Document:

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                          SALE AND SERVICING AGREEMENT

                                  by and among

                          MMCA AUTO OWNER TRUST 2000-2,

                                  as the Trust

                          MMCA AUTO RECEIVABLES TRUST,

                                    as Seller

                                       and

                   MITSUBISHI MOTORS CREDIT OF AMERICA, INC.,

                                   as Servicer

                         Dated as of November [ ], 2000

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                                TABLE OF CONTENTS

                                                                            Page

                                    ARTICLE I

                                   DEFINITIONS

SECTION 1.1  Definitions.......................................................1
SECTION 1.2  Other Definitional Provisions....................................23
SECTION 1.3  Business Day Certificate.........................................24

                                   ARTICLE II

                                 TRUST PROPERTY

SECTION 2.1  Conveyance of Trust Property.....................................24
SECTION 2.2  Representations and Warranties of the Seller as to the
               Receivables....................................................29
SECTION 2.3  Repurchase upon Breach...........................................35
SECTION 2.4  Custody of Receivable Files......................................35
SECTION 2.5  Duties of Servicer as Custodian..................................36
SECTION 2.6  Instructions; Authority to Act...................................37
SECTION 2.7  Custodian's Indemnification......................................38
SECTION 2.8  Effective Period and Termination.................................38

                                   ARTICLE III

                         ADMINISTRATION AND SERVICING OF
                         RECEIVABLES AND TRUST PROPERTY

SECTION 3.1  Duties of Servicer...............................................38
SECTION 3.2  Collection and Allocation of Receivable Payments.................42
SECTION 3.3  Realization upon Receivables.....................................44
SECTION 3.4  Physical Damage Insurance........................................45
SECTION 3.5  Maintenance of Security Interests in Financed Vehicles...........45
SECTION 3.6  Covenants of Servicer............................................45
SECTION 3.7  Purchase by Servicer upon Breach.................................45
SECTION 3.8  Servicing Compensation...........................................46
SECTION 3.9  Servicer's Certificate...........................................46
SECTION 3.10  Annual Statement as to Compliance; Notice of Event of
                Servicing Termination.........................................47
SECTION 3.11  Annual Independent Certified Public Accountants' Reports........47
SECTION 3.12  Access to Certain Documentation and Information Regarding
                Receivables...................................................48
SECTION 3.13  Reports to the Commission.......................................48

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SECTION 3.14  Reports to Rating Agencies......................................48

                                   ARTICLE IV

                   DISTRIBUTIONS; RESERVE ACCOUNT; STATEMENTS
                      TO CERTIFICATEHOLDERS AND NOTEHOLDERS

SECTION 4.1  Accounts.........................................................48
SECTION 4.2  Collections......................................................54
SECTION 4.3  Application of Collections.......................................55
SECTION 4.4  Advances.........................................................55
SECTION 4.5  Additional Deposits..............................................57
SECTION 4.6  Allocation of Total Available Funds..............................57
SECTION 4.7  Reserve Account..................................................59
SECTION 4.8  Pre-Funding Account..............................................61
SECTION 4.9  Negative Carry Account...........................................61
SECTION 4.10  Net Deposits....................................................62
SECTION 4.11  Statements to Noteholders and Certificateholders................62
SECTION 4.12  Control of Securities Accounts..................................63

                                    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.............................................64

                                   ARTICLE VI

                                   THE SELLER

SECTION 6.1  Representations, Warranties and Covenants of Seller..............66
SECTION 6.2  Liability of Seller; Indemnities.................................68
SECTION 6.3  Merger or Consolidation of, or Assumption of the
               Obligations of, Seller.........................................69
SECTION 6.4  Limitation on Liability of Seller and Others.....................70
SECTION 6.5  Seller May Own Notes or Certificates.............................70

                                   ARTICLE VII

                                  THE SERVICER

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                                                                            Page

SECTION 7.1  Representations and Warranties of Servicer.......................70
SECTION 7.2  Liability of Servicer; Indemnities...............................72
SECTION 7.3  Merger or Consolidation of, or Assumption of the
               Obligations of, Servicer.......................................73
SECTION 7.4  Limitation on Liability of Servicer and Others...................74
SECTION 7.5  Servicer Not to Resign...........................................74
SECTION 7.6  Servicer May Own Notes or Certificates...........................74

                                  ARTICLE VIII

                              SERVICING TERMINATION

SECTION 8.1  Events of Servicing Termination..................................75
SECTION 8.2  Indenture Trustee to Act; Appointment of Successor Servicer......76
SECTION 8.3  Effect of Servicing Transfer.....................................77
SECTION 8.4  Notification to Noteholders and Certificateholders...............78
SECTION 8.5  Waiver of Past Events of Servicing Termination...................78

                                   ARTICLE IX

                                   TERMINATION

SECTION 9.1  Optional Purchase of All Receivables.............................78

                                    ARTICLE X

                            MISCELLANEOUS PROVISIONS

SECTION 10.1  Amendment.......................................................79
SECTION 10.2  Protection of Title to Trust....................................80
SECTION 10.3  Governing Law...................................................83
SECTION 10.4  Notices.........................................................83
SECTION 10.5  Severability of Provisions......................................83
SECTION 10.6  Assignment......................................................83
SECTION 10.7  Further Assurances..............................................83
SECTION 10.8  No Waiver; Cumulative Remedies..................................84
SECTION 10.9  Third-Party Beneficiaries.......................................84
SECTION 10.10  Actions by Noteholder or Certificateholders....................84
SECTION 10.11  Counterparts...................................................84
SECTION 10.12  Agent for Service..............................................84
SECTION 10.13  No Bankruptcy Petition; Subordination; Claims Against Seller...84
SECTION 10.14  Limitation of Liability of Owner Trustee and Indenture Trustee.85

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                                                                            Page

                                    SCHEDULES

SCHEDULE A    Schedule of Initial Receivables...............................SA-1
SCHEDULE B    Location of Receivable Files..................................SB-1

                                EXHIBITS

EXHIBIT A     Form of Servicer's Certificate.................................A-1
EXHIBIT B     Form of Statement to Noteholders...............................B-1
EXHIBIT C     Form of Statement to Certificateholders........................C-1
EXHIBIT D     Form of Yield Supplement Agreement.............................D-1
EXHIBIT E     Form of Second-Tier Subsequent Assignment......................E-1

                                       iv
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         SALE AND SERVICING AGREEMENT, dated as of November [ ] (as amended,
supplemented or otherwise modified and in effect from time to time, this
"Agreement"), by and among MMCA AUTO OWNER TRUST 2000-2, a Delaware business
trust (the "Trust"), MMCA AUTO RECEIVABLES TRUST, 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

         SECTION 1.1 Definitions. Whenever used in this Agreement, the following
words and phrases, unless the context otherwise requires, whenever capitalized
shall have the following meanings:

         "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.

         "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).

         "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 on the Receivable multiplied by the scheduled
principal balance of the Receivable.

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         "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 Original 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 principal balance of Last Scheduled
Payments) of the Initial Receivables as of the Initial Cutoff Date, plus (ii)
the aggregate Adjusted Principal Balance (including the aggregate principal
balance of Last Scheduled Payments) of all Subsequent Receivables conveyed to
the Trust on or prior to such date, in each case 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 Receivable Yield Supplement Overcollateralization Amount for such
Receivable, as of such date.

         "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.

         "Agreement" shall have the meaning specified in the recitals hereto.

         "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.

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         "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), 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,
(ii) all Liquidation Proceeds on Defaulted Receivables and any Recoveries; (iii)
all extension and deferral fees paid with respect to the Receivables; (iv) the
Purchase Amount of each Receivable that became a Purchased Receivable during the
related Collection Period (net of applicable expenses); (v) all Actuarial
Advances and Last Scheduled Payment Advances deposited to the Collection Account
on such Payment Date by the Servicer; (vi) 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)(ii)) with
respect to the related Collection Period; (vii) 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)
with respect to the Payment Date on or immediately following the last day of the
Pre-Funding Period, the Remaining Pre-Funded Amount; 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 the Seller or the Servicer, as applicable) will be excluded,
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.

         "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 shall be authorized or obligated
by law, regulation or executive order to be closed.

         "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 have the meaning assigned thereto in the Trust
Agreement.

         "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,

                                        3
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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, the Seller, 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), 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, the Seller, the Servicer or any Affiliate
of any of the foregoing Persons.

         "Certificate Distribution Account" shall mean the account established
and maintained as such pursuant to Section 4.1(e).

         "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.

         "Certificateholder" shall have the meaning assigned thereto in the
Trust Agreement.

         "Closing Date" shall mean November [ ], 2000.

         "Collection Account" shall mean the account or accounts established and
maintained as such pursuant to Section 4.1(a).

         "Collection Period" shall mean each calendar month during the term of
this Agreement or, in the case of the initial Collection Period, the period from
the Initial Cutoff Date to and including the last day of the month in which the
Initial Cutoff Date occurred. 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.

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         "Commission" shall mean the Securities and Exchange Commission.

         "Computer Tape" shall mean each computer tape or compact disk generated
by the Seller which provides information relating to the Receivables and which
was used by the Seller 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.

         "Corporate Trust Office" shall mean, as applicable, (i) 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 the Seller, 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 the Seller)
or (ii) 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
the Seller, 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 the Seller).

         "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.

         "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

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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 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 Payment Receivable" shall mean, any Receivable for which the
related Contract specifies that no Scheduled Payment under such Contract shall
be due until a date more than 50 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.

         "Depositor" shall mean the Seller, 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 tenth calendar day of such month).

         "Eligible Receivable" shall mean, each Initial Receivable as to which
the representations and warranties of the Seller in Section 2.2 shall be true
and correct in all material respects as of the Initial Cutoff Date, and (ii)
each Subsequent Receivable as to which the representations and warranties of the
Seller in Section 2.2 shall be true and correct in all material respects as of
the applicable Subsequent Cutoff Date.

         "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 this 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 this Agreement or the related subservicing
agreement.

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

         "Event of Servicing Termination" shall mean an event specified in
Section 8.1.

         "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.

         "Final Payment Receivable" shall mean all rights and obligations
arising under a Contract listed on a 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, [________1, 200__].

         "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.

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         "Holder" shall mean a Noteholder or a Certificateholder, as the case
may be.

         "Indenture" shall mean the Indenture, dated as of November [ ], 2000,
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.

         "Initial Certificate Balance" shall mean, as the context may require,
(i) with respect to all of the Certificates, $[ ], or (ii) with respect to any
Certificate, an amount equal to the initial denomination of such Certificate.

         "Initial Cutoff Date" shall mean November [ ], 2000.

         "Initial Payahead Account Deposit" shall mean $[ ].

         "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 $[ ].

         "Initial Receivable" shall mean any Standard Receivable or Final
Payment Receivable conveyed by the Seller to the Trust on the Closing Date, as
described in the Schedule of Initial Receivables.

         "Initial Weighted Average Rate" shall mean [ ]%.

         "Initial Yield Supplement Amount" shall mean $[ ].

         "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

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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 each Class of the Notes, the period from and including the
15th day of the calendar month immediately preceding such Payment Date (or, in
the case of the first Payment Date, the Closing Date), to but excluding the 15th
day of the calendar month in which such Payment Date occurs.

         "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.

         "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).

         "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.

                                        9
<PAGE>

         "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.

         "Maximum Negative Carry Amount" shall mean, as of any Payment Date, an
amount equal to the product of (a) the Weighted Average Rate as of such Payment
Date minus 2.5%, multiplied by (b) the product of the Note Percentage as of each
Payment Date and the Pre-Funded Amount as of such Payment Date, multiplied by
(c) the percentage equivalent of a fraction, the numerator of which is the
actual number of days until the expected end 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" means, 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).

                                       10
<PAGE>

         "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 on or prior to such preceding Payment Date (or, in the case of the
first Payment Date, the initial principal amount of the 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(g).

         "Moody's" shall mean Moody's Investors Service, Inc., or its successors
and assigns.

         "Negative Carry Account" shall mean the account established and
maintained as such pursuant to Section 4.1(c).

         "Negative Carry Account Initial Deposit" shall mean $[ ].

         "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 [ ], 2000).

         "Note Payment Account" shall mean the account established and
maintained as such pursuant to Section 4.1(d).

         "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.

                                       11
<PAGE>

         "Noteholder" shall mean a Person in whose name a Note is registered on
the Note Register.

         "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 a certificate signed by the
chairman, the president, any executive vice president, vice president or the
treasurer of the Seller or the Servicer, as the case may be, and delivered to
the Owner Trustee and the Indenture Trustee.

         "Opinion of Counsel" shall mean a written opinion of counsel (who, in
the case of counsel to the Seller or the Servicer, may be an employee of, or
outside counsel to, the Seller or the Servicer), which counsel shall be
acceptable to the Indenture Trustee, the Owner Trustee or the Rating Agencies,
as applicable.

         "Optional Purchase Percentage" shall mean 10%.

