Document:

<PAGE>   1
                                                                     EXHIBIT 4.2

                         HARRIS TRUST AND SAVINGS BANK,
            NOT IN ITS INDIVIDUAL CAPACITY BUT SOLELY IN ITS CAPACITY
                              AS INDENTURE TRUSTEE

                                       AND

                 ORIX CREDIT ALLIANCE RECEIVABLES TRUST 2000-A,
                                    AS ISSUER

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

                                    INDENTURE

                        DATED AS OF FEBRUARY     , 2000

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

                    $    CLASS A-1 RECEIVABLE-BACKED NOTES

                    $    CLASS A-2 RECEIVABLE-BACKED NOTES

                    $    CLASS A-3 RECEIVABLE-BACKED NOTES

                    $    CLASS A-4 RECEIVABLE-BACKED NOTES

                    $    CLASS B RECEIVABLE-BACKED NOTES

                    $    CLASS C RECEIVABLE-BACKED NOTES

<PAGE>   2

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                      Page
                                                                                                      ----
                                   ARTICLE ONE

                   DEFINITIONS AND INCORPORATION BY REFERENCE
<S>            <C>                                                                                    <C>
Section 1.01.  Definitions...............................................................................2
Section 1.02.  Incorporation by Reference of Trust Indenture Act.........................................8
Section 1.03.  Rules of Construction.....................................................................9

                                   ARTICLE TWO

                                   THE NOTES

Section 2.01.  Form......................................................................................9
Section 2.02.  Execution, Authentication and Delivery...................................................10
Section 2.03.  Temporary Notes..........................................................................10
Section 2.04.  Registration; Registration of Transfer and Exchange......................................11
Section 2.05.  Mutilated, Destroyed, Lost or Stolen Notes...............................................13
Section 2.06.  Persons Deemed Owner.....................................................................14
Section 2.07.  Payment of Principal and Interest; Defaulted Interest....................................14
Section 2.08.  Cancellation.............................................................................15
Section 2.09.  Book-Entry Notes.........................................................................15
Section 2.10.  Notices to Clearing Agency...............................................................16
Section 2.11.  Definitive Notes.........................................................................16
Section 2.12.  Release of Collateral....................................................................17
Section 2.13.  Tax Treatment............................................................................17
Section 2.14.  CUSIP Numbers............................................................................17

                                  ARTICLE THREE

                   COVENANTS; REPRESENTATIONS AND WARRANTIES

Section 3.01.  Payment of Principal and Interest........................................................18
Section 3.02.  Maintenance of Office or Agency..........................................................18
Section 3.03.  Money for Payments to be Held in Trust...................................................18
Section 3.04.  Existence................................................................................20
Section 3.05.  Protection of Collateral.................................................................20
Section 3.06.  {Reserved}...............................................................................21
</TABLE>

                                      -i-
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<TABLE>
<S>            <C>                                                                                      <C>
Section 3.07.  Performance of Obligations; Servicing of Contracts.......................................21
Section 3.08.  Negative Covenants.......................................................................22
Section 3.09.  Issuer May Consolidate, etc. Only on Certain Terms.......................................23
Section 3.10.  Successor or Transferee..................................................................25
Section 3.11.  No Other Business........................................................................26
Section 3.12.  No Borrowing.............................................................................26
Section 3.13.  Notice of Events of Default..............................................................26
Section 3.14.  Further Instruments and Acts.............................................................26
Section 3.15.  Compliance with Laws.....................................................................26
Section 3.16.  Amendments of Trust Agreement............................................................26
Section 3.17.  Removal of Administrator.................................................................26
Section 3.18.  Representations and Warranties of Issuer.................................................26

                                  ARTICLE FOUR

                           SATISFACTION AND DISCHARGE

Section 4.01.  Satisfaction and Discharge of Indenture..................................................28
Section 4.02.  Application of Trust Money...............................................................30
Section 4.03.  Repayment of Moneys Held by Paying Agent.................................................30
Section 4.04.  Release of Collateral....................................................................30

                                  ARTICLE FIVE

                                    REMEDIES

Section 5.01.  Events of Default........................................................................30
Section 5.02.  Rights Upon Event of Default; Notice.....................................................32
Section 5.03.  Collection of Indebtedness and Suits for Enforcement
                 by Indenture Trustee; Authority of Indenture Trustee...................................32
Section 5.04.  Remedies.................................................................................35
Section 5.05.  Optional Preservation of the Contracts...................................................36
Section 5.06.  Priorities...............................................................................36
Section 5.07.  Limitation of Suits......................................................................40
Section 5.08.  Unconditional Rights of Noteholders to Receive Principal and Interest....................40
Section 5.09.  Restoration of Rights and Remedies.......................................................41
Section 5.10.  Rights and Remedies Cumulative...........................................................41
Section 5.11.  Delay or Omission Not a Waiver...........................................................41
Section 5.12.  Control by Noteholders...................................................................41
Section 5.13.  Waiver of Past Defaults..................................................................42
</TABLE>

                                      -ii-
<PAGE>   4

<TABLE>
<S>            <C>                                                                                      <C>
Section 5.14.  Undertaking for Costs....................................................................42
Section 5.15.  Waiver of Stay or Extension Laws.........................................................42
Section 5.16.  Action on Notes..........................................................................43
Section 5.17.  Performance and Enforcement of Certain Obligations.......................................44

                                   ARTICLE SIX

                             THE INDENTURE TRUSTEE

Section 6.01.  Duties of Indenture Trustee..............................................................44
Section 6.02.  Rights of Indenture Trustee..............................................................45
Section 6.03.  Individual Rights of Indenture Trustee...................................................47
Section 6.04.  Indenture Trustee's Disclaimer...........................................................47
Section 6.05.  Notice of Defaults.......................................................................47
Section 6.06.  Reports by Indenture Trustee to Holders..................................................47
Section 6.07.  Compensation and Indemnity...............................................................48
Section 6.08.  Replacement of Indenture Trustee.........................................................48
Section 6.09.  Successor Indenture Trustee by Merger....................................................50
Section 6.10.  Appointment of Co-Indenture Trustee or Separate Indenture Trustee........................50
Section 6.11.  Eligibility..............................................................................52
Section 6.12.  Preferential Collection of Claims Against Issuer.........................................52
Section 6.13.  Representations and Warranties of Indenture Trustee......................................53

                                  ARTICLE SEVEN

                         NOTEHOLDERS' LISTS AND REPORTS

Section 7.01.  Issuer to Furnish Indenture Trustee Names and Addresses of Noteholders...................54
Section 7.02.  Preservation of Information: Communication to Noteholders................................54
Section 7.03.  Reports by Issuer........................................................................55
Section 7.04.  Reports by Indenture Trustee.............................................................55

                                  ARTICLE EIGHT

                      ACCOUNTS, DISBURSEMENTS AND RELEASES

Section 8.01.  Collection of Money......................................................................56
Section 8.02.  Trust Accounts...........................................................................56
Section 8.03.  General Provisions Regarding Accounts....................................................61
Section 8.04.  Release of Collateral....................................................................62
</TABLE>

                                     -iii-
<PAGE>   5

<TABLE>
<S>            <C>                                                                                      <C>
Section 8.05.  Opinion of Counsel.......................................................................62

                                  ARTICLE NINE

                            SUPPLEMENTAL INDENTURES

Section 9.01.  Supplemental Indentures Without Consent of Noteholders...................................63
Section 9.02.  Supplemental Indentures With Consent of Noteholders......................................64
Section 9.03.  Execution of Supplemental Indentures.....................................................66
Section 9.04.  Effect of Supplemental Indenture.........................................................66
Section 9.05.  Conformity With Trust Indenture Act......................................................66
Section 9.06.  Reference in Notes to Supplemental Indentures............................................66

                                   ARTICLE TEN

                              REDEMPTION OF NOTES

Section 10.01.  Redemption..............................................................................67
Section 10.02.  Form of Redemption Notice...............................................................67
Section 10.03.  Notes Payable on Redemption Date........................................................68

                                 ARTICLE ELEVEN

                                 MISCELLANEOUS

Section 11.01.  Compliance Certificates and Opinions, etc...............................................68
Section 11.02.  Form of Documents Delivered to Indenture Trustee........................................70
Section 11.03.  Acts of Noteholders.....................................................................71
Section 11.04.  Notices.................................................................................72
Section 11.05.  Notices to Noteholders; Waiver..........................................................72
Section 11.06.  Alternate Payment and Notice Provisions.................................................73
Section 11.07.  Effect of Headings and Table of Contents................................................73
Section 11.08.  Successors and Assigns..................................................................73
Section 11.09.  Separability............................................................................73
Section 11.10.  Benefits of Indenture...................................................................73
Section 11.11.  Legal Holidays..........................................................................74
Section 11.12.  Governing Law...........................................................................74
Section 11.13.  Counterparts............................................................................74
Section 11.14.  Recording of Indenture..................................................................74
Section 11.15.  Trust Obligation........................................................................74
Section 11.16.  No Petition.............................................................................75
</TABLE>

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<PAGE>   6

<TABLE>
<S>            <C>                                                                                      <C>
Section 11.17.  Inspection..............................................................................76
Section 11.18.  Conflict with Trust Indenture Act.......................................................76
Section 11.19.  Communication by Note Owners With Other Note Owners.....................................76
</TABLE>

                                    EXHIBITS

EXHIBIT A - Form of Transfer and Servicing Agreement......................A-1
EXHIBIT B - Form of Class A-1 Note........................................B-1
EXHIBIT C - Form of Class A-2 Note........................................C-1
EXHIBIT D - Form of Class A-3 Note........................................D-1
EXHIBIT E - Form of Class A-4 Note........................................E-1
EXHIBIT F - Form of Class B Note..........................................F-1
EXHIBIT G - Form of Class C Note..........................................G-1
EXHIBIT H - Form of Note Assignment.......................................H-1
EXHIBIT I - Form of Note Depository Agreement.............................I-1

                                      -v-
<PAGE>   7

                              CROSS-REFERENCE TABLE

<TABLE>
<CAPTION>
Trust Indenture
Act of 1939                                                        Indenture
Section                                                              Section
---------------                                                      -------
<S>                                                              <C>
310(a)..................................................................6.11
310(b)..................................................................6.11
310(c)..................................................................N.A.
311(a)..................................................................6.12
311(b)..................................................................6.12
311(c)..................................................................N.A.
312(a)............................................................7.01, 7.02
312(b)..................................................................7.02
312(c)..................................................................7.02
313(a)..................................................................7.04
313(b)..................................................................7.04
313(c)............................................................7.03, 7.04
314(a)..................................................................7.03
314(b)..................................................................3.06
314(c)...........................................................4.04, 11.01
314(d)...........................................................8.04, 11.01
314(e).................................................................11.01
314(f)..................................................................N.A.
315(a)..................................................................6.01
315(b)..................................................................6.05
315(c)..................................................................6.01
315(d)..................................................................6.01
315(e)..................................................................5.14
316(a)............................................................2.07, 5.04
316(b)..................................................................9.02
316(c)..................................................................1.01
317(a)..................................................................5.03
317(b)..................................................................3.03
318(a).................................................................11.18
</TABLE>

                                      -vi-
<PAGE>   8

                  This INDENTURE, dated as of February      , 2000 (this
"Indenture"), is between ORIX CREDIT ALLIANCE RECEIVABLES TRUST 2000-A, a
Delaware business trust (the "Issuer"), and HARRIS TRUST AND SAVINGS BANK, in
its capacity as indenture trustee (the "Indenture Trustee") and not in its
individual capacity.

                  Each party agrees as follows for the benefit of the other
parties and for the equal and ratable benefit of the Holders of the Issuer's   %
Class A-1 Receivable-Backed Notes (the "Class A-1 Notes"),   % Class A-2
Receivable-Backed Notes (the "Class A-2 Notes"),   % Class A-3 Receivable-Backed
Notes (the "Class A-3 Notes"),   % Class A-4 Receivable-Backed Notes (the "Class
A-4 Notes"),   % Class B Receivable-Backed Notes (the "Class B Notes") and   %
Class C Receivable-Backed Notes (the "Class C Notes" and, together with the
Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and Class B
Notes, the "Notes"):

                                 GRANTING CLAUSE

                  The Issuer hereby grants, transfers, assigns and otherwise
conveys to the Indenture Trustee on the Closing Date, on behalf of and for the
benefit of the Holders of the Notes, without recourse, all of the Issuer's
right, title and interest in, to and under the Contract Assets as may be held
from time to time by the Issuer (as each such defined term is defined in Section
1.01) (collectively, the "Collateral").

                  The foregoing Grant is made in trust to secure the payment of
principal of and interest on, and any other amounts owing in respect of, the
Notes, equally and ratably without prejudice, priority or distinction and all
other sums owing by the Issuer hereunder or under any other Transaction
Document, and to secure compliance with the provisions of this Indenture, all as
provided in this Indenture.

                  The Indenture Trustee, as Indenture Trustee on behalf of the
Holders of the Notes, acknowledges such Grant, accepts the trust 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.

<PAGE>   9

                                   ARTICLE ONE

                   DEFINITIONS AND INCORPORATION BY REFERENCE

                  SECTION 1.01.  DEFINITIONS.

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

                  "Act" shall have the meaning specified in Section 11.03(a).

                  "Administration Agreement" means the Administration Agreement,
dated as of the date hereof, among the Administrator, the Issuer, the Trust
Depositor and the Indenture Trustee.

                  "Administrator" means ORIX Credit Alliance, Inc. or any
successor Administrator under the Administration Agreement.

                  "Authorized Officer" means, with respect to the Issuer, any
officer of the Owner Trustee who is authorized to act for the Owner Trustee in
matters relating to the Issuer and who is identified on the list of Authorized
Officers delivered by the Owner Trustee to the Indenture Trustee on the Closing
Date (as such list may be modified or supplemented from time to time thereafter)
and, so long as the Administration Agreement is in effect, any Vice President or
more senior officer of the Administrator who is authorized to act for the
Administrator in matters relating to the Issuer and to be acted upon by the
Administrator pursuant to the Administration Agreement and who is identified on
the list of Authorized Officers delivered by the Administrator to the Indenture
Trustee on the Closing Date (as such list may be modified or supplemented from
time to time thereafter).

                  "Book-Entry Notes" means a beneficial interest in the Notes,
ownership and transfers of which shall be made through book entries by a
Clearing Agency as described in Section 2.09.

                  "Business Day" means any day other than a Saturday, Sunday or
other day on which banking institutions in the city of Chicago, Illinois,
Secaucus, New Jersey, Newark, Delaware or New York, New York are authorized or
obligated by law, executive order or governmental decree to be closed.

                  "Certificate of Trust" means the Trust Certificate of the
Issuer, as defined in the Trust Agreement, substantially in the form of Exhibit
B to the Trust Agreement.

                                      -2-
<PAGE>   10

                  "Class" means all Notes whose form is identical except for
variation in denomination, principal amount or owner.

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

                  "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 and pledges of securities deposited
with the Clearing Agency.

                  "Collateral" means the Collateral Granted to the Indenture
Trustee under this Indenture, including all proceeds thereof.

                  "Commission" means the United States Securities and Exchange
Commission.

                  "Contract Assets" has the same meaning given such term in the
Transfer and Servicing Agreement.

                  "Corporate Trust Office" means the principal office of the
Indenture Trustee at which at any particular time its corporate trust business
shall be administered which office at date of the execution of this Indenture is
located at 311 West Monroe Street, Chicago, Illinois 60606, Attention: Indenture
Trust Administration; or at such other address as the Indenture Trustee may
designate from time to time by notice to the Noteholders and the Issuer, or the
principal corporate trust office of any successor Indenture Trustee (the address
of which the successor Indenture Trustee will notify the Noteholders and the
Issuer).

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

                  "Definitive Notes" shall have the meaning specified in Section
2.09.

                  "DTC" means The Depository Trust Company, and its successors.

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

                  "Event of Default" shall have the meaning specified in Section
5.01.

                  "Exchange Act" means the Securities Exchange Act of 1934, and
regulations promulgated thereunder.

                                      -3-
<PAGE>   11

                  "Executive Officer" means, with respect to any corporation,
the Chief Executive Officer, Chief Operating Officer, Chief Financial Officer,
President, Executive Vice President, any Vice President, the Secretary or the
Treasurer of such corporation; and with respect to any partnership, any general
partner thereof.

                  "General Partner" means the Trust Depositor, which is the
Certificateholder and is obligated to pay the expenses of the Issuer pursuant to
Section 2.07 of the Trust Agreement.

                  "Grant" means mortgage, pledge, bargain, sell, warrant,
alienate, demise, release, convey, assign, transfer, create and grant a lien
upon and a security interest in and right of set-off against, deposit, set over
and confirm pursuant to this Indenture. A Grant of the Collateral or of any
other agreement or instrument shall include all rights, powers and options (but
none of the obligations) of the granting party thereunder, including the
immediate and continuing right to claim for, collect, receive and give receipt
for principal and interest payments in respect of the Collateral and all other
moneys payable thereunder, to give and receive notices and other communications,
to make waivers or other agreements, to exercise all rights and options, to
bring Proceedings in the name of the granting party or otherwise and generally
to do and receive anything that the granting party is or may be entitled to do
or receive thereunder or with respect thereto.

                  "Holder" means (i) with respect to a Certificate, the Person
in whose name such Certificate is registered in the Certificate Register, and
(ii) with respect to a Note, the Person in whose name such Note is registered in
the Note Register.

                  "Indenture Securities" means the Notes.

                  "Indenture Security Holder" means a Noteholder.

                  "Indenture Trustee" means Harris Trust and Savings Bank, as
Indenture Trustee under this Indenture, or any successor Indenture Trustee under
this Indenture.

                  "Independent" means, when used with respect to any specified
Person, that the Person (i) is in fact independent of the Issuer, any other
obligor upon the Notes, the Trust Depositor, the Originator and any of their
respective Affiliates, (ii) does not have any direct financial interest or any
material indirect financial interest in the Issuer, any such other obligor, the
Originator or any of their respective Affiliates, and (iii) is not connected
with the Issuer, any such other obligor, the Originator or any Affiliate of any
of the foregoing Persons as an officer, employee, promoter, underwriter,
trustee, partner, director or person performing similar functions.

                                      -4-
<PAGE>   12

                  "Independent Certificate" means a certificate or opinion to be
delivered to the Indenture Trustee under the circumstances described in, and
otherwise complying with, the applicable requirements of Section 11.01, made by
an Independent appraiser or other expert appointed by an Issuer Order and
approved by the Indenture Trustee in the exercise of reasonable care, and such
opinion or certificate shall state that the signer has read the definition of
"Independent" in this Indenture and that the signer is Independent within the
meaning thereof.

                  "Interest Rate" means, as the context may require, the Class
A-1 Interest Rate, the Class A-2 Interest Rate, the Class A-3 Interest Rate, the
Class A-4 Interest Rate, the Class B Interest Rate and the Class C Interest
Rate, or any of them, in each case as defined in the Transfer and Servicing
Agreement.

                  "Issuer Order" and "Issuer Request" means a written order or
request signed in the name of the Issuer by any one of its Authorized Officers
and delivered to the Indenture Trustee.

                  "Note Depository Agreement" means the agreement dated as of
the Closing Date, among the Issuer, the Administrator, the Indenture Trustee and
DTC, as the initial Clearing Agency, relating to the Notes, substantially in the
form of Exhibit I hereto.

                  "Note Owner" means, with respect to a Book-Entry Note, the
Person who is the owner of such Book-Entry Note, as reflected on the books of
the Clearing Agency, or on the books of a Person maintaining an account with
such Clearing Agency (directly as a Clearing Agency participant or as an
indirect participant, in each case in accordance with the rules of such Clearing
Agency) and with respect to a Definitive Note the Person in whose name a Note is
registered on the Note Register.

                  "Note Register" and "Note Registrar" have the respective
meanings specified in Section 2.04.

                  "Noteholders" means Holders.

                  "Officer's Certificate" means a certificate signed by any
Authorized Officer of the Issuer, under the circumstances described in, and
otherwise complying with, the applicable requirements of Section 11.01, and
delivered to the Indenture Trustee. Unless otherwise specified, any reference in
this Indenture to an Officer's Certificate shall be to an Officer's Certificate
of any Authorized Officer of the Issuer.

                  "Opinion of Counsel" means one or more written opinions of
counsel who may, except as otherwise expressly provided in this Indenture, be
internal or outside

                                      -5-
<PAGE>   13

counsel to the Issuer (except as to legal matters relating to Federal securities
laws (including the Trust Indenture Act) or tax laws, who shall be outside
counsel) and who shall be satisfactory to the Indenture Trustee and which shall
comply with any applicable requirements of Section 11.01, and shall be in form
and substance satisfactory to the Indenture Trustee.

                  "Outstanding" means, as of the date of determination, all
Notes theretofore authenticated and delivered under this Indenture except:

                  (i)    Notes theretofore cancelled by the Note Registrar or
         delivered to the Note Registrar for cancellation;

                  (ii)   Notes or portions thereof the payment for which money
         in the necessary amount has been theretofore deposited with the
         Indenture Trustee or any Paying Agent in trust for the Holders of such
         Notes (provided, however, that if such Notes are to be redeemed, notice
         of such redemption has been duly given pursuant to this Indenture or
         provision for such notice, satisfactory to the Indenture Trustee, has
         been made); and

                  (iii)  Notes in exchange for or in lieu of other Notes which
         have been authenticated and delivered pursuant to this Indenture unless
         proof satisfactory to the Indenture Trustee is presented that any such
         Notes are held by a bona fide purchaser;

provided, however, that in determining whether the Holders of the requisite
Outstanding Amount have given any request, demand, authorization, direction,
notice, consent or waiver hereunder or under any other Transaction Document,
Notes owned by the Issuer, the Trust Depositor, the Originator, the Servicer or
any of their respective Affiliates shall be disregarded and deemed not to be
Outstanding, except that, in determining whether the Indenture Trustee shall be
protected in relying upon any such request, demand, authorization, direction,
notice, consent or waiver, only Notes that a Responsible Officer of the
Indenture Trustee actually knows to be so owned shall be so disregarded. Notes
so owned that have been pledged in good faith may be regarded as Outstanding if
the pledgee establishes to the satisfaction of the Indenture Trustee the
pledgee's right so to act with respect to such Notes and that the pledgee is not
the Issuer, any other obligor upon the Notes, the Trust Depositor, the
Originator or any of their respective Affiliates.

                  "Outstanding Amount" means the aggregate principal amount of
all Notes of one Class or of all Classes, as the case may be, Outstanding at the
date of determination.

                                      -6-
<PAGE>   14

                  "Owner Trustee" means The Bank of New York (Delaware), not in
its individual capacity but solely as Owner Trustee under the Trust Agreement,
or any successor trustee under the Trust Agreement.

                  "Paying Agent" means the Indenture Trustee or any other Person
that meets the eligibility standards for the Indenture Trustee specified in
Section 6.11 and is authorized by the Issuer to make the distributions from the
Note Distribution Account, including payment of principal of or interest on the
Notes on behalf of the Issuer.

                  "Predecessor Note" means, with respect to any particular Note,
every previous Note evidencing all or a portion of the same debt as that
evidenced by such particular Note; and for the purpose of this definition, any
Note authenticated and delivered under Section 2.05 in lieu of a mutilated,
lost, destroyed or stolen Note shall be deemed to evidence the same debt as the
mutilated, lost, destroyed or stolen Note.

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

                  "Redemption Date" means, in the case of a redemption of the
Notes pursuant to Section 10.01(a) or a payment to Noteholders pursuant to
Section 10.01(b), the Distribution Date specified by the Servicer or the Issuer
pursuant to Section 10.01(a) or 10.01(b), as the case may be.

                  "Redemption Date Amount" means (i) in the case of a redemption
of the Notes pursuant to Section 10.01(a), an amount equal to the unpaid
principal amount of the Notes redeemed plus accrued and unpaid interest thereon
at the weighted average of the Interest Rate for each Class of Notes being so
redeemed to but excluding the Redemption Date, or (ii) in the case of a payment
made to Noteholders pursuant to Section 10.01(b), the amount on deposit in the
Note Distribution Account, but not in excess of the amount specified in clause
(i) above.

                  "Registered Holder" means the Person in whose name a Note is
registered on the Note Register on the applicable Record Date.

                  "Responsible Officer" means, with respect to the Indenture
Trustee, any officer within the Corporate Trust Office (or any successor group
of the Indenture Trustee), including any vice president, assistant secretary or
other officer or assistant officer of the Indenture Trustee customarily
performing functions similar to those performed by the people who at such time
shall be officers, respectively, and having direct responsibility for the
administration of this Indenture or, with respect to a particular matter, to
whom any corporate trust matter is referred at the Corporate Trust Office of the
Indenture Trustee because of his knowledge of and familiarity with the
particular subject.

                                      -7-
<PAGE>   15

                  "State" means any one of the 50 states of the United States,
or the District of Columbia or any of its territories.

                  "Termination Date" means the date on which the Indenture
Trustee shall have received payment and performance of all amounts and
obligations which the Issuer may owe to or on behalf of the Indenture Trustee
for the benefit of the Noteholders under this Indenture or the Notes.

                  "Transfer and Servicing Agreement" means the Transfer and
Servicing Agreement, dated as of the date hereof, among the Indenture Trustee,
the Issuer, the Servicer and the Trust Depositor, substantially in the form of
Exhibit A hereto.

                  "Trust Agreement" means the Amended and Restated Trust
Agreement, dated as of the date hereof, between the Trust Depositor and the
Owner Trustee.

                  "Trust Indenture Act" or "TIA" means the Trust Indenture Act
of 1939, as amended.

                  "UCC" means, unless the context otherwise requires, the
Uniform Commercial Code, as in effect in the relevant jurisdiction, as amended
from time to time.

                  (b)    Except as otherwise specified herein or as the context
may otherwise require, capitalized terms used herein that are not otherwise
defined shall have the meanings ascribed thereto in the Transfer and Servicing
Agreement.

                  SECTION 1.02. 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 the
Indenture Trustee.

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

                                      -8-
<PAGE>   16

                  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 1.03. RULES OF CONSTRUCTION. Unless the context
otherwise requires:

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

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

                  (iii)  "or" is not by its use intended to exclude all other
         items;

                  (iv)   "including" means including without limitation;

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

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

                  (vii)  the words "hereof," "herein" and "hereunder" and words
         of similar import when used in this Indenture shall refer to this
         Indenture as a whole and not to any particular provision of this
         Indenture; Section, subsection and Schedule references contained in
         this Indenture are references to Sections, subsections and Schedules in
         or to this Indenture unless otherwise specified.

                                   ARTICLE TWO

                                    THE NOTES

                  SECTION 2.01. FORM. The Notes, in each case together with the
Indenture Trustee's certificate of authentication, shall be in substantially the
forms set forth as Exhibits B, C, D, E, F and G to this Indenture with such
appropriate insertions, omissions, substitutions and other variations as are
required or permitted by this Indenture and

                                      -9-
<PAGE>   17

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.

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

                  SECTION 2.02. EXECUTION, AUTHENTICATION AND DELIVERY. The
Notes shall be executed on behalf of the 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 the Issuer shall bind
the Issuer, notwithstanding that such individuals or any of them have ceased to
hold such offices prior to the authentication and delivery of such Notes or did
not hold such offices at the date of such Notes.

                  The Indenture Trustee shall, upon receipt of an Issuer Order,
authenticate and deliver for original issue (i) Class A-1 Notes in an aggregate
principal amount of $     , (ii) Class A-2 Notes in an aggregate principal
amount of $     , (iii) Class A-3 Notes in an aggregate principal amount of $
     , (iv) Class A-4 Notes in an aggregate principal amount of $     , (v)
Class B Notes in an aggregate principal amount of $     and (vi) Class C Notes
in an aggregate principal amount of $    . The aggregate principal amount of
such Classes of Notes Outstanding at any time may not exceed such respective
amounts, except as otherwise provided in Section 2.05.

                  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 of $1,000 in excess thereof, except that one
Note of each class will be issued in an incremental denomination of less than
$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 by
the Indenture Trustee by the manual signature of one of its authorized
signatories, and such certificate upon any Note shall be conclusive evidence,
and the only evidence, that such Note has been duly authenticated and delivered
hereunder.

                  SECTION 2.03. TEMPORARY NOTES. Pending the preparation of
Book-Entry Notes or Definitive Notes, the Issuer may execute, and upon receipt
of an Issuer Order the Indenture Trustee shall authenticate and deliver,
temporary Notes that are printed,

                                      -10-
<PAGE>   18

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, the Issuer will cause
Book-Entry Notes or Definitive Notes to be prepared without unreasonable delay.
After the preparation of Book-Entry Notes or Definitive Notes, the temporary
Notes shall be exchangeable for Book-Entry Notes or Definitive Notes upon
surrender of the temporary Notes at the office or agency of the Issuer to be
maintained as provided in Section 3.02, without charge to the Holder. Upon
surrender for cancellation of any one or more Notes, the Issuer shall execute
and the Indenture Trustee shall authenticate and deliver in exchange therefor a
like tenor and 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 Book-Entry Notes or Definitive Notes.

                  SECTION 2.04. REGISTRATION; REGISTRATION OF TRANSFER AND
EXCHANGE. The Issuer shall cause to be kept a register (the "Note Register") in
which, subject to such reasonable regulations as it may prescribe, the Issuer
shall provide for the registration of Notes and the registration of transfers of
Notes. The Indenture Trustee shall be "Note Registrar" for the purpose of
registering Notes and transfers of Notes as herein provided. Upon any
resignation of any Note Registrar, the Issuer shall promptly appoint a successor
or, if it elects not to make such an appointment, assume the duties of Note
Registrar.

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

                  Upon surrender for registration of transfer of any Note at the
office or agency of the Issuer to be maintained as provided in Section 3.02, the
Issuer shall execute, and the Indenture Trustee shall authenticate and the
Noteholder shall obtain from the Indenture Trustee, in the name of the
designated transferee or transferees, one or more new Notes of the same Class in
any authorized denominations, of a like aggregate principal amount.

                  At the option of the Holder, Notes may be exchanged for other
Notes of the same Class in any authorized denominations, of a like aggregate
amount, upon

                                      -11-
<PAGE>   19

surrender of the Notes to be exchanged at such office or agency. Whenever any
Notes are so surrendered for exchange, the Issuer shall execute, and the
Indenture Trustee shall authenticate and the Noteholder shall obtain from the
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 the Issuer, evidencing the same debt,
and entitled to the same benefits under this Indenture, as the Notes surrendered
upon such registration of transfer or exchange.

                  Every Note presented or surrendered for registration of
transfer or exchange shall be duly endorsed by, or be accompanied by a written
instrument of transfer in form satisfactory to the Indenture Trustee duly
executed by, the Holder thereof or such Holder's attorney duly authorized in
writing, with such signature guaranteed by a commercial bank or trust company
located, or having a correspondent located in the city in which the Corporate
Trust Office is located, or by a member firm of a national securities exchange,
and such other documents as the Indenture Trustee may require.

                  No service charge shall be made to a Holder for any
registration of transfer or exchange of Notes, but the Issuer or the Indenture
Trustee 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 2.03 not
involving any transfer.

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

                  Neither the Trustee nor the Registrar shall have any
responsibility to monitor or restrict the transfer of beneficial ownership in
any Note an interest in which is transferable through the facilities of the
Clearing Agency.

                  SECTION 2.05. MUTILATED, DESTROYED, LOST OR STOLEN NOTES. If
(i) any mutilated Note is surrendered to the Indenture Trustee, or the Indenture
Trustee receives evidence to its satisfaction of the destruction, loss or theft
of any Note, and (ii) there is delivered to the Indenture Trustee such security
or indemnity as may be required by them to hold the Issuer and the Indenture
Trustee harmless, then, in the absence of notice to the Issuer, the Note
Registrar or the Indenture Trustee that such Note has been acquired by a bona
fide purchaser, the Issuer shall execute and upon its written request the
Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of
any such mutilated, destroyed, lost or stolen Note, a replacement Note of the
same Class; provided, however,

                                      -12-
<PAGE>   20

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, the Issuer may 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, the Issuer and the Indenture Trustee shall be entitled to recover
such replacement Note (or such payment) from the Person to whom it was delivered
or any Person taking such replacement Note from such Person to whom such
replacement Note was delivered or any assignee of such Person, except a 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
the Issuer or the Indenture Trustee in connection therewith.

                  Upon the issuance of any replacement Note under this Section,
the Issuer or the Indenture Trustee may require the payment by the Holder of
such Note of a sum sufficient to cover any tax or other governmental charge that
may be imposed in relation thereto and any other reasonable expenses (including
the fees and expenses of the Indenture Trustee or the Note Registrar) 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 the Issuer, whether or not the
mutilated, destroyed, lost or stolen Note shall be at any time enforceable by
anyone, and shall be entitled to all of 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 2.06. PERSONS DEEMED OWNER. Prior to due presentment
for registration of transfer of any Note, the Issuer, the Indenture Trustee, and
any of their respective agents may treat the Person in whose name any Note is
registered (as of the day of determination) as the owner of such Note for the
purpose of receiving payments of principal of and interest, if any, on such Note
and for all other purposes whatsoever, whether or not such Note be overdue, and
none of the Issuer, the Indenture Trustee nor any of their respective agents
shall be affected by notice to the contrary.

                                      -13-
<PAGE>   21

                  SECTION 2.07. PAYMENT OF PRINCIPAL AND INTEREST; DEFAULTED
INTEREST.

                  (a)    Each Class of Notes shall accrue interest at the
related Interest Rate, and such interest shall be payable on each Distribution
Date as specified therein, subject to Section 3.01. Any installment of interest
or principal, if any, payable on any Note which is punctually paid or duly
provided for by the 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 wire transfer, if such Person is either DTC or
its nominee or if such Person provides written instructions to the Indenture
Trustee at least ten days prior to the Distribution Date, otherwise by check, in
immediately available funds to the account designated by such Person and except
for the final installment of principal payable with respect to such Note on a
Distribution Date or on the related final Distribution Date, as the case may be
(and except for the Redemption Date Amount for any Note called for redemption
pursuant to Section 10.01(a)), which shall be payable as provided below;
provided, however, that if Definitive Notes are made available under Section
2.11, payments may be made to such Persons by either wire transfer or check. Any
funds returned undelivered shall be held in accordance with Section 3.03.

                  (b)    The principal of each Note shall be payable on each
Distribution Date to the extent provided herein, including as provided in the
form of the related Note set forth as an Exhibit hereto. 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, unless the Required Holders have waived such
Event of Default in the manner provided in Section 5.02. All principal payments
on each Class of Notes shall be made pro rata to the Noteholders of such Class
entitled thereto. The Indenture Trustee shall notify the Person in whose name a
Note is registered at the close of business on the Record Date preceding the
Distribution Date on which the Issuer expects that the final installment of
principal of and interest on such Note will be paid. Such notice shall be mailed
within five Business Days of receipt of notice of termination of the Trust
pursuant to Section 9.01(c) of the Trust Agreement 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
10.02.

                  (c)    If the Issuer defaults in a payment of interest on the
Notes, the Issuer shall pay defaulted interest at the applicable Interest Rate
in any lawful manner. The Issuer may pay such defaulted interest to the Persons
who are Noteholders on any Distribution Date in the manner and to the extent
provided in the Transfer and Servicing Agreement.

                                      -14-
<PAGE>   22

                  (d)    All payments to be made by the Issuer under this
Indenture shall be made only from the income and proceeds from the Trust Estate
and only to the extent that the Issuer shall have sufficient income or proceeds
from the Trust Estate to enable the Issuer to make payments in accordance with
the terms hereof. The Indenture Trustee is not personally liable for any amounts
payable under this Indenture, except to the extent of the Indenture Trustee's
negligence, willful misconduct or bad faith.

                  SECTION 2.08. CANCELLATION. All Notes surrendered for payment,
registration of transfer, exchange or redemption shall, if surrendered to any
Person other than the Indenture Trustee, be delivered to the Indenture Trustee
and shall be promptly cancelled by the Indenture Trustee. The Issuer may at any
time deliver to the Indenture Trustee for cancellation any Notes previously
authenticated and delivered hereunder which the Issuer may have acquired in any
manner whatsoever, and all Notes so delivered shall be promptly cancelled by the
Indenture Trustee. No Notes shall be authenticated in lieu of or in exchange for
any Notes cancelled as provided in this Section, except as expressly permitted
by this Indenture. All cancelled Notes may be held or disposed of by the
Indenture Trustee in accordance with its standard retention or disposal policy
as in effect at the time unless the Issuer shall direct by an Issuer Order that
they be destroyed or returned to it; provided that such Issuer Order is timely
and the Notes have not been previously disposed of by the Indenture Trustee.

                  SECTION 2.09. BOOK-ENTRY NOTES. The Notes, upon original
issuance, will be issued in the form of a typewritten Note or Notes representing
the Book-Entry Notes, to be delivered to DTC, the initial depository, by, or on
behalf of, the Issuer. Such Notes shall initially be registered on the Note
Register in the name of Cede & Co., or the nominee of the initial Clearing
Agency, and no Noteholder of such Notes will receive a Definitive Note
representing such Noteholder's interest in such Note, except as provided in
Section 2.11. Unless and until definitive, fully registered Notes (the
"Definitive Notes") have been issued to Noteholders pursuant to Section 2.11:

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

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

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

                                      -15-
<PAGE>   23

                  (iv)   the rights of Noteholders shall be exercised only
         through the Clearing Agency and shall be limited to those established
         by law and agreements between such Noteholders and the Clearing Agency
         and/or the Clearing Agency Participants. Pursuant to the Note
         Depository Agreement, unless and until Definitive Notes are issued
         pursuant to Section 2.11, the Clearing Agency will make book-entry
         transfers among the Clearing Agency Participants and receive and
         transmit payments of principal of and interest on the Notes to such
         Clearing Agency Participants; and

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

                  SECTION 2.10. 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 Noteholders pursuant to
Section 2.11, the Indenture Trustee shall give all such notices and
communications specified herein to be given to Noteholders of the Notes to the
Clearing Agency, and shall have no obligation to the Noteholders.

                  SECTION 2.11. DEFINITIVE NOTES. If (i)(A) the Administrator
advises the Indenture Trustee in writing that the Clearing Agency is no longer
willing or able to properly discharge its responsibilities as described in the
Note Depository Agreement, and (B) the Indenture Trustee or the Administrator is
unable to locate a qualified successor, (ii) the Administrator at its option
advises the Indenture Trustee in writing that it elects to terminate the
book-entry system through the Clearing Agency, or (iii) after the occurrence of
an Event of Default, Note Owners for such Notes representing not less than 66
2/3% of the Outstanding Amount of such Class of Notes advise the Indenture
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 best interests of the related Note Owners, then the
Indenture Trustee shall notify all Note Owners of the related Class or Classes
of Notes, through the Clearing Agency, of the occurrence of any such event and
of the availability of Definitive Notes of the related Class of Notes to Note
Owners requesting the same. Upon surrender to the Indenture Trustee of the Note
or Notes representing the Book-Entry Notes by the Clearing Agency, accompanied
by registration instructions, the Issuer shall execute and the Indenture Trustee
shall authenticate the Definitive Notes in accordance with the instructions of
the Clearing Agency. None of the Issuer, the Note Registrar or the Indenture
Trustee shall be

                                      -16-
<PAGE>   24

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 of a Class, the Indenture Trustee shall recognize the
holders of the Definitive Notes as Noteholders hereunder.

                  The Indenture Trustee shall not be liable if the Indenture
Trustee or the Administrator is unable to locate a qualified successor Clearing
Agency. 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.

                  SECTION 2.12. RELEASE OF COLLATERAL. The Indenture Trustee
shall release property from the lien of this Indenture only in accordance with
the provisions of Section 4.04.

                  SECTION 2.13. TAX TREATMENT. The Issuer and the purchasers of
the Notes intend, and will take all actions consistent with such intention, that
the Notes be treated as indebtedness which is solely secured by the assets of
the Trust for all federal, state, local, and foreign income and franchise tax
purposes and that, pursuant to Treasury Regulations Section 301.7701-3(b)(1)(ii)
as in effect for periods after January 1, 1997, the Trust be disregarded as a
separate entity from the Trust Depositor for federal income tax purposes. The
Issuer, by entering into this Indenture, and each Noteholder, by its acceptance
of its Note, agree to treat the Notes for federal, state and local income,
single business and franchise tax purposes as indebtedness.

                  SECTION 2.14 CUSIP NUMBERS. The Issuer in issuing the Notes
may use "CUSIP" or "private placement" numbers (if then generally in use), and,
if so, the Indenture Trustee shall indicate the "CUSIP" or "private placement"
numbers of the Notes in notices of redemption and related materials as a
convenience to Holders of Notes; provided that any such notice may state that no
representation is made as to the correctness of such numbers either as printed
on the Notes or as contained in any notice of redemption and related materials.

                                  ARTICLE THREE

                    COVENANTS; REPRESENTATIONS AND WARRANTIES

                  SECTION 3.01. PAYMENT OF PRINCIPAL AND INTEREST. The Issuer
will duly and punctually pay the principal of and interest, if any, on the Notes
in accordance with the terms of the Notes and this Indenture. Without limiting
the foregoing, subject to Section 8.02(c), the Issuer and the Indenture Trustee
will cause to be deposited into the

                                      -17-
<PAGE>   25

Note Distribution Account amounts allocated pursuant to Section 7.05 of the
Transfer and Servicing Agreement, and cause to be distributed all such amounts
on a Distribution Date as deposited therein (i) for the benefit of the Class A-1
Notes, to the Class A-1 Noteholders, (ii) for the benefit of the Class A-2
Notes, to the Class A-2 Noteholders, (iii) for the benefit of the Class A-3
Notes, to the Class A-3 Noteholders, (iv) for the benefit of the Class A-4
Notes, to the Class A-4 Noteholders, (v) for the benefit of the Class B Notes,
to the Class B Noteholders and (vi) for the benefit of the Class C Notes, to the
Class C Noteholders, in each case as further specified herein or therein.
Amounts properly withheld under the Code by any Person from a payment to any
Noteholder of interest and/or principal shall be considered as having been paid
by the Issuer to such Noteholder for all purposes of this Indenture.

                  SECTION 3.02. MAINTENANCE OF OFFICE OR AGENCY. The Issuer will
maintain in Chicago, Illinois an office or agency where Notes may be surrendered
for registration of transfer or exchange, and where notices and demands to or
upon the Issuer in respect of the Notes and this Indenture may be served. The
Issuer hereby initially appoints the Indenture Trustee to serve as its agent for
the foregoing purposes. The Issuer will give prompt written notice to the
Indenture Trustee of the location, and of any change in the location, of any
such office or agency. If at any time the Issuer shall fail to maintain any such
office or agency or shall fail to furnish the Indenture Trustee with the address
thereof, such surrenders, notices and demands may be made or served at the
Corporate Trust Office, and the Issuer hereby appoints the Indenture Trustee as
its agent to receive all such surrenders, notices and demands.

                  SECTION 3.03. MONEY FOR PAYMENTS TO BE HELD IN TRUST. As
provided in Section 8.02, 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 8.02(b) shall be
made on behalf of the Issuer by the Indenture Trustee or by another Paying
Agent, and no amounts so withdrawn from the Collection Account and the Note
Distribution Account for payments of Notes shall be paid over to the Issuer
except as provided in this Section.

