Document:

<PAGE>

                                                                     EXHIBIT 4.1

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                        [-------------------------------]

                        Class A-1 ___% Asset Backed Notes
                        Class A-2 ___% Asset Backed Notes

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

                                FORM OF INDENTURE
                        Dated as of ____________, 200[ ]

                              [-------------------]

                              as Indenture Trustee

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

<PAGE>

                            CROSS REFERENCE TABLE (1)

<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
      (d) ........................................................    7.4
313   (a) ........................................................    7.4
      (b) (1) ....................................................    7.4
      (b) (2) ....................................................    11.5
      (c) ........................................................    7.4
      (d) ........................................................    7.3
314   (a) ........................................................    11.15
      (b) ........................................................    11.1
      (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
</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.

<PAGE>

<TABLE>
<S>                                                                     <C>
316  (a) (last sentence) ...........................................    2.7
     (a) (1) (A) ...................................................    5.11
     (a) (1) (B) ...................................................    5.12
     (a) (2) .......................................................    N.A.
     (b) ...........................................................    5.7
     (c) ...........................................................    N.A.
317  (a) (1) .......................................................    5.3
     (a) (2) .......................................................    3.3
     (b) ...........................................................    3.3
318  (a) ...........................................................    11.7
</TABLE>

<PAGE>

                                TABLE OF CONTENTS
                                -----------------

<TABLE>
<CAPTION>
                                                                          Page
                                                                          ----
<S>                                                                       <C>
ARTICLE I    DEFINITIONS AND INCORPORATION BY REFERENCE ................      2
SECTION 1.1  Definitions ...............................................      2
SECTION 1.2  Incorporation by Reference of Trust Indenture Act .........      2
SECTION 1.3  Other Interpretive Provisions .............................      2

ARTICLE II   THE NOTES .................................................      3
SECTION 2.1  Form ......................................................      3
SECTION 2.2  Execution, Authentication and Delivery ....................      3
SECTION 2.3  Temporary Notes ...........................................      4
SECTION 2.4  Registration of Transfer and Exchange .....................      4
SECTION 2.5  Mutilated, Destroyed, Lost or Stolen Notes ................      6
SECTION 2.6  Persons Deemed Owner ......................................      6
SECTION 2.7  Payment of Principal and Interest .........................      7
SECTION 2.8  Cancellation ..............................................      7
SECTION 2.9  Release of Collateral .....................................      8
SECTION 2.10 Book-Entry Notes ..........................................      8
SECTION 2.11 Notices to Clearing Agency ................................      9
SECTION 2.12 Definitive Notes ..........................................      9
SECTION 2.13 Authenticating Agents .....................................      9
SECTION 2.14 Tax Treatment .............................................     10

ARTICLE III  COVENANTS .................................................     10
SECTION 3.1  Payment of Principal and Interest .........................     10
SECTION 3.2  Maintenance of Office or Agency ...........................     10
SECTION 3.3  Money for Payments To Be Held in Trust ....................     11
SECTION 3.4  Existence .................................................     12
SECTION 3.6  Opinions as to Trust Estate ...............................     13
SECTION 3.7  Performance of Obligations; Servicing of Receivables ......     13
SECTION 3.8  Negative Consents .........................................     16
SECTION 3.9  Annual Statement as to Compliance .........................     16
SECTION 3.10 Issuer May Consolidate, Etc. Only on Certain Terms ........     17
SECTION 3.11 Successor or Transferee ...................................     18
SECTION 3.12 No Other Business .........................................     19
SECTION 3.13 No Borrowing ..............................................     19
SECTION 3.14 Servicer's Obligations ....................................     19
SECTION 3.15 Guarantees, Loans, Advances and Other Liabilities .........     19
SECTION 3.16 Capital Expenditures ......................................     19
SECTION 3.17 Restricted Payments .......................................     19
</TABLE>

                                      (i)

<PAGE>

<TABLE>
<S>                                                                                                   <C>
SECTION 3.18 Notice of Events of Default ..........................................................   19
SECTION 3.19 Further Instruments and Acts .........................................................   20
SECTION 3.20 Removal of Administrator .............................................................   20

ARTICLE IV   SATISFACTION AND DISCHARGE ...........................................................   20
SECTION 4.1  Satisfaction and Discharge of Indenture ..............................................   20
SECTION 4.2  Application of Trust Money ...........................................................   21
SECTION 4.3  Repayment of Moneys Held by Paying Agent .............................................   21

ARTICLE V    REMEDIES .............................................................................   21
SECTION 5.1  Events of Default ....................................................................   21
SECTION 5.2  Acceleration of Maturity; Rescission and Annulment ...................................   23
SECTION 5.3  Collection of Indebtedness and Suits for Enforcement by Indenture Trustee ............   23
SECTION 5.4  Remedies; Priorities .................................................................   26
SECTION 5.5  Optional Preservation of the Receivables .............................................   27
SECTION 5.6  Limitation of Suits ..................................................................   27
SECTION 5.7  Unconditional Rights of Noteholders To Receive Principal and Interest ................   28
SECTION 5.8  Restoration of Rights and Remedies ...................................................   28
SECTION 5.9  Rights and Remedies Cumulative .......................................................   28
SECTION 5.10 Delay or Omission Not a Waiver .......................................................   28
SECTION 5.11 Control by Noteholders ...............................................................   29
SECTION 5.12 Waiver of Past Defaults ..............................................................   29
SECTION 5.13 Undertaking for Costs ................................................................   30
SECTION 5.14 Waiver of Stay or Extension Laws .....................................................   30
SECTION 5.15 Action on Notes ......................................................................   30
SECTION 5.16 Performance and Enforcement of Certain Obligations ...................................   30

ARTICLE VI   INDENTURE TRUSTEE ....................................................................   31
SECTION 6.1  Duties of Indenture Trustee ..........................................................   31
SECTION 6.2  Rights of Indenture Trustee ..........................................................   32
SECTION 6.3  Individual Rights of Indenture Trustee ...............................................   33
SECTION 6.4  Indenture Trustee's Disclaimer .......................................................   33
SECTION 6.5  Notice of Defaults ...................................................................   33
SECTION 6.6  Reports by Indenture Trustee to Holders ..............................................   33
SECTION 6.7  Compensation and Indemnity ...........................................................   33
SECTION 6.8  Replacement of Indenture Trustee .....................................................   34
SECTION 6.9  Successor Indenture Trustee by Merger ................................................   35
SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee ....................   35
SECTION 6.11 Eligibility; Disqualification ........................................................   37
SECTION 6.12 Preferential Collection of Claims Against Issuer .....................................   37
</TABLE>

                                      (ii)

<PAGE>

<TABLE>
        <S>                                                                                                     <C>
        ARTICLE VII     NOTEHOLDERS' LISTS AND REPORTS ......................................................   37
        SECTION 7.1     Issuer to Furnish Indenture Trustee Names and Addresses
                                of Noteholders ..............................................................   37
        SECTION 7.2     Preservation of Information; Communication to Noteholders ...........................   37
        SECTION 7.3     Reports by Issuer ...................................................................   38
        SECTION 7.4     Reports by Indenture Trustee ........................................................   38

        ARTICLE VIII    ACCOUNTS, DISBURSEMENTS AND RELEASES ................................................   39
        SECTION 8.1     Collection of Money .................................................................   39
        SECTION 8.2     Trust Accounts ......................................................................   39
        SECTION 8.3     General Provisions Regarding Accounts ...............................................   40
        SECTION 8.4     Release of Trust Estate .............................................................   41
        SECTION 8.5     Opinion of Counsel ..................................................................   41

        ARTICLE IX      SUPPLEMENTAL INDENTURES .............................................................   42
        SECTION 9.1     Supplemental Indentures Without Consent of Noteholders ..............................   42
        SECTION 9.2     Supplemental Indentures with Consents of Noteholders ................................   43
        SECTION 9.3     Execution of Supplemental Indentures ................................................   45
        SECTION 9.4     Effect of Supplemental Indenture ....................................................   45
        SECTION 9.5     Conformity With Trust Indenture Act .................................................   45
        SECTION 9.6     Reference in Notes to Supplemental Indentures .......................................   46

        ARTICLE X       REDEMPTION OF NOTES .................................................................   46
        SECTION 10.1    Redemption ..........................................................................   46
        SECTION 10.2    Form of Redemption Notice ...........................................................   46
        SECTION 10.3    Notes Payable on Redemption Date ....................................................   47

        ARTICLE XI      MISCELLANEOUS .......................................................................   47
        SECTION 11.1    Compliance Certificates and Opinions, etc ...........................................   47
        SECTION 11.2    Form of Documents Delivered to Indenture Trustee ....................................   49
        SECTION 11.3    Acts of Noteholders .................................................................   50
        SECTION 11.4    Notices, etc., to Indenture Trustee, Issuer and Rating Agencies .....................   50
        SECTION 11.5    Notices to Noteholders; Waiver ......................................................   51
        SECTION 11.6    Alternate Payment and Notice Provisions .............................................   52
        SECTION 11.7    Conflict with Trust Indenture Act ...................................................   52
        SECTION 11.8    Effect of Headings and Table of Contents ............................................   52
        SECTION 11.9    Successors and Assigns ..............................................................   52
        SECTION 11.10   Separability ........................................................................   52
        SECTION 11.11   Benefits of Indenture ...............................................................   52
        SECTION 11.12   Legal Holidays ......................................................................   53
        SECTION 11.13   GOVERNING LAW .......................................................................   53
        SECTION 11.14   Counterparts ........................................................................   53
</TABLE>

                                     (iii)

<PAGE>

<TABLE>
        <S>                                                                                                     <C>
        SECTION 11.15   Recording of Indenture ..............................................................   53
        SECTION 11.16   Trust Obligation ....................................................................   53
        SECTION 11.17   No Petition .........................................................................   53
        SECTION 11.18   Inspection ..........................................................................   54

        Exhibit A    Schedule of Receivables
        Exhibit B    Form of Sale and Servicing Agreement
        Exhibit C    Form of Note Depository Agreement
        Exhibit D    Form of Class A-1 Note
        Exhibit E    Form of Class A-2 Note
</TABLE>

                                      (iv)

<PAGE>

       INDENTURE dated as of _____________, 200[_], between M & I Auto
Receivables [Trust] [LLC] 200___ -___, a [common law trust] [limited liability
company] ("Issuer"), and _____________________________________________, a
__________________, solely as trustee and not in its individual capacity
("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 Issuer's Class A-1 ______% Asset
Backed Notes (the "Class A-1 Notes"), and Class A-2 ______% Asset Backed Notes
(the "Class A-2 Notes" and, together with the Class A-1 Notes, the "Notes"):

                                 GRANTING CLAUSE

       Issuer hereby Grants to Indenture Trustee at the Closing Date, as
Indenture Trustee for the benefit of the Holders of the Notes, all of Issuer's
right, title and interest in and to (a) the Receivables, and all moneys received
thereon [on or] after the Cutoff Date; (b) the security interests in the
Financed Vehicles granted by Obligors pursuant to the Receivables and any other
interest of Issuer in the Financed Vehicles and any other property that shall
secure the Receivables; (c) any proceeds with respect to (i) any Receivable
repurchased by a Dealer, pursuant to a Dealer Agreement, as a result of a breach
of a representation or warranty in the related Dealer Agreement, (ii) a default
by an Obligor resulting in the repossession of the Financed Vehicle, or (iii)
any Dealer Recourse and other rights of Affiliates under Dealer Agreements; (d)
any proceeds with respect to the Receivables from claims on any Insurance
Policies covering Financed Vehicles or Obligors or from claims under any
lender's single interest insurance policy naming any Seller Affiliate as an
insured; (e) rebates of premiums and other amounts relating to any Insurance
Policies and rebates of other items, such as extended warranties financed under
the Receivables, in each case, to the extent Servicer would, in accordance with
its customary practices, apply such amounts to the Principal Balance of the
related Receivable; (f) any instrument or document relating to the Receivables;
(g) all the Seller's rights under the Purchase Agreements, including the right
of the Seller to cause an Affiliate to repurchase Receivables from the Seller;
(h) the security interests in the Receivables and other assets granted by each
Seller Affiliate to the Issuer under the Affiliate Security Agreement and all
rights of the Issuer thereunder; (i) all funds on deposit from time to time in
the Trust Accounts and in all investments and proceeds thereof (including the
Reserve Account Property but excluding all investment income thereon); (j) the
Issuer's rights under the Sale and Servicing Agreement; and (k) all present and
future claims, demands, causes 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, voluntary or involuntary, into cash or other liquid
property, all cash proceeds, accounts, accounts receivable, notes, drafts,
acceptances, chattel paper, checks, deposit accounts, insurance proceeds,
condemnation awards, rights to payment of any and every kind and other forms of
obligations and receivables, instruments and other property which at any time
constitute all or part of or are included in the proceeds of any of the
foregoing (collectively, the "Collateral").

<PAGE>

       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 except as set
forth herein, and to secure compliance with the provisions of this Indenture,
all as provided in this Indenture.

       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 1   DEFINITIONS AND INCORPORATION BY REFERENCE.

       SECTION 1.1   Definitions. Capitalized terms are used in this Indenture
as defined in Appendix X to the Sale and Servicing Agreement dated as of
_________, 200[ ], among M & I Dealer Auto Securitization, L.L.C., as Seller,
the Issuer and M & I Marshall & Ilsley Bank, as Servicer.

       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:

       "Commission" means the Securities and Exchange Commission.

       "indenture securities" means the Notes.

       "indenture security holder" means a Noteholder.

       "indenture to be qualified" means this Indenture.

       "indenture trustee" or "institutional trustee" means Indenture Trustee.

       "obligor" on the indenture securities means Issuer and any other obligor
       on the indenture securities.

       All other TIA terms used in this Indenture that are defined by 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   Other Interpretive Provisions. All terms defined in this
Indenture shall have the defined meanings when used in any certificate or other
document delivered pursuant hereto unless otherwise defined therein. For
purposes of this Indenture and all such certificates

                                       2

<PAGE>

and other documents, unless the context otherwise requires: (a) accounting terms
not otherwise defined in this Indenture, and accounting terms partly defined in
this Indenture to the extent not defined, shall have the respective meanings
given to them under generally accepted accounting principles; (b) the words
"hereof," "herein" and "hereunder" and words of similar import refer to this
Indenture as a whole and not to any particular provision of this Indenture; (c)
references to any Article, Section, Schedule or Exhibit are references to
Articles, Sections, Schedules and Exhibits in or to this Indenture and
references to any paragraph, subsection, clause or other subdivision within any
Section or definition refer to such paragraph, subsection, clause or other
subdivision of such Section or definition; (d) the term "including" means
"including without limitation"; (e) except as otherwise expressly provided
herein, references to any law or regulation refer to that law or regulation as
amended from time to time and include any successor law or regulation; (f)
references to any Person include that Person's successors and assigns; and (g)
headings are for purposes of reference only and shall not otherwise affect the
meaning or interpretation of any provision hereof.

ARTICLE II    THE NOTES.

       SECTION 2.1   Form. The Class A-1 Notes and the Class A-2 Notes, in each
case together with Indenture Trustee's certificate of authentication, shall be
in substantially the forms set forth in Exhibits D and E, 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 of the Notes. 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.

       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.

       Each Note shall be dated the date of its authentication. The terms of the
Notes set forth in Exhibits D and E are part of the terms of this Indenture.

       SECTION 2.2   Execution, Authentication and Delivery. The Notes shall be
executed on behalf of Issuer by any of its Authorized Officers. The signature of
any such Authorized Officer on the Notes may be manual or facsimile.

       Notes bearing the manual or facsimile signature of individuals who were
at any time Authorized Officers of Issuer shall bind 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.

                                       3

<PAGE>

       Indenture Trustee shall upon Issuer order authenticate and deliver Class
A-1 Notes for original issue in an aggregate principal amount of $___________
and Class A-2 Notes for original issue in the aggregate principal amount of
________________. The aggregate principal amount of Class A-1 Notes and Class
A-2 Notes outstanding at any time may not exceed such amounts except as provided
in Section 2.5.

       Each Note shall be dated the date of its authentication. The Notes shall
be issuable as registered Notes in the minimum denomination of $1,000 and in
integral multiples thereof (except for one Note of each class which may be
issued in a denomination other than an integral multiple of $1,000).

       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
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. Pending the preparation of Definitive Notes,
Issuer may execute, and upon receipt of an Issuer Order, Indenture Trustee shall
authenticate and deliver, temporary Notes which 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.

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

       If a Person other than Indenture Trustee is appointed by Issuer as Note
Registrar, Issuer will give Indenture Trustee prompt written notice of the
appointment of such Note Registrar and

                                       4

<PAGE>

of the location, and any change in the location, of the Note Register, and
Indenture Trustee shall have the right to inspect the Note Register at all
reasonable times and to obtain copies thereof, and Indenture Trustee shall have
the right to conclusively rely upon a certificate executed on behalf of 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.

       Upon surrender for registration of transfer of any Note at the office or
agency of Issuer to be maintained as provided in Section 3.2, if the
requirements of Section 8-401(1) of the UCC are met Issuer shall execute and
upon its written request Indenture Trustee shall authenticate and the Noteholder
shall obtain from Indenture Trustee, in the name of the designated transferee or
transferees, one or more new Notes, in any authorized denominations, of the same
class and a like aggregate principal amount.

       At the option of the Holder, Notes may be exchanged for other Notes in
any authorized denominations, of the same class and 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(1) of the UCC are met Issuer shall execute and upon its written
request Indenture Trustee shall authenticate and the Noteholder shall obtain
from Indenture Trustee, the Notes which the Noteholder making the exchange is
entitled to receive.

       All Notes issued upon any registration of transfer or exchange of Notes
shall be the valid obligations of 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.

       Every Note presented or surrendered for registration of transfer or
exchange shall be (i) duly endorsed by, or be accompanied by a written
instrument of transfer in form satisfactory to Note Registrar 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 Note Registrar which requirements include membership or
participation in a Securities Transfer Agents Medallion Program ("Stamp") or
such other "signature guarantee program" as may be determined by Note Registrar
in addition to, or in substitution for, Stamp, all in accordance with the
Exchange Act, and (ii) accompanied by such other documents as Indenture Trustee
may require.

       No service charge shall be made to a Holder for any registration of
transfer or exchange of Notes, but 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.

       The preceding provisions of this Section notwithstanding, Issuer shall
not be required to make and Note Registrar need not register transfers or
exchanges of Notes selected for

                                       5

<PAGE>

redemption or of any Note for a period of 15 days preceding the due date for any
payment with respect to the Note.

       SECTION 2.5 Mutilated, Destroyed, Lost or Stolen Notes. If (i) any
mutilated Note is surrendered to Indenture Trustee, or Indenture Trustee
receives evidence to its satisfaction of the destruction, loss or theft of any
Note, and (ii) there is delivered to Indenture Trustee such security or
indemnity as may be required by it to hold Issuer and Indenture Trustee
harmless, then, in the absence of notice to Issuer, Note Registrar or Indenture
Trustee that such Note has been acquired by a bona fide purchaser, and provided
that the requirements of Section 8-405 of the UCC are met, Issuer shall execute
and upon its written request Indenture Trustee shall authenticate and deliver,
in exchange for or in lieu of any such mutilated, destroyed, lost or stolen
Note, a replacement Note; provided that if any such destroyed, lost or stolen
Note, but not a mutilated Note, shall have become or within seven days shall be
due and payable, or shall have been called for redemption, instead of issuing a
replacement Note, Issuer may upon delivery of the security or indemnity herein
required pay such destroyed, lost or stolen Note when so due or payable or upon
the Redemption Date without surrender thereof. 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 bona fide purchaser of the original Note in
lieu of which such replacement Note was issued presents for payment such
original Note, Issuer and 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 bona
fide 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
Issuer or Indenture Trustee in connection therewith.

       Upon the issuance of any replacement Note under this Section, 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 Indenture Trustee)
connected therewith.

       Every replacement Note issued pursuant to this Section in replacement of
any mutilated, destroyed, lost or stolen Note shall constitute an original
additional contractual obligation of 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.

       The provisions of this Section 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 2.6 Persons Deemed Owner. Prior to due presentment for
registration of transfer of any Note, Issuer, Indenture Trustee and any agent of
Issuer or Indenture Trustee may treat the Person in whose name any Note is
registered (as of the day of determination) as the

                                       6

<PAGE>

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 neither Issuer, Indenture Trustee nor any agent of
Issuer or Indenture Trustee shall be affected by notice to the contrary.

       SECTION 2.7 Payment of Principal and Interest. (a) The Notes shall accrue
interest as provided in the forms of the Class A-1 Note and the Class A-2 Note,
set forth in Exhibits D and E, respectively, and such interest shall be payable
on each Distribution Date as specified therein. Any installment of interest or
principal, if any, payable on any Note which is punctually paid or duly provided
for by Issuer on the applicable Distribution 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, except that,
unless Definitive Notes have been issued pursuant to Section 2.12, 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 will 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 Distribution Date or on the Final Scheduled
Distribution Date (and except for the Redemption Price for any Note called for
redemption pursuant to Section 10.1(a)) 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.

       (b) The principal of each Note shall be payable on each Distribution Date
as provided in the forms of the Class A-1 Note and the Class A-2 Note, set forth
in Exhibits D and E, respectively. 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 Indenture Trustee or the Holders of the Notes representing not
less than a majority of the Outstanding Amount of the Notes have declared the
Notes to be immediately due and payable in the manner provided in Section 5.2
and, in such event, all principal payments on each class of Notes shall be made
pro rata to the Noteholders of such class entitled thereto. Indenture Trustee
shall notify the Person in whose name a Note is registered at the close of
business on the Record Date preceding the Distribution Date on which Issuer
expects that the final installment of principal of and interest on such Note
will be paid. Such notice shall be mailed or transmitted by facsimile prior to
such final Distribution Date and shall specify that such final installment will
be payable only upon presentation and surrender of such Note and shall specify
the place where such Note may be presented and surrendered for payment of such
installment. Notices in connection with redemptions of Notes shall be mailed to
Noteholders as provided in Section 10.2.

       SECTION 2.8 Cancellation. All Notes surrendered for payment, registration
of transfer, exchange or redemption shall, if surrendered to any Person other
than Indenture Trustee, be delivered to Indenture Trustee and shall be promptly
cancelled by Indenture Trustee. Issuer may at any time deliver to Indenture
Trustee for cancellation any Notes previously authenticated and

                                       7

<PAGE>

delivered hereunder which Issuer may have acquired in any manner whatsoever, and
all Notes so delivered shall be promptly cancelled by Indenture Trustee. No
Notes shall be authenticated in lieu of or in exchange for any Notes cancelled
as provided in this Section, except as expressly permitted by this Indenture.
All cancelled Notes may be held or disposed of by Indenture Trustee in
accordance with its standard retention or disposal policy as in effect at the
time unless 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 Indenture Trustee.

       SECTION 2.9 Release of Collateral. Subject to Section 11.1, Indenture
Trustee shall release property from the lien of this Indenture only upon receipt
of an Issuer Request accompanied by an Officer's Certificate, an Opinion of
Counsel and Independent Certificates in accordance with TIA ss.ss. 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
Owner Trustee's obligations under TIA Sections 314(c) and 314(d)(1), subject to
Section 11.1 and the terms of the Basic Documents, 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 2.10 Book-Entry Notes. The Notes, upon original issuance, will be
issued in the form of typewritten Notes representing the Book-Entry Notes, to be
delivered to _____________________, as agent for The Depository Trust Company,
the initial Clearing Agency, by, or on behalf of, Issuer. Such Notes shall
initially be registered on the Note Register in the name of Cede & Co., the
nominee of the initial Clearing Agency, and no Note Owner will receive a
Definitive Note representing such Note Owner's interest in such Note, except as
provided in Section 2.12. Unless and until definitive, fully registered Notes
(the "Definitive Notes") have been issued to Note Owners pursuant to Section
2.12:

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

       (b)   Note Registrar and 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;

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

       (d)   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 or Persons acting through Clearing Agency Participants. Pursuant to
the Note Depository Agreement, unless and until Definitive Notes are issued
pursuant to Section 2.12, the initial Clearing Agency will make book-entry

                                       8

<PAGE>

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

     (e) 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 Outstanding Amount of the Notes, 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
or Persons acting through Clearing Agency Participants owning or representing,
respectively, such required percentage of the beneficial interest in the Notes
and has delivered such instructions to Indenture Trustee.

     SECTION 2.11 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 Note Owners pursuant to Section
2.12, 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 the Note Owners.

     SECTION 2.12 Definitive Notes. If (a) the Seller advises Indenture Trustee
in writing that the Clearing Agency is no longer willing or able to properly
discharge its responsibilities with respect to the Notes, and the Seller is
unable to locate a qualified successor, (b) the Seller at its option advises
Indenture Trustee in writing that it elects to terminate the book-entry system
through the Clearing Agency or (c) after the occurrence of an Event of Default,
Note Owners representing beneficial interests aggregating at least a majority of
the Outstanding Amount of the Notes advise Indenture Trustee through 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 the Note Owners, then
the Clearing Agency shall notify all Note Owners and Indenture Trustee of the
occurrence of any such event and of the availability of Definitive Notes to Note
Owners requesting the same. Upon surrender to Indenture Trustee of the
typewritten Note or Notes representing the Book-Entry Notes by the Clearing
Agency, accompanied by registration instructions, Issuer shall execute and
Indenture Trustee shall authenticate the Definitive Notes in accordance with the
instructions of the Clearing Agency. None of Issuer, Note Registrar or 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.
Upon the issuance of Definitive Notes, Indenture Trustee shall recognize the
Holders of the Definitive Notes as Noteholders.

     SECTION 2.13 Authenticating Agents. (a) 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, 2.4 and 2.5, 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

                                       9

<PAGE>

pursuant to this Section shall be deemed to be the authentication of Notes "by
the Indenture Trustee."

     (b)  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.

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

     (d)  The Administrator agrees to pay to each Authenticating Agent from time
to time reasonable compensation for its services. The provisions of Sections 2.8
and 6.4 shall be applicable to any Authenticating Agent.

     SECTION 2.14 Tax Treatment. 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
Issuer secured by the Trust Estate. 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 Issuer.

ARTICLE III COVENANTS.

     SECTION 3.1 Payment of Principal and Interest. Issuer will duly and
punctually pay the principal of and interest on the Notes in accordance with the
terms of the Notes and this Indenture. Without limiting the foregoing, subject
to Section 8.2(c), Issuer will cause to be distributed all amounts on deposit in
the Note Distribution Account on a Distribution Date deposited therein pursuant
to the Sale and Servicing Agreement (i) in the Class A-1 Noteholders' Interest
Distributable Amount, to Class A-1 Noteholders and (ii) in the Class A-2
Noteholders' Interest Distributable Amount, to Class A-2 Noteholders. 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 Issuer
to such Noteholder for all purposes of this Indenture.

     SECTION 3.2 Maintenance of Office or Agency. Issuer will maintain in the
Borough of Manhattan, The City of New York, an office or agency where Notes may
be surrendered for

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<PAGE>

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

     SECTION 3.3 Money for Payments To Be Held in Trust. 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 and the Note
Distribution Account pursuant to Section 8.2(c) shall be made on behalf of
Issuer by Indenture Trustee or by another Paying Agent, and no amounts so
withdrawn from the Collection Account and the Note Distribution Account for
payments of Notes shall be paid over to Issuer except as provided in this
Section.

     On or before each Distribution Date and Redemption Date, Issuer shall
deposit or cause to be deposited in the Note Distribution 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 Indenture Trustee) shall promptly notify Indenture Trustee of
its action or failure so to act.

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

                 (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 Indenture Trustee notice of any default by 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 Indenture Trustee, forthwith pay to
          Indenture Trustee all sums so held in trust by such Paying Agent;

                 (iv)  immediately resign as a Paying Agent and forthwith pay to
          Indenture Trustee all sums held by it in trust for the payment of
          Notes if at any

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<PAGE>

          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 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.

     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 Indenture Trustee all sums held in trust by such Paying
Agent, such sums to be held by Indenture Trustee upon the same trusts as those
upon which the sums were held by such Paying Agent; and upon such a payment by
any Paying Agent to Indenture Trustee, such Paying Agent shall be released from
all further liability with respect to such money.

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

     SECTION 3.4 Existence. Except as otherwise permitted by the provisions of
Section 3.10, Issuer will keep in full effect its existence, rights and
franchises as a _________ under the laws of the State of _________ (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 Issuer
will keep in full effect its existence, rights and franchises under the laws of
such other jurisdiction) and will 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.

                                       12

<PAGE>

     SECTION 3.5 Protection of Trust Estate. Issuer will from time to time
prepare (or shall cause to be prepared), execute and deliver all such
supplements and amendments hereto and all such financing statements,
continuation statements, instruments of further assurance and other instruments,
and will take such other action necessary or advisable to:

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

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

     (c)  enforce any of the Collateral; or

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

     Issuer hereby designates Indenture Trustee its agent and attorney-in-fact
to execute any financing statement, continuation statement or other instrument
required by Issuer pursuant to this Section.

     SECTION 3.6 Opinions as to Trust Estate. (a) On the Closing Date, Issuer
shall furnish to 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 and filing 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 are necessary to
perfect and make effective the lien and security interest of this Indenture and
reciting the details of such action, or stating that, in the opinion of such
counsel, no such action is necessary to make such lien and security interest
effective.

     (b)  Within 120 days after the beginning of each calendar year, beginning
with the first calendar year beginning more than three months after the Cutoff
Date, Issuer shall furnish to Indenture Trustee an Opinion of Counsel either
stating that, in the opinion of such counsel, such action has been taken with
respect to the recording, filing, re-recording and refiling of this Indenture,
any indentures supplemental hereto and any other requisite documents and with
respect to the execution and filing of any financing statements and continuation
statements as are 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 will, in the opinion of
such counsel, be required to maintain the lien and security interest of this
Indenture until January 30 in the following calendar year.

                                       13

<PAGE>

     SECTION 3.7 Performance of Obligations; Servicing of Receivables. (a)
Issuer will not take any action and will 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
ordered by any bankruptcy or other court or as expressly provided in this
Indenture, the Basic Documents or such other instrument or agreement.

     (b)  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 Indenture Trustee in an Officer's Certificate of Issuer shall be
deemed to be action taken by Issuer. Initially, Issuer has contracted with
Servicer and the Administrator to assist Issuer in performing its duties under
this Indenture.

     (c)  Issuer will 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 preparing (or causing to prepared) and filing (or causing to be
filed) all UCC financing statements and continuation statements required to be
filed 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, Issuer shall not waive, amend,
modify, supplement or terminate any Basic Document or any provision thereof
without the consent of Indenture Trustee or the Holders of at least a majority
of the Outstanding Amount of the Notes.

     (d)  If Issuer shall have knowledge of the occurrence of a Servicer
Termination Event under the Sale and Servicing Agreement, Issuer shall promptly
notify Indenture Trustee and the Rating Agencies thereof in accordance with
Section 11.4, and shall specify in such notice the action, if any, Issuer is
taking in respect of such default. If a Servicer Termination Event shall arise
from the failure of Servicer to perform any of its duties or obligations under
the Sale and Servicing Agreement with respect to the Receivables, 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
Servicer of Servicer's rights and powers pursuant to Section 8.1 of the Sale and
Servicing Agreement, Issuer shall appoint a successor servicer (the "Successor
Servicer"), and such Successor Servicer shall accept its appointment by a
written assumption in a form acceptable to Indenture Trustee. In the event that
a Successor Servicer has not been appointed and accepted its appointment at the
time when Servicer ceases to act as Servicer, Indenture Trustee without further
action shall automatically be appointed the Successor Servicer. Indenture
Trustee may resign as Servicer by giving written notice of such resignation to
Issuer and in such event will 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 Issuer as provided below. Upon delivery of any such
notice to Issuer,

                                       14

<PAGE>

Issuer shall obtain a new servicer as the Successor Servicer under the Sale
and Servicing Agreement. Any Successor Servicer other than 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 motor
vehicle loans and (ii) enter into a servicing agreement with Issuer having
substantially the same provisions as the provisions of the Sale and Servicing
Agreement applicable to Servicer. If within 30 days after the delivery of the
notice referred to above, Issuer shall not have obtained such a new servicer,
Indenture Trustee may appoint, or may petition a court of competent jurisdiction
to appoint, a Successor Servicer. In connection with any such appointment,
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, 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 Indenture Trustee). If
Indenture Trustee shall succeed to 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 shall be inapplicable to Indenture Trustee in its duties as the
successor to Servicer and the servicing of the Receivables. In case Indenture
Trustee shall become successor to Servicer under the Sale and Servicing
Agreement, Indenture Trustee shall be entitled to appoint as Servicer any one of
its Affiliates, or delegate any of its responsibilities as Servicer to agents,
subject to the terms of the Sale and Servicing Agreement, provided that such
appointment or delegation shall not affect or alter in any way the liability of
Indenture Trustee as a successor for the performance of the duties and
obligations of Servicer in accordance with the terms hereof.

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

     (g)  Without derogating from the absolute nature of the assignment granted
to Indenture Trustee under this Indenture or the rights of Indenture Trustee
hereunder, Issuer agrees that, unless such action is specifically permitted
hereunder or under the Basic Documents, it will not, without the prior written
consent of Indenture Trustee or the Holders of at least a majority in
Outstanding Amount of the Notes, amend, modify, waive, supplement, terminate or
surrender, or agree to any amendment, modification, supplement, termination,
waiver or surrender of, the terms of any Collateral or the Basic Documents, or
waive timely performance or observance by Servicer or Seller under the Sale and
Servicing Agreement; provided that no such amendment shall (i) except for
amendments and modifications of the Receivables permitted under the Sale and
Servicing Agreement, increase or reduce in any manner the amount of, or
accelerate or delay the timing of, distributions that are required to be made
for the benefit of the Noteholders, or (ii) reduce the aforesaid percentage of
the Notes which are required to consent to any such amendment, without the
consent of the Holders of all the Outstanding Notes. If any such amendment,
modification, supplement or waiver shall be so consented to by Indenture Trustee
or

                                       15

<PAGE>

such Holders, Issuer agrees, promptly following a request by Indenture Trustee
to do so, to execute and deliver, in its own name and at its own expense, such
agreements, instruments, consents and other documents as Indenture Trustee may
deem necessary or appropriate in the circumstances.

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

     (a)  except as expressly permitted by this Indenture or the Basic
Documents, sell, transfer, exchange or otherwise dispose of any of the
properties or assets of Issuer, including those included in the Trust Estate,
unless directed to do so by Indenture Trustee;

     (b)  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 assert any claim against any present or
former Noteholder by reason of the payment of the taxes levied or assessed upon
any part of the Trust Estate;

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

     (d)  (i) 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, (ii) 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 Trust Estate or any part thereof or any interest therein or the
proceeds thereof (other than tax liens, mechanics' liens and other liens that
arise by operation of law, in each case on a Financed Vehicle and arising solely
as a result of an action or omission of the related Obligor) or (iii) 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. Issuer will deliver to
Indenture Trustee, within 120 days after the end of each fiscal year of Issuer
(commencing 120 days after the fiscal year ended _________, 200_), and otherwise
in compliance with the requirements of TIA Section 314(a)(4) an Officer's
Certificate stating, as to the Authorized Officer signing such Officer's
Certificate, that:

     (a)  a review of the activities of Issuer during such year and of
performance under this Indenture has been made under such Authorized Officer's
supervision; and

     (b)  to the best of such Authorized Officer's knowledge, based on such
review, Issuer has complied with all conditions and covenants under this
Indenture throughout such year, or, if

                                       16

<PAGE>

there has been a default in the compliance of any such condition or covenant,
specifying each such default known to such Authorized Officer and the nature and
status thereof.

     SECTION 3.10 Issuer May Consolidate, Etc. Only on Certain Terms. (a) Issuer
shall not consolidate or merge with or into any other Person, unless

                  (i)   the Person (if other than 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 Indenture Trustee, in form satisfactory to 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 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)  Issuer shall have received an Opinion of Counsel (and
          shall have delivered copies thereof to Indenture Trustee) to the
          effect that such transaction will not have any material adverse tax
          consequence to the Trust, any Noteholder or any Certificateholder;

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

                  (vi)  Issuer shall have delivered to 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).