         "Original Pool Balance" shall mean, as of any date of determination, an
amount equal to the sum of (i) the Initial Pool Balance plus (ii) the aggregate
Principal Balance (including the aggregate principal balance of Last Scheduled
Payments) of all Subsequent Receivables conveyed to the Trust on or prior to
such date as of the close of business on their respective Subsequent Cutoff
Dates.

         "Owner Trust Estate" shall have the meaning assigned thereto in the
Trust 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) with respect to such Receivable.

         "Payahead Account" shall mean the account established and maintained as
such pursuant to Section 4.1(f).

         "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

                                       12
<PAGE>

by applications of previous Payaheads with respect to such Actuarial Receivable,
pursuant to Sections 4.3(a) and 4.4.

         "Payment Date" shall mean the 15th day of each month, or if such day is
not a Business Day, the immediately following Business Day, commencing on [ ]
15, 2000.

         "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

                                       13
<PAGE>

              (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.

         "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 the Seller 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 Amount" shall mean, with respect to any date of
determination, the amount on deposit in the Pre-Funding Account on such date
exclusive of any interest and other income (net of losses and expenses) on
amounts on deposit in the Pre-Funding Account.

         "Pre-Funded Percentage" shall mean, as of any date of determination,
the percentage equivalent of a fraction, the numerator of which is the
Pre-Funded Amount as of such date of determination (after giving effect to any
withdrawals from the Pre-Funding Account on or prior to such date of
determination), and the denominator of which is the sum of the Pool Balance
(after giving effect to all conveyances of Subsequent Receivables to the Trust
on or prior to such date of determination) and the Pre-Funded Amount (after
giving effect to any withdrawals from the Pre-Funding Account on or prior to
such date of determination).

         "Pre-Funding Account" shall mean the account designated as such,
established and maintained pursuant to Section 4.1(b).

         "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 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: (a) the date on which an Event of
Default or an Event of Servicing

                                       14
<PAGE>

Termination occurs, (b) the date on which an Insolvency Event occurs with
respect to the Seller or the Servicer and (d) the close of business on [ ],
2001.

         "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 sum of the outstanding principal balance of the Notes plus the
Certificate Balance on such Payment Date (prior to any payments on such Payment
Date), minus (ii) the sum of (x) the Adjusted Pool Balance as of the last day of
the preceding Collection Period, plus (y) the Pre-Funded Amount on such Payment
Date (after giving effect to all withdrawals from or deposits to the Pre-Funding
Account on such Payment Date), plus (iii) with respect to the Payment Date on or
immediately following the end of the Pre-Funding Period, the Remaining
Pre-Funded Amount; provided, however, that on the Final Payment 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.

         "Program" shall have the meaning assigned thereto in Section 3.11.

         "Purchase Agreement" shall mean the Purchase Agreement, dated as of
November [ ], 2000, between the Seller 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 the Seller 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

                                       15
<PAGE>

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 the
Seller pursuant to Section 2.3 hereof or the Servicer pursuant to Section 3.7 or
9.1 hereof.

         "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 P-1 by
Moody's and A-1 by S&P 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 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 either S&P or Moody's, 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 Trust, 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 notice thereof and that each of
the Rating Agencies shall have notified the Seller, 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.

                                       16
<PAGE>

         "Receivable File" shall have the meaning assigned thereto in Section
2.4.

         "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.

         "Receivable 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
[9.5]%. 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.

         "Receivables" shall mean, as of any date of determination, the Initial
Receivables together with any Subsequent Receivables conveyed to the Trust as of
such date of determination pursuant to Section 2.1(b) hereof or any Second-Tier
Subsequent Assignment.

         "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 fifteenth (15th) day of the
preceding month, unless such fifteenth (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.

         "Relevant UCC" shall mean the Uniform Commercial Code as in effect in
any relevant jurisdiction.

                                       17
<PAGE>

         "Remaining Pre-Funded Amount" shall have the meaning assigned thereto
in Section 4.8(b).

         "Required Negative Carry Account Balance" shall mean, as of any Payment
Date, the lesser of (x) 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 (y) the Maximum Negative Carry Amount as of such Payment
Date.

         "Required Rating" shall mean a rating on (i) short-term unsecured debt
obligations of P-1 by Moody's and (ii) short-term unsecured debt obligations of
A-1+ by S&P; 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).

         "Reserve Account Advance Draw Amount" shall have the meaning assigned
thereto in Section 4.6(b).

         "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 $[ ].

         "Reserve Account Property" shall have the meaning assigned thereto in
Section 4.7(a).

         "Reserve Account TRP Draw Amount" shall have the meaning assigned
thereto in Section 4.6(b).

         "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, and (b)
with respect to the Owner Trustee, any officer within the Corporate Trust Office
of the Owner Trustee, including any vice president, assistant vice president,
secretary, assistant secretary,

                                       18
<PAGE>

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.

         "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.

         "S&P" shall mean Standard & Poor's Ratings Services, a Division of The
McGraw-Hill Companies, Inc., or its successors and assigns.

         "Schedule of Initial Receivables" shall mean the list of Contracts
attached hereto as Schedule A (which list may be in the form of computer tape,
microfiche, compact disk or other electronic medium).

         "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 Contracts
attached as Schedule A to the related Second-Tier Subsequent Assignment (which
list may be in the form of computer tape, microfiche, compact disk or other
electronic medium).

         "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 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).

         "Seller" shall mean MMCA Auto Receivables Trust, a Delaware business
trust, in its capacity as seller of the Receivables to the Trust under this
Agreement, and each successor thereto (in the same capacity) pursuant to Section
6.3.

         "Servicer" shall mean MMCA, in its capacity as Servicer of the
Receivables under this Agreement, each successor thereto (in the same capacity)
pursuant to Section 7.3, and each successor Servicer appointed and acting
pursuant to Section 8.2.

         "Servicer's Certificate" shall have the meaning assigned thereto in
Section 3.9.

                                       19

<PAGE>

         "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.

         "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.

         "Simple Interest Method" shall mean the method of allocating a fixed
level 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 (a) 2.25% of the Adjusted Original Pool Balance (after
giving effect to all conveyances of Subsequent Receivables to the Trust on or
prior to such Payment Date) and (b) 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 (i) each Rating Agency
delivers a letter to the Indenture Trustee that the use of any new formulation
requested by the Seller would not cause a downgrade, qualification or withdrawal
of the then current rating on any Class of Notes, and (ii) 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, $[ ] (ii) as of the close of business on any Payment Date to but
excluding the Payment Date occurring on [ ] 15, 2001, 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, and (iii) from
and after the close of business on the Payment Date occurring on [ ] 15, 2001,
zero.

         "Standard Receivable" shall mean all rights and obligations under a
Contract listed on a Schedule of Receivables which is not a Final Payment
Receivable.

                                       20
<PAGE>

         "Subsequent Cutoff Date", with respect to any Subsequent Receivable,
shall have the meaning specified in the related Second-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 any Receivable described in a
Schedule of Subsequent Receivables.

         "Subsequent Reserve Account Deposit" shall mean, with respect to any
Subsequent Transfer Date, cash or Permitted Investments having a value
approximately equal to 1.00% 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 during the Pre-Funding Period on which the related
Second-Tier Subsequent Assignment is executed and delivered by the Seller to the
Trust and the Indenture Trustee pursuant to Section 2.1(d)(ii).

         "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.

         "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.

         "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, with respect to 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.

                                       21
<PAGE>

         "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.

         "Trust" shall mean the MMCA Auto Owner Trust 2000-2, a Delaware
business trust.

         "Trust Accounts" shall have the meaning assigned thereto in Section
5.1(a).

         "Trust Agreement" shall mean the Amended and Restated Trust Agreement,
dated as of November [ ], 2000 between the Seller and the Owner Trustee, as the
same may be amended, supplemented or otherwise modified and in effect from time
to time.

         "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 the Seller to the Trust pursuant to Section
2.1(a), together with the Subsequent Receivables and other property related
thereto sold, transferred, assigned and otherwise conveyed by the Seller to the
Trust pursuant to Section 2.1(b) on or prior to such date of determination
pursuant to any Second-Tier Subsequent Assignment.

         "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, divided by (2) the sum of the
outstanding principal amount of the Notes on such date, plus 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).

         "Yield Supplement Agreement" shall mean the Yield Supplement Agreement,
dated as of November [ ], 2000, by and between the Seller and MMCA, as amended,
modified or supplemented from time to time, substantially in the form of Exhibit
D hereto.

         "Yield Supplement Amount" shall mean, with respect to any Payment Date,
the sum of all Receivable Yield Supplement Amounts for the related Collection
Period.

                                       22
<PAGE>

         "Yield Supplement Letter of Credit" shall mean any letter of credit
issued by the Letter of Credit Bank, as permitted by Section 5.1, 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, the sum of the Receivable Yield Supplement
Overcollateralization Amounts with respect to all Receivables (other than
Purchased Receivables or Defaulted Receivables) as of such Payment Date.

         SECTION 1.2 Other Definitional Provisions. (a) Capitalized terms used
herein and not otherwise defined herein have the meanings assigned to them in
the Indenture.

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

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

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

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

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

                                       23
<PAGE>

         SECTION 1.3 Business Day Certificate. On the Closing Date (with respect
to the remainder of calendar year 2000) 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 Owner Trustee and the Indenture 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 on or after the Initial Cutoff Date
    (including Payaheads) and, with respect to Initial Receivables that are
    Simple Interest Receivables, monies received thereunder on or 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;

                                       24
<PAGE>

              (vii) the Trust Accounts and all amounts, securities, investments
    in financial assets, 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 4.8(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;

                                       25
<PAGE>

              (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 (as defined in the Purchase Agreement);

              (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

                                       26
<PAGE>

    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 transfers
of the Trust Property contemplated by Sections 2.1(a) and any Second-Tier
Subsequent Assignments executed pursuant to Section 2.1(b) constitute sales of
the Trust Property, conveying good title to the Trust Property from the Seller
to the Trust. However, in the event that such transfers are deemed to be
pledges, 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 (5) 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;

                                       27
<PAGE>

              (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 amount on deposit in the Negative Carry Account for
    such Subsequent Transfer Date is not less than the Required Negative Carry
    Account Balance for such Subsequent Transfer Date;

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

              (x) 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;

              (xi) 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;

              (xii) 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;

              (xiii) 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;

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

              (xv) 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

                                       28
<PAGE>

    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;

              (xvi) 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);

              (xvii) 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

              (xviii) 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 Seller agrees to transfer to the Trust, pursuant to Section
2.1(b), Subsequent Deferred Payment Receivables having an aggregate Principal
Balance as of the related Subsequent Cutoff Dates of approximately $[ ], subject
only to availability thereof.

         (f) The sales, transfers, assignments and conveyances of the Trust
Property made under Sections 2.1(a) and (b) 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 Receivables 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

                                       29
<PAGE>

    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 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 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.

                                       30
<PAGE>

              (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 by MMCA to the Seller, 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 Seller and
    the Trust, respectively (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).

              (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 thirty (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

                                       31
<PAGE>

    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 account debtor 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 ten (10) days of the Closing Date (with
    respect to the Initial Receivables) or ten (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.

                                       32
<PAGE>

              (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 of [ ]% the Initial Pool
    Balance, constituting approximately [ ]% 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 of [ ]% the Initial Pool Balance, constituting
    approximately 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 [ ]% of the
    Initial Pool Balance, constituting approximately [ ]% 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. Approximately [ ]% of the Initial Pool Balance,
    constituting approximately [ ]% of the total number of Initial Receivables,
    relate to used automobiles and sports-utility vehicles.

              (xxi) Origination. Each Receivable shall have an origination date
    during or after May 1996.

              (xxii) Maturity of Receivables. Each Receivable shall have, as of
    the related Cutoff Date, of not more than sixty (60) 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 ____ 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 60 Scheduled Payments.]

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

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

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<PAGE>

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

              (xxvii) 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.

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

              (xxix) 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.

              (xxx) Last Scheduled Payments. The aggregate principal balance of
    the Last Scheduled Payments of 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 ____%. The aggregate principal
    balance of the Last Scheduled Payments of 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 ____%.

              (xxxi) 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, assuming that no
    prepayments are made on the Deferred Payment Receivable, has been deposited
    to the Yield Supplement Account on or prior to the Closing Date or the
    related Subsequent Transfer Date, as applicable.

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

              (xxxiii) Limited Credit Experience. The aggregate principal
    balance of the Subsequent Receivables sold to the Purchaser on a Subsequent
    Transfer Date on which the Obligor has limited credit experience, 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 ____%.

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<PAGE>

              [(xxxiv) Deferred Payment Receivables. As of the Initial Cutoff
    Date $[ ] total Principal Balance of Deferred Payment Receivables included
    in the Initial Receivables were Long Deferment Period Receivables. As of the
    related Subsequent Cutoff Date, all of the $[ ] Principal Balance of
    Subsequent Receivables to be purchased by the Trust from the Seller with
    funds deposited to the Pre-Funding Account on the Closing Date are Long
    Deferment Period Receivables. No Deferred Payment Receivable is a Final
    Payment Receivable.]

              (xxxv) 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 May 15, 2001.