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

                  The Issuer will cause each Paying Agent other than the
Indenture Trustee to execute and deliver to the Indenture Trustee an instrument
in which such Paying Agent

                                      -18-
<PAGE>   26

shall agree with the Indenture Trustee (and if the Indenture Trustee acts as
Paying Agent, it hereby so agrees), subject to the provisions of this Section,
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 the Indenture Trustee notice of any default by the
         Issuer (or any other obligor upon the Notes) in the making of any
         payment required to be made with respect to the Notes;

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

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

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

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

                  Subject to applicable laws with respect to escheat of funds,
any money held by the Indenture Trustee or any Paying Agent in trust for the
payment of any amount due with respect to any Note and remaining unclaimed for
two years after such amount has become due and payable shall be discharged from
such trust and upon receipt of an Issuer Request shall be deposited by the
Indenture Trustee in the Collection Account; and the Holder of such Note shall
thereafter, as an unsecured general creditor, look only to the Issuer for
payment thereof, and all liability of the Indenture Trustee or such Paying Agent
with respect to such trust money shall thereupon cease; provided, however, that
if such

                                      -19-
<PAGE>   27

money or any portion thereof had been previously deposited by the Issuer with
the Indenture Trustee for the payment of principal or interest on the Notes, and
provided, further, that the Indenture Trustee or such Paying Agent, before being
required to make any such repayment, may at the expense of the Issuer cause to
be published once, in a newspaper published in the English language, customarily
published on each Business Day and of general circulation in The City of New
York, notice that such money remains unclaimed and that, after a date specified
therein, which shall not be less than 30 days from the date of such publication,
any unclaimed balance of such money then remaining will be repaid to or for the
account of the Issuer. The Indenture Trustee may also adopt and employ, at the
expense of the Issuer, any other reasonable means of notification of such
repayment (including, but not limited to, mailing notice of such repayment to
Holders whose Notes have been called but have not been surrendered for
redemption or whose right to or interest in moneys due and payable but not
claimed is determinable from the records of the Indenture Trustee or of any
Paying Agent, at the last address of record for each such Holder).

                  SECTION 3.04. EXISTENCE. The Issuer will keep in full effect
its existence, rights and franchises as a business trust under the laws of the
State of Delaware (unless it becomes, or any successor Issuer hereunder is or
becomes, organized under the laws of any other state or of the United States, in
which case the 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 other Transaction Documents,
the Collateral and each other instrument or agreement included in the
Collateral.

                  SECTION 3.05. PROTECTION OF COLLATERAL. The Issuer intends the
security interest Granted pursuant to this Indenture in favor of the Indenture
Trustee on behalf of the Noteholders to be prior to all other liens in respect
of the Collateral, and the Issuer shall take all actions necessary to obtain and
maintain, for the benefit of the Indenture Trustee on behalf of the Noteholders,
a first lien on and a first priority, perfected security interest in the
Collateral. In connection therewith, pursuant to Section 2.06 of the Transfer
and Servicing Agreement, the Issuer shall cause to be delivered into the
possession of the Indenture Trustee as pledgee hereunder, indorsed in blank, any
"instruments" (within the meaning of the UCC), not constituting part of chattel
paper, evidencing any Contract which is part of the Collateral. The Indenture
Trustee agrees to maintain continuous possession of such delivered instruments
as pledgee hereunder until this Indenture shall have terminated in accordance
with its terms or until, pursuant to the terms hereof or of the Transfer and
Servicing Agreement, the Indenture Trustee is otherwise authorized to release
such instrument from the Collateral. The Issuer will from time to time execute
and deliver all such supplements and amendments hereto and all such financing
statements, continuation statements, instruments of further assurance and other
instruments, all as

                                      -20-
<PAGE>   28

prepared by the Servicer and delivered to the Issuer, and will take such other
action necessary or advisable to:

                  (i)    grant more effectively all or any portion of the
         Collateral;

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

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

                  (iv)   enforce any of the Collateral;

                  (v)    preserve and defend title to the Collateral and the
         rights of the Indenture Trustee and the Noteholders in such Collateral
         against the claims of all persons and parties; and

                  (vi)   pay all taxes or assessments levied or assessed upon
         the Collateral when due.

The Issuer hereby designates the Indenture Trustee its agent and
attorney-in-fact to execute all financing statements, continuation statements or
other instruments required to be executed pursuant to this Section. In no event
shall the Indenture Trustee be responsible for filing or maintaining such
financing statements, continuation statements or other instruments, unless it
shall have become the Successor Servicer.

                  SECTION 3.06. {RESERVED}.

                  SECTION 3.07. PERFORMANCE OF OBLIGATIONS; SERVICING OF
CONTRACTS.

                  (a)    The 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 such Person's material covenants or obligations under any
instrument or agreement included in the Collateral or that would result in the
amendment, hypothecation, subordination, termination or discharge of, or impair
the validity or effectiveness of, any such instrument or agreement, except as
expressly provided in the Transaction Documents or such other instrument or
agreement.

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

                                      -21-
<PAGE>   29

be action taken by the Issuer. The Indenture Trustee shall not be responsible
for the action or inaction of the Servicer or the Administrator. Initially, the
Issuer has contracted with the Servicer and the Administrator to assist the
Issuer in performing its duties under this Indenture.

                  (c)    The Issuer will punctually perform and observe all of
its obligations and agreements contained in this Indenture, the other
Transaction Documents and in the instruments and agreements included in the
Collateral, including but not limited to 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 Transfer and Servicing Agreement in accordance
with and within the time periods provided for herein and therein. Except as
otherwise expressly provided therein, the Issuer shall not waive, amend, modify,
supplement or terminate any Transaction Document or any provision thereof
without the consent of the Indenture Trustee or the Required Holders.

                  (d)    If the Issuer shall have knowledge of the occurrence of
a Servicer Default, the Issuer shall promptly notify in writing the Indenture
Trustee and each Rating Agency thereof. Upon any termination of the Servicer's
rights and powers pursuant to the Transfer and Servicing Agreement, the Issuer
shall promptly notify the Indenture Trustee in writing. As soon as a Successor
Servicer is appointed, the Issuer shall notify in writing the Indenture Trustee
and the Rating Agencies of such appointment (to the extent such party has not
already been notified pursuant to the Transfer and Servicing Agreement),
specifying in such notice the name and address of such Successor Servicer.

                  (e)    The Issuer agrees that it will not waive timely
performance or observance by the Servicer or the Originator of their respective
duties under the Transaction Documents if the effect thereof would adversely
affect the Holders of the Notes.

                  SECTION 3.08. NEGATIVE COVENANTS. Until the Termination Date,
the Issuer shall not:

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

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

                                      -22-
<PAGE>   30

                  (iii)  (A) permit the validity or effectiveness of this
         Indenture to be impaired, or permit the lien created by this Indenture
         to be amended, hypothecated, subordinated, terminated or discharged, or
         permit any Person to be released from any covenants or obligations with
         respect to the Notes under this Indenture except as may be expressly
         permitted hereby, (B) permit any lien, charge, excise, claim, security
         interest, mortgage or other encumbrance (other than the lien of this
         Indenture) to be created on or extend to or otherwise arise upon or
         burden the Collateral or any part thereof or any interest therein or
         the proceeds thereof (other than Permitted Liens), (C) permit the lien
         created by 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 Collateral, or (D) amend, modify or fail to
         comply with the provisions of the Transaction Documents without the
         prior written consent of the Indenture Trustee, except where the
         Transaction Documents allow for amendment or modification without the
         consent or approval of the Indenture Trustee; or

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

                  SECTION 3.09. ISSUER MAY CONSOLIDATE, ETC. ONLY ON CERTAIN
TERMS.

                  (a)    The Issuer shall not consolidate or merge with or into
any other Person, unless:

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

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

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

                  (iv)   the Issuer shall have received an Opinion of Counsel
         which shall be delivered to and shall be satisfactory to the Indenture
         Trustee to the effect that

                                      -23-
<PAGE>   31

         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;

                  (vi)   the Issuer shall have delivered to the Indenture
         Trustee an Officer's Certificate and an Opinion of Counsel (which shall
         describe the actions taken as required by clause (v) above or that no
         such actions will be taken) each stating that such consolidation or
         merger and such supplemental indenture comply with this Article Three
         and that all conditions precedent herein provided for relating to such
         transaction have been complied with; and

                  (vii)  the Person (if other than the Issuer) formed by or
         surviving such consolidation or merger has a net worth, immediately
         after such consolidation or merger, that is (A) greater than zero and
         (B) not less than the net worth of the Issuer immediately prior to
         giving effect to such consolidation or merger.

                  (b)    The Issuer shall not convey or transfer all or
substantially all of its properties or assets, including those included in the
Collateral, to any Person (except as expressly permitted by the Transaction
Documents), unless:

                  (i)    the Person that acquires by conveyance or transfer the
         properties and assets of the Issuer shall (A) be a United States
         citizen or a Person organized and existing under the laws of the United
         States or any State, (B) expressly assume, by an indenture supplemental
         hereto, executed and delivered to the Indenture Trustee, in form and
         substance satisfactory to the Indenture Trustee, the due and punctual
         payment of the principal of and interest on all Notes and the
         performance or observance of every agreement and covenant of this
         Indenture and each other Transaction Document on the part of the 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 and (D) unless otherwise provided in
         such supplemental indenture, expressly agree to indemnify, defend and
         hold harmless the Issuer against and from any loss, liability or
         expense arising under or related to this Indenture and the Notes;

                  (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;

                                      -24-
<PAGE>   32

                  (iv)   the Issuer shall have received an Opinion of Counsel
         which shall be delivered to and shall be satisfactory to the 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;

                  (vi)   the Issuer shall have delivered to the Indenture
         Trustee an Officer's Certificate and an Opinion of Counsel (which shall
         describe the actions taken as required by clause (v) above or that no
         such actions will be taken) each stating that such conveyance or
         transfer and such supplemental indenture comply with this Article Three
         and that all conditions precedent herein provided for relating to such
         transaction have been complied with (including any filings required by
         Exchange Act); and

                  (vii)  the Issuer has a net worth, immediately after such
         conveyance or transfer, that is (A) greater than zero and (B) not less
         than the net worth of the Issuer immediately prior to giving effect to
         such conveyance or transfer.

                  SECTION 3.10. SUCCESSOR OR TRANSFEREE.

                  (a)    Upon any consolidation or merger of the Issuer in
accordance with Section 3.09(a), the Person formed by or surviving such
consolidation or merger (if other than the Issuer) shall succeed to, and be
substituted for, and may exercise every right and power of, the Issuer under
this Indenture with same effect as if such Person has been named as the Issuer
herein.

                  (b)    Upon a conveyance or transfer of all or substantially
all of the assets or properties of the Issuer pursuant to Section 3.09(b), the
Issuer will be released from every covenant and agreement of this Indenture to
be observed or performed on the part of the Issuer with respect to the Notes
immediately upon the delivery of written notice to the Indenture Trustee stating
that the Issuer is to be so released.

                  SECTION 3.11. NO OTHER BUSINESS. The Issuer shall not engage
in any business other than financing, purchasing, owning, selling and managing
the Contracts in the manner contemplated by this Indenture and the other
Transaction Documents and activities incidental thereto.

                  SECTION 3.12. NO BORROWING. The Issuer shall not issue, incur,
assume, guarantee or otherwise become liable, directly or indirectly, for any
Indebtedness except for (i) the Notes and (ii) any other Indebtedness permitted
by or arising under the other

                                      -25-
<PAGE>   33

Transaction Documents. The proceeds of the Notes and the Certificates shall be
used exclusively to fund the Issuer's purchase of the Contracts and the other
assets specified in the Transfer and Servicing Agreement, to fund the Reserve
Fund and to pay the transactional expenses of the Issuer.

                  SECTION 3.13. NOTICE OF EVENTS OF DEFAULT. The Issuer agrees
to give the Indenture Trustee and each Rating Agency prompt written notice of
each Event of Default hereunder and of a Servicer Default under the Transfer and
Servicing Agreement.

                  SECTION 3.14. FURTHER INSTRUMENTS AND ACTS. Upon request of
the Indenture Trustee, the 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 3.15. COMPLIANCE WITH LAWS. The Issuer shall comply
with the requirements of all applicable laws, the non-compliance with which
would, individually or in the aggregate, materially and adversely affect the
ability of the Issuer to perform its obligations under the Notes, this Indenture
or any other Transaction Document.

                  SECTION 3.16. AMENDMENTS OF TRUST AGREEMENT. The Issuer shall
not permit the Owner Trustee to agree to any amendment to Section 11.01 of the
Trust Agreement to eliminate the requirements thereunder that the Indenture
Trustee or the Holders of the Notes consent to amendments thereto as provided
therein.

                  SECTION 3.17. REMOVAL OF ADMINISTRATOR. So long as any Notes
are issued and outstanding, the Issuer shall not remove the Administrator
without cause unless the Rating Agency Condition shall have been satisfied in
connection with such removal.

                  SECTION 3.18. REPRESENTATIONS AND WARRANTIES OF ISSUER. The
Issuer represents and warrants as follows:

                  (a)    POWER AND AUTHORITY. It has full power, authority and
         legal right to execute, deliver and perform its obligations as Issuer
         under this Indenture and the Notes (the foregoing documents, the
         "Issuer Documents") and under each of the other Transaction Documents
         to which the Issuer is a party.

                  (b)    DUE AUTHORIZATION AND BINDING OBLIGATION. The execution
         and delivery of the Issuer Documents and the consummation of the
         transactions provided for therein have been duly authorized by all
         necessary action on its part. Each of the Issuer Documents and the
         other Transaction Documents to which the Issuer is a party constitutes
         the legal, valid and binding obligation of the Issuer

                                      -26-
<PAGE>   34

         and is enforceable in accordance with its terms, except as enforcement
         of such terms may be limited by bankruptcy, insolvency or similar laws
         affecting the enforcement of creditors' rights generally and by the
         availability of equitable remedies.

                  (c)    NO CONFLICT. The execution and delivery of the Issuer
         Documents and the other Transaction Documents to which the Issuer is a
         party, the performance of the transactions contemplated thereby and the
         fulfillment of the terms thereof will not conflict with, result in any
         breach of any of the materials terms and provisions of, or constitute
         (with or without notice or lapse of time or both) a default under, any
         indenture, contract, agreement, mortgage, deed of trust, or other
         instrument to which the Issuer is a party or by which it or any of its
         property is bound.

                  (d)    NO VIOLATION. The execution and delivery of the Issuer
         Documents and the other Transaction Documents to which the Issuer is a
         party, the performance of the transactions contemplated thereby and the
         fulfillment of the terms thereof will not conflict with or violate, in
         any material respect, any Requirements of Law applicable to the Issuer.

                  (e)    ALL CONSENTS REQUIRED. All approvals, authorizations,
         consents, orders or other actions of any Person or any Governmental
         Authority required in connection with the execution and delivery of the
         Issuer Documents and the other Transaction Documents to which the
         Issuer is a party, the performance of the transactions contemplated
         thereby and the fulfillment of the terms thereof have been obtained.

                  (f)    NO PROCEEDINGS. No litigation or administrative
         proceeding of or before any court, tribunal or governmental body is
         currently pending, or to the knowledge of the Issuer, threatened,
         against the Issuer or any of its respective properties or with respect
         to the Issuer Documents or any other Transaction Document to which the
         Issuer is a party that, if adversely determined, would have a material
         adverse effect on the business, properties, assets or condition
         (financial or otherwise) of the Issuer or the transactions contemplated
         by the Issuer Documents or any of the other Transaction Documents to
         which the Issuer is a party.

                  (g)    ORGANIZATION AND GOOD STANDING. The Issuer is a
         business trust duly organized, validly existing and in good standing
         under the laws of Delaware and has the requisite power to own its
         assets and to transact the business in which it is currently engaged,
         and had at all relevant times, and now has, all necessary power,
         authority and legal right to acquire, own and sell the Contract Assets.

                                      -27-
<PAGE>   35

                  (h)    1940 ACT. The Issuer is not an "investment company"
         within the meaning of the Investment Company Act of 1940, as amended.

                  (i)    LOCATION. The Issuer has its chief executive office and
         place of business (as such terms are used in Article 9 of the UCC) in
         Newark, Delaware. The Issuer agrees that it will not change the
         location of such office to a location outside of Newark, Delaware,
         without at least 30 days prior written notice to the Originator, the
         Servicer, the Indenture Trustee and the Rating Agencies.

                  (j)    SECURITY INTEREST IN EQUIPMENT. The Equipment securing
         the Contracts is located in the states listed on Schedule 1 to the
         Transfer and Servicing Agreement. The Issuer has a perfected security
         interest in the Equipment and, upon the transfer and assignment of the
         Collateral hereunder, the Indenture Trustee will have a perfected
         security interest in the Equipment.

                                  ARTICLE FOUR

                           SATISFACTION AND DISCHARGE

                  SECTION 4.01. SATISFACTION AND DISCHARGE OF INDENTURE. This
Indenture shall cease to be of further effect with respect to the Notes except
as to (i) rights of registration of transfer and exchange, (ii) substitution of
mutilated, destroyed, lost or stolen Notes, (iii) rights of Noteholders to
receive payments of principal thereof and interest thereon, (iv) Sections 3.01,
3.03, 3.04, 3.05, 3.07, 3.08, 3.10, 3.12, 3.13, 3.15 and 3.16, (v) the rights,
obligations and immunities of the Indenture Trustee hereunder (including the
rights of the Indenture Trustee under Section 6.07 and the obligations of the
Indenture Trustee under Section 4.02) and (vi) the rights of Noteholders as
beneficiaries hereof with respect to the property so deposited with the
Indenture Trustee payable to all or any of them, and the Indenture Trustee, on
written demand of and at the expense of the Issuer, shall execute proper
instruments acknowledging satisfaction and discharge of this Indenture with
respect to the Notes, when

                  (A)    either

                         (1)    all Notes theretofore authenticated and
                  delivered (other than (i) Notes that have been destroyed, lost
                  or stolen and that have been replaced or paid as provided in
                  Section 2.05 and (ii) Notes for whose payment money has
                  theretofore been deposited in trust or segregated and held in
                  trust by the Issuer and thereafter repaid to the Issuer or
                  discharged from such trust, as provided in Section 3.03) have
                  been delivered to the Indenture Trustee for cancellation; or

                                      -28-
<PAGE>   36

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

                                (i)    have become due and payable, or

                                (ii)   will become due and payable at the
                         applicable Maturity Date within one year, or

                                (iii)  are to be called for redemption within
                         one year under arrangements satisfactory to the
                         Indenture Trustee for the giving of notice of
                         redemption by the Indenture Trustee in the name, and at
                         the expense, of the Issuer,

                  and the Issuer, in the case of (i), (ii) or (iii) above, has
                  irrevocably deposited or caused to be irrevocably deposited
                  with the Indenture Trustee cash or direct obligations of or
                  obligations guaranteed by the United States (which will mature
                  prior to the date such amounts are payable), in trust in an
                  Eligible Deposit Account (which shall be the Collection
                  Account or Note Distribution Account) for such purpose, in an
                  amount sufficient to pay and discharge the entire indebtedness
                  on such Note not theretofore delivered to the Indenture
                  Trustee for cancellation when due to the final scheduled
                  Distribution Date (if Notes shall have been called for
                  redemption pursuant to Section 10.01(a)), as the case may be;

                  (B)    the Issuer has paid or performed or caused to be paid
         or performed all amounts and obligations which the Issuer may owe to or
         on behalf of the Indenture Trustee for the benefit of the Noteholders
         under this Indenture or the Notes; and

                  (C)    the Issuer has delivered to the Indenture Trustee an
         Officer's Certificate and an Opinion of Counsel and an Independent
         Certificate from a firm of certified public accountants, each meeting
         the applicable requirements of Section 11.01(a) and, subject to Section
         11.02, stating that all conditions precedent herein provided for
         relating to the satisfaction and discharge of this Indenture have been
         complied with and the Rating Agency Condition has been satisfied.

                  SECTION 4.02. APPLICATION OF TRUST MONEY. All moneys deposited
with the Indenture Trustee pursuant to Section 4.01 shall be held in trust and
applied by it, in accordance with the provisions of the Notes and this
Indenture, to the payment, either directly or through any Paying Agent, as the
Indenture Trustee may determine, to the Holders of the particular Notes for the
payment or redemption of which such moneys

                                      -29-
<PAGE>   37

have been deposited with the 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 Transfer and
Servicing Agreement or required by law.

                  SECTION 4.03. 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 the Indenture
Trustee under the provisions of this Indenture with respect to such Notes shall,
upon demand of the Issuer, be paid to the Indenture Trustee to be held and
applied according to Section 3.03 and thereupon such Paying Agent shall be
released from all further liability with respect to such moneys.

                  SECTION 4.04. RELEASE OF COLLATERAL. Subject to Section 11.01
and the terms of the Transaction Documents, the Indenture Trustee shall release
property from the lien of this Indenture only upon receipt of an Issuer Request
accompanied by an Officer's Certificate and an Opinion of Counsel and
Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) or
an Opinion of Counsel in lieu of such Independent Certificates to the effect
that the TIA does not require any such Independent Certificates.

                                  ARTICLE FIVE

                                    REMEDIES

                  SECTION 5.01. 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, decree or order of any court or
any order, rule or regulation of any administrative or governmental body):

                  (a)    failure to pay on each Distribution Date the full
                         amount of accrued interest on any Note;

                  (b)    failure to pay the then outstanding Principal Amount of
                         any Note, if any, on its related Maturity Date;

                  (c)    (i) failure on the part of the Originator to make any
                         payment or deposit required under the Transfer and
                         Servicing Agreement within three Business Days after
                         the date the payment or deposit is required to be made,
                         or (ii) failure on the part of the Originator, the
                         Trust Depositor, the Issuer, the Indenture Trustee or
                         the Owner Trustee to

                                      -30-
<PAGE>   38

                         observe or perform any other covenants or agreements of
                         such entity set forth in the Transfer and Servicing
                         Agreement or the Indenture, which failure has a
                         material adverse effect on the Noteholders and which
                         continues unremedied for a period of 60 days after
                         written notice; provided, that no such 60-day cure
                         period shall apply in the case of a failure by the
                         Originator to perform its agreement to repurchase or
                         substitute for Ineligible Contracts, and further
                         provided, that only a five-day cure period shall apply
                         in the case of a failure by the Originator, the
                         Indenture Trustee or the Owner Trustee to observe their
                         respective covenants not to grant a security interest
                         in or otherwise intentionally create a lien on the
                         Contracts;

                  (d)    any representation or warranty made by the Originator,
                         the Trust Depositor, the Indenture Trustee or the Owner
                         Trustee in the Transfer and Servicing Agreement or the
                         Indenture or any information required to be given by
                         the Originator or the Trust Depositor to the Indenture
                         Trustee to identify the Contracts proves to have been
                         incorrect in any material respect when made and
                         continues to be incorrect in any material respect for a
                         period of 60 days after written notice and as a result
                         of which the interests of the Noteholders are
                         materially and adversely affected; provided, however,
                         that an Event of Default shall not be deemed to occur
                         thereunder if the Originator has repurchased the
                         related Contracts through the Trust Depositor during
                         such period in accordance with the provisions of the
                         Transfer and Servicing Agreement;

                  (e)    the occurrence of an Insolvency Event relating to the
                         Trust Depositor or the Issuer;

                  (f)    the occurrence of an Insolvency Event relating to the
                         Originator or the Servicer; or

                  (g)    the Issuer becomes an "investment company" within the
                         meaning of the Investment Company Act of 1940, as
                         amended.

                  SECTION 5.02. RIGHTS UPON EVENT OF DEFAULT; NOTICE. If an
Event of Default referred to in clause (e) of Section 5.01 has occurred, then
and in every such case the unpaid principal of the Notes, together with interest
accrued but unpaid thereon, and all other amounts due to the Noteholders under
the Indenture, shall immediately and without further act become due and payable.

                                      -31-
<PAGE>   39

                  In the case of any event described in clause (a), (b), (c),
(d), (f) or (g) of Section 5.01, an Event of Default with respect to the Notes
will be deemed to have occurred provided such Event of Default may be waived if
the Required Holders provide written notice to the Trust Depositor, Indenture
Trustee and the Servicer of such waiver. In the event the Indenture Trustee has
actual knowledge of an Event of Default, it shall give written notice thereof to
the Trust Depositor, the Originator, the Servicer, the Owner Trustee and the
Rating Agencies.

                  If an Insolvency Event relating to the Trust Depositor occurs,
pursuant to the Trust Agreement and the Transfer and Servicing Agreement, on the
day of such Insolvency Event, the Trust Depositor shall promptly give written
notice to the Indenture Trustee of the Insolvency Event, and the Indenture
Trustee shall, unless notified to the contrary in writing prior to such sale by
the Required Holders, promptly act pursuant to and in accordance with the terms
thereof to sell, dispose of or otherwise liquidate, at the expense of the Trust,
the Collateral in a commercially reasonable manner and on commercially
reasonable terms. The Indenture Trustee shall conclusively rely upon an opinion
of an Independent investment banking or accounting firm of national reputation
as to the commercial reasonableness of its action. The proceeds from any such
sale, disposition or liquidation of Contracts shall be deposited in the
Collection Account and allocated as described in the Transfer and Servicing
Agreement and herein.

                  Promptly following its receipt of notice hereunder or under
any other Transaction Document of any Event of Default, the Indenture Trustee
shall send a copy thereof to the Issuer and each Rating Agency.

                  SECTION 5.03. COLLECTION OF INDEBTEDNESS AND SUITS FOR
ENFORCEMENT BY INDENTURE TRUSTEE; AUTHORITY OF INDENTURE TRUSTEE.

                  (a)    The Issuer covenants that if the Notes are accelerated
following the occurrence of an Event of Default, the Issuer will, upon demand of
the Indenture Trustee, pay to it, for the benefit of the Holders of the Notes,
the whole amount then due and 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 applicable Interest Rate and in addition thereto such further
amount as shall be sufficient to cover costs and expenses of collection,
including the reasonable compensation, expenses, disbursements and advances of
the Indenture Trustee and its agents and counsel.

                  (b)    The Indenture Trustee, following the occurrence of an
Event of Default, shall have full right, power and authority to take, or defer
from taking, any and all acts with respect to the administration, maintenance or
disposition of the Collateral.

                                      -32-
<PAGE>   40

                  (c)    If an Event of Default occurs and is continuing, the
Indenture Trustee may in its discretion (except as provided in Section 5.03(d)),
proceed to protect and enforce its rights and the rights of the Noteholders, by
such appropriate Proceedings as shall be deemed most effective to protect and
enforce any such rights, whether for the specific enforcement of any covenant or
agreement in this Indenture or in aid of the exercise of any power granted
herein, or to enforce any other proper remedy or legal or equitable right vested
in the Indenture Trustee by this Indenture or by law.

                  (d)    Notwithstanding anything to the contrary contained in
this Indenture, if an Event of Default shall have occurred and be continuing,
and if the Issuer fails to perform its obligations under Section 10.01(b) when
and as due, the Indenture Trustee may in its discretion proceed to protect and
enforce its rights and the rights of the Noteholders by such appropriate
Proceedings as the Indenture Trustee shall deem most effective to protect and
enforce any such rights, whether for specific performance of any covenant or
agreement in this Indenture or in aid of the exercise of any power granted
herein, or to enforce any other proper remedy or legal or equitable right vested
in the Indenture Trustee by this Indenture or by law, provided that the
Indenture Trustee shall only be entitled to take any such actions to the extent
such actions (i) are taken only to enforce the Issuer's obligations to redeem
the principal amount of Notes, and (ii) are taken only against the Collateral,
any investments therein and any proceeds thereof.

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

                  (i)    to file and prove a claim or claims for the whole
         amount of principal and interest owing and unpaid in respect of the
         Notes and to file such other papers or documents as may be necessary or
         advisable in order to have the claims of the Indenture Trustee
         (including any claim for reasonable compensation to the Indenture
         Trustee and each predecessor Indenture Trustee, and their respective
         agents, attorneys and counsel, and for reimbursement of all expenses
         and liabilities incurred, and all advances made, by the Indenture
         Trustee and each predecessor Indenture Trustee, except as a result of
         negligence or bad faith) and of

                                      -33-
<PAGE>   41

         the Noteholders allowed in such Proceedings in accordance with the
         written direction of a majority of the Holders;

                  (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 in accordance with the written direction of a majority of
         the Holders;

                  (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 the
         Indenture Trustee on their behalf; and

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

and any trustee, receiver, liquidator, custodian or other similar official in
any such Proceeding is hereby authorized by each of such Noteholders to make
payments to the Indenture Trustee, as administrative expenses associated with
any such proceeding, and, in the event that the Indenture Trustee shall consent
to the making of payments directly to such Noteholders, to pay to the Indenture
Trustee such amounts as shall be sufficient to cover reasonable compensation to
the Indenture Trustee, each predecessor Indenture Trustee and their respective
agents, attorneys and counsel, and all other expenses and liabilities incurred,
and all advances made, by the Indenture Trustee and each predecessor Indenture
Trustee except as a result of negligence or bad faith.

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

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

                                      -34-
<PAGE>   42

                  (h)    In any Proceedings brought by the Indenture Trustee
(including any Proceedings involving the interpretation of any provision of this
Indenture), the Indenture Trustee shall be held to represent all of the Holders
of the Notes, and it shall not be necessary to make any Noteholder a party to
any such proceedings.

                  SECTION 5.04. REMEDIES. If an Event of Default shall have
occurred and be continuing, the Indenture Trustee (subject to Section 5.05) may,
and shall if so directed by the Required Holders in writing:

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

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

                  (iii)  exercise any remedies of a secured party under the UCC
         and any other remedy available to the Indenture Trustee and take any
         other appropriate action to protect and enforce the rights and remedies
         of the Indenture Trustee on behalf of the Noteholders under this
         Indenture or the Notes; and

                  (iv)   direct the Owner Trustee to sell the Collateral or any
         portion thereof or rights or interest therein, at one or more public or
         private sales called and conducted in any manner permitted by law;
         provided, however, that the Indenture Trustee may not sell or otherwise
         liquidate the Collateral following an Event of Default, other than an
         Event of Default described in Section 5.01(a) or (b), unless (A) the
         Holders of 100% of the Principal Amount of the Notes consent thereto,
         (B) the proceeds of such sale or liquidation distributable to the
         Noteholders are sufficient to discharge in full all amounts then due
         and unpaid upon such Notes for principal and interest or (C) the
         Indenture Trustee determines that the Collateral will not continue to
         provide sufficient funds for the payment of principal of and interest
         on the Notes as they would have become due if the Notes had not been
         declared due and payable, and the Indenture Trustee provides prior
         written notice to each Rating Agency and obtains the consent of the
         Required Holders. In determining such sufficiency or insufficiency with
         respect to clauses (B) and (C), the Indenture Trustee may, but need
         not, obtain and conclusively 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
         Collateral for such purpose and shall in no event be liable for relying
         on such opinions; provided, however, upon the occurrence of an Event of

                                      -35-
<PAGE>   43

         Default described in Section 5.01(e), caused solely from an event
         described in such subparagraph occurring with respect to the Trust
         Depositor, the Collateral will be liquidated by the Indenture Trustee,
         at the expense of the Trust, and the Trust will be terminated 90 days
         after the date of such Insolvency Event, unless, before the end of such
         90-day period, the relevant Trustee shall have received written
         instructions from the Required Holders, to the effect that such
         Required Holders disapprove of the liquidation of such Collateral and
         termination of such Trust.

                  SECTION 5.05. OPTIONAL PRESERVATION OF THE CONTRACTS.
Following an Event of Default and if such Event of Default has not been
rescinded and annulled, and except as otherwise provided above, the Indenture
Trustee may, but need not, elect to maintain possession of the Collateral;
provided, however, that the Indenture Trustee shall at all times maintain
possession of the Collateral, consisting of "instruments" (within the meaning of
the UCC), not constituting part of chattel paper (if any), evidencing any
Contract that had previously been delivered to the Indenture Trustee as part of
the Collateral, unless and until such "instruments" are delivered in connection
with a realization with respect to the Collateral in accordance with the terms
of this Indenture. It is the desire of the parties hereto and the Noteholders
that there be at all times sufficient funds for the payment of principal and
interest on the Notes, and the Indenture Trustee shall take such desire into
account when determining whether or not to maintain possession of the
Collateral. In determining whether to maintain possession of the Collateral, the
Indenture Trustee may, but need not, obtain and conclusively 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 Collateral for such purpose.

                  SECTION 5.06. PRIORITIES.

                  (a)    If the Indenture Trustee collects any money or property
pursuant to this Article Five, it shall pay out the money or property in the
following order and priority:

                         first, so much of such payment as shall be required to
                  reimburse the Indenture Trustee for any accrued and unpaid
                  fees, expenses and indemnity payments due it either as
                  Indenture Trustee or as a paying agent of the Issuer, any tax,
                  fee, expense, charge or other loss incurred by the Indenture
                  Trustee (to the extent not previously reimbursed) (including,
                  without limitation, the expense of sale, taking or other
                  proceeding, attorneys' fees and expenses, court costs, and any
                  other expenditures incurred or expenditures or advances made
                  by the Indenture Trustee in the protection, exercise or
                  enforcement of any right, power or remedy or any

                                      -36-
<PAGE>   44

                  damages sustained by the Indenture Trustee, liquidated or
                  otherwise, upon the Event of Default giving rise to such
                  expenditures or advances) and the costs and expenses
                  associated with the appointment of a Successor Servicer and
                  the transition relating thereto (which amount shall not, taken
                  in the aggregate with all other amounts withdrawn pursuant to
                  this Section 5.06(a)(first) and Section 8.02(c)(second),
                  exceed $100,000) shall be applied by the Indenture Trustee in
                  reimbursement of such costs and expenses;

                         second, so much of such payment remaining as shall be
                  required to reimburse the Noteholders in full for certain
                  indemnity payments, if any, made by such Noteholders to the
                  Indenture Trustee (to the extent not previously reimbursed)
                  shall be distributed to the Noteholders, and, if the aggregate
                  amount remaining shall be insufficient to reimburse all such
                  payments in full, it shall be distributed ratably, without
                  priority of any Noteholder over any other, in the proportion
                  that the aggregate amount of such unreimbursed indemnity
                  payments made by each such Noteholder bears to the aggregate
                  amount of such unreimbursed indemnity payments made by all
                  Noteholders;

                         third, so much of such payment remaining as shall be
                  required to pay to the Servicer its Servicing Fee for the
                  preceding monthly period, together with any amounts in respect
                  of the Servicer's Fees that were due in respect of prior
                  monthly periods that remain unpaid;

                         fourth, so much of such payment remaining as shall be
                  required to pay in full the aggregate amount of all accrued
                  but unpaid interest to the date of distribution on the Class
                  A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the
                  Class A-4 Notes shall be distributed to the Class A-1
                  Noteholders, the Class A-2 Noteholders, the Class A-3
                  Noteholders and the Class A-4 Noteholders and, if the
                  aggregate amount remaining shall be insufficient to pay all
                  such amounts in full, it shall be distributed ratably, without
                  priority of any one Class A-1 Note, one Class A-2 Note, one
                  Class A-3 Note and one Class A-4 Note over any other Class A-1
                  Note, over any other Class A-2 Note, over any other Class A-3
                  Note or over any other Class A-4 Note in the proportion that
                  the aggregate amount of all accrued but unpaid interest to the
                  date of distribution on each Class A-1 Note, Class A-2 Note,
                  Class A-3 Note or Class A-4 Note bears to the aggregate amount
                  of all accrued but unpaid interest to the date of distribution
                  on all Class A-1 Notes, Class A-2 Notes, Class A-3 Note and
                  Class A-4 Notes;

                                      -37-
<PAGE>   45

                         fifth, so much of such payment remaining as shall be
                  required to pay in full the aggregate amount of all accrued
                  but unpaid interest to the date of distribution on the Class B
                  Notes shall be distributed to the Class B Noteholders, and, if
                  the aggregate amount remaining shall be insufficient to pay
                  all such amounts in full, it shall be distributed ratably,
                  without priority of any one Class B Note over any other Class
                  B Note, in the proportion that the aggregate amount of all
                  accrued but unpaid interest to the date of distribution on
                  each Class B Note bears to the aggregate amount of all accrued
                  but unpaid interest to the date of distribution on all Class B
                  Notes;

                         sixth, so much of such payment remaining as shall be
                  required to pay in full the aggregate amount of all accrued
                  but unpaid interest to the date of distribution on the Class C
                  Notes shall be distributed to the Class C Noteholders, and, if
                  the aggregate amount remaining shall be insufficient to pay
                  all such amounts in full, it shall be distributed ratably,
                  without priority of any one Class C Note over any other Class
                  C Note, in the proportion that the aggregate amount of all
                  accrued but unpaid interest to the date of distribution on
                  each Class C Note bears to the aggregate amount of all accrued
                  but unpaid interest to the date of distribution on all Class C
                  Notes;

                         seventh, the balance, if any, of such payment remaining
                  thereafter shall be distributed to the Class A-1 Noteholders
                  in order to pay in full the outstanding aggregate amount of
                  principal of the Class A-1 Notes, and, if the aggregate amount
                  remaining shall be insufficient to pay all such amounts in
                  full, it shall be distributed ratably, without priority of any
                  one Class A-1 Note over any other Class A-1 Note, in the
                  proportion that the aggregate unpaid principal amount of each
                  Class A-1 Note bears to the aggregate unpaid principal amount
                  of all Class A-1 Notes;

                         eighth, the balance, if any, of such payment remaining
                  thereafter shall be distributed ratably to the Class A-2
                  Noteholders, the Class A-3 Noteholders and the Class A-4
                  Noteholders in order to pay in full the outstanding aggregate
                  amount of principal of the Class A-2 Notes, the Class A-3
                  Notes and the Class A-4 Notes, and, if the aggregate amount
                  remaining shall be insufficient to pay all such amounts in
                  full, it shall be distributed ratably, without priority of any
                  one Class A-2 Note, one Class A-3 Note or one Class A-4 Note
                  over any other Class A-2 Note, any other Class A-3 Note or any
                  other Class A-4 Note, in the proportion that the aggregate
                  unpaid principal amount of each Class A-2 Note, Class A-3

                                      -38-
<PAGE>   46

                  Note and Class A-4 Note bears to the aggregate unpaid
                  principal amount of all Class A-2 Notes, Class A-3 Notes and
                  Class A-4 Notes;

                         ninth, the balance, if any, of such payment remaining
                  thereafter shall be distributed ratably to the Class B
                  Noteholders to pay in full the aggregate amount of principal
                  of the Class B Notes then due pursuant to or in respect of the
                  Class B Notes, and, if the aggregate amount remaining shall be
                  insufficient to pay all such amounts in full, it shall be
                  distributed ratably, without priority of any one Class B Note
                  over any other Class B Note, in the proportion that the
                  aggregate unpaid principal amount of each Class B Note bears
                  to the aggregate unpaid principal amount of all Class B Notes;

                         tenth, the balance, if any, of such payment remaining
                  thereafter shall be distributed ratably to the Class C
                  Noteholders to pay in full the aggregate amount of principal
                  of the Class C Notes then due pursuant to or in respect of the
                  Class C Notes, and, if the aggregate amount remaining shall be
                  insufficient to pay all such amounts in full, it shall be
                  distributed ratably, without priority of any one Class C Note
                  over any other Class C Note, in the proportion that the
                  aggregate unpaid principal amount of each Class C Note bears
                  to the aggregate unpaid principal amount of all Class C Notes;

                         eleventh, the balance, if any, of such payment
                  remaining thereafter shall be paid to the Indenture Trustee as
                  shall be required to reimburse the Indenture Trustee for any
                  amounts due and not paid under Section 5.06(a) (first); and

                         twelfth, the balance, if any, of such payments
                  remaining thereafter shall be distributed to the Owner Trustee
                  on behalf of the Issuer for application pursuant to the terms
                  of the Trust Agreement.

                  (b)    The 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, the Issuer shall mail to each Noteholder and the
Indenture Trustee a notice that states the record date, the payment date and the
amount to be paid.

                  SECTION 5.07. 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 (and in all events subject to Section 11.16
hereof):

                                      -39-
<PAGE>   47

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

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

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

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

                  (v)    no direction inconsistent with such written request has
         been given to the Indenture Trustee during such 60-day period by the
         Holders of a majority of the Outstanding Amount of the Notes, voting
         together as a single class.

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

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

                  SECTION 5.08. UNCONDITIONAL RIGHTS OF NOTEHOLDERS TO RECEIVE
PRINCIPAL AND INTEREST. Notwithstanding any other provisions in the Indenture,
the Holder of any Note shall have the right, which is absolute and
unconditional, to receive payment of the principal of and interest on such Note
on or after the respective due dates thereof expressed in such Note or in this
Indenture (or, in the case of redemption, on or after the Redemption Date) and
to institute suit for the enforcement of any such payment, and such right shall
not be impaired without the consent of such Holder.

                  SECTION 5.09. RESTORATION OF RIGHTS AND REMEDIES. If the
Indenture Trustee or any Noteholder has instituted any Proceeding to enforce any
right or remedy under this Indenture and such Proceeding has been discontinued
or abandoned for any

                                      -40-
<PAGE>   48

reason or has been determined adversely to the Indenture Trustee or to such
Noteholder, then and in every such case the Indenture Trustee and the
Noteholders shall, subject to any determination in such Proceeding, be restored
severally and respectively to their former positions hereunder, and thereafter
all rights and remedies of the Indenture Trustee and the Noteholders shall
continue as though no such Proceeding had been instituted.

                  SECTION 5.10. RIGHTS AND REMEDIES CUMULATIVE. No right or
remedy herein conferred upon or reserved to the Indenture Trustee or to the
Noteholders is intended to be exclusive of any other right or remedy, and every
right and remedy shall, to the extent permitted by law, be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any
right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy.

                  SECTION 5.11. DELAY OR OMISSION NOT A WAIVER. No delay or
omission of the Indenture Trustee or any Holder of any Note to exercise any
right or remedy accruing upon any Default of 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
Five or by law to the Indenture Trustee or to the Noteholders may be exercised
from time to time, and as often as may be deemed expedient, by the Indenture
Trustee or by the Noteholders, as the case may be.

                  SECTION 5.12. CONTROL BY NOTEHOLDERS. The Required Holders
shall have the right to direct the time, method and place of conducting any
Proceeding for any remedy available to the Indenture Trustee with respect to the
Notes or exercising any trust or power conferred on the Indenture Trustee (in
all events subject to Section 6.02(f)); provided that:

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

                  (ii)   subject to the terms of Section 5.04, any direction to
         the Indenture Trustee to sell or liquidate the Collateral shall be by
         the Holders of Notes representing not less than 100% of the Outstanding
         Amount of the Notes;

                  (iii)  if the conditions set forth in Section 5.05 have been
         satisfied and the Indenture Trustee elects to retain the Collateral
         pursuant to such Section, then any direction to the Indenture Trustee
         by Holders of Notes representing less than 100% of the Outstanding
         Amount of the Notes to sell or liquidate the Collateral shall be of no
         force and effect; and

                                      -41-
<PAGE>   49

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

Notwithstanding the rights of Noteholders set forth in this Section, subject to
Section 6.01, the Indenture Trustee need not take any action that it determines
might involve it in liability or might materially and adversely affect the
rights of any Noteholders not consenting to such action.