     (b)  Except as expressly contemplated by the Basic Documents, Issuer shall
not convey or transfer all or substantially all 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 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 assume, by an indenture

                                       17

<PAGE>

          supplemental hereto, executed and delivered to Indenture Trustee, in
          form satisfactory to 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 Issuer to be performed or observed, all as provided herein,
          (C) expressly agree 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 agree to
          indemnify, defend and hold harmless Issuer against and from any loss,
          liability or expense arising under or related to this Indenture and
          the Notes and (E) expressly agree by means of such supplemental
          indenture that such Person (or if a group of persons, then one
          specified Person) shall prepare (or cause to be prepared) and 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)  Issuer shall have received an Opinion of Counsel (and
          shall have delivered copies thereof to Indenture Trustee) to the
          effect that such transaction will not have any material adverse tax
          consequence to the Trust, any Noteholder or any Certificateholder;

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

                  (vi)  Issuer shall have delivered to 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).

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

     (b)  Upon a conveyance or transfer of all the assets and properties of
Issuer pursuant to Section 3.10(b), M & I Auto Receivables [Trust] [LLC] 200_-_
will be released from every

                                       18

<PAGE>

covenant and agreement of this Indenture to be observed or performed on the part
of Issuer with respect to the Notes immediately upon the delivery of written
notice to Indenture Trustee stating that M & I Auto Receivables [Trust] [LLC]
200_-_ is to be so released.

     SECTION 3.12 No Other Business. Issuer shall not engage in any business
other than financing, purchasing, owning, selling and managing the Receivables
in the manner contemplated by this Indenture and the Basic Documents and
activities incidental thereto.

     SECTION 3.13 No Borrowing. 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. Issuer shall cause Servicer to comply
with the Sale and Servicing Agreement, including Sections 4.9, 4.10 and 4.11
thereof.

     SECTION 3.15 Guarantees, Loans, Advances and Other Liabilities. Except as
contemplated by the Sale and Servicing Agreement or this Indenture, 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. Issuer shall not make any expenditure
(by long-term or operating lease or otherwise) for capital assets (either realty
or personalty).

     SECTION 3.17 Restricted Payments. Issuer shall not, directly or indirectly,
(a) pay any dividend or make any distribution (by reduction of capital or
otherwise), whether in cash, property, securities or a combination thereof, to
Owner Trustee or any owner of a beneficial interest in Issuer or otherwise with
respect to any ownership or equity interest or security in or of Issuer or to
Servicer or Administrator, (b) redeem, purchase, retire or otherwise acquire for
value any such ownership or equity interest or security or (c) set aside or
otherwise segregate any amounts for any such purpose; provided that Issuer may
make, or cause to be made, (i) distributions to Servicer, Administrator, Owner
Trustee, Indenture Trustee and the Certificateholders as permitted by, and to
the extent funds are available for such purpose under, the Sale and Servicing
Agreement or Trust Agreement and (ii) distributions to the Indenture Trustee
pursuant to Section 2(a)(ii) of the Administration Agreement. Issuer will not,
directly or indirectly, make payments to or distributions from the Collection
Account except in accordance with this Indenture and the Basic Documents.

     SECTION 3.18 Notice of Events of Default. Issuer agrees to give Indenture
Trustee and the Rating Agencies prompt written notice of each Event of Default
hereunder and each Event of

                                       19

<PAGE>

Servicing Termination or default on the part of Seller of its obligations under
the Sale and Servicing Agreement.

     SECTION 3.19 Further Instruments and Acts. Upon request of Indenture
Trustee, Issuer will execute and deliver such further instruments and do such
further acts as may be reasonably necessary or proper to carry out more
effectively the purpose of this Indenture.

     SECTION 3.20 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 (a) rights
of registration of transfer and exchange, (b) substitution of mutilated,
destroyed, lost or stolen Notes, (c) rights of Noteholders to receive payments
of principal thereof and interest thereon, (d) Sections 3.3, 3.4, 3.5, 3.8,
3.10, 3.12, 3.13 and 3.18, (e) the rights, obligations and immunities of
Indenture Trustee hereunder (including the rights of Indenture Trustee under
Section 6.7 and the obligations of Indenture Trustee under Section 4.2) and (f)
the rights of Noteholders as beneficiaries hereof with respect to the property
so deposited with Indenture Trustee payable to all or any of them, and Indenture
Trustee, on demand of and at the expense of Issuer, shall execute proper
instruments acknowledging satisfaction and discharge of this Indenture with
respect to the Notes, when

               (i) either

               (A) all Notes theretofore authenticated and delivered (other than
          (1) Notes that have been destroyed, lost or stolen and that have been
          replaced or paid as provided in Section 2.5 and (2) Notes for which
          payment money has theretofore been deposited in trust or segregated
          and held in trust by Issuer and thereafter repaid to Issuer or
          discharged from such trust, as provided in Section 3.3) have been
          delivered to Indenture Trustee for cancellation; or

               (B) all Notes not theretofore delivered to Indenture Trustee for
          cancellation

                   (1) have become due and payable,

                   (2) will become due and payable at the Final Scheduled
               Distribution Date within one year, or

                   (3) are to be called for redemption within one year under
               arrangements satisfactory to Indenture Trustee for the giving of
               notice of

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<PAGE>

               redemption by Indenture Trustee in the name, and at the expense,
               of Issuer,

          and Issuer, in the case of clauses (1), (2) or (3), has irrevocably
          deposited or caused to be irrevocably deposited with 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 Indenture Trustee for cancellation when due
          to the Final Scheduled Distribution Date or Redemption Date (if Notes
          shall have been called for redemption pursuant to Section 10.1(a)), as
          the case may be;

               (ii)  Issuer has paid or caused to be paid all other sums payable
          hereunder by Issuer; and

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

     SECTION 4.2 Application of Trust Money. All moneys deposited with 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 Indenture Trustee may determine,
to the Holders of the particular Notes for the payment or redemption of which
such moneys have been deposited with Indenture Trustee, of all sums due and to
become due thereon for principal and interest; but such moneys 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 4.3 Repayment of Moneys Held by Paying Agent. In connection with
the satisfaction and discharge of this Indenture with respect to the Notes, all
moneys then held by any Paying Agent other than Indenture Trustee under the
provisions of this Indenture with respect to such Notes shall, upon demand of
Issuer, be paid to 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 moneys.

ARTICLE V REMEDIES.

     SECTION 5.1 Events of Default. "Event of Default", wherever used herein,
means 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,

                                       21

<PAGE>

decree or order of any court or any order, rule or regulation of any
administrative or governmental body):

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

     (b) default in the payment of the principal of or any installment of the
principal of any Note when the same becomes due and payable;

     (c) default in the observance or performance of any material covenant or
agreement of 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
specifically dealt with), or any representation or warranty of 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 30 days (or for such longer period, not in
excess of 90 days, as may be reasonably necessary to remedy such default;
provided that such default is capable of remedy within 90 days or less and
Servicer on behalf of Owner Trustee delivers an Officer's Certificate to
Indenture Trustee to the effect that Issuer has commenced, or will promptly
commence and diligently pursue, all reasonable efforts to remedy such default)
after there shall have been given, by registered or certified mail, to Issuer by
Indenture Trustee or to Issuer and Indenture Trustee by the Holders of at least
25% of the Outstanding Amount of the Notes, 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;

     (d) the filing of a decree or order for relief by a court having
jurisdiction in the premises in respect of 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 Issuer or for any substantial part of the Trust Estate, or
ordering the winding-up or liquidation of Issuer's affairs, and such decree or
order shall remain unstayed and in effect for a period of 60 consecutive days;
or

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

                                       22

<PAGE>

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

     SECTION 5.2 Acceleration of Maturity; Rescission and Annulment. If an Event
of Default should occur and be continuing, then and in every such case Indenture
Trustee or the Holders of Notes representing not less than a majority of the
Outstanding Amount of the Notes may declare all the Notes to be immediately due
and payable, by a notice in writing to Issuer (and to 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.

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

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

               (i)  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

               (ii) all sums paid or advanced by Indenture Trustee hereunder and
          the reasonable compensation, expenses, disbursements and advances of
          Indenture Trustee and its agents and counsel; and

     (b)  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) Issuer covenants that if (i) default is made in the
payment of any interest on any Note when the same becomes due and payable, and
such default continues for a period of five days, or (ii) default is made in the
payment of the principal of or any installment of the principal of any Note when
the same becomes due and payable, Issuer will, upon demand of Indenture Trustee,
pay to it, for the benefit of the Holders of the Notes, the whole amount then
due and

                                       23

<PAGE>

payable on such Notes for principal and interest, with interest upon the overdue
principal, and, to the extent payment at such rate of interest shall be legally
enforceable, upon overdue installments of interest, at the rate specified in
Section 2.7 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 Indenture Trustee and its
agents and counsel.

         (b)  In case Issuer shall fail forthwith to pay such amounts upon such
demand, 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 Issuer or other obligor upon such Notes and collect in the manner
provided by law out of the property of Issuer or other obligor upon such Notes,
wherever situated, the moneys adjudged or decreed to be payable.

         (c)  If an Event of Default occurs and is continuing, 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 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 Indenture Trustee by this Indenture or by law.

         (d)  In case there shall be pending, relative to 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 Issuer or its property or such other obligor or Person, or
in case of any other comparable judicial proceedings relative to Issuer or other
obligor upon the Notes, or to the creditors or property of Issuer or such other
obligor, 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 Indenture Trustee shall have made any
demand pursuant to the provisions of this Section, 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 Indenture Trustee
              (including any claim for reasonable compensation to Indenture
              Trustee and each predecessor Indenture Trustee, and their
              respective agents, attorneys and counsel, and for reimbursement of
              all expenses and liabilities incurred, and all advances made, by
              Indenture Trustee and each

                                       24

<PAGE>

              predecessor Indenture Trustee, except as a result of negligence,
              bad faith or willful misconduct) and of the Noteholders allowed in
              such proceedings;

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

                  (iii) to collect and receive any moneys or other property
              payable or deliverable on any such claims and to distribute all
              amounts received with respect to the claims of the Noteholders and
              of 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 Indenture Trustee or the Holders of Notes allowed in any
              judicial proceedings relative to 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 Indenture Trustee, and, in the event that Indenture Trustee shall
consent to the making of payments directly to such Noteholders, to pay to
Indenture Trustee such amounts as shall be sufficient to cover reasonable
compensation to Indenture Trustee, each predecessor Indenture Trustee and their
respective agents, attorneys and counsel, and all other expenses and liabilities
incurred, and all advances made, by Indenture Trustee and each predecessor
Indenture Trustee except as a result of negligence or bad faith.

         (e)  Nothing herein contained shall be deemed to authorize 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 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 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
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 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 Indenture Trustee (and also any
proceedings involving the interpretation of any provision of this Indenture to
which Indenture Trustee shall be

                                       25

<PAGE>

a party), Indenture Trustee shall be held to represent all the Holders of
the Notes, and it shall not be necessary to make any Noteholder a party to any
such proceedings.

         SECTION 5.4  Remedies; Priorities. (a) If an Event of Default shall
have occurred and be continuing, Indenture Trustee may 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 Issuer and any other obligor upon such Notes moneys
             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 UCC
             and take any other appropriate action to protect and enforce the
             rights and remedies of Indenture Trustee and the Holders of the
             Notes; 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 that 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(a) or (b), unless (A) the Holders of 100% of the Outstanding
Amount of the Notes and Certificates consent thereto, (B) the proceeds of such
sale or liquidation distributable to the Noteholders and Certificateholders are
sufficient to discharge in full all amounts then due and unpaid upon such Notes
and Certificates for principal and interest or (C) 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 Indenture Trustee
obtains the consent of Holders of 66-2/3% of the Outstanding Amount of the
Notes. In determining such sufficiency or insufficiency with respect to clause
(B) and (C), 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 Indenture Trustee collects any money or property pursuant to
this Article V, it shall pay out such money or property (and other amounts
including amounts held on deposit in the Reserve Account) held as Collateral for
the benefit of the Noteholders in the following order:

                  FIRST: to Indenture Trustee for amounts due under Section
6.7;

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<PAGE>

                        SECOND:  to Servicer for due and unpaid Servicing Fees;

                        THIRD:   to Noteholders for amounts due and unpaid on
              the Notes for interest, ratably, without preference or priority of
              any kind, according to the amounts due and payable on the Notes
              for interest;

                        FOURTH:  to Noteholders for amounts due and unpaid on
              the Notes for principal, ratably, without preference or priority
              of any kind, according to the amounts due and payable on the Notes
              for principal; and

                        FIFTH:   to Issuer for distribution to the
              Certificateholders.

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

         SECTION 5.5    Optional Preservation of the Receivables. 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, Indenture Trustee may, but need not, elect to maintain possession of
the Trust Estate. 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 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, 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 Indenture
Trustee of a continuing Event of Default;

         (b)  the Holders of not less than 25% of the Outstanding Amount of the
Notes have made written request to 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 Indenture Trustee indemnity
reasonably satisfactory to it against the costs, expenses and liabilities to be
incurred in complying with such request;

                                       27

<PAGE>

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

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

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

         In the event 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 Outstanding Amount of the Notes,
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, if any, on such Note on or
after the respective due dates thereof expressed in such Note or 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 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 Indenture Trustee or to such
Noteholder, then and in every such case Issuer, 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 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 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.

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<PAGE>

         SECTION 5.10 Delay or Omission Not a Waiver. No delay or omission of
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 an
acquiescence therein. Every right and remedy given by this Article V or by law
to Indenture Trustee or to the Noteholders may be exercised from time to time,
and as often as may be deemed expedient, by Indenture Trustee or by the
Noteholders, as the case may be.

         SECTION 5.11 Control by Noteholders. The Holders of a majority of the
Outstanding Amount of the Notes shall have the right to direct the time, method
and place of conducting any proceeding for any remedy available to Indenture
Trustee with respect to the Notes or exercising any trust or power conferred on
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
Indenture Trustee to sell or liquidate the Trust Estate shall be by the Holders
of Notes representing not less than 100% of the Outstanding Amount of the Notes;

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

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

         (e)  such direction shall be in writing;

provided, further, that, subject to Section 6.1, Indenture Trustee need not take
any action that it determines might involve it in liability 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 of not less than a majority of the Outstanding Amount of the
Notes may waive any past Default or Event of Default and its consequences except
a Default (a) in payment of principal of or interest on any of the Notes or (b)
in respect of a covenant or provision hereof which cannot be modified or amended
without the consent of the Holder of each Note. In the case of any such waiver,
Issuer, 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 impair any right consequent
thereto.

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<PAGE>

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

         SECTION 5.13 Undertaking for Costs. All parties to this Indenture
agree, and each Holder of any Note by such Holder's acceptance thereof shall be
deemed to have agreed, that any court may in its discretion require, in any suit
for the enforcement of any right or remedy under this Indenture, or in any suit
against 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 attorneys' 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 shall not apply to (a) any suit instituted by
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
Outstanding Amount of the Notes 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. Issuer covenants (to the
extent that it may lawfully do so) that it will 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
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 will not hinder,
delay or impede the execution of any power herein granted to 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. 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 Indenture Trustee or the Noteholders shall be impaired by the recovery of any
judgment by Indenture Trustee against 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 Issuer.

         SECTION 5.16 Performance and Enforcement of Certain Obligations. (a)
Promptly following a request from Indenture Trustee to do so and at
Administrator's expense, Issuer agrees to take all such lawful action as
Indenture Trustee may request to compel or secure the performance and observance
by Seller and Servicer, as applicable, of each of their obligations to Issuer
under or in connection with the Sale and Servicing Agreement or by the Seller or
any Seller Affiliate, as applicable, of each of their obligations under or in
connection with each

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<PAGE>

Purchase Agreement, in each case, in accordance with the terms thereof, and to
exercise any and all rights, remedies, powers and privileges lawfully available
to Issuer under or in connection with the Sale and Servicing Agreement and each
Purchase Agreement, as the case may be, to the extent and in the manner directed
by Indenture Trustee, including the transmission of notices of default on the
part of Seller, Servicer or the applicable Seller Affiliate thereunder and the
institution of legal or administrative actions or proceedings to compel or
secure performance by Seller or Servicer of each of their obligations under the
Sale and Servicing Agreement or by Seller or any Seller Affiliate, as
applicable, of each of their obligations under or in connection with each
Purchase Agreement.

         (b) If an Event of Default has occurred and is continuing, 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 Outstanding Amount of the Notes shall, exercise all rights, remedies,
powers, privileges and claims of Issuer against Seller or Servicer under or in
connection with the Sale and Servicing Agreement, or against the Seller or
Seller Affiliate under the applicable Purchase Agreement, including the right or
power to take any action to compel or secure performance or observance by
Servicer or the Transferor of each of their obligations to Issuer thereunder and
to give any consent, request, notice, direction, approval, extension or waiver
under the Sale and Servicing Agreement or any Purchase Agreement, as applicable,
and any right of Issuer to take such action shall be suspended.

ARTICLE VI INDENTURE TRUSTEE.

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

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

                     (i)   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 Indenture Trustee; and

                     (ii)  in the absence of bad faith on its part, 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 Indenture Trustee and
              conforming to the requirements of this Indenture; however,
              Indenture Trustee shall examine the certificates and opinions to
              determine whether or not they conform to the requirements of this
              Indenture.

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

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

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

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

         (e) Money held in trust by 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.

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

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

         (h) Indenture Trustee shall take all actions required to be taken by
the Indenture Trustee under the Sale and Servicing Agreement.

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

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

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<PAGE>

         (c) 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 Indenture Trustee shall not be
responsible for any misconduct or negligence on the part of, or for the
supervision of, Special Purpose Entity, M & I Bank, or any other such agent,
attorney, custodian or nominee appointed with due care by it hereunder.
Indenture Trustee shall have no duty to monitor the performance of Issuer.

         (d) 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, that Indenture Trustee's conduct does not constitute
wilful misconduct, negligence or bad faith.

         (e) 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.

         SECTION 6.3 Individual Rights of Indenture Trustee. Indenture Trustee
in its individual or any other capacity may become the owner or pledgee of Notes
and may otherwise deal with 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 may do the same with like rights. However,
Indenture Trustee must comply with Sections 6.11 and 6.12.

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

         SECTION 6.5 Notice of Defaults. If a Default occurs and is continuing
and if it is either actually known or written notice of the existence thereof
has been delivered to a Responsible Officer of Indenture Trustee, Indenture
Trustee shall mail to each Noteholder notice of the Default within 90 days after
such knowledge or notice 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), 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. Indenture Trustee
shall deliver to each Noteholder such information as may be reasonably required
to enable such Holder to prepare its Federal and state income tax returns.

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<PAGE>

     SECTION 6.7 Compensation and Indemnity. The compensation and reimbursement
of expenses of Indenture Trustee shall be governed by the Administration
Agreement. In addition, Issuer shall reimburse any expenses incurred by the
Indenture Trustee in pursuing remedies pursuant to Section 5.4. Issuer has
caused Administrator to agree to indemnify Indenture Trustee and its officers,
directors, employees and agents against any and all loss, liability or expense
(including attorneys' fees and expenses) incurred by it in connection with the
acceptance or the administration of this trust and the performance of its duties
hereunder. Neither Issuer nor Administrator need reimburse any expense or
indemnify against any loss, liability or expense incurred by Indenture Trustee
through Indenture Trustee's own wilful misconduct, negligence or bad faith or to
the extent arising from the breach by the Indenture Trustee of any of its
representations and warranties and covenants set forth herein.

     Issuer's payment obligations to Indenture Trustee pursuant to this Section
and the Administration Agreement referenced in the preceding paragraph shall
survive the discharge of this Indenture subject to a satisfaction of the Rating
Agency Condition. When Indenture Trustee incurs expenses after the occurrence of
a Default specified in Section 5.1(d) or (e) with respect to 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. Indenture Trustee may resign
at any time by so notifying Issuer. The Holders of a majority in Outstanding
Amount of the Notes may remove Indenture Trustee by so notifying Indenture
Trustee and may appoint a successor Indenture Trustee. Issuer shall remove
Indenture Trustee if:

     (a) Indenture Trustee fails to comply with Section 6.11;

     (b) Indenture Trustee is adjudged a bankrupt or insolvent;

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

     (d) Indenture Trustee otherwise becomes incapable of acting.

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

     A successor Indenture Trustee shall deliver a written acceptance of its
appointment to the retiring Indenture Trustee and to 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 Indenture Trustee under this Indenture subject to satisfaction of the Rating
Agency Condition. The successor Indenture Trustee shall mail a notice of its
succession

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<PAGE>

to Noteholders. The retiring Indenture Trustee shall promptly transfer all
property held by it as Indenture Trustee to the successor Indenture Trustee.

     If a successor Indenture Trustee does not take office within 60 days after
the retiring Indenture Trustee resigns or is removed, the retiring Indenture
Trustee, Issuer or the Holders of a majority in Outstanding Amount of the Notes
may petition any court of competent jurisdiction for the appointment of a
successor Indenture Trustee.

     If Indenture Trustee fails to comply with Section 6.11, any Noteholder may
petition any court of competent jurisdiction for the removal of Indenture
Trustee and the appointment of a successor Indenture Trustee.

     Any resignation or removal of Indenture Trustee and appointment of a
Successor Indenture Trustee pursuant to any of the provisions of this Section
shall not become effective until acceptance of appointment by the successor
Indenture Trustee pursuant to this Section 6.8 and payment of all fees and
expenses owed to the outgoing Indenture Trustee.

     Notwithstanding the resignation or removal of Indenture Trustee pursuant to
this Section, Issuer's and Administrator's obligations under Section 6.7 shall
continue for the benefit of the retiring Indenture Trustee.

     Indenture Trustee shall not be liable for the acts or omissions of any
successor Indenture Trustee.

     SECTION 6.9 Successor Indenture Trustee by Merger. If 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 without any
further act shall be the successor Indenture Trustee. Indenture Trustee shall
provide the Rating Agencies and the Administrator prior written notice of any
such transaction.

     In case at the time such successor or successors by merger, conversion or
consolidation to 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 Indenture Trustee may adopt the certificate of authentication
of any predecessor trustee, and deliver such Notes so authenticated; and in case
at that time any of the Notes shall not have been authenticated, any successor
to Indenture Trustee may authenticate such Notes either in the name of any
predecessor hereunder or in the name of the successor to Indenture Trustee; and
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
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, after delivering written

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<PAGE>

notice to the Administrator, for the purpose of meeting any legal requirement of
any jurisdiction in which any part of Issuer may at the time be located,
Indenture Trustee shall have the power and may execute and deliver all
instruments 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, and to vest in such Person or Persons, in such capacity and for the
benefit of the Noteholders, such title to the Trust, or any part hereof, and,
subject to the other provisions of this Section, such powers, duties,
obligations, rights and trusts as 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.

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

               (ii)  no trustee hereunder shall be personally liable by reason
          of any act or omission of any other trustee hereunder, including acts
          or omissions of predecessor or successor trustees; and

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

     (c)  Any notice, request or other writing given to 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 Agreement and
the conditions of this Article VI. Each separate trustee and co-trustee, upon
its acceptance of the trusts conferred, shall be vested with the estates or
property specified in its instrument of appointment, either jointly with
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, Indenture Trustee. Every such instrument shall be filed with
Indenture Trustee.

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<PAGE>

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

     SECTION 6.11 Eligibility; Disqualification. Indenture Trustee shall at all
times satisfy the requirements of TIA ss. 310(a). Indenture Trustee 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 or better by the Rating Agencies or shall otherwise
be acceptable to the Rating Agencies. Indenture Trustee shall comply with TIA
ss. 310(b), including the optional provision permitted by the second sentence of
TIA ss. 310(b)(9); provided that there shall be excluded from the operation of
TIA ss. 310(b)(1) any indenture or indentures under which other securities of
Issuer are outstanding if the requirements for such exclusion set forth in TIA
ss. 310(b)(1) are met.

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

ARTICLE VII   NOTEHOLDERS' LISTS AND REPORTS.

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

     SECTION 7.2 Preservation of Information; Communication to Noteholders. (a)
Indenture Trustee shall preserve, in as current a form as is reasonably
practicable, the names and addresses of the Holders contained in the most recent
list furnished to Indenture Trustee as provided in Section 7.1 and the names and
addresses of Holders received by Indenture Trustee in its capacity as Note
Registrar. 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 ss. 312(b) with other
Noteholders with respect to their rights under this Indenture or under the
Notes. Upon receipt by the

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<PAGE>

         Indenture Trustee of any request by three or more Noteholders or by one
or more Noteholders of Notes evidencing not less than 25% of the Outstanding
Amount of Notes to receive a copy of the current list of Noteholders (whether or
not made pursuant to TIA ss. 312(b)), the Indenture Trustee shall promptly
notify the Administrator thereof by providing to the Administrator a copy of
such request and a copy of the list of Noteholders produced in response thereto.

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

     SECTION 7.3 Reports by Issuer. (a) Issuer shall:

               (i)   file with Indenture Trustee, within 15 days after 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) which Issuer may be
          required to file with the Commission pursuant to Section 13 or 15(d)
          of the Exchange Act;

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

     (b)  Unless Issuer otherwise determines, the fiscal year of Issuer shall
end on December 31 of each year.

     SECTION 7.4 Reports by Indenture Trustee. If required by TIA ss. 313(a),
within 60 days after each ________, beginning with _______, 200_, Indenture
Trustee shall mail to each Noteholder as required by TIA ss. 313(c) a brief
report dated as of such date that complies with TIA ss. 313(a). Indenture
Trustee also shall comply with TIA ss. 313(b)(1). A copy of each report at the
time of its mailing to Noteholders shall be filed by Indenture Trustee with the
Commission and each stock exchange, if any, on which the Notes are listed.
Issuer shall notify Indenture Trustee if and when the Notes are listed on any
stock exchange.

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<PAGE>

ARTICLE VIII      ACCOUNTS, DISBURSEMENTS AND RELEASES.

     SECTION 8.1 Collection of Money. Except as otherwise expressly provided
herein, 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
Indenture Trustee pursuant to this Indenture. Indenture Trustee shall apply all
such money received by it as provided in this Indenture. 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, 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, Issuer
shall cause Servicer to establish, in the name of Indenture Trustee, for the
benefit of the Noteholders and the Certificateholders, the Trust Accounts as
provided in Section 5.1 of the Sale and Servicing Agreement.

     (b)  On or before each Distribution Date, the Total Distribution Amount
with respect to the preceding Collection Period will be deposited in the
Collection Account as provided in Section 5.2 of the Sale and Servicing
Agreement. On or before each Distribution Date, the Noteholders' Distributable
Amount with respect to the preceding Collection Period will be transferred from
the Collection Account and/or the Reserve Account to the Note Distribution
Account as provided in Sections 5.1 and 5.5 of the Sale and Servicing Agreement.

     (c)  On each Distribution Date and Redemption Date, Indenture Trustee shall
distribute all amounts on deposit in the Note Distribution Account to
Noteholders in respect of the Notes to the extent of amounts due and unpaid on
the Notes for principal and interest in the following amounts and in the
following order of priority (except as otherwise provided in Section 5.4(b)):

               (i) accrued and unpaid interest on the Notes (A) in the Class A-1
          Noteholders' Interest Distributable Amount, to the Class A-1
          Noteholders, and (B) in the Class A-2 Noteholders' Interest
          Distributable Amount, to the Class A-2 Noteholders, provided that if
          there are not sufficient funds in the Note Distribution Account to pay
          the entire amount of accrued and unpaid interest then due on the Notes
          for the related Distribution Date, the amount in the Note Distribution
          Account shall be applied to the payment of such interest on each class
          of the Notes pro rata on the basis of the total amount of such
          interest due on such class of Notes for such Distribution Date;

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<PAGE>

               (ii)  payment of principal to the Holders of the Class A-1 Notes
          until the Outstanding Amount of the Class A-1 Notes is reduced to zero
          provided that if there are not sufficient funds in the Note
          Distribution Account to pay in full the principal amount of the
          outstanding Class A-1 Notes, the amounts in the Note Distribution
          Account shall be applied to the payment of principal on the Class A-1
          Notes on a pro rata basis; and

               (iii) payment of principal to the Holders of the Class A-2 Notes
          until the Outstanding Amount of the Class A-2 Notes is reduced to zero
          provided that if there are not sufficient funds in the Note
          Distribution Account to pay in full the principal amount of the
          outstanding Class A-2 Notes, the amounts in the Note Distribution
          Account shall be applied to the payment of principal on the Class A-2
          Notes on a pro rata basis.

     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 Trust Accounts shall be invested in Eligible
Investments and reinvested by Indenture Trustee upon Issuer Order, subject to
the provisions of Section 5.1(b) of the Sale and Servicing Agreement. In
accordance with Section 5.1(b) of the Sale and Servicing Agreement, on each
Distribution Date, all interest and other investment income (net of losses and
investment expenses) on funds on deposit in the Trust Accounts shall be
distributed to the Seller by the Indenture Trustee. Issuer will not direct
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 Indenture Trustee to make any
such investment or sale, if requested by Indenture Trustee, Issuer shall deliver
to Indenture Trustee an Opinion of Counsel, acceptable to Indenture Trustee, to
such effect.

     (b)  Subject to Section 6.1(c), 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 Eligible Investment included therein except for
losses attributable to Indenture Trustee's failure to make payments on such
Eligible Investments issued by Indenture Trustee, in its commercial capacity as
principal obligor and not as trustee, in accordance with their terms.

     (c)  If (i) Issuer shall have failed to give investment directions for any
funds on deposit in the Trust Accounts to Indenture Trustee by 11:00 a.m.
Eastern Time (or such other time as may be agreed by Issuer and Indenture
Trustee) on any Business Day; (ii) 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) if such
Notes shall have been declared due and payable following an Event of Default,
amounts collected or receivable from the Trust Estate are being applied in
accordance with Section 5.5 as if there had not been such a declaration; then
Indenture Trustee shall, to the fullest extent practicable, invest and reinvest

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funds in the Trust Accounts in one or more Eligible Investments. Indenture
Trustee shall not be liable for losses in respect of such investments in
Eligible Investments that comply with the requirements of the Basic Documents.

     SECTION 8.4 Release of Trust Estate. (a) Subject to the payment of its fees
and expenses pursuant to Section 6.7, 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 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 Indenture Trustee as provided in this Article VIII shall be bound to
ascertain Indenture Trustee's authority, inquire into the satisfaction of any
conditions precedent or see to the application of any moneys.

     (b) Indenture Trustee shall, at such time as there are no Notes outstanding
and all sums due Indenture Trustee pursuant to Section 6.7 have been paid,
release any remaining portion of the Trust Estate that secured the Notes from
the lien of this Indenture and release to Issuer or any other Person entitled
thereto any funds then on deposit in the Trust Accounts. Indenture Trustee shall
release property from the lien of this Indenture pursuant to this Section 8.4(b)
only upon receipt of an Issuer Request accompanied by an Officer's Certificate,
an Opinion of Counsel and (if required by the TIA) Independent Certificates in
accordance with TIA (S)(S) 314(c) and 314(d)(1) meeting the applicable
requirements of Section 11.1.

     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, acknowledges that from time to
time the Indenture Trustee shall release the lien of this Indenture on any
Receivable to be sold to (i) Seller in accordance with Section 3.3 of the Sale
and Servicing Agreement and (ii) to Servicer in accordance with Section 4.7 of
the Sale and Servicing Agreement.

     SECTION 8.5 Opinion of Counsel. Indenture Trustee shall receive at least
seven days' notice when requested by Issuer to take any action pursuant to
Section 8.4(a), accompanied by copies of any instruments involved, and Indenture
Trustee may also require as a condition to such action, an Opinion of Counsel,
in form and substance satisfactory to 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 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
Indenture Trustee in connection with any such action.

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ARTICLE IX SUPPLEMENTAL INDENTURES.

     SECTION 9.1 Supplemental Indentures Without Consent of Noteholders. (a)
Without the consent of the Holders of any Notes but with prior notice to the
Rating Agencies by Issuer, as evidenced to Indenture Trustee, Issuer and
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 Indenture Trustee, for any of
the following purposes:

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

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

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

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

               (v)   to cure any ambiguity, to correct or supplement any
         provision herein or in any supplemental indenture which 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 or in any supplemental
         indenture; provided that such action shall not materially and adversely
         affect the interests of the Holders of the Notes;

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

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

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<PAGE>

                  (viii) (A) to add, modify or eliminate such provisions of the
             Indenture as may be necessary or advisable in order to enable all
             or a portion of Issuer to qualify as, and to permit an election to
             be made to cause all or a portion of Issuer to be treated as, a
             "financial asset securitization investment trust" as described in
             the provisions of the "Small Business Job Protection Act of 1996,"
             or to enable all or a portion of the Issuer to qualify and an
             election to be made for similar treatment under such comparable
             subsequent federal income tax provisions as may ultimately be
             enacted into law, and (B) in connection with any such election, to
             modify or eliminate existing provisions set forth in this Indenture
             relating to the intended federal income tax treatment of the Notes
             or Certificates and Issuer in the absence of the election; it being
             a condition to any such amendment that each Rating Agency will have
             notified the Indenture Trustee in writing that the amendment will
             not result in a reduction or withdrawal of the rating of any
             outstanding Notes or Certificates with respect to which it is a
             Rating Agency; and

                  (ix)   to add, modify or eliminate such provisions as may be
             necessary or advisable in order to enable (a) the transfer to
             Issuer of all or any portion of the Receivables to be derecognized
             under GAAP by Seller to Issuer, (b) Issuer to avoid becoming a
             member of Seller's consolidated group under GAAP or (c) the Seller,
             any Seller Affiliate or any of their Affiliates to otherwise comply
             with or obtain more favorable treatment under any law or regulation
             or any accounting rule or principle; it being a condition to any
             such amendment that each Rating Agency will have notified the
             Indenture Trustee in writing that the amendment will not result in
             a reduction or withdrawal of the rating of any outstanding Notes or
             Certificates with respect to which it is a Rating Agency.

         Indenture Trustee is hereby authorized to join in the execution of any
such supplemental indenture and to make any further appropriate agreements and
stipulations that may be therein contained.

         (b) Issuer and Indenture Trustee, when authorized by an Issuer Order,
may, also without the consent of any of the Holders of the Notes but with prior
notice to the Rating Agencies by Issuer, as evidenced to Indenture Trustee,
enter into an indenture or indentures supplemental hereto for the purpose of
adding any provisions to, or changing in any manner or eliminating any of the
provisions of, this Indenture or of modifying in any manner the rights of the
Holders of the Notes under this Indenture; provided that such action shall not,
as evidenced by an Opinion of Counsel, adversely affect in any material respect
the interests of any Noteholder.

         SECTION 9.2 Supplemental Indentures with Consent of Noteholders. Issuer
and 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 Outstanding Amount of the Notes, by Act of such Holders
delivered to Issuer and Indenture Trustee, enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to,

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or changing in any manner or eliminating any of the provisions of, this
Indenture or of modifying in any manner the rights of the Holders of the Notes
under this Indenture; provided that no such supplemental indenture shall,
without the consent of the Holder of each Outstanding Note affected thereby:

                (i)     change 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 provision 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 Outstanding Amount of the
        Notes, 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 as to the
        definition of the term "Outstanding";

                (iv)    reduce the percentage of the Outstanding Amount of the
        Notes required to direct Indenture Trustee to direct Issuer to sell or
        liquidate the Trust Estate pursuant to Section 5.4;

                (v)     modify any provision of this Section except to increase
        any percentage specified herein or to provide that certain additional
        provisions of this Indenture or the Basic Documents cannot be modified
        or waived without the consent of the Holder of each Outstanding Note
        affected thereby;

                (vi)    modify any of the provisions of this Indenture in such
        manner as to affect the calculation of the amount of any payment of
        interest or principal due on any Note on any Distribution 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

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<PAGE>

                        (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 or in the Basic Documents, terminate the
                lien of this Indenture on any property at any time subject
                hereto or deprive the Holder of any Note of the security
                provided by the lien of this Indenture.

         Indenture Trustee may 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. Indenture Trustee shall not be liable for
any such determination made in good faith.

         It shall not be necessary for any Act of Noteholders under this Section
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 Issuer and Indenture Trustee of any
supplemental indenture pursuant to this Section, 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 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 modifications thereby of the trusts created
by this Indenture, 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. Indenture Trustee may, but shall not be
obligated to, enter into any such supplemental indenture that affects Indenture
Trustee's own rights, duties, liabilities or immunities under this Indenture or
otherwise.

         SECTION 9.4 Effect of Supplemental Indenture. Upon the execution of any
supplemental indenture pursuant to the provisions hereof, this Indenture shall
be and 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
Indenture Trustee, 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

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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 Indenture Trustee shall,
bear a notation in form approved by Indenture Trustee as to any matter provided
for in such supplemental indenture. If Issuer or Indenture Trustee shall so
determine, new Notes so modified as to conform, in the opinion of Indenture
Trustee and Issuer, to any such supplemental indenture may be prepared and
executed by Issuer and authenticated and delivered by Indenture Trustee in
exchange for Outstanding Notes.

ARTICLE X REDEMPTION OF NOTES.

