruptcy or similar law in connection with
any obligations relating to the Notes, the Indenture or the Basic Documents
and (b) any claim that such Noteholder or Note Owner may have at any time
against the Subtrust Assets of any Subtrust unrelated to the Notes, and any
claim that such Noteholder may have against the Seller that such Noteholder
may seek to enforce against the Subtrust Assets of any Subtrust unrelated to
the Notes, shall be subordinate to the payment in full, including
post-petition interest, in the event that the Seller becomes a debtor or
debtor in possession in a case under any applicable federal or state
bankruptcy, insolvency or other similar law now or hereafter in effect or
otherwise subject to any insolvency, reorganization, liquidation,
rehabilitation or other similar proceedings, of the claims of the holders of
any Securities related to such unrelated Subtrust and the holders of any other
notes, bonds, contracts or other obligations that are related to such
unrelated Subtrust. The obligations of the Seller represented by this Note are
limited to the related Subtrust and the related Subtrust Assets.

         Each Noteholder or Note Owner that is a Plan, by its acceptance of a
Note or, in the case of a Note Owner, a beneficial interest in a Note, shall
be deemed to represent that its acquisition, holding and disposition of the
Note or beneficial interest in the Note, as applicable, does not give rise to
a prohibited transaction for which no exemption is available.

         EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE OR, IN THE
CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A NOTE, HEREBY IRREVOCABLY
MAKES THE ELECTION AFFORDED BY TITLE 11 UNITED STATES CODE SECTION
1111(b)(1)(A)(i) TO SECURED CREDITORS TO RECEIVE THE TREATMENT AFFORDED BY
TITLE 11 UNITED STATES CODE SECTION 1111(b)(2) WITH RESPECT TO ANY SECURED
CLAIM THAT SUCH NOTEHOLDER OR NOTE OWNER MAY HAVE AT ANY TIME AGAINST THE
SELLER.

         The Issuer has entered into the Indenture and this Class C Note is
issued with the intention that, for federal, state and local income, and
franchise tax purposes, the Notes will qualify as indebtedness of the Issuer
secured by the Trust Estate. Each Noteholder, by its acceptance of a Note (and
each Note Owner by its acceptance of a beneficial interest in a Note), agrees
to treat the Notes for federal, state and local income, single business and
franchise tax purposes as indebtedness of the Issuer.

         Prior to the due presentment for registration of transfer of this
Class C Note, the Issuer, the Indenture Trustee and any agent of the Issuer or
the Indenture Trustee may treat the Person in whose name this Class C Note (as
of the day of determination or as of such other date as may be specified in
the Indenture) is registered as the owner hereof for all purposes, whether or
not this Class C Note be overdue, and none of the Issuer, the Indenture
Trustee or any such agent shall be affected by notice to the contrary.

         The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of
the Issuer and the rights of the Holders of the Notes under the Indenture at
any time by the Issuer with the consent of the Holders of Notes representing a
majority of all of the Notes Outstanding, voting as a group. The Indenture
also contains provisions permitting the Holders of Notes representing
specified percentages of the Class A Notes Outstanding, on behalf of the
Holders of all the Notes, to waive compliance by the Issuer with certain
provisions of the Indenture and certain past defaults under the Indenture and
their consequences. Any such consent or waiver by the Holder of this Class C
Note (or any one or more Predecessor Notes) shall be conclusive and binding
upon such Holder and upon all future Holders of this Class C Note and of any
Class C Note issued upon the registration of transfer hereof or in exchange
hereof or in lieu hereof whether or not notation of such consent or waiver is
made upon this Class C Note. The Indenture also permits the Indenture Trustee
to amend or waive certain terms and conditions set forth in the Indenture
without the consent of Holders of the Notes issued thereunder.

         The term "Issuer," as used in this Note, includes any successor to
the Issuer under the Indenture.

         The Issuer is permitted by the Indenture, under certain
circumstances, to merge or consolidate, subject to the rights of the Indenture
Trustee and the Holders of Notes under the Indenture.

         The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth.

         This Class C Note and the Indenture shall be governed by, and
construed in accordance with the laws of the State of New York, and the
obligations, rights and remedies of the parties hereunder and thereunder shall
be determined in accordance with such laws.

         No reference herein to the Indenture, and no provision of this Note
or of the Indenture, shall alter or impair the obligation of the Issuer, which
is absolute and unconditional, to pay the principal of and interest on this
Note at the times, place and rate, and in the coin or currency herein
prescribed.

         Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, none of Bank of Tokyo-Mitsubishi Trust
Company, in its individual capacity, Wilmington Trust Company, in its
individual capacity, any owner of a beneficial interest in the Issuer, or any
of their respective partners, beneficiaries, agents, officers, directors,
employees or successors or assigns shall be personally liable for, nor shall
recourse be had to any of them for, the payment of principal or of interest on
this Class C Note or performance of, or omission to perform, any of the
covenants, obligations or indemnifications contained in the Indenture. The
Holder of this Note, by his acceptance hereof, agrees that, except as
expressly provided in the Basic Documents, in the case of an Event of Default
under the Indenture, the Holder shall have no claim against any of the
foregoing for any deficiency, loss or claim therefrom; provided, however, that
nothing contained herein shall be taken to prevent recourse to, and
enforcement against, the assets of the Issuer for any and all liabilities,
obligations and undertakings contained in the Indenture or in this Class C
Note.

                                  ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee:

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

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

------------------------------------------------------------------
         (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints _____________________, attorney, to transfer said Note on the
books kept for registration thereof, with full power of substitution in the
premises.

Dated: __________________                  ______________________________*/
                                                Signature Guaranteed

                                           ______________________________*/
                                                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 Note 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 Note Registrar.

<PAGE>

                                                                  Exhibit D

             FORM OF OPINION OF COUNSEL PURSUANT TO SECTION 3.6(a)

                                                     August 21, 2002

To the Addressees Listed
  on Schedule A hereto

                           Re:   MMCA Auto Owner Trust 2002-3
                                 Security Interest Matters

Ladies and Gentlemen:

         We have acted as special counsel to Mitsubishi Motors Credit of
America, Inc., a Delaware corporation ("MMCA"), MMCA Auto Receivables Trust
II, a Delaware business trust ("MART II") and MMCA Auto Owner Trust 2002-3, a
Delaware business trust (the "Trust") in connection with the transactions
contemplated by (i) the Purchase Agreement, dated as of August 1, 2002 (the
"Purchase Agreement"), between MMCA and MART II, (ii) the Sale and Servicing
Agreement, dated as of August 1, 2002 (the "Sale and Servicing Agreement"), by
and among MART II, as seller, MMCA, as servicer, and the Trust, as issuer,
(iii) the Indenture, dated as of August 1, 2002 (the "Indenture"), between the
Trust and Bank of Tokyo-Mitsubishi Trust Company, as indenture trustee (the
"Indenture Trustee") for the benefit of the Holders of the Notes, and (iv) the
Amended and Restated Trust Agreement, dated as of August 5, 2002 (the "Trust
Agreement"), between MART II and Wilmington Trust Company, as owner trustee.
Capitalized terms not otherwise defined herein have the meanings assigned to
them in, or incorporated by reference into, the Indenture.

         Pursuant to the Purchase Agreement and the First-Tier Initial
Assignment related thereto, MMCA proposes to sell to MART II on the Closing
Date and from time to time thereafter during the Pre-Funding Period, and MART
II proposes to purchase from MMCA, among other things, those motor vehicle
retail installment sale contracts identified on the Schedule of Initial
Receivables attached as Exhibit B to the Purchase Agreement on the date hereof
(collectively, the "Initial Receivables") which are intended to be secured by
new and used automobiles and sport-utility vehicles (collectively, the
"Financed Vehicles"), certain monies due or received thereunder after the
related Cutoff Dates, MMCA's security interests in the Financed Vehicles,
MMCA's rights under certain insurance policies, certain rights under dealer
agreements relating to the Initial Receivables and certain other property
related to the Initial Receivables and all the proceeds thereof.

         Pursuant to the Sale and Servicing Agreement, MART II will sell to
the Trust all of its right, title and interest in, to and under the Initial
Receivables, certain monies due or received thereunder after the Cutoff Date,
certain other property relating to the Initial Receivables and all proceeds
thereof. The Trust will issue $70,000,000 principal amount of 1.7 475% Class
A-1 Asset Backed Notes, $165,000,000 principal amount of 2.15% Class A-2 Asset
Backed Notes, $150,000,000 principal amount of 2.97% Class A-3 Asset Backed
Notes, $131,750,000 principal amount of 3.57% Class A-4 Asset Backed Notes,
$50,375,000 principal amount of 3.86% Class B Asset Backed Notes and
$27,625,000 principal amount of 4.60% Class C Asset Backed Notes
(collectively, the "Notes"), pursuant to the provisions of an Underwriting
Agreement, dated August 15, 2002 (the "Underwriting Agreement"), between MART
II and Salomon Smith Barney Inc., as representative of the several
underwriters named therein (the "Representative"). The Trust also will issue
$55,250,000 aggregate principal amount of Asset Backed Certificates (the
"Certificates") pursuant to the Trust Agreement.

         In our examination, we have assumed the genuineness of all signatures
(including endorsements), the legal capacity of natural persons, the
authenticity of all documents submitted to us as originals, the conformity to
original documents of all documents submitted to us as facsimile, electronic,
certified or photostatic copies, and the authenticity of the originals of such
copies. As to any facts material to this opinion which we did not
independently establish or verify, we have relied upon statements and
representations of MMCA, MART II and the Trust and their officers and other
representatives and of public officials, including the facts and conclusions
set forth therein.

         In rendering the opinions set forth herein, we have examined and
relied on originals or copies, certified or otherwise identified to our
satisfaction, of the following:

         (a) the Purchase Agreement, the Sale and Servicing Agreement, the
Indenture, the Trust Agreement, the First-Tier Initial Assignment and the
Securities Account Control Agreement, dated as of August 1, 2002 (the "Control
Agreement") among MMCA, MART II, the Trust, the Indenture Trustee and the
Securities Intermediary (as hereinafter defined) (collectively, the
"Agreements");

         (b) a Certificate of MART II with respect to prior financing
statements, dated the date hereof, a copy of which is attached as Exhibit A
hereto (the "MART II Certificate");

         (c) a Certificate of the Trust with respect to prior financing
statements, dated the date hereof, a copy of which is attached as Exhibit B
hereto (the "Trust Certificate");

         (d) a certified copy of the certificate of trust of MART II, dated
August ___, 2002, from the Secretary of State of the State of Delaware as to
MART II's existence in such state (the "MART II Secretary of State
Certificate");

         (e) a certified copy of the certificate of trust of the Trust, dated
August ___, 2002, from the Secretary of State of the State of Delaware as to
the Trust's existence in such state (the "Trust Secretary of State
Certificate");

         (f) a certificate of the Secretary of State of the State of Delaware
dated the date hereof as to the existence and good standing of MART II (the
"MART II Good Standing Certificate");

         (g) a certificate of the Secretary of State of the State of Delaware
dated the date hereof as to the existence and good standing of the Trust (the
"Trust Good Standing Certificate");

         (h) an unfiled copy of a financing statement naming "MMCA Auto
Receivables Trust II" as debtor, "MMCA Auto Owner Trust 2002-3" as assignor
and "Bank of Tokyo-Mitsubishi Trust Company, as Indenture Trustee" as secured
party/assignee, which we understand will be filed within 10 days of the
Closing Date in the office of the Secretary of State of the State of Delaware
(such filing office, the "Delaware Filing Office" and such financing
statement, the "MART II/Trust Financing Statement");

         (i) an unfiled copy of a financing statement naming "MMCA Auto Owner
Trust 2002-3" as debtor and "Bank of Tokyo-Mitsubishi Trust Company, as
Indenture Trustee" as secured party which we understand will be filed within
10 days of the Closing Date in the Delaware Filing Office (such financing
statement, the "Issuer/Indenture Trustee Financing Statement");

         (j) the reports of LEXIS Document Services as to financing statements
naming "MMCA Auto Receivables Trust II" as debtor and on file in the Delaware
Filing Office, as of an effective date of July 23, 2002 (the "MART II Search
Report");

         (k) the reports of LEXIS Document Services as to financing statements
naming "MMCA Auto Owner Trust 2002-3" as debtor and on file in the Delaware
Filing Office, as of an effective date of July 23, 2002 (the "Trust Search
Report"); and

         (l) such other agreements, certificates or documents as we have
deemed necessary or appropriate as a basis for the opinion set forth below.

         In making our examination of the Agreements, we have assumed that the
parties thereto had the power, corporate or otherwise, to enter into and
perform all of their respective obligations thereunder and have also assumed
the due authorization by all requisite action, corporate or other, and the
execution and delivery by such parties of the Agreements and the validity and
binding effect thereof on such parties, enforceable against such parties in
accordance with the terms of the Agreements.