                  SECTION 5.13. WAIVER OF PAST DEFAULTS. In the case of any
waiver of an Event of Default, the Issuer, the Indenture Trustee and the Holders
of the Notes shall be restored to their former positions and rights hereunder,
respectively; but no such waiver shall extend to any subsequent or other Event
of Default or impair any right consequent thereto. Upon any such waiver, such
Event of Default shall cease to exist and be deemed to have been cured and not
to have occurred, for every purpose of this Indenture.

                  SECTION 5.14. UNDERTAKING FOR COSTS. All parties to this
Indenture agree, and each Holder of any Note by such Holder's acceptance thereof
shall be deemed to have agreed, that any court may in its discretion require, in
any suit for the enforcement of any right or remedy under this Indenture, or in
any suit against the Indenture Trustee for any action taken, suffered or omitted
by it as Indenture Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit and that such court may in its
discretion assess reasonable costs, including reasonable 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 (i) any suit instituted by the
Indenture Trustee, (ii) 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 (iii) 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 5.15. WAIVER OF STAY OR EXTENSION LAWS. The 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 the Issuer (to the extent that it may lawfully do so) hereby
expressly waives all benefit or advantages of any such law, and covenants that
it will not hinder, delay or impede the execution of any power herein granted to
the Indenture Trustee, but will suffer and permit the execution of every such
power as though no such law had been enacted.

                                      -42-
<PAGE>   50

                  SECTION 5.16. ACTION ON NOTES. The Indenture Trustee's right
to seek and recover judgment on the Notes or under this Indenture shall not be
affected by the seeking, obtaining or application of any other relief under or
with respect to this Indenture. Neither the lien of this Indenture nor any
rights or remedies of the Indenture Trustee or the Noteholders shall be impaired
by the recovery of any judgment by the Indenture Trustee against the Issuer or
by the levy of any execution under such judgment upon any portion of the
Collateral or upon any of the assets of the Issuer. Any money or property
collected by the Indenture Trustee shall be applied in accordance with Section
5.06.

                  SECTION 5.17. PERFORMANCE AND ENFORCEMENT OF CERTAIN
OBLIGATIONS.

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

                  (b)    If an Event of Default has occurred and is continuing,
the Indenture Trustee may, and at the direction (which direction shall be in
writing, including facsimile) of the Required Holders shall, exercise all
rights, remedies, powers, privileges and claims of the Issuer against the Trust
Depositor or the Servicer under or in connection with the Transfer and Servicing
Agreement, including the right or power to take any action to compel or secure
performance or observance by the Trust Depositor or the Servicer of each of
their obligations to the Issuer thereunder and to give any consent, request,
notice, direction, approval, extension or waiver under the Transfer and
Servicing Agreement, and any right of the Issuer to take such action shall be
suspended.

                                      -43-
<PAGE>   51

                                   ARTICLE SIX

                              THE INDENTURE TRUSTEE

                  SECTION 6.01. DUTIES OF INDENTURE TRUSTEE.

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

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

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

                  (ii)   in the absence of bad faith on its part, the Indenture
         Trustee may conclusively rely, as to the truth of the factual
         statements and the correctness of the opinions expressed therein, upon
         certificates or opinions furnished to the Indenture Trustee and
         conforming to the requirements of this Indenture; however, the
         Indenture Trustee shall examine the certificates and opinions to
         determine whether or not they conform to the requirements of this
         Indenture and the other Transaction Documents to which the Indenture
         Trustee is a party.

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

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

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

                  (iii)  the Indenture Trustee shall not be liable with respect
         to any action it takes or omits to take in good faith in accordance
         with a direction received by it pursuant to Section 5.12.

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

                                      -44-
<PAGE>   52

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

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

                  (g)    The Indenture Trustee shall have no discretionary
duties other than those explicitly set forth in this Indenture.

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

                  SECTION 6.02. RIGHTS OF INDENTURE TRUSTEE.

                  (a)    The 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. The Indenture Trustee need not investigate any fact or matter
stated in the document.

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

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

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

                  (e)    The Indenture Trustee may consult with counsel, and the
advice or Opinion of Counsel with respect to legal matters relating to this
Indenture and the Notes shall be full and complete authorization and protection
from liability in respect to any

                                      -45-
<PAGE>   53

action taken, omitted or suffered by it hereunder in good faith and in
accordance with the advice or opinion of such counsel.

                  (f)    The Indenture Trustee shall be under no obligation to
institute, conduct or defend any litigation under this Indenture or in relation
to this Indenture, at the request, order or direction of any of the Holders of
Notes, pursuant to the provisions of this Indenture, unless such Holders of
Notes shall have offered to the Indenture Trustee security or indemnity
satisfactory to it against the costs, expenses and liabilities that may be
incurred therein or thereby; provided, however, that the Indenture Trustee
shall, upon the occurrence of an Event of Default (that has not been cured),
exercise the rights and powers vested in it by this Indenture in a manner
consistent with Section 6.01.

                  (g)    The Indenture Trustee shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order,
approval, bond or other paper or document, unless so requested in writing by the
Holders of Notes evidencing not less than 25% of the Outstanding Amount of the
Notes; provided, however, that if the payment within a reasonable time to the
Indenture Trustee of the costs, expenses or liabilities likely to be incurred by
it in the making of such investigation is, in the opinion of the Indenture
Trustee, not reasonably assured to the Indenture Trustee by the security
afforded to it by the terms of this Indenture or the Transfer and Servicing
Agreement, the Indenture Trustee may require 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 the Person making
such request, or, if paid by the Indenture Trustee, shall be reimbursed by the
Person making such request upon demand.

                  (h)    The Indenture Trustee shall not be required to give any
bond or surety in respect of the performance of its powers and duties hereunder.

                  (i)    The Indenture 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 the Issuer.

                  (j)    The permissive rights of the Indenture Trustee to do
things enumerated in this Indenture shall not be construed as a duty and the
Indenture Trustee shall not be answerable for other than its negligence or
willful default.

                  (k)    Except for (i) a default under Sections 5.01(a) or (b)
hereof or (ii) any other event of which a Responsible Officer of the Indenture
Trustee has "actual knowledge" and which event, with the giving of notice or the
passage of time or both, would constitute an Event of Default under this
Indenture, the Indenture Trustee shall not be deemed to have notice of any Event
of Default or Servicer Default unless specifically

                                      -46-
<PAGE>   54

notified in writing of such event by the Issuer or any Noteholder; as used
herein, the term "actual knowledge" means the actual fact or statement of
knowing, by a Responsible Officer without any duty to make any investigation
with regard thereto.

                  (l)    In the event that the Indenture Trustee is also acting
as Paying Agent or Transfer Agent and Registrar hereunder, the rights and
protections afforded to the Indenture Trustee pursuant to this Article Six shall
also be afforded to such Paying Agent or Transfer Agent or Registrar.

                  (m)    In no event shall the Indenture Trustee be liable for
the selection of Eligible Investments or for investment losses incurred thereon.
The Indenture Trustee shall have no liability in respect of losses incurred as a
result of the liquidation of any such investment prior to its stated maturity or
the failure of the party directing such investment to provide timely written
investment direction. The Indenture Trustee shall have no obligation to invest
or reinvest any amounts held hereunder in the absence of such written investment
direction.

                  SECTION 6.03. INDIVIDUAL RIGHTS OF INDENTURE TRUSTEE. The
Indenture Trustee in its individual or any other capacity may become the owner
or pledgee of Notes and may otherwise deal with the Issuer or its Affiliates
with the same rights it would have if it were not Indenture Trustee. Any Paying
Agent, Note Registrar, co-registrar or co-paying agent may do the same with like
rights. However, the Indenture Trustee is required to comply with Section 6.11.

                  SECTION 6.04. INDENTURE TRUSTEE'S DISCLAIMER. The Indenture
Trustee shall not be responsible for and makes no representation as to the
validity or adequacy of this Indenture, the Collateral or the Notes, it shall
not be accountable for the Issuer's use of the proceeds from the Notes, and it
shall not be responsible for any statement of the Issuer in this Indenture or in
any document issued in connection with the sale of the Notes or in the Notes
other than the Indenture Trustee's certificate of authentication.

                  SECTION 6.05. NOTICE OF DEFAULTS. If a Default occurs and is
continuing and if it is actually known to a Responsible Officer of the Indenture
Trustee, the Indenture Trustee shall mail to each Noteholder notice of the
Default within 90 days after it occurs. Except in the case of a Default in
payment of principal of or interest on any Note (including payments pursuant to
the redemption of such Notes), the Indenture Trustee may withhold the notice if
and so long as a committee of its Responsible Officers in good faith determines
that withholding the notice is in the interests of Noteholders.

                  SECTION 6.06. REPORTS BY INDENTURE TRUSTEE TO HOLDERS. The
Indenture Trustee shall deliver to each Noteholder such information, including
without limitation,

                                      -47-
<PAGE>   55

IRS Form 1099, as may be required to enable such Holder to prepare its federal
and state income tax returns.

                  SECTION 6.07. COMPENSATION AND INDEMNITY. The Issuer shall pay
or shall cause the Administrator or Servicer to pay to the Indenture Trustee
from time to time reasonable compensation for its services as Indenture Trustee
and as Paying Agent (if the Indenture Trustee serves as such) to the extent such
compensation is not otherwise paid to the Indenture Trustee. The Indenture
Trustee's compensation shall not be limited by any law on compensation of a
trustee of an express trust. The Issuer shall or shall cause the Administrator
or the Servicer to reimburse the Indenture Trustee for all reasonable
out-of-pocket expenses incurred or made by it, including costs of collection, in
addition to the compensation for its services. Such expenses shall include the
reasonable compensation and expenses, disbursements and advances of the
Indenture Trustee's agents, counsel, accountants and experts. The Issuer shall
indemnify or shall cause the Administrator or the Servicer to indemnify the
Indenture Trustee against any and all loss, liability or expense (including
attorneys' fees and expenses) incurred by it in connection with the
administration of this Indenture and the performance of its duties hereunder,
under the Transfer and Servicing Agreement, the Administration Agreement, the
Custodian Agreement and any other document or transaction contemplated herewith
or therewith or as a Paying Agent for the Issuer. The Indenture Trustee shall
notify the Issuer and the Administrator promptly of any claim for which it may
seek indemnity. Failure by the Indenture Trustee to so notify the Issuer and the
Administrator shall not relieve the Issuer or the Administrator of its
obligations hereunder. The Issuer shall defend or shall cause the Administrator
or the Servicer to defend any such claim, and the Indenture Trustee may have
separate counsel and the Issuer shall pay or shall cause the Administrator or
the Servicer to pay the fees and expenses of such counsel. Neither the Issuer
nor the Administrator or the Servicer need reimburse any expense or indemnify
against any loss, liability or expense incurred by the Indenture Trustee through
the Indenture Trustee's own willful misconduct, negligence or bad faith.

                  The Issuer's payment and indemnification obligations to the
Indenture Trustee pursuant to this Section shall survive the discharge of this
Indenture and the earlier removal or resignation of the Indenture Trustee. When
the Indenture Trustee incurs expenses after the occurrence of a Default
specified in Section 5.01(d), (e) or (f) with respect to the Issuer, the
expenses are intended to constitute expenses of administration under applicable
Insolvency Law.

                  SECTION 6.08. REPLACEMENT OF INDENTURE TRUSTEE. The Indenture
Trustee may resign at any time by so notifying the Issuer and the Servicer. The
Issuer may remove the Indenture Trustee if:

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

                                      -48-
<PAGE>   56

                  (ii)   a court having jurisdiction in the premises in respect
         of the Indenture Trustee in an involuntary case or proceeding under
         federal or state banking or bankruptcy laws, as now or hereafter
         constituted, or any other applicable federal or state bankruptcy,
         insolvency or other similar law, shall have entered a decree or order
         granting relief or appointing a receiver, liquidator, assignee,
         custodian, trustee, conservator, sequestrator (or similar official) for
         the Indenture Trustee or for any substantial part of the Indenture
         Trustee's property, or ordering the winding-up or liquidation of the
         Indenture Trustee's affairs, provided any such decree or order shall
         have continued unstayed and in effect for a period of 30 consecutive
         days;

                  (iii)  the Indenture Trustee commences a voluntary case under
         any federal or state banking or bankruptcy laws, as now or hereafter
         constituted, or any other applicable federal or state bankruptcy,
         insolvency or other similar law, or consents to the appointment of or
         taking possession by a receiver, liquidator, assignee, custodian,
         trustee, conservator, sequestrator or other similar official for the
         Indenture Trustee or for any substantial part of the Indenture
         Trustee's property, or makes any assignment for the benefit of
         creditors or fails generally to pay its debts as such debts become due
         or takes any corporate action in furtherance of any of the foregoing;
         or

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

                  A successor Indenture Trustee shall be appointed by the
Issuer. A successor Indenture Trustee shall deliver a written acceptance of its
appointment to the retiring Indenture Trustee and to the Issuer. Thereupon the
resignation or removal of the retiring Indenture Trustee shall become effective,
and the successor Indenture Trustee shall have all of the rights, powers and
duties of the Indenture Trustee under this Indenture. The Issuer or the
successor Indenture Trustee shall mail a notice of its succession to
Noteholders. The retiring Indenture Trustee shall promptly transfer, at the
expense of the Issuer, 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, the 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 the Indenture Trustee fails to comply with Section 6.11,
any Noteholder may petition any court of competent jurisdiction for the removal
of the Indenture Trustee and the appointment of a successor Indenture Trustee.

                                      -49-
<PAGE>   57

                  Any resignation or removal of the 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 and payment of all fees
and expenses owed to the outgoing Indenture Trustee. Notwithstanding the
replacement of the Indenture Trustee pursuant to this Section, the retiring
Indenture Trustee shall be entitled to payment or reimbursement of such amounts
as such Person is entitled pursuant to Section 6.07.

                  SECTION 6.09. SUCCESSOR INDENTURE TRUSTEE BY MERGER. If the
Indenture Trustee consolidates with, merges or converts into, or transfers all
or substantially all of 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;
provided, that such corporation or banking association shall be otherwise
qualified and eligible under Section 6.11. The Indenture Trustee shall provide
each Rating Agency prompt notice of any such transaction.

                  In case at the time such successor or successors by merger,
conversion or consolidation to the Indenture Trustee shall succeed to the trusts
created by this Indenture any of the Notes shall have been authenticated but not
delivered, any such successor to the Indenture Trustee may adopt the certificate
of authentication of any predecessor Indenture 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 the Indenture Trustee may authenticate such
Notes either in the name of any predecessor hereunder or in the name of the
successor to the Indenture Trustee; 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 the Indenture Trustee shall have.

                  SECTION 6.10. APPOINTMENT OF CO-INDENTURE TRUSTEE OR SEPARATE
INDENTURE TRUSTEE.

                  (a)    Notwithstanding any other provision of this Indenture,
at any time, for the purpose of meeting any legal requirement of any
jurisdiction in which any part of the Collateral may at the time be located, the
Indenture Trustee and the Administrator acting jointly shall have the power and
may execute and deliver all instruments to appoint one or more Persons to act as
a co-Indenture Trustee or co-Indenture Trustees, jointly with the Indenture
Trustee, or separate Indenture Trustee or separate Indenture 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 Collateral, or any
part hereof, and, subject to the other provisions of this Section, such powers,
duties, obligations, rights and trusts as the Indenture Trustee and the
Administrator may consider necessary or desirable. If the Administrator shall
not have joined in such appointment within 15 days after the receipt by it of a
request so to do, the Indenture Trustee alone shall have the power to

                                      -50-
<PAGE>   58

make such appointment. No co-Indenture Trustee or separate Indenture Trustee
hereunder shall be required to meet the terms of eligibility of a successor
Indenture Trustee under Section 6.11 and no notice to Noteholders of the
appointment of any co-Indenture Trustee or separate Indenture Trustee shall be
required under Section 6.08.

                  (b)    Every separate Indenture Trustee and co-Indenture
Trustee shall, to the extent permitted by law, be appointed and act subject to
the following provisions and conditions:

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

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

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

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

                                      -51-
<PAGE>   59

                  (d)    Any separate Indenture Trustee or co-Indenture Trustee
may at any time constitute the 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 Indenture Trustee or co-Indenture Trustee shall die, become
incapable of acting, resign or be removed, all of its estates, properties,
rights, remedies and trusts shall vest in and be exercised by the Indenture
Trustee, to the extent permitted by law, without the appointment of a new or
successor Indenture Trustee. Notwithstanding anything to the contrary in this
Indenture, the appointment of any separate Indenture Trustee or co-Indenture
Trustee shall not relieve the Indenture Trustee of its obligations and duties
under this Indenture.

                  SECTION 6.11. ELIGIBILITY. The Indenture Trustee shall at all
times satisfy the requirements of TIA Section 310(a). The Indenture Trustee
hereunder shall at all times be a financial institution organized and doing
business under the laws of the United States of America or any state, authorized
under such laws to exercise corporate trust powers, whose long term unsecured
debt is rated at least Baa3 by Moody's, BBB- by S&P and BBB- by Fitch (if rated
by Fitch) and shall have a combined capital and surplus of at least $50,000,000
or shall be a member of a bank holding system the aggregate combined capital and
surplus of which is $50,000,000 and subject to supervision or examination by
federal or state authority, provided that the Indenture Trustee's separate
capital and surplus shall at all times be at least the amount required by
Section 310(a)(2) of the TIA. If such Person publishes reports of condition at
least annually, pursuant to law or to the requirements of a supervising or
examining authority, then for the purposes of this Section 6.11, the combined
capital and surplus of such Person shall be deemed to be its combined capital
and surplus as set forth in its most recent report of condition so published. In
case at any time the Indenture Trustee shall cease to be eligible in accordance
with the provisions of this Section 6.11, the Indenture Trustee shall resign
immediately in the manner and with the effect specified in Section 6.08. The
Indenture Trustee shall comply with TIA Section 310(b); provided, however, that
there shall be excluded from the operation of TIA Section 310(b)(1) any
indenture or indentures under which other securities of the Issuer are
outstanding if the requirements for such exclusion set forth in TIA Section
310(b)(1) are met.

                  SECTION 6.12. PREFERENTIAL COLLECTION OF CLAIMS AGAINST
ISSUER. The Indenture Trustee shall comply with TIA Section 311(a), excluding
any creditor relationship listed in TIA Section 311(b). An Indenture Trustee who
has resigned or been removed shall be subject to TIA Section 311(a) to the
extent indicated.

                                      -52-
<PAGE>   60

                  SECTION 6.13. REPRESENTATIONS AND WARRANTIES OF INDENTURE
TRUSTEE. The Indenture Trustee in its individual capacity and as Indenture
Trustee represents and warrants as follows:

                  (a)    ORGANIZATION AND CORPORATE POWER. It is a duly
         organized and validly existing Illinois banking corporation in good
         standing under the laws of each jurisdiction where its business so
         requires. It has full corporate power, authority and legal right to
         execute, deliver and perform its obligations as Indenture Trustee under
         this Indenture and the Transfer and Servicing Agreement (the foregoing
         documents, the "Indenture Trustee Documents") and to authenticate the
         Notes.

                  (b)    DUE AUTHORIZATION. The execution and delivery of the
         Indenture Trustee Documents, the consummation of the transactions
         provided for therein and the authentication of the Notes have been duly
         authorized by all necessary corporate action on its part, either in its
         individual capacity or as Indenture Trustee, as the case may be.

                  (c)    NO CONFLICT. The execution and delivery of the
         Indenture Trustee Documents, the performance of the transactions
         contemplated thereby and the fulfillment of the terms thereof
         (including the authentication of the Notes) will not conflict with,
         result in any breach of any of the material terms and provisions of, or
         constitute (with or without notice or lapse of time or both) a default
         under, any indenture, contract, agreement, mortgage, deed of trust, or
         other instrument to which the Indenture Trustee is a party or by which
         it or any of its property is bound.

                  (d)    NO VIOLATION. The execution and delivery of the
         Indenture Trustee Documents, the performance of the transactions
         contemplated thereby and the fulfillment of the terms thereof
         (including the authentication of the Notes) will not conflict with or
         violate, in any material respect, any Requirements of Law applicable to
         the Indenture Trustee.

                  (e)    ALL CONSENTS REQUIRED. All approvals, authorizations,
         consents, orders or other actions of any Person or any Governmental
         Authority applicable to the Indenture Trustee, required in connection
         with the execution and delivery of the Indenture Trustee Documents, the
         performance by the Indenture Trustee of the transactions contemplated
         thereby and the fulfillment by the Indenture Trustee of the terms
         thereof (including the authentication of the Notes), have been
         obtained.

                  (f)    VALIDITY, ETC. Each Indenture Trustee Document
         constitutes a legal, valid and binding obligation of the Indenture
         Trustee, enforceable against the

                                      -53-
<PAGE>   61

         Indenture Trustee in accordance with its terms, except as such
         enforceability may be limited by Insolvency Laws and except as such
         enforceability may be limited by general principles of equity, concepts
         of materiality and reasonableness (whether considered in a suit at law
         or in equity) or by an implied covenant of good faith and fair dealing.

                                  ARTICLE SEVEN

                         NOTEHOLDERS' LISTS AND REPORTS

                  SECTION 7.01. ISSUER TO FURNISH INDENTURE TRUSTEE NAMES AND
ADDRESSES OF NOTEHOLDERS. The Issuer will furnish or cause to be furnished to
the Indenture Trustee (i) not more than five days after the earlier of (a) each
Record Date and (b) three months after the last Record Date, a list, in such
form as the Indenture Trustee may reasonably require, of the names and addresses
of the Noteholders as of such Record Date and (ii) at such other times as the
Indenture Trustee may request in writing, within 30 days after receipt by the
Issuer of any such request, a list of similar form and content as of a date not
more than ten days prior to the time such list is furnished; provided, however,
that so long as the Indenture Trustee is the Note Registrar, no such list shall
be required to be furnished.

                  SECTION 7.02. PRESERVATION OF INFORMATION: COMMUNICATION TO
NOTEHOLDERS.

                  (a)    The Indenture Trustee shall preserve, in as current a
form as is reasonably practicable, the names and addresses of the Noteholders
contained in the most recent list furnished to the Indenture Trustee as provided
in Section 7.01 and the names and addresses of Noteholders received by the
Indenture Trustee in its capacity as Note Registrar and shall otherwise comply
with TIA Section 312(a). The Indenture Trustee may destroy any list furnished to
it as provided in such Section 7.01 upon receipt of a new list so furnished.

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

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

                                      -54-
<PAGE>   62

                  SECTION 7.03. REPORTS BY ISSUER.

                  (a)    The Issuer shall:

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

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

                  (iii)  supply to the Indenture Trustee (and the Indenture
         Trustee shall transmit by mail to all Noteholders described in TIA
         Section 313(c)) such summaries of any information, documents and
         reports required to be filed by the issuer pursuant to clauses (i) and
         (ii) of this Section 7.03(a) and by rules and regulations prescribed
         from time to time by the Commission.

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

                  SECTION 7.04. REPORTS BY INDENTURE TRUSTEE. (a) If required by
TIA Section 313(a), within 60 days after January 31 beginning with January 31,
2001, the Indenture Trustee shall mail to each Noteholder as required by TIA
Section 313(c) a brief report dated as of such date that complies with TIA
Section 313(a). The Indenture Trustee also shall comply with TIA Section 313(b).

                  A copy of each report at the time of its mailing to
Noteholders shall be filed by the Issuer, or the Trust Depositor on the Issuer's
behalf, with the Commission and each stock exchange, if any, on which the Notes
are listed. The Issuer shall notify the Indenture Trustee in writing if and when
the Notes are listed on any stock exchange.

                  The Indenture Trustee shall mail to each Noteholder within a
reasonable period of time after the end of each calendar year, but in no event
later than February 28, commencing in February, 2001, a Form 1099 under the Code
with respect to amounts paid to such Noteholder with respect to the Notes during
the immediately preceding calendar year ending December 31.

                                      -55-
<PAGE>   63

                  (b)    With respect to each Distribution Date and the related
Collection Period, the Indenture Trustee will provide to each Noteholder, on the
related Determination Date, the Monthly Report that it has received from the
Servicer.

                                  ARTICLE EIGHT

                      ACCOUNTS, DISBURSEMENTS AND RELEASES

                  SECTION 8.01. COLLECTION OF MONEY. Except as otherwise
expressly provided herein, the Indenture Trustee may demand payment or delivery
of, and shall receive and collect, directly and without intervention or
assistance of any fiscal agent or other intermediary, all money and other
property payable to or receivable by the Indenture Trustee pursuant to this
Indenture and the Transfer and Servicing Agreement. The 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 Collateral, the Indenture Trustee may take such action as may be
appropriate to enforce such payment or performance, including the institution
and prosecution of appropriate Proceedings. Any such action shall be without
prejudice to any right to claim a Default or Event of Default under this
Indenture and any right to proceed thereafter as provided in Article Five.

                  SECTION 8.02. TRUST ACCOUNTS.

                  (a)    On or prior to the Closing Date, the Issuer shall cause
the Servicer to establish and maintain, in the name of the Indenture Trustee,
for the benefit of the Noteholders and the Certificateholders, the Trust
Accounts as provided in Section 7.01 of the Transfer and Servicing Agreement.

                  (b)    On or before each Distribution Date, all amounts
required to be disbursed to the Indenture Trustee with respect to the preceding
Collection Period pursuant to Section 7.01 of the Transfer and Servicing
Agreement will be transferred from the Collection Account and/or the Reserve
Fund and deposited by the Indenture Trustee upon receipt to the Note
Distribution Account.

                  (c)    On each Distribution Date prior to the occurrence of an
Event of Default, the 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 as
follows and in the following order of priority:

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<PAGE>   64

                         first, so much of such installment or payment as shall
                  be required to reimburse the Servicer for Unreimbursed
                  Servicer Advances;

                         second, if a Successor Servicer is being appointed, the
                  costs and expenses of the Indenture Trustee associated with
                  such Successor Servicer and the transition relating thereto
                  (which amount shall not, taken in the aggregate with all other
                  amounts withdrawn for such purpose, exceed $100,000);

                         third, so much of such installment or payment as shall
                  be required to pay the Servicer its monthly Servicing Fee for
                  the preceding Collection Period, which includes the amounts
                  payable for the fees and expenses of the Trustees; provided
                  that the Indenture Trustee may deduct and remit to its own
                  account any accrued and unpaid fees, and unpaid expenses and
                  indemnity payments due to it as Indenture Trustee and, if it
                  is also acting as a paying agent for the Issuer, as Paying
                  Agent, but only if and to the extent such amounts shall not
                  have been paid timely by the Servicer and in no event shall
                  amounts payable on a Distribution Date with respect to the
                  monthly fee and expenses of the Indenture Trustee exceed
                  $25,000 per month;

                         fourth so much of such installment or payment as shall
                  be required to pay in full the aggregate amount of interest
                  then due on or in respect of the Class A-1 Notes, the Class
                  A-2 Notes, the Class A-3 Notes and the Class A-4 Notes shall
                  be distributed to the Class A-1 Noteholders, the Class A-2
                  Noteholders, the Class A-3 Noteholders and the Class A-4
                  Noteholders ratably, without priority of any one Class A-1
                  Note, one Class A-2 Note, one Class A-3 Note or one Class A-4
                  Note over any other Class A-1 Note, any other Class A-2 Note,
                  any other Class A-3 Note or any other Class A-4 Note, in the
                  proportion that the aggregate amount of all accrued but unpaid
                  interest to the date of distribution on each Class A-1 Note,
                  each Class A-2 Note, each Class A-3 Note and each Class A-4
                  Note bears to the aggregate amount of all accrued but unpaid
                  interest to the date of distribution on all Class A-1 Notes,
                  all Class A-2 Notes, all Class A-3 Notes and all Class A-4
                  Notes;

                         fifth, so much of such installment or payment as shall
                  be required to pay in full the aggregate amount of interest
                  then due on or in respect of the Class B Notes shall be
                  distributed to the Class B Noteholders ratably, without
                  priority of any one Class B

                                      -57-
<PAGE>   65

                  Note over any other Class B Note, in the proportion that the
                  aggregate amount of all accrued but unpaid interest to the
                  date of distribution on each Class B Note bears to the
                  aggregate amount of all accrued but unpaid interest to the
                  date of distribution on all Class B Notes;

                         sixth, so much of such installment or payment as shall
                  be required to pay in full the aggregate amount of interest
                  then due on or in respect of the Class C Notes shall be
                  distributed to the Class C Noteholders ratably, without
                  priority of any one Class C Note over any other Class C Note,
                  in the proportion that the aggregate amount of all accrued but
                  unpaid interest to the date of distribution on each Class C
                  Note bears to the aggregate amount of all accrued but unpaid
                  interest to the date of distribution on all Class C Notes;

                         seventh, the balance, if any, of such installment or
                  payment remaining thereafter shall be distributed ratably to
                  the Class A-1 Noteholders to pay in full the aggregate amount
                  of the Class A Principal Payment Amount then due pursuant to
                  or in respect of the Class A-1 Notes, without priority of any
                  one Class A-1 Note over any other Class A-1 Note, in the
                  proportion that the unpaid principal amount of each Class A-1
                  Note bears to the aggregate unpaid principal amount of all
                  Class A-1 Notes;

                         eighth, the balance, if any, of such installment or
                  payment remaining thereafter shall be distributed ratably to
                  the Class A-2 Noteholders to pay in full the aggregate amount
                  of the Class A Principal Payment Amount then due pursuant to
                  or in respect of the Class A-2 Notes, without priority of any
                  one Class A-2 Note over any other Class A-2 Note, in the
                  proportion that the aggregate unpaid principal amount of each
                  Class A-2 Note bears to the aggregate unpaid principal amount
                  of all Class A-2 Notes; provided, that the Outstanding Amount
                  of the Class A-1 Notes is $0;

                         ninth, the balance, if any, of such installment or
                  payment remaining thereafter shall be distributed ratably to
                  the Class A-3 Noteholders to pay in full the aggregate amount
                  of the Class A Principal Payment Amount then due pursuant to
                  or in respect of the Class A-3 Notes, without priority of any
                  one Class A-3 Note over any other Class A-3 Note, in the
                  proportion that the unpaid principal amount of each Class A-3
                  Note bears to the aggregate

                                      -58-
<PAGE>   66

                  unpaid principal amount of all Class A-3 Notes; provided, that
                  the Outstanding Amount of the Class A-1 Notes and Class A-2
                  Notes is $0;

                         tenth, the balance, if any, of such installment or
                  payment remaining thereafter shall be distributed ratably to
                  the Class A-4 Noteholders to pay in full the aggregate amount
                  of the Class A Principal Payment Amount then due pursuant to
                  or in respect of the Class A-4 Notes, without priority of any
                  one class A-4 Note over any other Class A-4 Note, in the
                  proportion that the aggregate unpaid principal amount of each
                  Class A-4 Note bears to the unpaid principal amount of all
                  Class A-4 Notes; provided, that the Outstanding Amount of the
                  Class A-1 Notes, Class A-2 Notes and Class A-3 Notes is $0;

                         eleventh, the balance, if any, of such installment or
                  payment remaining thereafter shall be distributed ratably to
                  the Class B Noteholders to pay in full the aggregate amount of
                  the Class B Principal Payment Amount then due pursuant to or
                  in respect of the Class B Notes, without priority of any one
                  Class B Note over any other Class B Note, in the proportion
                  that the unpaid principal amount of each Class B Note bears to
                  the aggregate unpaid principal amount of all Class B Notes;
                  provided, that the Outstanding Amount of the Class A-1 Notes
                  is $0;

                         twelfth, the balance, if any, of such installment or
                  payment remaining thereafter shall be distributed ratably to
                  the Class C Noteholders to pay in full the aggregate amount of
                  the Class C Principal Payment Amount then due pursuant to or
                  in respect of the Class C Notes, without priority of any one
                  Class C Note over any other Class C Note, in the proportion
                  that the unpaid principal amount of each Class C Note bears to
                  the aggregate unpaid principal amount of all Class C Notes;
                  provided, that the Outstanding Amount of the Class A-1 Notes
                  is $0;

                         thirteenth, the balance, if any, of such installment or
                  payment remaining thereafter shall be distributed ratably to
                  the Class A-2 Noteholders to pay in full the lesser of (i) the
                  Additional Principal and (ii) the Outstanding Amount of Class
                  A-2 Notes (after giving effect to the Class A Principal
                  Payment Amount), without priority of any one Class A-2 Note
                  over any other Class A-2 Note, in the proportion that the
                  aggregate unpaid principal

                                      -59-
<PAGE>   67

                  amount of each Class A-2 Note bears to the aggregate unpaid
                  principal amount of all Class A-2 Notes; provided, that the
                  Outstanding Amount of the Class A-1 Notes is $0;

                         fourteenth, the balance, if any, of such installment or
                  payment remaining thereafter shall be distributed ratably to
                  the Class A-3 Noteholders to pay in full the lesser of (i) the
                  Additional Principal and (ii) the Outstanding Amount of Class
                  A-3 Notes (after giving effect to the Class A Principal
                  Payment Amount), without priority of any one Class A-3 Note
                  over any other Class A-3 Note, in the proportion that the
                  aggregate unpaid principal amount of each Class A-3 Note bears
                  to the aggregate unpaid principal amount of all Class A-3
                  Notes; provided, that the Outstanding Amount of the Class A-1
                  Notes and Class A-2 Notes is $0;

                         fifteenth, the balance, if any, of such installment or
                  payment remaining thereafter shall be distributed ratably to
                  the Class A-4 Noteholders to pay in full the lesser of (i) the
                  Additional Principal and (ii) the Outstanding Amount of Class
                  A-4 Notes (after giving effect to the Class A Principal
                  Payment Amount), without priority of any one Class A-4 Note
                  over any other Class A-4 Note, in the proportion that the
                  aggregate unpaid principal amount of each Class A-4 Note bears
                  to the aggregate unpaid principal amount of all Class A-4
                  Notes; provided, that the Outstanding Amount of the Class A-1
                  Notes, Class A-2 Notes and Class A-3 Notes is $0;

                         sixteenth, the balance, if any, of such installment or
                  payment remaining thereafter shall be distributed ratably to
                  the Class B Noteholders to pay in full the lesser of (i) the
                  Additional Principal and (ii) the Outstanding Amount of Class
                  B Notes (after giving effect to the Class B Principal Payment
                  Amount), without priority of any one Class B Note over any
                  other Class B Note, in the proportion that the aggregate
                  unpaid principal amount of each Class B Note bears to the
                  aggregate unpaid principal amount of all Class B Notes;
                  provided, that the Outstanding Amount of the Class A-1 Notes,
                  Class A-2 Notes, Class A-3 Notes and Class A-4 Notes is $0;

                         seventeenth, the balance, if any, of such installment
                  or payment remaining thereafter shall be distributed ratably
                  to the

                                      -60-
<PAGE>   68

                  Class C Noteholders to pay in full the lesser of (i) the
                  Additional Principal and (ii) the Outstanding Amount of Class
                  C Notes (after giving effect to the Class C Principal Payment
                  Amount), without priority of any one Class C Note over any
                  other Class C Note, in the proportion that the aggregate
                  unpaid principal amount of each Class C Note bears to the
                  aggregate unpaid principal amount of all Class C Notes;
                  provided, that the Outstanding Amount of the Class A-1 Notes,
                  Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and Class B
                  Notes is $0;

                         eighteenth, if the sum of (i) the remaining Available
                  Amounts, (ii) any other funds available in the Collection
                  Account as of the Determination Date (which for purposes of
                  this subparagraph eighteenth will be deemed to be "Available
                  Amounts") and (iii) the remaining amounts held in the Reserve
                  Fund equals or exceeds the sum of the remaining Principal
                  Amount of the Notes and any accrued and unpaid Servicing Fee,
                  distribute ratably to the Noteholders an amount equal to such
                  remaining Principal Amount;

                         nineteenth, unless the Principal Amount of all Notes
                  will be fully paid on such Distribution Date, to the Reserve
                  Fund an amount, if any, that, when so deposited, causes the
                  balance in the Reserve Fund to equal the Required Reserve
                  Amount;

                         twentieth, unless the Principal Amount of all Notes
                  will be fully paid on such Distribution Date, if a Spread
                  Event exists, the balance to the Spread Fund;

                         twenty-first, to the Indenture Trustee, to the extent
                  of any remaining amounts due and payable to it; and

                         twenty-second, the balance, if any, shall be paid to
                  the Owner Trustee on behalf of the Issuer for application
                  pursuant to the terms of the Trust Agreement.

                  SECTION 8.03. 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 accordance with the provisions of Section 7.03 of the
Transfer and Servicing Agreement. Except as otherwise provided in Section 7.03
of the Transfer and Servicing Agreement, all income or other gain from
investments of moneys deposited in such Trust Accounts

                                      -61-
<PAGE>   69

shall be deposited by the Indenture Trustee in the Collection Account, and any
loss resulting from such investments shall be charged to the related Trust
Account unless the Issuer (or the Servicer on behalf of the Issuer) deposits
funds to such Trust Account to offset any loss realized. The Issuer will not
direct the Indenture Trustee or permit the Servicer to make any investment of
any funds or to sell any investment held in any of the Trust Accounts unless the
security interest granted and perfected in such account will continue to be
perfected in such investment or the proceeds of such sale, in either case
without any further action by any Person, and, in connection with any direction
to the Indenture Trustee to make any such investment or sale, if requested by
the Indenture Trustee, the Issuer shall deliver to the Indenture Trustee an
Opinion of Counsel, acceptable to the Indenture Trustee, to such effect.

                  (b)    Subject to Section 6.01(c), the Indenture Trustee shall
not in any way be held liable by reason of any insufficiency in any of the Trust
Accounts resulting from any loss on any Eligible Investment included therein
except for losses attributable to the Indenture Trustee's failure to make
payments on such Eligible Investments issued by the Indenture Trustee, in its
commercial capacity as principal obligor and not as Indenture Trustee, in
accordance with their terms.

                  (c)    If (i) the Issuer shall have failed to give written
investment directions for any funds on deposit in the Trust Accounts to the
Indenture Trustee by 11:00 a.m., New York City time (or such other time as may
be agreed by the Issuer and Indenture Trustee), on any Business Day or (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 5.02 or (iii) if such Notes shall have been declared due and payable
following an Event of Default, but amounts collected or receivable from the
Collateral are being applied in accordance with Section 5.06 as if there had not
been such a declaration, then the Indenture Trustee shall invest funds in the
Trust Accounts in investments meeting the requirements of clause (vi) of the
definition of Eligible Investment in the Transfer and Servicing Agreement and
shall promptly notify the Issuer. The Indenture Trustee shall have no
responsibility for losses on investments made in accordance with this Section
8.03(c), and all income and losses shall be for the account of the related Trust
Account.

                  SECTION 8.04. RELEASE OF COLLATERAL.

                  (a)    Subject to the payment of its fees and expenses
pursuant to Section 6.07, the Indenture Trustee may, and when required by the
provisions of this Indenture or the Transfer and Servicing Agreement shall,
execute instruments to release property from the lien of this Indenture, or
convey the Indenture Trustee's interest in the same, in a manner and under
circumstances that are not inconsistent with the provisions of this Indenture.
No party relying upon an instrument executed by the Indenture Trustee as

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<PAGE>   70

provided in this Article shall be bound to ascertain the Indenture Trustee's
authority, inquire into the satisfaction of any conditions precedent or see to
the application of any moneys.

                  (b)    The Indenture Trustee shall, at such time as there are
no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section
6.07 have been paid, release any remaining portion of the Collateral that
secured the Notes from the lien of this Indenture without representation,
warranty or recourse and release to the Issuer or any other Person entitled
thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee
shall release property from the lien of this Indenture pursuant to this Section
8.04(b) only upon receipt of an Issuer Request accompanied by an Officer's
Certificate, an Opinion of Counsel and (if required by the TIA as so stated in
the Opinion of Counsel) Independent Certificates in accordance with TIA Sections
314(c) and 314(d)(1) and in each case meeting the applicable requirements of
Section 11.01.

                  SECTION 8.05. OPINION OF COUNSEL. The Indenture Trustee shall
receive at least seven days prior written notice when requested by the Issuer to
take any action pursuant to Section 8.04(a), accompanied by copies of any
instruments involved, and the Indenture Trustee shall also require, as a
condition to such action, an Opinion of Counsel, in form and substance
satisfactory to the Indenture Trustee, stating the legal effect of any such
action, outlining the steps required to complete the same, and concluding that
all conditions precedent to the taking of such action have been complied with
and such action will not materially and adversely impair the security for the
Notes or the rights of the Noteholders in contravention of the provisions of
this Indenture; provided, however, that such Opinion of Counsel shall not be
required to express an opinion as to the fair value of the Collateral. Counsel
rendering any such opinion may rely, without independent investigation, on the
accuracy and validity of any certificate or other instrument delivered to the
Indenture Trustee in connection with any such action.

                                  ARTICLE NINE

                             SUPPLEMENTAL INDENTURES

                  SECTION 9.01. SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF
NOTEHOLDERS.

                  Without the consent of the Holders of any Notes and with prior
notice to each Rating Agency, the Issuer and the Indenture Trustee, when
authorized by an Issuer Order, and the other parties hereto at any time from
time to time, may enter into one or more indentures supplemental hereto (which
shall conform to the provisions of the TIA

                                      -63-
<PAGE>   71

as in force at the date of the execution thereof), in form satisfactory to the
Indenture Trustee, for any of the following purposes:

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

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

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

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

                  (v)    to cure any ambiguity, to correct or supplement any
         provision herein or in any supplemental indenture which may be
         inconsistent with any other provision herein or in any supplemental
         indenture or the Transaction Documents 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 adversely affect the interests of the Holders of the Notes
         as evidenced by an opinion of counsel;

                  (vi)   to evidence and provide for the acceptance of the
         appointment hereunder by a successor Indenture 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 Indenture Trustee, pursuant to the
         requirements of Article Six; and

                  (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.

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

                                      -64-
<PAGE>   72

entered into pursuant to this Section 9.01 shall not adversely affect the
interests of the Holders of the Notes in any material respect, as evidenced by
an Opinion of Counsel.