        SECTION 10.1 Redemption. (a) The Class A-2 Notes are subject to
redemption in whole, but not in part, at the direction of Seller or Servicer
pursuant to Section 9.1(a) of the Sale and Servicing Agreement, on any
Distribution Date on which Seller or Servicer exercises its option to purchase
the Trust Estate pursuant to said Section 9.1(a), for a purchase price equal to
the Redemption Price; provided that Issuer has available funds sufficient to pay
the Redemption Price. Servicer or Issuer shall furnish the Rating Agencies
notice of such redemption. If the Class A-2 Notes are to be redeemed pursuant to
this Section 10.1(a), Servicer or Issuer shall furnish notice of such election
to Indenture Trustee not later than 25 days prior to the Redemption Date and
Issuer shall deposit with Indenture Trustee in the Note Distribution Account the
Redemption Price of the Class A-2 Notes to be redeemed whereupon all such Class
A-2 Notes shall be due and payable on the Redemption Date upon the furnishing of
a notice complying with Section 10.2 to each Holder of the Class A-2 Notes.

         (b) If the assets of Issuer are sold pursuant to Section 9.2 of the
Trust Agreement, all amounts on deposit in the Note Distribution Account shall
be paid to the Noteholders up to the Outstanding Amount of the Notes and all
accrued and unpaid interest thereon. If amounts are to be paid to Noteholders
pursuant to this Section 10.1(b), Servicer or Issuer shall, to the extent
practicable, furnish notice of such event to Indenture Trustee not later than 25
days prior to the Redemption Date whereupon all such amounts shall be payable on
the Redemption Date.

        SECTION 10.2 Form of Redemption Notice. (a) Notice of redemption under
Section 10.1(a) shall be given by Indenture Trustee by facsimile or by
first-class mail, postage prepaid, transmitted or mailed prior to the applicable
Redemption Date to each Holder of Class A-2 Notes, as of the close of business
on the Record Date preceding the applicable Redemption Date, at such Holder's
address appearing in the Note Register.

        All notices of redemption shall state:

                (i)     the Redemption Date;

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<PAGE>

                        (ii)    the Redemption Price;

                        (iii)   that the Record Date otherwise applicable to
               such Redemption Date is not applicable and that payments shall be
               made only upon presentation and surrender of such Class A-2 Notes
               and the place where such Class A-2 Notes are to be surrendered
               for payment of the Redemption Price (which shall be the office or
               agency of Issuer to be maintained as provided in Section 3.2);
               and

                        (iv)    that interest on the Class A-2 Notes shall cease
               to accrue on the Redemption Date.

        Notice of redemption of the Class A-2 Notes shall be given by Indenture
Trustee in the name and at the expense of Issuer. Failure to give notice of
redemption, or any defect therein, to any Holder of any Class A-2 Note shall not
impair or affect the validity of the redemption of any other Class A-2 Note.

        (b)    Prior notice of redemption under Section 10.1(b) is not required
to be given to Noteholders.

        SECTION 10.3 Notes Payable on Redemption Date. The Class A-2 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 Issuer shall default
in the payment of the Redemption Price) no interest shall accrue on the
Redemption Price for any period after the date to which accrued interest is
calculated for purposes of calculating the Redemption Price.

ARTICLE XI MISCELLANEOUS.

        SECTION 11.1 Compliance Certificates and Opinions, etc. (a) Upon any
application or request by Issuer to Indenture Trustee to take any action under
any provision of this Indenture, Issuer shall furnish to 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, 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:

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<PAGE>

                        (i)     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;

                        (ii)    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;

                        (iii)   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

                        (iv)    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 Indenture Trustee that is to be made the basis for the release
of any property or securities subject to the lien of this Indenture, Issuer
shall, in addition to any obligation imposed in Section 11.1(a) or elsewhere in
this Indenture, furnish to Indenture Trustee an Officer's Certificate certifying
or stating the opinion of each person signing such certificate as to the fair
value (within 90 days of such deposit) to Issuer of the Collateral or other
property or securities to be so deposited.

                        (ii)    Whenever Issuer is required to furnish to
                Indenture Trustee an Officer's Certificate certifying or stating
                the opinion of any signer thereof as to the matters described in
                clause (i), Issuer shall also deliver to Indenture Trustee an
                Independent Certificate as to the same matters, if the fair
                value to Issuer of the securities to be so deposited and of all
                other such securities made the basis of any such withdrawal or
                release since the commencement of the then-current fiscal year
                of Issuer, as set forth in the certificates delivered pursuant
                to clause (i) and this clause (ii), is 10% or more of the
                Outstanding Amount of the Notes, but such a certificate need not
                be furnished with respect to any securities so deposited, if the
                fair value thereof to Issuer as set forth in the related
                Officer's Certificate is less than $25,000 or less than one
                percent of the Outstanding Amount of the Notes.

                        (iii)   Other than with respect to the release of any
                Purchased Receivables or Defaulted Receivables, whenever any
                property or securities are to be released from the lien of this
                Indenture, Issuer shall also furnish to Indenture Trustee an
                Officer's Certificate certifying or stating the opinion of each
                person signing such certificate as to the fair value (within 90
                days of such release) of the property or securities proposed to
                be released and stating that in the opinion of such person

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<PAGE>

                    the proposed release will not impair the security under this
                    Indenture in contravention of the provisions hereof.

                         (iv) Whenever Issuer is required to furnish to
                    Indenture Trustee an Officer's Certificate certifying or
                    stating the opinion of any signer thereof as to the matters
                    described in clause (iii), Issuer shall also furnish to
                    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 Purchased Receivables and
                    Defaulted Receivables, 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) and this clause (iv), equals 10% or more of the
                    Outstanding Amount of the Notes, 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 of the then Outstanding Amount of the
                    Notes.

                         (v)  Notwithstanding Section 2.9 or any other provision
                    of this Section, Issuer may (A) collect, liquidate, sell or
                    otherwise dispose of Receivables as and to the extent
                    permitted or required by the Basic Documents and (B) make
                    cash payments out of the Trust Accounts as and to the extent
                    permitted or required by the Basic Documents.

     SECTION 11.2 Form of Documents Delivered to Indenture Trustee. 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.

     Any certificate or opinion of an Authorized Officer of 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 his or her certificate or opinion is
based are erroneous. Any such certificate of an Authorized 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
Servicer, Seller, Administrator or Issuer, stating that the information with
respect to such factual matters is in the possession of Servicer, Seller,
Administrator or Issuer, unless such 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.

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         Where any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements, opinions or other
instruments under this Indenture, they may, but need not, be consolidated and
form one instrument.

         Whenever in this Indenture, in connection with any application or
certificate or report to Indenture Trustee, it is provided that Issuer shall
deliver any document as a condition of the granting of such application, or as
evidence of 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 Issuer to have such application granted or to the sufficiency of
such certificate or report. The foregoing shall not, however, be construed to
affect 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 Indenture Trustee, and, where it is
hereby expressly required, to Issuer. Such instrument or instruments (and the
action embodied therein 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 Indenture Trustee and Issuer, if made in the manner
provided in this Section.

         (b) The fact and date of the execution by any person of any such
instrument or writing may be proved in any customary manner of Indenture
Trustee.

         (c) The ownership of Notes shall be proved 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
Indenture Trustee or 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
to be made upon, given or furnished to or filed with:

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<PAGE>

     (a) Indenture Trustee by any Noteholder, Administrator or Issuer shall be
sufficient for every purpose hereunder if personally delivered, delivered by
overnight courier or mailed certified mail, return receipt requested and shall
be deemed to have been duly given upon receipt to Indenture Trustee at its
Corporate Trust Office, or

     (b) Issuer by Indenture Trustee or by any Noteholder shall be sufficient
for every purpose hereunder if personally delivered, delivered by overnight
courier or mailed certified mail, return receipt requested and shall be deemed
to have been duly given upon receipt to Issuer addressed to: M & I Auto
Receivables [Trust] [LLC] 200_-_, in care of M & I Marshall & Ilsley Bank, 770
North Water Street, Milwaukee, Wisconsin 53202, with a copy to Administrator at
M & I Marshall & Ilsley Bank, 770 North Water Street, Milwaukee, Wisconsin
53202, Attention: ___________________, or at any other address previously
furnished in writing to Indenture Trustee by Issuer or Administrator. Issuer
shall promptly transmit any notice received by it from the Noteholders to
Indenture Trustee.

     Notices required to be given to the Rating Agencies by Issuer, Indenture
Trustee or Owner Trustee shall be in writing, personally delivered, delivered by
overnight courier or mailed certified mail, return receipt requested to (i) in
the case of Moody's, at the following address: Moody's Investors Service, Inc.,
99 Church Street, New York, New York 10004, (ii) in the case of S&P, at the
following address: Standard & Poor's Ratings Services, 26 Broadway (15th Floor),
New York, New York 10004, Attention of Asset Backed Surveillance Department; and
(iii) in the case of Fitch, at the following address: Fitch Investors Service,
L.P., One State Street Plaza, New York, New York 10004 or as to each of the
foregoing, at such other address as shall be designated by written notice to the
other parties.

     SECTION 11.5 Notices to Noteholders; Waiver. 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.

     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 Indenture Trustee but such
filing shall not be a condition precedent to the validity of any action taken in
reliance upon such a waiver.

     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

                                       51

<PAGE>

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
Indenture Trustee shall be deemed to be a sufficient giving of such notice.

     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, Issuer may
enter into any agreement with any Holder of a Note providing for a method of
payment, or notice by 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, provided that such methods are reasonable and consented to by
Indenture Trustee (which consent shall not be unreasonably withheld). Issuer
will furnish to the trustee a copy of each such agreement and Indenture Trustee
will cause payments to be made and notices to be given in accordance with such
agreements.

     SECTION 11.7  Conflict with Trust Indenture Act. If any provision hereof
limits, qualifies or conflicts with another provision hereof that is required to
be included in this indenture by any of the provisions of the Trust Indenture
Act, such required provision shall control.

     The provisions of TIA ss.ss. 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 Issuer shall bind its successors and assigns, whether
so expressed or not. All agreements of Indenture Trustee in this Indenture shall
bind its successors.

     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.

                                       52

<PAGE>

     SECTION 11.12 Legal Holidays. 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
accrue for the period from and after any such nominal date.

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

     SECTION 11.14 Counterparts. This Indenture may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but
all such counterparts shall together constitute but one and the same instrument.

     SECTION 11.15 Recording of Indenture. If this Indenture is subject to
recording in any appropriate public recording offices, such recording is to be
effected by Issuer and at its expense accompanied by an Opinion of Counsel
(which may be counsel to Indenture Trustee or any other counsel reasonably
acceptable to 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 Indenture
Trustee under this Indenture.

     SECTION 11.16 Trust Obligation. No recourse may be taken, directly or
indirectly, with respect to the obligations of Issuer, Seller, Servicer, Owner
Trustee or Indenture Trustee on the Notes or under this Indenture or any
certificate or other writing delivered in connection herewith or therewith,
against (i) Seller, Servicer, Indenture Trustee or Owner Trustee in its
individual capacity, (ii) any owner of a beneficial interest in Issuer or (iii)
any partner, owner, beneficiary, agent, officer, director, employee or agent of
Seller, Servicer, Indenture Trustee or Owner Trustee in its individual capacity,
any holder of a beneficial interest in Issuer, Seller, Servicer, Owner Trustee
or Indenture Trustee or of any successor or assign of Seller, Servicer,
Indenture Trustee or Owner Trustee in its individual capacity, except as any
such Person may have expressly agreed (it being understood that Indenture
Trustee and Owner Trustee have no such obligations in their individual capacity)
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 Issuer hereunder, 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. Indenture Trustee, by entering into this
Indenture, and each Noteholder, by accepting a Note, hereby covenant and agree
that they will not at any time

                                       53

<PAGE>

institute against Seller or Issuer, or join in any institution against Seller or
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.

     SECTION 11.18 Inspection. Issuer agrees that, on reasonable prior notice,
it will permit any representative of Indenture Trustee, during Issuer's normal
business hours, to examine all the books of account, records, reports, and other
papers of Issuer, to make copies and extracts therefrom, to cause such books to
be audited by Independent certified public accountants, and to discuss Issuer's
affairs, finances and accounts with Issuer's officers, employees, and
independent certified public accountants, all at such reasonable times and as
often as may be reasonably requested. 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 Indenture
Trustee may reasonably determine that such disclosure is consistent with its
obligations hereunder.

                                       54

<PAGE>

     IN WITNESS WHEREOF, Issuer and 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.

                              M & I AUTO RECEIVABLES [TRUST] [LLC] 200_-_

                              [By:    __________________________________________
                                      not in its individual capacity but
                                      solely as Owner Trustee,]

                                      By: ______________________________________
                                          Name:
                                          Title:

                              __________________________________________________
                              as Indenture Trustee,

                                      By: ______________________________________
                                          Name:
                                          Title:

                                       55

<PAGE>

                                                                      EXHIBIT A

                             SCHEDULE OF RECEIVABLES

                     Delivered on Disk to Indenture Trustee

                                       A

<PAGE>

                                                                       EXHIBIT B

                      FORM OF SALE AND SERVICING AGREEMENT

                                       B

<PAGE>

                                                                      EXHIBIT C

                        FORM OF NOTE DEPOSITORY AGREEMENT

                                       C

<PAGE>

                                                                       EXHIBIT D

                                FORM OF A-1 NOTES

REGISTERED                                           $____________/3/  No. R-___
CUSIP NO. ___________

         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.

                   M & I AUTO RECEIVABLES [TRUST] [LLC] 200_-_
                       ____% CLASS A-1 ASSET BACKED NOTES

         M & I Auto Receivables [Trust] [LLC] 200_-_, a trust organized and
existing under the laws of the State of Delaware (including any successor, the
"Issuer"), for value received, hereby promises to pay to CEDE & CO., or
registered assigns, the principal sum of _____________ DOLLARS ($________),
partially payable on each Distribution Date in an amount equal to the result
obtained by multiplying (i) a fraction the numerator of which is the initial
principal amount of this Note and the denominator of which is the aggregate
initial principal amount of the Class A-1 Notes (the "Fraction") by (ii) the
aggregate amount, if any, payable from the Note Distribution Account in respect
of principal on the A-1 Notes pursuant to Section 3.1 of the Indenture; provided
that the entire unpaid principal amount of this Note shall be due and payable on
the earlier of the Final Scheduled Distribution Date for the Class A-1 Notes and
the Redemption Date, if any, pursuant to Section 10.1 of the Indenture. The
Issuer will pay interest on this Note on each Distribution Date until the
principal of this Note is paid or made available for payment, in an amount equal
to the product of the Class A-1 Noteholders' Interest Distributable Amount for
the related Distribution Date multiplied by the Fraction subject to certain
limitations contained in Section 3.1 and Section 8.2 of the Indenture. Such
principal of and interest on this Note shall be paid in the manner specified in
the Indenture.

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

     /3/ Denominations of $1,000 and integral multiples of $1,000 in excess
thereof.

                                      D-1

<PAGE>

         The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuer
with respect to this Note shall be applied first to interest due and payable on
this Note as provided above and then to the unpaid principal of this Note.

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

         Unless the certificate of authentication hereon has been executed by
the Indenture Trustee by manual signature, this Note shall not be entitled to
any benefit under the Indenture referred to on the reverse hereof, or be valid
or obligatory for any purpose.

         IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed,
manually or in facsimile, by its Authorized Officer.

Dated:_______________, 200__

                                  M & I AUTO RECEIVABLES [TRUST] [LLC] 200_-_

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

                                  By:  _________________________________________
                                       Name:____________________________________
                                       Title:___________________________________

                                      D-2

<PAGE>

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

         This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

Dated: ___________, 200[ ]

                                            ___________________________________,
                                            as Indenture Trustee

                                            By:  _______________________________
                                                 Authorized Signatory

                                      D-3

<PAGE>

                                [REVERSE OF NOTE]

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its ___% Class A-1 Asset Backed Notes (herein called the "A-1
Notes" or the "Notes"), all issued under an Indenture dated as of _________,
200[__] (such Indenture, as supplemented or amended, is herein called the
"Indenture"), between the Issuer and ___________, not in its individual capacity
but solely as trustee (the "Indenture Trustee"), which term includes any
successor Indenture Trustee 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. All terms used in this Note that are not otherwise defined herein and
that are defined in the Indenture shall have the meanings assigned to them in or
pursuant to the Indenture.

         The Notes and 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 Issuer shall pay interest on overdue installments of interest at
the Class A-1 Interest Rate to the extent lawful.

         Each Holder or Note Owner, by acceptance of a Note, or, in the case of
a Note Owner, a beneficial interest in the Note, covenants and agrees that no
recourse may be taken, directly or indirectly, with respect to the obligations
of Issuer, Seller, Servicer, Owner Trustee or Indenture Trustee on the Notes or
under this Indenture or any certificate or other writing delivered in connection
herewith or therewith, against (i) Seller, Servicer, Indenture Trustee or Owner
Trustee in its individual capacity, (ii) any owner of a beneficial interest in
Issuer or (iii) any partner, owner, beneficiary, agent, officer, director,
employee or agent of Seller, Servicer, Indenture Trustee or Owner Trustee in its
individual capacity, any holder of a beneficial interest in Issuer, Transferor,
Seller, Servicer, Owner Trustee or Indenture Trustee or of any successor or
assign of Seller, Servicer, Indenture Trustee or Owner Trustee in its individual
capacity, except as any such Person may have expressly agreed (it being
understood that Indenture Trustee and Owner Trustee have no such obligations in
their individual capacity) 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.

         It is the intent of the Seller, the Servicer, the Noteholders and the
Note Owners that, for purposes of Federal and State income tax and any other tax
measured in whole or in part by income, the Notes will qualify as indebtedness
of the Issuer. The Noteholders, by acceptance of a Note, agree to treat, and to
take no action inconsistent with the treatment of, the Notes for such tax
purposes as indebtedness of the Issuer.

         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 that they
will not at any time

                                      D-4

<PAGE>

institute against Seller or Issuer, or join in any institution against
Transferor, Seller or 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.

         This Note and the Indenture shall be construed in accordance with the
laws of the State of New York, without reference to its conflict of law
provisions, 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, neither _________________, in its individual
capacity, any owner of a beneficial interest in the Issuer, nor any of their
respective partners, beneficiaries, agents, officers, directors, employees,
successors or assigns shall be personally liable for, nor shall recourse be had
to any of them for, the payment of principal of or interest on, or performance
of, or omission to perform, any of the covenants, obligations or
indemnifications contained in this Note or the Indenture, it being expressly
understood that said covenants, obligations and indemnifications have been made
by the Owner Trustee for the sole purposes of binding the interests of the Owner
Trustee in the assets of the Issuer. The Holder of this Note by the 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 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 Note.

                                      D-5

<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:

                              Signatures must be guaranteed by an "eligible
                              guarantor institution" meeting the requirements of
                              the Note Registrar, which requirements include
                              membership or participation in STAMP or such other
                              "signature guarantee program" as may be determined
                              by the Note Registrar in addition to, or in
                              substitution for, STAMP, all in accordance with
                              the Securities Exchange Act of 1934, as amended.

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

*/       NOTE: 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
         whatsoever.

                                      D-6

<PAGE>

                                                                      EXHIBIT E

                                FORM OF A-2 NOTES

REGISTERED                                         $_____________/4/  No. R-___
CUSIP NO.__________________

     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.

                   M & I AUTO RECEIVABLES [TRUST] [LLC] 200_-_
                       _____% CLASS A-2 ASSET BACKED NOTES

     M & I Auto Receivables [Trust] [LLC] 200_-_, a trust organized and existing
under the laws of the State of Delaware (including any successor, the "Issuer"),
for value received, hereby promises to pay to CEDE & CO., or registered assigns,
the principal sum of ______________ DOLLARS ($_________), partially payable on
each Distribution Date in an amount equal to the result obtained by multiplying
(i) a fraction the numerator of which is the initial principal amount of this
Note and the denominator of which is the aggregate initial principal amount of
the Class A-2 Notes ("the Fraction") by (ii) the aggregate amount, if any,
payable from the Note Distribution Account in respect of principal on the A-2
Notes pursuant to Section 3.1 of the Indenture; provided that the entire unpaid
principal amount of this Note shall be due and payable on the earlier of the
Final Scheduled Distribution Date for the Class A-2 Notes and the Redemption
Date, if any, pursuant to Section 10.1 of the Indenture. No payments of
principal of the A-2 Notes will be made until the principal of the A-1 Notes has
been paid in full. The Issuer will pay interest on this Note on each
Distribution Date until the principal of this Note is paid or made available for
payment in an amount equal to the product of the Class A-2 Noteholders, Interest
distributable Amount for the related Transfer Date multiplied by the Fraction,
subject to

___________________

/4/  Denominations of $1,000 and integral multiples of $1,000 in excess thereof.

                                       E-1

<PAGE>

certain limitations contained in Section 3.1 and Section 8.2 of the Indenture.
Such principal of and interest on this Note shall be paid in the manner
specified in the Indenture.

     The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuer
with respect to this Note shall be applied first to interest due and payable on
this Note as provided above and then to the unpaid principal of this Note.

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

     Unless the certificate of authentication hereon has been executed by the
Indenture Trustee by manual signature, this Note shall not be entitled to any
benefit under the Indenture referred to on the reverse hereof, or be valid or
obligatory for any purpose.

     IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed,
manually or in facsimile, by its Authorized Officer.

Dated: _____________________________, 200[_]

                                    M & I AUTO RECEIVABLES [TRUST] [LLC] 200_-_

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

                                    By: ________________________________________
                                        Name:___________________________________
                                        Title:__________________________________

                                      E-2

<PAGE>

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

Dated: _____________________________, 200___

                                            ____________________________________
                                            as Indenture Trustee

                                            By:
                                               _________________________________
                                                     Authorized Signatory

                                      E-3

<PAGE>

                                [REVERSE OF NOTE]

     This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its _____% Class A-2 Asset Backed Notes (herein called the "A-2
Notes" or the "Notes"), all issued under an Indenture dated as of _____________,
200[_] (such Indenture, as supplemented or amended, is herein called the
"Indenture"), between the Issuer and __________________, not in its individual
capacity but solely as trustee (the "Indenture Trustee"), which term includes
any successor Indenture Trustee 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. All terms used in this Note that are not otherwise defined herein and
that are defined in the Indenture shall have the meanings assigned to them in or
pursuant to the Indenture.

     The Notes and 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 Issuer shall pay interest on overdue installments of interest at the
Class A-2 Interest Rate to the extent lawful.

     Each Holder or Note Owner, by acceptance of a Note, or, in the case of a
Note Owner, a beneficial interest in the Note, covenants and agrees that no
recourse may be taken, directly or indirectly, with respect to the obligations
of Issuer, Seller, Servicer, Owner Trustee or Indenture Trustee on the Notes or
under this Indenture or any certificate or other writing delivered in connection
herewith or therewith, against (i) Seller, Servicer, Indenture Trustee or Owner
Trustee in its individual capacity, (ii) any owner of a beneficial interest in
Issuer or (iii) any partner, owner, beneficiary, agent, officer, director,
employee or agent of Seller, Servicer, Indenture Trustee or Owner Trustee in its
individual capacity, any holder of a beneficial interest in Issuer, Seller,
Servicer, Owner Trustee or Indenture Trustee or of any successor or assign of
Seller, Servicer, Indenture Trustee or Owner Trustee in its individual capacity,
except as any such Person may have expressly agreed (it being understood that
Indenture Trustee and Owner Trustee have no such obligations in their individual
capacity) 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.

     It is the intent of the Seller, the Servicer, the Noteholders and the Note
Owners that, for purposes of Federal and State income tax and any other tax
measured in whole or in part by income, the Notes will qualify as indebtedness
of the Issuer. The Noteholders, by acceptance of a Note, agree to treat, and to
take no action inconsistent with the treatment of, the Notes for such tax
purposes as indebtedness of the Issuer.

                                      E-4

<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 that they
will not at any time institute against Seller or Issuer, or join in any
institution against Seller or 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.

     This Note and the Indenture shall be construed in accordance with the laws
of the State of New York, without reference to its conflict of law provisions,
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, neither _________________, in its individual
capacity, any owner of a beneficial interest in the Issuer, nor any of their
respective partners, beneficiaries, agents, officers, directors, employees,
successors or assigns shall be personally liable for, nor shall recourse be had
to any of them for, the payment of principal of or interest on, or performance
of, or omission to perform, any of the covenants, obligations or
indemnifications contained in this Note or the Indenture, it being expressly
understood that said covenants, obligations and indemnifications have been made
by the Owner Trustee for the sole purposes of binding the interests of the Owner
Trustee in the assets of the Issuer. The Holder of this Note by the 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 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 Note.

                                       E-5

<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:

                                          ______________________________________
                                          Signatures must be guaranteed by an
                                          "eligible guarantor institution"
                                          meeting the requirements of the Note
                                          Registrar, which requirements include
                                          membership or participation in STAMP
                                          or such other "signature guarantee
                                          program" as may be determined by the
                                          Note Registrar in addition to, or in
                                          substitution for, STAMP, all in
                                          accordance with the Securities
                                          Exchange Act of 1934, as amended.

____________________

*/  NOTE: 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 whatsoever.

                                      E-6<PAGE>

                                                                     Exhibit 4.2

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

                       M&I DEALER AUTO SECURITIZATION, LLC

                                     Seller,

                           M&I MARSHALL & ILSLEY BANK
                                    Servicer

                                       and

                     [____________________________________]

                                     Trustee

                            on behalf of the Holders

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

                     FORM OF POOLING AND SERVICING AGREEMENT

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

                         Dated as of ________ __, 200[_]

                       M&I AUTO RECEIVABLES [TRUST] 200_-_

                    ____% Asset Backed Certificates, Class A

                    ____% Asset Backed Certificates, Class B

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

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                              PAGE
                                                                                                              ----
<S>                                                                                                           <C>
ARTICLE I.   DEFINITIONS ..................................................................................      1
                Section 1.1.   Definitions ................................................................      1
                Section 1.2.   Other Interpretative Provisions ............................................     19
                Section 1.3.   Calculations ...............................................................     19
                Section 1.4.   References .................................................................     19
                Section 1.5.   Action by or Consent of Holders ............................................     20

ARTICLE II.  THE TRUST PROPERTY ...........................................................................     20
                Section 2.1.   Conveyance of Trust Property ...............................................     20
                Section 2.2.   Representations and Warranties as to Each Receivable .......................     20
                Section 2.3.   Representations and Warranties as to the Receivables in the Aggregate ......     24
                Section 2.4.   Repurchase upon Breach .....................................................     24
                Section 2.5.   Custodian of Receivable Files ..............................................     25

ARTICLE III. ADMINISTRATION AND SERVICING OF TRUST PROPERTY ...............................................     28
                Section 3.1.   Duties of Servicer .........................................................     28
                Section 3.2.   Collection of Receivable Payments ..........................................     29
                Section 3.3.   Realization upon Receivables ...............................................     29
                Section 3.4.   Physical Damage Insurance ..................................................     30
                Section 3.5.   Maintenance of Security Interests in Financed Vehicles .....................     31
                Section 3.6.   Covenants of Servicer ......................................................     31
                Section 3.7.   Purchase by Servicer upon Breach ...........................................     31
                Section 3.8.   Servicing Fee ..............................................................     32
                Section 3.9.   Servicer's Report ..........................................................     32
                Section 3.10.  Annual Statement as to Compliance; Notice of Default .......................     33
                Section 3.11.  Annual Independent Certified Public Accountants' Report ....................     33
                Section 3.12.  Access to Certain Documentation and Information Regarding Receivables ......     34
                Section 3.13.  Reports to the Commission ..................................................     34
                Section 3.14.  Reports to the Rating Agency ...............................................     34
                Section 3.15.  Servicer Expenses ..........................................................     34
</TABLE>

                                       i

<PAGE>

<TABLE>
<S>                                                                                                           <C>
ARTICLE IV.   DISTRIBUTIONS; RESERVE ACCOUNT; STATEMENTS TO HOLDERS .......................................   34
                Section 4.1.   Establishment of Accounts ..................................................   34
                Section 4.2.   Collections ................................................................   35
                Section 4.3.   [Reserved] .................................................................   36
                Section 4.4.   Additional Deposits; Net Deposits ..........................................   36
                Section 4.5.   Distributions ..............................................................   37
                Section 4.6.   Reserve Account ............................................................   39
                Section 4.7.   Statements to Holders ......................................................   41

ARTICLE V.    THE CERTIFICATES ............................................................................   42
                Section 5.1.   The Certificates ...........................................................   42
                Section 5.2.   Authentication of Certificates .............................................   43
                Section 5.3.   Registration of Transfer and Exchange of Certificates ......................   43
                Section 5.4.   Mutilated, Destroyed, Lost or Stolen Certificates ..........................   44
                Section 5.5.   Persons Deemed Owners ......................................................   44
                Section 5.6.   Access to List of Holders' Names and Addresses .............................   44
                Section 5.7.   Maintenance of Office or Agency ............................................   44
                Section 5.8.   Book Entry Certificates ....................................................   44
                Section 5.9.   Notices to Clearing Agency .................................................   46
                Section 5.10.  Definitive Certificates ....................................................   46

ARTICLE VI.   SELLER ......................................................................................   46
                Section 6.1.   Representations and Warranties of Seller ...................................   46
                Section 6.4.   Merger or Consolidation of, or Assumption of the Obligations of, Seller ....   49
                Section 6.5.   Limitation on Liability of Seller and Others ...............................   49
                Section 6.6.   [RESERVED] .................................................................   49

ARTICLE VII.  SERVICER ....................................................................................   49
                Section 7.1.   Representations and Warranties of Servicer .................................   49
                Section 7.2.   Indemnities of Servicer ....................................................   51
                Section 7.3.   Merger or Consolidation of or Assumption of the Obligations of Servicer ....   52
                Section 7.4.   Limitation on Liability of Servicer and Others .............................   53
                Section 7.5.   M&I Bank Not To Resign as Servicer .........................................   53
                Section 7.6.   Servicer May Own Certificates ..............................................   54
                Section 7.7.   Existence ..................................................................   54

ARTICLE VIII. SERVICING TERMINATION .......................................................................   54
                Section 8.1.   Servicer Termination Events ................................................   54
                Section 8.2.   Trustee to Act; Appointment of Successor Servicer ..........................   56
                Section 8.3.   Effect of Servicing Transfer ...............................................   56
                Section 8.4.   Notification to Holders ....................................................   57
</TABLE>

                                       ii

<PAGE>

<TABLE>
<S>                                                                                                     <C>
                Section 8.5.   Waiver of Past Servicer Termination Events ...........................   57
                Section 8.6.   Transfer of Accounts .................................................   57

ARTICLE IX.  TRUSTEE ................................................................................   58
                Section 9.1.   Acceptance by Trustee ................................................   58
                Section 9.2.   Duties of Trustee ....................................................   58
                Section 9.3.   Trustee's Certificate ................................................   59
                Section 9.4.   Trustee's Assignment of Purchased Receivables ........................   60
                Section 9.5.   Certain Matters Affecting Trustee ....................................   60
                Section 9.6.   Trustee Not Liable for Certificates or Receivables ...................   62
                Section 9.7.   Trustee May Own Certificates .........................................   63
                Section 9.8.   Trustee's Fees and Expenses ..........................................   63
                Section 9.9.   Eligibility Requirements for Trustee .................................   63
                Section 9.10.  Resignation or Removal of Trustee ....................................   64
                Section 9.11.  Successor Trustee ....................................................   64
                Section 9.12.  Merger or Consolidation of or Assumption of Obligations of Trustee ...   65
                Section 9.13.  Appointment of Co-Trustee or Separate Trustee ........................   65
                Section 9.14.  Representations and Warranties of Trustee ............................   67
                Section 9.15.  Reports by Trustee ...................................................   68
                Section 9.16.  Tax Returns ..........................................................   68
                Section 9.17.  Trustee May Enforce Claims Without Possession of Certificates ........   68

ARTICLE X.   TERMINATION ............................................................................   68
                Section 10.1.  Termination of the Trust .............................................   68
                Section 10.2.  Optional Purchase of All Receivables .................................   69

ARTICLE XI.  MISCELLANEOUS PROVISIONS ...............................................................   70
                Section 11.1.  Amendment ............................................................   70
                Section 11.2.  Protection of Title to Trust Property ................................   71
                Section 11.3.  Limitation on Rights of Holders ......................................   73
                Section 11.4.  Governing Law ........................................................   74
                Section 11.5.  Notices ..............................................................   74
                Section 11.6.  Severability of Provisions ...........................................   75
                Section 11.7.  Assignment ...........................................................   75
                Section 11.8.  Certificates Nonassessable and Fully Paid ............................   75
                Section 11.9.  Intention of Parties .................................................   75
                Section 11.10. Counterparts .........................................................   75
                Section 11.11. Further Assurances ...................................................   75
                Section 11.12. No Waiver; Cumulative Remedies .......................................   76
</TABLE>

                                       iii

<PAGE>

                                    SCHEDULE

SCHEDULE A    LOCATION OF RECEIVABLE FILES

                                    EXHIBITS

EXHIBIT A   FORM OF CLASS A CERTIFICATE
EXHIBIT B   FORM OF CLASS B CERTIFICATE
EXHIBIT C   FORM OF SERVICER'S REPORT

                                       vi

<PAGE>

                  POOLING AND SERVICING AGREEMENT dated as of ____________,
200[_], between M&I DEALER AUTO SECURITIZATION, LLC, a Delaware limited
liability company, as Seller, M&I MARSHALL & ILSLEY BANK, a Wisconsin banking
association, as Servicer, and __________, a ______________________, as trustee
hereunder.

                  In consideration of the premises and of the mutual agreements
herein contained, and other good and valuable consideration, the receipt of
which is acknowledged, the parties hereto, intending to be legally bound, agree
as follows:

ARTICLE 1.        DEFINITIONS.

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

                  "Accounts" means collectively the Collection Account, the
Class A Distribution Account, the Class B Distribution Account and the Payahead
Account.

                  "Account Property" means all amounts and investments held from
time to time in any Account or the Reserve Account, as the case may be (whether
in the form of deposit accounts, instruments, certificated securities, book
entry securities, uncertificated securities or otherwise), and all proceeds of
the foregoing.

                  "Actuarial Receivable" means a Receivable that provides for
(i) amortization of the loan over a series of fixed level payment monthly
installments and (ii) each monthly installment, including the monthly
installment representing the final payment on the Receivable, to consist of an
amount of interest equal to 1/12 of the Contract Rate of the loan multiplied by
the unpaid principal balance of the loan, and an amount of principal equal to
the remainder of the monthly installment.

                  "Acquired Receivable" means a Receivable acquired by M&I Bank
through a bulk purchase of Receivables or the acquisition of a financial
institution that owned the Receivable.

                  "Additional Servicing" means, for each Distribution Date, an
amount equal to the lesser of (i) the amount by which (A) the aggregate amount
of the Servicing Fee for such Distribution Date and all prior Distribution Dates
exceeds (B) the aggregate amount of Additional Servicing paid to the Servicer on
all prior Distribution Dates and (ii) the amount, if any, by which (A) the sum
of Available Interest and Available Principal for such Distribution Date exceed
(B) the sum, without duplication of (x) the Servicing Fee paid on such
Distribution Date with respect to the related Collection Period and any accrued
and unpaid Servicing Fee for prior Collection Periods, (y) all amounts required
to be distributed to the Holders on such Distribution Date and (z) the amount,
if any, deposited in the Reserve Account on such Distribution Date.

<PAGE>

                  "Administration Agreement" means the Administration Agreement
dated as of _______, 200[ ] by and between the Trust, M&I Bank, and the
Indenture Trustee is amended, restated and otherwise modified from time to time.

                  "Administrator" means M&I Bank in its capacity as
administrator of the Trust under the Administration Agreement.

                  "Affiliate" means, with respect to any specified Person, any
other Person controlling, controlled by or under common control with such
specified Person. For the purposes of this definition, "control" when used with
respect to any specified Person means 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. A Person shall not be
deemed to be an Affiliate of any specified Person solely because such other
Person has the contractual right or obligation to manage such specified Person
or act as servicer with respect to the financial assets of such specified Person
unless such other Person controls the specified Person through equity ownership
or otherwise.

                  "Agreement" means this Pooling and Servicing Agreement,
including its schedules and exhibits, as amended, modified or supplemented from
time to time.

                  "Authorized Officer" means any officer within the Corporate
Trust Office of Trustee, including any vice president, assistant vice president,
secretary, assistant secretary or any other officer of 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.