         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 sixtieth (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

                                       35
<PAGE>

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

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<PAGE>

manner as shall enable the Trust or the Indenture Trustee to verify the accuracy
of the Servicer's recordkeeping. 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 ninety (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

                                       37
<PAGE>

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

                                       38
<PAGE>

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

                                       39
<PAGE>

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.

                                       40
<PAGE>

         (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.

         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

                                       41
<PAGE>

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 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 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 provided, further
    that the Servicer may not cause a Deferred Payment Receivable to be a
    Modified Receivable after May 15, 2001; 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 the Final Scheduled Maturity Date and that such extensions,
    in the aggregate, do not exceed two (2) months for each twelve (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

                                       42
<PAGE>

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 ten days of receipt of such request).

         (e) If the Obligor under any 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 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

                                       43
<PAGE>

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 ten 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.

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<PAGE>

         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 sixtieth (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

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<PAGE>

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 (y) 0.25% of the
aggregate Principal Balance of Deferred 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),
and expenses incurred in connection with distributions and reports to the
Certificateholders and the Noteholders), 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 4.11 and by the Indenture Trustee to the Noteholders
pursuant to Section 4.11 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,
2001, an Officer's Certificate, stating that (i) a review of the activities of
the Servicer during the preceding calendar

                                       46
<PAGE>

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 (5) 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, 2001, 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.

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<PAGE>

         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.

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<PAGE>

         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 ten (10) Business Days (or such longer period not to exceed
thirty (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 ten
(10) Business Days (or such longer period not to exceed thirty (30) calendar
days as to which each Rating Agency may consent).

                                       49
<PAGE>

         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 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 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 released to the Seller at the time and in the manner
provided in Section 4.9. In the event that the Negative Carry

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<PAGE>

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 ten (10) Business Days (or such longer period not to exceed thirty (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 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

              (iii) 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 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 ten (10) Business
Days (or such longer period not to exceed thirty (30) calendar days as to which
each Rating Agency may consent).

                                       51
<PAGE>

         (e) The Servicer shall, prior to the Closing Date, establish and
maintain a segregated trust account in the name of the Owner Trustee 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 ten
(10) Business Days (or such longer period not to exceed thirty (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.

                                       52
<PAGE>

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 ten (10) Business
Days (or such longer period not to exceed thirty (30) calendar days as to which
each Rating Agency may consent).

         (g) Notwithstanding the provisions of clause (d) above, for so long as
(i) MMCA is the Servicer, (ii) the rating of MMCA's short-term unsecured debt is
at least P-1 by Moody's and is at least A-1 by S&P 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(g) that would require remittance
of the Payaheads to the Payahead 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 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.

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         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 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(g)), 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

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<PAGE>

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 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 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,

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<PAGE>

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.

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<PAGE>

         (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(g) an amount equal
    to the sum of:

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<PAGE>

         (A) 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

         (B) 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 Last Scheduled Payment
Principal Collections, 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.

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<PAGE>

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

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

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

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

              (vi) to the Certificate Distribution Account, any remaining
    portion of the Total Available Funds.

         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 Servicer shall instruct the Indenture Trustee to
withdraw from the Pre-Funding Account and deposit to the Reserve Account on such
Subsequent Transfer Date an amount equal to the applicable Subsequent Reserve
Account Deposit as provided in Section 4.8(a). 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 Sections 2.1(a) and (b).
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

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<PAGE>

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
ten (10) Business Days (or such longer period not to exceed thirty (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 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 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.

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         SECTION 4.8 Pre-Funding Account. (a) On the Closing Date, the Seller
shall deposit in the Pre-Funding Account $[ ] 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 and
instruct the Indenture Trustee to withdraw such amounts from the Pre-Funding
Account on such Subsequent Transfer Date: (i) an amount equal to the aggregate
Principal Balance of the Subsequent Receivables transferred to the Trust on such
Subsequent Transfer Date less an amount equal to the sum of the amounts
described in clauses (ii) through (iv) of this sentence, which amount the
Indenture Trustee shall distribute to the Seller on such Subsequent Transfer
Date, (ii) the Subsequent Reserve Account Deposit for such Subsequent Transfer
Date, which amount the Indenture Trustee shall deposit to the Reserve Account on
behalf of the Seller on such Subsequent Transfer Date, (iii) if the Yield
Supplement Account has not been replaced by a Yield Supplement Letter of Credit
on or prior to such Subsequent Transfer Date, the Subsequent Yield Supplement
Account Deposit for such Subsequent Transfer Date, which amount the Indenture
Trustee shall deposit to the Yield Supplement Account on behalf of the Seller on
such Subsequent Transfer Date, and (iv) the Subsequent Payahead Account Deposit,
which amount the Indenture Trustee shall deposit to the Payahead Account on
behalf of the Seller on such Subsequent Transfer Date.

         (b) If the Pre-Funded Amount 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-Funded
Amount 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 4.9 Negative Carry Account. 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

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<PAGE>

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.

         SECTION 4.10 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 4.11 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;

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<PAGE>

              (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;

              (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), (iii), (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 4.12 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 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.

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                                    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 Reserve Account and the
Negative Carry 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 Servicer shall instruct the Indenture Trustee
to withdraw from the Pre-Funding Account and 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. 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

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<PAGE>

necessary, cause the Yield Supplement Account to be moved to a Qualified
Institution or a Qualified Trust Institution within ten (10) Business Days (or
such longer period not to exceed thirty (30) calendar days as to which each
Rating Agency may consent).

         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.

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<PAGE>

         (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 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

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<PAGE>

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

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<PAGE>

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.

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<PAGE>

         (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 executed 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

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<PAGE>

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 Trust
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

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<PAGE>

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.

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<PAGE>

         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

                                       72
<PAGE>

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 executed 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

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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

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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 (3) 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 (5) 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 thirty (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 sixty (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

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    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,
the Indenture Trustee (or an Affiliate of the

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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 (2) 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.

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<PAGE>

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 Optional Purchase Percentage (expressed as a
seven-digit decimal) multiplied by the Original 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 fifteenth 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

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accrued but unpaid interest (including any overdue interest) thereon and the
Certificate Balance. The Purchase Amount, any Negative Carry Amount 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,
but without the consent of any of the Noteholders or the Certificateholders to
cure any ambiguity, to correct or supplement any provisions in this Agreement
which may be inconsistent with any other provisions in this Agreement, or to
add, change or eliminate any other provisions with respect to matters or
questions arising under this Agreement that shall not be inconsistent with the
provisions of this Agreement; 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.

         (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)

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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 execute and file such financing statements and cause to be
executed 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-

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<PAGE>

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 ss. 9-402(7) of the Relevant UCC, unless it shall have given the
Owner Trustee and the Indenture Trustee at least sixty (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 sixty (60) days' prior written notice of any
relocation of its principal executive office if, as a result of such relocation,
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 principal
executive office, 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

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<PAGE>

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 ten (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 executed 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 ninety (90) days after the beginning of each calendar year
    commencing in the year 2001, 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
    executed 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 Governing Law. This Agreement shall be construed in
accordance with the laws of the State of New York and the obligations, rights,
and remedies of the parties under this Agreement shall be determined in
accordance with such laws.

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         SECTION 10.4 Notices. All demands, notices, and communications under
this Agreement shall be in writing, personally delivered, sent by telecopier,
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 10.12
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, and (e) in the case of S&P, at the following address:
Standard & Poor's Ratings Services, a Division of The McGraw-Hill Companies,
Inc., 55 Water Street, 40th Floor, New York, New York 10041, Attention: Asset
Backed Surveillance Department. 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 10.5 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 10.6 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 10.7 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.

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<PAGE>

         SECTION 10.8 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 10.9 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 10.10 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 10.11 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 10.12 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 10.13 No Bankruptcy Petition; Subordination; Claims Against
Seller. The Owner Trustee, the Indenture Trustee, the Trust and the Servicer
each covenants and agrees that:

                                       84
<PAGE>

         (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 10.14 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.

                                       85
<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,
                                       as Seller,

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

                                       MMCA AUTO OWNER TRUST 2000-2

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

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

                                       MITSUBISHI MOTORS CREDIT OF
                                       AMERICA, INC., as Servicer

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

<PAGE>

Accepted and agreed:

BANK OF TOKYO - MITSUBISHI TRUST COMPANY,
as Indenture Trustee

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

<PAGE>

                                                                      SCHEDULE A

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

                                      SA-1
<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

                                      SB-1

<PAGE>

                                                                       EXHIBIT A

                        [FORM OF SERVICER'S CERTIFICATE]

         The undersigned certifies that he is a [title] 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, as Seller, and MMCA Auto Owner Trust 2000-2 (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 [____________], 2000.

                                       MITSUBISHI MOTORS CREDIT
                                       OF AMERICA, INC.

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

                                       A-1
<PAGE>

                                                                       EXHIBIT B

                       [FORM OF STATEMENT TO NOTEHOLDERS]

                                       B-1

<PAGE>

                                                                       EXHIBIT C

                    [FORM OF STATEMENT TO CERTIFICATEHOLDERS]

                                       C-1

<PAGE>

                                                                       EXHIBIT D

                      [FORM OF YIELD SUPPLEMENT AGREEMENT]

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

     Re:  MMCA Auto Owner Trust 2000-2

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 [ ] (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, 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

                                       D-1
<PAGE>

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 2000-2 (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
                  6363 Katella Avenue
                  Cypress, California  90630-5205
                  Attention:  Secretary/Treasurer
                  Telephone:  714-236-1614
                  Telecopy:  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
                  Telecopy:  (714) 236-1300

                                       D-2

<PAGE>

          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.

          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,
as Purchaser

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

                                       D-3

<PAGE>

                                                                       EXHIBIT E

                    FORM OF SECOND-TIER SUBSEQUENT ASSIGNMENT

          For value received, in accordance with and subject to the Sale and
Servicing Agreement, dated as of [ ] (the "Sale and Servicing Agreement"), among
MMCA Auto Owner Trust 2000-2 (the "Trust"), MMCA Auto Receivables Trust, 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 Trust 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);

                                       E-1
<PAGE>

              (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 (including the Officer's
Certificate of the Seller accompanying this Second-Tier Subsequent Assignment)
and is to be governed in all respects by the Sale and Servicing

                                       E-2
<PAGE>

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 [ ], 2000.

                                       MMCA AUTO RECEIVABLES TRUST

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

                                       E-3
<PAGE>

                                                                      SCHEDULE A

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

                                       E-4
<PAGE>

                                                                         ANNEX A

                              OFFICER'S CERTIFICATE

          The undersigned officer of MMCA Auto Receivables Trust (the
"Company"), does hereby certify, pursuant to Section 2.1(d)(xvi) of the Sale and
Servicing Agreement, dated as of [ ], among MMCA Auto Owner Trust 2000-2 (the
"Trust"), MMCA Auto Receivables Trust, 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 [__________], 2000.

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

                                       E-5<PAGE>

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

                                    INDENTURE

                                     between

                          MMCA AUTO OWNER TRUST 2000-2,

                                   as Issuer,

                                       and

                    BANK OF TOKYO - MITSUBISHI TRUST COMPANY,

                              as Indenture Trustee

                         Dated as of November [ ], 2000

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

                     $[     ] [   ]% Class A-1 Asset Backed Notes
                     $[     ] [   ]% Class A-2 Asset Backed Notes
                     $[     ] [   ]% Class A-3 Asset Backed Notes
                     $[     ] [   ]% Class A-4 Asset Backed Notes
                      $[     ] [   ]% Class B Asset Backed Notes

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

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

                                        1

<PAGE>

                             CROSS REFERENCE TABLE1
                             ----------------------

<TABLE>
<CAPTION>

  TIA                                                                                                       Indenture
Section                                                                                                      Section
-------                                                                                                     ---------
<S>                                                                                                         <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

                                        2

<PAGE>

<S>                                                                                                           <C>

      (a)(2)................................................................................................   5.3
      (b)  .................................................................................................   3.3
318 (a)  ...................................................................................................  11.7

</TABLE>

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

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.