                  SECTION 9.02. SUPPLEMENTAL INDENTURES WITH CONSENT OF
NOTEHOLDERS. The Issuer and the Indenture Trustee, when authorized by an Issuer
Order, also may, with prior notice to each Rating Agency, and with the consent
of the Required Holders, by Act of such Holders delivered to the Issuer and the
Indenture Trustee, enter into an indenture or indentures supplemental hereto for
the purpose of adding any provisions to, or changing in any manner or
eliminating any of the provisions of, this Indenture or of modifying in any
manner the rights of the Holders of the Notes under this Indenture; provided,
however, 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 Date Amount with
         respect thereto, change the provisions of this Indenture relating to
         the application of collections on, or the proceeds of the sale of, the
         Collateral 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 Five, 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 definition of
         "Outstanding";

                  (iv)   reduce the percentage of the Outstanding Amount of the
         Notes required to direct the Indenture Trustee to sell or liquidate the
         Collateral pursuant to Section 5.04 or amend the provisions of this
         Article which specify the percentage of the Outstanding Amount of the
         Notes required to amend this Indenture or the other Transaction
         Documents;

                                      -65-
<PAGE>   73

                  (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 other Transaction Documents cannot
         be modified or waived without the consent of the Holder of each
         Outstanding Note affected thereby;

                  (vi)   permit the creation of any lien ranking prior to or on
         a parity with the lien created by this Indenture with respect to any
         part of the Collateral or, except as otherwise permitted or
         contemplated herein, terminate the lien created by this Indenture on
         any property at any time subject hereto or deprive the Holder of any
         Note of the security provided by the lien created by this Indenture;

                  (vii)  alter or modify the provisions of the transfer and
         servicing agreement with respect to the order of priorities in which
         collections on the contracts shall be paid to noteholders or with
         respect to the amount or timing of payments on the notes; or

                  (viii) reduce, modify or amend any indemnities in favor of any
         noteholder or in favor of or to be paid by the trust depositor, or
         alter the definition of "Indemnities" to exclude any noteholder, except
         as consented to by each person adversely affected by the change.

                  Neither the Issuer, the Indenture Trustee nor any of their
respective affiliates shall, directly or indirectly, pay or cause to be paid any
consideration, whether by way of interest, fee or otherwise, to any Note Owner
for or as an inducement to any consent, waiver or amendment of any of the terms
or provisions of this Indenture, the Transfer and Servicing Agreement or the
Notes unless such consideration is offered to be paid to all Note Owners that so
consent, waive or agree to amend in the time frame set forth in solicitation
documents relating to such consent, waiver or agreement.

                  It shall not be necessary for any Act of Noteholders, as
herein defined, 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 the parties hereto of any
supplemental indenture pursuant to this Section, the Indenture Trustee shall
mail to the Holders of the Notes to which such amendment or supplemental
indenture relates a notice setting forth in general terms the substance of such
supplemental indenture. Any failure of the Indenture Trustee to mail such
notice, or any defect therein, shall not, however, in any way impair or affect
the validity of any such supplemental indenture.

                  SECTION 9.03. EXECUTION OF SUPPLEMENTAL INDENTURES. In
executing, or permitting the additional trusts created by, any supplemental
indenture permitted by this Article or the modifications thereby of the trusts
created by this Indenture, the Indenture Trustee shall be entitled to receive,
and subject to Sections 6.01 and 6.02 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, that all conditions precedent to
the execution of such supplemental indenture have been met and that such actions
shall not adversely affect the interests of the Holders of the Notes in any
material respect. The Indenture Trustee may, but shall not be obligated to,
enter into any such supplemental indenture that affects the Indenture Trustee's
own rights, duties, liabilities or immunities under this Indenture or otherwise.

                                      -66-
<PAGE>   74

                  SECTION 9.04. 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 the parties hereto 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 of 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 9.05. CONFORMITY WITH TRUST INDENTURE ACT. Every
amendment of this Indenture and every supplemental indenture executed pursuant
to this Article shall conform to the requirements of the Trust Indenture Act as
then in effect so long as this Indenture shall then be qualified under the Trust
Indenture Act.

                  SECTION 9.06. REFERENCE IN NOTES TO SUPPLEMENTAL INDENTURES.
Notes authenticated and delivered after the execution of any supplemental
indenture pursuant to this Article may, and if required by the Indenture Trustee
shall, bear a notation in form approved by the Indenture Trustee as to any
matter provided for in such supplemental indenture. If the Issuer or the
Indenture Trustee shall so determine, new notes so modified as to conform, in
the opinion of the Indenture Trustee and the Issuer, to any such supplemental
indenture may be prepared and executed by the Issuer and authenticated and
delivered by the Indenture Trustee in exchange for Outstanding Notes.

                                   ARTICLE TEN

                               REDEMPTION OF NOTES

                  SECTION 10.01. REDEMPTION.

                  (a)    In the event that the Trust Depositor pursuant to
Section 11.03 of the Transfer and Servicing Agreement purchases (through the
Trust Depositor) the corpus of the Trust, the Notes are subject to redemption in
whole, but not in part, on the Distribution Date on which such repurchase
occurs, for a purchase price equal to the sum of (i) the outstanding principal,
and accrued interest on the Notes, plus (ii) the amount of Unreimbursed Servicer
Advances (as defined in the Transfer and Servicing Agreement) (if any exist that
have not been effectively waived and released by the Servicer) as well as
accrued and unpaid monthly Servicing Fees (as defined in the Transfer and
Servicing Agreement) to the date of repurchase; provided, however, that the
Issuer has available funds sufficient to pay such amounts. The Originator, the
Trust Depositor, the Servicer or the Issuer shall furnish each Rating Agency
with notice of such redemption. If the Notes

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<PAGE>   75

are to be redeemed pursuant to this Section 10.01(a), the Servicer or the Issuer
shall furnish written notice of such election to the Indenture Trustee not later
than 20 days prior to the Redemption Date and the Issuer shall deposit with the
Indenture Trustee in the Note Distribution Account the Redemption Date Amount of
the Notes to be redeemed whereupon all such Notes shall be due and payable on
the Redemption Date upon the furnishing of a notice complying with Section 10.02
to each Holder of the Notes.

                  (b)    In the event that the assets of the Trust are sold
pursuant to Section 9.02 of the Trust Agreement or Section 5.03(b) of this
Indenture, the proceeds of such sale shall be distributed as provided in Section
5.06. If amounts are to be paid to Noteholders pursuant to this Section
10.01(b), the Servicer or the Issuer shall, to the extent practicable, furnish
written notice of such event to the Indenture Trustee not later than 20 days
prior to the Redemption Date whereupon all such amounts shall be payable on the
Redemption Date.

                  SECTION 10.02. FORM OF REDEMPTION NOTICE. Notice of redemption
under Section 10.01(a) shall be given by the Indenture Trustee by first-class
mail, postage prepaid, mailed not less than five days prior to the applicable
Redemption Date to each Holder of Notes, as of the close of business on the
Record Date preceding the applicable Redemption Date, at such Holder's address
appearing in the Note Register.

                  All notices of redemption shall state:

                  (i)    the Redemption Date;

                  (ii)   the Redemption Date Amount; and

                  (iii)  the place where such Notes are to be surrendered for
         payment of the Redemption Date Amount (which shall be the office or
         agency of the Issuer to be maintained as provided in Section 3.02).

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

                  SECTION 10.03. NOTES PAYABLE ON REDEMPTION DATE. The Notes or
portions thereof to be redeemed shall, following notice of redemption (if any)
as required by Section 10.02, on the Redemption Date become due and payable at
the Redemption Date Amount and (unless the Issuer shall default in the payment
of the Redemption Date Amount) no interest shall accrue on the Redemption Date
Amount for any period after the

                                      -68-
<PAGE>   76

date to which accrued interest is calculated for purposes of calculating the
Redemption Date Amount.

                                 ARTICLE ELEVEN

                                  MISCELLANEOUS

                  SECTION 11.01. COMPLIANCE CERTIFICATES AND OPINIONS, ETC.

                  (a)    Upon any application or request by the Issuer to the
Indenture Trustee to take any action under any provision of this Indenture, the
Issuer shall furnish to the Indenture Trustee (i) an Officer's Certificate
stating that all conditions precedent, if any, provided for in this Indenture
relating to the proposed action have been complied with, (ii) an Opinion of
Counsel stating that in the opinion of such counsel all such conditions
precedent, if any, have been complied with, and (iii) (if required by the TIA as
so stated in the Opinion of Counsel) an Independent Certificate from a firm of
certified public accountants meeting the applicable requirements of this Section
and TIA Sections 314(c) and 314(d)(1), except that, in the case of any such
application or request as to which the furnishing of such documents is
specifically required by any provision of this Indenture, no additional
certificate or opinion need be furnished.

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

                  (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.

                                      -69-
<PAGE>   77

                  (b)    (i) Prior to the deposit of any Collateral or other
         property or securities with the Indenture Trustee that is to be made
         the basis for authentication and delivery of the Notes or the release
         of any property subject to the lien created by this Indenture, the
         Issuer shall, in addition to any obligation imposed in Section 11.01(a)
         or elsewhere in this Indenture, furnish to the Indenture Trustee an
         Officer's Certificate certifying or stating the opinion of the signer
         thereof as to the fair value (within 90 days of such deposit) to the
         Issuer of the Collateral or other property or securities to be so
         deposited.

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

                  (iii)  Other than with respect to any release described in
         clause (A) or (B) of Section 11.01(b)(v), whenever any property or
         securities are to be released from the lien created by this Indenture,
         the Issuer shall also furnish to the Indenture Trustee an Officer's
         Certificate certifying or stating the opinion of each person signing
         such certificate as to the fair value (within 90 days of such release)
         of the property or securities proposed to be released and stating that
         in the opinion of such person the proposed release will not impair the
         security created by this Indenture in contravention of the provisions
         hereof.

                  (iv)   Whenever the Issuer is required to furnish to the
         Indenture Trustee an Officer's Certificate certifying or stating the
         opinion of any signer thereof as to the matters described in clause
         (iii) above, the Issuer shall also furnish to the Indenture Trustee an
         Independent Certificate as to the same matters if the fair value of the
         property or securities and of all other property or securities (other
         than property described in clauses (A) or (B) of Section 11.01(b)(v))
         released from the lien created by this Indenture since the commencement
         of the then current fiscal year, as set forth in the certificates
         required by clause (iii) above and this clause (iv), equals 10% or more
         of the Outstanding Amount of the Notes, but such a 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

                                      -70-
<PAGE>   78

         less than $25,000 or less than one percent of the then Outstanding
         Amount of the Notes.

                  (v)    Notwithstanding any other provision of this Section,
         the Issuer may, without compliance with the other provisions of this
         Section, (A) collect, liquidate, sell or otherwise dispose of the
         Contracts as and to the extent permitted or required by the Transaction
         Documents, (B) make cash payments out of the Trust Accounts as and to
         the extent permitted or required by the Transaction Documents, so long
         as the Issuer shall deliver to the Indenture Trustee every six months,
         commencing       , 2000, an Officer's Certificate stating that all the
         dispositions of Collateral described in clauses (A) or (B) that
         occurred during the preceding six calendar months were in the ordinary
         course of the Issuer's business and that the proceeds thereof were
         applied in accordance with the Transaction Documents.

                  SECTION 11.02. 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 Person 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 the
Issuer may be based, insofar as it relates to legal matters, upon a certificate
or opinion of, or representations by, counsel, unless such officer knows, or in
the exercise of reasonable care should know, that the certificate or opinion or
representations with respect to the matters upon which his 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
the Servicer, the Originator or the Issuer, stating that the information with
respect to such factual matters is in the possession of the Servicer, the
Originator or the 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.

                  Where any Person is required to make, give or execute two or
more applications, requests, consents, certificates, 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 the Indenture Trustee, it is provided that the
Issuer shall deliver any document as a condition of the granting of such
application, or as evidence of the Issuer's

                                      -71-
<PAGE>   79

compliance with any term hereof, it is intended that the truth and accuracy, at
the time of the granting of such application or at the effective date of such
certificate or report (as the case may be), of the facts and opinions stated in
such document shall in such case be conditions precedent to the right of the
Issuer to have such application granted or to the sufficiency of such
certificate or report. The foregoing shall not, however, be construed to affect
the Indenture Trustee's right to conclusively rely upon the truth and accuracy
of any statement or opinion contained in any such document as provided in
Article Six.

                  SECTION 11.03. ACTS OF NOTEHOLDERS.

                  (a)    Any request, demand, authorization, direction, notice,
consent, waiver or other action provided by this Indenture to be given or taken
by Noteholders may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such Noteholders in person or by agents
duly appointed in writing; and except as herein otherwise expressly provided
such action shall become effective when such instrument or instruments are
delivered to the Indenture Trustee, and, where it is hereby expressly required,
to the Issuer. Such instrument or instruments (and the action embodied 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 6.01) conclusive in
favor of the Indenture Trustee and the 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 manner that the Indenture
Trustee deems sufficient.

                  (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 the
Indenture Trustee or the Issuer in reliance thereon, whether or not notation of
such action is made upon such Note.

                  SECTION 11.04. NOTICES. All notices, demands, certificates,
requests and communications hereunder ("notices") shall be in writing and shall
be effective (a) upon receipt when sent through the U.S. mails, registered or
certified mail, return receipt requested, postage prepaid, with such receipt to
be effective the date of delivery indicated on the return receipt, or (b) one
Business Day after delivery to an overnight courier, or (c) on the date
personally delivered to, with respect to the Indenture Trustee, a Responsible
Officer or an Authorized Officer of any other party to which sent, or (d) on the
date

                                      -72-
<PAGE>   80

transmitted by legible telecopier transmission with a confirmation of receipt,
in all cases addressed to the recipient at the address specified in the Transfer
and Servicing Agreement for such recipient.

                  Each party hereto may, by notice given in accordance herewith
to each of the other parties hereto, designate any further or different address
to which subsequent notices shall be sent.

                  SECTION 11.05. 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 the Indenture
Trustee but such filing shall not be a condition precedent to the validity of
any action taken in reliance upon such a waiver.

                  In case, by reason of the suspension of regular mail service
as a result of a strike, work stoppage or similar activity, it shall be
impractical to mail notice of any event to Noteholders when such notice is
required to be given pursuant to any provision of this Indenture, then any
manner of giving such notice as shall be satisfactory to the Indenture Trustee
shall be deemed to be a sufficient giving of such notice.

                  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 11.06. ALTERNATE PAYMENT AND NOTICE PROVISIONS.
Notwithstanding any provisions of this Indenture or any of the Notes to the
contrary, the Issuer may enter into any agreement, with the consent of any
Paying Agent, including the Indenture Trustee if acting as Paying Agent, and the
consent of the Indenture Trustee with any Holder of a Note providing for a
method of payment, or notice by the Indenture Trustee or any Paying Agent to
such Holder, that is different from the methods provided for in this Indenture
for such payments or notices. The Issuer will furnish to the Indenture

                                      -73-
<PAGE>   81

Trustee a copy of each such agreement and the Indenture Trustee will cause
payments to be made and notices to be given in accordance with such agreements.

                  SECTION 11.07. 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 11.08. SUCCESSORS AND ASSIGNS. All covenants and
agreements in this Indenture and the Notes by the Issuer shall bind its
successors and assigns, whether so expressed or not. All agreements of the
Indenture Trustee in this Indenture shall bind its successors, co-Indenture
Trustees and agents.

                  SECTION 11.09. 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 11.10. 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 Collateral, any benefit or any legal or equitable
right, remedy or claim under this Indenture.

                  SECTION 11.11. 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 11.12. GOVERNING LAW. (a) THIS INDENTURE SHALL BE
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK AND THE
OBLIGATIONS, RIGHTS, AND REMEDIES OF THE PARTIES UNDER THE AGREEMENT SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS.

                  (b)    EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT
OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION
WITH THIS INDENTURE. Each party hereto (i) certifies that no representative,
agent or attorney of any other party has represented, expressly or otherwise,
that such other party would not, in the event of litigation, seek to enforce the
foregoing waiver and (ii) acknowledges that

                                      -74-
<PAGE>   82

it and the other parties hereto have been induced to enter into this Indenture
by, among other things, the mutual waivers and certifications in this Section
11.12(b).

                  SECTION 11.13. COUNTERPARTS. This Indenture may be executed in
several counterparts, each of which shall be an original and all of which shall
constitute but one and the same instrument.

                  SECTION 11.14. RECORDING OF INDENTURE. If this Indenture is
subject to recording in any appropriate public recording offices, such recording
is to be effected by the Issuer and at its expense accompanied by an Opinion of
Counsel (which may be counsel to the Indenture Trustee or any other counsel
reasonably acceptable to the Indenture Trustee) to the effect that such
recording is necessary either for the protection of the Noteholders or any other
Person secured hereunder or for the enforcement of any right or remedy granted
to the Indenture Trustee under this Indenture.

                  SECTION 11.15. TRUST OBLIGATION. (a) No recourse may be taken,
directly or indirectly, with respect to the obligations of the Issuer, the Owner
Trustee or the Indenture Trustee on the Notes or under the Indenture or any
certificate or other writing delivered in connection herewith or therewith,
against (i) the Indenture Trustee or the Owner Trustee in its individual
capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any
partner, owner, beneficiary, agent, officer, director, employee or agent of the
Indenture Trustee or the Owner Trustee in its individual capacity, any holder of
a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee
or of any successor or assign of the Indenture Trustee or the Owner Trustee in
its individual capacity, except as any such Person may have expressly agreed (it
being understood that the Indenture Trustee and the Owner Trustee have no such
obligations in their individual 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 the Issuer
hereunder, the Owner Trustee shall be subject to, and entitled to the benefits
of, the terms and provisions of Article Six, Seven and Eight of the Trust
Agreement.

                  The Bank of New York (Delaware) acts solely as Owner Trustee
of the Trust hereunder and not in its individual capacity, and all Persons
having any claim against the Trust by reason of the transactions contemplated by
this Agreement or any other Transaction Document shall look only to the Trust
Estate for payment or satisfaction thereof. The Owner Trustee shall at no time
have any responsibility or liability for or with respect to the legality,
validity and enforceability of any Contract, or the perfection and priority of
any security interest created by any Contract in any Equipment or the
maintenance of any such perfection and priority, or for or with respect to the
sufficiency of the Trust Estate or its ability to generate the payments to be

                                      -75-
<PAGE>   83

distributed to the Noteholders hereunder, including, without limitation, the
existence, condition and ownership of any Equipment; the existence and
enforceability of any insurance thereon; the existence and contents of any
Contract on any computer or other record thereof; the validity of the assignment
of any Contract to the Trust or of any intervening assignment; the completeness
of any Contract; the performance or enforcement of any Contract; the compliance
by the Issuer, the Trust Depositor or the Servicer with any covenant, agreement
or other obligation or any warranty or representation made under any Transaction
Document or in any related document or the accuracy of any such warranty or
representation; or any action of the Administrator, the Indenture Trustee or the
Servicer or any subservicer taken in the name of the Owner Trustee or the Trust.

                  SECTION 11.16. NO PETITION. The parties hereto, by entering
into this Indenture, and each Noteholder, by accepting a Note or a beneficial
interest in a Note, hereby covenant and agree that they will not at any time
institute against the Originator, the Issuer or any General Partner, or join in
any institution against the Originator, the Issuer or any General Partner
thereof, 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 other Transaction Documents; provided,
however, that nothing herein shall prohibit the Indenture Trustee from filing
proofs of claim or otherwise participating in any such proceedings instituted by
any other person.

                  SECTION 11.17. INSPECTION. The Issuer agrees that, on
reasonable prior notice, it will permit any representative of the Indenture
Trustee, during the Issuer's normal business hours, to examine all the books of
account, records, reports and other papers of the Issuer, to make copies and
extracts therefrom, to cause such books to be audited by independent certified
public accountants, and to discuss the Issuer's affairs, finances and accounts
with the Issuer's officers, employees and independent certified public
accountants, all at such reasonable times and as often as may be reasonably
requested. The Indenture Trustee shall and shall cause its representatives to
hold in confidence all such information except to the extent disclosure may be
required by law (and all reasonable applications for confidential treatment are
unavailing) and except to the extent that the Indenture Trustee may reasonably
determine that such disclosure is consistent with its obligations hereunder.
Notwithstanding anything herein to the contrary, the foregoing shall not be
construed to prohibit (i) disclosure of any and all information that is or
becomes publicly known, or information obtained by the Indenture Trustee from
sources other than the Issuer, (ii) disclosure of any and all information (A) if
required to do so by any applicable statute, law, rule or regulation, (B) to any
government agency or regulatory body having or claiming authority to regulate or
oversee any aspects of the Indenture Trustee's business or that of its
affiliates, (C) pursuant to any subpoena, civil investigative demand or similar
demand or request of any court, regulatory

                                      -76-
<PAGE>   84

authority, arbitrator or arbitration to which the Indenture Trustee or an
affiliate or an officer, director, employer or shareholder thereof is a party,
(D) in any preliminary or final offering circular, registration statement or
contract or other document pertaining to the transactions contemplated herein
approved in advance by the Issuer or (E) to any affiliate, independent or
internal auditor, agent, employee or attorney of the Indenture Trustee having a
need to know the same, provided that the Indenture Trustee advises such
recipient of the confidential nature of the information being disclosed, or
(iii) any other disclosure authorized by the Issuer.

                  SECTION 11.18. 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.

                  SECTION 11.19. COMMUNICATION BY NOTE OWNERS WITH OTHER NOTE
OWNERS. Note Owners may communicate with other Note Owners with respect to their
rights under this Indenture or the Notes pursuant to Section 312(b) of the TIA.
Every Note Owner, by receiving and holding the same, agrees with the Issuer and
the Indenture Trustee that none of the Issuer and the Indenture Trustee nor any
agent of the Issuer and the Indenture Trustee shall be deemed to be in violation
of any existing law, or any law hereafter enacted which does not specifically
refer to Section 312 of the TIA, by reason of the disclosure of any such
information as to the names and addresses of the Note Owners in accordance with
Section 312 of the TIA, regardless of the source from which such information was
derived, and that the Indenture Trustee shall not be held accountable by reason
of mailing any material pursuant to a request made under Section 312(b) of the
TIA.

                  The provisions of TIA Sections 310 through 317 that impose
duties on any person (including the provisions automatically deemed included
herein unless expressly excluded by this Indenture) are a part of and govern
this Indenture, whether or not physically contained herein.

                                      -77-
<PAGE>   85

                  IN WITNESS WHEREOF, the parties hereto have caused this
Indenture to be duly executed and delivered as of the day and year first above
written.

                                      ORIX CREDIT ALLIANCE RECEIVABLES
                                      TRUST 2000-A

                                      By:   THE BANK OF NEW YORK (DELAWARE), not
                                            in its individual capacity but
                                            solely on behalf of the Issuer as
                                            Owner Trustee under the Trust
                                            Agreement

                                      By:
                                            ------------------------------------
                                            Printed Name:  Cheryl Laser
                                                         -----------------------
                                            Title:  Assistant Vice President
                                                  ------------------------------

                                      HARRIS TRUST AND SAVINGS BANK, not in its
                                      individual capacity but solely as
                                      Indenture Trustee

                                      By:
                                            ------------------------------------
                                            Printed Name:  Robert D. Foltz
                                                         -----------------------
                                            Title:  Vice President
                                                  ------------------------------

                                      -78-
<PAGE>   86

STATE OF NEW YORK        )
                         ) ss
COUNTY OF NEW YORK       )

         On February     , 2000 before me,______________________________________
                                          {Here insert name and title of notary}

personally appeared Robert D. Foltz

{ }      personally known to me, or

{ }      proved to me on the basis of satisfactory evidence to be the person(s)
         whose name(s) is/are subscribed to the within instrument,

and acknowledged to me that he/she/they executed the same in his/her/their
authorized capacity(ties), and that by his/her/their signature(s) on the
instrument the person(s), or the entity upon behalf of which such person(s)
acted, executed the instrument.

WITNESS my hand and official seal.

Signature ____________________{Seal}

                                      -79-
<PAGE>   87

STATE OF NEW YORK        )
                         ) ss
COUNTY OF NEW YORK       )

         On February     , 2000 before me,______________________________________
                                          {Here insert name and title of notary}

personally appeared

{ }      personally known to me, or

{ }      proved to me on the basis of satisfactory evidence to be the person(s)
         whose name(s) is/are subscribed to the within instrument,

and acknowledged to me that he/she/they executed the same in his/her/their
authorized capacity(ties), and that by his/her/their signature(s) on the
instrument the person(s), or the entity upon behalf of which such person(s)
acted, executed the instrument.

WITNESS my hand and official seal.

Signature ____________________{Seal}

                                      -80-
<PAGE>   88

                                                                       EXHIBIT A

                    FORM OF TRANSFER AND SERVICING AGREEMENT

                                      A-1
<PAGE>   89

                                                                       EXHIBIT B

                             FORM OF CLASS A-1 NOTE

                  THIS SECURITY IS NOT A SAVINGS ACCOUNT OR DEPOSIT AND IT IS
NOT INSURED BY THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES.

                  THE PRINCIPAL OF THIS NOTE IS PAYABLE IN FULL ON THE DATE 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.

                  ORIX CREDIT ALLIANCE RECEIVABLES TRUST 2000-A

                       % CLASS A-1 RECEIVABLE-BACKED NOTES

REGISTERED                                                         $

No. R-1

                  ORIX Credit Alliance Receivables Trust 2000-A, a business
trust organized and existing under the laws of the State of Delaware (herein
referred to as the "Issuer"), for value received, hereby promises to pay to Cede
& Co., or its registered assigns, the principal sum of      ($      ) payable on
the earlier of      , 20 (the "Class A-1 Maturity Date") and the Redemption
Date, if any, pursuant to Section 10.01 of the Indenture referred to on the
reverse hereof.

                  The Issuer will pay interest on this Note at the rate per
annum shown above on each Distribution Date until the principal of this Note is
paid or made available for payment, on the principal amount of this Note
outstanding on the preceding Distribution Date (after giving effect to all
payments of principal made on the preceding Distribution Date), subject to
certain limitations contained in Section 3.01 of the Indenture. Interest on this
Note will accrue for each Distribution Date from the most recent Distribution
Date on which interest has been paid to but excluding such Distribution Date or,
if no interest has yet been paid, from the Closing Date. Interest will be
computed on the basis of a 360-day year and actual days elapsed. Such principal
of and interest on this Note shall be paid in the manner specified on the
reverse hereof.

                  The principal of and interest on this Note are payable in such
coin or currency of the United States of America as at the time of payment is
legal tender for

                                      B-1
<PAGE>   90

payment of public and private debts. All payments made by the Issuer with
respect to this Note shall be applied first to interest due and payable on this
Note as provided above and then to the unpaid principal of this Note.

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

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

                  IN WITNESS WHEREOF, the Issuer has caused this instrument to
be signed, manually or in facsimile, by an Authorized Officer, as of the date
set forth below.

Date:  February    , 2000              ORIX CREDIT ALLIANCE RECEIVABLES
                                       TRUST 2000-A

                                       By: THE BANK OF NEW YORK (DELAWARE), not
                                           in its individual capacity but solely
                                           on behalf of the Issuer as Owner
                                           Trustee, under the Trust Agreement

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

                                      B-2
<PAGE>   91

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                                            HARRIS TRUST AND SAVINGS BANK, not
                                            in its individual capacity but
                                            solely as Indenture Trustee

                                            By:
                                               ---------------------------------
                                                      Authorized Signatory

                                      B-3
<PAGE>   92

                           {REVERSE OF CLASS A-1 NOTE}

                  This Note is one of a duly authorized issue of Notes of the
Issuer, designated as its Class A-1 Receivable-Backed Notes (the "Class A-1
Notes"), all issued under an Indenture, dated as of       , 2000 (the
"Indenture"), among the Issuer and Harris Trust and Savings Bank, as Indenture
Trustee (the "Indenture Trustee"), 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 Class A-1 Notes are subject to all terms of the
Indenture. All terms used in this Note that are defined in the Indenture, as
supplemented or amended, shall have the meanings assigned to them in or pursuant
to the Indenture, as so supplemented or amended.

                  The Class A-1 Notes and the other Notes described in the
Indenture (collectively, the "Notes") are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture subject to the priorities of allocations as to interest and principal
payments as described therein and in the Transfer and Servicing Agreement.

                  Principal of the Class A-1 Notes will be payable on the
earlier of the Class A-1 Maturity Date and the Redemption Date, if any, selected
pursuant to the Indenture. Notwithstanding the foregoing, the entire unpaid
principal amount of the Class A-1 Notes shall be due and payable on the date on
which an Event of Default shall have occurred and be continuing unless the
Required Holders have waived such Event of Default.

                  Payments of interest on this Note due and payable on each
Distribution Date shall be made by wire transfer to the account of the Person
whose name appears as the Registered Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on each
Record Date, except that with respect to Notes registered on the Record Date in
the name of nominee of the Clearing Agency (initially, such nominee to be Cede &
Co.), payments will be made by wire transfer in immediately available funds to
the account designated by such nominee; provided that, if Definitive Notes are
issued pursuant to Section 2.11 of the Indenture, payments may be made by check.
Such checks shall be mailed to the Person entitled thereto at the address of
such Person as it appears on the Note Register as of the applicable Record Date
without requiring that this Note be submitted for notation of payment. Any
reduction in the principal amount of this Note (or any one or more Predecessor
Notes) affected by any payments made on any Distribution Date shall be binding
upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not noted hereon. If funds are expected to be available, as provided in the
Indenture, for payment in full of the then remaining unpaid principal

                                      B-4
<PAGE>   93

amount of this Note on a Distribution Date, then the Indenture Trustee, in the
name of and on behalf of the Issuer, will notify the Person who was the
Registered Holder hereof as of the Record Date preceding such Distribution Date
by notice mailed within five days of such Distribution Date and the amount then
due and payable shall be payable only upon presentation and surrender of this
Note at the Corporate Trust Office of the Indenture Trustee or at the office of
the Indenture Trustee's agent appointed for such purposes located in the City of
Chicago, Illinois.

                  As provided in the Indenture and subject to certain
limitations set forth therein, the transfer of this Note may be registered on
the Note Register upon surrender of this Note for registration of transfer at
the office or agency designated by the Issuer pursuant to the Indenture, duly
endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his
attorney duly authorized in writing, with such signature guaranteed by an
eligible guarantor institution which is a participant in the Securities Transfer
Agent's Medallion Program (STAMP) or similar signature guarantee program, and
such other documents as the Indenture Trustee may require, and thereupon one or
more new Notes of authorized denominations and in the same aggregate principal
amount will be issued to the designated transferee or transferees. No service
charge will be charged for any registration of transfer or exchange of this
Note, but the transferor may be required to pay a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection with any such
registration of transfer or exchange.

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

                  Each Noteholder, by acceptance of a Note or a beneficial
interest in a Note, covenants and agrees that by accepting the benefits of the
Indenture and such Note that such Noteholder will not at any time institute
against the Trust Depositor or the Issuer, or join in any institution against
the Trust Depositor or the Issuer of, any

                                      B-5
<PAGE>   94

bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings
under any United States federal or state bankruptcy or similar law in connection
with any obligations relating to the Notes, the Indenture or the Transaction
Documents.

                  The Issuer has entered into the Indenture, and this Note is
issued with the intention that, for federal, state and local income, single
business and franchise tax purposes, the Notes will qualify as indebtedness
which is solely secured by the Collateral and that the Trust will be disregarded
as a separate entity for federal income tax purposes pursuant to Treasury
Regulations Section 301.7701-3(b)(1)(ii). Each Noteholder, by acceptance of a
Note (and each Noteholder by acceptance of a beneficial interest in a Note),
agrees to treat the Notes for federal, state and local income, single business
and franchise tax purposes as indebtedness.

                  Prior to the due presentment for registration of transfer of
this Note, the Issuer and the Indenture Trustee and any agent of the Issuer and
the Indenture Trustee may treat the Person in whose name this Note (as of the
day of determination or as of such other date as may be specified in the
Indenture) is registered as the owner hereof for all purposes, whether or not
this Note be overdue, and neither the Issuer, the Indenture Trustee nor any such
agent shall be affected by notice to the contrary.

                  The Indenture permits, with certain exceptions as therein
provided, the amendment thereof and the modification of the rights and
obligations of the Issuer and the rights of the Noteholders under the Indenture
at any time by the Issuer and the Required Holders. The Indenture also contains
provisions permitting the Noteholders representing specified percentages of the
Outstanding Amount of the Notes, on behalf of the Noteholders, to waive
compliance by the Issuer with certain provisions of the Indenture and certain
past defaults under the Indenture and their consequences. Any such consent or
waiver by the Noteholder (or any one of more Predecessor Notes) shall be
conclusive and binding upon all Holders and upon all future Noteholders and of
any Note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof whether or not notation of such consent or waiver is made upon
this Note. The Indenture also permits the Indenture Trustee to amend or waive
certain terms and conditions set forth in the Indenture without the consent of
Noteholders issued thereunder.

                  The Notes are issuable only in registered form in
denominations as provided in the Indenture, subject to certain limitations
therein set forth.

                  This Note and the Indenture shall be construed in accordance
with the laws of the State of New York, and the obligations, rights and remedies
of the parties hereunder and thereunder shall be determined in accordance with
such laws.

                                      B-6
<PAGE>   95

                  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.

                                      B-7
<PAGE>   96

                                                                       EXHIBIT C

                             FORM OF CLASS A-2 NOTE

                  THIS SECURITY IS NOT A SAVINGS ACCOUNT OR DEPOSIT AND IT IS
NOT INSURED BY THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES.

                  THE PRINCIPAL OF THIS NOTE IS PAYABLE IN FULL ON THE DATE 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.

                  ORIX CREDIT ALLIANCE RECEIVABLES TRUST 2000-A

                       % CLASS A-2 RECEIVABLE-BACKED NOTES

REGISTERED                                                         $

No. R-1

                  ORIX Credit Alliance Receivables Trust 2000-A, a business
trust organized and existing under the laws of the State of Delaware (herein
referred to as the "Issuer"), for value received, hereby promises to pay to Cede
& Co., or its registered assigns, the principal sum of      ($      ) payable on
the earlier of      , 20 (the "Class A-2 Maturity Date") and the Redemption
Date, if any, pursuant to Section 10.01 of the Indenture referred to on the
reverse hereof. No payments of principal of the Class A-2 Notes shall be made
until the principal on the Class A-1 Notes has been paid in full.

                  The Issuer will pay interest on this Note at the rate per
annum shown above on each Distribution Date until the principal of this Note is
paid or made available for payment, on the principal amount of this Note
outstanding on the preceding Distribution Date (after giving effect to all
payments of principal made on the preceding Distribution Date), subject to
certain limitations contained in the Indenture. Interest on this Note will
accrue for each Distribution Date from the most recent Distribution Date on
which interest has been paid to but excluding such Distribution Date or, if no
interest has yet been paid, from the Closing Date. Interest will be computed on
the basis of a 360-day year of twelve 30-day months. Such principal of and
interest on this Note shall be paid in the manner specified on the reverse
hereof.

                                      C-1
<PAGE>   97

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

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

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

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

Date: February    , 2000               ORIX CREDIT ALLIANCE RECEIVABLES
                                       TRUST 2000-A

                                       By:  THE BANK OF NEW YORK (DELAWARE), not
                                            in its individual capacity but
                                            solely on behalf of the Issuer as
                                            Owner Trustee, under the Trust
                                            Agreement

                                            By:
                                                --------------------------------
                                                Printed Name:  Cheryl Laser
                                                             -------------------
                                                Title:  Assistant Vice President
                                                      --------------------------

                                      C-2
<PAGE>   98

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                                           HARRIS TRUST AND SAVINGS BANK, not in
                                              its individual capacity but solely
                                              as Indenture Trustee

                                           By:
                                              ----------------------------------
                                                     Authorized Signatory

                                      C-3
<PAGE>   99

                           {REVERSE OF CLASS A-2 NOTE}

                  This Note is one of a duly authorized issue of Notes of the
Issuer, designated as its Class A-2 Receivable-Backed Notes (the "Class A-2
Notes"), all issued under an Indenture, dated as of       , 2000 (the
"Indenture"), among the Issuer and Harris Trust and Savings Bank, as Indenture
Trustee (the "Indenture Trustee"), 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 defined in the Indenture, as supplemented or
amended, shall have the meanings assigned to them in or pursuant to the
Indenture, as so supplemented or amended.

                  The Class A-2 Notes and the other Classes of Notes described
in the Indenture (collectively, the "Notes") are and will be equally and ratably
secured by the Collateral pledged as security therefor as provided in the
Indenture subject to the priorities of allocations as to interest and principal
payments as described therein and in the Transfer and Servicing Agreement.

                  Principal of the Class A-2 Notes will be payable on the
earlier of the Class A-2 Maturity Date and the Redemption Date, if any, pursuant
to Section 10.01 of the Indenture. Notwithstanding the foregoing, the entire
unpaid principal amount of the Class A-2 Notes shall be due and payable on the
date on which an Event of Default shall have occurred and be continuing unless
the Required Holders waive such Event of Default.

                  Payments of interest on this Note due and payable on each
Distribution Date shall be made by check mailed to the Person whose name appears
as the Registered Holder of this Note (or one or more Predecessor Notes) on the
Note Register as of the close of business on each Record Date, except that with
respect to Notes registered on the Record Date in the name of nominee of the
Clearing Agency (initially, such nominee to be Cede & Co.), payments will be
made by wire transfer in immediately available funds to the account designated
by such nominee; provided that, if Definitive Notes are issued pursuant to
Section 2.11 of the Indenture, payments may be made by check. Such checks shall
be mailed to the Person entitled thereto at the address of such Person as it
appears on the Note Register as of the applicable Record Date without requiring
that this Note be submitted for notation of payment. Any reduction in the
principal amount of this Note (or any one or more Predecessor Notes) affected by
any payments made on any Distribution Date shall be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If
funds are expected to be available, as provided in the Indenture, for payment in
full of the then remaining unpaid principal
amount of this Note on a

                                      C-4
<PAGE>   100

Distribution Date, then the Indenture Trustee, in the name of and on behalf of
the Issuer, will notify the Person who was the Registered Holder hereof as of
the Record Date preceding such Distribution Date by notice mailed within five
days of such Distribution Date and the amount then due and payable shall be
payable only upon presentation and surrender of this Note at the Indenture
Trustee's principal Corporate Trust Office or at the office of the Indenture
Trustee's agent appointed for such purposes located in the City of Chicago,
Illinois.

                  As provided in the Indenture, the Notes may be redeemed
pursuant to Section 10.01 of the Indenture, in whole, but not in part, at the
option of the Trust Depositor, on any Distribution Date on or after the date on
which the Pool Balance of all Contracts then in the Contracts Pool is less than
15% of the initial Pool Balance of Contracts in the Contracts Pool as of the
Initial Cutoff Date.

                  As provided in the Indenture and subject to certain
limitations set forth therein, the transfer of this Note may be registered on
the Note Register upon surrender of this Note for registration of transfer at
the office or agency designated by the Issuer pursuant to the Indenture, duly
endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his
attorney duly authorized in writing, with such signature guaranteed by an
eligible guarantor institution which is a participant in the Securities Transfer
Agent's Medallion Program (STAMP) or similar signature guarantee program, and
such other documents as the Indenture Trustee may require, and thereupon one or
more new Class A-2 Notes of authorized denomination and in the same aggregate
principal amount will be issued to the designated transferee or transferees. No
service charge will be charged for any registration of transfer or exchange of
this Note, but the transferor may be required to pay a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection with any
such registration of transfer or exchange.

                  Each Noteholder, by acceptance of a Note or a beneficial
interest in a Note, covenants and agrees that no recourse may be taken, directly
or indirectly, with respect to the obligations of the Issuer, the Owner Trustee
or the Indenture Trustee on the Notes or under the Indenture or any certificate
or other writing delivered in connection therewith, against (i) the Indenture
Trustee or the Owner Trustee in their individual capacities, (ii) any owner of a
beneficial interest in the Issuer or (iii) any partner, owner, beneficiary,
agent, officer, director or employee of the Indenture Trustee or the Owner
Trustee in their individual capacities, any holder of a beneficial interest in
the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or
assign of the Indenture Trustee or the Owner Trustee in their individual
capacities, except as any such Person may have expressly agreed and except that
any such partner, owner or beneficiary shall be fully liable, to the extent
provided by applicable law, for any unpaid consideration for

                                      C-5
<PAGE>   101

stock, unpaid capital contribution or failure to pay any installment or call
owing to such entity.

                  Each Noteholder, by acceptance of a Note or a beneficial
interest in a Note, covenants and agrees that by accepting the benefits of the
Indenture and such Note that such Noteholder will not at any time institute
against the Trust Depositor or the Issuer, or join in any institution against
the Trust Depositor or the Issuer, of any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings under any United States
federal or state bankruptcy or similar law in connection with any obligations
relating to the Notes, the Indenture or the Transaction Documents.

                  The Issuer has entered into the Indenture, and this Note is
issued with the intention that, for federal, state and local income, single
business and franchise tax purposes, the Notes will qualify as indebtedness
which is solely secured by the Collateral and that the Trust will be disregarded
as a separate entity for federal income tax purposes pursuant to Treasury
Regulations Section 301.7701-3(b)(1)(ii). Each Noteholder, by acceptance of a
Note or of a beneficial interest in a Note, agrees to treat the Notes for
federal, state and local income, single business and franchise tax purposes as
indebtedness.

                  Prior to the due presentment for registration of transfer of
this Note, the Issuer and the Indenture Trustee and any agent of the Issuer and
the Indenture Trustee may treat the Person in whose name this Note (as of the
day of determination or as of such other date as may be specified in the
Indenture) is registered as the owner hereof for all purposes, whether or not
this Note be overdue, and neither the Issuer, the Indenture Trustee nor any such
agent shall be affected by notice to the contrary.

                  The Indenture permits, with certain exceptions as therein
provided, the amendment thereof and the modification of the rights and
obligations of the Issuer and the rights of the Holders of the Notes under the
Indenture at any time by the Issuer with the consent of the Required Holders.
The Indenture also contains provisions permitting the Holders of Notes
representing specified percentages of the Outstanding Amount of the Notes, on
behalf of the Holders of all of the Notes, to waive compliance by the Issuer
with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of
this Note (or any one of more Predecessor Notes) shall be conclusive and binding
upon all Holders and upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange hereof or in lieu hereof
whether or not notation of such consent or waiver is made upon this Note. The
Indenture also permits the Indenture Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Holders of the
Notes issued thereunder.

                                      C-6
<PAGE>   102

                  The Notes are issuable only in registered form in
denominations as provided in the Indenture, subject to certain limitations
therein set forth.

                  This Note and the Indenture shall be construed in accordance
with the laws of the State of New York, and the obligations, rights and remedies
of the parties hereunder and thereunder shall be determined in accordance with
such laws.

                  No reference herein to the Indenture and no provision of this
Note or of the Indenture shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of and interest on
this Note at the times, place, and rate, and in the coin or currency herein
prescribed.

                                      C-7
<PAGE>   103

                                                                       EXHIBIT D

                             FORM OF CLASS A-3 NOTE

                  THIS SECURITY IS NOT A SAVINGS ACCOUNT OR DEPOSIT AND IT IS
NOT INSURED BY THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES.

                  THE PRINCIPAL OF THIS NOTE IS PAYABLE IN FULL ON THE DATE 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.

                  ORIX CREDIT ALLIANCE RECEIVABLES TRUST 2000-A

                       % CLASS A-3 RECEIVABLE-BACKED NOTES

REGISTERED                                                         $

No. R-1

                  ORIX Credit Alliance Receivables Trust 2000-A, a business
trust organized and existing under the laws of the State of Delaware (herein
referred to as the "Issuer"), for value received, hereby promises to pay to Cede
& Co., or its registered assigns, the principal sum       of Dollars ($        )
payable on the earlier of          , 20 (the "Class A-3 Maturity Date") and the
Redemption Date, if any, pursuant to Section 10.01 of the Indenture referred to
on the reverse hereof. No payments of principal of the Class A-3 Notes shall be
made until the principal on the Class A-2 Notes has been paid in full.