                  "Available Interest" means, for any Distribution Date, the sum
of the following amounts for the related Collection Period: (a) that portion of
the Collections on the Receivables received during the such Collection Period
that is allocable to interest in accordance with Servicer's customary servicing
procedures, (b) all Liquidation Proceeds received during the related Collection
Period and (c) the Purchase Amounts, to the extent allocable to accrued
interest, of all Receivables that are purchased by Servicer as of the last day
of the related Collection Period. "Available Interest" for any Distribution Date
shall exclude all payments and proceeds of any Receivables the Purchase Amount
of which has been distributed on a prior Distribution Date.

                  "Available Principal" means, for any Distribution Date the sum
of the following amounts with respect to the related Collection Period: (a) that
portion of all Collections on the Receivables received during such Collection
Period that is allocable to principal in accordance with Servicer's customary
servicing procedures; and (b) the Purchase Amounts, to the extent attributable
to principal, of all Receivables purchased by Servicer as of the last day of the
related

                                       2

<PAGE>

Collection Period. "Available Principal" on any Distribution Date shall exclude
all payments and proceeds of any Receivables the Purchase Amount of which has
been distributed on a prior Distribution Date.

                  "Available Reserve Amount" is defined in Section 4.6.

                  "Basic Documents" means the Certificates, the Depository
Agreement and the underwriting agreement between Seller and the underwriter(s)
of the Certificates. The Basic Documents to be executed by any party are
referred to herein as "such party's Basic Documents", "its Basic Documents" or
by a similar expression.

                  "Book Entry Certificate" means beneficial interests in the
definitive Certificates described in Section 5.8, the ownership of which shall
be evidenced, and transfers of which shall be made, through book entries by a
Clearing Agency as described in Section 5.8.

                  "Business Day" means a day that is not a Saturday or a Sunday
and that in the States of New York, Illinois, Ohio and the State in which the
Corporate Trust Office is located is neither a legal holiday nor a day on which
banking institutions are authorized by law, regulation or executive order to be
closed.

                  "Certificate" means any Class A Certificate or Class B
Certificate.

                  "Certificate Owner" means, with respect to a Book Entry
Certificate, the Person who is the owner of such Book Entry Certificate, as
reflected on the books of the Clearing Agency, or on the books of a Person
maintaining an account with such Clearing Agency (directly or as an indirect
participant, in accordance with the rules, regulations and procedures of such
Clearing Agency).

                  "Certificate Register" means the register maintained by
Trustee for the registration of Certificates and of transfers and exchanges of
Certificates as provided in Section 5.3.

                  "Class A Certificate" means a certificate executed by Trustee
on behalf of the Trust and authenticated by Trustee substantially in the form of
Exhibit A.

                  "Class A Certificate Balance" means, at any time, the original
Class A Certificate Balance, as reduced by all amounts allocable to principal on
the Class A Certificates distributed to Class A Holders prior to such time.

                  "Class A Certificate Rate" means ____% per annum, calculated
on the basis of a 360-day year consisting of twelve 30-day months.

                                       3

<PAGE>

                  "Class A Distribution Account" means the account established,
maintained and designated as the "Class A Distribution Account" pursuant to
Section 4.1.

                  "Class A Holder" means the Person in whose name a Class A
Certificate is registered in the Certificate Register, except that, solely for
the purpose of giving any consent, request or waiver pursuant to this Agreement,
the interest evidenced by any Class A Certificate registered in the name of M&I
Bank, Servicer, or any Person actually known to an Authorized Officer of Trustee
to be an Affiliate, M&I Bank, or Servicer, shall not be taken into account in
determining whether the requisite percentage necessary to effect any such
consent, request or waiver shall have been obtained.

                  "Class A Interest Carryover Shortfall" means, (a) with respect
to the initial Distribution Date, zero, and (b) with respect to any other
Distribution Date, the excess of Class A Monthly Interest for the preceding
Distribution Date and any outstanding Class A Interest Carryover Shortfall on
such preceding Distribution Date, over the amount in respect of interest that is
actually deposited in the Class A Distribution Account on such preceding
Distribution Date, plus 30 days of interest on such excess, to the extent
permitted by law, in an amount equal to the product of one-twelfth multiplied by
the Class A Certificate Rate multiplied by the amount of such excess.

                  "Class A Interest Distributable Amount" means, with respect to
any Distribution Date, the sum of (a) the Class A Monthly Interest for such
Distribution Date and (b) the Class A Interest Carryover Shortfall for such
Distribution Date.

                  "Class A Monthly Interest" means, for any Distribution Date,
an amount equal to one-twelfth (or the actual number of days from and including
the Closing Date to but excluding _____________, 200_ divided by 360, for the
initial Distribution Date) of the Class A Certificate Rate multiplied by the
Class A Certificate Balance as of the close of business on the immediately
preceding Distribution Date, after giving effect to all payments of principal to
the Class A Certificates on or prior to such Distribution Date (or, in the case
of the first Distribution Date, the Original Class A Certificate Balance).

                  "Class A Monthly Principal" means, with respect to any
Distribution Date, the Class A Percentage of Available Principal for such
Distribution Date plus the Class A Percentage of Realized Losses with respect to
the related Collection Period.

                  "Class A Percentage" means _____%.

                  "Class A Pool Factor" means, with respect to any Distribution
Date, the Class A Certificate Balance as of the close of business on such
Distribution Date (after giving effect to any payments to be made on such
Distribution Date) divided by the Original Class A Certificate Balance,
expressed as a seven-digit decimal.

                                       4

<PAGE>

                  "Class A Principal Carryover Shortfall" means, as of the close
of business on any Distribution Date, the excess of Class A Monthly Principal
for such Distribution Date and any outstanding Class A Principal Carryover
Shortfall from the preceding Distribution Date over the amount in respect of
principal that is actually deposited in the Class A Distribution Account on such
Distribution Date.

                  "Class A Principal Distributable Amount" means, with respect
to any Distribution Date, the sum of Class A Monthly Principal for such
Distribution Date and, in the case of any Distribution Date other than the
initial Distribution Date, the Class A Principal Carryover Shortfall as of the
close of business on the preceding Distribution Date; provided that the Class A
Principal Distributable Amount shall not exceed the Class A Certificate Balance
prior to such Distribution Date. In addition, on the Final Scheduled
Distribution Date, the Class A Principal Distributable Amount shall include, to
the extent not included under the preceding sentence, the amount that is
necessary (after giving effect to the other amounts to be deposited in the Class
A Distribution Account on such Distribution Date and allocable to principal) to
reduce the Class A Certificate Balance to zero.

                  "Class B Certificate" means a certificate executed by Trustee
on behalf of the Trust and authenticated by Trustee substantially in the form of
Exhibit B.

                  "Class B Certificate Balance" means, at any time, the Original
Class B Certificate Balance, as reduced by all amounts allocable to principal on
the Class B Certificates distributed to Class B Holders prior to such time.

                  "Class B Certificate Owner" means, with respect to a Book
Entry Certificate representing a beneficial interest in the Class B
Certificates, the Person who is the owner of such Book Entry Certificate, as
reflected on the books of the Clearing Agency, or on the books of a Person
maintaining an account with such Clearing Agency (directly or as an indirect
participant in accordance with the rules, regulations and procedures of such
Clearing Agency).

                  "Class B Certificate Rate" means ____% per annum, calculated
on the basis of a 360-day year consisting of twelve 30-day months.

                  "Class B Distribution Account" means the account established,
maintained and designated as the "Class B Distribution Account" pursuant to
Section 4.1.

                  "Class B Holder" means the Person in whose name a Class B
Certificate is registered in the Certificate Register, except that, solely for
the purpose of giving any consent, request or waiver pursuant to this Agreement,
the interest evidenced by any Class B Certificate registered in the name of M&I
Bank, Servicer, or any Person actually known to an Authorized Officer of Trustee
to be an Affiliate of M&I Bank or Servicer, shall not be taken into account in
determining whether the requisite percentage necessary to effect any such
consent, request or waiver shall have been obtained.

                                        5

<PAGE>

                  "Class B Interest Carryover Shortfall" means, (a) with respect
to the initial Distribution Date, zero, and (b) with respect to any other
Distribution Date, the excess of Class B Monthly Interest for the preceding
Distribution Date and any outstanding Class B Interest Carryover Shortfall on
such preceding Distribution Date, over the amount in respect of interest that is
actually deposited in the Class B Distribution Account on such preceding
Distribution Date, plus 30 days of interest on such excess, to the extent
permitted by law, in an amount equal to the product of one-twelfth multiplied by
the Class B Certificate Rate multiplied by the amount of such excess.

                  "Class B Interest Distributable Amount" means, with respect to
any Distribution Date, the sum of (a) the Class B Monthly Interest for such
Distribution Date and (b) the Class B Interest Carryover Shortfall for such
Distribution Date.

                  "Class B Monthly Interest" means, for any Distribution Date,
an amount equal to one-twelfth (or the actual number of days from and including
the Closing Date to but excluding __________, 200_ divided by 360, for the
initial Distribution Date) of the Class B Certificate Rate multiplied by the
Class B Certificate Balance as of the close of business on the immediately
preceding Distribution Date, after giving effect to all payments of principal to
the Class B Certificates on or prior to such Distribution Date (or, in the case
of the first Distribution Date, the Certificate Balance on the Closing Date).

                  "Class B Monthly Principal" means, with respect to any
Distribution Date, the Class B Percentage of Available Principal for such
Distribution Date plus the Class B Percentage of Realized Losses with respect to
the related Collection Period.

                  "Class B Percentage" means __%.

                  "Class B Pool Factor" means, with respect to any Distribution
Date, the Class B Certificate Balance as of the close of business on such
Distribution Date (after giving effect to any payments to be made on such
Distribution Date) divided by the Original Class B Certificate Balance,
expressed as a seven-digit decimal.

                  "Class B Principal Carryover Shortfall" means, as of the close
of business on any Distribution Date, the excess of Class B Monthly Principal
for such Distribution Date and any outstanding Class B Principal Carryover
Shortfall from the preceding Distribution Date over the amount in respect of
principal that is actually deposited in the Class B Distribution Account on such
Distribution Date.

                  "Class B Principal Distributable Amount" means, with respect
to any Distribution Date, the sum of Class B Monthly Principal for such
Distribution Date and, in the case of any Distribution Date other than the
initial Distribution Date, the Class B Principal Carryover Shortfall as of the
close of business on the preceding Distribution Date; provided that the Class B
Principal Distributable Amount shall not exceed the Class B Certificate Balance
prior to such

                                       6

<PAGE>

Distribution Date. In addition, on the Final Scheduled Distribution Date, the
Class B Principal Distributable Amount shall include, to the extent not included
under the preceding sentence, the amount that is necessary (after giving effect
to the other amounts to be deposited in the Class B Distribution Account on such
Distribution Date and allocable to principal) to reduce the Class B Certificate
Balance to zero.

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

     "Clearing Agency Participant" means a broker, dealer, bank, other financial
institution or other Person for whom from time to time a Clearing Agency effects
book-entry transfers of securities deposited with the Clearing Agency.

     "Closing Date" means the date of the initial issuance of the Certificates
hereunder.

     "Code" means the Internal Revenue Code of 1986 and the Treasury Regulations
promulgated thereunder.

     "Collection Account" means the segregated account or accounts established,
maintained and designated as the "Collection Account" pursuant to Section 4.1.

     "Collection Period" means, (a) in the case of the initial Collection
Period, the period from [but not including] the Cutoff Date to and including
___________ __, 200[_] and (b) thereafter, each calendar month during the term
of this Pooling and Servicing Agreement. With respect to any Determination Date,
Deposit Date or Distribution Date, the "related Collection Period" means the
Collection Period preceding the month in which such Determination Date, Deposit
Date or Distribution Date occurs.

     "Collections" means all collections on the Receivables and any proceeds
from Insurance Policies and lender's single interest insurance policies.

     "Commission" means the Securities and Exchange Commission.

     "Contract Rate" means, with respect to a Receivable, the rate per annum of
interest charged on the outstanding principal balance of such Receivable.

     "Corporate Trust Office" means the principal office of Trustee at which at
any particular time its corporate trust business shall be administered, which
office at date of execution of this Agreement is located at ____________,
Attention: ______________, Telephone: _______________, Facsimile:
________________ or at such other address as Trustee may designate from time to
time by notice to the Holders, M&I Bank, Seller and

                                       7

<PAGE>

Servicer, or the principal corporate trust office of any successor Trustee (the
address of which the successor Trustee will notify the Holders, M&I Bank, Seller
and Servicer).

     "Custodian" means Servicer in its capacity as agent of the Trustee, as
custodian of the Receivable Files and M&I Bank acting as agent for Servicer for
the purpose of maintaining custody of the Receivables Files.

     "Cutoff Date" means the [opening] of business on ___________ __, 200__.

     "Cutoff Date Principal Balance" means, with respect to any Receivable, the
Initial Principal Balance of such Receivable minus the sum of the portion of all
payments received under such Receivable from or on behalf of the related Obligor
on or prior to the Cutoff Date and allocable to principal in accordance with the
terms of the Receivable.

     "Dealer" means, with respect to any Receivable, the seller of the related
Financed Vehicle.

     "Dealer Agreement" means an agreement between an Originator and a Dealer
pursuant to which such Originator acquires Motor Vehicle Loans from the Dealer
or gives such Dealer the right to induce persons to apply to such Originator for
loans in connection with the retail sale of Motor Vehicles by such Dealer.

     "Dealer Recourse" means, with respect to any Dealer, any rights and
remedies against such Dealer under the related Dealer Agreement (other than with
respect to any breach of representation or warranty thereunder) with respect to
credit losses on a Receivable secured by a Financed Vehicle sold by such Dealer.

     "Defaulted Receivable" means, with respect to any Collection Period, a
Receivable (other than a Purchased Receivable) which Servicer has determined to
charge off during such Collection Period in accordance with its customary
servicing practices; provided that any Receivable which Servicer is obligated to
repurchase or purchase shall be deemed to have become a Defaulted Receivable
during a Collection Period if Servicer fails to deposit the related Purchase
Amount on the related Deposit Date when due.

     "Definitive Certificates" is defined in Section 5.8.

     "Delivery" when used with respect to Account Property means:

          (i) with respect to bankers' acceptances, commercial paper, negotiable
     certificates of deposit and other obligations that constitute "instruments"
     within the meaning ofSection 9-102(47) of the UCC and are susceptible of
     physical delivery, transfer thereof to Trustee or its nominee or custodian
     by physical delivery to Trustee or its nominee or custodian endorsed to, or
     registered in the

                                       8

<PAGE>

          name of, Trustee or its nominee or custodian or endorsed in blank,
          and, with respect to a "certificated security" (as defined in Section
          8-102 of the UCC) transfer thereof (i) by delivery of such
          certificated security endorsed to, or registered in the name of,
          Trustee or its nominee or custodian or endorsed in blank to a
          "financial intermediary" (as defined in Section 8-313 of the UCC) and
          the making by such financial intermediary of entries on its books and
          records identifying such certificated securities as belonging to
          Trustee or its nominee or custodian and the sending by such financial
          intermediary of a confirmation of the purchase of such certificated
          security by Trustee or its nominee or custodian, or (ii) by delivery
          thereof to a "clearing corporation" (as defined in Section 8-102(3) of
          the UCC) and the making by such clearing corporation of appropriate
          entries on its books reducing the appropriate securities account of
          M&I Bank and increasing the appropriate securities account of a
          financial intermediary by the amount of such certificated security,
          the identification by the clearing corporation of the certificated
          securities for the sole and exclusive account of the financial
          intermediary, the maintenance of such certificated securities by such
          clearing corporation or a "custodian bank" (as defined in Section
          8-102(4) of the UCC) or the nominee of either subject to the clearing
          corporation's exclusive control, the sending of a confirmation by the
          financial intermediary of the purchase by Trustee or its nominee or
          custodian of such securities and the making by such financial
          intermediary of entries on its books and records identifying such
          certificated securities as belonging to Trustee or its nominee or
          custodian (all of the foregoing, "Physical Property"), and, in any
          event, any such Physical Property in registered form shall be in the
          name of Trustee or its nominee or custodian; and such additional or
          alternative procedures as may hereafter become appropriate to effect
          the complete transfer of ownership of any such Account Property to
          Trustee or its nominee or custodian, consistent with changes in
          applicable law or regulations or the interpretation thereof;

               (ii) with respect to any securities issued by the U.S. Treasury,
          the Federal Home Loan Mortgage Corporation or by the Federal National
          Mortgage Association that is a book-entry security held through the
          Federal Reserve System pursuant to Federal book-entry regulations, the
          following procedures, all in accordance with applicable law, including
          applicable Federal regulations and Articles 8 and 9 of the UCC:
          book-entry registration of such Account Property to an appropriate
          book-entry account maintained with a Federal Reserve Bank by a
          financial intermediary which is also a "depository" pursuant to
          applicable Federal regulations and issuance by such financial
          intermediary of a deposit advice or other written confirmation of such
          book-entry registration to Trustee or its nominee or custodian of the
          purchase by Trustee or its nominee or custodian of such book-entry
          securities; the making by such financial intermediary of entries in
          its books and records identifying such book entry security held
          through the Federal Reserve System pursuant to Federal book-entry
          regulations as belonging

                                       9

<PAGE>

     to Trustee or its nominee or custodian and indicating that such custodian
     holds such Account Property solely as agent for Trustee or its nominee or
     custodian; and such additional or alternative procedures as may hereafter
     become appropriate to effect complete transfer of ownership of any such
     Account Property to Trustee or its nominee or custodian, consistent with
     changes in applicable law or regulations or the interpretation thereof; and

          (iii) with respect to any item of Account Property that is an
     uncertificated security under Article 8 of the UCC and that is not governed
     by clause (b) above, registration on the books and records of the issuer
     thereof in the name of the financial intermediary, the sending of a
     confirmation by the financial intermediary of the purchase by Trustee or
     its nominee or custodian of such uncertificated security, the making by
     such financial intermediary of entries on its books and records identifying
     such uncertificated certificates as belonging to Trustee or its nominee or
     custodian.

     "Deposit Date" means, with respect to any Collection Period, the Business
Day preceding the related Distribution Date.

     "Depository Agreement" means the agreement among Seller, Servicer, Trustee
and the initial Clearing Agency, dated the Closing Date.

     "Determination Date" with respect to any Collection Period, means the tenth
day of the calendar month following such Collection Period (or, if the tenth day
is not a Business Day, the next succeeding Business Day).

     "Direct Loan" means motor vehicle promissory notes and security agreements
executed by an Obligor in favor of a motor vehicle lender.

     "Distribution Date" means the _____ day of each month (or, if the ___ day
is not a Business Day, the next succeeding Business Day), commencing _______ __,
200[_]_.

     "Dollar" and the sign "$" mean lawful money of the United States.

     "Eligible Deposit Account" means either (a) a segregated account with an
Eligible Institution or (b) a segregated trust account with the corporate trust
department of a depository institution organized under the laws of the United
States of America or any one of the states thereof or the District of Columbia
(or any domestic branch of a foreign bank), having corporate trust powers and
acting as trustee for funds deposited in such account, so long as the long-term
unsecured debt of such depository institution shall have a credit rating from
each Rating Agency in one of its generic rating categories which signifies
investment grade. Any such accounts (other than the Reserve Account) may be
maintained with [______________], or any of its

                                       10

<PAGE>

Affiliates, if such accounts meet the requirements described in clause (a) of
the preceding sentence.

     "Eligible Institution" means a depository institution (which may be
Servicer or any Affiliate of Servicer or Trustee) organized under the laws of
the United States of America or any one of the states thereof or the District of
Columbia (or any domestic branch of a foreign bank), which (a) has (i) either a
long-term senior unsecured debt rating of AA or a short-term senior unsecured
debt or certificate of deposit rating of A-1+ or better by S&P and (ii) (A) a
short-term senior unsecured debt rating of A-1 or better by S&P and (B) a
short-term senior unsecured debt rating of P-1 or better by Moody's, or any
other long-term, short-term or certificate of deposit rating acceptable to the
Rating Agencies and (b) whose deposits are insured by the Federal Deposit
Insurance Corporation. If so qualified, Servicer, any Affiliate of Servicer or
Trustee may be considered an Eligible Institution.

     "Eligible Investments" shall mean any one or more of the following types of
investments:

          (i)   direct obligations of, and obligations fully guaranteed as to
     timely payment by, the United States of America;

          (ii)  demand deposits, time deposits or certificates of deposit of any
     depository institution (including any Affiliate of M&I Bank Seller, Trustee
     or any Affiliate of the Trustee) or trust company incorporated under the
     laws of the United States of America or any state thereof or the District
     of Columbia (or any domestic branch of a foreign bank) and subject to
     supervision and examination by Federal or state banking or depository
     institution authorities (including depository receipts issued by any such
     institution or trust company as custodian with respect to any obligation
     referred to in clause (a) above or a portion of such obligation for the
     benefit of the holders of such depository receipts); provided that at the
     time of the investment or contractual commitment to invest therein (which
     shall be deemed to be made again each time funds are reinvested following
     each Distribution Date), the commercial paper or other short-term senior
     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) of such depository institution or trust company shall
     have a credit rating from S&P of A-1+ and from Moody's of P-1;

          (iii) commercial paper (including commercial paper of any Affiliate of
     M&I Bank Seller) having, at the time of the investment or contractual
     commitment to invest therein, a rating from S&P of A-1+ and from Moody's of
     P-1;

                                       11

<PAGE>

               (iv) investments in money market funds (including funds for which
          Trustee or any of its Affiliates or any of Seller's or Transferor's
          Affiliates is investment manager or advisor) having a rating from S&P
          of AAA-m or AAAm-G and from Moody's of Aaa;

               (v)  bankers' acceptances issued by any depository institution or
          trust company referred to in clause (b) above;

               (vi) 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) referred to in clause (b) above;
          and

               (vi) any other investment with respect to which each Rating
          Agency has provided written notice that such investment would not
          cause such Rating Agency to downgrade or withdraw its then current
          rating on the Class A Certificates or the Class B Certificates.

          "Eligible Servicer" means a Person which, at the time of its
appointment as Servicer, (a) has a net worth of not less than $50,000,000, (b)
is servicing a portfolio of motor vehicle retail installment sales contracts
and/or motor vehicle loans, (c) is legally qualified, and has the capacity, to
service the Receivables, (d) has demonstrated the ability to service a portfolio
of motor vehicle loans similar to the Receivables professionally and competently
in accordance with standards of skill and care that are consistent with prudent
industry standards, and (e) is qualified and entitled to use pursuant to a
license or other written agreement, and agrees to maintain the confidentiality
of, the software which Servicer uses in connection with performing its duties
and responsibilities under this 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.

          "ERISA" means the Employment Retirement Income Security Act of 1974.

          "Exchange Act" means the Securities Exchange Act of 1934.

          "Final Scheduled Distribution Date" means the _______ __ Distribution
Date.

          "Final Scheduled Maturity Date" means the last day of the Collection
Period immediately preceding the Collection Period during which the Final
Scheduled Distribution Date falls.

                                       12

<PAGE>

          "Financed Vehicle" means, with respect to a Receivable, the Motor
Vehicle, together with all accessories and accessions thereto, securing or
purporting to secure the indebtedness under such Receivable.

          "Fitch" means Fitch Investors Service, L.P., or its successor.

          "GAAP" is defined in Section 11.1(c).

          "Holder" means the Person in whose name a Certificate is registered in
the Certificate Register, except that, solely for the purpose of giving any
consent, request or waiver pursuant to this Agreement, the interest evidenced by
any Certificate registered in the name of M&I Bank, Servicer or any Person
actually known to an Authorized Officer of Trustee to be an Affiliate of M&I
Bank or Servicer, shall not be taken into account in determining whether the
requisite percentage necessary to effect any such consent, request or waiver
shall have been obtained.

          "Initial Principal Balance" means, in respect of a Receivable, the
amount advanced under the Receivable toward the purchase price of the Financed
Vehicle and related costs, including accessories, service and warranty
contracts, insurance premiums, other items customarily financed as part of
retail motor vehicle loans and/or retail installment sales contracts and other
fees charged by M&I Bank or Dealer and included in the amount to be financed,
the total of which is shown as the initial principal balance in the note and
security agreement or retail installment sale contract evidencing and securing
such Receivable.

          "Insurance Policies" means, all credit life and disability insurance
policies maintained by the Obligors and all Physical Damage Insurance Policies.

          "Lien" means a security interest, lien, charge, pledge, preference,
participation interest or encumbrance of any kind, other than liens for taxes
not yet due and payable, mechanics' or materialmen's liens and other liens for
work, labor or materials, and any other liens that may attach by operation of
law.

          "Liquidation Proceeds" means, with respect to any Receivable which has
become a Defaulted Receivable, (a) insurance proceeds received by Servicer with
respect to the Insurance Policies, (b) amounts received by Servicer in
connection with such Defaulted Receivable pursuant to the exercise of rights
under that Receivable and (c) the monies collected by Servicer (from whatever
source, including proceeds of a sale of a Financed Vehicle or a deficiency
balance recovered after the charge-off of the related Receivable or as a result
of any Dealer Recourse) on such Defaulted Receivable net of any expenses
incurred by Servicer in connection therewith and any payments required by law to
be remitted to the Obligor.

          "M&I Bank" means M&I Marshall & Ilsley Bank, a Wisconsin banking
association.

                                       13

<PAGE>

          "Majority Holders" means Holders of Certificates evidencing not less
than a majority of the aggregate outstanding principal balance of the Class A
Certificates and the Class B Certificates taken together as a single class.

          "Minimum Specified Reserve Balance" with respect to any Distribution
Date means the lesser of (i) $______ and (ii) the aggregate outstanding Class A
Certificate Balance and Class B Certificate Balance (after giving effect to any
distributions on the Certificates on such Distribution Date).

          "Moody's" means Moody's Investors Service, Inc.

          "Motor Vehicle" means a new or used automobile or light duty truck.

          "Motor Vehicle Loan" means a Direct Loan or retail installment sales
contract secured by a Motor Vehicle originated by M&I Bank or another financial
institution.

          "Obligor" means, with respect to a Receivable, the borrower or
co-borrowers under the related Receivable and any co-signer of the Receivable or
other Person who owes or may be primarily or secondarily liable for payments
under such Receivable.

          "Officer's Certificate" means a certificate signed by the chairman,
the president, any vice president or the treasurer of M&I Bank or Servicer, as
the case may be, and delivered to Trustee.

          "Opinion of Counsel" means a written opinion of counsel (who may be an
employee of M&I Bank or Servicer or any of their Affiliates) reasonably
acceptable in form to Trustee.

          "Original Certificate Balance" means the sum of the Original Class A
Certificate Balance and the Original Class B Certificate Balance.

          "Original Class A Certificate Balance" means $_________.

          "Original Class B Certificate Balance" means $_________.

          "Original Pool Balance" means the Pool Balance as of the Cutoff Date.

          "Originator" means, with respect to any Direct Loan or retail
installment sales contract, M&I Bank that was the lender with respect to such
Direct Loan or that acquired such Direct Loan or retail installment sales
contract from a Dealer or other Person.

          "Payaheads" means early payments by or on behalf of Obligors on
Precomputed Receivables which, in accordance with the Servicer's customary
practices, do not constitute

                                       14

<PAGE>

scheduled payments or full prepayments and are applied to principal and interest
in a subsequent period.

          "Payahead Account" means the account designated as such, established
and maintained pursuant to Section 4.1.

          "Person" means a legal person, including any individual, corporation,
estate, partnership, limited liability company, joint venture, association,
joint stock company, trust, unincorporated organization, or government or any
agency or political subdivision thereof, or any other entity of whatever nature.

          "Physical Damage Insurance Policy" means a theft and physical damage
insurance policy maintained by the Obligor under a Receivable, providing
coverage against loss or damage to or theft of the related Financed Vehicle.

          "Pool Balance" means, at any time, the aggregate Principal Balance of
the Receivables (excluding Defaulted Receivables) at such time.

          "Pool Factor" means, with respect to any Collection Period, the Pool
Balance as of the last day of such Collection Period divided by the Original
Pool Balance, expressed as a seven-digit decimal.

          "Precomputed Receivable" means (i) an Actuarial Receivable, (ii) a
Rule of 78's Receivable or (iii) a Sum of Periodic Balances Receivable.

          "Principal Balance" means, as of any time, for any Receivable, the
principal balance of such Receivable under the terms of the Receivable
determined in accordance with the Servicer's customary practices.

          "Purchase Agreement" means the Purchase Agreement dated as of ________
__, 200_ by and between M&I Bank and the Seller, as amended, restated or
otherwise modified from time to time.

          "Purchase Amount" of any Receivable means, with respect to any Deposit
Date, an amount equal to the sum of (a) the outstanding Principal Balance of
such Receivable as of the last day of the preceding Collection Period and (b)
the amount of accrued and unpaid interest on such Principal Balance at the
related Contract Rate from the date a payment was last made by or on behalf of
the Obligor through and including the last day of such preceding Collection
Period, in each case after giving effect to the receipt of monies collected on
such Receivable in such preceding Collection Period.

                                       15

<PAGE>

          "Purchased Receivable" means, at any time, a Motor Vehicle Loan
included in the Schedule of Receivables as to which payment of the Purchase
Amount has previously been made by M&I Bank or Servicer pursuant to this
Agreement.

          "Rating Agencies" means Moody's, S&P and Fitch.

          "Rating Agency Condition" means, with respect to any action, that each
Rating Agency shall have been given 10 days' prior notice thereof (or such
shorter period as shall be acceptable to the Rating Agencies) and that none of
the Rating Agencies shall have notified M&I Bank Seller, Servicer or Trustee in
writing that such action will, in and of itself, result in a reduction or
withdrawal of the then current rating on the Class A Certificates or the Class B
Certificates.

          "Realized Losses" means, for any Collection Period, the aggregate
Principal Balances of any Receivables that became Defaulted Receivables during
such Collection Period.

          "Receivable" means each Motor Vehicle Loan described in the Schedule
of Receivables, but excluding (i) Defaulted Receivables to the extent the
Principal Balances thereof have been deposited in the Collection Account and
(ii) any Purchased Receivables.

          "Receivable File" is defined in Section 2.5.

          "Record Date" means, subject to Section 1.4, with respect to any
Distribution Date, the last day of the related Collection Period.

          "Required Rating" means a rating with respect to short term deposit
obligations of at least P-1 by Moody's and at least A-1 by S&P.

          "Reserve Account" means the account established, maintained and
designated as the "Reserve Account" pursuant to Section 4.6.

          "Reserve Account Initial Deposit" means cash or Eligible Investments
having a value of at least $____________.

          "Reserve Account Property" is defined in Section 4.6.

          "Rule of 78's Receivable" means a Receivable that provides for the
payment by the Obligor of a specified total amount of payments, payable in equal
monthly installments on each due date, which total represents the principal
amount financed and add-on interest in an amount calculated at the stated
Contract Rate for the term of the Receivable and allocated to each monthly
payment based upon a fraction, the numerator of which is the number of payments
scheduled to have been made prior to the due date for such monthly payments on
such

                                       16

<PAGE>

Receivable and the denominator of which is the sum of all such numbers of
payments to be made until the maturity of such Receivable.

                  "S&P" means Standard & Poor's Ratings Services, a division of
The McGraw-Hill Companies, Inc.

                  "Schedule of Receivables" means, with respect to the Motor
Vehicle Loans to be conveyed to Seller by M&I Bank and to Trustee by Seller, the
list identifying such retail Motor Vehicle Loans delivered to Trustee on the
Closing Date.

                  "Securities Intermediary" is defined in Section 4.6 of this
Agreement.

                  "Seller" means M&I Dealer Auto Securitization, LLC, in its
capacity as seller of the Receivables to the Trust under this Agreement, or any
successor pursuant to Section 6.3.

                  "Seller Affiliate" means each Affiliate of the Seller that has
sold Receivables to the Seller.

                  "Servicer" means M&I Bank, in its capacity as servicer of the
Receivables under this Agreement, any successor pursuant to Section 7.3 or any
successor Servicer appointed and acting pursuant to Section 8.2.

                  "Servicer Termination Event" means an event specified in
Section 8.1.

                  "Servicer's Report" is defined in Section 3.9.

                  "Servicing Fee" means, with respect to any Distribution Date,
an amount equal to the product of (a) one-twelfth of the Servicing Fee Rate,
multiplied by (b) the Pool Balance as of the beginning of the first day of the
preceding Collection Period.

                  "Servicing Fee Rate" shall be ___% per annum, calculated on
the basis of a 360-day year consisting of twelve 30-day months.

                  "Servicing Officer" means any individual 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 to Trustee by Servicer, as such list may be amended from time to time
by Servicer in writing.

                  "Simple Interest Method" means the method of allocating a
fixed level payment monthly installments between principal and interest,
pursuant to which such installment is allocated first to accrued and unpaid
interest at the Contract Rate on the unpaid principal balance and the remainder
of such installment is allocable to principal.

                                       17

<PAGE>

                  "Simple Interest Receivable" means 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 Account Balance" means, for any
Distribution Date, the greater of (a) ___% of the sum of the Class A Certificate
Balance plus the Class B Certificate Balance on such Distribution Date (after
giving effect to all payments on the Certificates to be made on or prior to such
Distribution Date), and (b) the Minimum Specified Reserve Balance as of such
Distribution Date.

                  "Sum of Periodic Balances Receivable" means a Receivable that
provides for the payment by the obligor of a specified total amount of payments,
payable in equal monthly installments on each due date, which total represents
the principal amount financed and add-on interest in an amount calculated at the
stated Contract Rate for the term of the Receivable and allocated to each
monthly payment based upon a fraction, the numerator of which is the principal
balance of such Receivable immediately prior to the due date for such monthly
payment and the denominator of which is the sum of all principal balances for
each monthly payment to be made until the maturity of such Receivable.

                  "Supplemental Servicing Fee" is defined in Section 3.8.

                  "Trust" means the trust created by this Agreement, which shall
be known as M&I Auto Receivables Trust 200__-__.

                  "Trustee" means _________, a ___________, as Trustee under
this Agreement and any successor Trustee appointed and acting pursuant to this
Agreement.

                  "Trust Property" means:

                        (i)     all right, title and interest of Seller in and
                  to the Receivables, and all moneys received thereon [on or]
                  after the Cutoff Date;

                        (ii)    all right, title and interest of Seller in the
                  security interests in the Financed Vehicles granted by
                  Obligors pursuant to the Receivables and any other interest of
                  Seller in the Financed Vehicles and any other property that
                  shall secure the Receivables;

                        (iii)   the interest of Seller in any proceeds with
                  respect to the Receivables from claims on any Insurance
                  Policies covering Financed Vehicles or the Obligors or from
                  claims under any lender's single interest insurance policy
                  naming M&I Bank as an insured;

                                       18

<PAGE>

                        (iv)    rebates of premiums relating to Insurance
                  Policies and rebates of other items such as extended
                  warranties financed under the Receivables, in each case, to
                  the extent the Servicer would, in accordance with its
                  customary practices, apply such amounts to the Principal
                  Balance of the related Receivable;

                        (v)     the interest of Seller in any proceeds from (i)
                  any Receivable repurchased by a Dealer, pursuant to a Dealer
                  Agreement, as a result of a breach of representation or
                  warranty in the related Dealer Agreement, (ii) a default by an
                  Obligor resulting in the repossession of the Financed Vehicle
                  under the applicable Motor Vehicle Loan or (iii) any Dealer
                  Recourse or other rights relating to the Receivables under
                  Dealer Agreements;

                        (vi)    all right, title and interest in all funds on
                  deposit from time to time in the Collection Account, the
                  Payahead Account, the Class A Distribution Account and the
                  Class B Distribution Account (including the Account Property
                  related thereto) and in all investments and proceeds thereof
                  (but excluding all investment income thereon);

                        (vii)   all right, title and interest of Seller under
                  each Purchase Agreement, including the right of Seller to
                  cause M&I Bank to repurchase Receivables from Seller;

                        (viii)  all right, title and interest of Seller in any
                  instrument or document relating to the Receivables; and

                        (ix)    the proceeds of any and all of the foregoing.

Notwithstanding anything to the contrary contained herein, the Trust Property
shall not include, and the Trust shall not have any right to, the Reserve
Account or any funds actually or deemed to be deposited in such account or any
investments therein.

                  "UCC" means the Uniform Commercial Code as in effect in the
relevant jurisdiction.