         As used herein, (i) "New York UCC" means the Uniform Commercial Code
as in effect on the date hereof in the State of New York (without regard to
laws referenced in Section 9-201 thereof); (ii) "Delaware UCC" means the
Uniform Commercial Code as in effect on the date hereof in the State of
Delaware (without regard to laws referenced in Section 9-201 thereof); (iii)
"UCC" means the New York UCC and the Delaware UCC, as applicable; (iv)
"Transferred Receivables" means the Initial Receivables to the extent that a
security interest in such Initial Receivables can be created and perfected
under Article 9 of the UCC; (v) "Federal Book-Entry Regulations" means the
United States Department of the Treasury's regulations governing the transfer
and pledge of marketable securities issued by the U.S. Treasury and maintained
in the form of entries in the TRADES book-entry system in the records of the
federal reserve banks and set forth in 61 Fed. Reg. 43626 (1996) (codified at
31 C.F.R. Part 357), and the United States Department of Housing and Urban
Development's regulations governing the transfer and pledge of securities
issued by the Federal National Mortgage Association ("FNMA") or the Federal
Home Loan Mortgage Corporation ("FHLMC") in each case maintained in the form
of entries in the records of federal reserve banks and set forth in 62 Fed.
Reg. 28975 (1996) (codified at 24 C.F.R. Part 81); (vi) "Securities
Intermediary" means Bank of Tokyo-Mitsubishi Trust Company, solely in its
capacity as a "securities intermediary" as defined in the UCC; and (vii)
"Securities Accounts" means account numbers 26025345, 26025353, 26025361,
26025388, 26025396, 26025418 and 26025426 established at the Securities
Intermediary which we have been informed are, respectively, the Collection
Account, the Note Payment Account, the Payahead Account, the Reserve Account,
the Yield Supplement Account, the Pre-Funding Account and the Negative Carry
Account established pursuant to the Sale and Servicing Agreement, to the
extent such accounts are subject to Article 8 or 9 of the UCC and the Federal
Book-Entry Regulations.

         We express no opinion as to the laws of any jurisdiction other than
(i) the UCC, (ii) for purposes of opinion paragraphs 9 and 10, the Delaware
Business Trust Act, and (iii) with respect to opinion paragraphs 13 and 14,
the Federal Book-Entry Regulations.

         Based upon the foregoing and subject to the limitations,
qualifications, exceptions and assumptions set forth herein, we are of the
opinion that:

         1. We note that the Sale and Servicing Agreement purports to sell the
Transferred Receivables and we express no opinion herein as to the proper
characterization of the transfer. However, irrespective of the
characterization of the transfer, the provisions of the Sale and Servicing
Agreement are effective under the New York UCC to create, in favor of the
Trust, a valid security interest in MART II's rights in the Transferred
Receivables and proceeds thereof. If the transfer is characterized as a lien,
the security interest will secure payment of the Notes.

         2. Pursuant to the provisions of the Sale and Servicing Agreement,
MART II has authorized the filing of the MART II/Trust Financing Statement for
purposes of Section 9-509 of the Delaware UCC.

         3. The MART II/Trust Financing Statement includes not only all of the
types of information required by Section 9-502(a) of the Delaware UCC but also
the types of information without which the Delaware Filing Office may refuse
to accept the MART II/Trust Financing Statement pursuant to Section 9-516 of
the Delaware UCC.

         4. Under the Delaware UCC, irrespective of the characterization of
the transfer, the security interest of the Trust will be perfected in MART
II's rights in the Transferred Receivables and the proceeds thereof upon the
later of the attachment of the security interest and the filing of the MART
II/Trust Financing Statement in the Delaware Filing Office. We hereby confirm
that Schedule B hereto identifies all persons who (i) are identified in the
MART II Search Report as having filed in the Delaware Filing Office a
financing statement naming "MMCA Auto Receivables Trust II" as debtor and
containing a description of collateral sufficient to include the Transferred
Receivables as original collateral as of the effective date of the MART II
Search Report, and (ii) have not consensually released or subordinated their
interest in the Transferred Receivables.

         5. The provisions of the Indenture are effective to create in favor
of the Indenture Trustee, for the benefit of the Holders of the Notes, a valid
security interest under the New York UCC in the Trust's rights in the
Transferred Receivables and proceeds thereof to secure payment of the Notes.

         6. Pursuant to the provisions of the Indenture, the Trust has
authorized the filing of the Issuer/Indenture Trustee Financing Statement for
purposes of Section 9-509 of the Delaware UCC.

         7. The Issuer/Indenture Trustee Financing Statement includes not only
all of the types of information required by Section 9-502(a) of the Delaware
UCC but also the types of information without which the Delaware Filing Office
may refuse to accept the Trust/Indenture Trustee Financing Statement pursuant
to Section 9-516 of the Delaware UCC.

         8. Under the Delaware UCC, the security interest of the Indenture
Trustee will be perfected in the Trust's rights in the Transferred Receivables
and the proceeds thereof upon the later of the attachment of the security
interest and the filing of the Issuer/Indenture Trustee Financing Statement in
the Delaware Filing Office. We hereby confirm that Schedule C hereto
identifies all persons who (i) are identified in the Trust Search Report as
having filed in the Delaware Filing Office a financing statement naming "MMCA
Auto Owner Trust 2002-3" as debtor and containing a description of collateral
sufficient to include the Transferred Receivables as original collateral as of
the effective date of the Trust Search Report, and (ii) have not consensually
released or subordinated their interest in the Transferred Receivables.

         9. You have asked us whether MART II is a "registered organization"
as defined in the Delaware UCC. Pursuant to 12 Del. C. Section 3812(a), the
Secretary of State of the State of Delaware is required to maintain a public
record showing MART II to have been organized. Based on our review of the MART
II Secretary of State Certificate and the MART II Good Standing Certificate,
we are of the opinion that under the Delaware UCC and the Delaware Business
Trust Act, MART II is a "registered organization."

         10. You have asked us whether the Trust is a "registered
organization" as defined in the Delaware UCC. Pursuant to 12 Del. C. Section
3812(a), the Secretary of State of the State of Delaware is required to
maintain a public record showing the Trust to have been organized. Based on
our review of the Trust Secretary of State Certificate and the Trust Good
Standing Certificate, we are of the opinion that under the Delaware UCC and
the Delaware Business Trust Act, the Trust is a "registered organization."

         11. Assuming that the Transferred Receivables are secured by the
Financed Vehicles (as to which we express no opinion), then (i) pursuant to
Section 9-203(g) of the New York UCC, attachment of the security interest of
the Trust in the Transferred Receivables results in attachment in any
underlying security interest in the Financed Vehicles securing the Transferred
Receivables and (ii) pursuant to Section 9-308(e) of the Delaware UCC,
perfection of the security interest of the Trust in the Transferred
Receivables results in perfection in such underlying security interest in the
Financed Vehicles. We call to your attention that any such underlying
collateral will continue to secure the obligations for which such underlying
collateral was pledged and will not directly secure the obligations of MART II
to the Trust.

         12. Assuming that the Transferred Receivables are secured by the
Financed Vehicles (as to which we express no opinion), then (i) pursuant to
Section 9-203(g) of the New York UCC, attachment of the security interest of
the Indenture Trustee in the Transferred Receivables results in attachment in
any underlying security interest in the Financed Vehicles securing the
Transferred Receivables and (ii) pursuant to Section 9-308(e) of the Delaware
UCC, perfection of the security interest of the Indenture Trustee in the
Transferred Receivables results in perfection in such underlying security
interest in the Financed Vehicles. We call to your attention that any such
underlying collateral will continue to secure the obligations for which such
underlying collateral was pledged and will not directly secure the obligations
of the Trust to the Indenture Trustee.

         Our opinions in paragraphs 1-12 above are subject to the following
qualifications:

         (a) For purposes of opinion paragraphs 1 and 4, we express no opinion
as to any portion of the Transferred Receivables not owned by MART II and we
express no opinion as to the nature or extent of MART II's rights in any of
the Transferred Receivables and we note that with respect to any
after-acquired property, the security interest will not attach until MART II
acquires ownership thereof, and for purposes of opinion paragraphs 5 and 8, we
have assumed that the Trust owns, or with respect to after-acquired property
will own, the Transferred Receivables, and we express no opinion as to the
nature or extent of the Trust's rights in any of the Transferred Receivables
and we note that with respect to any after-acquired property, the security
interest will not attach until the Trust acquires ownership thereof;

         (b) Our opinion with respect to proceeds is subject to the
limitations set forth in Section 9-315 of the UCC and, in addition, we call to
your attention that in the case of certain types of proceeds, other parties
such as holders in due course, protected purchasers of securities, persons who
obtain control over securities entitlements and buyers in the ordinary course
of business may acquire a superior interest or may take their interest free of
the security interest of a secured party;

         (c) We have assumed that the principal obligation of the account
debtor or obligor under each Transferred Receivable is a monetary obligation,
does not evidence an order to pay, and does not contain an acknowledgment by a
bank that the bank has received for deposit a sum of money or funds, and is
not a letter of credit or a deposit account;

         (d) We have assumed that there are no agreements prohibiting,
restricting or conditioning the assignment of any portion of the Transferred
Receivables;

         (e) We call to your attention that even though the UCC may render
anti-assignment provisions ineffective for purposes of creation, attachment or
perfection of a security interest, nonetheless, in many cases, assignee of
such a security interest may obtain limited rights thereunder (including
restrictions on rights of use, assignment and enforcement);

         (f) We have assumed that "value" as defined in Section 1-201(44) of
the UCC was given;

         (g) We have assumed that each of MART II and the Trust has all
necessary authorization under its organizational documents and applicable law
(other than the UCC) for the filing of the MART II/Trust Financing Statement
and the Issuer/Indenture Trustee Financing Statement, respectively;

         (h) Pursuant to Section 9-311(a) of the UCC, we express no opinion
with respect to any property subject to a statute, regulation or treaty of the
United States whose requirements for a security interest's obtaining priority
over the rights of a lien creditor with respect to the property preempt
Section 9-310(a) of the UCC;

         (i) For purposes of our opinion paragraphs 9 and 10, we have assumed
that each of MART II and the Trust has not filed a certificate of
incorporation or any similar document under the laws of any jurisdiction other
than the State of Delaware and that the internal affairs of MART II and the
Trust are not otherwise subject to the laws of any jurisdiction other than
Delaware. We call to your attention that to the extent that the internal
affairs of MART II or the Trust are subject to regulation under the laws of
another State, the State of Delaware may recognize such authority. See, e.g.,
McDermott Inc. v. Lewis, 531 A.2d 206 (Del. 1987). Further, we have assumed
that each of MART II and the Trust has not and will not file (A) any
certificates of transfer or continuance pursuant to Delaware General
Corporation Law ("DGCL") Section 390(a), Delaware Revised Uniform Limited
Partnership Act ("DRULPA") Section 17-216(a) or Delaware Limited Liability
Company Act ("DLLC") Section 18-213(a), (B) any certificates of domestication
pursuant to DGCL Section 388(b)(1), DRULPA Section 17-215(i) or DLLC Section
18-212(b) or (C) any similar certificates in any jurisdiction other than the
State of Delaware;

         (j) Our opinion in paragraph 9 is based solely upon our review of the
MART II Good Standing Certificate and the MART II Secretary of State
Certificate;

         (k) Our opinion in paragraph 10 is based solely upon our review of
the Trust Good Standing Certificate and Trust Secretary of State Certificate;

         (l) We note that we have delivered to you our opinion with respect to
the status of each of MART II and the Trust as a "registered organization."
Except to the extent that this determination is an element of your choice of
law analysis, we express no opinion with respect to the choice of law
governing perfection, the effect of perfection and non-perfection or priority
of the security interest;

         (m) We call to your attention that each of MART II and the Trust is a
trust and we express no opinion whether the Transferred Receivables are the
property of the Trust or the Indenture Trustee. If and to the extent the
Transferred Receivables are subsequently determined to be the property of the
Indenture Trustee, the filing of additional statements filed in the location
of the trustee may be advisable;

         (n) We express no opinion regarding the security interest of the
Trust or the Indenture Trustee in any Receivables consisting of claims against
any government or governmental agency (including, without limitation, the
United States of America or any state thereof or any agency or department of
the United States of America or any state thereof); and

         (o) We have assumed that (i) the Sale and Servicing Agreement
constitutes the legal, valid and binding obligation of all parties thereto,
enforceable against all parties thereto in accordance with its terms and (ii)
the Indenture constitutes the legal, valid and binding obligation of all
parties thereto, enforceable against all parties thereto, in accordance with
its terms.

         13. Under the New York UCC, the provisions of the Indenture are
effective to create, in favor of the Indenture Trustee for the benefit of the
Holders of the Notes, a valid security interest in the Trust's rights in the
Securities Accounts.

         14. Under the UCC, the provisions of the Control Agreement are
effective to perfect the security interest of the Indenture Trustee, for the
benefit of the Holders of the Notes, in the Trust's rights in the Securities
Accounts.