                                        3

<PAGE>

                                TABLE OF CONTENTS
<TABLE>
<CAPTION>
                                                                                                               Page
                                                                                                               ----
<S>                   <C>                                                                                      <C>
                                    ARTICLE I

                      DEFINITIONS AND INCORPORATION BY REFERENCE

SECTION 1.1           Definitions.................................................................................2
SECTION 1.2           Incorporation by Reference of Trust Indenture Act..........................................12
SECTION 1.3           Rules of Construction......................................................................12

                                   ARTICLE II

                                    THE NOTES

SECTION 2.1           Form.......................................................................................13
SECTION 2.2           Execution, Authentication and Delivery.....................................................13
SECTION 2.3           Temporary Notes............................................................................14
SECTION 2.4           Tax Treatment..............................................................................14
SECTION 2.5           Registration; Registration of Transfer and Exchange........................................14
SECTION 2.6           Mutilated, Destroyed, Lost or Stolen Notes.................................................16
SECTION 2.7           Persons Deemed Owner.......................................................................17
SECTION 2.8           Payments...................................................................................17
SECTION 2.9           Cancellation...............................................................................20
SECTION 2.10          Release of Collateral......................................................................21
SECTION 2.11          Book-Entry Notes...........................................................................21
SECTION 2.12          Notices to Clearing Agency.................................................................22
SECTION 2.13          Definitive Notes...........................................................................22
SECTION 2.14          Authenticating Agents......................................................................23

                                   ARTICLE III

                                    COVENANTS

SECTION 3.1           Payment Covenant...........................................................................24
SECTION 3.2           Maintenance of Office or Agency............................................................24
SECTION 3.3           Money for Payments To Be Held in Trust.....................................................24
SECTION 3.4           Existence..................................................................................26
SECTION 3.5           Protection of Trust Estate.................................................................26
SECTION 3.6           Opinions as to Trust Estate................................................................26
SECTION 3.7           Performance of Obligations; Servicing of Receivables.......................................27
SECTION 3.8           Negative Covenants.........................................................................29

                                        i

<PAGE>

<S>                   <C>                                                                                     <C>
                                                                                                               Page
                                                                                                               ----
SECTION 3.9           Annual Statement as to Compliance..........................................................29
SECTION 3.10          Issuer May Consolidate, etc., Only on Certain Terms........................................30
SECTION 3.11          Successor or Transferee....................................................................32
SECTION 3.12          No Other Business..........................................................................32
SECTION 3.13          No Borrowing...............................................................................32
SECTION 3.14          Servicer's Obligations.....................................................................32
SECTION 3.15          Guarantees, Loans, Advances and Other Liabilities..........................................32
SECTION 3.16          Capital Expenditures.......................................................................32
SECTION 3.17          Further Instruments and Acts...............................................................32
SECTION 3.18          Restricted Payments........................................................................33
SECTION 3.19          Notice of Events of Default................................................................33
SECTION 3.20          Removal of Administrator...................................................................33

                                   ARTICLE IV

                           SATISFACTION AND DISCHARGE

SECTION 4.1           Satisfaction and Discharge of Indenture....................................................33
SECTION 4.2           Satisfaction, Discharge and Defeasance of the Notes........................................34
SECTION 4.3           Application of Trust Money.................................................................36
SECTION 4.4           Repayment of Monies Held by Paying Agent...................................................36

                                    ARTICLE V

                                    REMEDIES

SECTION 5.1           Events of Default..........................................................................36
SECTION 5.2           Acceleration of Maturity; Rescission and Annulment.........................................38
SECTION 5.3           Collection of Indebtedness and Suits for Enforcement by
                      Indenture Trustee..........................................................................38
SECTION 5.4           Remedies; Priorities.......................................................................41
SECTION 5.5           Optional Preservation of the Receivables...................................................42
SECTION 5.6           Limitation of Suits........................................................................42
SECTION 5.7           Unconditional Rights of Noteholders To Receive Principal
                      and Interest...............................................................................43
SECTION 5.8           Restoration of Rights and Remedies.........................................................43
SECTION 5.9           Rights and Remedies Cumulative.............................................................43
SECTION 5.10          Delay or Omission Not a Waiver.............................................................43
SECTION 5.11          Control by Noteholders.....................................................................43
SECTION 5.12          Waiver of Past Defaults....................................................................44
SECTION 5.13          Undertaking for Costs......................................................................44
SECTION 5.14          Waiver of Stay or Extension Laws...........................................................45

                                       ii

<PAGE>

                                                                                                               Page
                                                                                                               ----
<S>                   <C>                                                                                      <C>

SECTION 5.15          Action on Notes............................................................................45
SECTION 5.16          Performance and Enforcement of Certain Obligations.........................................45

                                   ARTICLE VI

                              THE INDENTURE TRUSTEE

SECTION 6.1           Duties of Indenture Trustee................................................................46
SECTION 6.2           Rights of Indenture Trustee................................................................48
SECTION 6.3           Individual Rights of Indenture Trustee.....................................................49
SECTION 6.4           Indenture Trustee's Disclaimer.............................................................49
SECTION 6.5           Notice of Defaults.........................................................................49
SECTION 6.6           Reports by Indenture Trustee to Holders....................................................49
SECTION 6.7           Compensation and Indemnity.................................................................50
SECTION 6.8           Replacement of Indenture Trustee...........................................................50
SECTION 6.9           Successor Indenture Trustee by Merger......................................................51
SECTION 6.10          Appointment of Co-Indenture Trustee or Separate Indenture
                      Trustee....................................................................................52
SECTION 6.11          Eligibility; Disqualification..............................................................53
SECTION 6.12          Preferential Collection of Claims Against Issuer...........................................54
SECTION 6.13          Pennsylvania Motor Vehicle Sales Finance Act Licenses......................................54

                                   ARTICLE VII

                          NOTEHOLDERS' LISTS; REPORTING

SECTION 7.1           Issuer To Furnish Indenture Trustee Names and Addresses
                      of Noteholders.............................................................................54
SECTION 7.2           Preservation of Information; Communications to
                      Noteholders................................................................................54
SECTION 7.3           Reporting by Issuer........................................................................55
SECTION 7.4           Reporting and Notices by Indenture Trustee.................................................55

                                  ARTICLE VIII

                      ACCOUNTS, DISBURSEMENTS AND RELEASES

SECTION 8.1           Collection of Money........................................................................56
SECTION 8.2           Trust Accounts.............................................................................56
SECTION 8.3           General Provisions Regarding Accounts......................................................56
SECTION 8.4           Release of Trust Estate....................................................................57
SECTION 8.5           Opinion of Counsel.........................................................................58

                                       iii

<PAGE>

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<S>                     <C>                                                                                   <C>

                                   ARTICLE IX

                             SUPPLEMENTAL INDENTURES

SECTION 9.1           Supplemental Indentures Without Consent of Noteholders.....................................58
SECTION 9.2           Supplemental Indentures with Consent of Noteholders........................................59
SECTION 9.3           Execution of Supplemental Indentures.......................................................61
SECTION 9.4           Effect of Supplemental Indenture...........................................................62
SECTION 9.5           Conformity with Trust Indenture Act........................................................62
SECTION 9.6           Reference in Notes to Supplemental Indentures..............................................62

                                    ARTICLE X

                               REDEMPTION OF NOTES

SECTION 10.1          Redemption.................................................................................62
SECTION 10.2          Form of Redemption Notice..................................................................63
SECTION 10.3          Notes Payable on Redemption Date...........................................................63

                                   ARTICLE XI

                                  MISCELLANEOUS

SECTION 11.1          Compliance Certificates and Opinions, etc..................................................64
SECTION 11.2          Form of Documents Delivered to Indenture Trustee...........................................66
SECTION 11.3          Acts of Noteholders........................................................................66
SECTION 11.4          Notices, etc., to Indenture Trustee, Issuer and Rating
                      Agencies...................................................................................67
SECTION 11.5          Notices to Noteholders; Waiver.............................................................68
SECTION 11.6          Alternate Payment and Notice Provisions....................................................68
SECTION 11.7          Conflict with Trust Indenture Act..........................................................68
SECTION 11.8          Effect of Headings and Table of Contents...................................................69
SECTION 11.9          Successors and Assigns.....................................................................69
SECTION 11.10         Separability...............................................................................69
SECTION 11.11         Benefits of Indenture......................................................................69
SECTION 11.12         Legal Holiday..............................................................................69
SECTION 11.13         Governing Law..............................................................................69
SECTION 11.14         Counterparts...............................................................................69
SECTION 11.15         Recording of Indenture.....................................................................69
SECTION 11.16         Trust Obligation...........................................................................70
SECTION 11.17         No Petition; Subordination; Claims Against Seller..........................................70

                                       iv

<PAGE>

                                                                                                               Page
                                                                                                               ----
<S>                   <C>                                                                                     <C>

SECTION 11.18         Inspection.................................................................................71
SECTION 11.19         Employee Benefit Plans.....................................................................71

                                    SCHEDULES

SCHEDULE A        Schedule of Receivables......................................................................SA-1
SCHEDULE I        List of Permitted Investments................................................................SI-1

                                    EXHIBITS

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

</TABLE>

                                        v

<PAGE>

                  INDENTURE, dated as of November [ ], 2000 (as amended,
supplemented or otherwise modified and in effect from time to time, this
"Indenture"), between MMCA AUTO OWNER TRUST 2000-2, a Delaware business trust
(the "Issuer"), and BANK OF TOKYO - MITSUBISHI TRUST COMPANY, a New York banking
corporation, as trustee 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 [ ]%
Class A-1 Asset Backed Notes (the "Class A-1 Notes"), [ ]% Class A-2 Asset
Backed Notes (the "Class A-2 Notes"), [ ]% Class A-3 Asset Backed Notes (the
"Class A-3 Notes"), [ ]% 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") and [ ]% Class B Asset Backed Notes (the "Class B
Notes" and together with the Class A 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 Receivables; (b) with
respect to Actuarial Receivables, monies due thereunder on or after the related
Cutoff Date (including Payaheads) and, with respect to Simple Interest
Receivables, monies received thereunder on or after the related Cutoff Date; (c)
the security interests in the Financed Vehicles granted by Obligors pursuant to
the Receivables and any other interest of the Issuer in the Financed Vehicles;
(d) all rights to receive proceeds with respect to the Receivables from claims
on any physical damage, theft, credit life or disability insurance policies
covering the Financed Vehicles or Obligors; (e) all rights to receive proceeds
with respect to the Receivables from recourse to Dealers thereon pursuant to the
Dealer Agreements; (f) all rights to the Receivable Files; (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 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 a Final Payment Receivable), guarantees and other
collateral securing a Receivable (other than a 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
Receivables in effect as of the related 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

                                        1

<PAGE>

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 foregoing Grant is 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. (a) Except as otherwise specified
herein or as the context may otherwise require, the following terms have the
respective meanings set forth below for all purposes of this Indenture.

                  "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).

                  "Administration Agreement" shall mean the Administration
Agreement, dated as of November [ ], 2000, 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.

                  "Authenticating Agent" shall have the meaning specified in
Section 2.14.

                  "Basic Documents" shall mean this Indenture, the Certificate
of Trust, the Trust Agreement, the Assignments (as defined in the Purchase
Agreement), 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

                                        2

<PAGE>

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.

                  "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.

                  "Certificate of Trust" shall mean the certificate of trust of
the Issuer substantially in the form of Exhibit C to the Trust Agreement.

                  "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 or the
Class B Notes.

                  "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 the Class A-1 Notes, the Class A-2
Notes, the Class A-3 Notes and the Class A-4 Notes, collectively.

                  "Class A-1 Final Payment Date" shall mean the [     ] 2001
 Payment Date.

                  "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 $[    ] aggregate initial
principal amount of [   ]% Class A-1 Asset Backed Notes issued by the Issuer
pursuant to this Indenture, substantially in the form of Exhibit A-1 to this
Indenture.

                  "Class A-1 Rate" shall mean [    ]% per annum.

                  "Class A-2 Final Payment Date" shall mean the [    ] 200[3]
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 $[     ] aggregate initial
principal amount of [    ]% Class A-2 Asset Backed Notes issued by the Issuer
pursuant to this Indenture, substantially in the form of Exhibit A-2 to this
Indenture.

                                        3

<PAGE>

                  "Class A-2 Rate" shall mean [         ]% per annum.

                  "Class A-3 Final Payment Date" shall mean the [     ] 200[4]
Payment Date.

                  "Class A-3 Noteholder" shall mean the Person on whose name a
Class A-3 Note is registered on the Note Register.

                  "Class A-3 Notes" shall mean the $ [     ] aggregate initial
principal amount of [ ]% Class A-3 Asset Backed Notes issued by the Issuer
pursuant to this Indenture, substantially in the form of Exhibit A-3 to this
Indenture.

                  "Class A-3 Rate" shall mean [         ]% per annum.

                  "Class A-4 Final Payment Date" shall mean the [      ] 200[5]
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 $[     ] aggregate initial
principal amount of [    ]% Class A-4 Asset Backed Notes issued by the Issuer
pursuant to this Indenture, substantially in the form of Exhibit A-4 to this
Indenture.

                  "Class A-4 Rate" shall mean [         ]% per annum.

                  "Class B Final Payment Date" shall mean the [        ] 200[5]
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 $[       ] aggregate initial
principal amount of [     ]% Class B Asset Backed Notes issued by the Issuer
pursuant to this Indenture, substantially in the form of Exhibit B to this
Indenture.

                  "Class B Rate" shall mean [          ]% per annum.

                  "Clearing Agency" shall mean an organization registered as a
"clearing agency" pursuant to Section 17A of the Exchange Act.

                  "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.

                  "Closing Date" shall mean November [         ], 2000.

                                        4

<PAGE>

                  "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 this Indenture.

                  "Commission" shall mean the Securities and Exchange
Commission.

                  "Control Agreement" shall mean the Securities Account Control
Agreement, dated as of November ____, 2000, by and among the Seller, 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 the principal office of
the Indenture Trustee at which at any particular time its corporate trust
business shall be administered, which office at date of execution of this
Indenture 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 and the Issuer, or the principal corporate trust office of any
successor Indenture Trustee at the address designated by such successor
Indenture Trustee by notice to the Noteholders and the Issuer.