                  Section 0.1. Other Interpretative Provisions. For purposes of
this Agreement, unless the context otherwise requires: (a) accounting terms not
otherwise defined in this Agreement, and accounting terms partly defined in this
Agreement to the extent not defined, shall have the respective meanings given to
them under generally accepted accounting principles; (b) terms defined in
Article 9 of the UCC as in effect in the relevant jurisdiction and not otherwise
defined in this Agreement are used as defined in that Article; (c) the words
"hereof," "herein" and "hereunder" and words of similar import refer to this
Agreement as a whole and not to any particular provision of this Agreement; (d)
references to any Article, Section, Schedule, Appendix or Exhibit are references
to Articles, Sections, Schedules, Appendices and Exhibits in

                                       19

<PAGE>

or to this Agreement and references to any paragraph, subsection, clause or
other subdivision within any Section or definition refer to such paragraph,
subsection, clause or other subdivision of such Section or definition; (e) the
term "including" means "including without limitation"; (f) except as otherwise
expressly provided herein, references to any law or regulation refer to that law
or regulation as amended from time to time and include any successor law or
regulation; (g) references to any Person include that Person's successors and
assigns; and (h) headings are for purposes of reference only and shall not
otherwise affect the meaning or interpretation of any provision hereof.

                  Section 0.2.  Calculations. All calculations of the amount of
interest accrued on the Certificates during any Collection Period and all
calculations of the amount of the Servicing Fee payable with respect to a
Collection Period shall be made on the basis of a 360-day year consisting of
twelve 30-day months.

                  Section 0.3.  References. All references to the Record Date
prior to the first Record Date in the life of the Trust shall be to the Closing
Date. All references to the first day of a Collection Period shall refer to the
opening of business on such day. All references to the last day of a Collection
Period shall refer to the close of business on such day. All references herein
to the close of business means the close of business, Milwaukee, Wisconsin time.

                  Section 0.4.  Action by or Consent of Holders. Whenever any
provision of this Agreement refers to action to be taken, or consented to, by
Holders, such provision shall be deemed to refer to Holders of record as of the
Record Date immediately preceding the date on which such action is to be taken,
or consented to, by Holders.

ARTICLE I.        THE TRUST PROPERTY.

                  Section 1.1.  Conveyance of Trust Property. In consideration
of Trustee's delivery to Seller or its designee of authenticated Certificates,
in authorized denominations, in an aggregate amount equal to the Original
Certificate Balance, Seller hereby sells, transfers, assigns and conveys to
Trustee, upon the terms and conditions hereof, in trust for the benefit of the
Holders, the Trust Property, without recourse (except to the extent of the
Servicer's obligations under this Agreement and the Basic Documents). The sale,
transfer, assignment, setting over and conveyance made hereunder shall not
constitute and is not intended to result in an assumption by Trustee, any Holder
or any Certificate Owner of any obligation of M&I Bank 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 1.2.  Representations and Warranties as to Each
Receivable. The Seller hereby makes the following representations and warranties
as to each Receivable on which Trustee shall rely in accepting the Trust
Property in trust and authenticating the Certificates. Unless otherwise
indicated, such representations and warranties shall speak as of the Closing

                                       20

<PAGE>

Date, but shall survive the sale, transfer and assignment of the Receivables and
the other Trust Property to the Trust.

                        (i)     Characteristics of Receivables. The Receivable
                  has been fully and properly executed by the parties thereto
                  and (i) is a Direct Loan made by an Originator or has been
                  originated by a Dealer in the ordinary course of such Dealer's
                  business and has been purchased by an Originator, in either
                  case, in the ordinary course of such Originator's business and
                  in accordance with such Originator's underwriting standards to
                  finance the retail sale by a Dealer of the related Financed
                  Vehicle or has otherwise been acquired by a Seller Affiliate,
                  (ii) the Originator of which has underwriting standards that
                  require physical damage insurance to be maintained on the
                  related Financed Vehicle, (iii) is secured by a valid,
                  subsisting, binding and enforceable first priority security
                  interest in favor of a Seller Affiliate in the Financed
                  Vehicle (subject to administrative delays and clerical errors
                  on the part of the applicable government agency and to any
                  statutory or other lien arising by operation of law after the
                  Closing Date which is prior to such security interest), which
                  security interest is assignable together with such Receivable,
                  and has been so assigned to Seller, and subsequently assigned
                  by Seller to Issuer, (iv) contains customary and enforceable
                  provisions such that the rights and remedies of the holder
                  thereof are adequate for realization against the collateral of
                  the benefits of the security, (v) provided, at origination,
                  for level monthly payments (provided, that the amount of the
                  last payment may be different), which fully amortize the
                  Initial Principal Balance over the original term, (vi)
                  provides for interest at the Contract Rate specified in the
                  Schedule of Receivables, (vii) was originated in the United
                  States and (viii) constitutes "chattel paper" as defined in
                  the UCC.

                        (ii)    Individual Characteristics. The Receivables have
                  the following individual characteristics as of the Cutoff
                  Date; (i) each Receivable is secured by a Motor Vehicle; (ii)
                  each Receivable has a Contract Rate of at least ____% and not
                  more than ____%; (iii) each Receivable had a remaining term,
                  as of the Cutoff Date, of not less than ______ and not more
                  than ______; (iv) each Receivable had an Initial Principal
                  Balance of not less than _______ and not more than _________;
                  (v) no Receivable was more than 30 days past due as of the
                  Cutoff Date; (vi) no Financed Vehicle had been repossessed as
                  of the Cutoff Date; (vii) no Receivable is subject to a force
                  placed Physical Damage Insurance Policy on the related
                  Financed Vehicle; [(viii) each Receivable is a Simple Interest
                  Receivable;] and (xi) the Dealer of the Financed Vehicle has
                  no participation in, or other right to receive, any proceeds
                  of the Receivable. The Receivables were selected using
                  selection procedures that were not intended by any Seller
                  Affiliate or Seller to be adverse to the Holders.

                                       21

<PAGE>

                     (iii)  Schedule of Receivables. The information with
              respect to each Receivable set forth in the Schedule of
              Receivables, including (without limitation) the account number of
              the Obligor, the Initial Principal Balance, and the Contract Rate,
              was true and correct in all material respects as of the close of
              business on the Cutoff Date.

                     (iv)   Compliance with Law. The Receivable complied at the
              time it was originated or made, and will comply as of the Closing
              Date, in all material respects with all requirements of applicable
              federal, state and local laws, and regulations thereunder,
              including, to the extent applicable, usury laws, the Federal Truth
              in Lending Act, the Equal Credit Opportunity Act, the Fair Credit
              Billing Act, the Fair Credit Reporting Act, the Federal Trade
              Commission Act, the Magnuson-Moss Warranty Act, the Fair Debt
              Collection Practices Act, Federal Reserve Board Regulations B and
              Z and any other consumer credit, consumer protection, equal
              opportunity and disclosure laws.

                     (v)    Binding Obligation. The Receivable constitutes the
              genuine, legal, valid and binding payment obligation in writing of
              the Obligor, enforceable in all material respects by the holder
              thereof in accordance with its terms, subject to the effect of
              bankruptcy, insolvency, reorganization, or other similar laws
              affecting the enforcement of creditors' rights generally, and the
              Receivable is not subject to any right of rescission, setoff,
              counterclaim or defense, including the defense of usury.

                     (vi)   Lien in Force. Neither Seller nor any Seller
              Affiliate has taken any action which would have the effect of
              releasing the related Financed Vehicle from the Lien granted by
              the Receivable in whole or in part.

                     (vii)  No Amendment or Waiver. No material provision of the
              Receivable has been amended, waived, altered or modified in any
              respect, except such waivers as would be permitted under this
              Agreement, and no amendment, waiver, alteration or modification
              causes such Receivable not to conform to the other representations
              or warranties contained in this Section.

                     (viii) No Liens. Neither Seller nor any Seller Affiliate
              has received notice of any Liens or claims, including Liens for
              work, labor, materials or unpaid state or federal taxes, relating
              to the Financed Vehicle securing the Receivable, that are or may
              be prior to or equal to the Lien granted by the Receivable.

                     (ix)   No Default. Except for payment delinquencies
              continuing for a period of not more than 30 days as of the Cutoff
              Date, to the knowledge of Seller, no default, breach, violation or
              event permitting acceleration under the terms of the Receivable
              exists and no continuing condition that with notice or lapse of

                                       22

<PAGE>

              time, or both, would constitute a default, breach, violation or
              event permitting acceleration under the terms of the Receivable
              has arisen.

                     (x)    Insurance. The Receivable requires the Obligor to
              insure the Financed Vehicle under a Physical Damage Insurance
              Policy, pay the premiums for such insurance and keep such
              insurance in full force and effect.

                     (xi)   Good Title. It is the intention of Seller that the
              transfer and assignment herein contemplated constitute a sale of
              the Receivables from Seller to Issuer and that the beneficial
              interest in and title to the Receivables not be part of Seller's
              estate in the event of the filing of a bankruptcy petition by or
              against Seller under any bankruptcy law. No Receivable has been
              sold, transferred, assigned, or pledged by Seller to any Person
              other than Issuer. Immediately prior to the transfer and
              assignment herein contemplated, Seller had good and marketable
              title to the Receivable free and clear of any Lien and had full
              right and power to transfer and assign the Receivable to Issuer
              and immediately upon the transfer and assignment of the Receivable
              to Issuer, Issuer shall have good and marketable title to the
              Receivable, free and clear of any Lien; and Issuer's interest in
              the Receivable resulting from the transfer has been perfected
              under the UCC.

                     (xii)  Obligations. Each Seller Affiliate has duly
              fulfilled all material obligations on its part to be fulfilled
              under, or in connection with, the Receivable.

                     (xiii) Possession. There is only one original executed
              Receivable, and immediately prior to the Closing Date, the
              applicable Seller Affiliate will have possession of such original
              executed Receivable.

                     (xiv)  No Government Obligor. The Obligor on the Receivable
              is not the United States of America or any state thereof or any
              local government, or any agency, department, political subdivision
              or instrumentality of the United States of America or any state
              thereof or any local government.

                     (xv)   Marking Records. By the Closing Date, Seller shall
              have caused the portions of Seller's and each Seller Affiliate's
              electronic master record of Motor Vehicle Loans relating to the
              Receivables to be clearly and unambiguously marked to show that
              the Receivable is owned by Issuer in accordance with the terms of
              this Agreement.

                     (xvi)  No Assignment. As of the Closing Date, Seller shall
              not have taken any action to convey any right to any Person that
              would result in such Person having a right to payments received
              under the Insurance Policies or Dealer Agreements, or payments due
              under the Receivable, that is senior to, or equal with, that of
              Issuer.

                                       23

<PAGE>

                     (xvii) Lawful Assignment. The Receivable has not been
              originated in, and is not subject to the laws of, any jurisdiction
              under which the sale, transfer or assignment of such Receivable
              hereunder or pursuant to transfers of the Notes or Certificates
              are unlawful, void or voidable. Neither Seller nor any Seller
              Affiliate has entered into any agreement with any Obligor that
              prohibits, restricts or conditions the assignment of any portion
              of the Receivables.

                     (xviii) Dealer Agreements. A Dealer Agreement for each
              Receivable is in effect whereby the Dealer warrants title to the
              Motor Vehicle and indemnifies the Seller Affiliate that is a party
              to said Dealer Agreement against the unenforceability of each
              Receivable sold thereunder, and the rights of such Seller
              Affiliate thereunder, with regard to the Receivable sold
              hereunder, have been validly assigned to and are enforceable
              against the Dealer by the Seller and then to and by the Issuer,
              along with any Dealer Recourse.

                     (xix)  Composition of Receivable. No Receivable has a
              Principal Balance which includes capitalized interest or late
              charges.

                     (xx)   Database File. The information included with respect
              to each Receivable in the database file delivered pursuant to
              Section 4.9(b) is accurate and complete in all material respects.

              Section 1.3. Representations and Warranties as to the Receivables
in the Aggregate. The Servicer hereby makes the following representations and
warranties as to the Receivables on which Trustee shall rely in accepting the
Trust Property in trust and authenticating the Certificates. Unless otherwise
indicated, such representations and warranties shall speak as of the Closing
Date, but shall survive the sale, transfer and assignment of the Receivables and
the other Trust Property to the Trust.

                     (i)    Amounts. The Original Pool Balance was
              $_______________.

                     (ii)   Aggregate Characteristics. The Receivables had the
              following characteristics in the aggregate as of the Cutoff Date:
              (i) approximately ____% of the Original Pool Balance was
              attributable to loans for purchases of new Financed Vehicles, and
              approximately ____% of the Original Pool Balance was attributable
              to loans for purchases of used Financed Vehicles; (ii)
              approximately ____% of the Original Pool Balance was attributable
              to Receivables the mailing addresses of the Obligors with respect
              to which are located in the State of ________ and ____% of the
              Original Pool Balance was attributable to Receivables the mailing
              addresses of the Obligors with respect to which are located in the
              State of _____, ____% in the State of _______, ____% in the State
              of ______, and ____% in the State of ______, and no other state
              accounts for more than ____% of the Original Pool

                                       24

<PAGE>

              Balance; (iii) the weighted average Contract Rate of the
              Receivables was _____%; (iv) there are _____ Receivables being
              conveyed by Seller to Issuer; (v) the average Cutoff Date
              Principal Balance of the Receivables was $______; and (vi) the
              weighted average original term and weighted average remaining term
              of the Receivables were _____ months and _____ months,
              respectively.

              Section 1.4. Repurchase upon Breach. Seller, Servicer or Trustee,
as the case may be, shall inform the other parties to this Agreement promptly,
in writing, upon the discovery of any breach or failure to be true of the
representations or warranties made by the Servicer in Section 2.2, provided that
the failure to give such notice shall not affect any obligation of the Servicer.
If the breach or failure shall not have been cured by the last day of the
Collection Period which includes the 60th day (or if the Servicer elects, the
30th day) after the date on which the Servicer becomes aware of, or receives
written notice from Trustee or Servicer of, such breach or failure, and such
breach or failure materially and adversely affects the interests of Trustee and
the Holders in any Receivable, the Servicer shall purchase each such affected
Receivable from Trustee as of such last day of such Collection Period at a
purchase price equal to the Purchase Amount for such Receivable as of such last
day of such Collection Period. Notwithstanding the foregoing, any such breach or
failure with respect to the representations and warranties contained in Section
2.2 will not be deemed to have such a material and adverse effect with respect
to a Receivable if the facts resulting in such breach or failure do not affect
the ability of the Trust to receive and retain payment in full on such
Receivable. In consideration of the repurchase of a Receivable hereunder, the
Servicer shall remit the Purchase Amount of such Receivable, no later than the
close of business on the next Deposit Date, in the manner specified in Section
4.4. The sole remedy of the Trust, Trustee or the Holders with respect to a
breach or failure to be true of the representations or warranties made by the
Servicer pursuant to Section 2.2 shall be to require the Servicer to purchase
Receivables pursuant to this Section.

              Section 1.5. Custodian of Receivable Files. (a) Custody. To assure
uniform quality in servicing the Receivables and to reduce administrative costs,
Trustee, upon the execution and delivery of this Agreement, revocably appoints
the Custodian, as agent, and the Custodian accepts such appointment, to act as
agent on behalf of Trustee to maintain custody of the following documents or
instruments, which are hereby constructively delivered to Trustee with respect
to each Receivable (collectively, a "Receivable File"):

                            (i)    the fully executed original of the
                            Receivable;

                            (ii)   any documents customarily delivered to or
                            held by Servicer evidencing the existence of any
                            Physical Damage Insurance Policies;

                            (iii)  the original credit application, fully
                            executed by the Obligor;

                            (iv)   the original certificate of title, or such
                            other documents as M&I Bank, as appropriate, keeps
                            on file, in accordance with its customary

                                       25

<PAGE>

                     procedures, evidencing the security interest of M&I Bank in
                     the Financed Vehicle;

                     (v)    originals or true copies of all documents,
                     instruments or writings relating to extensions, amendments
                     or waivers of the Receivable; and

                     (vi)   any and all other documents or electronic records
                     that M&I Bank or Servicer, as the case may be, keeps on
                     file, in accordance with its customary procedures, relating
                     to the Receivable, any Insurance Policies, the Obligor or
                     the Financed Vehicle.

                     (i)    Safekeeping. Servicer, in its capacity as Custodian,
              shall hold the Receivable Files as agent on behalf of Trustee for
              the benefit of all present and future Holders, and maintain such
              accurate and complete accounts, records and computer systems
              pertaining to each Receivable as shall enable Servicer and Trustee
              to comply with the terms and provisions of this Agreement
              applicable to them. In performing its duties as Custodian
              hereunder, the Custodian shall act with reasonable care,
              exercising the degree of skill, attention and care that Custodian
              exercises with respect to receivable files relating to other
              similar motor vehicle loans owned and/or serviced by the Custodian
              and that is consistent with industry standards. In accordance with
              its customary practice with respect to its retail installment sale
              contracts, Custodian 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, and shall maintain the Receivable Files in such a manner
              as shall enable Trustee to verify, if Trustee so elects, the
              accuracy of the record keeping of Custodian. Custodian shall
              promptly report to 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. The Custodian hereby acknowledges
              receipt of the Receivable File for each Receivable listed on the
              Schedule of Receivables. Nothing herein shall be deemed to require
              Trustee to verify the accuracy of the record keeping of the
              Custodian.

                     (ii)   Maintenance of and Access to Records. The Custodian
              shall maintain each Receivable File at the location specified in
              Schedule A to this Agreement, or at such other office of the
              Custodian within the United States (or, in the case of any
              successor Custodian, within the State in which its principal place
              of business is located) as shall be specified to Trustee by 30
              days' prior written notice. Upon Trustee's reasonable request, the
              Custodian shall make available to Trustee or its agents (or, when
              requested in writing by Trustee, to its attorneys or auditors) the
              Receivable Files and the related accounts, records and computer
              systems maintained by the Custodian at such times during the
              normal

                                       26

<PAGE>

          business hours of the Custodian for purposes of inspecting, auditing
          or making copies or abstracts of the same.

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

               (iv)  Title to Receivables. The Custodian agrees that, in respect
          of any Receivable File held by the Custodian hereunder, the Custodian
          will not at any time have or in any way attempt to assert any interest
          in such Receivable File or the related Receivable, other than solely
          for the purpose of 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.

               (v)   Instructions; Authority to Act. The Custodian shall be
          deemed to have received proper instructions with respect to the
          Receivable Files upon its receipt of written instructions signed by an
          Authorized Officer of Trustee. A certified copy of excerpts of certain
          resolutions of the Board of Directors of Trustee shall constitute
          conclusive evidence of the authority of any such Authorized Officer to
          act and shall be considered in full force and effect until receipt by
          the Custodian of written notice to the contrary given by Trustee.

               (vi)  Custodian's Indemnification. Custodian shall indemnify and
          hold harmless Trustee, its officers, directors, employees and agents
          and the Holders from and against any and all liabilities, obligations,
          losses, compensatory damages, payments, costs or expenses (including
          legal fees if any) of any kind whatsoever that may be imposed on,
          incurred or asserted against Trustee or the Holders as the result of
          any act or omission of Custodian relating to the maintenance and
          custody of the Receivable Files; provided that the Custodian shall not
          be liable hereunder to the extent that such liabilities, obligations,
          losses, compensatory damages, payments, costs or expenses result from
          the willful misfeasance, bad faith or negligence of Trustee.
          Indemnification under this Section 2.5(g) shall include reasonable
          fees and expenses of counsel and expenses of litigation and shall
          survive termination of this Agreement and the resignation or removal
          of Trustee. If Custodian shall have made any indemnity payments to
          Trustee pursuant to this Section and Trustee thereafter shall collect
          any of such amounts from Persons other than Custodian, Trustee shall
          immediately upon receipt thereof repay such amounts to Custodian,
          without interest.

                                       27

<PAGE>

               (vii)  Effective Period and Termination. Servicer's appointment
          as Custodian shall become effective as of the Cutoff Date and shall
          continue in full force and effect until terminated pursuant to this
          subsection (h). If Servicer shall resign as Servicer in accordance
          with Section 7.5 or if all of the rights and obligations of Servicer
          shall have been terminated under Section 8.1, the appointment of
          Servicer as Custodian hereunder may be terminated by Trustee or by the
          Majority Holders, in the same manner as Trustee or such Holders may
          terminate the rights and obligations of Servicer under Section 8.1.
          Trustee may terminate Servicer's appointment as Custodian hereunder at
          any time with cause, or with 30 days' prior written notice without
          cause, upon written notification to Servicer. As soon as practicable
          after any termination of such appointment Servicer shall deliver, or
          cause to be delivered, the Receivable Files to Trustee, Trustee's
          agent or Trustee's designee at such place or places as Trustee may
          reasonably designate. Notwithstanding any termination of Servicer as
          Custodian hereunder (other than in connection with a termination
          resulting from the termination of Servicer, as such, pursuant to
          Section 8.1), from and after the date of such termination, and for so
          long as Servicer is acting as such pursuant to this Agreement, Trustee
          shall provide, or cause the successor Custodian to provide, access to
          the Receivable Files to Servicer, at such times as Servicer shall
          reasonably request, for the purpose of carrying out its duties and
          responsibilities with respect to the servicing of the Receivables
          hereunder.

               (viii) Delegation. Custodian may, at any time without notice or
          consent, delegate any or all of its duties to M&I Bank; provided that
          no such delegation shall relieve Custodian of its responsibility with
          respect to such duties and Custodian shall remain obligated and liable
          to Trustee and the Holders for its duties hereunder as if Custodian
          alone were performing such duties.

ARTICLE II.   ADMINISTRATION AND SERVICING OF TRUST PROPERTY.

          Section 2.1. Duties of Servicer. (1) Servicer is hereby authorized to
act as agent for the Trust and in such capacity shall manage, service,
administer and make collections on the Receivables (other than Purchased
Receivables), and perform the other actions required by Servicer under this
Agreement, with reasonable care. Without limiting the standard set forth in the
preceding sentence, Servicer shall use a degree of skill, attention and care
that is not less than Servicer exercises with respect to comparable Motor
Vehicle Loans that it services for itself or others and that is consistent with
prudent industry standards. Servicer's duties shall include 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, sending payment coupons or monthly invoices to Obligors,
reporting required tax information to Obligors, accounting for Collections,
monitoring the status of Physical Damage Insurance Policies with respect to the
Financed Vehicles as provided in Section 3.4(a), furnishing monthly and annual

                                       28

<PAGE>

statements to Trustee with respect to distributions, providing collection and
repossession services in the event of Obligor default and performing the other
duties specified herein.

          In accordance with its customary servicing procedures, Servicer shall
also administer and enforce all rights and responsibilities of the holder of the
Receivables provided for in the Physical Damage Insurance Policies as provided
in Section 3.4(b) and the Dealer Agreements. Without limiting the generality of
the foregoing, Servicer is hereby authorized and empowered by Trustee to execute
and deliver, on behalf of itself, the Trust, Trustee and the Holders, 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 that notwithstanding the foregoing, 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 of any Receivable from the Obligor, except in connection with
a de minimis deficiency which Servicer would not attempt to collect in
accordance with its customary procedures. If Servicer shall commence a legal
proceeding to enforce a Receivable, Trustee shall thereupon be deemed to have
automatically assigned such Receivable to Servicer, which assignment shall be
solely for purposes of collection. Trustee shall furnish Servicer with any
powers of attorney and other documents or instruments necessary or appropriate
to enable Servicer to carry out its servicing and administrative duties
hereunder.

               (ii)  Servicer may, at any time without notice (except that
          Servicer shall give written notice to each Rating Agency of any
          delegation outside the ordinary course of business of the substantial
          portion of its servicing business) or consent, delegate specific
          duties to subcontractors who are in the business of performing such
          duties; provided that no such delegation shall relieve Servicer of its
          responsibility with respect to such duties and Servicer shall remain
          obligated and liable to Trustee and the Holders for servicing and
          administering the Receivables in accordance with this Agreement as if
          Servicer alone were performing such duties.

          Section 2.2. Collection of Receivable Payments. (1) 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
otherwise act with respect to the Receivables, the Physical Damage Insurance
Policies, the Dealer Agreements and the other Trust Property in such manner as
will, in the reasonable judgment of Servicer, maximize the amount to be received
by the Trust with respect thereto, in accordance with the standard of care
required by Section 3.1. Servicer shall be entitled to amend or modify any
Receivable in accordance with its customary procedures if Servicer believes in
good faith that such amendment or modification is in the best interests of the
Trust; provided that Servicer may not, unless ordered by a court of competent
jurisdiction or otherwise required by applicable law, (i) extend a Receivable
beyond the Final Scheduled Maturity Date, or (ii) reduce the Principal Balance
or Contract Rate of any Receivable. If Servicer fails to comply with the
provisions of the preceding sentence, Servicer

                                       29

<PAGE>

shall be required to purchase the Receivable or Receivables affected thereby,
for the Purchase Amount, in the manner specified in Section 4.7 as of the close
of business for the Collection Period in which such failure occurs. Servicer
may, in its discretion (in accordance with its customary standards, policies and
procedures), waive any prepayment charge, late payment charge, extension fee or
any other fee that may be collected in the ordinary course of servicing a
Receivable.

               (ii) If in the course of collecting payments under the
          Receivables, Servicer determines to set off any obligation of Servicer
          to an Obligor against an amount payable by the Obligor with respect to
          such Receivable, Servicer shall deposit the amount so set off in the
          Collection Account, no later than the close of business on the Deposit
          Date for the Collection Period in which the set-off occurs. All
          references herein to payments or Liquidation Proceeds collected by
          Servicer shall include amounts set-off by Servicer.

          Section 2.3. Realization upon Receivables. On behalf of the Trust,
Servicer shall charge off a Receivable as a Defaulted Receivable in accordance
with its customary standards (and, in no event later than ___ days after a
Receivable shall have become delinquent) and shall use reasonable efforts to
repossess and liquidate the Financed Vehicle securing any Defaulted Receivable
as soon as feasible after default, in accordance with the standard of care
required by Section 3.1. In taking such action, Servicer shall follow such
customary and usual practices and procedures as it shall deem necessary or
advisable in its servicing of Motor Vehicle Loans, and as are otherwise
consistent with the standard of care required under Section 3.1, which shall
include exercising any rights under the Dealer Agreements and selling the
Financed Vehicle at public or private sale. 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 or pursuing any deficiency
claim against the related Obligor, but only out of the cash proceeds of such
Financed Vehicle or 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, 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 of the related Receivable by an amount equal to or
greater than the amount of such expenses.

          If 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 Trustee to Servicer of the rights under such Dealer Agreement. If, however,
in any enforcement suit or legal proceeding, it is held that 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, Trustee, on
behalf of the Trust, at Servicer's expense, shall take such steps as Servicer
deems necessary to enforce the Dealer Agreement, including bringing suit in its
name or the names of the Holders.

                                       30

<PAGE>

          Section 2.4. Physical Damage Insurance. (1) The Receivables require
that each Financed Vehicle be insured under a Physical Damage Insurance Policy.
Servicer shall monitor or cause to be monitored, the status of such physical
damage insurance coverage to the extent consistent with its customary servicing
procedures. If Servicer shall determine that an Obligor has failed to obtain or
maintain a Physical Damage Insurance Policy covering the related Financed
Vehicle, Servicer shall use its reasonable efforts to enforce the rights of the
holder of the Receivable under the Receivable to require the Obligor to obtain
such physical damage insurance, provided that Servicer shall not be required to
take such actions if there is in place a lender's single interest policy with
respect to the related Financed Vehicle that complies with Servicer's customary
requirements. It is understood that Servicer will not "force-place" any Physical
Damage Insurance Policy on any Financed Vehicle.

               (ii)   Servicer may sue to enforce or collect upon the Physical
          Damage Insurance Policies, in its own name, if possible, or as agent
          for the Trust. If Servicer elects to commence a legal proceeding to
          enforce a Physical Damage Insurance Policy, the act of commencement
          shall be deemed to be an automatic assignment of the rights of the
          Trust under such Physical Damage Insurance Policy to Servicer for
          purposes of collection only. If, however, in any enforcement suit or
          legal proceeding it is held that Servicer may not enforce a Physical
          Damage Insurance Policy on the grounds that it is not a real party in
          interest or a holder entitled to enforce the Physical Damage Insurance
          Policy, Trustee, on behalf of the Trust, at Servicer's expense, shall
          take such steps as Servicer deems necessary to enforce such Physical
          Damage Insurance Policy, including bringing suit in its name or the
          name of Trustee for the benefit of the Holders. Servicer shall make
          all claims and enforce its rights under any lender's single interest
          insurance policy (to the extent such claims or rights relate to
          Receivables) for the benefit of the Trust and shall treat as
          Collections all related proceeds of such policies.

          Section 2.5. Maintenance of Security Interests in Financed Vehicles.
Servicer, in accordance with the standard of care required under Section 3.1,
shall take such reasonable steps as are necessary to maintain perfection of the
security interest created by each Receivable in the related Financed Vehicle for
the benefit of the Trust. Trustee, on behalf of the Trust, hereby authorizes
Servicer, and Servicer hereby agrees, to take such reasonable steps as are
necessary to re-perfect such security interest on behalf of the Trust in the
event Servicer receives notice of the relocation of a Financed Vehicle. If there
has been a Servicer Termination Event, upon the request of Trustee, Servicer, at
its expense, shall promptly and duly execute and deliver such documents and
instruments, and take such other reasonable actions as may be necessary, as
evidenced by an Opinion of Counsel delivered to Trustee to perfect the Trust's
interest in the Trust Property against all other Persons, including the delivery
of the Receivables and the Receivable Files to Trustee, its agent, or its
designee, the endorsement and delivery of the Physical Damage Insurance Policies
or the notification of the insurers thereunder, the execution of transfer
instruments, and the endorsement to Trustee and the delivery of the certificates
of title

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<PAGE>

to the Financed Vehicles to the appropriate department or departments of motor
vehicles (or other appropriate governmental agency).

          Section 3.6. Covenants of Servicer. Servicer makes the following
covenants on which Trustee relies in accepting the Trust Property in trust and
in executing and authenticating the Certificates:

               (i)    Security Interest to Remain in Force. Servicer shall not
          release any Financed Vehicle from the security interest granted by the
          related Receivable in whole or in part, except upon payment in full of
          the Receivable or as otherwise contemplated herein.

               (ii)   No Impairment. Servicer shall not impair in any material
          respect the rights of the Holders in the Receivables, the Dealer
          Agreements or the Physical Damage Insurance Policies or, subject to
          clause (c), otherwise amend or alter the terms thereof if, as a result
          of such amendment or alteration, the interests of the Trust and the
          Holders hereunder would be materially adversely affected.

               (iii)  Amendments. Servicer shall not amend or otherwise modify
          any Receivable (including the grant of any extension thereunder),
          except in accordance with Section 3.2.

          Section 2.7. Purchase by Servicer upon Breach. Seller, Servicer or
Trustee, as the case may be, shall inform the other parties promptly, in
writing, upon the discovery of any breach by Servicer of its covenants under
Section 3.5 or 3.6; provided that the failure to give such notice shall not
affect any obligation of Servicer. Unless the breach shall have been cured by
the last day of the Collection Period which includes the 60th day (or the 30th
day, if Servicer so elects) after the date on which Servicer becomes aware of,
or receives written notice of, such breach, and such breach or failure
materially and adversely affects the interests of Trustee and the Holders in any
Receivable, Servicer shall purchase such Receivable from Trustee as of the last
day of the Collection Period at a purchase price equal to the Purchase Amount
for such Receivable as of the last day of such Collection Period; provided that
in the case of a breach of the covenant contained in Section 3.6(c), Servicer
shall be obligated to purchase the affected Receivable or Receivables on the
Deposit Date immediately succeeding the Collection Period during which Servicer
becomes aware of, or receives written notice of, such breach. In consideration
of the purchase of a Receivable hereunder, Servicer shall remit the Purchase
Amount of such Receivable in the manner specified in Section 5.4. The sole
remedy of the Trust, Trustee or the Holders against Servicer with respect to a
breach pursuant to Section 3.5 or 3.6 shall be to require Servicer to repurchase
Receivables pursuant to this Section.

          Section 2.8 Servicing Fee. The servicing fee for (a) the _____ 200[_]
Distribution Date shall equal $________ and (b) for each Distribution Date
thereafter shall equal the product of (i) one-twelfth, (ii) the Servicing Fee
Rate and (iii) the Pool Balance as of the

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<PAGE>

opening of business on the first day of the related Collection Period (the
"Servicing Fee"). Servicer shall also be entitled to retain any late fees,
extension fees, prepayment charges (including, in the case of any Rule of 78's
Receivable or Sum of Periodic Balances Receivable that is prepaid in full,
amounts received in excess of the outstanding Principal Balance of such
Receivable and accrued interest thereon calculated as if such Receivable were an
Actuarial Receivable) and certain non-sufficient funds charges and other
administrative fees or similar charges allowed by applicable law with respect to
Receivables collected (from whatever source) on the Receivables and shall be
paid any interest earned on deposits in the Accounts (the "Supplemental
Servicing Fee"). It is understood and agreed that Available Interest or
Available Principal shall not include any amounts retained by Servicer which
constitute Supplemental Servicing Fees. The Servicing Fee in respect of a
Collection Period (together with any portion of the Servicing Fee that remains
unpaid from prior Distribution Dates), if the Rating Agency Condition is
satisfied, may be paid at the beginning of such Collection Period out of
Collections for such Collection Period. As provided in Section 4.5, as
additional compensation, Servicer shall be entitled to receive on each
Distribution Date, any Additional Servicing for such Distribution Date.

          Section 2.9. Servicer's Report. (1) On each Determination Date,
Servicer shall deliver to Trustee, each Paying Agent and Seller, with a copy to
the Rating Agencies, a Servicer's Report substantially in the form of Exhibit C
(a "Servicer's Report") containing, among other things, (i) all information
necessary to make the deposits, transfers and distributions required by Sections
4.4, 4.5 and 4.6, (ii) all information necessary for sending statements to
Holders pursuant to Section 4.7, (iii) all information necessary to prepare the
certificate described in Section 9.3, (iv) all information necessary to
determine if there has been a Servicer Termination Event under Section 8.1, and
(v) all information necessary to reconcile all deposits to, and withdrawals
from, the Collection Account for such Distribution Date and the related
Collection Period. Servicer also shall separately identify (by account number of
the Receivable as it appears in the Schedule of Receivables) to Trustee in a
written notice or a list in computer readable form the Receivables to be
purchased by Servicer, as the case may be, on the related Deposit Date, and each
Receivable which became a Defaulted Receivable during the related Collection
Period.

               (ii)  Servicer shall provide Trustee with a database file for the
          Receivables at or prior to the Closing Date (but with information as
          of the close of business on the Cutoff Date).

          Section 2.10. Annual Statement as to Compliance; Notice of Default.
(1) Servicer shall deliver to Trustee and each Rating Agency, on or before
___________ of each year, beginning on ___________, 200[_], an Officer's
Certificate, dated as of _______________ of such year, stating that (i) a review
of the activities of Servicer during the preceding 12-month period (or, in the
case of the first such report, during the period from the Closing Date to
___________, 200[_]) and of its performance 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,

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<PAGE>

Servicer has fulfilled all its obligations in all material respects under this
Agreement throughout such year, or, if there exists any uncured 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 and the
report required to be delivered in Section 3.11 may be obtained by any
Certificateholder by a request in writing to the Trustee addressed to the
Corporate Trust Officer.

               (ii)  Servicer shall deliver to Trustee and each Rating Agency,
          promptly after having obtained knowledge thereof, but in no event
          later than five Business Days thereafter, written notice in an
          Officer's Certificate of any event which constitutes, or with the
          giving of notice or lapse of time or both, would become, a Servicer
          Termination Event under Section 8.1.

          Section 2.11. Annual Independent Certified Public Accountants' Report.
The Servicer shall cause a firm of independent certified public accountants (who
may also render other services to the Servicer or Seller), to deliver to Seller,
Trustee and each Rating Agency on or before April 30 of each year beginning on
___________, a report to the effect that such firm has examined the Servicer's
assertion that it has complied with the minimum servicing standards set forth in
the Mortgage Banker's Association of America's Uniform Single Attestation
Program for Mortgage Bankers ("USAP") for the twelve months ended December 31 of
the preceding year (or, in the case of the first such certificate, from the
Closing Date until December 31, 200[ ]), and that such examination (1) included
test relating to the servicing or administration of the Receivables in
accordance with the requirements of the USAP, to the extent the procedures in
such program apply to the servicing or administration of the Receivables and (2)
except as described in the report, disclosed no exceptions or errors in the
records relating to the servicing or administration of the Receivables that, in
the firm's opinion, paragraph six of such program requires such firm to report.

          Such report will also indicate that the firm is independent of
Servicer within the meaning of the Code of Professional Ethics of the American
Institute of Certified Public Accountants.