                  The Issuer will pay interest on this Note at the rate per
annum shown above on each Distribution Date until the principal of this Note is
paid or made available for payment, on the principal amount of this Note
outstanding on the preceding Distribution Date (after giving effect to all
payments of principal made on the preceding Distribution Date), subject to
certain limitations contained in the Indenture. Interest on this Note will
accrue for each Distribution Date from the most recent Distribution Date on
which interest has been paid to but excluding such Distribution Date or, if no
interest has yet been paid, from the Closing Date. Interest will be computed on
the basis of a 360-day year of twelve 30-day months. Such principal of and
interest on this Note shall be paid in the manner specified on the reverse
hereof.

                                      D-1
<PAGE>   104

                  The principal of and interest on this Note are payable in such
coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. All payments made by the
Issuer with respect to this Note shall be applied first to interest due and
payable on this Note as provided above and then to the unpaid principal of this
Note. reference is made to the further provisions of this Note set forth on the
reverse hereof, which shall have the same effect as though fully set forth on
the face of this Note.

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

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

Date: February    , 2000                  ORIX CREDIT ALLIANCE RECEIVABLES
                                          TRUST 2000-A

                                          By: THE BANK OF NEW YORK (DELAWARE),
                                              not in its individual capacity but
                                              solely on behalf of the Issuer as
                                              Owner Trustee, under the Trust
                                              Agreement

                                              By:
                                                 -------------------------------
                                                 Printed Name: Cheryl Laser
                                                              ------------------
                                                 Title: Assistant Vice President
                                                       -------------------------

                                      D-2
<PAGE>   105

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                                             HARRIS TRUST AND SAVINGS BANK, not
                                                in its individual capacity but
                                                solely as Indenture Trustee

                                             By:
                                                --------------------------------
                                                      Authorized Signatory

                                      D-3
<PAGE>   106

                           {REVERSE OF CLASS A-3 NOTE}

                  This Note is one of a duly authorized issue of Notes of the
Issuer, designated as its Class A-3 Receivable-Backed Notes (the "Class A-3
Notes"), all issued under an Indenture, dated as of         , 2000 (the
"Indenture"), among the Issuer and Harris Trust and Savings Bank, as Indenture
Trustee (the "Indenture Trustee"), 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 defined in the Indenture, as supplemented or
amended, shall have the meanings assigned to them in or pursuant to the
Indenture, as so supplemented or amended.

                  The Class A-3 Notes and the other Classes of Notes described
in the Indenture (collectively, the "Notes") are and will be equally and ratably
secured by the Collateral pledged as security therefor as provided in the
Indenture subject to the priorities of allocations as to interest and principal
payments as described therein and in the Transfer and Servicing Agreement.

                  Principal of the Class A-3 Notes will be payable on the
earlier of the Class A-3 Maturity Date and the Redemption Date, if any, pursuant
to Section 10.01 of the Indenture. Notwithstanding the foregoing, the entire
unpaid principal amount of the Class A-3 Notes shall be due and payable on the
date on which an Event of Default shall have occurred and be continuing unless
the Required Holders waive such Event of Default.

                  Payments of interest on this Note due and payable on each
Distribution Date shall be made by check mailed to the Person whose name appears
as the Registered Holder of this Note (or one or more Predecessor Notes) on the
Note Register as of the close of business on each Record Date, except that with
respect to Notes registered on the Record Date in the name of nominee of the
Clearing Agency (initially, such nominee to be Cede & Co.), payments will be
made by wire transfer in immediately available funds to the account designated
by such nominee; provided that, if Definitive Notes are issued pursuant to
Section 2.11 of the Indenture, payments may be made by check. Such checks shall
be mailed to the Person entitled thereto at the address of such Person as it
appears on the Note Register as of the applicable Record Date without requiring
that this Note be submitted for notation of payment. Any reduction in the
principal amount of this Note (or any one or more Predecessor Notes) affected by
any payments made on any Distribution Date shall be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If
funds are expected to be available, as provided in the Indenture, for payment in
full of the then remaining unpaid principal amount of this Note on a

                                      D-4
<PAGE>   107

Distribution Date, then the Indenture Trustee, in the name of and on behalf of
the Issuer, will notify the Person who was the Registered Holder hereof as of
the Record Date preceding such Distribution Date by notice mailed within five
days of such Distribution Date and the amount then due and payable shall be
payable only upon presentation and surrender of this Note at the Indenture
Trustee's principal Corporate Trust Office or at the office of the Indenture
Trustee's agent appointed for such purposes located in the City of Chicago,
Illinois.

                  As provided in the Indenture, the Notes may be redeemed
pursuant to Section 10.01 of the Indenture, in whole, but not in part, at the
option of the Trust Depositor, on any Distribution Date on or after the date on
which the Pool Balance of all Contracts then in the Contracts Pool is less than
15% of the initial Pool Balance of Contracts in the Contracts Pool as of the
Initial Cutoff Date.

                  As provided in the Indenture and subject to certain
limitations set forth therein, the transfer of this Note may be registered on
the Note Register upon surrender of this Note for registration of transfer at
the office or agency designated by the Issuer pursuant to the Indenture, duly
endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his
attorney duly authorized in writing, with such signature guaranteed by an
eligible guarantor institution which is a participant in the Securities Transfer
Agent's Medallion Program (STAMP) or similar signature guarantee program, and
such other documents as the Indenture Trustee may require, and thereupon one or
more new Class A-3 Notes of authorized denomination and in the same aggregate
principal amount will be issued to the designated transferee or transferees. No
service charge will be charged for any registration of transfer or exchange of
this Note, but the transferor may be required to pay a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection with any
such registration of transfer or exchange.

                  Each Noteholder, by acceptance of a Note or a beneficial
interest in a Note, covenants and agrees that no recourse may be taken, directly
or indirectly, with respect to the obligations of the Issuer, the Owner Trustee
or the Indenture Trustee on the Notes or under the Indenture or any certificate
or other writing delivered in connection therewith, against (i) the Indenture
Trustee or the Owner Trustee in their individual capacities, (ii) any owner of a
beneficial interest in the Issuer or (iii) any partner, owner, beneficiary,
agent, officer, director or employee of the Indenture Trustee or the Owner
Trustee in their individual capacities, any holder of a beneficial interest in
the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or
assign of the Indenture Trustee or the Owner Trustee in their individual
capacities, except as any such Person may have expressly agreed and except that
any such partner, owner or beneficiary shall be fully liable, to the extent
provided by applicable law, for any unpaid consideration for

                                      D-5
<PAGE>   108

stock, unpaid capital contribution or failure to pay any installment or call
owing to such entity.

                  Each Noteholder, by acceptance of a Note or a beneficial
interest in a Note, covenants and agrees that by accepting the benefits of the
Indenture and such Note that such Noteholder will not at any time institute
against the Trust Depositor or the Issuer, or join in any institution against
the Trust Depositor or the Issuer, of any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings under any United States
federal or state bankruptcy or similar law in connection with any obligations
relating to the Notes, the Indenture or the Transaction Documents.

                  The Issuer has entered into the Indenture, and this Note is
issued with the intention that, for federal, state and local income, single
business and franchise tax purposes, the Notes will qualify as indebtedness
which is solely secured by the Collateral and that the Trust will be disregarded
as a separate entity for federal income tax purposes pursuant to Treasury
Regulations Section 301.7701-3(b)(1)(ii). Each Noteholder, by acceptance of a
Note or of a beneficial interest in a Note, agrees to treat the Notes for
federal, state and local income, single business and franchise tax purposes as
indebtedness.

                  Prior to the due presentment for registration of transfer of
this Note, the Issuer and the Indenture Trustee and any agent of the Issuer and
the Indenture Trustee may treat the Person in whose name this Note (as of the
day of determination or as of such other date as may be specified in the
Indenture) is registered as the owner hereof for all purposes, whether or not
this Note be overdue, and neither the Issuer, the Indenture Trustee nor any such
agent shall be affected by notice to the contrary.

                  The Indenture permits, with certain exceptions as therein
provided, the amendment thereof and the modification of the rights and
obligations of the Issuer and the rights of the Holders of the Notes under the
Indenture at any time by the Issuer with the consent of the Required Holders.
The Indenture also contains provisions permitting the Holders of Notes
representing specified percentages of the Outstanding Amount of the Notes, on
behalf of the Holders of all of the Notes, to waive compliance by the Issuer
with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of
this Note (or any one of more Predecessor Notes) shall be conclusive and binding
upon all Holders and upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange hereof or in lieu hereof
whether or not notation of such consent or waiver is made upon this Note. The
Indenture also permits the Indenture Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Holders of the
Notes issued thereunder.

                                      D-6
<PAGE>   109

                  The Notes are issuable only in registered form in
denominations as provided in the Indenture, subject to certain limitations
therein set forth. This Note and the Indenture shall be construed in accordance
with the laws of the State of New York, and the obligations, rights and remedies
of the parties hereunder and thereunder shall be determined in accordance with
such laws.

                  No reference herein to the Indenture and no provision of this
Note or of the Indenture shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of and interest on
this Note at the times, place, and rate, and in the coin or currency herein
prescribed.

                                      D-7
<PAGE>   110

                                                                       EXHIBIT E

                             FORM OF CLASS A-4 NOTE

                  THIS SECURITY IS NOT A SAVINGS ACCOUNT OR DEPOSIT AND IT IS
NOT INSURED BY THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES.

                  THE PRINCIPAL OF THIS NOTE IS PAYABLE IN FULL ON THE DATE 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.

                  ORIX CREDIT ALLIANCE RECEIVABLES TRUST 2000-A

                       % CLASS A-4 RECEIVABLE-BACKED NOTES

REGISTERED                                                        $

No. R-1

                  ORIX Credit Alliance Receivables Trust 2000-A, a business
trust organized and existing under the laws of the State of Delaware (herein
referred to as the "Issuer"), for value received, hereby promises to pay to Cede
& Co., or its registered assigns, the principal sum of       Dollars ($       )
payable on the earlier of          , 20 (the "Class A-4 Maturity Date") and the
Redemption Date, if any, pursuant to Section 10.01 of the Indenture referred to
on the reverse hereof. No payments of principal of the Class A-4 Notes shall be
made until the principal on the Class A-3 Notes has been paid in full.

                  The Issuer will pay interest on this Note at the rate per
annum shown above on each Distribution Date until the principal of this Note is
paid or made available for payment, on the principal amount of this Note
outstanding on the preceding Distribution Date (after giving effect to all
payments of principal made on the preceding Distribution Date), subject to
certain limitations contained in the Indenture. Interest on this Note will
accrue for each Distribution Date from the most recent Distribution Date on
which interest has been paid to but excluding such Distribution Date or, if no
interest has yet been paid, from the Closing Date. Interest will be computed on
the basis of a 360-day year of twelve 30-day months. Such principal of and
interest on this Note shall be paid in the manner specified on the reverse
hereof.

                                      E-1
<PAGE>   111

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

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

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

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

Date: February    , 2000                ORIX CREDIT ALLIANCE RECEIVABLES
                                            TRUST 2000-A

                                        By: THE BANK OF NEW YORK (DELAWARE), not
                                            in its individual capacity but
                                            solely on behalf of the Issuer as
                                            Owner Trustee, under the Trust
                                            Agreement

                                            By:
                                               ---------------------------------
                                               Printed Name: Cheryl Laser
                                                            --------------------
                                               Title: Assistant Vice President
                                                     ---------------------------

                                      E-2
<PAGE>   112

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                                            HARRIS TRUST AND SAVINGS BANK, not
                                            in its individual capacity but
                                            solely as Indenture Trustee

                                            By:
                                               ---------------------------------
                                                     Authorized Signatory

                                      E-3
<PAGE>   113

                           {REVERSE OF CLASS A-4 NOTE}

                  This Note is one of a duly authorized issue of Notes of the
Issuer, designated as its Class A-4 Receivable-Backed Notes (the "Class A-4
Notes"), all issued under an Indenture, dated as of          , 2000 (the
"Indenture"), among the Issuer and Harris Trust and Savings Bank, as Indenture
Trustee (the "Indenture Trustee"), 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 defined in the Indenture, as supplemented or
amended, shall have the meanings assigned to them in or pursuant to the
Indenture, as so supplemented or amended.

                  The Class A-4 Notes and the other Classes of Notes described
in the Indenture (collectively, the "Notes") are and will be equally and ratably
secured by the Collateral pledged as security therefor as provided in the
Indenture subject to the priorities of allocations as to interest and principal
payments as described therein and in the Transfer and Servicing Agreement.

                  Principal of the Class A-4 Notes will be payable on the
earlier of the Class A-4 Maturity Date and the Redemption Date, if any, pursuant
to Section 10.01 of the Indenture. Notwithstanding the foregoing, the entire
unpaid principal amount of the Class A-4 Notes shall be due and payable on the
date on which an Event of Default shall have occurred and be continuing unless
the Required Holders waive such Event of Default.

                  Payments of interest on this Note due and payable on each
Distribution Date shall be made by check mailed to the Person whose name appears
as the Registered Holder of this Note (or one or more Predecessor Notes) on the
Note Register as of the close of business on each Record Date, except that with
respect to Notes registered on the Record Date in the name of nominee of the
Clearing Agency (initially, such nominee to be Cede & Co.), payments will be
made by wire transfer in immediately available funds to the account designated
by such nominee. Such checks shall be mailed to the Person entitled thereto at
the address of such Person as it appears on the Note Register as of the
applicable Record Date without requiring that this Note be submitted for
notation of payment; provided that, if Definitive Notes are issued pursuant to
Section 2.11 of the Indenture, payments may be made by check. Any reduction in
the principal amount of this Note (or any one or more Predecessor Notes)
affected by any payments made on any Distribution Date shall be binding upon all
future Holders of this Note and of any Note issued upon the registration of
transfer hereof or in exchange hereof or in lieu hereof, whether or not noted
hereon. If funds are expected to be available, as provided in the Indenture, for
payment in full of the then remaining unpaid principal amount of this Note

                                      E-4
<PAGE>   114

on a Distribution Date, then the Indenture Trustee, in the name of and on behalf
of the Issuer, will notify the Person who was the Registered Holder hereof as of
the Record Date preceding such Distribution Date by notice mailed within five
days of such Distribution Date and the amount then due and payable shall be
payable only upon presentation and surrender of this Note at the Indenture
Trustee's principal Corporate Trust Office or at the office of the Indenture
Trustee's agent appointed for such purposes located in the City of Chicago,
Illinois.

                  As provided in the Indenture, the Notes may be redeemed
pursuant to Section 10.01 of the Indenture, in whole, but not in part, at the
option of the Trust Depositor, on any Distribution Date on or after the date on
which the Pool Balance of all Contracts then in the Contracts Pool is less than
15% of the initial Pool Balance of Contracts in the Contracts Pool as of the
Initial Cutoff Date.

                  As provided in the Indenture and subject to certain
limitations set forth therein, the transfer of this Note may be registered on
the Note Register upon surrender of this Note for registration of transfer at
the office or agency designated by the Issuer pursuant to the Indenture, duly
endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his
attorney duly authorized in writing, with such signature guaranteed by an
eligible guarantor institution which is a participant in the Securities Transfer
Agent's Medallion Program (STAMP) or similar signature guarantee program, and
such other documents as the Indenture Trustee may require, and thereupon one or
more new Class A-4 Notes of authorized denomination and in the same aggregate
principal amount will be issued to the designated transferee or transferees. No
service charge will be charged for any registration of transfer or exchange of
this Note, but the transferor may be required to pay a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection with any
such registration of transfer or exchange.

                  Each Noteholder, by acceptance of a Note or a beneficial
interest in a Note, covenants and agrees that no recourse may be taken, directly
or indirectly, with respect to the obligations of the Issuer, the Owner Trustee
or the Indenture Trustee on the Notes or under the Indenture or any certificate
or other writing delivered in connection therewith, against (i) the Indenture
Trustee or the Owner Trustee in their individual capacities, (ii) any owner of a
beneficial interest in the Issuer or (iii) any partner, owner, beneficiary,
agent, officer, director or employee of the Indenture Trustee or the Owner
Trustee in their individual capacities, any holder of a beneficial interest in
the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or
assign of the Indenture Trustee or the Owner Trustee in their individual
capacities, except as any such Person may have expressly agreed and except that
any such partner, owner or beneficiary shall be fully liable, to the extent
provided by applicable law, for any unpaid consideration for

                                      E-5
<PAGE>   115

stock, unpaid capital contribution or failure to pay any installment or call
owing to such entity.

                  Each Noteholder, by acceptance of a Note or a beneficial
interest in a Note, covenants and agrees that by accepting the benefits of the
Indenture and such Note that such Noteholder will not at any time institute
against the Trust Depositor or the Issuer, or join in any institution against
the Trust Depositor or the Issuer, of any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings under any United States
federal or state bankruptcy or similar law in connection with any obligations
relating to the Notes, the Indenture or the Transaction Documents.

                  The Issuer has entered into the Indenture, and this Note is
issued with the intention that, for federal, state and local income, single
business and franchise tax purposes, the Notes will qualify as indebtedness
which is solely secured by the Collateral and that the Trust will be disregarded
as a separate entity for federal income tax purposes pursuant to Treasury
Regulations Section 301.7701-3(b)(1)(ii). Each Noteholder, by acceptance of a
Note or of a beneficial interest in a Note, agrees to treat the Notes for
federal, state and local income, single business and franchise tax purposes as
indebtedness.

                  Prior to the due presentment for registration of transfer of
this Note, the Issuer and the Indenture Trustee and any agent of the Issuer and
the Indenture Trustee may treat the Person in whose name this Note (as of the
day of determination or as of such other date as may be specified in the
Indenture) is registered as the owner hereof for all purposes, whether or not
this Note be overdue, and neither the Issuer, the Indenture Trustee nor any such
agent shall be affected by notice to the contrary.

                  The Indenture permits, with certain exceptions as therein
provided, the amendment thereof and the modification of the rights and
obligations of the Issuer and the rights of the Holders of the Notes under the
Indenture at any time by the Issuer with the consent of the Required Holders.
The Indenture also contains provisions permitting the Holders of Notes
representing specified percentages of the Outstanding Amount of the Notes, on
behalf of the Holders of all of the Notes, to waive compliance by the Issuer
with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of
this Note (or any one of more Predecessor Notes) shall be conclusive and binding
upon all Holders and upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange hereof or in lieu hereof
whether or not notation of such consent or waiver is made upon this Note. The
Indenture also permits the Indenture Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Holders of the
Notes issued thereunder.

                                      E-6
<PAGE>   116

                  The Notes are issuable only in registered form in
denominations as provided in the Indenture, subject to certain limitations
therein set forth.

                  This Note and the Indenture shall be construed in accordance
with the laws of the State of New York, and the obligations, rights and remedies
of the parties hereunder and thereunder shall be determined in accordance with
such laws.

                  No reference herein to the Indenture and no provision of this
Note or of the Indenture shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of and interest on
this Note at the times, place, and rate, and in the coin or currency herein
prescribed.

                                      E-7
<PAGE>   117

                                                                       EXHIBIT F

                              FORM OF CLASS B NOTE

                  THIS SECURITY IS NOT A SAVINGS ACCOUNT OR DEPOSIT AND IT IS
NOT INSURED BY THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES.

                  THE PRINCIPAL OF THIS NOTE IS PAYABLE IN FULL ON THE DATE 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.

                  ORIX CREDIT ALLIANCE RECEIVABLES TRUST 2000-A

                        % CLASS B RECEIVABLE-BACKED NOTES

REGISTERED                                                        $

No. R-1

                  ORIX Credit Alliance Receivables Trust 2000-A, a business
trust organized and existing under the laws of the State of Delaware (herein
referred to as the "Issuer"), for value received, hereby promises to pay to Cede
& Co., or its registered assigns, the principal sum of       Dollars ($       )
payable on the earlier of          , 20 (the "Class B Maturity Date") and the
Redemption Date, if any, pursuant to Section 10.01 of the Indenture referred to
on the reverse hereof. No payments of principal of the Class B Notes shall be
made until the principal on all the Class A-1 Notes has been paid in full. After
the occurrence of an Event of Default or Restricting Event (as defined in the
Transfer and Servicing Agreement), no payments of principal of the Class B Notes
shall be made until the principal on the Class A-1 Notes has been paid in full.

                  The Issuer will pay interest on this Note at the rate per
annum shown above on each Distribution Date until the principal of this Note is
paid or made available for payment, on the principal amount of this Note
outstanding on the preceding Distribution Date (after giving effect to all
payments of principal made on the preceding Distribution Date), subject to
certain limitations contained in the Indenture. Interest on this Note will
accrue for each Distribution Date from the most recent Distribution Date on
which interest has been paid to but excluding such Distribution Date or, if no
interest has yet been paid, from the Closing Date. Interest will be computed on
the basis of a 360-day

                                      F-1
<PAGE>   118

year of twelve 30-day months. Such principal of and interest on this Note shall
be paid in the manner specified on the reverse hereof.

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

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

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

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

Date: February    , 2000            ORIX CREDIT ALLIANCE RECEIVABLES
                                    TRUST 2000-A

                                    By: THE BANK OF NEW YORK (DELAWARE), not in
                                        its individual capacity but solely on
                                        behalf of the Issuer as Owner Trustee,
                                        under the Trust Agreement

                                        By:
                                           -------------------------------------
                                           Printed Name: Cheryl Laser
                                                        ------------------------
                                           Title: Assistant Vice President
                                                 -------------------------------

                                      F-2
<PAGE>   119

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                                            HARRIS TRUST AND SAVINGS BANK, not
                                            in its individual capacity but
                                            solely as Indenture Trustee

                                            By:
                                               ---------------------------------
                                                     Authorized Signatory

                                      F-3
<PAGE>   120

                            {REVERSE OF CLASS B NOTE}

                  This Note is one of a duly authorized issue of Notes of the
Issuer, designated as its Class B Receivable-Backed Notes (the "Class B Notes"),
all issued under an Indenture, dated as of         , 2000 (the "Indenture"),
among the Issuer and Harris Trust and Savings Bank, as Indenture Trustee (the
"Indenture Trustee"), 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 defined in the Indenture, as supplemented or amended,
shall have the meanings assigned to them in or pursuant to the Indenture, as so
supplemented or amended.

                  The Class B Notes and the other Classes of Notes described in
the Indenture (collectively, the "Notes") are and will be equally and ratably
secured by the Collateral pledged as security therefor as provided in the
Indenture subject to the priorities of allocations as to interest and principal
payments as described therein and in the Transfer and Servicing Agreement.

                  Principal of the Class B Notes will be payable on the earlier
of the Class B Maturity Date and the Redemption Date, if any, pursuant to
Section 10.01 of the Indenture. Notwithstanding the foregoing, the entire unpaid
principal amount of the Class B Notes shall be due and payable on the date on
which an Event of Default shall have occurred and be continuing unless the
Required Holders waive such Event of Default.

                  Payments of interest on this Note due and payable on each
Distribution Date shall be made by check mailed to the Person whose name appears
as the Registered Holder of this Note (or one or more Predecessor Notes) on the
Note Register as of the close of business on each Record Date, except that with
respect to Notes registered on the Record Date in the name of nominee of the
Clearing Agency (initially, such nominee to be Cede & Co.), payments will be
made by wire transfer in immediately available funds to the account designated
by such nominee; provided that, if Definition Notes are issued pursuant to
Section 2.11 of the Indenture, payments may be made by check. Such checks shall
be mailed to the Person entitled thereto at the address of such Person as it
appears on the Note Register as of the applicable Record Date without requiring
that this Note be submitted for notation of payment. Any reduction in the
principal amount of this Note (or any one or more Predecessor Notes) affected by
any payments made on any Distribution Date shall be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If
funds are expected to be available, as provided in the Indenture, for payment in
full of the then remaining unpaid principal amount of this Note on a

                                      F-4
<PAGE>   121

Distribution Date, then the Indenture Trustee, in the name of and on behalf of
the Issuer, will notify the Person who was the Registered Holder hereof as of
the Record Date preceding such Distribution Date by notice mailed within five
days of such Distribution Date and the amount then due and payable shall be
payable only upon presentation and surrender of this Note at the Indenture
Trustee's principal Corporate Trust Office or at the office of the Indenture
Trustee's agent appointed for such purposes located in the City of Chicago,
Illinois.

                  As provided in the Indenture, the Notes may be redeemed
pursuant to Section 10.01 of the Indenture, in whole, but not in part, at the
option of the Trust Depositor, on any Distribution Date on or after the date on
which the Pool Balance of all Contracts then in the Contracts Pool is less than
15% of the initial Pool Balance of Contracts in the Contracts Pool as of the
Initial Cutoff Date.

                  As provided in the Indenture and subject to certain
limitations set forth therein, the transfer of this Note may be registered on
the Note Register upon surrender of this Note for registration of transfer at
the office or agency designated by the Issuer pursuant to the Indenture, duly
endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his
attorney duly authorized in writing, with such signature guaranteed by an
eligible guarantor institution which is a participant in the Securities Transfer
Agent's Medallion Program (STAMP) or similar signature guarantee program, and
such other documents as the Indenture Trustee may require, and thereupon one or
more new Class B Notes of authorized denomination and in the same aggregate
principal amount will be issued to the designated transferee or transferees. No
service charge will be charged for any registration of transfer or exchange of
this Note, but the transferor may be required to pay a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection with any
such registration of transfer or exchange.

                  Each Noteholder, by acceptance of a Note or a beneficial
interest in a Note, covenants and agrees that no recourse may be taken, directly
or indirectly, with respect to the obligations of the Issuer, the Owner Trustee
or the Indenture Trustee on the Notes or under the Indenture or any certificate
or other writing delivered in connection therewith, against (i) the Indenture
Trustee or the Owner Trustee in their individual capacities, (ii) any owner of a
beneficial interest in the Issuer or (iii) any partner, owner, beneficiary,
agent, officer, director or employee of the Indenture Trustee or the Owner
Trustee in their individual capacities, any holder of a beneficial interest in
the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or
assign of the Indenture Trustee or the Owner Trustee in their individual
capacities, except as any such Person may have expressly agreed and except that
any such partner, owner or beneficiary shall be fully liable, to the extent
provided by applicable law, for any unpaid consideration for

                                      F-5
<PAGE>   122

stock, unpaid capital contribution or failure to pay any installment or call
owing to such entity.

                  Each Noteholder, by acceptance of a Note or a beneficial
interest in a Note, covenants and agrees that by accepting the benefits of the
Indenture and such Note that such Noteholder will not at any time institute
against the Trust Depositor or the Issuer, or join in any institution against
the Trust Depositor or the Issuer, of any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings under any United States
federal or state bankruptcy or similar law in connection with any obligations
relating to the Notes, the Indenture or the Transaction Documents.

                  The Issuer has entered into the Indenture, and this Note is
issued with the intention that, for federal, state and local income, single
business and franchise tax purposes, the Notes will qualify as indebtedness
which is solely secured by the Collateral and that the Trust will be disregarded
as a separate entity for federal income tax purposes pursuant to Treasury
Regulations Section 301.7701-3(b)(1)(ii). Each Noteholder, by acceptance of a
Note or of a beneficial interest in a Note, agrees to treat the Notes for
federal, state and local income, single business and franchise tax purposes as
indebtedness.

                  Prior to the due presentment for registration of transfer of
this Note, the Issuer and the Indenture Trustee and any agent of the Issuer and
the Indenture Trustee may treat the Person in whose name this Note (as of the
day of determination or as of such other date as may be specified in the
Indenture) is registered as the owner hereof for all purposes, whether or not
this Note be overdue, and neither the Issuer, the Indenture Trustee nor any such
agent shall be affected by notice to the contrary.

                  The Indenture permits, with certain exceptions as therein
provided, the amendment thereof and the modification of the rights and
obligations of the Issuer and the rights of the Holders of the Notes under the
Indenture at any time by the Issuer with the consent of the Required Holders.
The Indenture also contains provisions permitting the Holders of Notes
representing specified percentages of the Outstanding Amount of the Notes, on
behalf of the Holders of all of the Notes, to waive compliance by the Issuer
with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of
this Note (or any one of more Predecessor Notes) shall be conclusive and binding
upon all Holders and upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange hereof or in lieu hereof
whether or not notation of such consent or waiver is made upon this Note. The
Indenture also permits the Indenture Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Holders of the
Notes issued thereunder.

                                      F-6
<PAGE>   123

                  The Notes are issuable only in registered form in
denominations as provided in the Indenture, subject to certain limitations
therein set forth.

                  This Note and the Indenture shall be construed in accordance
with the laws of the State of New York, and the obligations, rights and remedies
of the parties hereunder and thereunder shall be determined in accordance with
such laws.

                  No reference herein to the Indenture and no provision of this
Note or of the Indenture shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of and interest on
this Note at the times, place, and rate, and in the coin or currency herein
prescribed.

                                      F-7
<PAGE>   124

                                                                       EXHIBIT G

                              FORM OF CLASS C NOTE

                  THIS SECURITY IS NOT A SAVINGS ACCOUNT OR DEPOSIT AND IT IS
NOT INSURED BY THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES.

                  THE PRINCIPAL OF THIS NOTE IS PAYABLE IN FULL ON THE DATE 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.

                  ORIX CREDIT ALLIANCE RECEIVABLES TRUST 2000-A

                        % CLASS C RECEIVABLE-BACKED NOTES

REGISTERED                                                       $

No. R-1

                  ORIX Credit Alliance Receivables Trust 2000-A, a business
trust organized and existing under the laws of the State of Delaware (herein
referred to as the "Issuer"), for value received, hereby promises to pay to Cede
& Co., or its registered assigns, the principal sum of        Dollars ($       )
payable on the earlier of          , 20 (the "Class C Maturity Date") and the
Redemption Date, if any, pursuant to Section 10.01 of the Indenture referred to
on the reverse hereof. No payments of principal of the Class C Notes shall be
made until the principal on all the Class A-1 Notes has been paid in full. After
the occurrence of an Event of Default or Restricting Event (as defined in the
Transfer and Servicing Agreement), no payments of principal of the Class C Notes
shall be made until the principal on the Class A-1 Notes has been paid in full.

                  The Issuer will pay interest on this Note at the rate per
annum shown above on each Distribution Date until the principal of this Note is
paid or made available for payment, on the principal amount of this Note
outstanding on the preceding Distribution Date (after giving effect to all
payments of principal made on the preceding Distribution Date), subject to
certain limitations contained in the Indenture. Interest on this Note will
accrue for each Distribution Date from the most recent Distribution Date on
which interest has been paid to but excluding such Distribution Date or, if no
interest has

                                      G-1
<PAGE>   125

yet been paid, from the Closing Date. Interest will be computed on the basis of
a 360-day year of twelve 30-day months. Such principal of and interest on this
Note shall be paid in the manner specified on the reverse hereof.

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

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

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

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

Date: February    , 2000              ORIX CREDIT ALLIANCE RECEIVABLES
                                      TRUST 2000-A

                                      By: THE BANK OF NEW YORK (DELAWARE), not
                                          in its individual capacity but solely
                                          on behalf of the Issuer as Owner
                                          Trustee, under the Trust Agreement

                                          By:
                                             -----------------------------------
                                             Printed Name: Cheryl Laser
                                                          ----------------------
                                             Title: Assistant Vice President
                                                   -----------------------------

                                      G-2
<PAGE>   126

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                                            HARRIS TRUST AND SAVINGS BANK, not
                                            in its individual capacity but
                                            solely as Indenture Trustee

                                            By:
                                               ---------------------------------
                                                      Authorized Signatory

                                      G-3
<PAGE>   127

                            {REVERSE OF CLASS C NOTE}

                  This Note is one of a duly authorized issue of Notes of the
Issuer, designated as its Class C Receivable-Backed Notes (the "Class C Notes"),
all issued under an Indenture, dated as of        , 2000 (the "Indenture"),
among the Issuer and Harris Trust and Savings Bank, as Indenture Trustee (the
"Indenture Trustee"), 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 defined in the Indenture, as supplemented or amended,
shall have the meanings assigned to them in or pursuant to the Indenture, as so
supplemented or amended.

                  The Class C Notes and the other Classes of Notes described in
the Indenture (collectively, the "Notes") are and will be equally and ratably
secured by the Collateral pledged as security therefor as provided in the
Indenture subject to the priorities of allocations as to interest and principal
payments as described therein and in the Transfer and Servicing Agreement.

                  Principal of the Class C Notes will be payable on the earlier
of the Class C Maturity Date and the Redemption Date, if any, pursuant to
Section 10.01 of the Indenture. Notwithstanding the foregoing, the entire unpaid
principal amount of the Class C Notes shall be due and payable on the date on
which an Event of Default shall have occurred and be continuing unless the
Required Holders waive such Event of Default.

                  Payments of interest on this Note due and payable on each
Distribution Date shall be made by check mailed to the Person whose name appears
as the Registered Holder of this Note (or one or more Predecessor Notes) on the
Note Register as of the close of business on each Record Date, except that with
respect to Notes registered on the Record Date in the name of nominee of the
Clearing Agency (initially, such nominee to be Cede & Co.), payments will be
made by wire transfer in immediately available funds to the account designated
by such nominee; provided that, if Definition Notes are issued pursuant to
Section 2.11 of the Indenture, payments may be made by check. Such checks shall
be mailed to the Person entitled thereto at the address of such Person as it
appears on the Note Register as of the applicable Record Date without requiring
that this Note be submitted for notation of payment. Any reduction in the
principal amount of this Note (or any one or more Predecessor Notes) affected by
any payments made on any Distribution Date shall be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If
funds are expected to be available, as provided in the Indenture, for payment in
full of the then remaining unpaid principal amount of this Note on a
Distribution Date, then the Indenture Trustee, in the name of and on behalf of
the Issuer,

                                      G-4
<PAGE>   128

will notify the Person who was the Registered Holder hereof as of the Record
Date preceding such Distribution Date by notice mailed within five days of such
Distribution Date and the amount then due and payable shall be payable only upon
presentation and surrender of this Note at the Indenture Trustee's principal
Corporate Trust Office or at the office of the Indenture Trustee's agent
appointed for such purposes located in the City of Chicago, Illinois.

                  As provided in the Indenture, the Notes may be redeemed
pursuant to Section 10.01 of the Indenture, in whole, but not in part, at the
option of the Trust Depositor, on any Distribution Date on or after the date on
which the Pool Balance of all Contracts then in the Contracts Pool is less than
15% of the initial Pool Balance of Contracts in the Contracts Pool as of the
Initial Cutoff Date.

                  As provided in the Indenture and subject to certain
limitations set forth therein, the transfer of this Note may be registered on
the Note Register upon surrender of this Note for registration of transfer at
the office or agency designated by the Issuer pursuant to the Indenture, duly
endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his
attorney duly authorized in writing, with such signature guaranteed by an
eligible guarantor institution which is a participant in the Securities Transfer
Agent's Medallion Program (STAMP) or similar signature guarantee program, and
such other documents as the Indenture Trustee may require, and thereupon one or
more new program, and such other documents as the Indenture Trustee may require,
and thereupon one or more new Class C Notes of authorized denomination and in
the same aggregate principal amount will be issued to the designated transferee
or transferees. No service charge will be charged for any registration of
transfer or exchange of this Note, but the transferor may be required to pay a
sum sufficient to cover any tax or other governmental charge that may be imposed
in connection with any such registration of transfer or exchange.

                  Each Noteholder, by acceptance of a Note or a beneficial
interest in a Note, covenants and agrees that no recourse may be taken, directly
or indirectly, with respect to the obligations of the Issuer, the Owner Trustee
or the Indenture Trustee on the Notes or under the Indenture or any certificate
or other writing delivered in connection therewith, against (i) the Indenture
Trustee or the Owner Trustee in their individual capacities, (ii) any owner of a
beneficial interest in the Issuer or (iii) any partner, owner, beneficiary,
agent, officer, director or employee of the Indenture Trustee or the Owner
Trustee in their individual capacities, any holder of a beneficial interest in
the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or
assign of the Indenture Trustee or the Owner Trustee in their individual
capacities, except as any such Person may have expressly agreed and except that
any such partner, owner or beneficiary shall be fully liable, to the extent
provided by applicable law, for any unpaid consideration for

                                      G-5
<PAGE>   129

stock, unpaid capital contribution or failure to pay any installment or call
owing to such entity.

                  Each Noteholder, by acceptance of a Note or a beneficial
interest in a Note, covenants and agrees that by accepting the benefits of the
Indenture and such Note that such Noteholder will not at any time institute
against the Trust Depositor or the Issuer, or join in any institution against
the Trust Depositor or the Issuer of any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings under any United States
federal or state bankruptcy or similar law in connection with any obligations
relating to the Notes, the Indenture or the Transaction Documents.

                  The Issuer has entered into the Indenture, and this Note is
issued with the intention that, for federal, state and local income, single
business and franchise tax purposes, the Notes will qualify as indebtedness
which is solely secured by the Collateral and that the Trust will be disregarded
as a separate entity for federal income tax purposes pursuant to Treasury
Regulations Section 301.7701-3(b)(1)(ii). Each Noteholder, by acceptance of a
Note or of a beneficial interest in a Note, agrees to treat the Notes for
federal, state and local income, single business and franchise tax purposes as
indebtedness.

                  Prior to the due presentment for registration of transfer of
this Note, the Issuer and the Indenture Trustee and any agent of the Issuer and
the Indenture Trustee may treat the Person in whose name this Note (as of the
day of determination or as of such other date as may be specified in the
Indenture) is registered as the owner hereof for all purposes, whether or not
this Note be overdue, and neither the Issuer, the Indenture Trustee nor any such
agent shall be affected by notice to the contrary.

                  The Indenture permits, with certain exceptions as therein
provided, the amendment thereof and the modification of the rights and
obligations of the Issuer and the rights of the Holders of the Notes under the
Indenture at any time by the Issuer with the consent of the Required Holders.
The Indenture also contains provisions permitting the Holders of Notes
representing specified percentages of the Outstanding Amount of the Notes, on
behalf of the Holders of all of the Notes, to waive compliance by the Issuer
with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of
this Note (or any one of more Predecessor Notes) shall be conclusive and binding
upon such Holders and upon all future Holders of this Note and of any Note
issued upon the registration of transfer hereof or in exchange hereof or in lieu
hereof whether or not notation of such consent or waiver is made upon this Note.
The Indenture also permits the Indenture Trustee to amend or waive certain terms
and conditions set forth in the Indenture without the consent of Holders of the
Notes issued thereunder.

                                      G-6
<PAGE>   130

                  The Notes are issuable only in registered form in
denominations as provided in the Indenture, subject to certain limitations
therein set forth.

                  This Note and the Indenture shall be construed in accordance
with the laws of the State of New York, and the obligations, rights and remedies
of the parties hereunder and thereunder shall be determined in accordance with
such laws.

                  No reference herein to the Indenture and no provision of this
Note or of the Indenture shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of and interest on
this Note at the times, place, and rate, and in the coin or currency herein
prescribed.

                                      G-7
<PAGE>   131

                                                                       EXHIBIT H

                             FORM OF NOTE ASSIGNMENT

                  FOR VALUE RECEIVED the undersigned hereby sells, assigns and
transfers unto

PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF ASSIGNEE

--------------------------------------------------------------------------------
(Please print or type name and address, including postal zip code, of assignee)

--------------------------------------------------------------------------------
the within Note, and all rights thereunder, hereby irrevocably constituting and
appointing

--------------------------------------------------------------------------------
to transfer said Note on the books kept for registration thereof, with full
power of substitution in the premises.

Dated:
      -------------

Signature Guaranteed:

Signature must be guaranteed by an
eligible guarantor institution which is
a participant in the Securities Transfer
Agent's Medallion Program (STAMP) or
similar signature guarantee program.

----------------------------------------
         (Authorized Officer)

----------------------------------------
Notice: The signature(s) on this
assignment must correspond with the
name(s) as it appears on the face of the
within Note in every particular, without
alteration or enlargement or any change
whatsoever.