                  "Default" shall mean any occurrence that is, or with notice or
the lapse of time or both would become, an Event of Default.

                  "Definitive Notes" shall have the meaning specified in Section
2.11.

                  "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.

                  "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.

                  "Final Payment Date" shall mean the Class A-1 Final Payment
Date, the Class A-2 Final Payment Date, the Class A-3 Final Payment Date, the
Class A-4 Final Payment Date and the Class B Final Payment Date, collectively,
or any of them, as the context requires.

                                        5

<PAGE>

                  "Final Scheduled Maturity Date" shall mean with respect to any
Receivable, [              ].

                  "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 this 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" or "Noteholder" shall mean the Person in whose name a
Note is registered on the Note Register.

                  "Indenture Trustee" shall mean Bank of Tokyo - Mitsubishi
Trust Company, a New York banking corporation, as Indenture Trustee under this
Indenture, or any successor Indenture Trustee under this 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, the Seller 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, the Seller or
any Affiliate of any of the foregoing Persons and (c) is not connected with the
Issuer, any such other obligor, the Seller 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, 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 this Indenture and that the signer is Independent within the
meaning thereof.

                  "Interest Accrual Period" shall mean, with respect to any
Payment Date and with respect to each Class of the Notes, the period from and
including the 15th day of the calendar month immediately preceding such Payment
Date (or, in the case of the first Payment Date, the Closing Date), to but
excluding the 15th day of the calendar month in which such Payment Date occurs.

                                        6

<PAGE>

                  "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 MMCA Auto Owner Trust 2000-2, 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.

                  "MART Trust Agreement" shall mean the Amended and Restated
Trust Agreement, dated as of October 1, 1999, between MMCA, as beneficiary, and
Chase Manhattan Bank USA, N.A., a national banking association (as successor to
Chase Manhattan Bank Delaware), as trustee, relating to the Seller, as from time
to time amended, supplemented or otherwise modified and in effect.

                  "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 amount of the Notes of such Class as of the immediately
preceding Payment Date, after giving effect to all payments of principal to
Noteholders on or prior to such preceding Payment Date (or, in the case of the
first Payment Date, the initial principal amount of the Notes); and (ii) with
respect to the Notes collectively, the sum of Monthly Accrued Note Interest for
each Class.

                  "Note Depository Agreement" shall mean the agreement dated, as
of November __, 2000, 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, in the case of the Class A-1
Notes, the Class A-1 Rate, in the case of the Class A-2 Notes, the Class A-2
Rate, in the case of the Class A-3 Notes, the Class A-3 Rate, in the case of the
Class A-4 Notes, the Class A-4 Rate, and in the case of the Class B Notes, the
Class B Rate.

                  "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

                                        7

<PAGE>

Clearing Agency Participant or as an indirect participant, in each case in
accordance with the rules of such Clearing Agency).

                  "Note Register" and "Note Registrar" shall have the respective
meanings specified in Section 2.5(a).

                  "Noteholders" shall mean the Class A-1 Noteholders, the Class
A-2 Noteholders, the Class A-3 Noteholders, the Class A-4 Noteholders and the
Class B 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 and the Class B Notes, collectively.

                  "Officer's Certificate" shall mean a certificate signed by any
Responsible Officer of the Issuer, under the circumstances described in, and
otherwise complying with, the applicable requirements of Section 11.1, and
delivered to the Indenture Trustee. Unless otherwise specified, any reference in
this Indenture to an Officer's Certificate shall be to an Officer's Certificate
of any Responsible Officer of the Issuer.

                  "Opinion of Counsel" shall mean one or more written opinions
of counsel who may, except as otherwise expressly provided in this 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, and shall be in form and substance
satisfactory to the Indenture Trustee.

                  "Outstanding" shall mean, as of the date of determination, all
Notes theretofore authenticated and delivered under this 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 this 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 this Indenture unless
         proof satisfactory to the Indenture Trustee is presented that any such
         Notes are held by a protected purchaser;

                                        8

<PAGE>

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, the Seller, 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, the Seller, 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 Trustee" shall mean Wilmington Trust Company, a
Delaware banking corporation, not in its individual capacity but solely as Owner
Trustee under the Trust Agreement, or any successor Owner Trustee under the
Trust Agreement.

                  "Paying Agent" shall mean the Indenture Trustee or any other
Person that meets the eligibility standards for the Indenture Trustee specified
in Section 6.11 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 [November] [ ], 2000.

                  "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.

                  "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 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.

                  "Proceeding" shall mean any suit in equity, action at law or
other judicial or administrative proceeding.

                                        9

<PAGE>

                  "Rating Agency" shall mean either S&P or Moody's, 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 notice thereof and
that each of the Rating Agencies shall have notified the Seller, the Servicer,
the Indenture Trustee and the Owner Trustee that such action shall not result in
a reduction or withdrawal of the then current rating assigned to any Class of
Notes.

                  "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 that have been issued pursuant to Section 2.13, the
fifteenth (15th) day of the preceding month, unless such fifteenth (15th) day is
not a Business Day, in which case the immediately preceding Business Day.

                  "Redemption Date" shall mean (a) in the case of a redemption
of Notes pursuant to Section 10.1(a), the Payment Date specified by the Servicer
pursuant to Section 10.1(a) 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), the Payment Date specified by the Servicer pursuant
to Section 4.8(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), 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), 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 4.8(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.

                  "Responsible Officer" shall mean, (a) 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

                                       10

<PAGE>

Administrator in matters relating to the Issuer and to be acted upon by the
Administrator pursuant to the Administration Agreement and (b) with respect to
the Indenture Trustee, any officer within the Corporate Trust Office of the
Indenture Trustee with direct responsibility for the administration of this
Indenture and also, with respect to a particular matter, any other officer to
whom such matter is referred because of such officer's knowledge of and
familiarity with the particular subject.

                  "Sale and Servicing Agreement" shall mean the Sale and
Servicing Agreement, dated as of November __, 2000, by and among the Issuer, the
Seller and the Servicer, as from time to time amended, supplemented or otherwise
modified and in effect.

                  "Securities" shall have the meaning specified in the MART
Trust Agreement.

                  "Securities Act" shall mean the Securities Act of 1933, as
amended.

                  "Seller" shall mean MMCA Auto Receivables Trust, a Delaware
business trust, in its capacity as seller under the Sale and Servicing
Agreement, and its successors-in-interest.

                  "Servicer" shall mean Mitsubishi Motors Credit of America,
Inc., a Delaware corporation, in its capacity as servicer under the Sale and
Servicing Agreement, and any successor Servicer thereunder.

                  "State" shall mean any of the fifty States of the United
States of America or the District of Columbia.

                  "Subtrust" shall have the meaning specified in the MART Trust
Agreement.

                  "Subtrust Assets" shall have the meaning specified in the MART
Trust Agreement.

                  "Successor Servicer" shall have the meaning specified in
Section 3.7(e).

                  "Total Required Payment" shall mean, on any Payment Date, the
Total Servicing Fee, the Accrued Note Interest and the Principal Distribution
Amount.

                  "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 this 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.

                                       11

<PAGE>

                  (b) Except as otherwise specified herein or as the context may
otherwise require, capitalized terms used but not otherwise defined herein have
the respective meanings set forth in, or incorporated by reference into, the
Sale and Servicing Agreement for all purposes of this Indenture.

                  SECTION 1.2 Incorporation 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.

                  SECTION 1.3 Rules of Construction. Unless the context
otherwise requires:

                              (i) a term has the meaning assigned to it;

                              (ii) an accounting term not otherwise defined has
         the meaning assigned to it in accordance with generally accepted
         accounting principles as in effect from time to time;

                              (iii) "or" is not exclusive;

                              (iv) "including" means including without
         limitation;

                              (v) words in the singular include the plural and
         words in the plural include the singular; and

                              (vi) any agreement, instrument or statute defined
         or referred to herein or in any instrument or certificate delivered in
         connection herewith means such agreement, instrument or statute as from
         time to time

                                       12

<PAGE>

         amended, modified or supplemented and includes (in the case of
         agreements or instruments) references to all attachments thereto and
         instruments incorporated therein; references to a Person are also to
         its permitted successors and assigns.

                                   ARTICLE II

                                    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 and the Class B 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 and Exhibit B, 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
and B 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 $[    ], Class A-2 Notes for original issue in an aggregate
principal amount of $[    ], Class A-3 Notes for original issue in an aggregate
principal amount of $[    ], Class A-4 Notes for original issue in an aggregate
principal amount of $[     ], and Class B Notes for original issue in an
aggregate principal amount of $[ ]. The aggregate principal amounts of Class A-1

                                       13

<PAGE>

Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and Class B 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 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

                                                        14

<PAGE>

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.

                                       15
<PAGE>

                       (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 fifteen (15) days preceding the due date for any
payment with respect to such Note.

                  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 (7) 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.

                                       16

<PAGE>

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

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

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

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

                                       17

<PAGE>

                                (vi) to the Certificate Distribution Account,
         any remaining portion of 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 to the
         Class A Noteholders pro rata in proportion to the Accrued Note Interest
         for each Class of Notes);

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

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

                                (iv) following payment in full of the Class A-1
         Notes, to the Class A-2 Noteholders, 100% of the Principal Distribution
         Amount in reduction of principal until the principal amount of the
         Class A-2 Notes has been paid in full;

                                (v) following payment in full of the Class A-2
         Notes, to the Class A-3 Noteholders, 100% of the Principal Distribution
         Amount in reduction of principal until the principal amount of the
         Class A-3 Notes has been paid in full;

                                (vi) following payment in full of the Class A-3
         Notes, to the Class A-4 Noteholders, 100% of the Principal Distribution
         Amount in reduction of principal until the principal amount of the
         Class A-4 Notes has been paid in full; and

                                       18

<PAGE>

                                (vii) following payment in full of the Class A-4
         Notes, to the Class B Noteholders, 100% of the Principal Distribution
         Amount in reduction of principal until the principal amount of the
         Class B Notes has been 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 Final Payment Date, the
principal amount of the Class A-2 Notes, to the extent not previously paid, will
be due on the Class A-2 Final Payment Date, the principal amount of the Class
A-3 Notes, to the extent not previously paid, will be due on the Class A-3 Final
Payment Date, the principal amount of the Class A-4 Notes, to the extent not
previously paid, will be due on the Class A-4 Final Payment Date and the
principal amount of the Class B Notes, to the extent not previously paid, will
be due on the Class B Final Payment Date.

                  (d) The Class A-1 Notes, the Class A-2 Notes, the Class A-3
Notes, the Class A-4 Notes and the Class B 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 and
the Class B 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 and the Class B 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 Final Payment 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

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<PAGE>

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;

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

                                (iii) third, to Noteholders of each Class of the
         Class A Notes, Accrued Note Interest ratably in proportion to Accrued
         Note Interest for each Class of the 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
         Class A-2 Noteholders, the Class A-3 Noteholders and the Class A-4
         Noteholders, the outstanding principal amount of the Class A-1 Notes,
         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;

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

                                (vi) sixth, 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; and

                                (vii) seventh, 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

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<PAGE>

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;

                                       21

<PAGE>

                                (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

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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.

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<PAGE>

                                   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:

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<PAGE>

                                (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 (2) 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 thirty (30) days from the date of such
publication, any unclaimed balance of such money then

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<PAGE>

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 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 execute any financing statement, continuation statement or
other instrument required to be executed 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 C.

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<PAGE>

                  (b) On or before March 31, in each calendar year, beginning in
2001, 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, rerecording and refiling of this
Indenture, any indentures supplemental hereto and any other requisite documents
and with respect to the execution 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
execution 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

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<PAGE>

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 thirty
(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.

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<PAGE>

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

                                (iv) (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.

                  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 2001), an Officer's Certificate stating, as to the
Responsible Officer signing such Officer's Certificate, that:

                                       29

<PAGE>

                                (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 Issuer May Consolidate, etc., Only on Certain
Terms. (a) The Issuer shall not consolidate or merge with or into any other
Person, unless:

                                (i) the Person (if other than the Issuer) formed
         by or surviving such consolidation or merger shall be a Person
         organized and existing under the laws of the United States of America
         or any State and shall expressly assume, by an indenture supplemental
         hereto, executed and delivered to the Indenture Trustee, in form
         satisfactory to the Indenture Trustee, the due and punctual payment of
         the principal of and interest on all Notes and the performance or
         observance of every agreement and covenant of this Indenture on the
         part of the Issuer to be performed or observed, all as provided herein;

                                (ii) immediately after giving effect to such
         transaction, no Default or Event of Default shall have occurred and be
         continuing;

                                (iii) the Rating Agency Condition shall have
         been satisfied with respect to such transaction;

                                (iv) the Issuer shall have received an Opinion
         of Counsel (and shall have delivered copies thereof to the Indenture
         Trustee) to the effect that such transaction will not have any material
         adverse tax consequence to the Issuer, any Noteholder or any
         Certificateholder;

                                (v) any action that is necessary to maintain the
         lien and security interest created by this Indenture shall have been
         taken; and

                                (vi) the Issuer shall have delivered to the
         Indenture Trustee an Officer's Certificate and an Opinion of Counsel
         each stating that such consolidation or merger and such supplemental
         indenture comply with this Article III and that all conditions
         precedent herein provided for relating to such transaction have been
         complied with (including any filing required by the Exchange Act).