          Section 2.12. Access to Certain Documentation and Information
Regarding Receivables. Servicer shall provide Trustee and the Holders with
access to the Receivable Files (in the case of the Holders, only in such cases
where it shall be required by applicable statutes or regulations to give access
to such documentation as demonstrated by evidence satisfactory to Servicer in
its reasonable judgment). Such access shall be afforded without charge, but only
upon reasonable request and during normal business hours at the offices of
Servicer. Nothing in this Section shall affect the obligation of Servicer to
observe any applicable law prohibiting disclosure of information regarding the
Obligors, and the failure of Servicer to provide access to information as a
result of such obligation shall not constitute a breach of this Section. Any
Holder, by its acceptance of a Certificate, shall be deemed to have agreed to
keep any information obtained by it pursuant to this Section confidential and
not to use such information for any other purpose, except as required by
applicable law.

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<PAGE>

          Section 2.13. Reports to the Commission. 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.

          Section 2.14. Reports to the Rating Agency. Servicer shall deliver to
each Rating Agency 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 other information reasonably requested
by such Rating Agency to monitor this transaction.

          Section 2.15. Servicer Expenses. Servicer shall be required to pay all
expenses incurred by it in connection with its activities hereunder, including
fees and disbursements of the Trustee, independent accountants, taxes imposed on
Servicer and expenses incurred in connection with distributions and reports to
Holders.

ARTICLE III.  DISTRIBUTIONS; RESERVE ACCOUNT; STATEMENTS TO HOLDERS.

          Section 3.1. Establishment of Accounts. (1) Trustee, on behalf of the
Trust and for the benefit of the Holders, shall establish and maintain in the
name of Trustee one or more segregated Eligible Deposit Accounts (collectively,
the "Collection Account"), bearing a designation clearly indicating that the
funds deposited therein are held for the benefit of the Holders. Trustee, on
behalf of the Trust and for the benefit of the Class A Holders, shall establish
and maintain in the name of Trustee an Eligible Deposit Account (the "Class A
Distribution Account"), bearing a designation clearly indicating that the funds
deposited therein are held for the benefit of the Class A Holders. Trustee, on
behalf of the Trust and for the benefit of the Class B Holders, shall establish
and maintain in the name of Trustee an Eligible Deposit Account (the "Class B
Distribution Account"), bearing a designation clearly indicating that the funds
deposited therein are held for the benefit of the Class B Holders. Trustee on
behalf of the Trust and for the benefit of the Holders, shall establish and
maintain in the name of Trustee an Eligible Deposit Account (the "Payahead
Account"), bearing a designation clearly indicating that the funds therein are
held for the benefit of the Holders. The Collection Account, the Class A
Distribution Account, the Class B Distribution Account, and the Payahead Account
shall be initially established and maintained with the trust department of
Trustee.

               (ii)  Funds on deposit in the Collection Account, the Class A
          Distribution Account, the Class B Distribution Account, and the
          Payahead Account shall be invested by Trustee in Eligible Investments
          selected by Servicer (pursuant to standing instructions or otherwise)
          and confirmed in writing by Servicer to Trustee; provided that, it is
          understood and agreed that neither Servicer nor Trustee shall be
          liable for any loss arising from such investment in Eligible
          Investments. All such Eligible Investments shall be held by Trustee
          for the benefit of the beneficiaries of the applicable Account;
          provided that on each Distribution Date all interest and other
          investment income (net of losses and

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<PAGE>

          investment expenses) on funds on deposit therein shall be withdrawn
          from the Accounts at the written direction of Servicer and shall be
          paid to Servicer and shall not be available or otherwise subject to
          any claims or rights of the Holders. Other than as permitted by each
          Rating Agency, funds on deposit in the Accounts with respect to any
          Collection Period or Distribution Date shall be invested only in
          Eligible Investments that, except for money market funds, will mature
          so that such funds will be available at the close of business on the
          related Deposit Date. Funds deposited in an Account on a Deposit Date
          which immediately precedes a Distribution Date upon the maturity of
          any Eligible Investments are not required to be (but may be) invested
          overnight. No Eligible Investment with a stated maturity shall be
          disposed of prior to that maturity unless a default occurs with
          respect to that Eligible Investment and Servicer directs Trustee in
          writing to dispose of it.

               (iii)  Trustee shall possess all right, title and interest in all
          funds on deposit from time to time in the Accounts and in all proceeds
          thereof (excluding all income thereon) and all such funds, investments
          and proceeds shall be part of the Trust Property. The Accounts shall
          be under the sole dominion and the exclusive custody and control of
          Trustee, and Trustee shall have sole signature authority with respect
          thereto. If, at any time, any of the Accounts ceases to be an Eligible
          Deposit Account, Trustee (or Servicer on its behalf) shall within 10
          Business Days (or such longer period as to which each Rating Agency
          may consent) establish a new Account as an Eligible Deposit Account
          and shall transfer any cash and/or any investments that are in the
          existing Account which is no longer an Eligible Deposit Account to
          such new Account.

          Section 3.2. Collections. (1) Servicer shall remit within two Business
Days of receipt thereof to the Collection Account all payments by or on behalf
of the Obligors with respect to the Receivables (other than any amounts
constituting Supplemental Servicing Fees) and all Liquidation Proceeds, both as
collected during the Collection Period. Notwithstanding the foregoing, if M&I
Bank is the Servicer and (i) shall have the Required Rating or (ii) Indenture
Trustee otherwise shall have received written notice from each of the Rating
Agencies that the then outstanding rating on the Notes or the Certificates would
not be lowered or withdrawn as a result, Servicer may deposit all amounts
referred to above for any Collection Period into the Collection Account not
later than the close of business on the Deposit Date with respect to such
Collection Period; provided that (i) if a Servicer Termination Event has
occurred and is continuing, (ii) Servicer has been terminated as such pursuant
to Section 8.1 or (iii) Servicer ceases to have the Required Rating, Servicer
shall deposit such amounts (including any amounts then being held by Servicer)
into the Collection Account as provided in the preceding sentence. For purposes
of this Article VI the phrase "payments by or on behalf of Obligors" shall mean
payments made with respect to the Receivables by Persons other than Servicer,
Seller or any Seller Affiliate.

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<PAGE>

             (ii)  With respect to each Receivable (other than a Purchased
        Receivable or a Precomputed Receivable), collections and payments by or
        on behalf of the Obligor (other than any amounts constituting
        Supplemental Servicing Fees) for each Collection Period shall be applied
        to interest and principal in accordance with the Simple Interest Method,
        as applied by Servicer. Any excess shall be applied to prepay the
        Receivable. All Liquidation Proceeds shall be treated as Interest
        Collections.

             (iii) With respect to each Precomputed Receivable, collections and
        payments by or on behalf of an Obligor (other than any amounts
        constituting Supplemental Servicing Fees) for each Collection Period
        shall be applied to the scheduled payments due on such Precomputed
        Receivable for such Collection Period. To the extent such collections
        and payments on a Precomputed Receivable during a Collection Period
        exceed the scheduled payment on such Precomputed Receivable and are
        insufficient to prepay the Precomputed Receivable in full, collections
        shall be treated as Payaheads until such later Collection Period as such
        Payaheads may be transferred to the Collection Account and applied
        either to the scheduled payments due or to prepay the Precomputed
        Receivable in full in accordance with Section 5.5.

        Section 3.3. [Reserved].

        Section 3.4. Additional Deposits; Net Deposits. (1) On or prior to each
Deposit Date, Servicer shall remit to the Collection Account, in next-day or
immediately available funds, the aggregate Purchase Amounts of the Receivables
to be purchased by it under an obligation that arose during the preceding
Collection Period pursuant to Section 2.4, 3.7 or 10.2, respectively.

             (ii)  Servicer may make the remittances to be made by it pursuant
        to this Article IV net of amounts to be distributed to it pursuant to
        Section 4.5 (but subject to the priorities set forth therein), for so
        long as (i) no Servicer Termination Event has occurred and is continuing
        and (ii) Servicer has not been terminated as such pursuant to Section
        8.1; provided that Servicer shall account for all of such amounts in the
        related Servicer's Report as if such amounts were deposited and
        distributed separately; and provided that, if an error is made by
        Servicer in calculating the amount to be deposited or retained by it and
        a shortfall in the amount deposited in the Collection Account results,
        Servicer shall make a payment of the deficiency to the Collection
        Account, immediately upon becoming aware, or receiving notice from
        Trustee, of such error.

        Section 3.5. Distributions. (1) On each Determination Date, Servicer
shall calculate all amounts required to determine the amounts to be deposited on
the related Distribution Date in the Class A Distribution Account and the Class
B Distribution Account

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<PAGE>

which calculations shall be set forth in the Servicer's Report delivered to
Trustee on or before such Determination Date.

             (ii)  On or before each Distribution Date, Servicer shall instruct
        Trustee in writing (based on the information contained in Servicer's
        Report delivered on the related Determination Date pursuant to Section
        3.9) to, and the Trustee shall:

             (i)   withdraw from the Payahead Account and deposit in the
             Collection Account, in immediately available funds, (x) with
             respect to each Precomputed Receivable for which the payments made
             by or on behalf of the obligor for the related Collection Period
             are less than the scheduled payment for the related Collection
             Period, the amount of Payaheads, if any, made with respect to such
             Receivable which, when added to the amount of such payments, is
             equal to the amount of such scheduled payment, (y) with respect to
             each Precomputed Receivable for which prepayments insufficient to
             prepay the Receivable in full have been made by or on behalf of the
             Obligor for the related Collection Period, the amount of Payaheads,
             if any, made with respect to such Receivable which, when added to
             the amount of such prepayments, is equal to an amount sufficient to
             prepay such Receivable in full, and (z) the amount of all
             Payaheads, if any, made with respect to any Purchased Receivable;
             and

             (ii)  withdraw from the Collection Account and deposit in the
             Payahead Account (or receive from the Servicer, which will remit to
             the Trustee for deposit in the Payahead Account, as the case may
             be), in immediately available funds, the aggregate amount of
             collections on Precomputed Receivables treated as Payaheads
             pursuant to Section 4.2 for the Collection Period related to such
             Distribution Date.

             (iii) On each Distribution Date, based on the related Servicer's
        Report, Trustee will make the following deposits and distributions from
        the Collection Account by [ ] a.m. (___________, ________ time), to the
        extent of the sum of Available Interest and any Available Reserve Amount
        (and, in the case of shortfalls in the Class A Interest Distributable
        Amount occurring under clause (ii), the Class B Percentage of Available
        Principal to the extent of such shortfalls), in the following priority:

             (i)   to Servicer, any unpaid Servicing Fee for the related
             Collection Period and all unpaid Servicing Fees from prior
             Collection Periods;

             (ii)  to the Class A Distribution Account, the Class A Interest
             Distributable Amount for such Distribution Date; and

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<PAGE>

               (iii)  to the Class B Distribution Account, the Class B Interest
               Distributable Amount for such Distribution Date.

               On each Distribution Date, based on the related Servicer's
               Report, Trustee will make the following deposits and
               distributions, to the extent of the portion of Available
               Principal, Available Interest and Available Reserve Amount
               remaining after the application of clauses (i), (ii) and (iii),
               in the following priority:

               (iv)   to the Class A Distribution Account, the Class A Principal
               Distributable Amount for such Distribution Date;

               (v)    to the Class B Distribution Account, the Class B Principal
               Distributable Amount for such Distribution Date;

               (vi)   to the Reserve Account, any amounts remaining, until the
               amount on deposit in the Reserve Account equals the Specified
               Reserve Account Balance;

               (vii)  to the Servicer, the Additional Servicing for such
               Distribution Date; and

               (viii) to M&I Bank, any amounts remaining.

               (iv) On each Distribution Date, all amounts on deposit in the
          Class A Distribution Account will be distributed to the Class A
          Holders (determined as of the related Record Date) by Trustee and all
          amounts on deposit in the Class B Distribution Account will be
          distributed to the Class B Holders (determined as of the related
          Record Date) by Trustee. Except as provided in Section 10.1, payments
          under this paragraph shall be made to the Holders by check mailed by
          Trustee to each Holder's respective address of record (or, in the case
          of Certificates registered in the name of a Clearing Agency, or its
          nominee, by wire transfer of immediately available funds). To the
          extent that Trustee is required to wire funds to the Holders from the
          Class A Distribution Account or the Class B Distribution Account, as
          applicable, it shall request the bank maintaining the Class A
          Distribution Account or the Class B Distribution Account, as
          applicable, to make a wire transfer of the amount to be distributed
          and the bank maintaining the Class A Distribution Account or the Class
          B Distribution Account, as applicable, shall promptly deliver to
          Trustee a confirmation of such wire transfer. To the extent that
          Trustee is required to make payments to Holders by check hereunder, it
          shall request the bank maintaining the Class A Distribution Account or
          the Class B Distribution Account, as applicable, to provide it with a
          supply of checks to make such payments. The bank shall, if a request
          is made by Trustee

                                       39

<PAGE>

          for a wire transfer by [ ] A.M. (  , time) on any Distribution Date,
          wire such funds in accordance with such instructions by [ ] A.M. ( ,
          time) on such Distribution Date, and it will otherwise act in
          compliance with the provisions of this paragraph and the other
          provisions of this Agreement applicable to it as the bank maintaining
          the Class A Distribution Account or the Class B Distribution Account,
          as applicable. Servicer shall take all necessary action (including
          requiring an agreement to such effect) to ensure that any bank
          maintaining the Class A Distribution Account or the Class B
          Distribution Account, as applicable, agrees to comply, and complies,
          with the provisions of this paragraph and the other provisions of this
          Agreement applicable to it as the bank maintaining the Class A
          Distribution Account or the Class B Distribution Account, as
          applicable.

          Section 3.6. Reserve Account. (1) the Servicer shall establish and
maintain in the name of the Trustee an Eligible Deposit Account (the "Reserve
Account"). The Reserve Account shall be initially established and maintained
with the Trustee (the "Securities Intermediary"). On the Closing Date, the
Servicer shall deposit or cause to be deposited in the Reserve Account an amount
equal to the Reserve Account Initial Deposit.

               (ii)  Trustee shall, at the written direction of Administrator,
          direct the Securities Intermediary to invest funds on deposit in the
          Reserve Account in Eligible Investments selected by Administrator and
          confirmed in writing by Administrator to Trustee; provided that it is
          understood and agreed that none of Trustee, Securities Intermediary or
          Administrator shall be liable for any loss arising from such
          investment in Eligible Investments. Funds on deposit in the Reserve
          Account shall be invested in Eligible Investments that will mature so
          that all such funds will be available at the close of business on each
          Deposit Date; provided that to the extent permitted by the Rating
          Agencies following written request by Administrator, funds on deposit
          in the Reserve Account may be invested in Eligible Investments that
          mature later than the next Deposit Date. Funds deposited in the
          Reserve Account on a Deposit Date upon the maturity of any Eligible
          Investments are not required to be (but may be) invested overnight.

               (iii) On each Distribution Date, any amounts on deposit in the
          Collection Account with respect to the preceding Collection Period
          after payments to Servicer, the Class A Distribution Account and the
          Class B Distribution Account have been made will be deposited into the
          Reserve Account until the amount of the Reserve Account is equal to
          the Specified Reserve Account Balance.

               (iv)  The Reserve Account shall be under the sole custody and
          control of Trustee. If, at any time, the Reserve Account ceases to be
          an Eligible Deposit Account, Trustee shall within 10 Business Days (or
          such longer period, not to exceed 30 calendar days, as to which each
          Rating Agency may consent) establish

                                       40

<PAGE>

          a new Reserve Account as an Eligible Deposit Account and shall
          transfer any cash and/or any investments that are in the existing
          account which is no longer an Eligible Deposit Account to such new
          Reserve Account.

               (v)    On each Distribution Date, the amount available in the
          Reserve Account (the "Available Reserve Amount") will equal the lesser
          of (i) the amount on deposit in the Reserve Account (exclusive of
          investment earnings) and (ii) the Specified Reserve Account Balance.
          On each Deposit Date, Trustee will withdraw funds from the Reserve
          Account to the extent that (A) the sum of the amounts required to be
          distributed to Holders and the accrued and unpaid Servicing Fees
          payable to Servicer on such Distribution Date exceeds (B) the amount
          on deposit in the Collection Account with respect to the preceding
          Collection Period (net of net investment income). The aggregate amount
          to be withdrawn from the Reserve Account on any Deposit Date shall not
          exceed the Available Reserve Amount with respect to the related
          Distribution Date. Trustee will deposit the proceeds of such
          withdrawal into the Collection Account on or before such Distribution
          Date with respect to which such withdrawal was made.

               (vi)   Amounts on deposit in the Reserve Account will be released
          to M&I Bank on each Distribution Date to the extent that the amount
          credited to the Reserve Account would exceed the Specified Reserve
          Account Balance. Upon any distribution to M&I Bank of amounts from the
          Reserve Account, the Holders will not have any rights in, or claims
          to, such amounts. Amounts distributed to M&I Bank from the Reserve
          Account in accordance with this Section shall not be available under
          any circumstances to the Trust, Trustee or the Holders and M&I Bank
          shall in no event thereafter be required to refund any such
          distributed amounts.

               (vii)  Investment earnings attributable to the Reserve Account
          Property and proceeds therefrom shall be held by Trustee for the
          benefit of M&I Bank. Investment earnings attributable to the Reserve
          Account Property shall not be available to pay the distributions
          provided for in Section 4.5 and shall not otherwise be subject to any
          claims or rights of the Holders or Servicer. Trustee shall cause all
          investment earnings attributable to the Reserve Account to be
          distributed on each Distribution Date to M&I Bank.

               (viii) M&I Bank may at any time, without consent of Holders,
          sell, transfer, convey or assign in any manner its rights to and
          interests in distributions from the Reserve Account provided that (i)
          the Rating Agencies confirm in writing that such action will not
          result in a reduction or withdrawal of the rating of the Class A
          Certificates or the Class B Certificates, (ii) M&I Bank provides to
          Trustee an Opinion of Counsel from independent counsel that such
          action will not cause Trust to be classified as an association (or
          publicly traded partnership)

                                       41

<PAGE>

          taxable as a corporation for federal income tax purposes and (iii)
          such transferee or assignee agrees in writing to take positions for
          federal income tax purposes consistent with the federal income tax
          positions agreed to be taken by M&I Bank.

          Section 3.7. Statements to Holders. On each Distribution Date,
Servicer shall provide to Trustee (with a copy to each Rating Agency) written
instructions for Trustee to forward to each Holder of record a statement setting
forth at least the following information as to the Certificates to the extent
applicable:

               (i)    the amount of the distribution allocable to principal on
          the Class A Certificates and the Class B Certificates;

               (ii)   the amount of the distribution allocable to interest on
          the Class A Certificates and the Class B Certificates;

               (iii)  the amount of the Servicing Fee paid to Servicer with
          respect to the related Collection Period;

               (iv)   the Class A Certificate Balance, the Class A Pool Factor,
          the Class B Certificate Balance and the Class B Pool Factor as of such
          Distribution Date, after giving effect to payments allocated to
          principal reported under clause (a);

               (v)    the Pool Balance as of the close of business on the last
          day of the preceding Collection Period;

               (vi)   the amount of Defaulted Receivables and Liquidation
          Proceeds, if any, for such Collection Period;

               (vii)  the aggregate Purchase Amount of Receivables purchased by
          Servicer with respect to the related Collection Period;

               (viii) the Class A Interest Carryover Shortfall, the Class B
          Interest Carryover Shortfall, the Class A Principal Carryover
          Shortfall and the Class B Principal Carryover Shortfall, if any, in
          each case as applicable to each of the Class A Certificates and the
          Class B Certificates, and the change in such amounts from the
          preceding statement;

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

               (x)    the Specified Reserve Account Balance as of the close of
          business on such Distribution Date; and

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<PAGE>

          (xi) the number, and aggregate principal amount outstanding, of
     Receivables past due 31-60, 61-90 and over 90 days.

Each amount set forth pursuant to clauses (a), (b) and (c) shall be expressed in
the aggregate and as a dollar amount per $1,000 of original denomination of a
Certificate.

     Within a reasonable period of time after the end of each calendar year, but
not later than the latest date permitted by law, Servicer shall furnish a report
to the Trust and Trustee shall furnish, or cause to be furnished, to each Person
who at any time during such calendar year shall have been a Holder, a statement
based upon such report as to the sum of the amounts determined in clauses (a)
and (b) above for such calendar year, or, in the event such Person shall have
been a Holder during a portion of such calendar year, for the applicable portion
of such year, and such other information as is available to Servicer as Servicer
deems necessary or desirable to enable the Holders to prepare their federal
income tax returns. The obligation of the Trustee set forth in this paragraph
shall be deemed to have been satisfied to the extent that substantially
comparable information shall be provided pursuant to any requirement of the
Code.

ARTICLE IV. THE CERTIFICATES.

     Section 4.1. The Certificates. Trustee shall, upon written order or request
signed in the name of Seller by one of its officers authorized to do so and
delivered to an Authorized Officer of Trustee, execute on behalf of the Trust,
authenticate and deliver the Certificates to or upon the order of Seller in the
aggregate principal amount and denominations as set forth in such written order
or request. The Certificates shall be issuable in denominations of $1,000 and
integral multiples thereof; provided that one Class A Certificate and one Class
B Certificate may be issued in a denomination that represents the residual
amount of the original Class A Certificate Balance and the Original Class B
Certificate Balance, respectively. Upon initial issuance, the Class A
Certificates and the Class B Certificates shall be in the form of Exhibit A and
Exhibit B, respectively, which are incorporated by reference herein, and shall
be issued as provided in Section 5.8, in an aggregate amount equal to the
Original Class A Certificate Balance and the Original Class B Certificate
Balance, respectively. The Certificates shall be executed by Trustee on behalf
of the Trust by manual or facsimile signature of an Authorized Officer of
Trustee under Trustee's seal imprinted thereon and attested by the manual or
facsimile signature of an Authorized Officer of Trustee. Certificates bearing
the manual or facsimile signatures of individuals who were, at the time when
such signatures shall have been affixed, authorized to sign on behalf of the
Trust, shall be valid and binding obligations of the Trust, notwithstanding that
such individuals shall have ceased to be so authorized prior to the
authentication and delivery of such Certificates or did not hold such offices at
the date of such Certificates.

     Section 4.2. Authentication of Certificates. No Certificate shall entitle
the Holder thereof to any benefit under this Agreement, or shall be valid for
any purpose, unless there shall appear on such Certificate a certificate of
authentication, substantially in the form set forth in the form of Certificates
attached hereto as Exhibit A and Exhibit B, executed by Trustee by manual

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<PAGE>

signature. Such authentication shall constitute conclusive evidence, and the
only evidence, that such Certificate has been duly authenticated and delivered
hereunder. All Certificates shall be dated the date of their authentication.

     Section 4.3. Registration of Transfer and Exchange of Certificates. Trustee
shall maintain, or cause to be maintained, at the office or agency to be
maintained by it in accordance with Section 5.7, a Certificate Register in
which, subject to such reasonable regulations as it may prescribe, Trustee shall
provide for the registration of Certificates and of transfers and exchanges of
Certificates as herein provided. Upon surrender for registration of transfer of
any Class A Certificate or Class B Certificate at such office or agency, Trustee
shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Class A Certificates or Class B
Certificates, as the case may be, in authorized denominations of a like
aggregate amount. At the option of a Holder, Class A Certificates or Class B
Certificates may be exchanged for other Class A Certificates or Class B
Certificates, as the case may be, of authorized denominations of a like
aggregate amount at the office or agency maintained by Trustee in accordance
with Section 5.7. Every Certificate presented or surrendered for registration of
transfer or exchange shall be accompanied by a written instrument of transfer
duly executed by the Holder and in a form satisfactory to Trustee. No service
charge shall be made for any registration of transfer or exchange of
Certificates, but Trustee may require payment of a sum sufficient to cover any
tax or governmental charge that may be imposed in connection with any transfer
or exchange of Certificates. All Certificates surrendered for registration of
transfer or exchange shall be cancelled and disposed of in accordance with the
customary procedures of Trustee.

     The Class B Certificates and any beneficial interest in such Class B
Certificates may not be acquired (a) with the assets of an employee benefit plan
(as defined in Section 3(3) of ERISA) that is subject to the provisions of Title
I of ERISA, (b) by a plan described in Section 4975(e)(1) of the Code or (c) by
any entity whose underlying assets include plan assets by reason of a plan's
investment in the entity. By accepting and holding a Class B Certificate or
interest therein, the Holder thereof or Class B Certificate Owner thereof shall
be deemed to have represented and warranted that it is not subject to the
foregoing limitation.

     The preceding provisions of this Section 5.3 notwithstanding, Trustee shall
not make and need not register any transfer or exchange of Certificates for a
period of fifteen (15) days preceding any Distribution Date for any payment with
respect to the Certificates.

     Section 4.4. Mutilated, Destroyed, Lost or Stolen Certificates. If (a) any
mutilated Class A Certificate or Class B Certificate shall be surrendered to
Trustee, or if Trustee shall receive evidence to its satisfaction of the
destruction, loss or theft of any Class A Certificate or Class B Certificate and
(b) there shall be delivered to Trustee such security or indemnity as may be
required to save Trustee harmless, then in the absence of notice that such Class
A Certificate or Class B Certificate shall have been acquired by a bona fide
purchaser, Trustee shall execute, authenticate and deliver, in exchange for or
in lieu of any such mutilated, destroyed, lost

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<PAGE>

or stolen Class A Certificate or Class B Certificate, a new Class A Certificate
or Class B Certificate of like tenor and denomination. In connection with the
issuance of any new Certificate under this Section 5.4, Trustee may require the
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection herewith. Any replacement Certificate issued
pursuant to this Section 5.4 shall constitute conclusive evidence of ownership
in the Trust, as if originally issued, whether or not the lost, stolen or
destroyed Certificate shall be found at any time.

     Section 4.5. Persons Deemed Owners. Prior to due presentation of a
Certificate for registration of transfer, Trustee may treat the Person in whose
name any Certificate shall be registered as the owner of such Certificate for
the purpose of receiving distributions pursuant to Section 4.5 and for all other
purposes, and Trustee shall not be bound by any notice to the contrary.

     Section 4.6. Access to List of Holders' Names and Addresses. Trustee shall
furnish or cause to be furnished to Servicer, within fifteen days after receipt
by Trustee of a request therefor from Servicer in writing, in such form as
Servicer may reasonably require, a list of the names and addresses of the
Holders as of the most recent Record Date. If Definitive Certificates have been
issued, Trustee, upon written request of (a) three or more Holders or (b) one or
more Holders evidencing not less than 25% of the aggregate outstanding principal
balance of the Certificates, will, within five Business Days after the receipt
of such request, afford such Holders access during normal business hours to the
most current list of Holders for purposes of communicating with other Holders
with respect to their rights under the Agreement. Each Holder, by receiving and
holding a Certificate, shall be deemed to have agreed not to hold Seller,
Servicer or Trustee accountable by reason of the disclosure of such Holder's
name and address, regardless of the source from which such information was
derived.

     Section 4.7. Maintenance of Office or Agency. Trustee shall maintain, or
cause to be maintained, at its expense, in _________, an office or agency where
Certificates may be surrendered for registration of transfer or exchange and
where notices and demands to or upon Trustee in respect of the Certificates and
this Agreement may be served. Trustee initially designates its office located at
________ for such purposes. Trustee shall give prompt written notice to Servicer
and to Holders of any change in the location of any such office or agency.

     Section 4.8. Book Entry Certificates. Upon original issuance, the Class A
Certificates and the Class B Certificates, other than the Class A Certificate
representing the residual amount of the Original Class A Certificate Balance and
the Class B Certificate representing the residual amount of the Original Class B
Certificate Balance, which shall be issued upon the written order of Seller,
shall be issued in the form of one or more typewritten Certificates representing
the Book Entry Certificates, to be delivered to the initial Clearing Agency, by,
or on behalf of, Seller. Such Certificates shall initially be registered on the
Certificate Register in the name of CEDE & Co., the nominee of the initial
Clearing Agency, and no Certificate Owner will receive a Definitive Certificate
representing such Certificate Owner's

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<PAGE>

interest in the Class A Certificates or the Class B Certificates, as the case
may be, except as provided in Section 5.10. Unless and until definitive, fully
registered Certificates ("Definitive Certificates") have been issued to the
Holders pursuant to Section 5.10:

               (i)   the provisions of this Section 5.8 shall be in full force
          and effect;

               (iv)  Seller, Servicer and Trustee may deal with the Clearing
          Agency for all purposes (including the making of distributions on the
          Certificates and the taking of actions by the Holders) as the
          authorized representative of the Certificate Owners;

               (iii) to the extent that the provisions of this Section 5.8
          conflict with any other provisions of this Agreement, the provisions
          of this Section 5.8 shall control;

               (iv)  the rights of Certificate Owners shall be exercised only
          through the Clearing Agency and shall be limited to those established
          by law, the rules, regulations and procedures of the Clearing Agency
          and agreements between such Certificate Owners and the Clearing Agency
          and all references in this Agreement to actions by Holders shall refer
          to actions taken by the Clearing Agency upon instructions from the
          Clearing Agency Participants, and all references in this Agreement to
          distributions, notices, reports and statements to Holders shall refer
          to distributions, notices, reports and statements to the Clearing
          Agency or its nominee, as registered holder of the Certificates, as
          the case may be, for distribution to Certificate Owners in accordance
          with the rules, regulations and procedures of the Clearing Agency; and

               (v)   pursuant to the Depository Agreement, the initial Clearing
          Agency will make book-entry transfers among the Clearing Agency
          Participants and receive and transmit distributions of principal and
          interest on the Certificates to the Clearing Agency Participants, for
          distribution by such Clearing Agency Participants to the Certificate
          Owners or their nominees.

          For purposes of any provision of this Agreement requiring or
permitting actions with the consent of, or at the direction of, Holders of
Certificates evidencing specified percentages of the aggregate outstanding
principal balance of such Certificates, such direction or consent may be given
by Certificate Owners having interests in the requisite percentage, acting
through the Clearing Agency.

          Section 4.9. Notices to Clearing Agency. Whenever notice or other
communication to the Holders is required under this Agreement unless and until
Definitive Certificates shall have been issued to Certificate Owners pursuant to
Section 5.10, Trustee shall

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<PAGE>

give all such notices and communications specified herein to be given to Holders
to the Clearing Agency.

     Section 4.10 Definitive Certificates. If (a) (i) Servicer advises Trustee
in writing that the Clearing Agency is no longer willing or able properly to
discharge its responsibilities under the Depository Agreement and (ii) Trustee
or Servicer is unable to locate a qualified successor, (b) Servicer, at its
option, advises Trustee in writing that it elects to terminate the book-entry
system through the Clearing Agency or (c) after the occurrence of a Servicer
Termination Event, Certificate Owners representing in the aggregate not less
than a majority of the aggregate outstanding principal balance of the
Certificates, advise Trustee and the Clearing Agency through the Clearing Agency
Participants in writing that the continuation of a book-entry system through the
Clearing Agency is no longer in the Certificate Owners' best interests, Trustee
shall notify the Clearing Agency which shall be responsible to notify the
Certificate Owners of the occurrence of any such event and of the availability
of Definitive Certificates to Certificate Owners requesting the same. Upon
surrender to Trustee by the Clearing Agency of the Certificates registered in
the name of the nominee of the Clearing Agency, accompanied by re-registration
instructions from the Clearing Agency for registration, Trustee shall execute,
on behalf of the Trust, authenticate and deliver Definitive Certificates in
accordance with such instructions. Seller shall arrange for, and will bear all
costs of, the printing and issuance of such Definitive Certificates. Neither
Seller, Servicer nor 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. Upon the issuance of Definitive Certificates, Trustee shall
recognize the Holders of the Definitive Certificates as Holders hereunder.

ARTICLE V. SELLER.

     Section 5.1. Representations and Warranties of Seller. Seller makes the
following representations and warranties, on which Trustee relies in accepting
the Receivables and the other Trust Property in trust and executing and
authenticating the Certificates. Such representations are made as of the
execution and delivery of this Agreement, but shall survive the sale, transfer
and assignment of the Receivables and the other Trust Property to the Trust.

               (i)  Organization and Good Standing. Seller has been duly
     organized and is validly existing as a Delaware limited liability company
     in good standing under the laws of the State of Delaware, with the power
     and authority to own its properties and to conduct its business as such
     properties are presently owned and such business is presently conducted and
     had at all relevant times, and has, full power, authority and legal right
     to acquire, own and sell the Receivables and the other Trust Property.

               (ii) Power and Authority. Seller has the power, authority and
     legal right to execute and deliver this Agreement and the Basic Documents
     to which it is a party and to carry out their respective terms and to sell
     and assign the property

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<PAGE>

          to be sold and assigned to and deposited with Trustee as Trust
          Property; and the execution, delivery and performance of this
          Agreement and the Basic Documents to which it is a party have been
          duly authorized by Seller by all necessary limited liability company
          action.

               (iii) No Consent Required. No approval, authorization, consent,
          license or other order or action of, or filing or registration with,
          any governmental authority, bureau or agency is required in connection
          with the execution, delivery or performance of this Agreement or the
          Basic Documents to which it is a party or the consummation of the
          transactions contemplated hereby or thereby, other than (i) as may be
          required under the blue sky or securities laws of any State or the
          Securities Act of 1933, as amended, and (ii) the filing of UCC
          financing statements.

               (iv)  Valid Sale; Binding Obligation. Seller intends this
          Agreement to effect a valid sale, transfer, and assignment of the
          Receivables and the other Trust Property conveyed by Seller to the
          Trust hereunder, enforceable against creditors of and purchasers from
          Seller; and each of this Agreement and the Basic Documents to which it
          is a party constitutes a legal, valid and binding obligation of
          Seller, enforceable against Seller in accordance with its respective
          terms, subject, as to enforceability, to applicable bankruptcy,
          insolvency, reorganization, conservatorship, receivership, liquidation
          and other similar laws affecting enforcement of the rights of
          creditors generally and to equitable limitations on the availability
          of specific remedies.

               (v)   No Violation. The execution, delivery and performance by
          Seller of this Agreement and the Basic Documents to which it is a
          party and the consummation of the transactions contemplated hereby and
          thereby will not conflict with, result in any material breach of any
          of the terms and provisions of, constitute (with or without notice or
          lapse of time) a material default under or result in the creation or
          imposition of any Lien upon any of its material properties pursuant to
          the terms of, (i) the organic documents of Seller, (ii) any material
          indenture, contract, lease, mortgage, deed of trust or other
          instrument or agreement to which Seller is a party or by which Seller
          is bound, or (iii) any law, order, rule or regulation applicable to
          Seller of any federal or state regulatory body, any court,
          administrative agency, or other governmental instrumentality having
          jurisdiction over Seller.

               (vi)  No Proceedings. There are no proceedings or investigations
          pending, or, to the knowledge of Seller, threatened, before any court,
          regulatory body, administrative agency, or other tribunal or
          governmental instrumentality having jurisdiction over Seller or its
          properties: (i) asserting the invalidity of this Agreement or any
          Related Agreement, (ii) seeking to prevent the issuance of the

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<PAGE>

               Certificates or the consummation of any of the transactions
               contemplated by this Agreement or any Related Agreement, (iii)
               seeking any determination or ruling that might materially and
               adversely affect the performance by Seller of its obligations
               under, or the validity or enforceability of, this Agreement or
               any Related Agreement or (iv) that may materially and adversely
               affect the federal or state income, excise, franchise or similar
               tax attributes of the Certificates.

                    (vii) Chief Executive Office. The chief executive office of
               Seller is [_______________].

               Section 5.2. Continued Existence. During the term of this
 Agreement, subject to Section 6.4, Seller will keep in full force and effect
 its existence, rights and franchises as a limited liability company organized
 under the laws of the State of Delaware and will 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
 Agreement, the Basic Documents and each other instrument or agreement necessary
 or appropriate to the proper administration of this Agreement and the
 transactions contemplated hereby.

               Section 5.3. Liability of Seller; Indemnities. Seller shall be
 liable in accordance herewith only to the extent of the obligations
 specifically undertaken by Seller under this Agreement.

                    (i)  Seller shall indemnify, defend and hold harmless Trust
               and Trustee and their respective officers, directors, employees
               and agents from and against any taxes that may at any time be
               asserted against any such Person with respect to, and on the date
               of, the sale of the Receivables to Trust or the issuance and
               original sale of the Notes and Certificates, including any sales,
               gross receipts, general corporation, tangible personal property,
               privilege or license taxes (but, in the case of all indemnified
               Persons other than Issuer, not including any taxes asserted with
               respect to Federal or other income taxes arising out of
               transactions contemplated by this Agreement and the other Basic
               Documents) and costs and expenses in defending against the same.