                                      H-1
<PAGE>   132

                                                                       EXHIBIT I

                        FORM OF NOTE DEPOSITORY AGREEMENT

                            [STANDARD DTC AGREEMENT]

                                      I-1<PAGE>   1

                                                                    Exhibit 10.1

                        TRANSFER AND SERVICING AGREEMENT

                                      AMONG

            ORIX CREDIT ALLIANCE RECEIVABLES TRUST 2000-A, AS ISSUER,

           ORIX CREDIT ALLIANCE RECEIVABLES CORPORATION III, AS TRUST
                                   DEPOSITOR,

            ORIX CREDIT ALLIANCE, INC., AS SERVICER AND AS ORIGINATOR

                                      (AND)

               HARRIS TRUST AND SAVINGS BANK, AS INDENTURE TRUSTEE

                         DATED AS OF FEBRUARY ____, 2000
<PAGE>   2
                                TABLE OF CONTENTS
<TABLE>
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<S>                                                                                                    <C>
                                   ARTICLE ONE

                                   DEFINITIONS

Section 1.01.  Definitions...............................................................................2
Section 1.02.  Usage of Terms...........................................................................33
Section 1.03.  Section References.......................................................................33
Section 1.04.  Calculations.............................................................................33
Section 1.05.  Accounting Terms.........................................................................33

                                   ARTICLE TWO

               ESTABLISHMENT OF TRUST; TRANSFER OF CONTRACT ASSETS

Section 2.01.  Creation and Funding of Trust; Transfer of Contract Assets...............................33
Section 2.02.  Conditions to Transfer of Trust Assets to Trust..........................................36
Section 2.03.  Acceptance by Owner Trustee..............................................................38
Section 2.04.  Conveyance of Substitute Contracts.......................................................38
Section 2.05.  Release of Released Amounts..............................................................41
Section 2.06.  Delivery of Instruments..................................................................41

                                  ARTICLE THREE

                         REPRESENTATIONS AND WARRANTIES

Section 3.01.  Representations and Warranties Regarding the Originator..................................42
Section 3.02.  Representations and Warranties Regarding Each Contract and as to
                           Certain Contracts in the Aggregate...........................................47
Section 3.03.  Representations and Warranties Regarding the Initial Contracts in the
                           Aggregate....................................................................47
Section 3.04.  Representations and Warranties Regarding the Contract Files..............................48
Section 3.05.  Representations and Warranties Regarding Concentrations of Initial
                           Contracts....................................................................48
Section 3.06.  Representations and Warranties Regarding the Trust Depositor.............................49
Section 3.07.  Representations and Warranties Regarding the Servicer....................................52
</TABLE>

                                       -i-
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                                  ARTICLE FOUR

                           PERFECTION OF TRANSFER AND
                        PROTECTION OF SECURITY INTERESTS

Section 4.01.  Custody of Contracts.....................................................................53
Section 4.02.  Filing...................................................................................53
Section 4.03.  Name Change or Relocation................................................................54
Section 4.04.  Chief Executive Office...................................................................54
Section 4.05.  Costs and Expenses.......................................................................54
Section 4.06.  Sale Treatment...........................................................................54
Section 4.07.  Separateness from Trust Depositor........................................................55

                                  ARTICLE FIVE

                             SERVICING OF CONTRACTS

Section 5.01.  Appointment and Acceptance; Responsibility for Contract
                           Administration...............................................................55
Section 5.02.  General Duties...........................................................................55
Section 5.03.  Consent to Assignment or Replacement.....................................................56
Section 5.04.  Disposition upon Termination of Contract.................................................56
Section 5.05.  Subservicers.............................................................................57
Section 5.06.  Further Assurance........................................................................57
Section 5.07.  Notice to Obligors.......................................................................57
Section 5.08.  Collection Efforts; Modification of Contracts............................................57
Section 5.09.  Prepaid Contract.........................................................................59
Section 5.10.  Acceleration.............................................................................59
Section 5.11.  Taxes....................................................................................59
Section 5.12.  Insurance Premiums.......................................................................59
Section 5.13.  Remittances..............................................................................60
Section 5.14.  Servicer Advances........................................................................60
Section 5.15.  Realization upon Defaulted Contract......................................................60
Section 5.16.  Maintenance of Insurance Policies........................................................60
Section 5.17.  Other Servicer Covenants.................................................................61
Section 5.18.  Servicing Compensation...................................................................62
Section 5.19.  Payment of Certain Expenses by Servicer..................................................62
Section 5.20.  Records..................................................................................63
Section 5.21.  Inspection...............................................................................63
Section 5.22.  Trustees to Cooperate in Releases........................................................63
</TABLE>

                                      -ii-
<PAGE>   4
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                                   ARTICLE SIX

                        COVENANTS OF THE TRUST DEPOSITOR

Section 6.01.  Corporate Existence......................................................................64
Section 6.02.  Contracts Not to Be Evidenced by Promissory Notes........................................64
Section 6.03.  Security Interests.......................................................................64
Section 6.04.  Delivery of Collections..................................................................64
Section 6.05.  Regulatory Filings.......................................................................65
Section 6.06.  Compliance with Law......................................................................65
Section 6.07.  Activities...............................................................................65
Section 6.08.  Indebtedness.............................................................................65
Section 6.09.  Guarantees...............................................................................65
Section 6.10.  Investments..............................................................................65
Section 6.11.  Merger; Sales............................................................................66
Section 6.12.  Distributions............................................................................66
Section 6.13.  Other Agreements.........................................................................66
Section 6.14.  Separate Corporate Existence.............................................................66
Section 6.15.  Location; Records........................................................................67
Section 6.16.  Liability of Trust Depositor; Indemnities................................................68
Section 6.17.  Bankruptcy Limitations...................................................................69
Section 6.18.  Limitation on Liability of Trust Depositor and Others....................................69
Section 6.19.  Chief Executive Office...................................................................70

                                  ARTICLE SEVEN

             ESTABLISHMENT OF ACCOUNTS; DISTRIBUTIONS; RESERVE FUND

Section 7.01.  Trust Accounts; Collections..............................................................70
Section 7.02.  Reserve Fund Deposit.....................................................................71
Section 7.03.  Trust Account Procedures.................................................................71
Section 7.04.  Securityholder Distributions.............................................................72
Section 7.05.  Allocations and Distributions............................................................72
</TABLE>

                                      -iii-
<PAGE>   5
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                                  ARTICLE EIGHT

                       SERVICER DEFAULT; SERVICE TRANSFER

Section 8.01.  Servicer Default.........................................................................80
Section 8.02.  Servicer Transfer........................................................................81
Section 8.03.  Appointment of Successor Servicer; Reconveyance; Successor Servicer
                           to Act.......................................................................82
Section 8.04.  Notification to Securityholders..........................................................83
Section 8.05.  Effect of Transfer.......................................................................83
Section 8.06.  Database File............................................................................84
Section 8.07.  Successor Servicer Indemnification.......................................................84
Section 8.08.  Responsibilities of the Successor Servicer...............................................84
Section 8.09.  Rating Agency Condition for Servicer Transfer............................................85

                                  ARTICLE NINE

                                     REPORTS

Section 9.01.  Monthly Reports..........................................................................85
Section 9.02.  Officer's Certificate....................................................................85
Section 9.03.  Other Data...............................................................................85
Section 9.04.  Annual Report of Accountants.............................................................86
Section 9.05.  Annual Statement of Compliance from Servicer.............................................87
Section 9.06.  Annual Summary Statement.................................................................87

                                   ARTICLE TEN

                                   TERMINATION

Section 10.01.  Sale of Trust Assets....................................................................87

                                 ARTICLE ELEVEN

               REMEDIES UPON MISREPRESENTATION; REPURCHASE OPTION

Section 11.01.  Repurchases of, or Substitution for, Contracts for Breach of
                           Representations and Warranties...............................................88
Section 11.02.  Reassignment of Repurchased or Substituted Contracts....................................89
Section 11.03.  The Trust Depositor's Repurchase Option.................................................89
</TABLE>

                                      -iv-
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<TABLE>
<S>                                                                                                    <C>

                                 ARTICLE TWELVE

                             ORIGINATOR INDEMNITIES

Section 12.01.  Originator's Indemnification............................................................90
Section 12.02.  Liabilities to Obligors.................................................................90
Section 12.03.  Tax Indemnification.....................................................................90
Section 12.04.  Adjustments.............................................................................91
Section 12.05.  Operation of Indemnities................................................................92

                                ARTICLE THIRTEEN

                                  MISCELLANEOUS

Section 13.01.  Amendment...............................................................................92
Section 13.02.  Protection of Title to Trust............................................................93
Section 13.03.  Governing Law...........................................................................95
Section 13.04.  Notices.................................................................................95
Section 13.05.  Severability of Provisions..............................................................98
Section 13.06.  Third Party Beneficiaries...............................................................98
Section 13.07.  Counterparts............................................................................98
Section 13.08.  Headings................................................................................98
Section 13.09.  No Bankruptcy Petition; Disclaimer......................................................98
Section 13.10.  Jurisdiction............................................................................99
Section 13.11.  Tax Characterization...................................................................100
Section 13.12.  Prohibited Transactions with Respect to the Trust......................................100
Section 13.13.  Merger or Consolidation of Originator or Servicer......................................100
Section 13.14.  Assignment or Delegation by the Originator.............................................101
Section 13.15.  Limitation of Liability of Owner Trustee...............................................101

Schedule 1        List of States Where Equipment is Located ...........................................102

                                    EXHIBITS

EXHIBIT A         Form of Assignment...................................................................A-1
EXHIBIT B         Form of Closing Certificate of Trust Depositor.......................................B-1
EXHIBIT C         Form of Closing Certificate of Servicer/Originator...................................C-1
EXHIBIT D         Form of Opinion of Counsel for Trust Depositor Regarding
                  General Corporate Matters (Including Perfection Opinion).............................D-1
</TABLE>

                                      -v-
<PAGE>   7
<TABLE>
<S>                                                                                                    <C>
EXHIBIT E         Form of Opinion of Counsel for Trust Depositor Regarding
                  the "True Sale" Nature of the Transaction and Regarding
                  Non-Consolidation....................................................................E-1
EXHIBIT F         Form of Certificate Regarding Repurchased Contracts..................................F-1
EXHIBIT G         List of Contracts....................................................................G-1
EXHIBIT H         Form of Monthly Report to Noteholders and
                  Certificateholders...................................................................H-1
EXHIBIT I         Form of Subsequent Transfer Agreement................................................I-1
EXHIBIT J         Form of Subsequent Purchase Agreement................................................J-1
</TABLE>

                                       -vi-
<PAGE>   8
                   This TRANSFER AND SERVICING AGREEMENT, dated as of February
___, 2000, is among ORIX CREDIT ALLIANCE RECEIVABLES TRUST 2000-A (together with
its successors and assigns, the "Trust"), ORIX CREDIT ALLIANCE RECEIVABLES
CORPORATION III, (together with its successor and assigns, the "Trust
Depositor"), HARRIS TRUST AND SAVINGS BANK (solely in its capacity as Indenture
Trustee, together with its successors and assigns, the "Indenture Trustee"),
ORIX CREDIT ALLIANCE, INC. (together with its successors and assigns, "OCAI", in
its capacity as Servicer, together with its successor and assigns, the
"Servicer" and in its capacity as originator, together with its successor and
assigns, the "Originator").

                   WHEREAS, in the regular course of its business, the
Originator originates and purchases Contracts (as defined herein);

                  WHEREAS, the Trust Depositor acquired the Initial Contracts
from the Originator and may acquire from time to time thereafter certain
Substitute Contracts (such Initial Contracts and Substitute Contracts, together
with certain related property as more fully described herein, being the Contract
Assets as defined herein);

                  WHEREAS, it was a condition to the Trust Depositor's
acquisition of the Initial Contracts from the Originator that the Originator
make certain representations and warranties regarding the Contract Assets for
the benefit of the Trust Depositor as well as the Trust;

                  WHEREAS, on the Closing Date the Trust Depositor will fund the
Trust by selling, conveying and assigning all its right, title and interest in
such Contract Assets and certain other assets to the Trust;

                  WHEREAS, the Trust is willing to purchase and accept
assignment of the Trust Assets from the Trust Depositor pursuant to the terms
hereof; and

                   WHEREAS, the Servicer is willing to service the Contracts for
the benefit and account of the Trust pursuant to the terms hereof;

                  NOW, THEREFORE, in consideration of the premises and the
mutual covenants herein contained, the parties hereto agree as follows:

<PAGE>   9
                                   ARTICLE ONE

                                   DEFINITIONS

                   SECTION 1.01. DEFINITIONS. Whenever used in this Agreement,
the following words and phrases, unless the context otherwise requires, shall
have the following meanings:

                  "Accountant's Report" has the meaning assigned such term in
Section 9.04.

                  "Accrual Period" means the period from and including the most
recent Distribution Date to but excluding the following Distribution Date,
provided that the initial Accrual Period following the Closing Date shall be the
period from and including the Closing Date to but excluding the first
Distribution Date following the Closing Date.

                  "Addition Notice" means, with respect to any transfer of
Substitute Contracts to the Trust pursuant to Section 2.04 (and the Trust
Depositor's corresponding prior purchase of such Contracts from the Originator),
a notice, which shall be given at least 5 days prior to the related Subsequent
Transfer Date, identifying the Substitute Contracts to be transferred, the
Principal Balance of such Substitute Contracts and the related Substitution
Event (with respect to an identified Contract or Contracts then in the Contracts
Pool) to which such Substitute Contract relates, with such notice to be signed
both by the Trust Depositor and the Originator.

                  "Additional Principal" means, with respect to a Distribution
Date (i) if the Class B Target Investor Principal Amount and the Class C Target
Investor Principal Amount exceed the Class B Floor and the Class C Floor,
respectively, an amount of $0; or (ii) if any of the conditions in clause (i)
are not satisfied, an amount equal to the excess, if any, of (A) the Monthly
Principal Amount, over (B) the sum of the Class A Principal Payment Amount,
Class B Principal Payment Amount and Class C Principal Payment Amount for such
Distribution Date.

                  "Affiliate" of any specified Person means any other Person
controlling or 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" or
"controlled" have meanings correlative to the foregoing.

                  "Aggregate Loss Amount" means the excess, if any, of (x) the
aggregate amount of the Contract Principal Balances (calculated with respect to
a Defaulted

                                       -2-
<PAGE>   10
Contract as of the date immediately before such Contract became a Defaulted
Contract) of all the Contracts that became Defaulted Contracts during all prior
Collection Periods over (y) the aggregate amount of all Recoveries collected by
the Servicer with respect to such Collection Periods.

                  "Aggregate Principal Amount" means, with respect to any group
of Notes, at any date of determination, the sum of the Principal Amounts of such
Notes on such date of determination.

                  "Agreement" means this Transfer and Servicing Agreement, as
amended, supplemented or otherwise modified from time to time in accordance with
the terms hereof.

                  "Assignment" means each Assignment, substantially in the form
of Exhibit A relating to an assignment, transfer and conveyance of Contracts and
related property by the Trust Depositor to the Trust.

                  "Available Amounts" means, as of any Distribution Date, the
sum of (i) all amounts on deposit in the Collection Account as of the
immediately preceding Determination Date on account of Scheduled Payments due
on or before, and Prepayments received on or before, the last day of the
Collection Period immediately preceding such Distribution Date (other than
Excluded Amounts), (ii) Recoveries on account of previously Defaulted Contracts
received as of the last day of the immediately preceding Collection Period;
(iii) Investment Earnings credited to the Collection Account or the Reserve Fund
as of the last day of the immediately preceding Collection Period, (iv) Late
Charges received on or before the last day of such Collection Period (provided
such late charges were included in the Contract's terms as of the applicable
Cutoff Date); (v) all amounts on deposit in the Spread Fund, and (vi) proceeds
of any of the foregoing.

                  "Business Day" means any day which is neither a Saturday or a
Sunday, nor another day on which banking institutions in the city of Chicago,
Illinois, Secaucus, New Jersey, Newark, Delaware or New York, New York are
authorized or obligated by law, executive order, or governmental decree to be
closed.

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

                  "Casualty Loss" means, with respect to any item of Equipment,
the loss, theft, damage beyond repair or governmental condemnation or seizure of
such item of Equipment.

                                       -3-
<PAGE>   11
                  "Certificate" means the $          aggregate initial principal
amount ORIX Credit Alliance Receivables Trust Certificate, Series 2000-A
representing a beneficial equity interest in the Trust and issued pursuant to
the Trust Agreement.

                   "Certificate Register" has the meaning specified in the Trust
Agreement.

                   "Certificateholder" means the registered holder of the
Certificate.

                  "Class" means any of the group of Notes or the Certificate
identified herein as, as applicable, the Class A-1 Notes, the Class A-2 Notes,
the Class A-3 Notes, the Class A-4 Notes, the Class B Notes, the Class C Notes,
or the Certificate.

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

                  "Class A Percentage" means                 %.

                  "Class A Principal Payment Amount" means, with respect to a
Distribution Date, (i) while all or any portion of the Class A-1 Notes remain
outstanding after giving effect to payments on such Distribution Date, the
Monthly Principal Amount; (ii) if such Distribution Date is the Class A-1
Maturity Date, the Principal Amount of the Class A-1 Notes; (iii) if the
Principal Amount of the Class A-1 Notes is being reduced to zero on such
Distribution Date, the sum of the amount necessary to reduce the Principal
Amount of the Class A-1 Notes to zero and the amount necessary to reduce the
aggregate Principal Amount of the Class A-2 Notes, Class A-3 Notes, and Class
A-4 Notes to the Class A Target Investor Principal Amount; (iv) if the Principal
Amount of the Class A-1 Notes is zero, the amount necessary to reduce the
aggregate Principal Amount of the Class A-2 Notes, Class A-3 Notes and Class A-4
Notes to the Class A Target Investor Principal Amount; (v) if the Principal
Amount of the Class A-1 Notes and Class A-2 Notes is zero, the amount necessary
to reduce the aggregate Principal Amount of the Class A-3 Notes and Class A-4
Notes to the Class A Target Investor Principal Amount; and (vi) if the Principal
Amount of the Class A-1 Notes, Class A-2 Notes and Class A-3 Notes is zero, the
amount necessary to reduce the Principal Amount of the Class A-4 Notes to the
Class A Target Investor Principal Amount.

                  "Class A Target Investor Principal Amount" means, with respect
to a Distribution Date, an amount equal to the product (i) the Class A
Percentage and (ii) the Pool Balance as of the last day of the related
Collection Period.

                  "Class A-1 Interest Rate" means       % per annum (calculated
on the basis of a year of 360 days and actual days elapsed in the Accrual
Period).

                                      -4-
<PAGE>   12
                  "Class A-1 Maturity Date" means the
Distribution Date.

                  "Class A-1 Noteholder" means the Person in whose name a Class
A-1 Note is registered in the Note Register.

                  "Class A-1 Notes" means the $     aggregate initial principal
amount ORIX Credit Alliance Receivables Trust, Class A-1 Receivable-Backed
Notes, Series 2000-A, issued pursuant to the Indenture.

                  "Class A-2 Interest Rate" means       % per annum (calculated
on the basis of a year of 360 days and twelve 30-day months).

                  "Class A-2 Maturity Date" means the
Distribution Date.

                  "Class A-2 Noteholder" means the Person in whose name a Class
A-2 Note is registered in the Note Register.

                   "Class A-2 Notes" means the $    aggregate initial principal
amount ORIX Credit Alliance Receivables Trust Class A-2 Receivable-Backed Notes,
Series 2000-A, issued pursuant to the Indenture.

                  "Class A-3 Interest Rate" means     % per annum (calculated
on the basis of a year of 360 days and twelve 30-day months).

                  "Class A-3 Maturity Date" means the
Distribution Date.

                  "Class A-3 Noteholder" means the Person in whose name a Class
A-3 Note is registered in the Note Register.

                  "Class A-3 Notes" means the $     aggregate initial principal
amount ORIX Credit Alliance Receivables Trust Class A-3 Receivable-Backed Notes,
Series 2000-A, issued pursuant to the Indenture.

                  "Class A-4 Interest Rate" means      % per annum (calculated
on the basis of a year of 360 days and twelve 30-day months).

                  "Class A-4 Maturity Date" means the
Distribution Date.

                  "Class A-4 Noteholder" means the Person in whose name a Class
A-4 Note is registered in the Note Register.

                                      -5-
<PAGE>   13
                  "Class A-4 Notes" means the $     aggregate initial principal
amount ORIX Credit Alliance Receivables Trust Class A-4 Receivable-Backed Notes,
Series 2000-A, issued pursuant to the Indenture.

                  "Class B Floor" means, with respect to a Distribution Date,

(i)                   % of the Original Pool Balance plus

(ii)     the Cumulative Loss Amount as of such date, minus

(iii)    the sum of (a) the outstanding Principal Amount of the Class C Notes as
         of the immediately preceding Distribution Date after giving effect to
         all principal payments made on such date, (b) the Overcollateralization
         Balance as of the immediately preceding Distribution Date and (c) the
         amount on deposit in the Reserve Fund after giving effect to amounts to
         be withdrawn on such date.

                  "Class B Interest Rate" means     % per annum (calculated
on the basis of a year of 360 days and twelve 30-day months).

                  "Class B Maturity Date" means the
Distribution Date.

                  "Class B Noteholder" means the Person in whose name a Class B
Note is registered in the Note Register.

                  "Class B Notes" means the $      aggregate initial principal
amount ORIX Credit Alliance Receivables Trust Class B Receivable-Backed Notes,
Series 2000-A, issued pursuant to the Indenture.

                  "Class B Percentage" means                 %.

                  "Class B Principal Payment Amount" means, with respect to a
Distribution Date,

(i)      if the Principal Amount of the Class A-1 Notes is greater than zero,
         zero; and

(ii)     if the Principal Amount of the Class A-1 Notes is zero, the amount
         necessary to reduce the Principal Amount of the Class B Notes to the
         greater of (a) the Class B Target Investor Principal Amount or (b) the
         Class B Floor.

                  "Class B Target Investor Principal Amount" means, with respect
to a Distribution Date, an amount equal to the product of (i) the Class B
Percentage and (ii) the Pool Balance as of the last day of the related
Collection Period.

                                      -6-
<PAGE>   14
                  "Class C Floor" means, with respect to a Distribution Date,

(i)                    % of the Original Pool Balance plus

(ii)     the Cumulative Loss Amount as of such date, minus

(iii)    the sum of (a) the Overcollateralization Balance as of the immediately
         preceding Distribution Date and (b) the amount on deposit in the
         Reserve Fund after giving effect to amounts to be withdrawn on such
         date;

provided, however, that if the Principal Amount of the Class B Notes as of such
Distribution Date is less than or equal to the Class B Floor on such date, the
Class C Floor will be an amount equal to the Principal Amount of the Class C
Notes utilized in the calculation of the Class B Floor for such date.

                  "Class C Interest Rate" means     % per annum (calculated on
the basis of a year of 360 days and twelve 30-day months).

                  "Class C Maturity Date" means the
Distribution Date.

                  "Class C Noteholder" means the Person in whose name a Class C
Note is registered in the Note Register.

                  "Class C Notes" means the $     aggregate initial principal
amount ORIX Credit Alliance Receivables Trust Class C Receivable-Backed Notes,
Series 2000-A, issued pursuant to the Indenture.

                  "Class C Percentage" means      %.

                  "Class C Principal Payment Amount" means, with respect to a
Distribution Date,

(i)      if the Principal Amount of the Class A-1 Notes is greater than zero,
         zero; and

(ii)     if the Principal Amount of the Class A-1 Notes is zero, the amount
         necessary to reduce the Principal Amount of the Class C Notes to the
         greater of (a) the Class C Target Investor Principal Amount or (b) the
         Class C Floor.

                  "Class C Target Investor Principal Amount" means, with respect
to a Distribution Date, an amount equal to the product of (i) the Class C
Percentage and (ii) the Pool Balance as of the last day of the related
Collection Period.

                                      -7-
<PAGE>   15
                  "Closing Date" means February        , 2000.

                  "Code" means the Internal Revenue Code of 1986, as amended.

                   "Collateral" has the meaning given such term in the "granting
clause" of the Indenture.

                  "Collection Account" means the Trust Account so designated
established pursuant to Section 7.01.

                  "Collection Period" means a period beginning on and including
the first day of a calendar month and ending on and including, the last day of
such calendar month, provided that the first Collection Period shall be the
period beginning on the Initial Cutoff Date and ending on and including the last
day of the calendar month in which the Closing Date occurs.

                  "Collections" means all payments received on or with respect
to the Contracts in the Contracts Pool or the related Equipment, including,
without limitation, Scheduled Payments, Prepayments, Recoveries and Late
Charges, all as related to amounts attributable to the Contracts in the
Contracts Pool or the related Equipment (including any such amounts derived from
Vendor recourse provisions), but excluding any Excluded Amounts.

                  "Commission" means the United States Securities and Exchange
Commission.

                  "Computer Records" means the computer records generated by the
Servicer which provide information relating to the Contracts and which was used
by the Originator in selecting the Contracts conveyed to the Trust Depositor
pursuant to Section 2.01 (and any Subsequent Purchase Agreement conveyed to the
Trust Depositor pursuant to Section 2.04).

                  "Contract" means each End-User Contract, and including both
Initial Contracts and Substitute Contracts.

                  "Contract Assets" has the meaning assigned in Section 2.01
(and 2.04, as applicable in the case of Substitute Contracts).

                  "Contract File" means, with respect to each Contract, the
fully executed original counterpart (for UCC purposes) of the Contract, the
original certificate of title or other title document with respect to the
related Equipment (if applicable), and otherwise such documents, if any, that
the Servicer keeps on file in accordance with its customary

                                      -8-
<PAGE>   16
procedures, evidencing ownership of such Equipment (if applicable) and all other
documents originally delivered to the Originator or held by the Servicer with
respect to any Contract.

                  "Contracts Pool" as of any date means the Initial Contracts
and the Substitute Contracts (if any), other than any such Contracts which (i)
have been reconveyed by the Trust to the Trust Depositor, and concurrently by
the Trust Depositor to the Originator, pursuant to Section 11.02 hereof, or (ii)
have been paid (or prepaid) in full.

                  "Corporate Trust Office" means, with respect to the Indenture
Trustee or Owner Trustee, as applicable, the office of the Indenture Trustee or
Owner Trustee at which at any particular time its corporate trust business shall
be principally administered, which offices at the date of the execution of this
Agreement are located at the addresses set forth in Section 13.04.

                  "CSA" means each conditional sales agreement, including, as
applicable, schedules, subschedules, supplements and amendments to a master
conditional sales agreement, pursuant to which specified assets were
conditionally sold to an Obligor at specified monthly, quarterly, semi-annual or
annual payments.

                  "Cumulative Loss Amount" means, with respect to a Distribution
Date, an amount equal to the excess, if any, of:

(i)      the total of

         (A)      the Principal Amount of the Notes as of the immediately
                  preceding Distribution Date after giving effect to all
                  principal payments made on such date, plus

         (B)      the Overcollateralization Balance as of the immediately
                  preceding Distribution Date, minus

         (C)      the lesser of: (1) the Monthly Principal Amount and (2)
                  Available Amounts remaining after payment of amounts owing to
                  the Servicer, including Unreimbursed Servicer Advances and
                  Servicing Fees, and after payment of interest on the Notes on
                  such date; over

(ii)     the Pool Balance as of the last day of the immediately preceding
         Collection Period.

                  "Cumulative Net Loss Percentage" means, with respect to a
Determination Date, the percentage equivalent of a fraction, (a) the numerator
of which is the Aggregate

                                      -9-
<PAGE>   17
Loss Amount as of the last day of the immediately preceding Collection Period
and (b) the denominator of which is the Original Pool Balance.

                  "Custodian Agreement" means the Custodian Agreement dated as
of the date hereof between OCAI, as custodian, and the Indenture Trustee.

                  "Cutoff Date" means either or both (as the context may
require) the Initial Cutoff Date and any Subsequent Cutoff Date, as applicable
to the Contract or Contracts in question.

                  "Date of Processing" means, with respect to any transaction or
Collection, the date on which such transaction or Collection is first recorded
(and, in the case of a transaction or Collection related to a particular
Contract, identified as to such particular Contract) on the Originator's or
Servicer's computer master file of Contracts (without regard to the effective
date of such recordation).

                  "Defaulted Contract" means a Contract in the Contracts Pool
with respect to which there has occurred one or more of the following: (i) all
or some portion of any Scheduled Payment under the Contract is more than 180
days delinquent or such shorter period as the Originator may determine
consistent with its collection policy or (ii) the Servicer has determined in its
sole discretion, in accordance with its usual and customary practices (and
taking into account any available Vendor recourse), that such Contract is not
collectible.

                  "Determination Date" means, with respect to any Distribution
Date, the third Business Day prior to such Distribution Date.

                  "Distribution Date" shall mean the fifteenth day of each
calendar month or, if such fifteenth day is not a Business Day, the next
succeeding Business Day, with the first such Distribution Date hereunder
being        , 2000.

                   "Dollar" and "$" means lawful currency of the United States
of America.

                  "Eligible Contract" means at any date of determination, each
Contract with respect to which each of the following is true (to the extent
applicable to such type of Contract):

                  (a) the Contract is a valid and binding payment obligation of
         the Obligor, is enforceable in accordance with its terms (except as may
         be limited by applicable Insolvency Laws and the availability of
         equitable remedies) and contains a clause that has the effect of
         unconditionally and irrevocably obligating the Obligor to make periodic
         Scheduled Payments (including taxes) to the

                                      -10-
<PAGE>   18
         assignee of the Contract, notwithstanding any rights the Obligor may
         have against the assignor;

                  (b) the Contract is noncancellable by the Obligor;

                  (c) all payments payable under the Contract are absolute,
         unconditional obligations of the Obligor and the Contract does not
         provide for offset for any reason;

                  (d) the Contract requires the Obligor to maintain the
         Equipment in good working order, to bear all the costs of operating the
         Equipment, including taxes and insurance relating thereto;

                  (e) the Contract, at the time it was made, did not violate the
         laws of the United States or any state, except for any such violations
         which would not materially and adversely affect the collectibility of
         the Contracts in the Contracts Pool taken as a whole;

                  (f) the Contract requires that (i) the Obligor will obtain
         insurance and list OCAI as the loss payee in an amount not less than
         the Outstanding Principal Balance of the Contract; and (ii) in the
         event of a Casualty Loss, the Servicer may require the Obligor (A) to
         pay at a minimum the Outstanding Principal Balance of the Contract or
         (B) to replace the Equipment with like Equipment in good repair,
         acceptable to the Servicer, at the Obligor's expense;

                  (g) immediately prior to the transfer of such Contract and any
         related Equipment (or security interest therein) to the Trust
         Depositor, and immediately prior to the Trust Depositor's concurrent
         transfer thereof to the Trust, such Contract was owned by the
         Originator (and by the Trust Depositor following the transfer by the
         Originator) free and clear of any adverse claim, other than with
         respect to any Permitted Liens;

                  (h) (i) the Contract and any related Equipment or interest
         therein have not been sold, transferred, assigned or pledged by the
         Originator to any other Person (other than the financed sale of the
         Equipment to the End-User effected through the End-User Contract) and
         any Equipment related to such Contract is free and clear of any liens
         and encumbrances of any third parties other than the Originator and
         Permitted Liens, and (ii) such Contract is secured by a fully perfected
         lien of the first priority in favor of the Originator on the related
         Equipment;

                  (i) the Contract has an original maturity of not greater than
         eighty-four months;

                                      -11-
<PAGE>   19
                  (j) the Contract is a U.S. dollar-denominated obligation and,
         at inception, the Obligor and the associated Equipment were and
         continue to be located in the United States;

                  (k) there is not more than one "secured party's original"
         counterpart of the Contract;

                  (l) the Contract is not a consumer contract or a "consumer
         lease" as defined in Section 2A-103(1)(e) of the UCC; and, if such
         Contract is a Lease, it is a Lease intended for security within the
         meaning of Section 1-201(39) of the UCC;

                  (m) the Contract is not subject to any guarantee by the
         Originator, nor has the Originator established any specific credit
         reserve with respect to the related Obligor;

                  (n) the Contract was either originated or purchased in a true
         sale transaction, by the Originator in the ordinary course of its
         business in accordance with its customary underwriting practices and
         credit policies (and if originated by a Vendor, such Contract was
         originated in the ordinary course of its business) and no adverse
         selection procedure was used in selecting the Contract for the
         Contracts Pool;

                  (o) the Obligor has represented to the Originator or Vendor
         that it has accepted the Equipment where the Contract relates to
         Equipment being currently acquired;

                  (p) the Obligor is not, to the Originator's knowledge, subject
         to bankruptcy or other insolvency proceedings;

                  (q) the Contract did not have a Scheduled Payment that was a
         delinquent payment for more than 60 days, and the Contract is not a
         Defaulted Contract;

                  (r) the information with respect to the Contract and the
         Equipment, where the Contract relates to Equipment being currently
         acquired, subject to the Contract delivered under this Agreement is
         true and correct in all material respects;

                  (s) no provision of the Contract has been waived, altered or
         modified in any respect, except by instruments or documents contained
         in the Contract File;

                                      -12-
<PAGE>   20
                  (t) all filings necessary to evidence the conveyance or
         transfer of the Originator's ownership interest in the Contract, and
         the Originator's corresponding interest in the related Equipment, to
         the Trust Depositor (as well as the concurrent conveyance of such
         property hereunder from the Trust Depositor to the Trust), have been
         made in all appropriate jurisdictions; provided that (i) UCC
         financing statement filings with respect to Equipment which name the
         Originator as secured party have not been amended to indicate either
         the Trust Depositor or the Trust as an assignee and (ii) filings or
         registrations with respect to any title registry for any Equipment
         which name the Originator as lienholder have not been amended to
         indicate either the Trust Depositor or the Trust as an assignee;

                  (u) the Contract does not require the prior written consent of
         an Obligor or contain any other restriction on the transfer or
         assignment of the Contract (other than a consent or waiver of such
         restriction that has been obtained prior to the Closing Date, with
         respect to an Initial Contract, or the Subsequent Transfer Date, with
         respect to a Substitute Contract);

                  (v) the Obligor is not the United States or any state or local
         government or any agency, department, subdivision or instrumentality
         of any such government;

                  (w) the Originator has obtained a first priority perfected
         security interest (subject to Permitted Liens) in the Equipment;

                  (x) if such Contract is a Lease, the Lease has a purchase
         option amount of no greater than $102;

                  (y) if the Contract is a lease of Equipment subject to
         certificate of title statutory requirements, the title is held either
         in the name of the lessee and the certificate of title indicates the
         Originator as lienholder or in the name of the Originator as Lessor;

                  (z) the Obligor under the Contract is required either to
         maintain casualty insurance or to self-insure with respect to the
         Related Equipment in accordance with the Originator's normal
         requirements;

                  (aa) the Contract constitutes "chattel paper" as defined under
         the UCC; and

                  (bb) the Contract either (i) prohibits the end-user from
         altering or modifying the Equipment or (ii) allows end-users to modify
         or alter the Equipment only to the extent that the alterations or
         modification are readily removable without damage to the Equipment.

                  "Eligible Deposit Account" means either (a) a segregated
account with a Qualified Institution, or (b) a segregated trust account with the
corporate trust department of a depository institution organized under the laws
of the United States or any one of the states thereof, including the District of
Columbia (or any domestic branch of a foreign

                                      -13-
<PAGE>   21
bank), and acting as a trustee for funds deposited in such account, so long as
any of the securities of such depository institution shall have a credit rating
from each Rating Agency in one of its short-term credit rating categories which
signifies investment grade.

                  "Eligible Investments" with respect to any Distribution Date
means negotiable instruments or securities or other investments maturing on or
before such Distribution Date (a) which, except in the case of demand or time
deposits, investments in money market funds and Eligible Repurchase Obligations,
are represented by instruments in bearer or registered form or ownership of
which is represented by book entries by a Clearing Agency or by a Federal
Reserve Bank in favor of depository institutions eligible to have an account
with such Federal Reserve Bank who hold such investments on behalf of their
customers, (b) which, as of any date of determination, mature by their terms on
or prior to the Distribution Date immediately following such date of
determination, and (c) which evidence:

                  (i) direct obligations of, and obligations fully guaranteed as
         to full and timely payment by, the United States of America (or by any
         agency thereof to the extent such obligations are backed by the full
         faith and credit of the United States of America);

                  (ii) demand deposits, time deposits or certificates of deposit
         of depository institutions or trust companies incorporated under the
         laws of the United States of America or any state thereof and subject
         to supervision and examination by federal or state banking or
         depository institution authorities; provided, however, that at the time
         of the Trust's investment or contractual commitment to invest therein,
         the commercial paper, if any, and short-term unsecured debt obligations
         (other than such obligation whose rating is based on the credit of a
         Person other than such institution or trust company) of such depository
         institution or trust company shall have a credit rating from each
         Rating Agency in the Highest Required Investment Category granted by
         such Rating Agency;

                  (iii) commercial paper, or other short term obligations,
         having, at the time of the Trust's investment or contractual commitment
         to invest therein, a rating in the Highest Required Investment Category
         granted by each Rating Agency;

                  (iv) demand deposits, time deposits or certificates of deposit
         that are fully insured by the FDIC and either have a rating on their
         certificates of deposit or short-term deposits from Moody's and S&P of
         P-1 and A-1+, respectively, and, if rated by Fitch, from Fitch of F1+,
         or otherwise have a rating acceptable to the Rating Agencies;

                                      -14-
<PAGE>   22
                  (v) notes that are payable on demand or bankers' acceptances
         issued by any depository institution or trust company referred to in
         (ii) above;

                  (vi) investments in taxable money market funds or other
         regulated investment companies having, at the time of the Trust's
         investment or contractual commitment to invest therein, a rating of the
         Highest Required Investment Category from each Rating Agency or if
         otherwise approved of in writing by the Rating Agencies;

                  (vii) time deposits (having maturities of not more than 90
         days) by an entity the commercial paper of which has, at the time of
         the Trust's investment or contractual commitment to invest therein, a
         rating of the Highest Required Investment Category granted by each
         Rating Agency;

                  (viii) Eligible Repurchase Obligations with a rating
         acceptable to the Rating Agencies; and

                  (ix) any negotiable instruments or securities or other
         investments in which the investment by the Trust therein has been
         approved in writing by each Rating Agency.

The Indenture Trustee may purchase or sell to itself or an Affiliate, as
principal or agent, the Eligible Investments described above.

                  "Eligible Repurchase Obligations" means repurchase obligations
with respect to any security that is a direct obligation of, or fully guaranteed
by, the United States of America or any agency or instrumentality thereof the
obligations of which are backed by the full faith and credit of the United
States of America, in either case entered into with a depository institution or
trust company (acting as principal) described in clauses (c)(ii) and (c)(iv) of
the definition of Eligible Investments.

                  "End-User" shall mean any party that uses the Financed Item
pursuant to an End-User Contract.

                  "End-User Contract" shall mean any CSA, Secured Note, Lease,
or other Financing Agreement covering Financed Items, originated or purchased by
the Originator.

                  "Equipment" means the tangible assets (including but not
limited to construction, road building, transportation, wood and pulp industry,
machine shop, printing, cranes and related equipment) financed or leased by an
Obligor pursuant to a Contract and the related security interest granted by such
Obligor in such assets.

                                      -15-
<PAGE>   23
                   "Event of Default" shall have the meaning specified in
Section 5.01 of the Indenture.

                  "Excess Contract", as of any date of determination, means each
Contract selected by the Servicer in accordance with Section 11.01 at such time
as there shall have been discovered a breach of any of the representations and
warranties set forth in Section 3.05, the removal of which pursuant to Section
11.01 and the Originator's repurchase thereof or substitution of a Substitute
Contract therefor pursuant to Section 11.01, shall remedy such breach.

                  "Exchange Act" means the Securities Exchange Act of 1934, as
amended or supplemented from time to time.

                  "Excluded Amounts" means (i) any collections on deposit in the
Collection Account or otherwise received by the Servicer on or with respect to
the Contracts Pool or related Equipment, which collections are attributable to
any taxes, fees or other charges imposed by any Governmental Authority, (ii) any
collections representing reimbursements of insurance premiums or payments for
services that were not financed by the Originator, (iii) other non-contract
charges reimbursable to the Servicer in accordance with the Servicer's customary
policies and procedures, and (iv) any collections with respect to repurchased or
expired Contracts.

                   "FDIC" shall mean the Federal Deposit Insurance Corporation,
or any successor thereto.

                  "Financed Items" means, with respect to a Contract, the
specifically identified Equipment and other property, together with all
accessions thereto, securing indebtedness of an Obligor under such Contract.

                  "Financing Agreement" means each financing agreement covering
Financed Items other than a CSA, a Secured Note or a Lease.

                  "Fitch" means Fitch IBCA, Inc. or any successor thereto.

                  "Governmental Authority" means the United States of America,
any state or other political subdivision thereof, and any entity exercising
executive, legislative, judicial, regulatory or administrative functions of, or
pertaining to, government.

                  "Highest Required Investment Category" means (i) with respect
to ratings assigned by Fitch (if such investment is rated by Fitch), F1+ for
short-term instruments and AAA for long-term instruments, (ii) with respect to
ratings assigned by Moody's, A2 or P-1 for one month instruments, A1 or P-1 for
three month instruments, Aa3 or P-1 for

                                      -16-
<PAGE>   24
six month instruments and Aaa or P-1 for instruments with a term in excess of
six months and (iii) with respect to ratings assigned by S&P, A-1+ for
short-term instruments and AAA for long-term instruments.

                  "Holder" means (i) with respect to a Certificate, the Person
in whose name such Certificate is registered in the Certificate Register, and
(ii) with respect to a Note, the Person in whose name such Note is registered in
the Note Register.

                  "Indebtedness" means, with respect to any Person at any date,
(a) all indebtedness of such person for borrowed money or for the deferred
purchase price of property or services (other than current liabilities incurred
in the ordinary course of business and payable in accordance with customary
trade practices) or which is evidenced by a note, bond, debenture or similar
instrument, (b) all obligations of such Person under capital leases, (c) all
obligations of such Person in respect of acceptances issued or created for the
account of such Person, and (d) all liabilities secured by any Lien on any
property owned by such Person even though such person has not assumed or
otherwise become liable for the payment thereof.

                  "Indenture" means the Indenture, dated as of the date hereof,
between the Trust and the Indenture Trustee.

                  "Indenture Trustee" means the Person acting as Indenture
Trustee under the Indenture, its successors in interest and any successor
trustee under the Indenture.

                  "Independent", when used with respect to any specified Person,
means such a Person who (i) is in fact independent of each of the Trust, the
Trust Depositor or the Servicer, (ii) is not a director, officer or employee of
any Affiliate of any of the Trust, the Trust Depositor or the Servicer, (iii) is
not a person related to any officer or director of any of the Trust, the Trust
Depositor or the Servicer or any of their respective Affiliates, (iv) is not a
holder (directly or indirectly) of more than 10% of any voting securities of any
of the Trust, the Trust Depositor or the Servicer or any of their respective
Affiliates, and (v) is not connected with any of the Trust, the Trust Depositor
or the Servicer as an officer, employee, promoter, underwriter, trustee,
partner, director or person performing similar functions.

                   "Ineligible Contract" has the meaning specified in Section
11.01.

                  "Initial Class A-1 Principal Amount" means $                 .

                  "Initial Class A-2 Principal Amount" means $                 .

                  "Initial Class A-3 Principal Amount" means $                 .

                                      -17-
<PAGE>   25
                  "Initial Class A-4 Principal Amount" means $                 .

                  "Initial Class B Principal Amount" means $               .

                  "Initial Class C Principal Amount" means $               .

                   "Initial Contracts" means those Contracts conveyed to the
Trust on the Closing Date.

                  "Initial Cutoff Date" means                       , 2000.

                  "Initial Principal Amount" means, when used in the context of
a reference to an individual Class of Notes, the initial class principal amount
applicable to such Class as defined above, and otherwise means, collectively,
the sum of the Initial Class A-1 Principal Amount, the Initial Class A-2
Principal Amount, the Initial Class A-3 Principal Amount, the Initial Class A-4
Principal Amount, the Initial Class B Principal Amount and the Initial Class C
Principal Amount, i.e., $           .

                  "Insolvency Event" means, with respect to a specified Person,
(a) the filing of a decree or order for relief by a court having jurisdiction in
the premises in respect of such Person or any substantial part of its property
in an involuntary case under any applicable Insolvency Law now or hereafter in
effect, or appointing a receiver, liquidator, assignee, custodian, trustee,
sequestrator or similar official for such Person or for any substantial part of
its property, or ordering the winding-up or liquidation of such Person's
affairs, and such decree or order shall remain unstayed or undismissed and in
effect for a period of 60 consecutive days; or (b) the commencement by such
person of a voluntary case under any applicable Insolvency Law now or hereafter
in effect, or the consent by such person to the entry of an order for relief in
an involuntary case under such law, taking possession by a receiver, liquidator,
assignee, custodian, trustee, sequestrator or similar official for such Person
or for any substantial part of this property, or the making by such Person of
any general assignment for the benefit of creditors, or the failure by such
Person generally to pay its debts as such debts become due, or the taking of
action by such Person in furtherance of any of the foregoing.

                  "Insolvency Laws" means the Bankruptcy Code of the United
States of America and all other applicable liquidation, conservatorship,
bankruptcy, moratorium, rearrangement, receivership, insolvency, reorganization,
suspension of payments, or similar debtor relief laws from time to time in
effect affecting the rights of creditors generally.

                   "Insolvency Proceeds" has the meaning specified in Section
10.01.

                                      -18-
<PAGE>   26
                  "Insurance Policy" means, with respect to any Contract, an
insurance policy covering physical damage to or loss of the related Equipment.

                  "Insurance Proceeds" means, depending on the context, any
amounts payable or any payments made, to the Servicer under any Insurance
Policy.

                  "Internal Revenue Code" means the Internal Revenue Code of
1986, as amended from time to time.

                  "Investment Earnings" means the investment earnings (net of
losses and investment expenses) on amounts on deposit in the Collection Account
and the Reserve Fund, to be credited to the Collection Account on such
Distribution Date pursuant to Section 7.03.

                  "Late Charges" means any late payment fees paid by Obligors in
accordance with the Servicer's customary policies.