                                       30

<PAGE>

                  (b) Other than as specifically contemplated by the Basic
Documents, the Issuer shall not convey or transfer any of its properties or
assets, including those included in the Trust Estate, to any Person, unless:

                                (i) the Person that acquires by conveyance or
         transfer the properties and assets of the Issuer the conveyance or
         transfer of which is hereby restricted shall (A) be a United States
         citizen or a Person organized and existing under the laws of the United
         States of America or any State, (B) expressly assumes, by an indenture
         supplemental hereto, executed and delivered to the Indenture Trustee,
         in form satisfactory to the Indenture Trustee, the due and punctual
         payment of the principal of and interest on all Notes and the
         performance or observance of every agreement and covenant of this
         Indenture on the part of the Issuer to be performed or observed, all as
         provided herein, (C) expressly agrees by means of such supplemental
         indenture that all right, title and interest so conveyed or transferred
         shall be subject and subordinate to the rights of Holders of the Notes,
         (D) unless otherwise provided in such supplemental indenture, expressly
         agrees to indemnify, defend and hold harmless the Issuer against and
         from any loss, liability or expense arising under or related to this
         Indenture and the Notes, and (E) expressly agrees by means of such
         supplemental indenture that such Person (or if a group of Persons, then
         one specified Person) shall make all filings with the Commission (and
         any other appropriate Person) required by the Exchange Act in
         connection with the Notes;

                                (ii) immediately after giving effect to such
         transaction, no Default or Event of Default shall have occurred and be
         continuing;

                                (iii) the Rating Agency Condition shall have
         been satisfied with respect to such transaction;

                                (iv) the Issuer shall have received an Opinion
         of Counsel (and shall have delivered copies thereof to the Indenture
         Trustee) to the effect that such transaction will not have any material
         adverse tax consequence to the Issuer, any Noteholder or any
         Certificateholder;

                                (v) any action that is necessary to maintain the
         lien and security interest created by this Indenture shall have been
         taken; and

                                (vi) the Issuer shall have delivered to the
         Indenture Trustee an Officer's Certificate and an Opinion of Counsel
         each stating that such conveyance or transfer and such supplemental
         indenture comply with this Article III and that all conditions
         precedent herein provided for relating to such transaction have been
         complied with (including any filing required by the Exchange Act).

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<PAGE>

                  SECTION 3.11 Successor or Transferee. (a) Upon any
consolidation or merger of the Issuer in accordance with Section 3.10(a), the
Person formed by or surviving such consolidation or merger (if other than the
Issuer) shall succeed to, and be substituted for, and may exercise every right
and power of, the Issuer under this Indenture with the same effect as if such
Person had been named as the Issuer herein.

                  (b) Upon a conveyance or transfer of all the assets and
properties of the Issuer pursuant to Section 3.10(b), the Issuer shall be
released from every covenant and agreement of this Indenture to be observed or
performed on the part of the Issuer with respect to the Notes immediately upon
the delivery of written notice to the Indenture Trustee stating that the Issuer
is to be so released.

                  SECTION 3.12 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 3.13 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 3.14 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 4.11 and Article VII thereof.

                  SECTION 3.15 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 3.16 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 3.17 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.

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<PAGE>

                  SECTION 3.18 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 3.19 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 or the Purchase Agreement with respect to any of
the provisions thereof.

                  SECTION 3.20 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. 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, 3.10, 3.12 and 3.13 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

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         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:

                  (2) 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 Final Payment Date
                  or Redemption Date (if Notes shall have been called for
                  redemption pursuant to Section 10.1(a)), as the case may be;

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

                  (4) 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; and

                  (5) 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.

                  SECTION 4.2 Satisfaction, Discharge and Defeasance 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:

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                                (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, discharge and defeasance 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 ninety-first (91st) day after such date;

                                (iv) the Issuer has delivered to the Indenture
         Trustee an Opinion of Counsel to the effect that the satisfaction,
         discharge and defeasance 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

                                       35

<PAGE>

                                (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 defeasance
         contemplated by this Section 4.2 have been complied with.

                  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 (5) 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
         Final Payment Date for such Class; or

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<PAGE>

                                (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 sixty (60) days or in
         the case of a materially incorrect representation and warranty thirty
         (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 sixty (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 (5) 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.

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<PAGE>

                  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.

                     (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 (5) 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

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<PAGE>

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) and of the
         Noteholders allowed in such Proceedings;

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<PAGE>

                                (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 Holder thereof or 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.

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<PAGE>

                  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 monies
         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 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) 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).

                  (c) The Indenture Trustee may fix a record date and payment
date for any payment to Noteholders pursuant to this Section 5.4. At least
fifteen (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.

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<PAGE>

                  SECTION 5.5 Optional Preservation of the Receivables. 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 sixty (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.

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<PAGE>

                  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

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<PAGE>

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 Defaults. 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

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<PAGE>

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(b).

                  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.

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                       (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.

<PAGE>

                       (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, its own negligent failure to act or its
own willful misconduct, 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

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<PAGE>

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

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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 ninety (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.

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<PAGE>

                  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. 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 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;

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<PAGE>

                                (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 sixty (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

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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

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<PAGE>

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 ninety (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 and/or the Class B 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 and the Class B 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

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<PAGE>

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 (5) 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 thirty (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 ten (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.

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<PAGE>

                       (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
         fifteen (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 sixty (60) days after each March 31,
beginning with March 31, 2001, 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.

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                                  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(c) and 4.1(d) 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

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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, 4.8, 4.9 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

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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 (7) 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. 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:

                       (a) 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;

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                       (b) 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;

                       (c) 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;

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

                       (e) 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;

                       (f) 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; or

                       (g) 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;

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.

                  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

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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 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;
and provided, further, that no such supplemental indenture shall, without the
consent of the Holder of each Outstanding Note affected thereby:

                                (i) change any Final Payment 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

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         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.

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                  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 twenty (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.

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                       (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 4.8(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 ten (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), 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.

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                                   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 ninety (90) days of such deposit)
to the Issuer of the Collateral or other property or securities to be so
deposited.

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<PAGE>

                                (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 ten percent (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 one
         percent (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 ninety (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 ten percent (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 one percent
         (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.

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                  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

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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:

                                (i) 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

                                (ii) 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 2000-2, in care of Wilmington Trust Company
         at 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.

                  Notices required to be given to the Rating Agencies by the
Issuer, the Indenture Trustee or the Owner Trustee shall be in writing,
personally delivered, telecopied or mailed by certified mail, return receipt
requested, to (i) 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 and (ii) in case of S&P, at the following address: Standard &
Poor's Ratings

                                       67

<PAGE>

Services, a division of The McGraw-Hill Companies, Inc., 55 Water Street (40th
Floor), New York, New York 10041, Attention of Asset Backed Surveillance
Department.

                  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.

                                       68

<PAGE>

                  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.

                  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.

                                       69

<PAGE>

                  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

                                       70

<PAGE>

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.

                                       71

<PAGE>

                  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 2000-2

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

                                  By:_____________________________________
                                      Name:
                                      Title:

                                  BANK OF TOKYO - MITSUBISHI
                                   TRUST COMPANY,
                                  not in its individual capacity but solely as
                                  Indenture Trustee

                                  By:_____________________________________
                                      Name:
                                      Title:

<PAGE>

                                                                      SCHEDULE A

                      [Schedule of Receivables provided to
                       Indenture Trustee on Computer Tape,
                           Compact Disk or Microfiche]

                                      SA-1

<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

                                      SI-1

<PAGE>

                                                                     EXHIBIT A-1

                             Form of Class A-1 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                                                   $[               ]

No. [    ]                                          CUSIP NO. [               ]

                          MMCA AUTO OWNER TRUST 2000-2

                    [     ]% CLASS A-1 ASSET BACKED NOTES

                  MMCA Auto Owner Trust 2000-2, 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 [ ] 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 November 1, 2000 (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 Class
A-1 Note shall be due and payable on the earlier of the [ ] 2001 Payment Date
(the "Class A-1 Final Payment 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. Capitalized terms used but not
defined herein are defined in Article I of the Indenture, which also contains
rules as to construction that shall be applicable herein.

                                      A-1-1

<PAGE>

                  The Issuer shall pay interest on this Class A-1 Note at the
rate per annum shown above on each Payment Date until the principal of this
Class A-1 Note is paid or made available for payment, on the principal amount of
this Class A-1 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 Class A-1 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 the Closing Date) to but excluding such Payment
Date. Interest will be computed on the basis of the actual days elapsed and a
360-day year. Such principal of and interest on this Class A-1 Note shall be
paid in the manner specified on the reverse hereof.

                  The principal of and interest on this Class A-1 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 Class A-1 Note shall be applied first to
interest due and payable on this Class A-1 Note as provided above and then to
the unpaid principal of this Class A-1 Note.

                  Reference is made to the further provisions of this Class A-1
Note set forth on the reverse hereof, which shall have the same effect as though
fully set forth on the face of this Class A-1 Note.

                  Unless the certificate of authentication hereon has been
executed by the Indenture Trustee whose name appears below by manual signature,
this Class A-1 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.

               [REMAINDER OF THIS PAGE LEFT INTENTIONALLY BLANK.]

                                      A-1-2

<PAGE>

                  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.

Date:  November [   ], 2000

                                MMCA AUTO OWNER TRUST 2000-2,

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

                                By: ________________________________________
                                            Responsible Officer

                     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

                                      A-1-3

<PAGE>

                  This Class A-1 Note is one of a duly authorized issue of Notes
of the Issuer, designated as its [ ]% 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 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 A-1 Notes are and will be equally and ratably
secured by the collateral pledged as security therefor as provided 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, and senior in right of
payment to the Class B Notes, each as and to the extent provided in the
Indenture.

                  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
fifteenth day of each month or, if any such day is not a Business Day, the next
succeeding Business Day, commencing [ ]15, 2000.

                  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 Final
Payment 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 the
outstanding principal amount of the Notes of all Classes 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

                                      A-1-4

<PAGE>

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.

                                      A-1-5

<PAGE>

                  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

                                      A-1-6

<PAGE>

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

                                      A-1-7

<PAGE>

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.

                                      A-1-8

<PAGE>

                                   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.

                                      A-1-9

<PAGE>

                                                                     EXHIBIT A-2

                             Form of Class A-2 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                                                   $[               ]

No. [     ]                                         CUSIP NO. [               ]

                          MMCA AUTO OWNER TRUST 2000-2

                    [     ]% CLASS A-2 ASSET BACKED NOTES

                  MMCA Auto Owner Trust 2000-2, 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 [ ] 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 November 1, 2000 (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 Class
A-2 Note shall be due and payable on the earlier of the [ ] 2003 Payment Date
(the "Class A-2 Final Payment 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. Capitalized terms used but not
defined herein are defined in Article I of the Indenture, which also contains
rules as to construction that shall be applicable herein.

                                      A-2-1

<PAGE>

                  The Issuer shall pay interest on this Class A-2 Note at the
rate per annum shown above on each Payment Date until the principal of this
Class A-2 Note is paid or made available for payment, on the principal amount of
this Class A-2 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 Class A-2 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 the Closing Date) to but excluding 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 Class A-2 Note shall be paid in
the manner specified on the reverse hereof.

                  The principal of and interest on this Class A-2 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 Class A-2 Note shall be applied first to
interest due and payable on this Class A-2 Note as provided above and then to
the unpaid principal of this Class A-2 Note.

                  Reference is made to the further provisions of this Class A-2
Note set forth on the reverse hereof, which shall have the same effect as though
fully set forth on the face of this Class A-2 Note.

                  Unless the certificate of authentication hereon has been
executed by the Indenture Trustee whose name appears below by manual signature,
this Class A-2 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.

               [REMAINDER OF THIS PAGE LEFT INTENTIONALLY BLANK.]

                                      A-2-2

<PAGE>

                  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.

Date:  November [  ], 2000

                                MMCA AUTO OWNER TRUST 2000-2,

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

                                By:  ____________________________
                                          Responsible Officer

                  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

                                      A-2-3

<PAGE>

                  This Class A-2 Note is one of a duly authorized issue of Notes
of the Issuer, designated as its [ ]% 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 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 A-2 Notes are and will be equally and ratably
secured by the collateral pledged as security therefor as provided 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, and senior in right of
payment to the Class B Notes, each as and to the extent provided in the
Indenture.

                  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
fifteenth day of each month or, if any such day is not a Business Day, the next
succeeding Business Day, commencing [ ] 15, 2000.

                  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 Final
Payment 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 the
outstanding principal amount of the Notes of all Classes 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

                                      A-2-4

<PAGE>

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.

                                      A-2-5

<PAGE>

                  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

                                      A-2-6

<PAGE>

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

                                      A-2-7

<PAGE>

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.

                                      A-2-8

<PAGE>

                                   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.