                    (ii) Seller shall indemnify, defend and hold harmless Trust
               and Trustee, and the Certificateholders and the respective
               officers, directors, employees and agents of Trust and Trustee
               from and against any and all costs, expenses, losses, claims,
               damages and liabilities to the extent arising out of, or imposed
               upon such Person through or as a result of (i) Seller's willful
               misfeasance, bad faith or gross 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, (ii) Seller's violation of Federal or state
               securities laws in connection with the offering and sale of the
               Notes and the Certificates or in connection with any application
               relating to the

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<PAGE>

               Certificates under any state securities laws and (iii) the
               failure of any Receivable conveyed by it to Trust hereunder, or
               the sale of the related Financed Vehicle, to comply with all
               requirements of applicable law. (1)

               Section 5.4. Merger or Consolidation of, or Assumption of the
Obligations of, Seller. Any Person (a) into which Seller may be merged or
consolidated, (b) that may result from any merger, conversion or consolidation
to which Seller is a party, or (c) that may succeed by purchase and assumption
to all or substantially all of the business of Seller, where Seller in any of
the foregoing cases is not the surviving entity, which corporation or other
entity shall execute an agreement of assumption to perform every obligation of
Seller under this Agreement, shall be the successor to Seller hereunder without
the execution or filing of any document or any further act by any of the parties
to this Agreement; provided that (x) Servicer shall have delivered to 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, and (y) Servicer shall have delivered to 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 fully to preserve and protect the
interest of Trustee 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 interest. Seller shall
promptly inform Trustee and each Rating Agency of any such merger, conversion,
consolidation or purchase and assumption, where Seller is not the surviving
entity.

               Section 5.5. Limitation on Liability of Seller and Others. Seller
and any director or officer or employee or agent of 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
under this Agreement or any Related Agreement (provided that such reliance shall
not limit in any way Seller's obligations under Section 3.2). 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 5.6. [RESERVED]

ARTICLE VI. SERVICER.

               Section 6.1. Representations and Warranties of Servicer. Servicer
makes the following representations and warranties on which Trustee relies in
accepting the Receivables and the other Trust Property in trust and in
authenticating the Certificates. These representations are made as of the
Closing Date, but shall survive the sale, transfer and assignment of the
Receivables and the other Trust Property to the Trust.

                                       50

<PAGE>

               (i)   Organization and Good Standing. Servicer has been duly
          organized and is validly existing as a Wisconsin banking association
          in good standing under the laws of the United States, with the power
          and authority to own its properties and to conduct its business as
          such properties are presently owned and such business is presently
          conducted, and had at all relevant times, and shall have, the power,
          authority and legal right to service the Receivables and the other
          Trust Property.

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

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

               (iv)  No Consent Required. No approval, authorization, consent,
          license or other order or action of, or filing or registration with,
          any governmental authority, bureau or agency is required in connection
          with the execution, delivery or performance of this Agreement, the
          Basic Documents to which it is a party or the consummation of the
          transactions contemplated hereby or thereby, other than the filing of
          UCC financing statements.

               (v)   Binding Obligation. Each of this Agreement and the Basic
          Documents to which it is a party constitutes a legal, valid and
          binding obligation of Servicer, enforceable against Servicer in
          accordance with its respective terms, subject, as to enforceability,
          to applicable bankruptcy, insolvency, reorganization, conservatorship,
          receivership, liquidation and other similar laws affecting enforcement
          of the rights of creditors of banks generally and to equitable
          limitations on the availability of specific remedies.

               (vi)  No Violation. The execution, delivery and performance by
          Servicer of this Agreement and the Basic Documents to which it is a
          party and the consummation of the transactions contemplated hereby and
          thereby will not conflict with, result in any material breach of any
          of the terms and provisions of, constitute (with or without notice or
          lapse of time) a material default under, or result in the creation or
          disposition of any Lien upon any of its material properties pursuant
          to the terms of, (i) the articles of association or bylaws of
          Servicer, (ii) any material indenture, contract, lease, mortgage, deed
          of trust or other instrument

                                       51

<PAGE>

                  or agreement to which Servicer is a party or by which Servicer
                  is bound, or (iii) any law, order, rule or regulation
                  applicable to Servicer of any federal or state regulatory
                  body, any court, administrative agency, or other governmental
                  instrumentality having jurisdiction over Servicer.

                        (vii)  No Proceedings.  There are no proceedings or
                  investigations pending, or, to Servicer's knowledge,
                  threatened, before any court, regulatory body, administrative
                  agency, or tribunal or other governmental instrumentality
                  having jurisdiction over Servicer or its properties: (i)
                  asserting the invalidity of this Agreement, any Related
                  Agreement or the Certificates, (ii) seeking to prevent the
                  issuance of the Certificates or the consummation of any of the
                  transactions contemplated by this Agreement or any Related
                  Agreement, (iii) seeking any determination or ruling that
                  might materially and adversely affect the performance by
                  Servicer of its obligations under, or the validity or
                  enforceability of, this Agreement, any Related Agreement or
                  the Certificates, or (iv) that may materially and adversely
                  affect the federal or state income, excise, franchise or
                  similar tax attributes of the Certificates.

                  Section 6.2. Indemnities of Servicer.  (1) Servicer shall be
liable in accordance herewith only to the extent of the obligations specifically
undertaken by Servicer under this Agreement.

                        (i)    Servicer shall indemnify, defend and hold
                  harmless Trustee, Seller, the Holders and any of the officers,
                  directors, employees and agents of Trustee or Seller from any
                  and all costs, expenses, losses, claims, damages and
                  liabilities (including reasonable attorneys' fees and
                  expenses) to the extent arising out of, or imposed upon any
                  such Person through, the gross negligence, willful misfeasance
                  or bad faith (other than errors in judgment) of Servicer in
                  the performance of its obligations and duties under this
                  Agreement or in the performance of the obligations and duties
                  of any subservicer under any subservicing agreement.

                        (ii)   Servicer shall indemnify, defend and hold
                  harmless Trustee and its officers, directors, employees and
                  agents from and against any taxes that may at any time be
                  asserted against any such Person with respect to the
                  transactions contemplated in this Agreement or in the other
                  Basic Documents, including any sales, gross receipts, general
                  corporation, tangible or intangible personal property,
                  privilege, or license taxes, or any taxes of any kind which
                  may be asserted (but not including any Federal or other income
                  taxes arising out of transactions contemplated by this
                  Agreement and the other Basic Documents) against the Trust,
                  and costs and expenses in defending against the same.

                        (iii)  Servicer shall indemnify, defend and hold
                  harmless Trustee, Seller and the Holders or any of the
                  officers, directors, employees and agents of Trustee

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<PAGE>

                  or Seller from any and all costs, expenses, losses, claims,
                  damages and liabilities (including reasonable attorneys' fees
                  and expenses) to the extent arising out of or imposed upon any
                  such Person as a result of any compensation payable to any
                  subcustodian or subservicer (including any fees payable in
                  connection with the release of any Receivable File from the
                  custody of such subservicer or in connection with the
                  termination of the servicing activities of such subservicer
                  with respect to any Receivable) whether pursuant to the terms
                  of any subservicing agreement or otherwise.

                        (ii)   Servicer shall indemnify, defend and hold
                  harmless Trustee, Seller and the Holders or any of the
                  directors, officers, employees and agents of Trustee and
                  Seller from and against any and all costs, expenses, losses,
                  damages, claims and liabilities, including reasonable fees and
                  expenses of counsel and expenses of litigation, arising out of
                  or resulting from the use, ownership, or operation by Servicer
                  or any Affiliate thereof of any Financed Vehicle.

Indemnification under this Section shall survive the resignation or removal of
Trustee and the termination of this Agreement and shall include reasonable fees
and expenses of counsel and other expenses of litigation. If Servicer shall have
made any indemnity payments pursuant to this Section 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 Servicer,
without interest.

                  Section 7.3. Merger or Consolidation of or Assumption of the
Obligations of Servicer. Any corporation or other entity (a) into which Servicer
may be merged or consolidated, (b) that may result from any merger, conversion,
or consolidation to which Servicer is a party, (c) that may succeed by purchase
and assumption to all or substantially all of the business of Servicer or (d)
50% of the voting stock of which is owned directly or indirectly by M&I Bank,
where, in the case of clauses (a), (b) and (c), Servicer is not the surviving
entity, which corporation or other entity in any of the foregoing cases shall
execute an agreement of assumption to perform every obligation of Servicer under
this Agreement, shall be the successor to Servicer under this Agreement without
any further act on the part of any of the parties to this Agreement; provided
that, unless M&I Bank is the surviving party to such transaction (x) Servicer
shall have delivered to 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, and (y) Servicer
shall have delivered to 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 fully to preserve and protect the interest of Trustee 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 interest. Servicer shall promptly inform Trustee and each
Rating Agency of any such merger, conversion, consolidation or purchase and
assumption where Servicer is not the surviving entity.

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

                  Except as provided in this Agreement, Servicer shall not be
under any obligation to appear in, prosecute or defend any legal action that
shall 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 that Servicer may (but shall not be required to) undertake
any reasonable action that it may deem necessary or desirable in respect of this
Agreement and the Basic Documents to protect the interests of the Holders under
this Agreement and the Basic Documents. In such event, the legal expense and
costs of such action and any liability resulting therefrom shall be expenses,
costs and liabilities of the Servicer.

                  Section 7.5. M&I Bank Not To Resign as Servicer. Subject to
the provisions of Section 7.3, M&I Bank hereby agrees not to resign from the
obligations and duties hereby imposed on it as Servicer under this Agreement
except upon determination that the performance of its duties hereunder shall no
longer be permissible under applicable law or if such resignation is required by
regulatory authorities. Notice of any such determination permitting the
resignation of M&I Bank as Servicer shall be communicated to Trustee at the
earliest practicable time (and, if such communication is not in writing, shall
be confirmed in writing at the earliest practicable time) and any such
determination shall be evidenced by an Opinion of Counsel to such effect
delivered to Trustee concurrently with or promptly after such notice. No such
resignation shall become effective until the earlier of Trustee or a successor
Servicer having assumed the responsibilities and obligations of the resigning
Servicer in accordance with Section 8.2 or the date upon which any regulatory
authority requires such resignation.

                  Section 7.6. Servicer May Own Certificates. Servicer, and any
Affiliate of Servicer, may, in its individual or any other capacity, become the
owner or pledgee of Certificates with the same rights as it would have if it
were not Servicer or an Affiliate thereof, except as otherwise provided in the
definition of "Holder", "Class A Holder" and "Class B Holder" in Section 1.1.
Certificates so owned by or pledged to Servicer or such Affiliate shall have an
equal and proportionate benefit under the provisions of this Agreement, without
preference, priority or distinction as among all of the Certificates, except as
otherwise provided in the definitions of "Class A Holder" and "Class B Holder".

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                  Section 7.7. Existence. Subject to the provisions of Section
7.3, during the term of this Agreement, M&I Bank will keep in full force and
effect its existence, rights and franchises as a banking association under the
laws of the State of Wisconsin.

ARTICLE VIII.  SERVICING TERMINATION.

                  Section 8.1. Servicer Termination Events. (1) Any one of the
following events shall constitute a "Servicer Termination Event":

                          (i)    any failure by Servicer to deliver to Indenture
                  Trustee and Owner Trustee the Servicer's Report in accordance
                  with Section 4.9, or any failure by Servicer or Seller to
                  deliver to Trustee for deposit in any of the Accounts or any
                  required payment or to direct Trustee to make any required
                  distributions therefrom that shall continue unremedied for a
                  period of five Business Days after written notice of such
                  failure is received by Servicer from Trustee or after
                  discovery of such failure by an Authorized Officer of
                  Servicer; or

                          (ii)   failure on the part of Servicer or Seller duly
                  to observe or to perform in any material respect any other
                  covenants or agreements of Servicer or Seller, as applicable,
                  set forth in this Agreement or any other Basic Document to
                  which it is a party, which failure shall (i) materially and
                  adversely affect the rights of either the Certificateholders
                  or Noteholders and (ii) continue unremedied for a period of 60
                  days after the date on which written notice of such failure,
                  requiring the same to be remedied, shall have been given (A)
                  to Servicer by Owner Trustee or Indenture Trustee or (B) to
                  Servicer and to Owner Trustee and Indenture Trustee by the
                  Holders of Notes evidencing not less than 25% of the
                  Outstanding Amount of the Notes or Holders of Certificates
                  evidencing not less than 25% of the outstanding Certificate
                  Balance, as applicable (or for such longer period, not in
                  excess of 120 days, as may be reasonably necessary to remedy
                  such default; provided that such default is capable of remedy
                  within 120 days and Servicer delivers an Officer's Certificate
                  to Owner Trustee and Indenture Trustee to such effect and to
                  the effect that Servicer or Seller, as applicable, has
                  commenced or will promptly commence, and will diligently
                  pursue, all reasonable efforts to remedy such default); or

                          (iii)  an Insolvency Event occurs with respect to
                  Servicer, Seller, any Seller Affiliate or any of their
                  respective successors;

Upon the occurrence of any Servicer Termination Event, and so long as a Servicer
Termination Event shall not have been remedied, either Trustee, or the Majority
Holders, by notice then given in writing to Servicer, may terminate all of the
rights and obligations of Servicer (other than the obligations set forth in
Section 7.2) under this Agreement. On or after the receipt by Servicer of

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such written notice, all authority and power of Servicer under this Agreement,
whether with respect to the Certificates or the Trust Property or otherwise,
shall pass to and be vested in Trustee or such successor Servicer as may be
appointed under Section 8.2 pursuant to this Section 8.1; and thereupon Trustee
shall be authorized and empowered to execute and deliver, on behalf of 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 or the Physical Damage
Insurance Policies, the certificates of title to the Financed Vehicles, or
otherwise. Servicer shall cooperate with Trustee or any successor Servicer in
effecting the termination of its responsibilities and rights as Servicer under
this Agreement, including the transfer to Trustee or any successor Servicer for
administration of all cash amounts that are at the time held by Servicer for
deposit, shall have been deposited by Servicer in the Collection Account, or
thereafter shall be received with respect to a Receivable, all Receivable Files
and all information or documents that Trustee or such successor Servicer may
require. In addition, 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 and shall transfer to the successor
Servicer all other records, correspondence and documents necessary for the
continued servicing of the Receivables in the manner and at such times as the
successor Servicer shall reasonably request. All reasonable out-of-pocket costs
and expenses incurred by the successor Servicer in connection with the transfer
of servicing shall be paid by the predecessor Servicer upon presentation of
reasonable documentation of such costs and expenses.

                  (b)   If any of the foregoing Servicer Termination Events
occur, Trustee shall have no obligation to notify Holders 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. Trustee to Act; Appointment of Successor
Servicer. Upon Servicer's resignation pursuant to Section 7.5 or upon Servicer's
receipt of notice of termination as Servicer pursuant to Section 8.1, Trustee
shall be the successor in all respects to Servicer in its capacity as Servicer
under this Agreement, and shall be subject to all the responsibilities, duties
and liabilities relating thereto placed on Servicer by the terms and provisions
of this Agreement, except that Trustee, when acting as successor Servicer, shall
not be obligated to purchase Receivables pursuant to Section 3.7 unless the
obligation to repurchase arose after the date of the notice of termination given
to Servicer pursuant to Section 8.1, and neither Trustee nor any successor
Servicer shall be liable for any acts or omissions of the terminated Servicer or
for any breach by such Servicer of any of its representations or warranties
contained herein or in any related documents or agreements. As compensation
therefor, Trustee shall be entitled to the same Servicing Fees (whether payable
out of the Collection Account or otherwise) and Supplemental Servicing Fees as
Servicer would have been entitled to under this Agreement if no such notice of
termination or resignation had been given. Notwithstanding the above, Trustee
may appoint, or petition a court of competent jurisdiction to appoint, an
Eligible Servicer as the successor to the terminated Servicer under this
Agreement; provided that Trustee shall continue to be the successor to Servicer
until another successor Servicer shall have assumed the

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<PAGE>

responsibilities and obligations of Servicer. In connection with such
appointment, 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 shall in no event be greater than the Servicing Fees and
Supplemental Servicing Fees payable to M&I Bank as Servicer hereunder. Trustee
and such successor shall take such action, consistent with this Agreement, as
shall be necessary to effectuate any such succession. No Servicer shall resign
or be relieved of its duties under this Agreement 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. (1) After the transfer of
servicing hereunder, 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.

             (ii)  Except as provided in Sections 7.2 and 9.8 after the transfer
     of servicing hereunder, the predecessor Servicer shall have no further
     obligations with respect to the management, administration, servicing,
     custody or collection of the Receivables and the successor Servicer shall
     have all of such obligations, except that the predecessor 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 predecessor 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 predecessor Servicer shall continue to cooperate with the successor
     Servicer by providing information and in the enforcement of the Dealer
     Agreements and the Physical Damage Insurance Policies.

             (iii) A transfer of servicing hereunder shall not affect the rights
     and duties of the parties hereunder other than those relating to the
     management, administration, servicing, custody or collection of the
     Receivables and the other Trust Property. The successor Servicer shall,
     upon its appointment pursuant to Section 8.2 and as part of its duties and
     responsibilities under this Agreement, promptly take all action it deems
     necessary or appropriate so that the predecessor Servicer (in whatever
     capacity) is paid or reimbursed all amounts it is entitled to receive under
     this Agreement on each Distribution Date subsequent to the date on which it
     is terminated as Servicer hereunder. Without limiting the generality of the
     foregoing, the predecessor Servicer will be entitled to receive all accrued
     and unpaid Servicing Fees and Supplemental Servicing Fees through and
     including the effective date of the termination of the predecessor
     Servicer.

             (iv)  Any successor Servicer shall provide 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

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                  hours at the offices of the successor Servicer. Nothing in
                  this Section shall affect the obligation of the successor
                  Servicer to observe any applicable law prohibiting disclosure
                  of information regarding the Obligors, and the failure of
                  Servicer to provide access to information as a result of such
                  obligation shall not constitute a breach of this Section.

                  Section 8.4. Notification to Holders. Upon any notice of a
 Servicer Termination Event or upon any termination of, or appointment of a
 successor to, Servicer pursuant to this Article VIII, Trustee shall give prompt
 written notice thereof to Holders at their respective addresses of record, and
 to each Rating Agency.

                  Section 8.5. Waiver of Past Servicer Termination Events. The
 Majority Holders may, on behalf of all Holders of Certificates, waive any
 Servicer Termination Event hereunder and its consequences, except an event
 resulting from the failure to make any required deposits or payments to the
 Collection Account in accordance with this Agreement. Upon any such waiver of a
 past Servicer Termination Event, 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.

                  Section 8.6. Transfer of Accounts. Notwithstanding the
 provisions of Section 8.1, if any of the Accounts or the Reserve Account is
 maintained with Servicer or an Affiliate of Servicer and a Servicer Termination
 Event shall occur and be continuing, Servicer shall promptly, and in any event
 within five Business Days, give notice to Trustee of such Servicer Termination
 Event, and Trustee, within _____ days after the receipt of such notice, shall
 establish new Eligible Deposit Accounts conforming with the requirements of
 this Agreement and promptly shall transfer all funds in any such Accounts or
 the Reserve Account to such new Eligible Deposit Accounts.

ARTICLE IX. TRUSTEE.

                  Section 9.1. Acceptance by Trustee. Trustee hereby
 acknowledges its acceptance of all right, title and interest in and to the
 Receivables and the other Trust Property conveyed by Seller pursuant to this
 Agreement and hereby declares that Trustee holds and shall hold such right,
 title and interest, upon the trust set forth in this Agreement.

                  Section 9.2. Duties of Trustee. (1) Trustee, both prior to and
 after the curing of a Servicer Termination Event, undertakes to perform only
 such duties as are specifically set forth in this Agreement and no implied
 covenants or obligations shall be read into this Agreement against Trustee. If
 a Servicer Termination Event, of which an Authorized Officer of Trustee has
 actual knowledge, shall have occurred and shall not have been cured (the
 appointment of a successor Servicer (including Trustee) to constitute a cure
 for the purposes of this Article), Trustee shall exercise such of the rights
 and powers vested in it by this Agreement, and shall use

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the same degree of care and skill in their exercise, as a prudent man would
exercise or use under the circumstances in the conduct of his own affairs;
provided that if Trustee assumes the duties of Servicer pursuantF to Section
8.2, Trustee in performing such duties shall use the degree of skill and
attention required by Section 3.1.

                       (ii)  Trustee, upon receipt of all resolutions,
           certificates, statements, opinions, reports, documents, orders, or
           other instruments furnished to Trustee that are required specifically
           to be furnished pursuant to any provision of this Agreement, shall
           examine them to determine whether they conform to the requirements of
           this Agreement.

                       (iii) No provision of this Agreement shall be construed
           to relieve Trustee from liability for its own negligent action, its
           own negligent failure to act, its own willful misfeasance or its own
           bad faith; provided that:

                       (i)   Prior to the occurrence of a Servicer Termination
                       Event, and after the curing of all such Servicer
                       Termination Events that may have occurred, the duties and
                       obligations of Trustee shall be determined solely by the
                       express provisions of this Agreement, Trustee shall not
                       be liable except for the performance of such duties and
                       obligations as are specifically set forth in this
                       Agreement, no implied covenants or obligations shall be
                       read into this Agreement against Trustee, the permissible
                       right of Trustee (solely in its capacity as such) to do
                       things enumerated in this Agreement shall not be
                       construed as a duty and, in the absence of bad faith on
                       the part of Trustee, or manifest error, Trustee (solely
                       in its capacity as such) may conclusively rely on the
                       truth of the statements and the correctness of the
                       opinions expressed in any certificates or opinions
                       furnished to Trustee and conforming to the requirements
                       of this Agreement;

                       (ii)  Trustee shall not be personally liable for an error
                       of judgment made in good faith by an officer of Trustee,
                       unless it shall be proved that Trustee shall have been
                       negligent in performing its duties in accordance with the
                       terms of this Agreement; and

                       (iii) Trustee shall not be personally liable with respect
                       to any action taken, suffered, or omitted to be taken in
                       good faith in accordance with the direction of the
                       Majority Holders, as set forth in Section 8.1, relating
                       to the time, method and place of conducting any
                       proceeding or any remedy available to Trustee, or
                       exercising any trust or power conferred upon Trustee,
                       under this Agreement.

                       (iv)  Except for the willful misfeasance, bad faith or
           negligence of Trustee, Trustee shall not be required to expend or
           risk its own funds or otherwise

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                  incur any financial liability in the performance of any of its
                  duties hereunder, or in the exercise of any of its rights or
                  powers, if it shall have reasonable grounds for believing that
                  the repayment of such funds or indemnity satisfactory to it
                  against such risk or liability shall not be reasonably assured
                  to it, and none of the provisions contained in this Agreement
                  shall in any event require Trustee to perform, or be
                  responsible for the manner of performance of, any of the
                  obligations of Servicer under this Agreement except during
                  such time, if any, as Trustee shall be the successor to, and
                  be vested with the rights, duties, powers and privileges of,
                  Servicer in accordance with the terms of this Agreement.

                       (v)  Except for actions expressly authorized by this
                  Agreement, Trustee shall take no action reasonably likely to
                  impair the security interests created or existing under any
                  Receivable or Financed Vehicle or to impair the value of any
                  Receivable or Financed Vehicle.

                       (vi) Trustee shall have no power to vary the corpus of
                  the Trust including (i) accepting any substitute obligation
                  for a Receivable initially assigned to Trustee under this
                  Agreement, (ii) adding any other investment, obligation or
                  security, or (iii) withdrawing any Receivable, except for a
                  withdrawal permitted under this Agreement.

                  Section 9.3. Trustee's Certificate. As soon as practicable
 after each Deposit Date on which Receivables shall be assigned to Seller
 pursuant to Section 2.4 or 10.2 or to Servicer pursuant to Section 3.7, as
 applicable, Trustee shall execute a certificate, prepared by Servicer,
 including its date and the date of the Agreement, and accompanied by a copy of
 Servicer's Report for the related Collection Period. Trustee's certificate
 shall operate, as of such Deposit Date, as an assignment pursuant to Section
 9.4.

                  Section 9.4. Trustee's Assignment of Purchased Receivables.
 With respect to all Receivables repurchased by Servicer pursuant to Section 2.4
 or Section 10.2, or purchased by Servicer pursuant to Section 3.7 or Section
 10.2, Trustee shall assign, without recourse, representation or warranty, to
 Servicer, all of Trustee's right, title and interest in and to such
 Receivables, and all security and documents and all other Trust Property
 conveyed pursuant to Section 2.1 with respect to such Receivables. Such
 assignment shall be a sale and assignment outright, and not for security. If,
 in any enforcement suit or legal proceeding, it is held that Servicer, may not
 enforce any such Receivable on the ground that it shall not be a real party in
 interest or a holder entitled to enforce the Receivable, Trustee shall, at the
 expense of Servicer, take such steps as Servicer, deems necessary to enforce
 the Receivable, including bringing suit in Trustee's name or the names of the
 Holders.

                  Section 9.5. Certain Matters Affecting Trustee. Except as
 otherwise provided in Section 9.2:

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                       (i)   Trustee may conclusively rely and shall be
               protected in acting or refraining from acting upon, any
               resolution, certificate of auditors or accountants or any other
               certificate, statement, instrument, opinion, report, notice,
               request, direction, consent, order, appraisal, bond, note or
               other paper or document believed by it to be genuine and to have
               been signed or presented by the proper party or parties.

                       (ii)  Trustee may consult with counsel knowledgeable in
               the area and any opinion of Counsel shall be full and complete
               authorization and protection in respect of any action taken or
               suffered or omitted by it under this Agreement in good faith and
               in accordance with such written opinion of Counsel a copy of
               which shall be provided to Seller and Servicer.

                       (iii) Trustee shall be under no obligation to exercise
               any of the rights or powers vested in it by this Agreement, or to
               institute, conduct or defend any litigation under this Agreement
               or in relation to this Agreement, at the request, order or
               direction of any of the Holders pursuant to the provisions of
               this Agreement, unless such Holders shall have offered to Trustee
               security or indemnity satisfactory to Trustee against the costs,
               expenses, and liabilities that may be incurred therein or
               thereby. Nothing contained in this Agreement, however, shall
               relieve Trustee of the obligations, upon the occurrence of a
               Servicer Termination Event that is not timely cured or waived
               pursuant to Section 8.5, to exercise such of the rights and
               powers vested in it by this Agreement, and to use the same degree
               of care and skill in their exercise as a prudent man would
               exercise or use under the circumstances in the conduct of his own
               affairs; provided that if Trustee assumes the duties of Servicer
               pursuant to Section 8.2, Trustee in performing such duties shall
               use the degree of skill and attention required by Section 3.1.

                       (iv)  Trustee shall not be personally liable for any
               action taken, suffered or omitted by it in good faith and
               believed by it to be authorized or within the discretion, rights
               or powers conferred upon it by this Agreement.

                       (v)   Prior to the occurrence of a Servicer Termination
               Event and after the curing of all Servicer Termination Events
               that may have occurred, Trustee shall not be bound to make any
               investigation into the facts of any matters stated in any
               resolution, certificate, statement, instrument, opinion, report,
               notice, request, consent, direction, order, approval, bond, note
               or other paper or document, unless requested in writing so to do
               by the Majority Holders; provided that if the payment within a
               reasonable time to Trustee of the costs, expenses, or liabilities
               likely to be incurred by it in the making of an investigation
               requested by the Holders is, in the opinion of Trustee, not
               reasonably assured to Trustee by the security afforded to it by
               the terms of this Agreement, Trustee may require

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          indemnity satisfactory to it against such cost, expense, or liability
          as a condition to so proceeding. The reasonable expense of every such
          examination shall be paid by Servicer, or, if paid by Trustee, shall
          be reimbursed by Servicer upon demand. Nothing in this clause (e)
          shall affect the obligation of Servicer to observe any applicable law
          prohibiting disclosure of information regarding the Obligors; provided
          further, that Trustee shall be entitled to make such further inquiry
          or investigation into such facts or matter as it may reasonably see
          fit, and if Trustee shall determine to make such further inquiry or
          investigation it shall be entitled to examine the books and records of
          Servicer, personally or by agent or attorney, at the sole cost and
          expense of Servicer.

               (vi)   Trustee may execute any of the trusts or powers hereunder
          or perform any duties under this Agreement either directly or by or
          through agents, attorneys, nominees or a custodian, and shall not be
          liable for the acts of such agents, attorney, nominees or custodians
          except for (i) acts of ________ or any successor agent carrying out
          Trustee's obligations with respect to the preparation of Servicer
          Reports and (ii) acts of any other agent, attorney, nominee or
          custodian if (A) Trustee has not acted with due care in their
          appointment or (B) Seller has not consented to their appointment.

               (vii)  Trustee shall not be required to make any initial or
          periodic examination of any documents or records related to the
          Receivables or Financed Vehicles for the purpose of establishing the
          presence or absence of defects, the compliance by Seller with its
          representations and warranties or for any other purpose.

               (viii) Trustee shall not be construed to be a guarantor of the
          performance of Servicer, nor shall Trustee have any duty to monitor
          the performance of Servicer other than as expressly stated in this
          Agreement.

               (ix)   Trustee shall not be required to take notice or be deemed
          to have notice of any Servicer Termination Event hereunder, except a
          Servicer Termination Event under Section 8.1(a)(i) or (ii), unless
          Trustee shall be specifically notified in writing of such Servicer
          Termination Event by Servicer, Seller or any Holder. All notices or
          other instruments required by this Agreement to be delivered to
          Trustee shall be delivered at the Corporate Trust Office and, in the
          absence of such notice so delivered, Trustee may conclusively assume
          there is no Servicer Termination Event except as aforesaid.

          Section 9.6. Trustee Not Liable for Certificates or Receivables.
Trustee assumes no responsibility for the correctness of the recitals contained
herein and in the Certificates (other than the certificate of authentication on
the Certificates). Except as expressly provided herein, Trustee makes no
representations as to the validity or sufficiency of this Agreement or of the

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Certificates (other than Trustee's execution of, and the certificate of
authentication on, the Certificates), or of any Receivable or related document,
or for the validity of the execution by Seller and Servicer of this Agreement or
of any supplements hereto or instruments of further assurance, or for the
sufficiency of the Trust Property hereunder, and Trustee shall not be bound to
ascertain or inquire as to the performance or observance of any covenants,
conditions or agreements on the part of Servicer under this Agreement except as
herein set forth; but Trustee may require Servicer to provide full information
and advice as to the performance of the aforesaid covenants, condition and
agreements. Trustee (solely in its capacity as such) shall have no obligation to
perform any of the duties of Servicer, except as explicitly set forth in this
Agreement. Trustee shall have no liability in connection with compliance of
Servicer with statutory or regulatory requirements to the Receivables. Trustee
shall not make or be deemed to have made any representations or warranties with
respect to the Receivables or the validity or sufficiency of any assignment of
the Receivables to the Trust or Trustee. Trustee (solely in its capacity as
such) shall at no time have any responsibility or liability for, or with respect
to, the legality, validity or enforceability of any security interest in any
Financed Vehicle or (prior to the time, if any, that Servicer is terminated as
custodian hereunder) any Receivable, or the perfection and priority of such a
security interest or the maintenance of any such perfection and priority, the
efficacy of the Trust or its ability to generate funds sufficient to provide for
the payments to be distributed to Holders under this Agreement, the existence,
condition, location, and ownership of any Financed Vehicle, the existence and
enforceability of the Insurance Policies, the existence and contents of any
Receivable or any computer or other record thereof, the validity of the
assignment of any Receivable to the Trust or of any intervening assignment, the
completeness of any Receivable, the performance or enforcement of any
Receivable, the compliance by Seller with any warranty or representation made
under this Agreement or in any related document and the accuracy, of any such
warranty or representation, prior to Trustee's receipt of notice or other
discovery of any noncompliance therewith or any breach thereof, any investment
of monies by Servicer or any loss resulting therefrom (it being understood that
Trustee shall remain responsible for any Trust Property that it may hold), the
acts or omissions of Seller, Servicer, or any Obligor, any action of Servicer
taken in the name of Trustee, or any action by Trustee taken at the instruction,
of Servicer (provided that such instruction is not in express violation of the
terms and provisions of this Agreement); provided that the foregoing shall not
relieve Trustee of its obligation to perform its duties under this Agreement.
Except with respect to a claim based on the failure of Trustee to perform its
duties under this Agreement (whether in its capacity as Trustee or as successor
Servicer) or based on Trustee's willful misconduct, negligence, or bad faith, or
based on Trustee's breach of a representation and warranty contained in Section
9.14, no recourse shall be had to Trustee (whether in its individual capacity or
as Trustee) for any claim based on any provision of this Agreement, the
Certificates, or any Receivable or assignment thereof against Trustee in its
individual capacity; Trustee shall not have any personal obligation, liability,
or duty whatsoever to any Holder or any other Person with respect to any such
claim. Trustee shall not be accountable for the use or application by Seller of
the proceeds of such Certificates, or for the use or application of any funds
paid to Servicer in respect of the Receivables prior to the time such amounts
are deposited in the Collection Account (whether or not the Collection Account
is maintained with Trustee). Trustee shall have no liability for any

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losses from the investment or reinvestment in Eligible Investments made in
accordance with Section 4.1.

          Section 9.7. Trustee May Own Certificates. Trustee in its individual
or any other capacity may become the owner or pledgee of Certificates with the
same rights as it would have if it were not Trustee.

          Section 9.8. Trustee's Fees and Expenses. Servicer agrees to pay to
Trustee, and Trustee shall be entitled to, reasonable compensation (which shall
not be limited by any provision of law in regard to the compensation of a
trustee of an express trust) for all services rendered by it in the execution of
the trusts created by this Agreement and in the exercise and performance of any
of the powers and duties under this Agreement as Trustee, and Servicer shall pay
or reimburse Trustee upon its request for all reasonable expenses (including
expenses incurred in connection with notices or other communications to
Holders), disbursements and advances (including the reasonable compensation and
the reasonable expenses and disbursements of its counsel and of all persons not
regularly in its employ) incurred or made by Trustee in accordance with any of
the provisions of this Agreement (including the reasonable fees and expenses of
its agents, any co-trustee and counsel) or in defense of any action brought
against it in connection with this Agreement except any such expense,
disbursement or advance as may arise from its negligence, willful misfeasance,
or bad faith. Servicer's covenant to pay the expenses, disbursements and
advances provided for in the preceding sentence shall survive the termination of
this Agreement.

          Section 9.9. Eligibility Requirements for Trustee. Trustee shall at
all times be organized and doing business under the banking laws of the United
States or of any state thereof, shall be authorized under such laws to exercise
corporate trust powers, shall have a consolidated net worth of at least
$50,000,000 and shall be subject to supervision or examination by federal or
state banking authorities. If Trustee shall publish reports of condition at
least annually, pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then for the purpose of this Section 9.9,
the consolidated net worth of such Trustee shall be deemed to be its
consolidated capital and surplus as set forth in its most recent consolidated
report of condition so published. In case at any time Trustee shall cease to be
eligible in accordance with the provisions of this Section 9.9, Trustee shall
resign immediately in the manner and with the effect specified in Section 9.10.

          Section 9.10. Resignation or Removal of Trustee. (1) Trustee may at
any time resign and be discharged from the trusts hereby created by giving 30
days' prior written notice thereof to Servicer. Upon receiving such notice of
resignation, Servicer shall promptly appoint a successor Trustee, by written
instrument, in duplicate, one copy of which instrument shall be delivered to the
resigning Trustee and one copy to the successor Trustee. If no successor Trustee
shall have been so appointed and have accepted appointment within 30 days after
the giving of such notice of resignation, the resigning Trustee may petition any
court of competent jurisdiction for the appointment of a successor Trustee;
provided, however, that such right to appoint or to

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petition for the appointment of any such successor shall in no event relieve the
resigning Trustee from any obligations otherwise imposed on it under this
Agreement and the Basic Documents until such successor has in fact assumed such
appointment.

               (ii)  If at any time Trustee shall cease to be eligible in
          accordance with the provisions of Section 9.9 and shall fail to resign
          after written request therefor by Servicer, or if at any time Trustee
          shall be legally unable to act, or shall be adjudged bankrupt or
          insolvent, or a receiver, conservator or liquidator of Trustee or of
          its property shall be appointed, or any public officer shall take
          charge or control of Trustee or of its property or affairs for the
          purpose of rehabilitation, conservation or liquidation, then Servicer
          may remove Trustee. If Trustee is removed under the authority of the
          immediately preceding sentence, Servicer shall promptly appoint a
          successor trustee by written instrument, in duplicate, one copy of
          which instrument shall be delivered to Trustee so removed, the
          successor Trustee, the Holders at their respective addresses of record
          and the Rating Agencies.