                  "Lease" means each agreement, including financing agreements,
and, as applicable, schedules, subschedules, supplements and amendments to a
master lease, pursuant to which the Originator, as lessor, leased specified
assets to a Lessee at a specified monthly, quarterly, semiannual or annual
rental.

                  "Lessee" means, with respect to any Lease, the Obligor with
respect to such Lease.

                  "Lien" means any mortgage, deed of trust, pledge,
hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or
other), equity interest, participation interest, preference, priority or other
security agreement or preferential arrangement of any kind or nature whatsoever,
including, without limitation, any conditional sale or other title retention
agreement, and any financing lease having substantially the same economic effect
as any of the foregoing.

                  "Liquidation Expenses" means, with respect to any Contract,
the aggregate amount of all out-of-pocket expenses reasonably incurred by the
Servicer (including amounts paid to any subservicer) and any reasonably
allocated costs of internal counsel, in each case in accordance with the
Servicer's customary procedures in connection with the repossession,
refurbishing and disposition of any related Equipment upon or after the
expiration or earlier termination of such Contract and other out-of-pocket costs
related to the liquidation of any such Equipment, including the attempted
collection of any amount owing pursuant to such Contract if it is a Defaulted
Contract, but only to the extent gross recoveries with respect to such Contract
provide funds sufficient, after payment of all

                                      -19-
<PAGE>   27
principal and accrued finance charges due with respect to such Contract, to
cover such expenses and costs.

                  "Liquidation Proceeds" means, with respect to a Defaulted
Contract, proceeds from the sale, lease or re-lease of the Equipment, proceeds
of the related Insurance Policy and any other recoveries with respect to such
Defaulted Contract and the related Equipment, net of Liquidation Expenses and
amounts, if any, so received that are required either to be refunded to the
Obligor on such Contract or paid to a third party other than the Originator.

                  "List of Contracts" means the list identifying each Contract
constituting part of the Trust Assets, which list shall consist of the initial
List of Contracts reflecting the Initial Contracts transferred to the Trust on
the Closing Date, together with any Subsequent List of Contracts amending the
most current List of Contracts reflecting the Substitute Contracts transferred
to the Trust on the related Subsequent Transfer Date (together with a deletion
from such list of the related Contract or Contracts identified on the
corresponding Addition Notice with respect to which a Substitution Event has
occurred), and which list in each case (a) identifies each Contract included in
the Contracts Pool, and (b) sets forth as to each such Contract (i) the
Outstanding Principal Balance as of the applicable Cutoff Date, and (ii) the
maturity date, and which list (as in effect on the Closing Date) is attached to
this Agreement as Exhibit G.

                  "Material Modification" means a termination or release
(including pursuant to prepayment), or an amendment, modification or waiver, or
equivalent similar undertaking or agreement, by the Servicer with respect to a
Contract which would not otherwise be permitted under the standards and criteria
set forth in Sections 5.08 and/or 5.09 hereof, as applicable.

                  "Maturity Date" means, as applicable, the Class A-1 Maturity
Date, Class A-2 Maturity Date, Class A-3 Maturity Date, Class A-4 Maturity Date,
Class B Maturity Date or Class C Maturity Date.

                  "Monthly Delinquency Percentage" means with respect to any
Distribution Date, the percentage equivalent of a fraction, (a) the numerator of
which is the aggregate Principal Balance of all Contracts which are more than 90
days delinquent as of the last day of the immediately preceding Collection
Period, and (b) the denominator of which is the Pool Balance as of the last day
of the immediately preceding Collection Period.

                  "Monthly Principal Amount" means, with respect to a
Distribution Date, the difference between (i) the sum of the aggregate Principal
Amount of the Notes and the Overcollateralization Balance both as of the
immediately preceding Distribution Date

                                      -20-
<PAGE>   28
(after making any principal payments on such date) and (ii) the Pool Balance as
of the last day of the related Collection Period.

                  "Monthly Report" has the meaning specified in Section 9.01.

                   "Moody's" means Moody's Investors Service, Inc. or any
successor thereto.

                  "Note" means any one of the notes of the Trust of any Class
executed and authenticated in accordance with the Indenture.

                  "Note Distribution Account" means the account established and
maintained as such pursuant to Section 7.01.

                   "Note Register" has the meaning given such term in Section
2.04 of the Indenture.

                  "Obligor" means, with respect to any Contract, the Person or
Persons obligated to make payments with respect to such Contract, including any
guarantor thereof.

                   "OCAI" has the meaning assigned such term in the preamble
hereto.

                  "OCAI Transfer Agreement" means the OCAI Transfer Agreement,
dated as of the date hereof, between OCAI and the Trust Depositor.

                  "Officer's Certificate" shall mean a certificate signed by any
officer of the Trust Depositor or the Servicer and delivered to the Owner
Trustee or the Indenture Trustee, as the case may be.

                  "Opinion of Counsel" means a written opinion of counsel, who
may be outside counsel, or internal counsel (except with respect to Federal
securities law (including the Trust Indenture Act) or tax law matters), for the
Trust Depositor or the Servicer and who shall be reasonably acceptable to the
Owner Trustee or the Indenture Trustee, as the case may be.

                  "Original Pool Balance" means the aggregate Principal Balance
of the Contracts transferred to the Trust as of                       , 2000,
equal to $                .

                  "Originator" means OCAI, in its capacity as Originator of a
Contract under this Agreement (including in respect of a Substitute Contract
pursuant to a Subsequent Purchase Agreement).

                                      -21-
<PAGE>   29
                   "Outstanding" has the meaning given such term in the
Indenture.

                  "Overcollateralization Balance" means, with respect to a
Distribution Date, an amount equal to the excess, if any, of (i) the Pool
Balance as of the last day of the related Collection Period over (ii) the
aggregate Principal Amount of the Notes as of such date after giving effect to
all principal payments made to the Noteholders on such date.

                  "Owner Trustee" means the Person acting, not in its individual
capacity, but solely as Owner Trustee, under the Trust Agreement, its successors
in interest and any successor owner trustee under the Trust Agreement.

                  "Paying Agent" means as described in Section 3.03 of the
Indenture and Section 3.10 of the Trust Agreement.

                   "Permitted Liens" means (a) with respect to Contracts in the
Contracts Pool:

                  (i) Liens for state, municipal and other local taxes if such
         taxes shall not at the time be due and payable or if the Trust
         Depositor shall currently be contesting the validity thereof in good
         faith by appropriate proceedings, (ii) Liens in favor of the Trust
         Depositor created by the Originator and transferred to the Trust
         pursuant hereto, (iii) Liens in favor of the Trust created pursuant to
         this Agreement, and (iv) Liens in favor of the Indenture Trustee
         created pursuant to the Indenture and/or this Agreement;

and (b) with respect to the related Equipment:

                  (i) materialmen's, warehousemen's, mechanics' and other liens
         arising by operation of law in the ordinary course of business for sums
         not due or sums which are being contested in good faith, (ii) Liens for
         state, municipal and other local taxes if such taxes shall not at the
         time be due and payable or if the Trust Depositor shall currently be
         contesting the validity thereof in good faith by appropriate
         proceedings, (iii) Liens in favor of the Trust Depositor created by the
         Originator and transferred by the Trust Depositor to the Trust pursuant
         to this Agreement, (iv) Liens in favor of the Trust created pursuant to
         this Agreement, (v) Liens in favor of the Indenture Trustee created
         pursuant to the Indenture and/or this Agreement, (vi) other liens which
         are expressly subordinate to the prior payment of the Notes and the
         Certificate on terms described herein, (vii) Liens granted by the
         End-Users which are subordinate to the interest of the Trust in such
         Equipment and (viii) Liens on items of Related Security in favor of

                                      -22-
<PAGE>   30
         the Originator that arise by virtue of a blanket lien granted by an
         Obligor to the Originator.

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

                  "Pool Balance" means, with respect to a Distribution Date, an
amount equal to the aggregate remaining Principal Balance of the Contracts as of
the last day of the related Collection Period after giving effect to Defaulted
Contracts, Prepaid Contracts, Ineligible Contracts and Excess Contracts.

                  "Prepaid Contract" means any Contract that has terminated or
been prepaid in full prior to its scheduled expiration date (including because
of a Casualty Loss), other than a Defaulted Contract.

                  "Prepayment Amount" has the meaning specified in Section 5.09.

                  "Prepayments" means any and all partial and full prepayments
on a Contract (including, with respect to any Contract and any Collection
Period, any Scheduled Payment (or portion thereof) which is due in a subsequent
Collection Period which the Servicer has received, and (if such Contract is not
otherwise prepayable by its terms) expressly permitted the related Obligor to
make, in advance of its scheduled due date, and any and all cash proceeds or
rents realized from the sale, lease, re-lease or re-financing of Equipment under
a Prepaid Contract, net of Liquidation Expenses), Liquidation Proceeds, amounts
received in respect of Transfer Deposit Amounts and payments upon an optional
termination pursuant to Section 11.03.

                  "Principal Amount" means, with respect to a Class of Notes,
the aggregate Initial Principal Amount thereof reduced by (i) the aggregate
amount of any distributions applied in reduction of such principal amount and
(ii) the aggregate amount of any distributions then on deposit in the Note
Distribution Account, if any, for such Class of Notes established in accordance
with the Indenture and to be applied in reduction of such principal amount in
accordance with such Indenture.

                  "Principal Balance" means, with respect to a Contract at any
time, the sum of the total remaining amounts of principal payable as of such
time to the Originator by the Obligor thereunder, exclusive of finance charges.

                   "Prospectus" has the meaning given such term in the
Underwriting Agreement.

                                      -23-
<PAGE>   31
                  "Qualified Eligible Investments" means Eligible Investments
acquired by the Indenture Trustee in its name and in its capacity as Indenture
Trustee at the written direction of the Issuer, which are held by the Indenture
Trustee in the Collection Account or the Reserve Fund and with respect to which
(a) the Indenture Trustee has noted its interest therein on its books and
records, and (b) the Indenture Trustee has purchased such investments at the
written direction of the Issuer for value without notice of any adverse claim
thereto (and, if such investments are securities or other financial assets or
interests therein, within the meaning of Section 8-102 of the UCC as enacted in
Illinois, without acting in collusion with a securities intermediary in
violating such securities intermediary's obligations to entitlement holders in
such assets, under Section 8-504 of such UCC, to maintain a sufficient quantity
of such assets in favor of such entitlement holders), and (c) either (i) such
investments are in the possession of the Indenture Trustee, or (ii) such
investments, (A) if certificated securities and in bearer form, have been
delivered to the Indenture Trustee, or in registered form, have been delivered
to the Indenture Trustee and either registered by the issuer in the name of the
Indenture Trustee or endorsed by effective endorsement to the Indenture Trustee
or in blank; (B) if uncertificated securities, the ownership of which has been
registered to the Indenture Trustee on the books of the issuer thereof (or
another person, other than a securities intermediary, either becomes the
registered owner of the uncertified security on behalf of the Indenture Trustee
or, having previously become the registered owner, acknowledges that it holds
for the Indenture Trustee); or (C) if securities entitlements (within the
meaning of Section 8-102 of the UCC as enacted in Illinois) representing
interests in securities or other financial assets (or interests therein) held by
a securities intermediary (within the meaning of said Section 8-102), a
securities intermediary indicates by book entry that a security or other
financial asset has been credited to the Indenture Trustee's securities account
with such securities intermediary. Any such Qualified Eligible Investment may be
purchased by or through the Indenture Trustee or any of its Affiliates acting at
the written direction of the Issuer.

                  "Qualified Institution" means (a) the corporate trust
department of the Indenture Trustee, or (b) 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), (i) (A)
which has either (1) a long-term unsecured debt rating acceptable to the Rating
Agencies, or (2) a short-term unsecured debt rating or certificate of deposit
rating acceptable to the Rating Agencies, (B) the parent corporation of which
has either (1) a long-term unsecured debt rating acceptable to the Rating
Agencies, or (2) a short-term unsecured debt rating or certificate of deposit
rating acceptable to the Rating Agencies, or (C) is otherwise acceptable to the
Rating Agencies, and (ii) whose deposits are insured by the FDIC and have a
rating acceptable to the Rating Agencies.

                                      -24-
<PAGE>   32
                  "Rating Agency" means each of Moody's, S&P and Fitch, so long
as such Persons maintain a rating on the Notes and the Certificate; and if
either Moody's, S&P or Fitch no longer maintains a rating on the Notes and the
Certificate, such other nationally recognized statistical rating organization
selected by the Trust Depositor.

                  "Rating Agency Condition" means, with respect to any action or
series of related actions or proposed transaction or series of related proposed
transactions, that each Rating Agency shall have notified the Trust Depositor
and the Owner Trustee and the Indenture Trustee in writing that such action or
series of related actions or the consummation of such proposed transaction or
series of related transactions will not result in a Ratings Effect.

                  "Ratings Effect" means, with respect to any action or series
of related actions or proposed transaction or series of related proposed
transactions, a reduction or withdrawal of the rating of any outstanding Class
with respect to which a Rating Agency
has previously issued a rating as a result of such action or series of related
actions or the consummation of such proposed transaction or series of related
transactions.

                  "Record Date" means, with respect to a Distribution Date, the
calendar day immediately preceding a Distribution Date; provided, however, that
if Definitive Notes are issued, the Record Date shall be the last Business Day
of the preceding calendar month.

                  "Recoveries" means any and all recoveries on account of a
Defaulted Contract, including, without limitation, any and all cash proceeds or
rents realized from the sale, lease, re-lease or re-financing of repossessed
Equipment or other property, Insurance Proceeds, but in each case net of
Liquidation Expenses.

                  "Related Security" means, with respect to a Contract,
collateral in which a security interest has been granted or is held under or in
connection with such Contract, other than collateral which is a Financed Item.

                  "Released Amounts" means, with respect to any payment or
collection received with respect to any Contract on any Business Day (whether
such payment or collection is received by the Servicer, the Owner Trustee or the
Trust Depositor), an amount equal to that portion of such payment or collection
constituting Excluded Amounts.

                  "Required Holders" means (i) prior to the payment in full of
the Class A Notes Outstanding, Class A-1 Noteholders, Class A-2 Noteholders,
Class A-3 Note holders and/or Class A-4 Noteholders evidencing more than 66 2/3%
of the Aggregate Principal Amount of all Class A Notes Outstanding, (ii) from
and after the payment in

                                      -25-
<PAGE>   33
full of the Class A Notes Outstanding, Class B Noteholders evidencing more than
66 2/3% of the Aggregate Principal Amount of all Class B Notes Outstanding, and
(iii) from and after the payment in full of the Class B Notes Outstanding, Class
C Noteholders evidencing more than 66 2/3% of the Aggregate Principal Amount of
all Class C Notes Outstanding.

                  "Required Reserve Amount" means, with respect to a
Distribution Date, an amount equal to the greater of (a)    % of the Outstanding
Principal Amount of the Notes as of the last day of the immediately completed
Collection Period and (b) the lesser of (I)    % of the Initial Principal Amount
of the Notes and (II) the Outstanding Principal Amount of the Notes as of the
last day of the related Collection Period.

                  "Requirements of Law" for any Person means the certificate of
incorporation or articles of association and by-laws or other organizational or
governing documents of such Person, and any law, treaty, rule or regulation, or
order or determination of an arbitrator or Governmental Authority, in each case
applicable to or binding upon such Person or to which such Person is subject,
whether Federal, state or local (including, without limitation, usury laws, the
Federal Truth in Lending Act and Regulation Z and Regulation B of the Board of
Governors of the Federal Reserve System).

                  "Reserve Fund" means the Reserve Fund established and
maintained pursuant to Section 7.01 hereof.

                  "Reserve Fund Initial Deposit" means $                 .

                  "Responsible Officer" means, with respect to the Owner
Trustee, any officer in its Corporate Trust Administration Department (or any
similar group of a successor Owner Trustee) and with respect to the Indenture
Trustee has the meaning given to it in the Indenture.

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

                  "Scheduled Payment" means, with respect to any Contract, the
monthly or quarterly or semi-annual or annual rent or financing (whether
interest, principal or principal and interest) payment scheduled to be made by
the related Obligor under the terms of such Contract after the related Cutoff
Date and any such payment received after the related Cutoff Date; it being
understood that Scheduled Payments do not include any Excluded Amounts.

                  "Secured Note" means each promissory note with a related
security inter est evidenced by written agreement, pursuant to which the
purchase of specified assets by

                                      -26-
<PAGE>   34
an Obligor is financed or provided as collateral security for specified monthly,
quarterly, semiannual or annual payments.

                   "Securities" means the Notes and the Certificate, or any of
them.

                   "Securities Act" means the Securities Act of 1933, as amended
from time to time.

                   "Securityholders" means the Holders of the Notes or the
Certificate.

                  "Servicer" means initially OCAI, or its successor, until any
Servicer Transfer hereunder and thereafter means the Successor Servicer
appointed pursuant to Article VIII below with respect to the duties and
obligations required of the Servicer under this Agreement.

                  "Servicer Advance" means, with respect to any Distribution
Date, the amounts, if any, deposited by the Servicer in the Collection Account
for such Distribution Date in respect of Scheduled Payments pursuant to Section
5.14.

                   "Servicer Default" shall have the meaning specified in
Section 8.01.

                  "Servicing Fee" has the meaning specified in Section 5.18.

                  "Servicing Fee Percentage" means             %.

                   "Servicer Transfer" has the meaning assigned in Section
8.02(a).

                  "Servicing Officer" means any officer of the Servicer involved
in, or responsible for, the administration and servicing of Contracts whose name
appears on a list of servicing officers appearing in an Officer's Certificate
furnished to the Indenture Trustee by the Servicer, as the same may be amended
from time to time.

                  "Solvent" means, as to any Person at any time, that (a) the
fair value of the Property of such Person is greater than the amount of such
Person's liabilities (including disputed, contingent and unliquidated
liabilities) as such value is established and liabilities evaluated for
purposes of Section 101(32) of the Bankruptcy Code; (b) the present fair
saleable value of the Property of such Person in an orderly liquidation of such
Person is not less than the amount that will be required to pay the probable
liability of such Person on its debts as they become absolute and matured; (c)
such Person is able to realize upon its Property and pay its debts and other
liabilities (including disputed, contingent and unliquidated liabilities) as
they mature in the normal course of business; (d) such Person does not intend
to, and does not believe that it will, incur debts or

                                      -27-
<PAGE>   35
liabilities beyond such Person's ability to pay as such debts and liabilities
mature; and (e) such Person is not engaged in business or a transaction, and is
not about to engage in a business or a transaction, for which such Person's
property would constitute unreasonably small capital.

                  "Spread Event" means the occurrence of one or more of the
following: (a) OCAI or a successor to OCAI as described in Section 13.13(b) is
no longer acting as the Servicer; (b) the Three-Month Delinquency Percentage
calculated on the related distribution date is greater than %; or (c) the
Cumulative Net Loss Percentage on the related Distribution Date exceeds the
"loss trigger percentage" set forth below:

<TABLE>
<CAPTION>
                                                                             LOSS TRIGGER
COLLECTION PERIOD                                                             PERCENTAGE
<S>                                                                          <C>
1st through, and including, the 11th Collection Period:                           %
12th through, and including, the 17th Collection Period:                           %
18th through, and including, the 23rd Collection Period:                           %
24th Collection Period ongoing:                                                    %.
</TABLE>

                  Notwithstanding the foregoing: (i) the Spread Event referred
to in clause (b) above may be cured on any Distribution Date if the Three-Month
Delinquency Percentage for the immediately preceding two Collection Periods is
less than or equal to        % and (ii) the Spread Event referenced in clause
(c) may be cured if the Cumulative Net Loss Percentage is less than the
associated "loss trigger percentage" for that Collection Period.

                  "Spread Fund" means the Spread Fund established and maintained
pursuant to Section 7.01 hereof.

                  "Subsequent Cutoff Date" means the date specified as such for
Substitute Contracts in the related Subsequent Transfer Agreement.

                  "Subsequent List of Contracts" means a list, in the form of
the initial List of Contracts delivered on the Closing Date, but listing each
Substitute Contract transferred to the Trust pursuant to the related Subsequent
Transfer Agreement.

                  "Subsequent Purchase Agreement" means, with respect to any
Substitute Contracts, the agreement between the Originator and the Trust
Depositor pursuant to which the Originator will transfer the Substitute
Contracts to the Trust Depositor, the form of which is attached to hereto as
Exhibit J.

                   "Subsequent Transfer Agreement" means the agreement described
in Section 2.04 hereof.

                                      -28-
<PAGE>   36
                  "Subsequent Transfer Date" means any date on which Substitute
Contracts are transferred to the Trust.

                  "Substitute Contract" means a Contract that is (a) transferred
to the Trust under Section 2.04 with respect to which a related Substitution
Event has occurred with respect to a Contract or Contracts then held in the
Contracts Pool and identified in the related Addition Notice and (b) becomes
part of the Contracts Pool.

                  "Substitute Contract Qualification Conditions" means, with
respect to any Substitute Contract being transferred to the Trust pursuant to
Section 2.04, the accuracy of each of the following statements as of the related
Cutoff Date for such Contract:

                  (a) the aggregate Principal Balance of such Substitute
         Contract is not less than that of the Contract or Contracts identified
         on the related Addition Notice as the Contract or Contracts to be
         released by the Trust to the Trust Depositor and reconveyed to the
         Originator in exchange for such Substitute Contract; and

                  (b) for each separate Collection Period which corresponds to a
         Collection Period in which a payment would have been owing on the
         Contract or Contracts identified on the related Addition Notice as the
         Contract or Contracts to be released by the Trust to the Trust
         Depositor and reconveyed to the Originator in exchange for such
         Substitute Contract, the amount in respect of Scheduled Payments
         receivable (assuming Scheduled Payments are paid and received when due)
         on the Substitute Contract in such Collection Period is not less than
         that of such related Contract or Contracts;

                  (c) the weighted average life of the Substitute Contract is
         similar to the weighted average life of the Contract or Contracts
         identified on the related Addition Notice as the Contract or Contracts
         to be released by the Trust to the Trust Depositor and reconveyed to
         the Originator in exchange for such Substitute Contract;

                  (d) the weighted average yield (annual percentage rate or APR)
         on such Substitute Contracts is not less than the yield (APR) on the
         Contract or Contracts identified on the related Addition Notice as the
         Contract or Contracts to be released by the Trust to the Trust
         Depositor and reconveyed to the Originator in exchange for such
         Substitute Contract; and

                  (e) if, instead of such Substitute Contract being added to the
         Contracts Pool on the related Subsequent Transfer Date, such Substitute
         Contract had instead been included in the Contracts Pool as of the
         Initial Cutoff Date, and the

                                      -29-
<PAGE>   37
         related Contract or Contracts identified on the related Addition Notice
         were not so included (and assuming such hypothetical inclusion
         satisfied the criteria set forth in clause (a) and (b) above that would
         have been applicable at such time), the representations of the
         Originator set forth in Section 3.05(a)(i)-(iv) concerning
         concentrations would not, as a result of such inclusion, have become
         inaccurate or incorrect in any material respect;

                  (f) no adverse selection procedure shall have been employed in
         the selection of such Substitute Contract from the Originator's
         portfolio;

                  (g) all actions or additional actions (if any) necessary to
         perfect the security interest and assignment of such Substitute
         Contract and related Equipment to the Trust Depositor, Trust, and
         Indenture Trustee shall have been taken as of or prior to the
         Subsequent Transfer Date; and

                  (h) the maturity date for the last Scheduled Payment due under
         such Substitute Contract is not later than                   , 20 .

                  "Substitution Event" shall have occurred if one or more
Contracts then held in the Trust and identified in the related Addition Notice
is either (a) a Prepaid Contract, (b) a Contract that becomes subject to a
Material Modification, (c) a Defaulted Contract, (d) an Excess Contract or (e)
the subject of a breach of a representation or warranty under this Agreement or
other provision which breach or other provision, in the absence of a
substitution of a Substitute Contract for such Contract or Contracts pursuant to
Section 2.04, would require the payment of a Transfer Deposit Amount to the
Trust in respect of such Contract pursuant to Section 11.01; provided, however,
that no Substitution Event shall be deemed to occur under clause (a) (if related
to a Casualty Loss), (b) or (c) to the extent Contracts having initial aggregate
Principal Amounts of 10% or greater of the Original Pool Balance have previously
been substituted for under such clauses and provided further, that no
Substitution Event shall be deemed to occur under clause (a) (other than related
to a Casualty Loss), (d) or (e) to the extent (i) the Trust Depositor has not
consented to such substitution, (ii) Contracts having initial aggregate
Principal Amounts of 20% or greater of the Original Pool Balance have previously
been substituted under such clauses or (iii) the Class A-1 Notes are
Outstanding.

                  "Successor Servicer" has the meaning given such term in
Section 8.02(b).

                  "Tax Opinion" means, with respect to any action, an Opinion of
Counsel to the effect that, for federal income tax purposes, (i) following such
action the Trust will not be deemed to be an association (or publicly traded
partnership) taxable as a corporation, (ii) following such action the Trust will
be disregarded as a separate entity

                                      -30-
<PAGE>   38
from the Trust Depositor, and (iii) such action will not affect the tax
characterization as debt of Notes of any outstanding Class issued by the Trust
for which an Opinion of Counsel has been provided that such Notes are debt.

                  "Three-Month Delinquency Percentage" means with respect to any
Distribution Date commencing with the third Distribution Date, the percentage
equivalent of a fraction, (a) the numerator of which is the sum of the Monthly
Delinquency Percentages for such Distribution Date and the two immediately
preceding Distribution Dates, and (b) the denominator of which is three.

                  "Transaction Documents" means this Agreement, the Indenture,
the Trust Agreement, the Administration Agreement, the OCAI Transfer Agreement,
any Subsequent Transfer Agreement, any Subsequent Purchase Agreement and the
Underwriting Agreement.

                  "Transfer Date" means the Business Day immediately preceding
each Distribution Date.

                  "Transfer Deposit Amount" means, with respect to each
Ineligible Contract or Excess Contract, on any date of determination, the sum of
the Principal Balances of such Contracts, together with accrued interest thereon
through such date of determination at the interest rate provided for thereunder,
and any outstanding Servicer Advances thereon that have not been waived by the
Servicer entitled thereto.

                  "Trust" means the trust created by the Trust Agreement and
funded pursuant to this Agreement, consisting of the Trust Assets.

                  "Trust Account Property" means the Trust Accounts, all amounts
and investments held from time to time in any Trust Account (whether in the form
of deposit accounts, physical property, book-entry securities, uncertificated
securities or otherwise), including without limitation the Reserve Fund Initial
Deposit, and all proceeds of the foregoing.

                  "Trust Accounts" means, collectively, the Collection Account,
the Reserve Fund and the Note Distribution Account, or any of them.

                  "Trust Agreement" means the Amended and Restated Trust
Agreement, dated as of the date hereof, between the Trust Depositor and the
Owner Trustee.

                  "Trust Assets" has the meaning given to such term in Section
2.01(b) hereof (and in Section 2.04(a) hereof in respect of Substitute Contracts
and related assets transferred to the Trust pursuant to Subsequent Transfer
Agreements).

                                      -31-
<PAGE>   39
                  "Trust Depositor" has the meaning assigned such term in the
preamble hereunder, or any successor entity thereto.

                  "Trust Estate" shall have the meaning specified in the Trust
Agreement.

                  "Trustees" means the Owner Trustee and the Indenture Trustee,
or any of them individually as the context may require.

                  "UCC" means the Uniform Commercial Code as enacted in New
Jersey; provided, however, in the event that, by reason of mandatory provisions
of law, any and all of the attachment, perfection or priority of the Lien of the
Trust in and to the Trust Assets or the Lien of the Indenture Trustee in and to
the Collateral is governed by the Uniform Commercial Code as in effect in a
jurisdiction other than the State of New Jersey, the term UCC shall mean the
Uniform Commercial Code as in effect in such other jurisdiction for purposes of
the provisions hereof relating to such attachment, perfection or priority and
for purposes of definitions related to such provisions.

                  "UCC Filing Locations" means the States of New Jersey and
Delaware.

                  "Uncollectible Advance" means with respect to any
Determination Date and any Contract, the amount, if any, advanced by the
Servicer pursuant to Section 5.14 which the Servicer has as of such
Determination Date determined in good faith will not be ultimately recoverable
by the Servicer.

                  "Underwriting Agreement" means the Underwriting Agreement,
dated , 2000, among First Union Securities, Inc. (as an underwriter thereunder),
the Trust Depositor, and OCAI.

                  "United States" means the United States of America.

                  "Unreimbursed Servicer Advances" means, at any time, the
amount of all previous Servicer Advances (or portions thereof) as to which the
Servicer has not been reimbursed as of such time pursuant to Sections 7.01 or
7.05 and which the Servicer has determined in its sole discretion are
Uncollectible Advances, and with respect to which the Servicer has given a
written certification to such effect to each Trustee.

                  "Vendor" means, with respect to a Contract, the equipment
manufacturer, dealer or distributor, or other Person that provided financing
under such Contract in connection with the acquisition or use by an End-User of
such party's Equipment or other products.

                                      -32-
<PAGE>   40
                  "Vendor Assignment" means each assignment agreement pursuant
to which an individual End-User Contract originated by a Vendor is assigned to
the Originator.

                  "Vice President" of any Person means any vice president of
such Person, whether or not designated by a number or words before or after the
title "Vice President," who is a duly elected officer of such Person.

                  SECTION 1.02. USAGE OF TERMS. With respect to all terms in
this Agreement, the singular includes the plural and the plural the singular;
words importing any gender include the other genders; references to "writing"
include printing, typing, lithography and other means of reproducing words in a
visible form; references to agreements and other contractual instruments include
all amendments, modifications and supplements thereto or any changes therein
entered into in accordance with their respective terms and not prohibited by
this Agreement; references to Persons include their permitted successors and
assigns; and the term "including" means "including without limitation."

                  SECTION 1.03. SECTION REFERENCES. All section references,
unless otherwise indicated, shall be to Sections in this Agreement.

                  SECTION 1.04. CALCULATIONS. Except as otherwise provided
herein, all interest rate and basis point calculations hereunder will be made on
the basis of a 360-day year and twelve 30-day months and will be carried out to
at least three decimal places.

                  SECTION 1.05. ACCOUNTING TERMS. All accounting terms used but
not specifically defined herein shall be construed in accordance with generally
accepted accounting principles in the United States.

                                   ARTICLE TWO

               ESTABLISHMENT OF TRUST; TRANSFER OF CONTRACT ASSETS

                  SECTION 2.01. CREATION AND FUNDING OF TRUST; TRANSFER OF
CONTRACT ASSETS. (a) The Trust shall be created pursuant to the terms and
conditions of the Trust Agreement, upon the execution and delivery of the Trust
Agreement and the filing by the Owner Trustee of an appropriately completed
Certificate of Trust (as defined in the Trust Agreement) under the Business
Trust Statute. The Trust Depositor, as settlor of the Trust, shall fund and
convey assets to the Trust pursuant to the terms and provisions hereof. The
Trust shall be administered pursuant to the provisions of this Agreement, the
Administration Agreement and the Trust Agreement for the benefit of the
Noteholders and Certificateholder. The Owner Trustee is hereby specifically
recognized by the parties

                                      -33-
<PAGE>   41
hereto as empowered to conduct business dealings on behalf of the Trust in
accordance with the terms hereof and of the Trust Agreement.

                  (b) Subject to and upon the terms and conditions set forth
herein, the Trust Depositor hereby sells, transfers, assigns, sets over and
otherwise conveys to the Trust, for a purchase price consisting of $     in cash
(less underwriting expenses and certain other expenses associated with the
initial offer and sale of the Notes the proceeds of which represent the
consideration paid by the Trust herein) and the Certificate of the Trust in the
original certificate balance of $     , all the right, title and interest of the
Originator in and to (items (i) - (vi) below, being collectively referred to
herein as the "Contract Assets"):

                           (i) the Initial Contracts, and all monies received in
         payment of such Contracts on and after the Initial Cutoff Date, any
         Prepayment Amounts, any payments in respect of a casualty or early
         termination, and any Recoveries received with respect thereto, but
         excluding any Excluded Amounts;

                           (ii) the Equipment related to such Contracts,
         including the security interest of the Trust Depositor in such
         Equipment and all proceeds from any sale or other disposition of such
         Equipment (but subject to the exclusion and release herein of Excluded
         Amounts) and Related Security;

                           (iii)    the Contract Files;

                           (iv) all payments made or to be made in the future
         with respect to such Contracts or the Obligor thereunder under any
         Vendor Assignments and under any guarantee or similar credit
         enhancement with respect to such Contracts;

                           (v) all Insurance Proceeds with respect to each such
         Contract; and

                           (vi) all income from and proceeds of the foregoing.

In addition to the Contract Assets, the Trust Depositor hereby sells, transfers,
assigns, sets over and otherwise conveys to the Trust the remittances, deposits
and payments made into the Trust Accounts from time to time, amounts in the
Trust Accounts from time to time (and any investments of such amounts) and all
proceeds and products of the foregoing, which together with the Contract Assets
constitute the corpus of the Trust and are referred to as the "Trust Assets").

                  (c) The Originator and the Trust Depositor acknowledge that
the representations and warranties of the Originator in Sections 3.01, 3.02,
3.03, 3.04 and

                                      -34-
<PAGE>   42
3.05 will run to and be for the benefit of the Trust and the Trustees and the
Trust and the Trustees may enforce directly without joinder of Trust Depositor,
the repurchase obligations of the Originator with respect to breaches of such
representations and warranties as set forth herein and in Section 11.01.

                  (d) The sale, transfer, assignment, set-over and conveyance of
the Trust Assets by the Trust Depositor to the Trust pursuant to this Agreement
does not constitute and is not intended to result in a creation or an assumption
by the Trust Depositor or the Trust of any obligation of the Originator in
connection with the Contract Assets, or any agreement or instrument relating
thereto, including, without limitation, any obligation to any Obligor or
End-User, if any, not financed by the Originator, or (1) any taxes, fees, or
other charges imposed by any Governmental Authority and (2) any insurance
premiums which remain owing with respect to any Contract at the time such
Contract is sold hereunder.

                  (e) The Originator, Trust Depositor and Trust intend and agree
that (i) the transfer of the Contract Assets to the Trust Depositor and the
transfer of the Trust Assets to the Trust are intended to be a sale, conveyance
and transfer of ownership of the Contract Assets and Trust Assets, as the case
may be, rather than the mere granting of a security interest to secure a
borrowing and (ii) such Contract Assets and Trust Assets shall not be part of
the Originator's or the Trust Depositor's estate in the event of a filing of a
bankruptcy petition or other action by or against such Person under any
Insolvency Law. In the event, however, that notwithstanding such intent and
agreement, such transfers are deemed to be of a mere security interest to secure
indebtedness, the Originator shall be deemed to have granted the Trust Depositor
and the Trust Depositor shall be deemed to have granted the Trust, as the case
may be, a perfected first priority security interest in such Contract Assets or
Trust Assets respectively and this Agreement shall constitute a security
agreement under applicable law, securing the repayment of the purchase price
paid hereunder and the obligations and/or interests represented by the
Securities, in the order and priorities, and subject to the other terms and
conditions of, this Agreement, the Indenture and the Trust Agreement, together
with such other obligations or interests as may arise hereunder and thereunder
in favor of the parties hereto and thereto.

                  If any such transfer of the Contract Assets is deemed to be
the mere granting of a security interest to secure a borrowing, the Trust
Depositor may, to secure the Trust Depositor's own borrowing under this
Agreement (to the extent that the transfer of the Contract Assets thereunder is
deemed to be a mere granting of a security interest to secure a borrowing)
repledge and reassign (1) all or a portion of the Contract Assets pledged to
Trust Depositor by the Originator and with respect to which the Trust Depositor
has not released its security interest at the time of such pledge and
assignment, and (2) all proceeds thereof. Such repledge and reassignment may be
made by Trust

                                      -35-
<PAGE>   43
Depositor with or without a repledge and reassignment by Trust Depositor of its
rights under any agreement with the Originator, and without further notice to or
acknowledgment from the Originator. The Originator waives, to the extent
permitted by applicable law, all claims, causes of action and remedies, whether
legal or equitable (including any right of setoff), against Trust Depositor or
any assignee of Trust Depositor relating to such action by Trust Depositor in
connection with the transactions contemplated by this Agreement.

                  SECTION 2.02. CONDITIONS TO TRANSFER OF TRUST ASSETS TO TRUST.
On or before the Closing Date, the Originator or the Trust Depositor, as
applicable, shall deliver or cause to be delivered to the Owner Trustee and
Indenture Trustee each of the documents, certificates and other items as
follows:

                           (i) A certificate of an officer of the Originator
         substantially in the form of Exhibit C hereto;

                           (ii) Opinions of counsel for the Originator and the
         Trust Depositor substantially in the form of Exhibits D and E hereto
         (and including as an addressee thereof each Rating Agency);

                           (iii) Copies of resolutions of the Board of Directors
         of the Originator or of the Executive Committee of the Board of
         Directors of the Originator approving the execution, delivery and
         performance of this Agreement and the transactions contemplated
         hereunder, certified in each case by the Secretary or an Assistant
         Secretary of the Originator;

                           (iv) Officially certified recent evidence of due
         incorporation and good standing of the Originator under the laws of New
         York;

                           (v) The initial List of Contracts, certified by the
         Chairman of the Board, President or any Vice President of the Trust
         Depositor, together with an Assignment substantially in the form of
         Exhibit A (along with the delivery of any instruments as required under
         Section 2.06 below);

                           (vi) A certificate of an officer of the Trust
         Depositor substantially in the form of Exhibit B hereto;

                           (vii) A letter from Arthur Andersen LLP, or another
         nationally recognized accounting firm, addressed to the Originator and
         the Trust Depositor, stating that such firm has reviewed a sample of
         the Initial Contracts and performed specific procedures for such sample
         with respect to certain contract terms and which identifies those
         Initial Contracts which do not conform;

                                      -36-
<PAGE>   44
                           (viii) Copies of resolutions of the Board of
         Directors of the Servicer and the Trust Depositor or of the Executive
         Committee of the Board of Directors of the Servicer and the Trust
         Depositor approving the execution, delivery and performance of this
         Agreement and the other Transaction Documents to which any of them is a
         party, as applicable, and the transactions contemplated hereunder and
         thereunder, certified in each case by the Secretary or an Assistant
         Secretary of the Servicer and the Trust Depositor;

                           (ix) Officially certified, recent evidence of due
         incorporation and good standing of the Trust Depositor under the laws
         of Delaware;

                           (x) Evidence of proper filing with appropriate
         offices in the UCC Filing Locations in the State of New Jersey of UCC
         financing statements executed by the Originator, as debtor, naming the
         Trust Depositor as secured party (and the Owner Trustee as assignee)
         and identifying the Contract Assets as collateral; and evidence of
         proper filing with appropriate officer in the UCC Filing Locations in
         the State of New Jersey of UCC financing statements executed by the
         Trust Depositor, as debtor, naming the Owner Trustee as secured party
         (and the Indenture Trustee as assignee) and identifying the Trust
         Assets as collateral; and evidence of proper filing with appropriate
         officers in the UCC Filing Locations in the State of Delaware of UCC
         financing statements executed by the Trust and naming the Indenture
         Trustee as secured party and identifying the Collateral, as collateral;

                           (xi) An Officer's Certificate listing the Servicer's
         Servicing Officers;

                           (xii) Evidence of deposit in the Collection Account
         of all funds received with respect to the Initial Contracts after the
         Initial Cutoff Date to the date two days preceding the Closing Date,
         together with an Officer's Certificate from the Servicer to the effect
         that such amount is correct;

                           (xiii) Evidence of deposit in the Reserve Fund of the
         Reserve Fund Initial Deposit by the Trust Depositor;

                           (xiv) A fully executed Trust Agreement;

                           (xv) A fully executed Administration Agreement;

                           (xvi) A fully executed Indenture;

                           (xvii) A fully executed OCAI Transfer Agreement;

                                      -37-
<PAGE>   45
                           (xviii) An opinion of Sullivan & Cromwell to the
         effect that for federal income tax purposes, the Class A Notes, Class B
         Notes and Class C Notes will be characterized as debt and the Trust
         will not be characterized as an association (or publicly traded
         partnership) taxable as a corporation; and

                           (xix) An opinion of Riker, Danzig, Scherer, Hyland
         and Perretti to the effect that for New Jersey tax purposes, the Trust
         will not be subject to the New Jersey Corporation Income Tax or the New
         Jersey Corporation Business Tax.

                  SECTION 2.03. ACCEPTANCE BY OWNER TRUSTEE. On the Closing
Date, if the conditions set forth in Section 2.02 have been satisfied, the Trust
shall issue to, or upon the order of, the Trust Depositor the Certificate
representing ownership of a beneficial interest in 100% of the Trust and the
Trust shall issue, and the Indenture Trustee shall authenticate, to, or upon the
order of, the Trust Depositor the Notes secured by the Collateral. The Owner
Trustee hereby acknowledges its acceptance, on behalf of the Trust, of the Trust
Assets, and declares that it shall maintain such right, title and interest in
accordance with the terms of this Agreement and the Trust Agreement upon the
trust herein and therein set forth.

                  SECTION 2.04.  CONVEYANCE OF SUBSTITUTE CONTRACTS.

                  (a) Conveyance of Substitute Contracts to the Trust Depositor.
Subject to Sections 2.01(d) and (e) above and the satisfaction of the conditions
set forth in paragraph (c) below, at the option of the Trust Depositor, the
Originator may at its option (but shall not be obligated to) sell, transfer,
assign, set over and otherwise convey to the Trust Depositor (by delivery of an
executed Subsequent Purchase Agreement substantially in the form attached as
Exhibit J hereto), without recourse other than as expressly provided herein and
therein (and the Trust Depositor shall be required to purchase through payment
by exchange of one or more related Contracts released by the Trust to the Trust
Depositor on the Subsequent Transfer Date), all the right, title and interest of
the Originator in and to (the property in clauses (i)-(vi) below, upon such
transfer, becoming part of the "Contract Assets"):

                           (i) the Substitute Contracts identified in the
         related Addition Notice, and all monies received in payment of such
         Substitute Contracts on and after the related Subsequent Cutoff Dates,
         any Prepayment Amounts, any payments in respect of a casualty or early
         termination, and any Recoveries received with respect thereto, but
         excluding any Excluded Amounts;

                           (ii) the Equipment related to such Contracts,
         including the security interest of the Trust Depositor in such
         Equipment and all proceeds from

                                      -38-
<PAGE>   46
         any sale or other disposition of such Equipment (but subject to the
         exclusion and release herein of Excluded Amounts) and Related Security;

                           (iii)    the Contract Files;

                           (iv) all payments made or to be made in the future
         with respect to such Contracts or the Obligor thereunder under any
         Vendor Assignments with the Originator and under any guarantee or
         similar credit enhancement with respect to such Contracts;

                           (v) all Insurance Proceeds with respect to each such
         Contract; and

                           (vi) all income from and proceeds of the foregoing.