                                      A-2-9

<PAGE>

                                                                     EXHIBIT A-3

                             Form of Class A-3 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                                                   $[               ]

No. [    ]                                          CUSIP NO. [               ]

                          MMCA AUTO OWNER TRUST 2000-2

                   [      ]% CLASS A-3 ASSET BACKED NOTES

                  MMCA Auto Owner Trust 2000-2, 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 [ ] 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 November 1, 2000 (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 Class
A-3 Note shall be due and payable on the earlier of the [ ] 2004 Payment Date
(the "Class A-3 Final Payment 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. Capitalized terms used but not
defined herein are defined in Article I of the Indenture, which also contains
rules as to construction that shall be applicable herein.

                                      A-3-1

<PAGE>

                  The Issuer shall pay interest on this Class A-3 Note at the
rate per annum shown above on each Payment Date until the principal of this
Class A-3 Note is paid or made available for payment, on the principal amount of
this Class A-3 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 Class A-3 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 the Closing Date) to but excluding 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 Class A-3 Note shall be paid in
the manner specified on the reverse hereof.

                  The principal of and interest on this Class A-3 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 Class A-3 Note shall be applied first to
interest due and payable on this Class A-3 Note as provided above and then to
the unpaid principal of this Class A-3 Note.

                  Reference is made to the further provisions of this Class A-3
Note set forth on the reverse hereof, which shall have the same effect as though
fully set forth on the face of this Class A-3 Note.

                  Unless the certificate of authentication hereon has been
executed by the Indenture Trustee whose name appears below by manual signature,
this Class A-3 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.

               [REMAINDER OF THIS PAGE LEFT INTENTIONALLY BLANK.]

                                      A-3-2

<PAGE>

                  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.

Date:  November [  ], 2000

                                MMCA AUTO OWNER TRUST 2000-2,

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

                                By:      ___________________________
                                             Responsible Officer

                     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

                                      A-3-3

<PAGE>

                  This Class A-3 Note is one of a duly authorized issue of Notes
of the Issuer, designated as its [ ]% 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 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 A-3 Notes are and will be equally and ratably
secured by the collateral pledged as security therefor as provided 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, and senior in right of
payment to the Class B Notes, each as and to the extent provided in the
Indenture.

                  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
fifteenth day of each month or, if any such day is not a Business Day, the next
succeeding Business Day, commencing [ ] 15, 2000.

                  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 Final
Payment 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 the
outstanding principal amount of the Notes of all Classes 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

                                      A-3-4

<PAGE>

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.

                                      A-3-5

<PAGE>

                  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

                                      A-3-6

<PAGE>

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

                                      A-3-7

<PAGE>

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.

                                      A-3-8

<PAGE>

                                   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.

                                      A-3-9

<PAGE>

                                                                     EXHIBIT A-4

                             Form of Class A-4 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                                                  $[                ]
No. [     ]                                          CUSIP NO. [              ]

                          MMCA AUTO OWNER TRUST 2000-2

                   [      ]% CLASS A-4 ASSET BACKED NOTES

                  MMCA Auto Owner Trust 2000-2, 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 [ ] 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 November 1, 2000 (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 Class
A-4 Note shall be due and payable on the earlier of the [ ] 200[5] Payment Date
(the "Class A-4 Final Payment 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. Capitalized terms used but not
defined herein are defined in Article I of the Indenture, which also contains
rules as to construction that shall be applicable herein.

                                      A-4-1

<PAGE>

                  The Issuer shall pay interest on this Class A-4 Note at the
rate per annum shown above on each Payment Date until the principal of this
Class A-4 Note is paid or made available for payment, on the principal amount of
this Class A-4 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 Class A-4 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 the Closing Date) to but excluding 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 Class A-4 Note shall be paid in
the manner specified on the reverse hereof.

                  The principal of and interest on this Class A-4 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 Class A-4 Note shall be applied first to
interest due and payable on this Class A-4 Note as provided above and then to
the unpaid principal of this Class A-4 Note.

                  Reference is made to the further provisions of this Class A-4
Note set forth on the reverse hereof, which shall have the same effect as though
fully set forth on the face of this Class A-4 Note.

                  Unless the certificate of authentication hereon has been
executed by the Indenture Trustee whose name appears below by manual signature,
this Class A-4 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.

                  [REMAINDER OF THIS PAGE LEFT INTENTIONALLY BLANK.]

                                      A-4-2

<PAGE>

                  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.

Date:  November [   ], 2000

                                MMCA AUTO OWNER TRUST 2000-2,

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

                                By: _________________________________
                                           Responsible Officer

                     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

                                      A-4-3

<PAGE>

                  This Class A-4 Note is one of a duly authorized issue of Notes
of the Issuer, designated as its [ ]% 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 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 A-4 Notes are and will be equally and ratably
secured by the collateral pledged as security therefor as provided 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, and senior in right of
payment to the Class B Notes, each as and to the extent provided in the
Indenture.

                  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
fifteenth day of each month or, if any such day is not a Business Day, the next
succeeding Business Day, commencing [ ] 15, 2000.

                  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 Final
Payment 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 the
outstanding principal amount of the Notes of all Classes 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

                                      A-4-4

<PAGE>

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.

                                      A-4-5

<PAGE>

                  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

                                      A-4-6

<PAGE>

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

                                      A-4-7

<PAGE>

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.

                                      A-4-8

<PAGE>

                                   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.

                                      A-4-9

<PAGE>

                                                                       EXHIBIT B

                              Form of Class B 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                                               $[                   ]

No. [   ]                                       CUSIP NO. [                   ]

                          MMCA AUTO OWNER TRUST 2000-2

                    [      ]% CLASS B ASSET BACKED NOTES

                  MMCA Auto Owner Trust 2000-2, 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 [ ] 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 November 1, 2000 (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 Class B
Note shall be due and payable on the earlier of the [ ] 200[5] Payment Date (the
"Class B Final Payment 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. Capitalized terms used but not
defined herein are defined in Article I of the Indenture, which also contains
rules as to construction that shall be applicable herein.

                                       B-1

<PAGE>

                  The Issuer shall pay interest on this Class B Note at the rate
per annum shown above on each Payment Date until the principal of this Class B
Note is paid or made available for payment, on the principal amount of this
Class B 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
Class B 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 the Closing Date) to but excluding 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 Class B Note shall be paid in the manner
specified on the reverse hereof.

                  The principal of and interest on this Class B 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 Class B Note shall be applied first to
interest due and payable on this Class B Note as provided above and then to the
unpaid principal of this Class B Note.

                  Reference is made to the further provisions of this Class B
Note set forth on the reverse hereof, which shall have the same effect as though
fully set forth on the face of this Class B Note.

                  Unless the certificate of authentication hereon has been
executed by the Indenture Trustee whose name appears below by manual signature,
this Class B 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.

               [REMAINDER OF THIS PAGE LEFT INTENTIONALLY BLANK.]

                                       B-2

<PAGE>

                  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.

Date:  November [   ], 2000

                                MMCA AUTO OWNER TRUST 2000-2,

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

                                By: _________________________
                                        Responsible Officer

                     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

                                       B-3

<PAGE>

                  This Class B Note is one of a duly authorized issue of Notes
of the Issuer, designated as its [ ]% 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 and the [ ]% Class
A-4 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. 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 as and to the
extent provided in the Indenture.

                  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
fifteenth day of each month or, if any such day is not a Business Day, the next
succeeding Business Day, commencing [ ] 15, 2000.

                  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 Final
Payment Date and the Redemption Date, if any, pursuant to Section 10.1(a). 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 the outstanding
principal amount of the Notes of all classes 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

                                       B-4

<PAGE>

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.

                                       B-5

<PAGE>

                  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 a 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

                                       B-6

<PAGE>

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 the all of the Notes Outstanding, voting as a group.
The Indenture also contains provisions permitting the Holders of Notes
representing specified percentages of the 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,

                                       B-7

<PAGE>

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.

                                       B-8

<PAGE>

                                   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.

                                       B-9

<PAGE>

                                                                       EXHIBIT C

                           Form of Opinion of Counsel
                           --------------------------
                           Pursuant to Section 3.6(a)
                           --------------------------

                                ________________

To the Addressees Indicated
 on Schedule A hereto

                  Re: MMCA Auto Owner Trust 2000-2

Ladies and Gentlemen:

                  We have acted as special counsel to Mitsubishi Motors Credit
of America, Inc., a Delaware corporation ("MMCA"), and MMCA Auto Receivables
Trust, a Delaware business trust ("MART"), in connection with the transactions
contemplated by (i) the Purchase Agreement, dated as of [ ] 1, 2000 (the
"Purchase Agreement"), between MMCA and MART, (ii) the Sale and Servicing
Agreement, dated as of [ ] 1, 2000 (the "Sale and Servicing Agreement"), by and
among MART, as seller, MMCA, as servicer, and MMCA Auto Owner Trust 2000-2, a
Delaware business trust (the "Trust"), as issuer, (iii) the Indenture, dated as
of [ ] 1, 2000 (the "Indenture"), between the Trust and Bank of Tokyo -
Mitsubishi Trust Company, as indenture trustee for the benefit of the Holders of
the Notes (the "Indenture Trustee"), and (iv) the Amended and Restated Trust
Agreement, dated as of [ ] 1, 2000 (THE "TRUST AGREEMENT"), BETWEEN MART AND
WILMINGTON TRUST COMPANY, AS OWNER TRUSTEE (THE "OWNER TRUSTEE"). CAPITALIZED
TERMS NOT OTHERWISE DEFINED HEREIN HAVE THE MEANINGS ASSIGNED TO SUCH TERMS IN
THE SALE AND SERVICING AGREEMENT.

                  PURSUANT TO THE PURCHASE AGREEMENT AND THE ASSIGNMENTS (AS
SUCH TERM IS DEFINED IN THE PURCHASE AGREEMENT) RELATED THERETO, MMCA PROPOSES
TO SELL TO MART ON THE CLOSING DATE AND FROM TIME TO TIME THEREAFTER DURING THE
PRE-FUNDING PERIOD, AND MART PROPOSES TO PURCHASE FROM MMCA, AMONG OTHER THINGS,
CERTAIN MOTOR VEHICLE RETAIL INSTALLMENT SALE CONTRACTS (COLLECTIVELY, THE
"RECEIVABLES") SECURED BY NEW AND USED AUTOMOBILES AND SPORTS-UTILITY VEHICLES
(COLLECTIVELY, THE "FINANCED VEHICLES"), CERTAIN MONIES DUE OR RECEIVED
THEREUNDER ON OR AFTER THE RELATED CUTOFF DATES, MMCA'S SECURITY INTERESTS IN
THE FINANCED VEHICLES,

<PAGE>

The Addressees Indicated on
 Schedule A hereto

Page 2

MMCA'S RIGHTS UNDER CERTAIN INSURANCE POLICIES, CERTAIN RIGHTS UNDER DEALER
AGREEMENTS RELATING TO THE RECEIVABLES AND CERTAIN OTHER PROPERTY RELATED TO THE
RECEIVABLES AND ALL THE PROCEEDS THEREOF. THE RECEIVABLES THAT MMCA PROPOSES TO
SELL TO MART ON THE CLOSING DATE, AND MART PROPOSES TO BUY FROM MMCA, ARE
REFERRED TO HEREIN AS THE "INITIAL RECEIVABLES".

                  PURSUANT TO THE SALE AND SERVICING AGREEMENT, MART WILL SELL
TO THE TRUST ALL OF ITS RIGHT, TITLE AND INTEREST IN, TO AND UNDER THE
RECEIVABLES, CERTAIN MONIES DUE OR RECEIVED THEREUNDER ON OR AFTER THE RELATED
CUTOFF DATES, CERTAIN OTHER PROPERTY RELATING TO THE RECEIVABLES AND ALL
PROCEEDS THEREOF. THE TRUST WILL ISSUE (I) $[ ] PRINCIPAL AMOUNT OF [ ]% CLASS
A-1 ASSET BACKED NOTES, $[ ] PRINCIPAL AMOUNT OF [ ]% CLASS A-2 ASSET BACKED
NOTES, $[ ] PRINCIPAL AMOUNT OF [ ]% CLASS A-3 ASSET BACKED NOTES, $[ ]
PRINCIPAL AMOUNT OF [ ]% CLASS A-4 ASSET BACKED NOTES and $[ ] principal amount
of [ ]% Class B Asset Backed Notes (collectively, the "Notes") pursuant to the
Indenture for sale to the several underwriters named in the Underwriting
Agreement, dated _______, between MART and Salomon Smith Barney Inc. ("Salomon
Smith Barney"), as representative of the several underwriters; and (ii) the
Asset Backed Certificates (collectively, the "Certificates") pursuant to the
Trust Agreement for issuance to MART.

                  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 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 and MART and their
officers and other representatives and of public officials.