               (iii) Any resignation or removal of Trustee and appointment of a
          successor Trustee pursuant to any of the provisions of this Section
          9.10 shall not become effective until acceptance of appointment by the
          successor Trustee pursuant to Section 9.11.

               (iv)  The respective obligations of Seller and Servicer described
          in this Agreement shall survive the removal or resignation of Trustee
          as provided in this Agreement.

          Section 9.11. Successor Trustee. (1) Any successor Trustee appointed
pursuant to Section 9.10 shall execute, acknowledge, and deliver to Servicer and
to its predecessor Trustee an instrument accepting such appointment under this
Agreement, and thereupon the resignation or removal of the predecessor Trustee
shall become effective and such successor Trustee, without any further act, deed
or conveyance, shall become fully vested with all rights, powers, duties, and
obligations of its predecessor under this Agreement, with like effect as if
originally named as Trustee. The predecessor Trustee shall deliver to the
successor Trustee all documents and statements held by it under this Agreement,
and Servicer and the predecessor Trustee shall execute and deliver such
instruments and do such other things as may reasonably be required for fully and
certainly vesting and confirming in the successor Trustee all such rights,
powers, duties, and obligations.

               (ii)  No successor Trustee shall accept appointment as provided
          in this Section 9.11 unless at the time of such acceptance such
          successor Trustee shall be eligible pursuant to Section 9.9.

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               (iii) Upon acceptance of appointment by a successor Trustee
          pursuant to this Section 9.11, Servicer shall mail notice of such
          acceptance by the successor Trustee under this Agreement to all
          Holders at their respective addresses of record and to the Rating
          Agencies. If Servicer shall fail to mail such notice within 10 days
          after acceptance of appointment by the successor Trustee, the
          successor Trustee shall cause such notice to be mailed at the expense
          of Servicer.

               (iv)  No predecessor Trustee shall be liable for the acts or
          omissions of any successor Trustee.

          Section 9.12. Merger or Consolidation of or Assumption of Obligations
of Trustee. Any corporation or banking association which is eligible to be a
successor Trustee under Section 9.9 (a) into which Trustee may be merged or
consolidated, (b) that may result from any merger, conversion or consolidation
to which Trustee shall be a party, or (c) that may succeed by purchase and
assumption to the business of Trustee, where Trustee is not the surviving
entity, which corporation or banking association executes an agreement of
assumption to perform every obligation of Trustee under this Agreement, shall be
the successor of Trustee hereunder, without the execution or filing of any
instrument or any further act on the part of any of the parties hereto, anything
herein to the contrary notwithstanding. Trustee shall promptly notify Servicer
and each Rating Agency of any such merger, conversion, consolidation or purchase
and assumption where Trustee is not the surviving entity.

          Section 9.13. Appointment of Co-Trustee or Separate Trustee. (1)
Notwithstanding any other provisions of this Agreement, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any part
of the Trust Property or any Financed Vehicle may at the time be located,
Servicer and Trustee acting jointly shall have the power and shall execute and
deliver all instruments to appoint one or more Persons approved by Trustee to
act as co-trustee, jointly with Trustee, or separate trustee or separate
trustees, of all or any part of the Trust, and to vest in such Person, in such
capacity and for the benefit of the Holders, such title to the Trust, or any
part thereof, and, subject to the other provisions of this Section 9.13, such
powers, duties, obligations, rights, and trusts as Servicer and Trustee may
consider necessary or desirable. If Servicer shall not have joined in such
appointment within 15 days after the receipt by it of a request so to do, or in
case a Servicer Termination Event shall have occurred and be continuing, Trustee
alone shall have the power to make such appointment. No co-trustee or separate
trustee under this Agreement shall be required to meet the terms of eligibility
as a successor trustee pursuant to Section 9.9 and no notice to Holders of the
appointment of any co-trustee or separate trustee shall be required pursuant to
Section 9.11. Notwithstanding the appointment of a co-trustee or separate
trustee hereunder, Trustee shall not be relieved of any of its obligations under
this Agreement.

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

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                         (i)   All rights, powers, duties, and obligations
                         conferred or imposed upon Trustee shall be conferred
                         upon and exercised or performed by Trustee and such
                         separate trustee or co-trustee jointly (it being
                         understood that such separate trustee or co-trustee is
                         not authorized to act separately without 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 (whether as Trustee under
                         this Agreement or as successor to Servicer under this
                         Agreement), 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 Property 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 Trustee.

                         (ii)  No trustee under this Agreement shall be
                         personally liable by reason of any act or omission of
                         any other trustee under this Agreement.

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

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

                         (iv)  Any separate trustee or co-trustee may, at any
               time, appoint Trustee its agent or attorney-in-fact with full
               power and authority, to the extent not prohibited by law, to do
               any lawful act under or in respect of this Agreement on its
               behalf and in its name. If any separate trustee or co-trustee
               shall die, become incapable of acting, resign or be removed, all
               of its estates, properties, rights, remedies and trusts shall
               vest in and be exercised by Trustee, to the extent permitted by
               law, without the appointment of a new or successor trustee.
               Trustee shall promptly notify Servicer and each Rating Agency of
               any appointment made pursuant to this Section 9.13.

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               Section 9.14. Representations and Warranties of Trustee. Trustee
makes the following representations and warranties on which Seller, Servicer,
and Holders may rely:

                         (i)   Organization and Good Standing. Trustee is a duly
               organized, validly existing, and in good standing under the laws
               of ____________.

                         (ii)  Power and Authority. Trustee has full power,
               authority and legal right to execute, deliver, and perform this
               Agreement and the Basic Documents and has taken all necessary
               action to authorize the execution, delivery, and performance by
               it of this Agreement and the Basic Documents to which it is a
               party.

                         (iii) Enforceability. This Agreement and the Basic
               Documents to which it is a party have been duly executed and
               delivered by Trustee and this Agreement and such Basic Documents
               constitute legal, valid and binding obligations of Trustee
               enforceable against Trustee in accordance with their respective
               terms, except as such enforceability may be limited by applicable
               bankruptcy, insolvency, reorganization, moratorium or other
               similar laws now or hereafter in effect affecting the enforcement
               of creditors' rights generally and except as such enforceability
               may be limited by equitable limitations on the availability of
               specific remedies.

                         (iv)  No Consent Required. No approval, authorization,
               consent, license or other order or action of, or filing or
               registration with, any governmental authority, bureau or agency
               is required in connection with the execution, delivery or
               performance by Trustee of this Agreement, the Basic Documents or
               the consummation of the transactions contemplated hereby or
               thereby.

                         (v)   No Violation. The execution, delivery and
               performance by Trustee of this Agreement and the Basic Documents
               and the consummation of the transactions contemplated hereby and
               thereby will not conflict with, result in any breach of the terms
               and provisions of, constitute (with or without notice or lapse of
               time) a default under, or result in the creation or disposition
               of any Lien upon any of its properties pursuant to the terms of,
               (i) the articles of association or by-laws of Trustee, (ii) any
               indenture, contract, lease, mortgage, deed of trust or other
               instrument or agreement to which Trustee is a party or by which
               Trustee is bound or to which any of its properties are subject,
               or (iii) any law, order, rule or regulation applicable to Trustee
               or its properties of any federal or state regulatory body, any
               court, administrative agency or other governmental
               instrumentality having jurisdiction over Trustee or any of its
               properties.

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               Section 9.15. Reports by Trustee. Trustee shall provide to any
Holder or Certificate Owner who so requests in writing (addressed to the
Corporate Trust Office) a copy of any Servicer's Report, the annual statement
described in Section 3.10, and the annual accountant's examination described in
Section 3.11. Trustee may require any Holder or Certificate Owner requesting
such report to pay a reasonable sum to cover the cost of Trustee's complying
with such request.

               Section 9.16. Tax Returns. Servicer shall prepare or shall cause
to be prepared any tax returns on Form 1065 (or other applicable form) required
to be filed by the Trust and shall remit such returns to Trustee for signature
at least five days before such returns are due to be filed. Trustee, upon
request, will furnish Servicer with all such information actually known to an
Authorized Officer of Trustee as may be reasonably required in connection with
the preparation of all tax returns of the Trust, and shall, upon request,
execute such returns. Servicer shall prepare the tax returns of the Trust in
accordance with the Code and any regulations (including, to the extent
applicable by their terms, proposed regulations) thereunder.

               Section 9.17. Trustee May Enforce Claims Without Possession of
Certificates. All rights of action and claims under this Agreement or the
Certificates may be prosecuted and enforced by Trustee without the possession of
any of the Certificates or the production thereof in any proceeding relating
thereto, and any such proceeding instituted by Trustee shall be brought in its
own name as trustee. Any recovery of judgment shall, after provision for the
payment of the reasonable compensation, expenses, disbursements and advances of
Trustee, its agents and counsel, be for the ratable benefit of the Holders in
respect of which such judgment has been obtained.

ARTICLE X. TERMINATION.

               Section 10.1. Termination of the Trust. (1) The Trust, and the
respective obligations and responsibilities of Seller, Servicer and Trustee
hereunder, shall terminate (except as otherwise expressly provided herein) upon
the earliest of: (i) the Distribution Date next succeeding the purchase by
Servicer at its option, pursuant to Section 10.2, of the Receivables (other than
Defaulted Receivables) remaining in the Trust, (ii) the payment to Holders of
all amounts required to be paid to them pursuant to this Agreement or (iii) the
Distribution Date next succeeding the month which is six months after the
maturity or the liquidation of the last Receivable held in the Trust and the
disposition of any amounts received upon liquidation of any property remaining
in the Trust; provided that in no event shall the Trust created by this
Agreement continue beyond the expiration of 21 years from the death of the last
survivor of the descendants living on the date of this Agreement of Rose Kennedy
of the Commonwealth of Massachusetts. Servicer shall promptly notify Trustee of
any prospective termination pursuant to this Section 10.1.

                    (ii) Notice of any termination, specifying the Distribution
               Date upon which the Holders may surrender the Certificates to
               Trustee for payment of the

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               final distribution and cancellation, shall be given promptly by
               Trustee by letter to Holders of record and the Rating Agencies
               mailed not earlier than the 15th day and not later than the 25th
               day of the month next preceding the specified Distribution Date
               stating the amount of any such final payment and that the Record
               Date otherwise applicable to such Distribution Date is not
               applicable, payments being made only upon presentation and
               surrender of the Certificates at the office of Trustee therein
               specified. Upon presentation and surrender of the Certificates,
               Trustee shall cause to be distributed to Holders amounts
               distributable on such Distribution Date pursuant to Section 4.5.
               Amounts remaining in the Trust after distribution, or after
               setting aside all funds required for distribution, to the Holders
               shall be distributed to M&I Bank.

                         (iii) In the event that all of the Holders shall not
               surrender their Certificates for cancellation within six months
               after the date specified in the above-mentioned written notice,
               Trustee shall give a second written notice to the remaining
               Holders to surrender their Certificates for cancellation and
               receive the final distribution with respect thereto. Trustee
               shall after giving such notice to deliver or cause to be
               delivered to Servicer the Certificate Register. If within one
               year after the second notice all the Certificates shall not have
               been surrendered for cancellation, Servicer may take appropriate
               steps, or may appoint an agent to take appropriate steps, to
               contact the remaining Holders concerning surrender of their
               Certificates, and the cost thereof shall be paid out of the funds
               and other assets that shall remain subject to this Agreement. Any
               funds remaining in the Trust after exhaustion of such remedies
               shall be distributed by Trustee to M&I Bank.

               Section 10.2. Optional Purchase of All Receivables. If the Pool
Factor shall be .0500000 or less as of the last day of any Collection Period,
Servicer shall have the option to purchase the remaining Trust Property on any
Distribution Date occurring in a subsequent Collection Period. To exercise such
option, Servicer shall deposit the aggregate Purchase Amount for the remaining
Receivables (other than Defaulted Receivables) into the Collection Account on
the Deposit Date occurring in the month in which such repurchase is to be
effected. The payment shall be made in the manner specified in Section 4.4, and
shall be distributed pursuant to Section 4.5. Upon such payment Servicer shall
succeed to and own all interests in and to the Trust Property (subject to the
rights of the Holders to receive a final distribution on the related
Distribution Date).

ARTICLE XI. MISCELLANEOUS PROVISIONS.

               Section 11.1. Amendment. (1) This Agreement may be amended by
Seller, Servicer and Trustee, without the consent of any of the Holders, for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of this Agreement or modifying in any manner the rights of the
Holders; provided that such action shall not, as

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evidenced by an Opinion of Counsel to Seller delivered to Trustee, materially
and adversely affect the interests of any Holder.

                         (ii)  This Agreement may be amended by Seller, Servicer
               and Trustee without the consent of any of the Holders (i) to add,
               modify or eliminate such provisions as may be necessary or
               advisable in order to enable all or a portion of the Trust to
               qualify as, and to permit an election to be made to cause all or
               a portion of the Trust to be treated as, a "financial asset
               securitization investment trust" as described in the provisions
               of the "Small Business Job Protection Act of 1996," or to enable
               all or a portion of the Trust to qualify and an election to be
               made for similar treatment under such comparable subsequent
               federal income tax provisions as may ultimately be enacted into
               law, and (ii) in connection with any such election, to modify or
               eliminate existing provisions set forth in this Agreement
               relating to the intended federal income tax treatment of the
               Certificates and the Trust in the absence of the election; it
               being a condition to any such amendment that each Rating Agency
               will have notified the Seller, the Servicer and the Trustee in
               writing that the amendment will not result in a reduction or
               withdrawal of the rating of any outstanding Certificates with
               respect to which it is a Rating Agency.

                         (iii) This Agreement may be amended by Seller, Servicer
               and Trustee without the consent of any of the Holders to add,
               modify or eliminate such provisions as may be necessary or
               advisable in order to enable (i) the transfer to the Trust of all
               or any portion of the Receivables to be derecognized under
               generally accepted accounting principles ("GAAP") by Seller to
               the Trust, (ii) the Trust to avoid becoming a member of Seller's
               consolidated group under GAAP; or (iii) the Seller, M&I Bank or
               any of their Affiliates to otherwise comply with or obtain more
               favorable treatment under any law or regulation or any accounting
               rule or principle; it being a condition to any such amendment
               that each Rating Agency will have notified the Seller, the
               Servicer and the Trustee in writing that the amendment will not
               result in a reduction or withdrawal of the rating of any
               outstanding Certificates with respect to which it is a Rating
               Agency.

                         (iv)  This Agreement may also be amended from time to
               time by Seller, Servicer and Trustee, with the consent of the
               Majority Holders, 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
               Holders; provided that no such amendment shall (i) increase or
               reduce in any manner the amount of, or accelerate or delay the
               timing of, collections of payments on Receivables or
               distributions that shall be required to be made on any
               Certificate without the consent of all adversely affected
               Holders, (ii) reduce the percentage of the aggregate outstanding
               principal balance of the Certificates, the Holders of which are
               required to consent to any such amendment, without the

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          consent of all Holders, (iii) materially and adversely affect the
          interests of either the Class A Holders or the Class B Holders without
          the consent of the Holders of Class A Certificates or Class B
          Certificates, as the case may be, evidencing not less than a majority
          of the aggregate outstanding principal balance of the Class A
          Certificates or the Class B Certificates, as the case may be, or (iv)
          cause either Rating Agency to downgrade or withdraw its rating of the
          Class A Certificates or the Class B Certificates without the consent
          of Holders of Class A Certificates or Class B Certificates, as the
          case may be, evidencing more than 66 2/3% of the aggregate outstanding
          principal balance of the Class A Certificates or the Class B
          Certificates, as the case may be. Promptly after the execution of any
          such amendment or consent, Trustee shall furnish written notification
          of the substance of such amendment or consent to each Holder.

                (v)     It shall not be necessary for the consent of Holders
          pursuant to this Section 11.1 to approve the particular form of any
          proposed amendment or consent, but it shall be sufficient if such
          consent shall approve the substance thereof. The manner of obtaining
          such consents and of evidencing the authorization of the execution
          thereof by Holders shall be subject to such reasonable requirements as
          Trustee may prescribe.

                (vi)    Notice of any amendment of this Agreement shall be sent
          by Servicer to each Rating Agency, at such address as such Rating
          Agency may from time to time specify in writing.

                (vii)   In connection with any amendment pursuant to this
          Section 11.1 Trustee shall be entitled to receive an Opinion of
          Counsel to the effect that such amendment is authorized or permitted
          by the Agreement.

          Section 11.2. Protection of Title to Trust Property. (1) Servicer
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
Holders and Trustee under this Agreement in the Trust Property and in the
proceeds thereof. Servicer shall deliver (or cause to be delivered) to Trustee
file-stamped copies of, or filing receipts for, any document filed as provided
above, as soon as available following such filing. If Servicer fails to perform
its obligations under this subsection, Trustee may (but shall not be obligated
to) do so, at the expense of Servicer.

                (ii)    Neither Seller nor 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
          Servicer in accordance with subsection (a) misleading within the
          meaning of the UCC, unless it shall have given Trustee at least 60
          days' prior written notice thereof and shall have

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          promptly filed appropriate amendments to all previously filed
          financing statements or continuation statements.

                (iii)   Seller and Servicer shall give Trustee at least 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 UCC would require the filing of any amendment of any previously
          filed financing or continuation statement or of any new financing
          statement. Seller and 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.

                (iv)    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 in respect of
          such Receivable.

                (v)     Servicer shall maintain its computer systems so that,
          from and after the time of sale under this Agreement of the
          Receivables to Trustee, Servicer's master computer records (including
          archives) that shall refer to a Receivable indicate clearly that such
          Receivable is owned by the Trust. Indication of the Trust's ownership
          of a Receivable shall be deleted from or modified on Servicer's
          computer systems when, and only when, the Receivable shall be paid or
          shall become a Purchased Receivable.

                (vi)    If at any time Seller, M&I Bank or Servicer shall
          propose to sell, grant a security interest in or otherwise transfer
          any interest in motor vehicle loans and/or retail installment sales
          contracts to any prospective purchaser, lender or other transferee,
          Seller, Transferor Servicer, as the case may be, shall give to such
          prospective purchaser, lender or other transferee computer tapes,
          records or printouts (including any restored from archives) that, if
          they shall refer in any manner whatsoever to any Receivable, shall
          indicate clearly that such Receivable has been sold and is owned by
          the Trust.

                (vii)   Upon request, Servicer, at its expense, shall furnish to
          Trustee, within thirty days, a list of all Receivables then held as
          part of the Trust, together with a reconciliation of such list to each
          Schedule of Receivables and to each of Servicer's Reports furnished
          pursuant to Section 3.9 indicating removal of Receivables from the
          Trust.

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                (viii)  Servicer shall deliver to Trustee upon the Closing Date,
          and upon the execution and delivery of each amendment, if any, of this
          Agreement an Opinion of Counsel to Servicer either (i) stating that,
          in the opinion of such counsel, no filings or other action, other than
          the filings required in the appropriate filing offices as described in
          such opinion, are necessary to perfect and maintain (A) the security
          interest of Trustee in the Financed Vehicles, subject to the
          exceptions stated therein, and (B) the interest of Trustee in the
          Receivables and the proceeds thereof against third parties, subject to
          the exceptions stated therein, and reciting the details of such
          filings or referring to prior Opinions of Counsel in which such
          details are given, or (ii) stating that, in the opinion of such
          counsel, no such action shall be necessary to perfect or complete the
          perfected status of such interest.

                (ix)    Servicer shall permit Trustee and its agents, at the
          expense of Trustee (except after a Servicer Termination Event, in
          which case such cost will be at the expense of Servicer), at any time
          to inspect, audit and make copies of and abstracts from Servicer's
          records regarding any Receivables then or previously included in the
          Trust.

          Section 11.3. Limitation on Rights of Holders. (1) The death or
incapacity of any Holder shall not operate to terminate this Agreement or the
Trust, or entitle the Holder's legal representatives or heirs to claim an
accounting or to take any action or commence any proceeding in any court for a
partition or winding up of the Trust, or otherwise affect the rights,
obligations and liabilities of the parties to this Agreement or any of them.

                (ii)    No Holder shall have any right to vote (except as
          expressly provided herein) or in any manner otherwise control the
          operation and management of the Trust or the obligations of the
          parties to this Agreement, nor shall anything set forth in this
          Agreement, or contained in the terms of the Certificates, be construed
          so as to constitute the Holders as partners or members of an
          association; nor shall any Holder be under any liability to any third
          party by reason of any action taken pursuant to any provision of this
          Agreement.

                (iii)   No Holder shall have any right by virtue or by availing
          itself of any provisions of this Agreement to institute any suit,
          action or proceeding in equity or at law upon or under or with respect
          to this Agreement, unless such Holder previously shall have given to
          Trustee a written notice of default and of the continuance thereof, as
          hereinbefore provided, and unless, with respect to the Class A
          Certificates, Class A Holders evidencing not less than a majority of
          the aggregate outstanding principal balance of the Class A
          Certificates or, with respect to the Class B Certificates, Class B
          Holders evidencing not less than a majority of the aggregate
          outstanding principal balance of the Class B Certificates, shall have
          made written request upon Trustee to institute such action, suit or

                                       74

<PAGE>

          proceeding in its own name as Trustee under the Agreement and shall
          have offered to Trustee such reasonable indemnity as it may require
          against the costs, expenses and liabilities to be incurred therein or
          thereby, and Trustee, for _ days after its receipt of such notice,
          request and offer of indemnity satisfactory to it, shall have
          neglected or refused to institute any such action, suit or proceeding;
          no one or more Holders of Certificates shall have any right in any
          manner whatever by virtue or by availing itself or themselves of any
          provisions of this Agreement to affect, disturb or prejudice the
          rights of the Holders of any other of the Certificates, or to obtain
          or seek to obtain priority over or preference to any other such Holder
          or to enforce any right under this Agreement, except in the manner
          provided in this Agreement and for the equal, ratable and common
          benefit of all Class A Holders or Class B Holders, as the case may be.
          For the protection and enforcement of the provisions of this Section
          11.3, each Holder and Trustee shall be entitled to such relief as can
          be given either at law or in equity.

          Section 11.4. Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS; EXCEPT THAT
THE GRANT OF A SECURITY INTEREST IN THE RESERVE ACCOUNT PROPERTY AND THE
PERFECTION, EFFECT OF PERFECTION, AND PRIORITY OF SUCH SECURITY INTEREST SHALL
BE GOVERNED BY THE LAWS OF THE STATE OF ______________.

          Section 11.5. Notices. All demands, notices, and communications under
this Agreement shall be in writing, personally delivered, or sent by telecopier,
overnight mail or mailed by certified mail, return receipt requested, and shall
be deemed to have been duly given upon receipt (a) in the case of Seller to M&I
Dealer Auto Securitization, LLC, c/o M&I Marshall & Ilsley Bank, 770 North Water
Street, Milwaukee, Wisconsin 53202, Attention: _______________; (b) in the case
of Servicer, to M&I Marshall & Ilsley Bank, 770 North Water Street, Milwaukee,
Wisconsin 53202, Attention: ______________; (c) in the case of Trustee, at the
Corporate Trust Office, facsimile number: ______________; (d) in the case of
Moody's Investors Service, Inc., at the following address: Moody's Investors
Service, Inc., ABS Monitoring Department, 99 Church Street, New York, New York
10007, facsimile number: (212) 553-3850; (e) in the case of Standard & Poor's
Ratings Services, a division of The McGraw-Hill Companies, Inc., at the
following address: Standard & Poor's Ratings Services, a division of The
McGraw-Hill Companies, Inc., 25 Broadway, 20th Floor, New York, New York 10004,
Attention: Asset Backed Surveillance Department, facsimile number: (212)
208-0030; and (f) in the case of Fitch, to __________________. Any notice
required or permitted to be mailed to a Holder shall be given by first class
mail, postage prepaid, at the address of record of such Holder. Any notice so
mailed within the time prescribed in this Agreement shall be conclusively
presumed to have been duly given, whether or not the Holder shall receive such
notice.

                                       75

<PAGE>

          Section 11.6. Severability of Provisions. If any one or more of the
covenants, provisions or terms of this Agreement shall be for any reason
whatsoever held invalid, then such covenants, provisions or terms shall be
deemed severable from the remaining covenants, 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 Certificates or the rights of the
Holders thereof.

          Section 11.7. Assignment. Notwithstanding anything to the contrary
contained herein, except as provided in Section 2.5, 3.1, 6.3 and 7.3, this
Agreement may not be assigned by Seller or Servicer. This Agreement may not be
assigned by Trustee except as provided by Sections 9.10 through 9.13.

          Section 11.8. Certificates Nonassessable and Fully Paid. The interests
represented by the Certificates shall be nonassessable for any losses or
expenses of the Trust or for any reason whatsoever, and, upon authentication
thereof by Trustee pursuant to Section 5.1, each Certificate shall be deemed
fully paid.

          Section 11.9. Intention of Parties. (1) The execution and delivery of
this Agreement shall constitute an acknowledgment by Seller and Trustee, on
behalf of the Holders, that it is intended that the assignment and transfer
herein contemplated constitute a sale and assignment outright, and not for
security, of the Receivables and the other Trust Property, conveying good title
thereto free and clear of any liens, from Seller to the Trust, and that the
Receivables and the other Trust Property shall not be a part of Seller's estate
in the event of the insolvency, receivership, conservatorship or the occurrence
of another similar event, of, or with respect to, Seller. In the event that such
conveyance is determined to be made as security for a loan made by the Trust or
the Holders to the Seller, the parties intend that Seller shall have granted to
Trustee a security interest in all of Seller's right, title and interest in and
to the Trust Property conveyed to the Trust pursuant to Section 2.1, and that
this Agreement shall constitute a security agreement under applicable law.

                (ii)    The execution and delivery of this Agreement shall
          constitute an acknowledgment by Seller and Trustee on behalf of the
          Holders that they intend that the Trust be classified (for Federal tax
          purposes) as a grantor trust under Subpart E, Part I of Subchapter J
          of the Internal Revenue Code of which the Holders are owners, rather
          than as an association taxable as a corporation. The powers granted
          and obligations undertaken in this Agreement shall be construed so as
          to further such intent.

          Section 11.10. 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.

                                       76

<PAGE>

          Section 11.11. Further Assurances. Seller and 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 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 UCC of any applicable jurisdiction.

          Section 11.12. No Waiver; Cumulative Remedies. No failure to exercise
and no delay in exercising, on the part of the Trustee or the Holders, 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.

                                       77

<PAGE>

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

                                  M&I DEALER AUTO SECURITIZATION, LLC

                                  By:  ________________________________________
                                       Name:
                                       Title:

                                  M&I MARSHALL & ILSLEY BANK, as Servicer

                                  By:  ________________________________________
                                       Name:
                                       Title:

                                  ____________________________________,
                                  as Trustee

                                  By:  ________________________________________
                                       Name:
                                       Title:

                                       78

<PAGE>

                                   SCHEDULE A

                          LOCATION OF RECEIVABLE FILES

                                       79

<PAGE>

                           FORM OF CLASS A CERTIFICATE
                           ---------------------------

                                                                       EXHIBIT A

                       M&I AUTO RECEIVABLES TRUST 200__-__

                    _____% ASSET BACKED CERTIFICATE, CLASS A

Evidencing a fractional undivided interest in the Trust, as defined below, the
property of which includes a pool of fixed rate simple interest retail motor
vehicle loans and/or retail installment sales contracts (the "Receivables")
secured by the new and used automobiles and light duty trucks financed thereby
(the "Financed Vehicles") and sold to the Trust by M&I Dealer Auto
Securitization, LLC

THIS CERTIFICATE REPRESENTS A FRACTIONAL UNDIVIDED INTEREST IN THE TRUST AND
DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF M&I AUTO RECEIVABLES TRUST
200__-___. THIS CERTIFICATE AND THE RECEIVABLES ARE NOT DEPOSITS AND ARE NOT
INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER
GOVERNMENTAL AGENCY.

UNLESS THIS CERTIFICATE 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 CERTIFICATE
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.

NUMBER                                                CUSIP_____________________
________________                                      $_________________________
                                                     Original Certificate Amount

                               Exhibit A, Page 1

<PAGE>

          THIS CERTIFIES THAT ___________________ is the registered owner of a
______________ dollars, nonassessable, fully paid, fractional undivided interest
in M&I Auto Receivables Trust 200__-___ (the "Trust") formed pursuant to a
Pooling and Servicing Agreement dated as of ___________, 200[_] (the
"Agreement") among M&I Dealer Auto Securitization LLC, a Delaware limited
liability company (the "Seller"), M&I Marshall & Ilsley Bank, a Wisconsin
banking association ("Servicer") and _____________, a _______________ , as
trustee (the "Trustee").

          To the extent not otherwise defined herein, the capitalized terms used
herein have the meanings assigned to them in the Agreement. This Certificate is
one of the duly authorized Certificates designated as "_____% Asset Backed
Certificates, Class A" (herein called the "Class A Certificates"). Also issued
under the Agreement are Certificates designated as "_____% Asset Backed
Certificates, Class B" (the "Class B Certificates"). The Class A Certificates
and the Class B Certificates are hereinafter collectively called the
"Certificates." This Certificate is issued under and is subject to the terms,
provisions, and conditions of the Agreement, to which the Holder of this
Certificate by virtue of the acceptance hereof assents and by which such Holder
is bound. The Trust Property includes (as more fully described in the Agreement)
a pool of Receivables, certain monies received under the Receivables after
___________ __, 200[_] (the "Cutoff Date"), security interests in the Financed
Vehicles, and proceeds of the foregoing.

          Subject to the terms and conditions of the Agreement (including the
availability of funds for distributions) and until the obligations created by
the Agreement shall have terminated in accordance therewith, there will be
distributed, but only from funds on deposit in the Class A Distribution Account,
on the _th day of each month or, if such _th day is not a Business Day, the next
succeeding Business Day (each such date, a "Distribution Date"), commencing
_________ __, 200[_], to the Person in whose name this Certificate is registered
at the close of business on the last day of the preceding Collection Period (the
"Record Date"), such Holder's fractional undivided interest in the amounts to be
distributed to Class A Holders pursuant to the Agreement on such Distribution
Date.

          Distributions on this Certificate will be made by Trustee by check
mailed to the Holder of record at its address as it appears in the Certificate
Register without the presentation or surrender of this Certificate or the making
of any notation hereon, except that with respect to a Certificate registered in
the name of a Clearing Agency or its nominee, distributions will be made by wire
transfer of immediately available funds. Except as otherwise provided in the
Agreement and notwithstanding the above, the final distribution on this
Certificate will be made after due notice by Trustee of the pendency of such
distribution and only upon presentation and surrender of this Certificate at the
office or agency maintained for that purpose by Trustee.

          This Certificate does not purport to summarize the Agreement and
reference is hereby made to the Agreement for information with respect to the
rights, benefits, obligations and duties evidenced thereby.

                               Exhibit A, Page 2

<PAGE>

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

        Each Holder, by its acceptance of a Certificate or a beneficial interest
in a Certificate, acknowledges and agrees that they intend that the Trust be
classified (for Federal tax purposes) as a grantor trust under Subpart E, Part I
of Subchapter J of the Internal Revenue Code of which the Holders are owners,
rather than as an association taxable as a corporation.

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

                                 [_____________________________________________]

                                 By:    _______________________________________,
                                        as Trustee

                                 By:    ________________________________________
                                        Authorized Officer

                                 DATED:

                                 [SEAL]

                                 ATTEST:

                                 _______________________________________________
                                        Authorized Officer

Trustee's Certificate of Authentication:

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

                                 _________________________________________ BANK,
                                        as Trustee

                                 By:    ________________________________________
                                        Authorized Officer

                               Exhibit A, Page 3

<PAGE>

                           FORM OF CLASS B CERTIFICATE
                           ---------------------------

                                                                       EXHIBIT B

                      M&I AUTO RECEIVABLES TRUST 200__-___

                    _____% ASSET BACKED CERTIFICATE, CLASS B

Evidencing a fractional undivided interest in the Trust, as defined below, the
property of which includes a pool of fixed rate simple interest retail motor
vehicle loans and/or retail installment sales contracts (the "Receivables")
secured by the new and used automobiles and light duty trucks financed thereby
(the "Financed Vehicles") and sold to the Trust by M&I Dealer Auto
Securitization, LLC.

THIS CERTIFICATE REPRESENTS A FRACTIONAL UNDIVIDED INTEREST IN THE TRUST AND
DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF M&I AUTO RECEIVABLES TRUST
200__-___. THIS CERTIFICATE AND THE RECEIVABLES ARE NOT DEPOSITS AND ARE NOT
INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER
GOVERNMENTAL AGENCY.

UNLESS THIS CERTIFICATE 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 CERTIFICATE
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.

NUMBER                                               CUSIP _____________________
_____________________                                $__________________________
                                                     Original Certificate Amount

                               Exhibit B, Page 1

<PAGE>

           THIS CERTIFIES THAT ________________ is the registered owner of a
_________________ dollars, nonassessable, fully paid, fractional undivided
interest in the M&I Auto Receivables Trust 200__-___ (the "Trust") formed
pursuant to a Pooling and Servicing Agreement dated as of ________ __, 200[_]
(the "Agreement") among M&I Dealer Auto Securitization, LLC, a Delaware limited
liability company (the "Seller"), M&I Marshall & Ilsley Bank, a Wisconsin
banking association (the "Servicer") and _____________, a _____________, as
trustee (the "Trustee").

           To the extent not otherwise defined herein, the capitalized terms
used herein have the meanings assigned to them in the Agreement. This
Certificate is one of the duly authorized Certificates designated as "_____%
Asset Backed Certificates, Class B" (herein called the "Class B Certificates").
Also issued under the Agreement are Certificates designated as "_____% Asset
Backed Certificates, Class A" (the "Class A Certificates"). The Class A
Certificates and the Class B Certificates are hereinafter collectively called
the "Certificates." This Certificate is issued under and is subject to the
terms, provisions, and conditions of the Agreement, to which the Holder of this
Certificate by virtue of the acceptance hereof assents and by which such Holder
is bound. The Trust Property includes (as more fully described in the Agreement)
a pool of Receivables, certain monies received under the Receivables after
________ __, 200[_] (the "Cutoff Date"), security interests in the Financed
Vehicles, and proceeds of the foregoing. The rights of the Holder of the Class B
Certificates are subordinated to the rights of the Holders of the Class A
Certificates to the extent set forth in the Agreement.

           Subject to the terms and conditions of the Agreement (including the
availability of funds for distributions and the subordination of the Class B
Certificates) and until the obligations created by the Agreement shall have
terminated in accordance therewith, there will be distributed, but only from
funds on deposit in the Class B Distribution Account, on the _th day of each
month or, if such _th day is not a Business Day, the next succeeding Business
Day (each such date, a "Distribution Date"), commencing _______ _, 200[_], to
the Person in whose name this Certificate is registered at the close of business
on the last day of the preceding Collection Period (the "Record Date"), such
Holder's fractional undivided interest in the amounts to be distributed to Class
B Holders pursuant to the Agreement on such Distribution Date.

           Distributions on this Certificate will be made by Trustee by check
mailed to the Holder of record at its address as it appears in the Certificate
Register without the presentation or surrender of this Certificate or the making
of any notation hereon, except that with respect to a Certificate registered in
the name of a Clearing Agency or its nominee, distributions will be made by wire
transfer of immediately available funds. Except as otherwise provided in the
Agreement and notwithstanding the above, the final distribution on this
Certificate will be made after due notice by Trustee of the pendency of such
distribution and only upon presentation and surrender of this Certificate at the
office or agency maintained for that purpose by Trustee.

                               Exhibit B, Page 2

<PAGE>

           This Certificate does not purport to summarize the Agreement and
reference is hereby made to the Agreement for information with respect to the
rights, benefits, obligations and duties evidenced thereby.

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

           Each Holder, by its acceptance of a Certificate or a beneficial
interest in a Certificate, acknowledges and agrees that they intend that the
Trust be classified (for Federal tax purposes) as a grantor trust under Subpart
E, Part I of Subchapter J of the Internal Revenue Code of which the Holders are
owners, rather than as an association taxable as a corporation.

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

                                  [____________________________________________]

                                  By:    ___________________________, as Trustee

                                  By:    _______________________________________
                                         Authorized officer

                                  DATED:

                                  [SEAL]

                                  ATTEST:

                                  ______________________________________________
                                  Authorized Officer

Trustee's Certificate of Authentication:

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

                                  _____________________________ BANK, as Trustee

                                  By:    _______________________________________
                                         Authorized Officer

                               Exhibit B, Page 3

<PAGE>

                                                                       EXHIBIT C

                            Form of Servicer's Report

                               Exhibit C, Page 1

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