         Our opinions in paragraphs 13 and 14, with respect to the security
interest of the Indenture Trustee in the Securities Accounts, are subject to
the following additional assumptions and qualifications:

         (a) we have assumed that the Trust owns, or with respect to
after-acquired property will own, the Securities Accounts, and we express no
opinion with respect to the nature or extent of the Trust's rights in any of
the Securities Accounts and we note that with respect to any after-acquired
property, the security interest will not attach until the Trust acquires
ownership thereof;

         (b) insofar as our opinions relate to the Federal Book-Entry
Regulations, such opinions are limited to regulations published in the Code of
Federal Regulations or the Federal Register, without regard to any
interpretations, operating circulars or other communications from the
Department of the Treasury, the Board of Governors of the Federal Reserve
System, any Federal Reserve Bank, the Department of Housing and Urban
Development or any other federal agency or instrumentality. Further, to the
extent any of the financial assets are issued by the U.S. Treasury or certain
other federally sponsored issuers, certain federal officials, including the
Secretary of the Treasury and the Secretary of the Department of Housing and
Urban Development, may waive the Federal Book-Entry Regulations and we express
no opinion with respect to the effect of any such waiver on the opinions
expressed herein;

         (c) our opinion with respect to proceeds is subject to the
limitations set forth in Section 9-315 of the UCC and, in addition, we call to
your attention that in the case of certain types of proceeds, other parties
such as holders in due course, protected purchasers of securities, persons who
obtain control over securities entitlements and buyers in the ordinary course
of business may acquire a superior interest or may take their interest free of
the security interest of the Indenture Trustee for the benefit of the Holders
of the Notes;

         (d) we have assumed that "value" as defined in Section 1-201(44) of
the UCC was given;

         (e) we have assumed that each of the Control Agreement and the
Indenture is the legal, binding and enforceable obligation of all parties
thereto;

         (f) we have assumed that each Securities Account is a "securities
account" (as defined in the UCC) and the Securities Intermediary in the
ordinary course of its business maintains securities accounts for customers
and is acting in that capacity;

         (g) we express no opinion with respect to any property or assets now
or hereafter credited to a Securities Account except to the extent that (i) a
"securities entitlement" (as such term is defined in Section 8-102(a)(17) of
the UCC) has been created and (ii) such asset is a "financial asset" (as such
term is defined in Section 8-102(a)(9) of the UCC). Furthermore, we express no
opinion with respect to the nature or extent of the Securities Intermediary's
rights in, or title to, the securities or other financial assets underlying
any "security entitlement" now or hereafter credited to a Securities Account.
We note that to the extent the Securities Intermediary maintains any financial
asset in a "clearing corporation" (as defined in Section 8-102(a)(5) of the
UCC), pursuant to Section 8-111 of the UCC, the rules of such clearing
corporation may affect the rights of the Securities Intermediary; and

         (h) we express no opinion with respect to the choice of law governing
perfection, the effect of perfection and non-perfection or priority of the
security interest.

                                                     Very truly yours,

<PAGE>

                                                               Annex A

                   FORM OF RETAIL INSTALLMENT SALE CONTRACT

<PAGE>

                                                               Appendix A

                             DEFINITIONS AND USAGE

                                     Usage

         The following rules of construction and usage shall be applicable to
any agreement or instrument that is governed by this Appendix:

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

         (b) As used herein, in any agreement or instrument governed hereby
and in any certificate or other document made or delivered pursuant thereto,
accounting terms not defined in this Appendix or in any such agreement,
instrument, certificate or other document, and accounting terms partly defined
in this Appendix or in any such agreement, instrument, certificate or other
document, to the extent not defined, shall have the respective meanings given
to them under generally accepted accounting principles as in effect on the
date of such agreement or instrument. To the extent that the definitions of
accounting terms in this Appendix or in any such agreement, instrument,
certificate or other document are inconsistent with the meanings of such terms
under generally accepted accounting principles, the definitions contained in
this Appendix or in any such instrument, certificate or other document shall
control.

         (c) The words "hereof," "herein," "hereunder" and words of similar
import when used in an agreement or instrument refer to such agreement or
instrument as a whole and not to any particular provision or subdivision
thereof; references in an agreement or instrument to "Article," "Section" or
another subdivision or to an attachment are, unless the context otherwise
requires, to an article, section or subdivision of or an attachment to such
agreement or instrument; the word "or" is not exclusive; and the term
"including" means "including without limitation."

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

         (e) Any agreement, instrument or statute defined or referred to below
or in any agreement or instrument that is governed by this Appendix means such
agreement or instrument or statute as from time to time amended, modified or
supplemented, including (in the case of agreements or instruments) by waiver
or consent and (in the case of statutes) by succession of comparable successor
statutes 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.

                                  Definitions

         "Accrued Note Interest" shall mean, with respect to any Payment Date
and each Class of Notes, the sum of the Monthly Accrued Note Interest and the
Interest Carryover Shortfall for such Class for such Payment Date.

         "Act" shall have the meaning specified in Section 11.3(a) of the
Indenture.

         "Actuarial Advance" shall mean, with respect to an Actuarial
Receivable, the amount, as of the last day of a Collection Period, which is
required to be advanced with respect to such Actuarial Receivable by the
Servicer pursuant to Section 4.4(a) of the Sale and Servicing Agreement.

         "Actuarial Method" shall mean the method of allocating a fixed level
payment on a Receivable between principal and interest, pursuant to which the
portion of such payment that is allocated to interest is the product of
one-twelfth (1/12) of the APR of the Receivable multiplied by the scheduled
principal balance of the Receivable, and the remainder of such payment is
allocable to principal.

         "Actuarial Receivable" shall mean any Receivable under which the
portion of a payment with respect thereto allocable to interest and the
portion of a payment with respect thereto allocable to principal is determined
in accordance with the Actuarial Method.

         "Adjusted Pool Balance" shall mean, as of any date of determination,
an amount equal to the sum of (i) the aggregate Adjusted Principal Balance
(including the aggregate Adjusted Principal Balance of Last Scheduled
Payments) of the Receivables as of the Initial Cutoff Date plus (ii) the
aggregate Adjusted Principal Balance (including the aggregate Adjusted
Principal Balance of Last Scheduled Payments) of all Subsequent Receivables
transferred to the Trust on or prior to such date as of their respective
Subsequent Cutoff Dates.

         "Adjusted Principal Balance" shall mean, with respect to any
Receivable as of any date of determination, the Principal Balance of such
Receivable minus the Yield Supplement Overcollateralization Amount for such
Receivable, as of such date.

         "Administration Agreement" shall mean the Administration Agreement,
dated as of August 1, 2002, by and among the Administrator, the Issuer and the
Indenture Trustee, as the same may from time to time be amended, supplemented
or otherwise modified and in effect.

         "Administrator" shall mean Mitsubishi Motors Credit of America, Inc.,
a Delaware corporation, or any successor Administrator under the
Administration Agreement.

         "Advance" shall mean an Actuarial Advance or a Last Scheduled Payment
Advance, as the context may require.

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

         "Amount Financed" shall mean, with respect to a Receivable, the
aggregate amount advanced under such Receivable toward the purchase price of
the Financed Vehicle and any related costs.

         "Applicable Tax State" shall mean, as of any date of determination,
each state as to which any of the following is then applicable: (a) a state in
which the Owner Trustee maintains the Corporate Trust Office, (b) a state in
which the Owner Trustee maintains its principal executive offices and (c) a
state in which the Servicer regularly conducts servicing and collection
operations other than purely ministerial activities and which relate to a
material portion of the Receivables.

         "APR" of a Receivable shall mean the annual percentage rate of
interest stated in the Contract related to such Receivable.

         "Assignment" shall mean the First-Tier Initial Assignment or any
First-Tier Subsequent Assignment, as the context may require.

         "Authenticating Agent" shall have the meaning specified in Section
2.14 of the Indenture.

         "Available Funds" shall mean, for any Payment Date, an amount equal
to (a) the sum of the following amounts with respect to the related Collection
Period: (i) all collections on Receivables, including Payaheads withdrawn from
the Payahead Account (but excluding Payaheads deposited into the Payahead
Account), (ii) the proceeds of sale by the Trust of any Financed Vehicle sold
to the Trust upon termination, including a prepayment, of a Final Payment
Receivable, (iii) all Liquidation Proceeds on Defaulted Receivables and any
Recoveries, (iv) all extension and deferral fees paid with respect to the
Receivables, (v) the Purchase Amount of each Receivable that became a
Purchased Receivable during the related Collection Period (net of applicable
expenses), (vi) all Actuarial Advances and Last Scheduled Payment Advances
deposited to the Collection Account on such Payment Date by the Servicer,
(vii) amounts paid pursuant to the Yield Supplement Agreement (including
amounts, if any, withdrawn from the Yield Supplement Account or the Reserve
Account pursuant to Section 5.1(a) of the Sale and Servicing Agreement) with
respect to the related Collection Period, (x) the Negative Carry Amount for
such Payment Date, (viii) partial prepayments attributable to any refunded
item included in the Amount Financed, such as extended warranty protection
plan costs or physical damage, credit life or disability insurance premiums,
or any partial prepayment which causes a reduction in the Obligor's periodic
payment to be below the Scheduled Payment as of the related Cutoff Date, (ix)
the Pre-Funding Account Investment Earnings, if any, for the related
Collection Period and (x) the Remaining Pre-Funded Amount, minus (b) the
aggregate amount of funds described in clause (a) above that are used in the
related Collection Period to reimburse the Servicer for the aggregate amount
of Advances previously made by the Servicer that are due and payable to the
Servicer on such Payment Date; provided, however, that in calculating the
Available Funds, all payments and proceeds (including Liquidation Proceeds) of
any Purchased Receivables the Purchase Amount of which has been included in
the Available Funds in a prior Collection Period (which shall be paid to MART
II or the Servicer, as applicable) will be excluded.

         "Balloon Payment" means, as to a Balloon Payment Receivable, the
final payment which is due at the end of the term of the receivable.

         "Balloon Payment Receivable" shall mean all rights and obligations
arising under a Contract listed on the Schedule of Receivables which provides
for equal monthly installments and one substantially larger final balloon
payment. At maturity of the Balloon Payment Receivable, the Obligor may either
(i) pay the remaining Principal Balance of the Receivable, all accrued and
unpaid interest, plus any fees, charges, and other amounts then owing or (ii)
refinance the amount then due, subject to certain conditions, and satisfy all
other conditions stated under the terms of the Contract. For avoidance of
doubt, the Obligor on a Balloon Payment Receivable may not satisfy its
obligation to pay the Balloon Payment at maturity of the Balloon Payment
Receivable by returning the Financed Vehicle to MMCA.

         "Basic Documents" shall mean the Indenture, the Certificate of Trust,
the Trust Agreement, the Assignments, the Sale and Servicing Agreement, the
Purchase Agreement, the Administration Agreement, the Note Depository
Agreement, the Yield Supplement Agreement, the Control Agreement and other
documents and certificates delivered in connection therewith as the same may
from time to time be amended, supplemented or otherwise modified and in
effect.

         "Book-Entry Notes" shall mean a beneficial interest in the Notes,
ownership and transfers of which shall be made through book entries by a
Clearing Agency as described in Section 2.11 of the Indenture.

         "Business Day" shall mean any day other than a Saturday, a Sunday or
a day on which banking institutions or trust companies in New York, New York,
Wilmington, Delaware or Los Angeles, California are authorized or obligated by
law, regulation or executive order to be closed.

         "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,
supplemented or otherwise modified and in effect from time to time.

         "Capped Receivable" shall mean a Simple Interest Receivable that is
subject to a cap on the aggregate amount of interest to be paid by the related
Obligor during the term of such Receivable.

         "Certificate" shall mean a physical certificate evidencing the
beneficial interest of a Certificateholder in the property of the Trust,
substantially in the form of Exhibit A to the Trust Agreement. Such
certificate shall entitle the Holder thereof to distributions pursuant to the
Trust Agreement from collections and other proceeds in respect of the Owner
Trust Estate; provided, however, that the Owner Trust Estate has been pledged
to the Indenture Trustee to secure payment of the Notes and that the rights of
Certificateholders to receive distributions on the Certificates are
subordinated to the rights of the Noteholders as described in the Sale and
Servicing Agreement and the Indenture.

         "Certificate Balance" shall mean, as the context may require, (i)
with respect to all of the Certificates, an amount equal to, initially, the
Initial Certificate Balance and, thereafter, an amount equal to the Initial
Certificate Balance, as reduced from time to time by all amounts allocable to
principal previously distributed to Certificateholders or (ii) with respect to
any Certificate, an amount equal to, initially, the initial denomination of
such Certificate and, thereafter, an amount equal to such initial
denomination, as reduced from time to time by all amounts allocable to
principal previously distributed in respect of such Certificate; provided,
that in determining whether the Holders of the requisite portion or percentage
of the Certificate Balance of all of the Certificates have given any request,
demand, authorization, direction, notice, consent, or waiver hereunder or
under any other Basic Document, Certificates owned by the Trust, any other
obligor upon the Certificates, MART II, the Servicer or any Affiliate of any
of the foregoing Persons shall be disregarded and deemed to be excluded from
the Certificate Balance (unless such Persons own 100% of the Certificate
Balance of the Certificates); provided, further, that where such Persons own
100% of the Certificate Balance of the Certificates, any request, demand,
authorization, direction, notice, consent or waiver hereunder or under any
other Basic Document is deemed to have been given by the Holders of the
Certificates if also given by the Holders of the Notes, except that, in
determining whether the Indenture Trustee and Owner Trustee shall be protected
in relying on any such request, demand, authorization, direction, notice,
consent, or waiver, only Certificates that a Responsible Officer of the
Indenture Trustee, if applicable, and a Responsible Officer of the Owner
Trustee with direct responsibility for the administration of the Trust
Agreement, if applicable, knows to be so owned shall be so disregarded.
Certificates so owned that have been pledged in good faith may be regarded as
included in the Certificate Balance if the pledgee establishes to the
satisfaction of the Indenture Trustee or the Owner Trustee, as applicable, the
pledgee's right so to act with respect to such Certificates and that the
pledgee is not the Trust, any other obligor upon the Certificates, MART II,
the Servicer or any Affiliate of any of the foregoing Persons.