                  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 and the First-Tier Initial
Assignment (as such term is defined in the Purchase Agreement);

                       (B) a Certificate of MART, dated the date hereof, a copy
of which is at tached as Exhibit A hereto (the "MART Certificate");

<PAGE>

The Addressees Indicated on
 Schedule A hereto

Page 3

                       (C) an unfiled but signed copy of (i) a financing
statement naming "MMCA Auto Receivables Trust" as debtor, "MMCA Auto Owner Trust
2000-2" as secured party and "Bank of Tokyo-Mitsubishi Trust Company" as
Indenture Trustee as assignee and (ii) a financing statement naming "Chase
Manhattan Bank USA, N.A., as Trustee of MMCA Auto Receivables Trust," as debtor,
"MMCA Auto Owner Trust 2000-2" as secured party and "Bank of Tokyo - Mitsubishi
Trust Company, as Indenture Trustee" as assignee, which we understand will be
filed within ten (10) days of the transfer of the security interest in the
office of the Secretary of State of the State of California (such filing office,
the "Filing Office" and such financing statements, the "Financing Statements");

                       (D) the certified reports of the Filing Office as to
financing statements naming (i) "MMCA Auto Receivables Trust" as debtor and (ii)
"Chase Manhattan Bank USA, N.A., as Trustee of MMCA Auto Receivables Trust" as
debtor and on file in the Filing Office as of an effective date of ____________
(the "Search Reports");

                       (E) forms of motor vehicle retail installment sale
contracts (the "Form Contracts") attached as Annex A to the MART Certificate;
and

                       (F) such other agreements, certificates or documents as
we have deemed necessary or appropriate as a basis for the opinion set forth
below.

                  Unless otherwise indicated, references to the "UCC" shall
mean: (i) with respect to the validity of the security interests held by the
Trust and the Indenture Trustee, the Uniform Commercial Code as in effect on the
date hereof in the State of New York, (ii) with respect to the perfection and
the effect of perfection or non-perfection of the security interest of the Trust
in the Initial Receivables, the Uniform Commercial Code as in effect on the date
hereof in the State of California, and (iii) with respect to our opinion in
paragraph 1 below, the Uniform Commercial Code as in effect on the date hereof
in the States of New York and California.

                  We express no opinion as to the laws of any jurisdiction other
than (i) the laws of the State of New York and (ii) with respect to the security
interest opinions set forth in paragraphs 1, 2 and 3 herein, the UCC. References
to the "Applicable States" shall mean California and/or New York, as applicable.

<PAGE>

The Addressees Indicated on
 Schedule A hereto
________________
Page 4

                  Based upon the foregoing and subject to the limitations,
qualifications, exceptions and assumptions set forth herein, we are of the
opinion that:

                  1. Each Initial Receivable is a motor vehicle retail
installment sale contract that constitutes "chattel paper" as defined in Section
9-105 of the UCC.

                  2. The provisions of the Sale and Servicing Agreement are
effective to create, in favor of the Trust, a valid security interest (as such
term is defined in Section 1-201 of the UCC) in MART's rights in the Initial
Receivables and proceeds thereof, which security interest if char acterized as a
transfer for security will secure payment of the Notes.

                  3. The Financing Statements are in appropriate form for filing
in the Filing Office under the UCC. Upon the filing of the Financing Statements
in the Filing Office, the secu rity interest in favor of the Trust in the
Initial Receivables and proceeds thereof will be perfected, and no other
security interest of any other creditor of MART's will be equal or prior to the
security interest of the Trust in the Initial Receivables and proceeds thereof.

                  4. The provisions of the Indenture are effective to create in
favor of the Indenture Trustee, a valid security interest in the Trust's rights
in the Initial Receivables and pro ceeds thereof to secure payment of the Notes.

                  Our opinions in paragraphs 1-4 above are subject to the
following qualifications:

                       (a) we have assumed that the Initial Receivables exist
and that MART has sufficient rights in the Initial Receivables for the security
interest of the Trust to attach, and that the Trust has sufficient rights in the
Initial Receivables for the security interest of the Indenture Trustee to
attach, and we express no opinion as to the nature or extent of MART's or the
Trust's rights in, or title to, any Initial Receivables;

                       (b) our security interest opinions are limited to Article
9 of the UCC, and therefore such opinions do not address (i) laws of
jurisdictions other than Applicable States, and of Applicable States except for
Article 9 of the UCC, (ii) collateral of a type not subject to Article 9 of the
UCC, and (iii) under Section 9-103 of the UCC, what law governs perfection of
the security interests granted in the collateral covered by this opinion. We
call to your attention that California has recently enacted SB 45 ("Revised
Article 9") which contains a revised version of Article 9 of

<PAGE>

The Addressees Indicated on
 Schedule A hereto
________________
Page 5

the Uniform Commercial Code with conforming and miscellaneous changes to other
articles of the Uniform Commercial Code. By its terms, SB 45 does not become
effective until July 1, 2001. The opinions expressed in paragraphs 1 and 3
herein are based solely on the Uniform Commercial Code in effect in the State of
California on the date hereof and we express no opinion as to the effect of
Revised Article 9 on the validity, perfection or priority of the security
interest of the Trust or the Indenture Trustee.

                       (c) we call to your attention that under the UCC, events
occurring subsequent to the date hereof may affect any security interest subject
to the UCC including, but not limited to, factors of the type identified in
Section 9-306 with respect to proceeds; Section 9-402 with respect to changes in
name, structure and corporate identity of the debtor; Section 9-103 with respect
to changes in the location of the collateral and the location of the debtor;
Section 9-316 with respect to subordination agreements; Section 9-403 with
respect to continuation statements; and Sections 9-307, 9-308 and 9-309 with
respect to subsequent purchasers of the collateral. In addition, actions taken
by a secured party (e.g., releasing or assigning the security interest,
delivering possession of the collateral to the debtor or another person and
voluntarily subordinating a security interest) may affect the validity,
perfection or priority of a security interest;

                       (d) we have assumed that each Initial Receivable is
substantially in the form of a Form Contract, and we have assumed that no
Initial Receivable is or will be credited to a securities account;

                       (e) we have assumed that there are no agreements between
MART or the Trust and any account debtor prohibiting, restricting or
conditioning the assignment of any portion of the Initial Receivables;

                       (f) we express no opinion with respect to the perfection
or priority of the security interest of the Indenture Trustee;

                       (g) we call to your attention that the security interest
of the Trust and the Indenture Trustee may be subject to the rights of account
debtors, claims and defenses of account debtors and the terms of agreements with
account debtors;

                       (h) we express no opinion regarding the security interest
of the Trust or the Indenture Trustee in any Initial Receivables consisting of
claims against any government or

<PAGE>

The Addressees Indicated on
 Schedule A hereto
________________
Page 6

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);

                       (i) we express no opinion with respect to the Trust's or
Indenture Trustee's rights in and to any property which secures any Initial
Receivable;

                       (j) we express no opinion with respect to the priority of
the interest of the Trust in the Initial Receivables against any of the
following: ( pursuant to Section 9-301(1) of the UCC, a lien creditor or bulk
purchaser who attached or levied prior to the perfection of the security
interest of the Trust; ( pursuant to Section 9-301(4) of the UCC, a lien
creditor to the extent that provision limits the priority afforded future
advances; ( pursuant to Section 9-312(7) of the UCC, another secured creditor to
the extent that provision limits the priority afforded future advances; (
pursuant to Sections 9-103(1)(d) or (3)(e) and Section 9-312(1) of the UCC, a
security interest perfected under the laws of another jurisdiction to the extent
MART was located in such ju risdiction within four months prior to the date of
the perfection of the security interest of the Trust; ( pursuant to Section
9-312(3) and (4) of the UCC, a "purchase money security interest" as such term
is defined in Section 9-107 of the UCC; ( pursuant to Section 9-312(6) of the
UCC, another secured party with a perfected security interest in other property
of MART to the extent the Initial Receivables are proceeds of such other
creditor's property; ( pursuant to Sections 9-104, 9-113, 4-208 and 9-302(1) of
the UCC, another creditor not required to file a financing statement to perfect
its interest; and ( pursuant to Section 9-401(2) and (3) of the UCC, the
security interest of a creditor who filed a financing statement based on a prior
or incorrect location of MART or the Initial Receivables or use of the Initial
Receivables to the extent such other financing statement would be effective
under Section 9-401(2) or (3) of the UCC;

                       (k) we have assumed that no financing statement naming
"MMCA Auto Receivables Trust" or "Chase Manhattan Bank USA, N.A., as Trustee of
MMCA Auto Receivables Trust" as debtor was filed in the Filing Office between
the effective date of the Search Reports and the date of the filing of the
Financing Statements in the Filing Office;

                       (l) as used in paragraph 2, the term "security interest"
is used as defined in Section 1-201 of the UCC, which definition includes both
(i) an interest in chattel paper to secure payment and (ii) a sale of chattel
paper. In addition, we express no opinion whether or to what extent the transfer
pursuant to the Sale and Servicing Agreement will be characterized as a sale or
a transfer for security;

<PAGE>

The Addressees Indicated on
 Schedule A hereto
________________
Page 7

                       (m) we have assumed that (i) the Sale and Servicing
Agreement constitutes the legal, valid and binding obligation of the Trust,
enforceable against the Trust in accordance with its terms and (ii) the
Indenture constitutes the legal, valid and binding obligation of the Indenture
Trustee and the Trust, enforceable against the Indenture Trustee and the Trust,
respectively, in accordance with its terms; and

                       (n) we call to your attention that in the case of the
issuance of distributions on, or proceeds of, the Initial Receivables, the
security interest of the Trust therein will be perfected only if possession
thereof is obtained or other appropriate action is taken in accordance with the
provisions of the UCC or other applicable law and, in the case of certain types
of distributions or proceeds, other parties such as holders in due course,
protected purchasers and buyers in the ordinary course of business may obtain
superior priority.

                  We call to your attention that, with respect to paragraphs
(a), (e), (j)(iv) and (k) of our qualifications set forth above, we have relied
upon representations and warranties of MART as to the assumptions therein.

                  This opinion is being furnished only to you and is solely for
your benefit in connection with the closing today under the Sale and Servicing
Agreement and is not to be used, circulated, quoted, relied upon or otherwise
referred to for any purpose without prior written consent in each instance.

                                      Very truly yours,

<PAGE>

                                                                      Schedule A
                                                                      ----------

Mitsubishi Motors Credit of America, Inc.
6363 Katella Avenue
Cypress, California  90630

Chase Manhattan Bank USA, N.A.
 as Trustee
MMCA Auto Receivables Trust
1201 Market Street
Wilmington, DE 19801
Attention:  Corporate Trust Department

MMCA Auto Owner Trust 2000-2
c/o Wilmington Trust Company, as
 Owner Trustee
1100 North Market Street
Wilmington, Delaware  19890-0001

Wilmington Trust Company, as
 Owner Trustee
1100 North Market Street
Wilmington, Delaware  19890-0001

Bank of Tokyo - Mitsubishi Trust Company
 as Indenture Trustee
1251 Avenue of the Americas
New York, New York  10020

Salomon Smith Barney Inc.
 as Representative of the several
 Underwriters
390 Greenwich Street
4th Floor
New York, NY  10013

Standard & Poor's,
 a division of The McGraw-Hill Companies, Inc.
55 Water Street
New York, New York  10041

Moody's Investors Service, Inc.
99 Church Street
New York, New York  10007

<PAGE>

                                                          Exhibit A (to Opinion)

                           MMCA AUTO RECEIVABLES TRUST

                              OFFICER'S CERTIFICATE

                  The undersigned, a duly authorized officer of MMCA AUTO
RECEIVABLES TRUST ("MART"), does hereby certify as follows:

                  (2) No financing statements or other filings have been filed
naming MART as debtor or seller in any State of the United States of America to
perfect a sale, transfer or assignment of or lien, encumbrance, security
interest or other interest in, or which otherwise per tains to, the Initial
Receivables.

                  (3) At all times since the establishment of MART, MART has had
one place of business and it is and has been located in Cypress, California.

                  (4) At all times since the establishment of MART and on the
date hereof, MART has had a mailing address of P.O. Box 6038, Cypress,
California 90630-0038.

                  (5) Attached hereto as Annex A are forms of motor vehicle
retail installment sales contracts used to create the Initial Receivables (the
"Form Contracts"), and each Initial Receivable is substantially in the form of a
Form Contract.

                  Capitalized terms used herein and not otherwise defined shall
have the meanings ascribed to such terms in the Sale and Servicing Agreement,
dated as of [ ] 1, 2000, by and among MART, Mitsubishi Motors Credit of America,
Inc., as Servicer, and MMCA Auto Owner Trust 2000-2, as Trust, and accepted and
agreed to by Bank of Tokyo - Mitsubishi Trust Company, as Indenture Trustee.

<PAGE>

             IN WITNESS WHEREOF, I have set my hand this _____ day of _________,
2000.

                                   MMCA AUTO RECEIVABLES TRUST

                                   By:_____________________________
                                      Name:
                                      Title:

<PAGE>

                                                            Annex A (to Opinion)

                   FORMS OF RETAIL INSTALLMENT SALES CONTRACT

<PAGE>

                                                            Annex B (to Opinion)

         CERTIFIED REPORT OF FILING OFFICE ON PRIOR FINANCING STATEMENTS

<PAGE>

                                                                         Annex A

                   [FORMS OF RETAIL INSTALLMENT SALE CONTRACT]

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