         "Certificate Distribution Account" shall have the meaning assigned to
such term in Section 4.1(f) of the Sale and Servicing Agreement.

         "Certificate of Trust" shall mean (i) with respect to the Trust, the
Certificate of Trust in the form of Exhibit B to the Trust Agreement filed for
the Trust pursuant to Section 3810(a) of the Business Trust Statute and (ii)
with respect to the Issuer, the certificate of trust of the Issuer
substantially in the form of Exhibit C to the Trust Agreement.

         "Certificate Pool Factor" shall mean, as of the close of business on
the last day of a Collection Period, a seven-digit decimal figure equal to the
Certificate Balance (after giving effect to any reductions therein to be made
on the immediately following Payment Date) divided by the Initial Certificate
Balance. The Certificate Pool Factor will be 1.0000000 as of the Closing Date;
thereafter, the Certificate Pool Factor will decline to reflect reductions in
the Certificate Balance.

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

         "Certificateholder" shall mean a Person in whose name a Certificate
is registered in the Certificate Register.

         "Class A Noteholder" shall mean the Person in whose name a Class A
Note is registered in the Note Register.

         "Class A Notes" shall mean, collectively, the Class A-1 Notes, the
Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes.

         "Class A Percentage" shall mean approximately 85.14%, calculated as
the percentage equivalent of a fraction the numerator of which is the sum of
the principal amount on the date of issuance of the Class A-2 Notes, the Class
A-3 Notes and the Class A-4 Notes, and the denominator of which is the sum of
the principal amount on the date of issuance of the Class A-2 Notes, the Class
A-3 Notes, the Class A-4 Notes, the Class B Notes and the Class C Notes;
provided, however, that in the event that after the Class A-1 Notes have been
paid in full, the amount on deposit in the Reserve Account on any Payment Date
falls to less than 1.00% of the Initial Adjusted Pool Balance and that amount
is less than the Specified Reserve Balance for that Payment Date, the Class A
Percentage shall be 100% until the Class A Notes have been paid in full.

         "Class A-1 Noteholder" shall mean the Person in whose name a Class
A-1 Note is registered on the Note Register.

         "Class A-1 Notes" shall mean the $70,000,000 aggregate initial
principal amount of 1.7475% Class A-1 Asset Backed Notes issued by the Issuer
pursuant to the Indenture, substantially in the form of Exhibit A-1 thereto.

         "Class A-1 Rate" shall mean 1.7475% per annum.

         "Class A-1 Stated Maturity Date" shall mean the September 2003
Payment Date.

         "Class A-2 Noteholder" shall mean the Person in whose name a Class
A-2 Note is registered on the Note Register.

         "Class A-2 Notes" shall mean the $165,000,000 aggregate initial
principal amount of 2.15% Class A-2 Asset Backed Notes issued by the Issuer
pursuant to the Indenture, substantially in the form of Exhibit A-2 thereto.

         "Class A-2 Rate" shall mean 2.15% per annum.

         "Class A-2 Stated Maturity Date" shall mean the October 2005 Payment
Date.

         "Class A-3 Noteholder" shall mean the Person in whose name a Class
A-3 Note is registered on the Note Register.

         "Class A-3 Notes" shall mean the $150,000,000 aggregate initial
principal amount of 2.97% Class A-3 Asset Backed Notes issued by the Issuer
pursuant to the Indenture, substantially in the form of Exhibit A-3 thereto.

         "Class A-3 Rate" shall mean 2.97% per annum.

         "Class A-3 Stated Maturity Date" shall mean the March 2007 Payment
Date.

         "Class A-4 Noteholder" shall mean the Person in whose name a Class
A-4 Note is registered on the Note Register.

         "Class A-4 Notes" shall mean the $131,750,000 aggregate initial
principal amount of 3.57% Class A-4 Asset Backed Notes issued by the Issuer
pursuant to the Indenture, substantially in the form of Exhibit A-4 thereto.

         "Class A-4 Rate" shall mean 3.57% per annum.

         "Class A-4 Stated Maturity Date" shall mean the August 2009 Payment
Date.

         "Class B Noteholder" shall mean the Person in whose name a Class B
Note is registered on the Note Register.

         "Class B Notes" shall mean the $50,375,000 aggregate initial
principal amount of 3.86% Class B Asset Backed Notes issued by the Issuer
pursuant to the Indenture, substantially in the form of Exhibit B thereto.

         "Class B Percentage" shall mean approximately 9.60%, calculated as
the percentage equivalent of a fraction the numerator of which is the
principal amount on the date of issuance of the Class B Notes, and the
denominator of which is the sum of the principal amount on the date of
issuance of the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the
Class B Notes and the Class C Notes; provided, however, that in the event that
after the Class A-1 Notes have been paid in full, the amount on deposit in the
Reserve Account on any Payment Date falls to less than 1.00% of the Initial
Adjusted Pool Balance and that amount is less than the Specified Reserve
Balance for that Payment Date, the Class B Percentage shall be (i) 0% until
the Class A Notes have been paid in full and (ii) 100% after the Class A Notes
have been paid in full.

         "Class B Rate" shall mean 3.86% per annum.

         "Class B Stated Maturity Date" shall mean the August 2009 Payment
Date.

         "Class C Noteholder" shall mean the Person in whose name a Class C
Note is registered on the Note Register.

         "Class C Notes" shall mean the $27,625,000 aggregate initial
principal amount of 4.60% Class C Asset Backed Notes issued by the Issuer
pursuant to the Indenture, substantially in the form of Exhibit C thereto.

         "Class C Percentage" shall mean approximately 5.26%, calculated as
the percentage equivalent of a fraction the numerator of which is the
principal amount on the date of issuance of the Class C Notes, and the
denominator of which is the sum of the principal amount on the date of
issuance of the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the
Class B Notes and the Class C Notes; provided, however, that in the event that
after the Class A-1 Notes have been paid in full, the amount on deposit in the
Reserve Account on any Payment Date falls to less than 1.00% of the Initial
Adjusted Pool Balance and that amount is less than the Specified Reserve
Balance for that Payment Date, the Class C Percentage shall be (i) 0% until
the Class B Notes have been paid in full and (ii) 100% after the Class B Notes
have been paid in full.

         "Class C Rate" shall mean 4.60% per annum.

         "Class C Stated Maturity Date" shall mean the August 2009 Payment
Date.

         "Class" shall mean a class of Notes, which may be the Class A-1
Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the
Class B Notes or the Class C Notes.

         "Clearing Agency Participant" shall mean a broker, dealer, bank,
other financial institution or other Person for whom from time to time a
Clearing Agency effects book-entry transfers and pledges of securities
deposited with the Clearing Agency.

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

         "Closing" shall have the meaning specified in Section 2.3 of the
Purchase Agreement.

         "Closing Date" shall mean August 21, 2002.

         "Code" shall mean the Internal Revenue Code of 1986, as amended from
time to time, and the rules and regulations, including proposed or temporary
regulations, promulgated thereunder.

         "Collateral" shall have the meaning specified in the Granting Clause
of the Indenture.

         "Collection Account" shall mean the account or accounts established
and maintained as such pursuant to Section 4.1(a) of the Sale and Servicing
Agreement.

         "Collection Period" shall mean each calendar month during the term of
the Sale and Servicing Agreement or, in the case of the initial Collection
Period, the period from the Initial Cutoff Date to August 31, 2002. As used
herein, the Collection Period "related to" a Payment Date or "preceding" a
Payment Date refers to the Collection Period that ends on the last day of the
calendar month preceding the calendar month in which such Payment Date occurs.

         "Commission" shall mean the Securities and Exchange Commission.

         "Computer Tape" shall mean each computer tape or compact disk
generated by MART II which provides information relating to the Receivables
and which was used by MART II in selecting the Receivables conveyed to the
Trust hereunder on the Closing Date or any Subsequent Transfer Date.

         "Contract" shall mean a motor vehicle retail installment sale
contract, including a retail installment contract relating to the sale of an
automobile or a sports-utility vehicle for commercial use.

         "Control Agreement" shall mean the Securities Account Control
Agreement, dated as of August 1, 2002, by and among MART II, the Issuer, the
Servicer, the Indenture Trustee and Bank of Tokyo-Mitsubishi Trust Company in
its capacity as a securities intermediary, as the same may from time to time
be amended, supplemented or otherwise modified and in effect.

         "Corporate Trust Office" shall mean (i) with respect to the Owner
Trustee, the principal office of the Owner Trustee at which at any particular
time its corporate trust business shall be administered, which office at the
date of the execution of this Agreement is located at Rodney Square North,
1100 North Market Street, Wilmington, Delaware, 19890-0001, Attention:
Corporate Trust Administration or at such other address as the Owner Trustee
may designate from time to time by notice to the Certificateholders, the
Indenture Trustee and MART II, or the principal corporate trust office of any
successor Owner Trustee (of which address such successor Owner Trustee will
notify the Certificateholders, the Indenture Trustee and MART II) and (ii)
with respect to the Indenture Trustee, the principal office of the Indenture
Trustee at which at any particular time its corporate trust business shall be
administered, which office at the date of the execution of this Agreement is
located at 1251 Avenue of the Americas, New York, New York 10020-1104,
Attention: Corporate Trust Department, or at such other address as the
Indenture Trustee may designate from time to time by notice to the
Noteholders, the Owner Trustee and MART II, or the principal corporate trust
office of any successor Indenture Trustee (of which address such successor
Indenture Trustee will notify the Noteholders, the Owner Trustee and MART II).

         "Cutoff Date" shall mean the Initial Cutoff Date or any Subsequent
Cutoff Date, as the context may require.

         "Dealer" shall mean, with respect to any Receivable, the seller of
the related Financed Vehicle who originated and assigned the Receivable
relating to such Financed Vehicle to MMCA under a Dealer Agreement.

         "Dealer Agreement" shall mean an agreement between MMCA and a Dealer
relating to the assignment of Receivables to MMCA and all documents and
instruments relating thereto, as the same may from time to time be amended,
supplemented or otherwise modified and in effect.

         "Default" shall mean any occurrence that is, or with notice or the
lapse of time or both would become, an Event of Default.

         "Defaulted Receivable" shall mean a Receivable (other than a
Purchased Receivable) as to which (i) the related Financed Vehicle has been
repossessed and liquidated, (ii) more than 10% of a Scheduled Payment
(including, in the case of a Final Payment Receivable, the amount owed by an
Obligor with respect to a Last Scheduled Payment but excluding in each case
any Excess Wear and Tear or Excess Mileage) is 120 or more days past due and
the Servicer has not repossessed the related Financed Vehicle or (iii) the
Servicer has determined, in accordance with its customary servicing standards,
policies and procedures, that eventual payment in full (including, in the case
of a Final Payment Receivable, the amount owed by an Obligor with respect to a
Last Scheduled Payment but excluding in each case any Excess Wear and Tear or
Excess Mileage) on the Receivable is unlikely and the Servicer has either (x)
repossessed and liquidated the related Financed Vehicle or (y) repossessed and
held the related Financed Vehicle in its repossession inventory for more than
90 days, which 90 days shall not be more than 180 days after the date on which
a Scheduled Payment was due but not paid.

         "Deferred Balloon Payment Receivable" shall mean any Deferred Payment
Receivable for which no Scheduled Payment is due for either 90 or 180 days
from the date of the Contract and which provides for a Balloon Payment.

         "Deferred Payment Receivable" shall mean any Receivable which is not
a Deferred Balloon Payment Receivable for which the related Contract specifies
that no Scheduled Payment under such Contract shall be due until a date more
than 50 days but less than 450 days from the date of inception of the such
Contract. A Receivable shall cease to be a Deferred Payment Receivable
commencing on the last day of the Collection Period preceding the Collection
Period in which the first Scheduled Payment is due under the related Contract.

         "Definitive Notes" shall have the meaning specified in Section 2.11
of the Indenture.

         "Depositor" shall mean MART II, in its capacity as Depositor under
the Trust Agreement.

         "Determination Date" shall mean, with respect to any Collection
Period, the seventh Business Day of the next succeeding calendar month (but
not later than the 10th calendar day of such month).

         "Eligible Receivable" shall mean each Initial Receivable and each
Subsequent Receivable as to which the representations and warranties of (i)
MMCA, in Section 3.2 of the Purchase Agreement, and (ii) MART II, in Section
2.2 of the Sale and Servicing Agreement, shall be true and correct in all
material respects as of the Closing Date and as of each Subsequent Transfer
Date, respectively.

         "Eligible Servicer" shall mean a Person which, at the time of its
appointment as Servicer or as a subservicer, (i) has a net worth of not less
than $50,000,000, (ii) is servicing a portfolio of motor vehicle retail
installment sale contracts and/or motor vehicle loans, (iii) is legally
qualified, and has the capacity, to service the Receivables, (iv) has
demonstrated the ability professionally and competently to service a portfolio
of motor vehicle retail installment sale contracts and/or motor vehicle loans
similar to the Receivables in accordance with standards of skill and care that
are consistent with prudent industry standards, and (v) is qualified and
entitled to use pursuant to a license or other written agreement, and agrees
to maintain the confidentiality of, the software which the Servicer or any
subservicer uses in connection with performing its duties and responsibilities
under the Sale and Servicing Agreement or the related subservicing agreement
or obtains rights to use, or develops at its own expense, software which is
adequate to perform its duties and responsibilities under the Sale and
Servicing Agreement or the related subservicing agreement.

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

         "Event of Default" shall have the meaning specified in Section 5.1 of
the Indenture.

         "Event of Servicing Termination" shall mean an event specified in
Section 8.1 of the Sale and Servicing Agreement.

         "Excess Mileage" shall mean, with respect to any Financed Vehicle
securing a Final Payment Receivable, the amounts payable by the related
Obligor relating to the excess of the number of miles by which such Financed
Vehicle has been driven over the number of miles such Financed Vehicle may be
driven during the term of the related Final Payment Receivable (as specified
in the Contract related to such Final Payment Receivable) without incurring an
excess mileage charge pursuant to the related Contract, net of the amount, if
any, payable to a third party collection agency as payment of its fees and
expenses in connection with collecting such amounts from the related Obligor.

         "Excess Wear and Tear" shall mean, with respect to any Financed
Vehicle securing a Final Payment Receivable, all amounts payable by the
related Obligor relating to damages to such Financed Vehicle that are not the
result of normal wear and tear, as more specifically described in the Contract
related to such Final Payment Receivable, net of the amount, if any, payable
to a third party collection agency as payment of its fees and expenses in
connection with collecting such amounts from the related Obligor.

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

         "Executive Officer" shall mean, with respect to any corporation, the
Chief Executive Officer, Chief Operating Officer, Chief Financial Officer,
President, Executive Vice President, any Vice President, the Secretary or the
Treasurer of such corporation and, with respect to any partnership, any
general partner thereof.

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

         "Final Payment Receivable" shall mean all rights and obligations
arising under a Contract listed on the Schedule of Receivables which provides
for a series of scheduled payments which, if each is made on its scheduled due
date, will amortize the initial Level Pay Balance by the due date immediately
preceding the maturity date of the Receivable. At maturity of the Final
Payment Receivable, the Obligor thereunder will owe (assuming that all
payments have been made on their scheduled due dates) an amount consisting of
interest for the period from the preceding due date through the maturity date
and the remaining Principal Balance of the Receivable. At maturity of the
Final Payment Receivable, the Obligor may either (i) pay the remaining
Principal Balance of the Receivable, all accrued and unpaid interest, plus any
fees, charges, and other amounts then owing, (ii) refinance the amount then
due, subject to certain conditions or (iii) sell the Financed Vehicle to MMCA
on behalf of the Trust for an amount equal to the Sale Price, and pay any
excess of the total amount owed by the Obligor (calculated as in clause (i))
over the Sale Price, and satisfy all other conditions stated under the terms
of the Contract.

         "Final Scheduled Maturity Date" shall mean, with respect to any
Receivable, August 7, 2008.

         "Financed Vehicle" shall mean a new or used automobile or
sport-utility vehicle, together with all accessions thereto, securing an
Obligor's indebtedness under the respective Receivable.

         "First-Tier Initial Assignment" shall mean the document of assignment
in substantially the form attached as Exhibit A-1 to the Purchase Agreement.

         "First-Tier Subsequent Assignment" shall mean the document of
assignment in substantially the form attached as Exhibit A-2 to the Purchase
Agreement.

         "Fitch Ratings" shall mean Fitch, Inc., doing business as Fitch
Ratings.

         "GAAP" shall mean generally accepted accounting principles.

         "Grant" shall mean to mortgage, pledge, bargain, sell, warrant,
alienate, remise, release, convey, assign, transfer, create, and to grant a
lien upon and a security interest in and right of set-off against, and to
deposit, set over and confirm pursuant to the Indenture. A Grant of the
Collateral or of any other agreement or instrument shall include all rights,
powers and options (but none of the obligations) of the granting party
thereunder, including the immediate and continuing right to claim for,
collect, receive and give receipt for principal and interest payments in
respect of the Collateral and all other monies payable thereunder, to give and
receive notices and other communications, to make waivers or other agreements,
to exercise all rights and options, to bring Proceedings in the name of the
granting party or otherwise, and generally to do and receive anything that the
granting party is or may be entitled to do or receive thereunder or with
respect thereto.

         "Holder" shall mean a Noteholder or a Certificateholder, as the case
may be.

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

         "Indenture" shall mean the Indenture, dated as of August 1, 2002,
between the Trust and the Indenture Trustee, as the same may be amended,
supplemented or otherwise modified and in effect from time to time.

         "Indenture Trustee" shall mean Bank of Tokyo-Mitsubishi Trust
Company, a New York banking corporation, as Indenture Trustee under the
Indenture, its successors in interest and any successor trustee under the
Indenture.

         "Independent" shall mean, when used with respect to any specified
Person, that such Person (a) is in fact independent of the Issuer, any other
obligor on the Notes, MART II and any Affiliate of any of the foregoing
Persons, (b) does not have any direct financial interest or any material
indirect financial interest in the Issuer, any such other obligor, MART II or
any Affiliate of any of the foregoing Persons and (c) is not connected with
the Issuer, any such other obligor, MART II or any Affiliate of any of the
foregoing Persons as an officer, employee, promoter, underwriter, trustee,
partner, director or person performing similar functions.

         "Independent Certificate" shall mean a certificate or opinion to be
delivered to the Indenture Trustee under the circumstances described in, and
otherwise complying with, the applicable requirements of Section 11.1 of the
Indenture, made by an Independent appraiser or other expert appointed by an
Issuer Order and approved by the Indenture Trustee in the exercise of
reasonable care, and such opinion or certificate shall state that the signer
has read the definition of "Independent" in the Indenture and that the signer
is Independent within the meaning thereof.

         "Initial Certificate Balance" shall mean, as the context may require,
(i) with respect to all of the Certificates, $55,250,000, or (ii) with respect
to any Certificate, an amount equal to the initial denomination of such
Certificate.

         "Initial Cutoff Date" shall mean July 31, 2002.

         "Initial Payahead Account Deposit" shall mean $9,852.86.

         "Initial Pool Balance" shall mean the aggregate Principal Balance
(including the aggregate principal balance of Last Scheduled Payments) of the
Initial Receivables as of the close of business on the Initial Cutoff Date,
which is $504,757,635.25.

         "Initial Receivable" shall mean each motor vehicle retail installment
sale contract described in the Schedule of Initial Receivables, and all rights
and obligations thereunder and any amendments, modifications or supplements to
such motor vehicle retail installment sale contract.

         "Initial Receivables Purchase Price" shall mean $503,529,803.37.

         "Initial Weighted Average Rate" shall mean 2.638%.

         "Initial Yield Supplement Amount" shall mean $13,296,797.13.

         "Insolvency Event" shall mean, with respect to any Person, (i) the
making of a general assignment for the benefit of creditors, (ii) the filing
of a voluntary petition in bankruptcy, (iii) being adjudged a bankrupt or
insolvent, or having had entered against such Person an order for relief in
any bankruptcy or insolvency proceeding, (iv) the filing by such Person of a
petition or answer seeking reorganization, arrangement, composition,
readjustment, liquidation, dissolution or similar relief under any statute,
law or regulation, (v) the filing by such Person of an answer or other
pleading admitting or failing to contest the material allegations of a
petition filed against such Person in any proceeding specified in (vii) below,
(vi) seeking, consenting to or acquiescing in the appointment of a trustee,
receiver or liquidator of such Person or of all or any substantial part of the
assets of such Person or (vii) the failure to obtain dismissal within 60 days
of the commencement of any proceeding against such Person seeking
reorganization, arrangement, composition, readjustment, liquidation,
dissolution or similar relief under any statute, law or regulation, or the
entry of any order appointing a trustee, liquidator or receiver of such Person
or of such Person's assets or any substantial portion thereof.

         "Interest Accrual Period" shall mean, with respect to any Payment
Date, and with respect to the Class A-2 Notes, the Class A-3 Notes, the Class
A-4 Notes, the Class B Notes and the Class C Notes, the period from and
including the 15th day of the calendar month immediately preceding such
Payment Date to but excluding the 15th day of the calendar month in which such
Payment Date occurs and, with respect to the Class A-1 Notes, the period from
and including the preceding Payment Date through the day preceding the Payment
Date; provided, that if the 15th day of a month is not a Business Day, the
payment will be made on the next following Business Day; provided, further,
that for the first Payment Date, the "Interest Accrual Period" shall mean the
period from and including the Closing Date.

         "Interest Carryover Shortfall" shall mean, with respect to any
Payment Date and any Class of Notes, the excess of the sum of the Monthly
Accrued Note Interest for the preceding Payment Date and any outstanding
Interest Carryover Shortfall from the close of business on such preceding
Payment Date, over the amount in respect of interest that is actually
deposited in the Note Payment Account on such preceding Payment Date with
respect to such Class, plus interest on such excess to the extent permitted by
law, at the applicable Note Interest Rate for the related Interest Accrual
Period.

         "Issuer" shall mean the Trust, unless a successor replaces it and,
thereafter, means the successor and for purposes of any provision contained
herein and required by the TIA, each other obligor on the Notes.

         "Issuer Order" and "Issuer Request" shall mean a written order or
request signed in the name of the Issuer by any one of its Responsible
Officers and delivered to the Indenture Trustee.

         "Last Scheduled Payment" shall mean, with respect to each Final
Payment Receivable, the amount referred to in the Contract related to such
Final Payment Receivable as the "last scheduled payment."

         "Last Scheduled Payment Advance" shall mean, with respect to a Final
Payment Receivable, the amount, as of the close of business on the last day of
a Collection Period, which is required to be advanced by the Servicer with
respect to such Final Payment Receivable pursuant to Section 4.4(b) of the
Sale and Servicing Agreement.

         "Last Scheduled Payment Pool Balance" shall mean, for any Payment
Date, the aggregate principal balance of Last Scheduled Payments of Final
Payment Receivables as of the close of business on the last day of the
preceding Collection Period.

         "Last Scheduled Payment Principal Collections" shall mean (a)
collections of principal on a Final Payment Receivable that are attributable
to Last Scheduled Payments, which includes any collection attributable to
principal on a Final Payment Receivable in excess of the initial Level Pay
Balance of that Receivable, whether or not such payment is made on the due
date of the related Last Scheduled Payment, and including the proceeds of sale
(net of expenses) of any Financed Vehicle purchased by MMCA on behalf of the
Trust pursuant to the terms of the Receivable and subsequently sold on behalf
of the Trust, minus (b) with respect to any Final Payment Receivable with
respect to which the Obligor exercises its right to have MMCA, on behalf of
the Trust, purchase the related Financed Vehicle, the excess of the purchase
price from the Obligor of such Financed Vehicle over the remaining amount owed
by the Obligor.

         "Letter of Credit Bank" shall mean any Person having the Required
Rating that has provided a Yield Supplement Letter of Credit in accordance
with Section 5.1 of the Sale and Servicing Agreement.

         "Level Pay Balance" shall mean, with respect to each Final Payment
Receivable, (i) initially the Amount Financed under such Final Payment
Receivable minus the principal portion of the Last Scheduled Payment thereon
and (ii) thereafter, shall be the amount set forth in clause (i) minus all
collections on or with respect to principal on such Receivable other than
amounts on deposit in the Payahead Account with respect to future due dates;
provided that such Level Pay Balance for any Final Payment Receivable shall
not be less than zero.

         "Level Pay Pool Balance" shall mean, for any Payment Date, the sum of
(i) the aggregate Level Pay Balance of Final Payment Receivables and (ii) the
aggregate Principal Balance of the Receivables other than Final Payment
Receivables, as of the close of business on the last day of the preceding
Collection Period.

         "Lien" shall mean a security interest, lien, charge, pledge, equity
or encumbrance of any kind, other than tax liens, mechanics' or materialmen's
liens, judicial liens and any liens that may attach to a Financed Vehicle by
operation of law.

         "Liquidation Proceeds" shall mean, with respect to a Defaulted
Receivable, the monies collected from whatever source during the Collection
Period in which such Receivable became a Defaulted Receivable, net of the sum
of (i) any expenses incurred by the Servicer in connection with collection of
such Receivable and the disposition of the Financed Vehicle and (ii) any
amounts required by law to be remitted to the Obligor.

         "London and New York Banking Day" shall mean any business day on
which dealings in deposits in United States dollars are transacted in the
London and New York interbank markets.

         "Long Deferment Period Receivable" shall mean any Deferred Payment
Receivable for which the period from the inception of the Receivable to the
date on which the first Scheduled Payment is due is between 360 and 450 days.

         "MART II" shall mean MMCA Auto Receivables Trust II, a Delaware
business trust, and its successors and assigns.

         "MART II Trust Agreement" shall mean the Amended and Restated Trust
Agreement, dated as of July 29, 2002, between MMCA, as beneficiary, and Chase
Manhattan Bank USA, National Association, a national banking association, as
trustee, relating to MART II, as from time to time amended, supplemented or
otherwise modified and in effect.

         "Maximum Negative Carry Amount" shall mean, as of any Payment Date,
the product of (i) (1) the Weighted Average Rate as of such Payment Date
multiplied by (2) the Note Percentage as of such Payment Date, minus (3)
1.25%, multiplied by (ii) the product of (x) the Remaining Pre-Funded Amount
on that Payment Date and (y) the percentage equivalent of a fraction, the
numerator of which is the actual number of days until the last day of the
Pre-Funding Period and the denominator of which is 360. The Maximum Negative
Carry Amount as of any Payment Date shall be calculated in the manner
described in the preceding sentence as an approximation of the maximum
aggregate amount of the Negative Carry Amounts for all subsequent Payment
Dates.

         "Mitsubishi Motors" shall mean Mitsubishi Motors Corporation, a
Japanese corporation, and its successors and assigns, and any Affiliates
thereof.

         "MMCA" shall mean Mitsubishi Motors Credit of America, Inc., a
Delaware corporation, and its successors and assigns.

         "MMSA" shall mean Mitsubishi Motors Sales of America, Inc., a
Delaware corporation, and its successors and assigns.

         "Modified Receivable" shall have the meaning assigned thereto in
Section 3.2(a) of the Sale and Servicing Agreement.

         "Monthly Accrued Note Interest" shall mean, with respect to any
Payment Date and (i) any Class of Notes, interest accrued for the related
Interest Accrual Period at the applicable Note Interest Rate for such Class on
the aggregate principal balance of the Notes of such Class as of the
immediately preceding Payment Date, after giving effect to all payments of
principal to Noteholders of such Class on or prior to such preceding Payment
Date (or, in the case of the first Payment Date, the initial principal amount
of such Class of Notes); and (ii) with respect to the Notes collectively, the
sum of Monthly Accrued Note Interest for each Class.

         "Monthly Remittance Condition" shall have the meaning assigned
thereto in Section 4.1(e) of the Sale and Servicing Agreement.

         "Moody's" shall mean Moody's Investors Service, Inc.

         "Negative Carry Account" shall mean the account established and
maintained pursuant to Section 4.1(d) of the Sale and Servicing Agreement.

         "Negative Carry Account Initial Deposit" shall mean $615,010.40.

         "Negative Carry Account Shortfall" shall mean, as of any Payment
Date, the excess, if any, of the Required Negative Carry Account Balance over
the amount on deposit in the Negative Carry Account (after giving effect to
all deposits to and withdrawals from the Negative Carry Account required to be
made on such Payment Date).

         "Negative Carry Amount" shall mean, with respect to any Payment Date,
the difference (if positive) between (1) the product of (a) the Monthly
Accrued Note Interest for such Payment Date, multiplied by (b) the Pre-Funded
Percentage as of the immediately preceding Payment Date or, in the case of the
first Payment Date, the Closing Date, minus (2) the Pre-Funding Account
Investment Earnings for the related Collection Period (or, in the case of the
first Payment Date, from the Closing Date until the close of business on
August 30, 2002).

         "Note Depository Agreement" shall mean the agreement, dated as of the
Closing Date, among the Issuer, the Indenture Trustee, the Administrator and
The Depository Trust Company, as the initial Clearing Agency, relating to the
Notes.

         "Note Interest Rate" shall mean the Class A-1 Rate, the Class A-2
Rate, the Class A-3 Rate, the Class A-4 Rate, the Class B Rate and the Class C
Rate, as applicable.

         "Note Owner" shall mean, with respect to any Book-Entry Note, the
Person who is the beneficial owner of such Book-Entry Note, as reflected on
the books of the Clearing Agency or on the books of a Person maintaining an
account with such Clearing Agency (directly as a Clearing Agency Participant
or as an indirect participant, in each case in accordance with the rules of
such Clearing Agency).

         "Note Payment Account" shall mean the account established and
maintained as such pursuant to Section 4.1(e) of the Sale and Servicing
Agreement.

         "Note Percentage" shall mean, as of any Payment Date, the percentage
equivalent of a fraction, the numerator of which is the aggregate principal
amount of the Notes as of such Payment Date (after giving effect to any
payments of principal on such Payment Date), and the denominator of which is
an amount equal to the sum of the aggregate principal amount of the Notes and
the Certificate Balance, in each case as of such Payment Date (after giving
effect to any payment of principal on such Payment Date).

         "Note Pool Factor" shall mean, with respect to any Class of Notes, as
of the close of business on the last day of a Collection Period, a seven-digit
decimal figure equal to the outstanding principal balance of such Class of
Notes (after giving effect to any reductions thereof to be made on the
immediately following Payment Date) divided by the original outstanding
principal balance of such Class of Notes. Each Note Pool Factor will be
1.0000000 as of the Closing Date; thereafter, the Note Pool Factor will
decline to reflect reductions in the outstanding principal amount of such
Class of Notes.

         "Note Register" and "Note Registrar" shall have the respective
meanings specified in Section 2.5(a) of the Indenture.

         "Noteholder" shall mean a Person in whose name a Note is registered
on the Note Register.

         "Noteholders" shall mean the Class A-1 Noteholders, the Class A-2
Noteholders, the Class A-3 Noteholders, the Class A-4 Noteholders, the Class B
Noteholders and the Class C Noteholders, collectively.

         "Notes" shall mean the Class A-1 Notes, the Class A-2 Notes, the
Class A-3 Notes, the Class A-4 Notes, the Class B Notes and the Class C Notes,
collectively.

         "Obligor" on a Receivable shall mean the purchaser or co-purchasers
of the related Financed Vehicle purchased in part or in whole by the execution
and delivery of such Receivable, or any other Person who owes or may be liable
for payments under such Receivable.

         "Officer's Certificate" shall mean (i) with respect to the Trust, a
certificate signed by any Responsible Officer of the Trust and (ii) with
respect to MART II or the Servicer, a certificate signed by the chairman, the
president, any executive vice president, vice president or the treasurer of
MART II or the Servicer, as applicable.

         "Opinion of Counsel" shall mean (i) in the case of the Sale and
Servicing Agreement, a written opinion of counsel (who, in the case of counsel
to MART II or the Servicer, may be an employee of, or outside counsel to, MART
II or the Servicer), which counsel shall be acceptable to the Indenture
Trustee, the Owner Trustee or the Rating Agencies, as applicable, and (ii) in
the case of the Indenture, one or more written opinions of counsel who may,
except as otherwise expressly provided in the Indenture, be employees of or
counsel to the Issuer, MMCA or the Servicer and who shall be satisfactory to
the Indenture Trustee, and which opinion or opinions shall be addressed to the
Indenture Trustee as Indenture Trustee, shall comply with the applicable
requirements of Section 11.1 of the Indenture, and shall be in form and
substance satisfactory to the Indenture Trustee.

         "Optional Purchase Percentage" shall mean 10%.

         "Outstanding" shall mean, as of the date of determination, all Notes
theretofore authenticated and delivered under the Indenture except:

         (i) Notes theretofore cancelled by the Note Registrar or delivered to
the Note Registrar for cancellation;

         (ii) Notes or portions thereof the payment for which money in the
necessary amount has been theretofore deposited with the Indenture Trustee or
any Paying Agent in trust for the Holders of such Notes (provided, however,
that if such Notes are to be redeemed, notice of such redemption has been duly
given pursuant to the Indenture or provision for such notice has been made,
satisfactory to the Indenture Trustee); and

         (iii) Notes in exchange for or in lieu of which other Notes have been
authenticated and delivered pursuant to the Indenture unless proof
satisfactory to the Indenture Trustee is presented that any such Notes are
held by a protected purchaser;

provided, that in determining whether the Holders of the requisite principal
amount of the Notes Outstanding have given any request, demand, authorization,
direction, notice, consent, or waiver hereunder or under any Basic Document,
Notes owned by the Issuer, any other obligor upon the Notes, MART II, the
Servicer or any Affiliate of any of the foregoing Persons shall be disregarded
and deemed not to be Outstanding, except that, in determining whether the
Indenture Trustee shall be protected in relying on any such request, demand,
authorization, direction, notice, consent, or waiver, only Notes that a
Responsible Officer of the Indenture Trustee knows to be so owned shall be so
disregarded. Notes so owned that have been pledged in good faith may be
regarded as Outstanding if the pledgee establishes to the satisfaction of the
Indenture Trustee the pledgee's right so to act with respect to such Notes and
that the pledgee is not the Issuer, any other obligor upon the Notes, MART II,
the Servicer or any Affiliate of any of the foregoing Persons.

         "Outstanding Amount" shall mean the aggregate principal amount of all
Notes Outstanding at the date of determination.

         "Owner Trust Estate" shall mean all right, title and interest of the
Trust in, to and under the property and rights assigned to the Trust pursuant
to Article II of the Sale and Servicing Agreement.

         "Owner Trustee" shall mean Wilmington Trust Company, a Delaware
banking corporation, not in its individual capacity but solely as Owner
Trustee under the Trust Agreement, its successors in interest and any
successor trustee under the Trust Agreement.

         "Payahead" shall mean, with respect to an Actuarial Receivable, the
amount, as of the close of business on the last day of a Collection Period, so
designated in accordance with Section 4.3(a) of the Sale and Servicing
Agreement with respect to such Receivable.

         "Payahead Account" shall mean the account established and maintained
as such pursuant to Section 4.1(g) of the Sale and Servicing Agreement.

         "Payahead Balance", with respect to an Actuarial Receivable, shall
mean the sum, as of the close of business on the last day of a Collection
Period, of all Payaheads made by or on behalf of the Obligor with respect to
such Actuarial Receivable (including any amount paid by or on behalf of the
Obligor prior to the related Cutoff Date that is due on or after the related
Cutoff Date and was not used to reduce the principal balance of such Actuarial
Receivable), as reduced by applications of previous Payaheads with respect to
such Actuarial Receivable, pursuant to Sections 4.3(a) and 4.4 of the Sale and
Servicing Agreement.

         "Paying Agent" shall mean (i) with respect to the Trust Agreement,
any paying agent or co-paying agent appointed pursuant to Section 3.9 thereto,
and shall initially be Wilmington Trust Company, and (ii) with respect to the
Indenture, the Indenture Trustee or any other Person that meets the
eligibility standards for the Indenture Trustee specified in Section 6.11
thereto and is authorized by the Issuer to make payments to and distributions
from the Collection Account and the Note Payment Account, including payment of
principal of or interest on the Notes on behalf of the Issuer.

         "Payment Date" shall mean the 15th day of each month, or if any such
day is not a Business Day, the immediately following Business Day, commencing
September 16, 2002.

         "Permitted Investments" shall mean, on any date of determination,
book-entry securities, negotiable instruments or securities represented by
instruments in bearer or registered form with maturities not exceeding the
Business Day preceding the next Payment Date which evidence:

         (a) direct obligations of, and obligations fully guaranteed as to
timely payment by, the United States of America;

         (b) demand deposits, time deposits or certificates of deposit of any
depository institution or trust company incorporated under the laws of the
United States of America or any state thereof (or any domestic branch of a
foreign bank) and subject to supervision and examination by Federal or State
banking or depository institution authorities; provided, however, that at the
time of the investment or contractual commitment to invest therein, the
commercial paper or other short-term unsecured debt obligations (other than
such obligations the rating of which is based on the credit of a Person other
than such depository institution or trust company) thereof shall have a credit
rating from each of the Rating Agencies in the highest investment category
granted thereby;

         (c) commercial paper having, at the time of the investment or
contractual commitment to invest therein, a rating from each of the Rating
Agencies in the highest investment category granted thereby;

         (d) investments in money market funds having a rating from each of
the Rating Agencies in the highest investment category granted thereby
(including funds for which the Indenture Trustee or the Owner Trustee or any
of their respective Affiliates is investment manager or advisor);

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

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

         (g) any other investment with respect to which the Trust or the
Servicer has received written notification from the Rating Agencies that the
acquisition of such investment as a Permitted Investment will not result in a
withdrawal or downgrading of the ratings on any Class of Notes or the
Certificates.

         "Person" shall mean a legal person, including any individual,
corporation, estate, partnership, joint venture, association, joint stock
company, limited liability company, limited liability partnership, trust,
unincorporated organization, or government or any agency or political
subdivision thereof, or any other entity of whatever nature.

         "Plan" shall mean an employee benefit plan subject to Title I of
ERISA, a plan or arrangement subject to Section 4975 of the Code, and any
entity whose underlying assets include plan assets by reason of a plan's
investment in the entity or otherwise.

         "Pool Balance" shall mean, as of any date of determination, the
aggregate Principal Balance of the Receivables (including the aggregate
Principal Balance of Last Scheduled Payments) as of the close of business on
the last day of the preceding Collection Period or, with respect to any date
of determination during the first Collection Period, as of the Initial Cutoff
Date, after giving effect to, with respect to such Collection Period, (i) all
payments received from Obligors (other than Payaheads), (ii) all Advances to
be made by the Servicer and (iii) all Purchase Amounts to be remitted by MART
II or the Servicer, in each case for such Collection Period, and reduced by
the aggregate Principal Balance of Receivables that became Defaulted
Receivables during such Collection Period.

         "Pre-Funded Percentage" shall mean, as of any date of determination,
the percentage equivalent of a fraction, the numerator of which is the
Remaining Pre-Funded Amount (after giving effect to any deposits to and
withdrawals from the Pre-Funding Account on or prior to such date of
determination) as of such date of determination, and the denominator of which
is the sum of (1) the Pool Balance (after giving effect to all conveyances of
Subsequent Receivables to the Trust on or prior to such date of determination)
and (2) the Remaining Pre-Funded Amount (after giving effect to any deposits
to and withdrawals from the Pre-Funding Account on or prior to such date of
determination).

         "Pre-Funding Account" shall mean the account established pursuant to
Section 4.1(b) of the Sale and Servicing Agreement.

         "Pre-Funding Account Investment Earnings" shall mean, with respect to
any Collection Period, the interest and other income (net of losses and
expenses) earned on amounts on deposit in the Pre-Funding Account during such
Collection Period (after giving effect to any deposits to and withdrawals from
the Pre-Funding Account during or prior to such Collection Period) and
deposited to the Pre-Funding Account on or prior to the related Payment Date.

         "Pre-Funding Period" shall mean the period from and including the
Closing Date and ending on the earliest of (i) the last day of the Collection
Period on which the amount in the Pre-Funding Account (after giving effect to
any transfers of Receivables to the Trust after the Closing Date and on or
before such date) is less than $100,000, (ii) the date on which an Event of
Default or an Event of Servicing Termination occurs, (iii) the date on which
an Insolvency Event occurs with respect to MART II or the Servicer and (iv)
the close of business on December 19, 2002.

         "Predecessor Note" shall mean, with respect to any particular Note,
every previous Note evidencing all or a portion of the same debt as that
evidenced by such particular Note and, for purposes of this definition, any
Note authenticated and delivered under Section 2.6 of the Indenture in lieu of
a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the
same debt as the mutilated, lost, destroyed or stolen Note.

         "Prepayment Date" shall mean the Payment Date specified by the
Servicer pursuant to Section 9.2(a) of the Trust Agreement.

         "Prepayment Price" shall mean an amount equal to the Certificate
Balance as of the applicable Prepayment Date.

         "Principal Balance" shall mean, with respect to any Receivable as of
any date of determination, the Amount Financed minus the sum of the following
amounts: (i) in the case of an Actuarial Receivable, that portion of all
Scheduled Payments due on or prior to such date allocable to principal
computed in accordance with the Actuarial Method (to the extent collected or
advanced), (ii) in the case of a Simple Interest Receivable, that portion of
all Scheduled Payments actually received on or prior to such date allocable to
principal using the Simple Interest Method (to the extent collected or
advanced), (iii) any refunded portion of extended warranty protection plan
costs, or of physical damage, credit life, or disability insurance premiums
included in the Amount Financed and (iv) any prepayment in full or partial
prepayment applied to reduce the unpaid principal balance of such Receivable.
The Principal Balance of a Defaulted Receivable shall be zero as of the
beginning of the Collection Period following the Collection Period in which it
became a Defaulted Receivable.

         "Principal Distribution Amount" shall mean, with respect to any
Payment Date, (i) the total Adjusted Principal Balance of the Receivables as
of the first day of the Collection Period preceding such Payment Date, plus
(ii) the Remaining Pre-Funded Amount as of the first day of the Collection
Period preceding such Payment Date, plus (iii) the Principal Shortfall Amount,
minus (iv) the total Adjusted Principal Balance of the Receivables as of the
last day of the Collection Period preceding such Payment Date, minus (v) the
Remaining Pre-Funded Amount as of the last day of the Collection Period
preceding such Payment Date; provided, however, that on the Stated Maturity
Date for each Class of Notes, the principal required to be deposited in the
Note Payment Account shall include the amount necessary (after giving effect
to the other amounts to be deposited in the Note Payment Account on such
Payment Date and allocable to principal) to reduce the outstanding principal
amount of the Notes of such Class to zero.

         "Principal Shortfall Amount" shall mean, with respect to any Payment
Date, the excess of the Principal Distribution Amount for the preceding
Payment Date over the amount in respect of the Principal Distribution Amount
that is actually deposited in the Note Payment Account on such preceding
Payment Date.

         "Proceeding" shall mean any suit in equity, action at law or other
judicial or administrative proceeding.

         "Program" shall have the meaning assigned thereto in Section 3.11 of
the Sale and Servicing Agreement.

         "Prospectus" shall have the meaning specified in the Underwriting
Agreement.

         "Purchase Agreement" shall mean the Purchase Agreement, dated as of
August 1, 2002, between MART II and MMCA, as the same may be amended,
supplemented or otherwise modified and in effect from time to time.

         "Purchase Amount" shall mean, with respect to a Payment Date and a
Receivable to be repurchased by MART II or purchased by the Servicer on such
Payment Date, an amount equal to the sum of (a) the Principal Balance of such
Receivable as of the first day of the Collection Period preceding the
Collection Period in which such Payment Date occurs and (b) an amount equal to
the amount of accrued and unpaid interest on such Principal Balance at the
related APR from the date a payment was last made by or on behalf of the
Obligor through the due date for payment of such Receivable in the Collection
Period preceding the Collection Period in which such Payment Date occurs and,
in the case of clauses (a) and (b), after giving effect to the receipt of
monies collected on such Receivable in such preceding Collection Period.

         "Purchased Receivable" shall mean, on any date of determination, a
Receivable as to which payment of the Purchase Amount has been made by MART II
pursuant to Section 2.3 of the Sale and Servicing Agreement or by the Servicer
pursuant to Section 3.7 or 9.1 of the Sale and Servicing Agreement.

         "Qualified Institution" shall mean Bank of Tokyo-Mitsubishi Trust
Company, a New York banking corporation, or any depository institution
organized under the laws of the United States of America or any one of the
states thereof or incorporated under the laws of a foreign jurisdiction with a
branch or agency located in the United States of America or one of the states
thereof qualified to take deposits and subject to supervision and examination
by federal or state banking authorities which at all times has a short-term
deposit rating of "Prime-1" by Moody's, "A-1" by S&P and "F1" by Fitch Ratings
and, in the case of any such institution organized under the laws of the
United States of America, whose deposits are insured by the Federal Deposit
Insurance Corporation or any successor thereto.

         "Qualified Institutional Buyer" has the meaning specified in Rule
144A.

         "Qualified Trust Institution" shall mean the corporate trust
department of Bank of Tokyo-Mitsubishi Trust Company or any other institution
organized under the laws of the United States of America or any one of the
states thereof or incorporated under the laws of a foreign jurisdiction with a
branch or agency located in the United States of America or one of the states
thereof qualified to take deposits and subject to supervision and examination
by federal or state banking authorities which at all times (i) is authorized
under such laws to act as a trustee or in any other fiduciary capacity, (ii)
has not less than one billion dollars in assets under fiduciary management and
(iii) has a long-term deposit rating that satisfies the Rating Agency
Condition.

         "Rating Agency" shall mean Moody's, S&P or Fitch Ratings, and
together, the "Rating Agencies." If no such organization or successor is any
longer in existence, "Rating Agency" shall be a nationally recognized
statistical rating organization or other comparable Person designated by the
Issuer, notice of which designation shall be given to the Indenture Trustee,
the Owner Trustee and the Servicer.

         "Rating Agency Condition" shall mean, with respect to any action,
that each Rating Agency shall have been given prior written notice thereof and
that each of the Rating Agencies shall have notified MART II, the Servicer,
the Owner Trustee and the Indenture Trustee in writing that such action will
not result in a reduction or withdrawal of the then current rating of the
Notes or the Certificates.

         "Realized Losses" shall mean, with respect to each Payment Date and
each Receivable that became a Defaulted Receivable during the related
Collection Period, the excess of the Principal Balance of such Defaulted
Receivable (including the principal of a Last Scheduled Payment) over the
Liquidation Proceeds attributable to such Defaulted Receivable.

         "Receivable" shall mean any Initial Receivable or Subsequent
Receivable, as the context may require.

         "Receivable File" shall have the meaning assigned thereto in Section
2.4 of the Sale and Servicing Agreement.

         "Receivable Yield Supplement Amount" shall mean, with respect to each
Payment Date and each Receivable that was a Deferred Payment Receivable as of
the last day of the preceding Collection Period (other than a Receivable which
became a Defaulted Receivable or a Purchased Receivable or any Receivable sold
by the Indenture Trustee following an Event of Default pursuant to Section 5.4
of the Indenture), an amount equal to the product of (x) the Adjusted
Principal Balance of such Receivable on the first day of the preceding
Collection Period, (y) the Initial Weighted Average Rate plus 0.25%, and (z)
1/12.

         "Record Date" shall mean, with respect to a Payment Date or
Redemption Date, (i) for any Book-Entry Notes, the close of business on the
Business Day immediately preceding such Payment Date or Redemption Date or
(ii) for any Definitive Notes and for the Certificates, the 15th day of the
preceding month, unless such 15th day is not a Business Day, in which case the
immediately preceding Business Day.

         "Recoveries" shall mean, with respect to any Collection Period
following the Collection Period in which such Receivable became a Defaulted
Receivable, all monies received by the Servicer with respect to such Defaulted
Receivable during any Collection Period, net of the sum of (i) any expenses
incurred by the Servicer in connection with the collection of such Receivable
and the disposition of the Financed Vehicle (to the extent not previously
reimbursed) and (ii) any payments on such Receivable required by law to be
remitted to the Obligor.

         "Redemption Date" shall mean (a) in the case of a redemption of Notes
pursuant to Section 10.1(a) of the Indenture, the Payment Date specified by
the Servicer on which date the Indenture Trustee shall withdraw any amount
remaining in the Reserve Account and deposit the applicable amount thereof
payable to the Notes in the Note Payment Account from any amount remaining in
the Reserve Account and (b) in the case of a redemption of Notes pursuant to
Section 10.1(b) of the Indenture, the Payment Date specified by the Servicer
pursuant to Section 4.11(b) of the Sale and Servicing Agreement.

         "Redemption Price" shall mean (a) in the case of a redemption of
Notes pursuant to Section 10.1(a) of the Indenture, an amount equal to the
unpaid principal amount of the Notes redeemed plus accrued and unpaid interest
thereon as of the applicable Redemption Date and (b) in the case of a
redemption of Notes pursuant to Section 10.1(b) of the Indenture, an amount
equal to the lesser of (x) the Remaining Pre-Funded Amount withdrawn from the
Pre-Funding Account and deposited to the Collection Account on or prior to the
Redemption Date pursuant to Section 4.11(b) of the Sale and Servicing
Agreement and (y) the amount specified in clause (a) above.

         "Registered Holder" shall mean the Person in whose name a Note is
registered on the Note Register on the applicable Record Date.

         "Relevant UCC" shall mean the Uniform Commercial Code as in effect in
any relevant jurisdiction. In the event that the Uniform Commercial Code as in
effect on the date hereof in any relevant jurisdiction is revised subsequent
to the date hereof, all references to specific sections of the Uniform
Commercial Code shall be deemed to be references to the successor provisions
of the Uniform Commercial Code.

         "Remaining Pre-Funded Amount" shall have the meaning assigned thereto
in Section 4.11(b) of the Sale and Servicing Agreement.

         "Repurchase Event" shall have the meaning specified in Section 6.2 of
the Purchase Agreement.

         "Required Negative Carry Account Balance" shall mean, as of any
Payment Date, the lesser of (i) the Negative Carry Account Initial Deposit
minus all previous withdrawals of the Negative Carry Amount from the Negative
Carry Account, including any withdrawals of the Negative Carry Amount
therefrom on such Payment Date, and (ii) the Maximum Negative Carry Amount as
of such Payment Date.

         "Required Rating" shall mean a rating on short-term unsecured debt
obligations of "Prime-1" by Moody's, "A-1" by S&P and "F1+" by Fitch Ratings,
and any requirement that short-term unsecured debt obligations have the
"Required Rating" shall mean that such short-term unsecured debt obligations
have the foregoing required ratings from each of such Rating Agencies.

         "Reserve Account" shall mean the account established and maintained
as such pursuant to Section 4.7(a) of the Sale and Servicing Agreement.

         "Reserve Account Advance Draw Amount" shall have the meaning assigned
thereto in Section 4.6(b) of the Sale and Servicing Agreement.

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

         "Reserve Account Initial Deposit" shall mean $29,487,650.29.

         "Reserve Account Property" shall have the meaning assigned thereto in
Section 4.7(a) of the Sale and Servicing Agreement.

         "Reserve Account TRP Draw Amount" shall have the meaning assigned
thereto in Section 4.6(b) of the Sale and Servicing Agreement.

         "Responsible Officer" shall mean (a) with respect to the Indenture
Trustee, any officer within the Corporate Trust Office of the Indenture
Trustee with direct responsibility for the administration of the Indenture and
the other Basic Documents on behalf of the Indenture Trustee 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, (b) with respect to the Owner Trustee, any officer within
the Corporate Trust Office of the Owner Trustee with direct responsibility for
administration of the Trust, including any vice president, assistant vice
president, secretary, assistant secretary, financial services officer 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 and shall also mean any officer of the Administrator and
(c) with respect to the Issuer, any officer of the Owner Trustee who is
authorized to act for or on behalf of the Owner Trustee in matters relating to
the Issuer and who is identified on the list of Responsible Officers delivered
by the Owner Trustee to the Indenture Trustee on the Closing Date (as such
list may be modified or supplemented from time to time thereafter) and, for so
long as the Administration Agreement is in full force and effect, any officer
of the Administrator who is authorized to act for the Administrator in matters
relating to the Issuer and to be acted upon by the Administrator pursuant to
the Administration Agreement.

         "Rule 144A" shall have the meaning assigned to such term in Section
3.4(d)(i) of the Trust Agreement.

         "Rule 144A Information" shall have the meaning assigned to such term
in Section 3.4(e) of the Trust Agreement.

         "S&P" shall mean Standard & Poor's Ratings Group, a division of The
McGraw-Hill Companies, Inc.

         "Sale and Servicing Agreement" shall mean the Sale and Servicing
Agreement, dated as of August 1, 2002, by and among the Issuer, MART II and
the Servicer, as from time to time amended, supplemented or otherwise modified
and in effect.

         "Sale Price" shall mean, with respect to any Final Payment
Receivable, an amount equal to the Last Scheduled Payment, minus the sum of
any charges for Excess Wear and Tear and Excess Mileage and the amount of any
disposition fee payable to the Servicer.

         "Schedule of Initial Receivables" shall mean the list of Initial
Receivables attached as Exhibit B to the Purchase Agreement.

         "Schedule of Receivables" shall mean the Schedule of Initial
Receivables or any Schedule of Subsequent Receivables, as the context may
require.

         "Schedule of Subsequent Receivables" shall mean any list of
Subsequent Receivables attached as Schedule A to the related First-Tier
Subsequent Assignment.

         "Scheduled Payment" shall mean, for any Collection Period for any
Receivable, the amount indicated in such Receivable as required to be paid by
the Obligor in such Collection Period (without giving effect to modifications
of payment terms pursuant to Section 3.2 of the Sale and Servicing Agreement
or any rescheduling in any insolvency or similar proceedings).

         "Second-Tier Subsequent Assignment" shall have the meaning assigned
thereto in Section 2.1(d)(ii) of the Sale and Servicing Agreement.

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

         "Securities Act" shall mean the Securities Act of 1933, as amended.

         "Securities" shall have the meaning specified in the MART II Trust
Agreement.

         "Seller" shall mean MART II, in its capacity as seller of the
Receivables under the Sale and Servicing Agreement, and each successor thereto
(in the same capacity) pursuant to Section 6.3 of the Sale and Servicing
Agreement.

         "Servicer" shall mean MMCA, in its capacity as servicer under the
Sale and Servicing Agreement, and any successor Servicer thereunder.

         "Servicer's Certificate" shall have the meaning assigned thereto in
Section 3.9 of the Sale and Servicing Agreement.

         "Servicing Fee" shall mean, with respect to any Payment Date, the fee
payable to the Servicer for services rendered during the related Collection
Period, determined pursuant to and defined in Section 3.8 of the Sale and
Servicing Agreement.

         "Servicing Officer" shall mean any officer of the Servicer involved
in, or responsible for, the administration and servicing of the Receivables,
whose name appears on a list of servicing officers attached to an Officer's
Certificate furnished on the Closing Date to the Owner Trustee and the
Indenture Trustee by the Servicer, as such list may be amended from time to
time by the Servicer in writing.

         "SFAS 140" shall mean Statement of Financial Accounting Standard No.
140, Accounting for Transfers and Servicing of Financial Assets and
Extinguishments of Liabilities.

         "Simple Interest Method" shall mean the method of allocating a fixed
payment between principal and interest, pursuant to which the portion of such
payment that is allocated to interest is equal to the product of the APR
multiplied by the unpaid principal balance multiplied by the period of time
(expressed as a fraction of a year, based on the actual number of days in the
calendar month and a 365-day year) elapsed since the preceding payment was
made and the remainder of such payment is allocable to principal.

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

         "Specified Reserve Balance" shall mean, with respect to any Payment
Date, the lesser of (i) the sum of (a) 6.00% of the Adjusted Principal Balance
of the Initial Receivables as of the Initial Cutoff Date and (b) 6.00% of the
Adjusted Principal Balance of Subsequent Receivables transferred to the Trust
after that Payment Date, calculated as of the related Subsequent Cutoff Dates
and (ii) the outstanding principal amount of the Notes as of such Payment Date
(after giving effect to any principal payment made on such Payment Date).
Notwithstanding the foregoing, if (x) each Rating Agency delivers a letter to
the Indenture Trustee that the use of any new formulation requested by MART II
would not cause a downgrade, qualification or withdrawal of the then current
rating on any Class of Notes and (y) an Opinion of Counsel to the effect that
the proposed change will not adversely affect the status of the Notes as debt
is delivered to the Indenture Trustee, then the Specified Reserve Balance may
be changed in accordance with such letters without an amendment hereto.

         "Specified Yield Supplement Account Balance" shall mean, (i) on the
Closing Date, $13,296,797.13, and (ii) as of the close of business on any
Payment Date, an amount equal to the sum of all projected Yield Supplement
Amounts for all future Payment Dates, assuming that no prepayments are made on
the Deferred Payment Receivables.

         "Standard Receivable" shall mean all rights and obligations under a
Contract listed on a Schedule of Receivables which is not a Final Payment
Receivable.

         "State" shall mean any of the 50 States of the United States of
America or the District of Columbia.

         "Stated Maturity Date" shall mean the Class A-1 Stated Maturity Date,
the Class A-2 Stated Maturity Date, the Class A-3 Stated Maturity Date, the
Class A-4 Stated Maturity Date, the Class B Stated Maturity Date and the Class
C Stated Maturity Date, collectively, or any of them, as the context requires.

         "Subsequent Cutoff Date" shall, with respect to any Subsequent
Receivable, have the meaning specified in the related First-Tier Subsequent
Assignment.

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

         "Subsequent Receivable" shall mean each motor vehicle retail
installment sale contract described in a Schedule of Subsequent Receivables
attached as Schedule A to a First-Tier Subsequent Assignment (an identical
copy of which is attached as Schedule A to a related Second-Tier Subsequent
Assignment), and all rights and obligations thereunder and any amendments,
modifications or supplements to such motor vehicle retail installment sale
contract.

         "Subsequent Receivables Purchase Price" shall have the meaning
specified in Section 2.2(b) of the Purchase Agreement.

         "Subsequent Reserve Account Deposit" shall mean, with respect to any
Subsequent Transfer Date, cash or Permitted Investments having a value
approximately equal to 6.00% of the aggregate Adjusted Principal Balance of
the Subsequent Receivables conveyed to the Trust on such Subsequent Transfer
Date as of the close of business on the related Subsequent Cutoff Date.

         "Subsequent Transfer Date" shall mean, with respect to any Subsequent
Receivable, the Business Day on which the related First-Tier Subsequent
Assignment is executed and delivered.

         "Subsequent Yield Supplement Account Deposit" shall mean, with
respect to any Subsequent Transfer Date, cash or Permitted Investments having
a value approximately equal to the sum of the projected Receivable Yield
Supplement Amounts for the Subsequent Receivables conveyed to the Trust on
such Subsequent Transfer Date for all future Payment Dates, assuming the
future Scheduled Payments on such Subsequent Receivables are made on their
scheduled due dates.

         "Subtrust" shall have the meaning specified in the MART II Trust
Agreement.

         "Subtrust Assets" shall have the meaning specified in the MART II
Trust Agreement.

         "Successor Servicer" shall have the meaning specified in Section
3.7(e) of the Indenture.

         "Supplemental Servicing Fee" shall mean, with respect to any Payment
Date, the fee payable to the Servicer for services rendered during the related
Collection Period, determined pursuant to and defined in Section 3.8 of the
Sale and Servicing Agreement.

         "Telerate Page 3750" shall mean the display designated as page "3750"
by Telerate, Inc. (or such other page as may replace Telerate Page 3750 on
that service for the purpose of displaying London interbank offered rates of
major banks).

         "Total Available Funds" shall mean, for any Payment Date, an amount
equal to the sum of (i) the Available Funds for such Payment Date and (ii) the
Reserve Account TRP Draw Amount, if any, for such Payment Date.

         "Total Required Payment" shall mean, on any Payment Date, the sum of
(i) the Total Servicing Fee, (ii) the Accrued Note Interest and (iii) the
Principal Distribution Amount with respect to such Payment Date.

         "Total Servicing Fee" shall mean, with respect to any Payment Date,
the sum of (i) the Servicing Fee for the related Collection Period plus (ii)
all accrued and unpaid Servicing Fees for prior Collection Periods.

         "Total Yield Supplement Overcollateralization Amount" shall mean,
with respect to any Payment Date, the sum of the Yield Supplement
Overcollateralization Amounts with respect to all Receivables (other than
Purchased Receivables or Defaulted Receivables) as of such Payment Date.

         "Transfer" shall have the meaning assigned to such term in Section
3.2 of the Trust Agreement.

         "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 MMCA Auto Owner Trust 2002-3, a Delaware business
trust.

         "Trust Accounts" shall have the meaning assigned thereto in Section
5.1(a) of the Sale and Servicing Agreement.

         "Trust Agreement" shall mean the Amended and Restated Trust
Agreement, dated as of August 5, 2002, between MART II and the Owner Trustee,
as the same may be amended, supplemented or otherwise modified and in effect
from time to time.

         "Trust Estate" shall mean all money, instruments, rights and other
property that are subject or intended to be subject to the lien and security
interest of the Indenture for the benefit of the Noteholders (including,
without limitation, all property and interests Granted to the Indenture
Trustee), including all proceeds thereof.

         "Trust Indenture Act" or "TIA" shall mean the Trust Indenture Act of
1939, as amended, unless otherwise specifically provided.

         "Trust Property" shall mean, as of any date of determination, the
Initial Receivables and other property related thereto sold, transferred,
assigned and otherwise conveyed by MART II to the Trust pursuant to Section
2.1(a) of the Sale and Servicing Agreement together with the Subsequent
Receivables and other property related thereto sold, transferred, assigned and
otherwise conveyed by MART II to the Trust pursuant to Section 2.1(b) of the
Sale and Servicing Agreement, on or prior to such date of determination
pursuant to any Second-Tier Subsequent Assignment.

         "Underwriting Agreement" shall mean the Underwriting Agreement, dated
as of August 15, 2002, by and between Salomon Smith Barney Inc., as
representative of the several underwriters of the Class A Notes and as the
sole underwriter of the Class B Notes and the Class C Notes, and MART II.

         "Void Transfer" shall have the meaning assigned to such term in
Section 3.2 of the Trust Agreement.

         "Weighted Average Rate" shall mean, with respect to any date of
determination, a per annum rate equal to (1) the sum of (a) the product of (x)
the outstanding principal amount of the Class A-1 Notes on such date and (y)
the Class A-1 Rate, plus (b) the product of (x) the outstanding principal
amount of the Class A-2 Notes on such date and (y) the Class A-2 Rate, plus
(c) the product of (x) the outstanding principal amount of the Class A-3 Notes
on such date and (y) the Class A-3 Rate, plus (d) the product of (x) the
outstanding principal amount of the Class A-4 Notes on such date and (y) the
Class A-4 Rate, plus (e) the product of (x) the outstanding principal amount
of the Class B Notes on such date and (y) the Class B Rate, plus (f) the
product of (x) the outstanding principal amount of the Class C Notes on such
date and (y) the Class C Rate, divided by (2) the sum of the outstanding
principal amount of the Notes on such date plus the Certificate Balance on
such date; provided, that if the date of determination is a Payment Date, then
the outstanding principal amount of any class of Notes shall be determined
after giving effect to all payments made on such date.

         "Yield Supplement Account" shall have the meaning assigned thereto in
Section 5.1(a) of the Sale and Servicing Agreement.

         "Yield Supplement Agreement" shall mean the Yield Supplement
Agreement, dated as of August 1, 2002, by and between MART II and MMCA, as
amended, modified or supplemented from time to time, substantially in the form
of Exhibit D to the Sale and Servicing Agreement.

         "Yield Supplement Amount" shall mean, with respect to any Payment
Date, the sum of all Receivable Yield Supplement Amounts for the related
Collection Period.

         "Yield Supplement Letter of Credit" shall mean any letter of credit
issued by the Letter of Credit Bank, as permitted by Section 5.1 of the Sale
and Servicing Agreement, to support payments of the Yield Supplement Amount
under the Yield Supplement Agreement.

         "Yield Supplement Overcollateralization Amount" shall mean, with
respect to any Payment Date and any Receivable (other than a Purchased
Receivable or a Defaulted Receivable), an amount equal to the excess of (i)
the present value of the remaining Scheduled Payments due under such
Receivable as of the later to occur of (x) the last day of the preceding
Collection Period and (y) the first date on which interest accrues on such
Receivable as set forth in the related Contract, discounted at a rate equal to
the APR of such Receivable, over (ii) the present value of the remaining
Scheduled Payments due under such Receivable as set forth in clause (i) above,
discounted at a rate equal to the greater of the APR of the Receivable and
6.25%. For the purposes of the foregoing calculation, the Payahead Balance
with respect to any Actuarial Receivable shall be applied to reduce the amount
of any Scheduled Payment on the related Actuarial Receivable in the order in
which such Scheduled Payments were due.

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