                  (b) Subject to Sections 2.01(d) and (e) above and the
conditions set forth in paragraph (c) below, the Trust Depositor shall sell,
transfer, assign, set over and otherwise convey to the Trust, without recourse
other than as expressly provided herein and therein, (i) all the right, title
and interest of the Trust Depositor in and to the Substitute Contracts purchased
pursuant to Section 2.04(a) above, and (ii) all other rights and property
interests consisting of Contract Assets related to such Substitute Contracts
(the property in clauses (i)-(ii) above, upon such transfer, becoming part of
the "Trust Assets").

                  (c) The Originator and Trust Depositor shall transfer to the
Trust the Substitute Contracts and the other property and rights related thereto
described in paragraphs (a), in the case of the Originator, or (b), in the case
of the Trust Depositor, above only upon the satisfaction of each of the
following conditions on or prior to the related Subsequent Transfer Date (and
the delivery of a related Addition Notice by the Trust Depositor shall be deemed
a representation and warranty by the Trust Depositor and of the Originator, that
such conditions have been or will be, as of the related Subsequent Transfer
Date, satisfied):

                           (i) the Trust Depositor shall have provided the Owner
         Trustee and the Indenture Trustee with a timely Addition Notice
         complying with the definition thereof contained herein, which Notice
         shall in any event be no later than five days prior to the date of
         addition;

                           (ii) there shall have occurred, with respect to each
         such Substitute Contract, a corresponding Substitution Event with
         respect to one or more Contracts then in the Contracts Pool;

                                      -39-
<PAGE>   47
                           (iii) the Substitute Contract(s) being conveyed to
         the Trust, satisfy the Substitute Contract Qualification Conditions;

                           (iv) the Originator shall have delivered to the Trust
         Depositor a duly executed written assignment in substantially the form
         of Exhibit J hereto (the "Subsequent Purchase Agreement"), which shall
         include a Subsequent List of Contracts listing the Substitute
         Contracts;

                           (v) the Trust Depositor shall have delivered to the
         Owner Trustee a duly executed written assignment (including an
         acceptance by the Owner Trustee) in substantially the form of Exhibit I
         hereto (the "Subsequent Transfer Agreement"), which shall include a
         Subsequent List of Contracts listing the Substitute Contracts;

                           (vi) the Trust Depositor shall have deposited or
         caused to be deposited in the Collection Account all Collections
         received with respect to the Substitute Contracts on or after the
         related Subsequent Cutoff Date;

                           (vii) as of each Subsequent Transfer Date, neither
         the Originator nor the Trust Depositor was insolvent nor will either of
         them have been made insolvent by such transfer nor is either of them
         aware of any pending insolvency;

                           (viii) no selection procedures believed by the
         Originator or the Trust Depositor to be adverse to the interests of the
         Noteholders or Certificateholder shall have been utilized in selecting
         the Substitute Contracts;

                           (ix) each of the representations and warranties made
         by the Originator pursuant to Sections 3.02, 3.03, 3.04, and 3.05
         applicable to the Substitute Contracts shall be true and correct as of
         the related Subsequent Transfer Date (provided that, with respect to
         clause (e) of the definition of Substitute Contract Qualification
         Conditions, the representations with respect to geographical diversity
         shall not apply) and the Originator shall have performed all
         obligations to be performed by it hereunder on or prior to such
         Subsequent Transfer Date;

                           (x) the Originator shall, at its own expense, on or
         prior to the Subsequent Transfer Date, indicate in its Computer Records
         that ownership of the Substitute Contracts identified on the Subsequent
         List of Contracts in the Subsequent Transfer Agreement has been sold to
         the Trust through the Trust Depositor pursuant to this Agreement;

                                      -40-
<PAGE>   48
                           (xi) the aggregate Principal Balance of all
         Substitute Contracts that shall be substituted for Prepaid Contracts
         that relate to a Casualty Loss, Defaulted Contracts and Contracts
         subject to a Material Modification cannot exceed 10% of the Original
         Pool Balance; and

                           (xii) the aggregate Principal Balance of all
         Substitute Contracts that shall be substituted for Prepaid Contracts,
         Excess Contracts and Ineligible Contracts cannot exceed 20% of the
         Original Pool Balance; provided, however, that no substitution with
         respect to such Prepaid Contracts, Excess Contracts and Ineligible
         Contracts shall be made prior to the time the Class A-1 Notes are paid
         in full.

                  SECTION 2.05. RELEASE OF RELEASED AMOUNTS. (a) The Indenture
Trustee hereby agrees to release to the Trust from the Trust Assets, and the
Trust hereby agrees to release to the Trust Depositor, an amount equal to the
Released Amounts immediately upon identification thereof and upon receipt of an
Officer's Certificate of the Servicer, which release shall be automatic and
shall require no further act by the Indenture Trustee or the Trust, provided
that the Indenture Trustee or Owner Trustee shall execute and deliver such
instruments of release and assignment, or otherwise confirm the foregoing
release, as may reasonably be requested by the Trust Depositor in writing. Upon
such release, such Released Amounts shall not constitute and shall not be
included in the Trust Assets.

                  (b) Immediately upon the release to the Trust Depositor by the
Indenture Trustee of the Released Amounts, the Trust Depositor hereby
irrevocably agrees to release to the Originator such Released Amounts, which
release shall be automatic and shall require no further act by the Trust
Depositor, provided that the Trust Depositor shall execute and deliver such
instruments of release and assignment, or otherwise confirming the foregoing
release of any Excluded Amounts, as may be reasonably requested by the
Originator.

                  SECTION 2.06. DELIVERY OF INSTRUMENTS. The Originator and the
Trust Depositor shall deliver possession of all "instruments" (within the
meaning of Article 9 of the UCC) not constituting part of "chattel paper"
(within the meaning of such Article 9), which evidence any Contract to the Owner
Trustee on behalf of the Trust on the Closing Date (or, if applicable, on the
relevant Subsequent Transfer Date), in each case endorsed in blank without
recourse. Pursuant to Section 3.05 of the Indenture, the Trust is required to
deliver such instruments to the Indenture Trustee as pledgee under the
Indenture. Accordingly, the Trust hereby authorizes and directs the Originator
and the Trust Depositor to deliver possession of any such instruments to the
Indenture Trustee on behalf of and for the account of the Trust, and agrees that
such delivery shall satisfy the condition set forth in the first sentence of
this Section 2.06. The Originator and the Trust

                                      -41-
<PAGE>   49
Depositor shall also identify on the List of Contracts (including any deemed
amendment thereof associated with any Substitute Contracts), whether by attached
schedule or marking or other effective identifying designation, all Contracts
which are or are evidenced by such instruments.

                                  ARTICLE THREE

                         REPRESENTATIONS AND WARRANTIES

           The Originator makes, and upon execution of each Subsequent
Purchase Agreement is deemed to make, the following representations and
warranties, on which the Trust Depositor will rely in conveying the Contract
Assets on the Closing Date (and on any Subsequent Transfer Date) to the Trust,
and on which the Trust, the Noteholders and Certificateholder will rely. The
Trust Depositor acknowledges that such representations and warranties are being
made by the Originator for the benefit of the Trust.

                  Such representations and warranties speak as of the execution
and delivery of this Agreement and as of the Closing Date (or Subsequent
Transfer Date, as applicable), but shall survive the sale, transfer and
assignment of the Contract Assets to the Trust. The repurchase obligation or
substitution obligation of the Originator set forth in Section 11.01 constitutes
the sole remedy available for a breach of a representation or warranty of the
Originator set forth in Sections 3.01, 3.02, 3.03, 3.04 or 3.05 of this
Agreement. Notwithstanding the foregoing, the Originator shall not be deemed to
be remaking any of the representations set forth in Section 3.03 or 3.05 on a
Subsequent Transfer Date with respect to the Substitute Contracts, as such
representations relate solely to the composition of the Initial Contracts
conveyed on the Closing Date, provided that any inaccurate representation as to
concentrations contained in any Addition Notice shall be subject to the same
remedies hereunder as if such representation were made under Section 3.05 on the
Closing Date with respect to an Initial Contract.

                  SECTION 3.01. REPRESENTATIONS AND WARRANTIES REGARDING THE
ORIGINATOR. By its execution of this Agreement and each Subsequent Purchase
Agreement, the Originator represents and warrants that:

                           (a) ORGANIZATION AND GOOD STANDING. The Originator is
         a corporation duly organized, validly existing and in good standing
         under the laws of the jurisdiction of its organization and has the
         requisite corporate power to own or lease its assets and to transact
         the business in which it is currently engaged. The Originator is duly
         qualified to do business as a foreign corporation and is in good
         standing in each jurisdiction in which the character of the business
         transacted by it or properties owned or leased by it requires such
         qualification and

                                      -42-
<PAGE>   50
         in which the failure so to qualify would have a material adverse effect
         on the business, properties, assets, or condition (financial or
         otherwise) of the Originator or Trust Depositor. The Originator is
         properly licensed in each jurisdiction to the extent required by the
         laws of such jurisdiction in order to originate, and (if the Originator
         is to be the Servicer) service the Contracts in accordance with the
         terms of this Agreement.

                           (b) AUTHORIZATION; BINDING OBLIGATION. The Originator
         has the power and authority to make, execute, deliver and perform this
         Agreement and the other Transaction Documents to which the Originator
         is a party and all of the transactions contemplated under this
         Agreement and the other Transaction Documents to which the Originator
         is a party, and has taken all necessary corporate action to authorize
         the execution, delivery and performance of this Agreement and the other
         Transaction Documents to which the Originator is a party. This
         Agreement and the other Transaction Documents to which the Originator
         is a party constitute the legal, valid and binding obligation of the
         Originator enforceable in accordance with their terms, except as
         enforcement of such terms may be limited by bankruptcy, insolvency or
         similar laws affecting the enforcement of creditors' rights generally
         and by the availability of equitable remedies.

                           (c) NO CONSENT REQUIRED. The Originator is not
         required to obtain the consent of any other party or any consent,
         license, approval or authorization from, or registration or declaration
         with, any governmental authority, bureau or agency in connection with
         the execution, delivery, performance, validity or enforceability of
         this Agreement and the other Transaction Documents to which the
         Originator is a party.

                           (d) NO VIOLATIONS. The Originator's execution,
         delivery and performance of this Agreement and the other Transaction
         Documents to which the Originator is a party will not violate any
         provision of any existing law or regulation or any order or decree of
         any court or the Certificate of Incorporation or Bylaws of the
         Originator, or constitute (with or without notice or lapse of time or
         both) a material breach of any mortgage, indenture, contract or other
         agreement to which the Originator is a party or by which the Originator
         or any of the Originator's properties may be bound.

                           (e) LITIGATION. No litigation or administrative
         proceeding of or before any court, tribunal or governmental body is
         currently pending, or to the knowledge of the Originator threatened,
         against the Originator or any of its respective properties or with
         respect to this Agreement or any other Transaction Document to which
         the Originator is a party which, if adversely determined, would in the
         opinion of the Originator have a material adverse effect on the

                                      -43-
<PAGE>   51
         business, properties, assets or condition (financial or other) of the
         Originator or the transactions contemplated by this Agreement or any
         other Transaction Document to which the Originator is a party.

                           (f) PLACE OF BUSINESS; NO CHANGES; NO TRADE NAMES.
         The Originator's sole place of business or chief executive office
         (within the meaning of Article 9 of the UCC) is as set forth in Section
         13.04 below. The Originator has not changed its name as set forth
         herein, whether by amendment of its Certificate of Incorporation, by
         reorganization or otherwise, and has not changed the location of its
         chief executive office, within the four months preceding the Closing
         Date (or Subsequent Transfer Date, as applicable, except in accordance
         with the requirements of Section 4.03). The legal name of the
         Originator is as set forth in this Agreement and, within the five years
         preceding the Closing Date, the Originator has not used, and currently
         does not use, any trade names, fictitious names, assumed names, or
         "doing business as" names.

                           (g) NO BULK SALES. The execution, delivery and
         performance of this Agreement by the Originator does not require
         compliance with any "bulk sales" laws by the Originator.

                           (h) SOLVENCY. The Originator on each date of and,
         after giving effect to the transfer of the Contracts and any Substitute
         Contracts, as the case may be, to the Trust Depositor pursuant to the
         transfer agreement, dated as of the date hereof, between the Originator
         and the Trust Depositor, is Solvent.

                           (i) USE OF PROCEEDS. No proceeds of the sale of any
         Initial Contract or Substitute Contract hereunder received by the
         Originator will be used by the Originator to purchase or carry any
         "margin stock" as such term is defined in Regulation G, T, U or X of
         the Board of Governors of the Federal Reserve System.

                           (j) NOT AN INVESTMENT COMPANY. The Originator is not
         an "investment company" within the meaning of the Investment Company
         Act of 1940, as amended (or the Originator is exempt from all
         provisions of such Act).

                                      -44-
<PAGE>   52
                           (k) TAXES. To the best of the Originator's knowledge,
         (i) the Originator has filed all tax returns required to be filed in
         the normal course of its business and has paid or made adequate
         provisions for the payment of all taxes, assessments and other
         governmental charges due from the Originator or is contesting any such
         tax, assessment or other governmental charge in good faith through
         appropriate proceedings, (ii) no tax lien has been filed with respect
         thereto, and (iii) no claim is being asserted with respect to any such
         tax, fee or other charge.

                           (l) SALE TREATMENT. The Originator has treated the
         transfer of Contract Assets to the Trust Depositor for all purposes
         (including financial accounting purposes) as a sale and purchase on all
         of its relevant books, records, financial statements and other
         applicable documents, except to the extent applicable tax laws require
         otherwise.

                           (m) MARKING OF FILES. The Originator will have, at
         its own expense, prior to the close of business on the Closing Date,
         (i) indicated in its Computer Records that ownership of the Contracts
         transferred by it to the Trust Depositor and identified on the List of
         Contracts have been sold to the Trust Depositor and (ii) affixed to the
         original copy of each Contract the following legend:

                           This Contract/Note is subject to a security interest
                           granted to the ORIX Credit Alliance Receivables Trust
                           2000-A. UCC-1 Financing Statements covering this
                           Contract/Note have been filed with the Secretary of
                           State of the State of New Jersey. Such lien will be
                           released only in connection with appropriate filings
                           in such offices. Consequently, potential purchasers
                           of this Contract/Note must refer to such filings to
                           determine whether such lien has been released.

                           (n) SECURITY INTEREST. The Originator has granted a
         security interest (as defined in the UCC) to the Trust Depositor, in
         the Contract Assets, which is enforceable in accordance with applicable
         law upon execution and delivery of this Agreement. Upon the filing of
         UCC-1 financing statements naming the Trust Depositor as secured party
         and the Originator as debtor, the Trust Depositor shall have a first
         priority perfected security interest in the Contract Assets (except for
         any Permitted Liens). All filings (including, without limitation, such
         UCC filings) as are necessary in any jurisdiction to perfect the
         interest of the Trust Depositor in the Contract Assets have been made.

                                      -45-
<PAGE>   53
                           (o) YEAR 2000 STATUS. (i) Any reprogramming required
         to permit the proper functioning during and following the year 2000 of
         the Servicer's computer systems has been completed and (ii) the
         information set forth in the Prospectus under "ORIX Credit Alliance,
         Inc. -- Year 2000 Readiness Disclosure" is accurate in all material
         respects.

                           (p) SECURITY INTEREST IN EQUIPMENT. The Equipment
         securing the Contracts is located in the states listed on Schedule 1 to
         this Agreement. The Trust Depositor has a perfected security interest
         in the Equipment and, upon the sale, transfer and assignment of the
         Contract Assets hereunder, the Trust will have a perfected security
         interest in the Equipment.

                           (q) TITLE. If a Contract is a lease of Equipment
         subject to certificate of title statutory requirements, the title is
         held either in the name of the lessee and the certificate of title
         indicates the Originator as lienholder or in the name of the Originator
         as Lessor.

                           (r) SELECTION PROCEDURES. No selection procedures
         determined by the Originator to be materially adverse to the interests
         of the Trust Depositor were utilized by the Originator in selecting the
         Contracts to be sold, assigned, transferred, set-over and otherwise
         conveyed hereunder.

                           (s) NO LIENS. The Trust Depositor owns each Contract
         Asset to be sold by it hereunder free and clear of any Liens except as
         provided herein, and upon the sale, transfer or assignment hereunder,
         the Trust shall (i) become the owner of each Contract Asset then
         existing or thereafter arising, free and clear of any Lien except as
         provided herein or (ii) acquire a first priority perfected security
         interest in such Contract Asset. No effective financing statement or
         other instrument similar in effect covering any Contract Asset or the
         Collections with respect thereto shall at any time be on file in any
         recording office except such as may be filed in favor of the Trust
         relating to this Agreement or otherwise as provided under the Transfer
         and Servicing Agreement.

                           (q) VALUE GIVEN. The cash payments received by the
         Trust Depositor in respect of the purchase price of each Contract sold
         hereunder constitutes reasonably equivalent value in consideration for
         the transfer to the Trust of such Contract under this Agreement, such
         transfer was not made for or on account of an antecedent debt owed by
         the Originator to the Trust Depositor, and such transfer was not and is
         not voidable or subject to avoidance under any Insolvency Law.

                                      -46-
<PAGE>   54
                  SECTION 3.02. REPRESENTATIONS AND WARRANTIES REGARDING EACH
CONTRACT AND AS TO CERTAIN CONTRACTS IN THE AGGREGATE. The Originator represents
and warrants (x) with respect to subsections (a)-(c) below, as to each Contract
as of the execution and delivery of this Agreement and as of the Closing Date,
and as of each Subsequent Transfer Date with respect to each Substitute
Contract, and (y) with respect to subsections (d)-(f) below, as to the Contracts
Pool in the aggregate as of the Closing Date, and as of each Subsequent Transfer
Date with respect to Substitute Contracts (after giving effect to the addition
of such Substitute Contracts to the Contracts Pool), that:

                           (a) LIST OF CONTRACTS. The information set forth in
         the List of Contracts (as the same may be amended or deemed amended in
         respect of a conveyance of Substitute Contracts on a Subsequent
         Transfer Date) is true, complete and correct as of the applicable
         Cutoff Date.

                           (b) ELIGIBLE CONTRACT. Such Contract satisfies the
         criteria for the definition of Eligible Contract set forth in this
         Agreement as of the date of its conveyance hereunder.

                           (c) NO "TRUE LEASES". No Contract constituting a
         Lease is a "true lease" as distinguished from a financing lease.

                           (d) NO FRAUD. Each Contract was originated without
         any fraud or material misrepresentation by the Originator or, to the
         best of the Originator's knowledge, on the part of the Obligor or the
         Vendor.

                           (e) CONTRACTS SECURED BY FIXTURES. No material
         portion of the Pool Balance of the Contracts Pool consists of Contracts
         secured by Equipment constituting fixtures.

                           (f) CONTRACTS SECURED BY OTHER REAL PROPERTY. No
         material portion of the Pool Balance of the Contracts Pool consists of
         Contracts additionally secured by other real property (exclusive of or
         in addition to Equipment constituting fixtures).

                  SECTION 3.03. REPRESENTATIONS AND WARRANTIES REGARDING THE
INITIAL CONTRACTS IN THE AGGREGATE. The Originator represents and warrants, as
of the Closing Date, that:

                           (a) AMOUNTS. The Pool Balance of the Contracts as of
         the Initial Cutoff Date equals the sum of the principal balance of the
         Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class
         A-4 Notes, the Class B Notes, the Class C Notes and the Certificates on
         the Closing Date.

                                      -47-
<PAGE>   55
                           (b) CHARACTERISTICS. The Initial Contracts have the
         following additional characteristics: (i) no Contract has a remaining
         maturity of more than 84 months; (ii) the final scheduled Distribution
         Date on the Contract with the latest maturity is not later than     ,
         20       ; (iii) no Contract was originated after the Initial Cutoff
         Date; (iv) not more than    % of the Initial Contracts (as measured by
         the Pool Balance) provide for Scheduled Payments due on a basis other
         than monthly; and (v) the weighted average yield (APR) of the Contracts
         as of the Initial Cutoff Date is greater than the sum as of the Closing
         Date of (A) the weighted average interest rates on the Notes and (B)
         the Servicing Fee Percentage (which includes therein the amounts
         allocable to the fees and expenses of the Trustees).

                  SECTION 3.04. REPRESENTATIONS AND WARRANTIES REGARDING THE
CONTRACT FILES. The Originator represents and warrants as of the Closing Date
with respect to the Initial Contracts (or as of the Subsequent Transfer Date,
with respect to Substitute Contracts), that (i) immediately prior to such date
(as applicable), the Originator had possession of each original Contract and the
related complete Contract File, and there were no other custodial agreements
relating to the same in effect; (ii) each of such documents which is required to
be signed by the Obligor has been signed by the Obligor in the appropriate
spaces; (iii) all blanks on any form have been properly filled in and each form
has otherwise been correctly prepared; and (iv) the complete Contract File for
each Contract is in the possession of the Servicer.

                  SECTION 3.05. REPRESENTATIONS AND WARRANTIES REGARDING
CONCENTRATIONS OF INITIAL CONTRACTS. The Originator represents and warrants as
of the Closing Date, as to the composition of the Initial Contracts in the
Contracts Pool as of the Initial Cutoff Date, that:

         (i)      the Pool Balance of all End-User Contracts with Obligors who
                  finance, lease or are related to Equipment used in the
                  trucking industry (measured by the Pool Balance as of the date
                  of determination) does not exceed     % of the aggregate
                  Principal Balance of the Contracts Pool;

         (ii)     the Pool Balance of all End-User Contracts with Obligors who
                  comprise the ten (10) largest Obligors (measured by the Pool
                  Balance as of the date of determination) does not exceed     %
                  of the aggregate Principal Balance of the Contracts Pool;

         (iii)    the aggregate Principal Balance of all full recourse and
                  partial recourse Contracts purchased by the Originator from
                  any single Vendor or affiliated group of Vendors will not
                  exceed     % of the aggregate Principal Balance of the
                  Contracts Pool;

                                      -48-

<PAGE>   56
         (iv)     the aggregate Principal Balance of all Contracts of each
                  Obligor or affiliated group of Obligors shall not exceed     %
                  of the aggregate Principal Balance of the Contracts Pool; and

         (v)      the Pool Balance of all End-User Contracts with Obligors
                  located in a single State of the United States does not exceed
                     % of the aggregate Principal Balance of the Contracts Pool.

                  SECTION 3.06. REPRESENTATIONS AND WARRANTIES REGARDING THE
TRUST DEPOSITOR. By its execution of this Agreement and each Subsequent Transfer
Agreement, the Trust Depositor represents and warrants to the Trust, the
Indenture Trustee, the Noteholders and the Certificateholder that:

                           (a) CONFIRMATION OF THE ORIGINATOR'S REPRESENTATIONS
         AND WARRANTIES. The representations and warranties set forth in Section
         3.01, Section 3.02, Section 3.03, Section 3.04 and Section 3.05 of this
         Agreement and in the OCAI Transfer Agreement are true and correct.

                           (b) ORGANIZATION AND GOOD STANDING. The Trust
         Depositor is a corporation duly organized, validly existing and in good
         standing under the laws of Delaware and has the corporate power to own
         its assets and to transact the business in which it is currently
         engaged. The Trust Depositor is duly qualified to do business as a
         foreign corporation and is in good standing in each jurisdiction in
         which the character of the business transacted by it or properties
         owned or leased by it requires such qualification and in which the
         failure so to qualify would have a material adverse effect on the
         business, properties, assets, or condition (financial or other) of the
         Trust Depositor or the Trust.

                           (c) AUTHORIZATION; VALID SALE; BINDING OBLIGATIONS.
         The Trust Depositor has the power and authority to make, execute,
         deliver and perform this Agreement and the other Transaction Documents
         to which it is a party and all of the transactions contemplated under
         this Agreement and the other Transaction Documents to which it is a
         party, and to create the Trust and cause it to make, execute, deliver
         and perform its obligations under this Agreement and the other
         Transaction Documents to which it is a party and has taken all
         necessary corporate action to authorize the execution, delivery and
         performance of this Agreement and the other Transaction Documents to
         which it is a party and to cause the Trust to be created. This
         Agreement and the related Subsequent Transfer Agreement, if any, shall
         effect a valid sale, transfer and assignment of the Trust Assets from
         the Trust Depositor to the Trust, enforceable against the Trust
         Depositor and creditors of and purchasers from the Trust Depositor.
         This Agreement and the other Transaction Documents to which the Trust
         Depositor is a

                                      -49-
<PAGE>   57
         party constitute the legal, valid and binding obligation of the Trust
         Depositor enforceable in accordance with their terms, except as
         enforcement of such terms may be limited by bankruptcy, insolvency or
         similar laws affecting the enforcement of creditors' rights generally
         and by the availability of equitable remedies.

                           (d) NO CONSENT REQUIRED. The Trust Depositor is not
         required to obtain the consent of any other party or any consent,
         license, approval or authorization from, or registration or declaration
         with, any Governmental Authority in connection with the execution,
         delivery, performance, validity or enforceability of this Agreement or
         the other Transaction Documents to which it is a party.

                           (e) NO VIOLATIONS. The execution, delivery and
         performance of this Agreement and the other Transaction Documents to
         which it is a party by the Trust Depositor, and the consummation of the
         transactions contemplated hereby and thereby, will not violate any
         Requirement of Law applicable to the Trust Depositor, or constitute a
         material breach of any mortgage, indenture, contract or other agreement
         to which the Trust Depositor is a party or by which the Trust Depositor
         or any of the Trust Depositor's properties may be bound, or result in
         the creation or imposition of any security interest, lien, charge,
         pledge, preference, equity or encumbrance of any kind upon any of its
         properties pursuant to the terms of any such mortgage, indenture,
         contract or other agreement, other than as contemplated by the
         Transaction Documents.

                           (f) LITIGATION. No litigation or administrative
         proceeding of or before any court, tribunal or governmental body is
         currently pending, or to the knowledge of the Trust Depositor
         threatened, against the Trust Depositor or any of its properties or
         with respect to this Agreement, the other Transaction Documents to
         which it is a party or the Securities (1) which, if adversely
         determined, would in the reasonable judgment of the Trust Depositor
         have a material adverse effect on the business, properties, assets or
         condition (financial or otherwise) of the Trust Depositor or the Trust
         or the transactions contemplated by this Agreement or the other
         Transaction Documents to which the Trust Depositor is a party or (2)
         seeking to adversely affect the federal income tax or other federal,
         state or local tax attributes of the Certificate or Notes.

                           (g) BULK SALES. The execution, delivery and
         performance of this Agreement do not require compliance with any "bulk
         sales" laws by the Trust Depositor.

                                      -50-
<PAGE>   58
                           (h) SOLVENCY. The Trust Depositor, at the time of and
         after giving effect to each conveyance of Trust Assets hereunder, is
         Solvent on and as of the date thereof.

                           (i) TAXES. The Trust Depositor has filed or caused to
         be filed all tax returns which, to its knowledge, are required to be
         filed and has put all taxes shown to be due and payable on such returns
         or on any assessments made against it or any of its property and all
         other taxes, fees or other charges imposed on it or any of its property
         by any Governmental Authority (other than any amount of tax due, the
         validity of which is currently being contested in good faith by
         appropriate proceedings and with respect to which reserves in
         accordance with generally accepted accounting principles have been
         provided on the books of the Trust Depositor); no tax lien has been
         filed and, to the Trust Depositor's knowledge, no claim is being
         asserted, with respect to any such tax, fee or other charge.

                           (j) PLACE OF BUSINESS; NO CHANGES. The Trust
         Depositor's sole place of business (within the meaning of Article 9 of
         the UCC) is as set forth in Section 13.04 below. The Trust Depositor
         has not changed its name, whether by amendment of its Certificate of
         Incorporation, by reorganization or otherwise, and has not changed the
         location of its place of business, within the four months preceding the
         Closing Date.

                           (k) NOT AN INVESTMENT COMPANY. The Trust Depositor is
         not an "investment company" within the meaning of the Investment
         Company Act of 1940, as amended (or the Trust Depositor is exempt from
         all provisions of such Act).

                           (l) SALE TREATMENT. The Trust Depositor has treated
         the transfer of Contract Assets to the Trust Depositor for all purposes
         (including financial accounting purposes) as a sale and purchase on all
         of its relevant books, records, financial statements and other
         applicable documents, except to the extent applicable tax laws require
         otherwise.

                           (m) SECURITY INTEREST. The Trust has granted a
         security interest (as defined in the UCC) to the Indenture Trustee in
         the Contract Assets that is enforceable in accordance with applicable
         law upon execution and delivery of this Agreement. Upon the filing of
         UCC-1 financing statements naming the Indenture Trustee as secured
         party and the Trust as debtor, the Indenture Trustee shall have a first
         priority perfected security interest in the Contract Assets (except for
         Permitted Liens). All filings (including, without limitation, such UCC
         filings) as

                                      -51-
<PAGE>   59
         are necessary in any jurisdiction to perfect the interest of both the
         Indenture Trustee and the Trust in the Contract Assets have been made.

Such representations speak as of the execution and delivery of this Agreement
and as of the Closing Date in the case of the Initial Contracts, and as of the
applicable Subsequent Transfer Date in the case of the Substitute Contracts, but
shall survive the sale, transfer and assignment of the Contracts to the Trust.

                  SECTION 3.07. REPRESENTATIONS AND WARRANTIES REGARDING THE
SERVICER. The Servicer represents and warrants to the Owner Trustee, the
Indenture Trustee, the Noteholders and the Certificateholder that:

                           (a) ORGANIZATION AND GOOD STANDING. The Servicer is a
         corporation duly organized, validly existing and in good standing under
         the laws of the jurisdiction of its organization and has the corporate
         power to own its assets and to transact the business in which it is
         currently engaged. The Servicer is duly qualified to do business as a
         foreign corporation and is in good standing in each jurisdiction in
         which the character of the business transacted by it or properties
         owned or leased by it requires such qualification and in which the
         failure so to qualify would have a material adverse effect on the
         business, properties, assets, or condition (financial or otherwise) of
         the Servicer or the Trust. The Servicer is properly licensed in each
         jurisdiction to the extent required by the laws of such jurisdiction to
         service the Contracts in accordance with the terms hereof.

                           (b) AUTHORIZATION; BINDING OBLIGATIONS. The Servicer
         has the power and authority to make, execute, deliver and perform this
         Agreement and the other Transaction Documents to which the Servicer is
         a party and all of the transactions contemplated under this Agreement
         and the other Transaction Documents to which the Servicer is a party,
         and has taken all necessary corporate action to authorize the
         execution, delivery and performance of this Agreement and the other
         Transaction Documents to which the Servicer is a party. This Agreement
         and the other Transaction Documents to which the Servicer is a party
         constitute the legal, valid and binding obligation of the Servicer
         enforceable in accordance with their terms, except as enforcement of
         such terms may be limited by bankruptcy, insolvency or similar laws
         affecting the enforcement of creditors' rights generally and by the
         availability of equitable remedies.

                           (c) NO CONSENT REQUIRED. The Servicer is not required
         to obtain the consent of any other party or any consent, license,
         approval or authorization from, or registration or declaration with,
         any Governmental Authority in connection with the execution, delivery,
         performance, validity or

                                      -52-
<PAGE>   60
         enforceability of this Agreement and the other Transaction Documents to
         which the Servicer is a party.

                           (d) NO VIOLATIONS. The execution, delivery and
         performance of this Agreement and the other Transaction Documents to
         which the Servicer is a party by the Servicer will not violate any
         Requirements of Law applicable to the Servicer, or constitute a
         material breach of any mortgage, indenture, contract or other agreement
         to which the Servicer is a party or by which the Servicer or any of the
         Servicer's properties may be bound, or result in the creation of or
         imposition of any security interest, lien, pledge, preference, equity
         or encumbrance of any kind upon any of its properties pursuant to the
         terms of any such mortgage, indenture, contract or other agreement,
         other than as contemplated by the Transaction Documents.

                           (e) LITIGATION. No litigation or administrative
         proceeding of or before any court, tribunal or governmental body is
         currently pending, or to the knowledge of the Servicer threatened,
         against the Servicer or any of its properties or with respect to this
         Agreement, or any other Transaction Document to which the Servicer is a
         party which, if adversely determined, would in the reasonable judgment
         of the Servicer have a material adverse effect on the business,
         properties, assets or condition (financial or otherwise) of the
         Servicer or the Trust or the transactions contemplated by this
         Agreement or any other Transaction Document to which the Servicer is a
         party.

                           (f) REPORTS. All reports, certificates and other
         written information furnished by the Servicer with respect to the
         Contracts are correct in all material respects.

                                  ARTICLE FOUR

                           PERFECTION OF TRANSFER AND
                        PROTECTION OF SECURITY INTERESTS

                  SECTION 4.01. CUSTODY OF CONTRACTS. The contents of each
Contract File shall be held in the custody of the Custodian under the Custodian
Agreement for the benefit of, and as agent for, the Indenture Trustee.

                  SECTION 4.02. FILING. On or prior to the Closing Date, the
Originator, Trust Depositor and Servicer shall cause the UCC financing
statement(s) referred to in Section 2.02(x) hereof to be filed, and from time to
time the Servicer shall take and cause to be taken such actions and execute such
documents as are necessary or desirable or as the Owner Trustee or Indenture
Trustee may reasonably request (it being understood and

                                      -53-
<PAGE>   61
agreed that the Indenture Trustee is under no duty to make any such request) to
perfect and protect the Trust's first priority perfected interest in the Trust
Assets against all other persons, including, without limitation, the filing of
financing statements, amendments thereto and continuation statements, the
execution of transfer instruments and the making of notations on or taking
possession of all records or documents of title.

                  SECTION 4.03. NAME CHANGE OR RELOCATION. (a) During the term
of this Agreement, none of the Originator, the Servicer and the Trust Depositor
shall change its name, identity or structure or relocate its chief executive
office without first giving at least 30 days' prior written notice to the Owner
Trustee and the Indenture Trustee.

                  (b) If any change in either the Servicer's, the Originator's
or the Trust Depositor's name, identity or structure or other action would make
any financing or continuation statement or notice of ownership interest or lien
relating to any Contract Asset seriously misleading within the meaning of
applicable provisions of the UCC or any title statute, the Servicer and/or the
Originator, no later than five days after the effective date of such change,
shall file such amendments as may be required to preserve and protect the
Trust's interests in the Trust Assets and the proceeds thereof. In addition,
neither the Originator, the Servicer nor the Trust Depositor shall change the
place of its chief executive office (within the meaning of Article 9 of the UCC)
unless it has first taken such action as is advisable or necessary to preserve
and protect the Trust's interest in the Trust Assets. Promptly after taking any
of the foregoing actions, the Servicer shall deliver to the Owner Trustee and
the Indenture Trustee an Opinion of Counsel reasonably acceptable to the Owner
Trustee and the Indenture Trustee stating that, in the opinion of such counsel,
all financing statements or amendments necessary to preserve and protect the
interests of the Owner Trustee in the trust corpus have been filed, and reciting
the details of such filing.

                  SECTION 4.04. CHIEF EXECUTIVE OFFICE. During the term of this
Agreement, and subject to the other terms and provisions herein relating to
changes in location, the Originator will maintain its chief executive office in
one of the States of the United States.

                  SECTION 4.05. COSTS AND EXPENSES. The Servicer agrees to pay
all reasonable costs and disbursements in connection with the perfection and the
maintenance of perfection, as against all third parties, of the Trustees' and
Trust's right, title and interest in and to the Contract Assets (including,
without limitation, the security interest in the Equipment related thereto and
the security interests provided for in the Indenture).

                  SECTION 4.06. SALE TREATMENT. The Trust Depositor shall treat
the transfer of Trust Assets made hereunder for all purposes (including
financial accounting

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purposes) as a sale and purchase on all of its relevant books, records,
financial statements and other applicable documents. Notwithstanding the
preceding sentence, for federal income tax purposes the transfer of Trust Assets
by the Trust Depositor hereunder shall not be treated as a sale and purchase for
federal income tax purposes so long as the Trust is disregarded as a separate
entity pursuant to Treasury Regulations Section 301.7701-3(b)(1)(ii).

                  SECTION 4.07. SEPARATENESS FROM TRUST DEPOSITOR. The
Originator agrees to take or refrain from taking or engaging in with respect to
the Trust Depositor, as applicable, each of the actions or activities specified
in the "substantive consolidation" opinion of Sullivan & Cromwell (including any
certificates of the Originator attached thereto) delivered on the Closing Date,
upon which the conclusions therein are based.

                                  ARTICLE FIVE

                             SERVICING OF CONTRACTS

                  SECTION 5.01. APPOINTMENT AND ACCEPTANCE; RESPONSIBILITY FOR
CONTRACT ADMINISTRATION. OCAI is hereby appointed as Servicer and custodian (as
contemplated in Article IV hereof) pursuant to this Agreement. OCAI accepts the
appointment and agrees to act as the Servicer and custodian pursuant to this
Agreement and also as custodian pursuant to the Custodian Agreement.

                  The Servicer will have the sole obligation to manage,
administer, service and make collections on the Contracts and perform or cause
to be performed all contractual and customary undertakings of the holder of the
Contracts to the Obligor. The Owner Trustee, at the written request of a
Servicing Officer, shall furnish the Servicer with any powers of attorney or
other documents necessary or appropriate in the opinion of the Owner Trustee to
enable the Servicer to carry out its servicing and administrative duties
hereunder. The Servicer is hereby appointed the servicer hereunder until such
time as any Servicer Transfer may be effected under Article VIII.

                  SECTION 5.02. GENERAL DUTIES. The Servicer will service,
administer and enforce the Contracts in the Contracts Pool on behalf of the
Trust and will have full power and authority to do any and all things in
connection with such servicing and administration which it deems necessary or
desirable and as shall not contravene the provisions of this Agreement. The
Servicer will manage, service, administer, and make collections on the Contracts
in the Contracts Pool with reasonable care, using that degree of skill and
attention that the Servicer exercises with respect to all comparable contracts
that it services for itself or others. The Servicer's duties will include
collection and posting of all payments, responding to inquiries of Obligors
regarding the Contracts in the Contracts Pool, investigating delinquencies,
accounting for collections, furnishing

                                      -55-
<PAGE>   63
monthly and annual statements with respect to collections and payments in
accordance with Article Nine hereof and with its customary standards, policies
and procedures, and using its best efforts to maintain the perfected first
priority security interest of the Indenture Trustee in the Trust Assets. The
Servicer will follow its customary standards, policies, and procedures and will
have full power and authority, acting alone (and consistent with its customary
standards, policies and procedures, in its own name), to do any and all things
in connection with such managing, servicing, administration, and collection,
including, without limitation, litigation that it deems necessary or desirable.
If the Servicer commences a legal proceeding to enforce a Defaulted Contract
pursuant to Section 5.15 or commences or participates in a legal proceeding
(including a bankruptcy proceeding) relating to or involving a Contract in the
Contracts Pool, the Trust will be deemed to have automatically assigned such
Contract to the Servicer immediately prior to commencement of any such legal
proceeding, for purposes of commencing or participating in any such proceeding
as a party or claimant, and the Servicer is authorized and empowered by the
Trust, pursuant to this Section 5.02, to execute and deliver, on behalf of
itself and the Trust, any and all instruments of satisfaction or cancellation,
or partial or full release or discharge, and all other notices, demands, claims,
complaints, responses, affidavits or other documents or instruments in
connection with any such proceedings. If in any enforcement suit or legal
proceeding it is held that the Servicer may not enforce a Contract on the ground
that it is not a real party in interest or a holder entitled to enforce the
Contract, then the Owner Trustee will, at the Servicer's expense and direction,
take steps on behalf of the Trust to enforce the Contract, including bringing
suit in the Trust's name.

                  SECTION 5.03. CONSENT TO ASSIGNMENT OR REPLACEMENT. At the
request of an Obligor, the Servicer may in its sole discretion consent to the
assignment of the related Contract or the sublease of a unit of the Equipment
relating to a Contract, so long as such Obligor remains liable for all of its
obligations under such Contract. Upon the request of any Obligor, the Servicer
may, in its sole discretion, provide for the substitution or replacement of any
unit of Equipment for a substantially similar unit of Equipment, so long as such
Obligor remains liable for all of its obligations under such Contract.

                  SECTION 5.04. DISPOSITION UPON TERMINATION OF CONTRACT. Upon
the termination of a Contract included in the Contracts Pool as a result of a
default by the Obligor thereunder, and upon any such Contract becoming a
Defaulted Contract, the Servicer will use commercially reasonable efforts to
dispose of any related Equipment. Without limiting the generality of the
foregoing, the Servicer may dispose of any such Equipment by purchasing such
Equipment or by selling such Equipment to any of its Affiliates for a purchase
price equal to the fair market value thereof as reasonably determined by the
Servicer. The Servicer will deposit any Prepayments of any such disposition in
accordance with Section 7.01.

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<PAGE>   64
                  SECTION 5.05. SUBSERVICERS. The Servicer may enter into
servicing agreements with one or more subservicers (including any Affiliate of
the Servicer) to perform all or a portion of the servicing functions on behalf
of the Servicer; provided that the Servicer shall remain obligated and be liable
to the Trust for servicing and administering the Contracts in the Contracts Pool
in accordance with the provisions of this Agreement without diminution of such
obligation and liability by virtue of the appointment of such subservicer, to
the same extent and under the same terms and conditions as if the Servicer alone
were servicing and administering such Contracts. The fees and expenses of the
subservicer (if any) will be as agreed between the Servicer and its subservicer
and neither the Owner Trustee, the Trust, the Indenture Trustee nor the Holders
will have any responsibility therefor. All actions of a subservicer taken
pursuant to such a subservicer agreement will be taken as an agent of the
Servicer with the same force and effect as though performed by the Servicer.

                  SECTION 5.06. FURTHER ASSURANCE. The Owner Trustee and the
Indenture Trustee will, at the written request of the Servicer, furnish the
Servicer, and the Servicer will furnish any subservicer, with any powers of
attorney and other documents necessary or appropriate to enable the Servicer or
a subservicer, as applicable, to carry out its servicing and administrative
duties under this Agreement, the forms of which documents shall be prepared by
the Servicer and submitted for execution to the Owner Trustee or the Indenture
Trustee, as the case may be. The Servicer shall not, nor shall the Servicer
permit any sub-servicer to, initiate any action in the Indenture Trustee's name
if such action were to require the Indenture Trustee to become registered to do
business in any state in which it was not already registered and without both
obtaining the Indenture Trustee's written consent and indicating the Servicer's
or such sub-servicer's representative capacity.

                  SECTION 5.07. NOTICE TO OBLIGORS. The Servicer will not be
required to notify any Obligor that such Obligor's Contract or related
Equipment, or any security interest in such Contract or such Equipment, has been
sold, transferred, assigned, or conveyed pursuant to this Agreement; provided
that, in the event that the Servicer resigns or is replaced, then if the place
for payment pursuant to any Contract is changed, the Successor Servicer must
give each related Obligor prompt written notice of the appointment of the
Successor Servicer and the place to which such Obligor should make payments
pursuant to each such Contract.

                  SECTION 5.08. COLLECTION EFFORTS; MODIFICATION OF CONTRACTS.
(a) The Servicer will make reasonable efforts to collect all payments called for
under the terms and provisions of the Contracts in the Contracts Pool as and
when the same become due, and will follow those collection procedures which it
follows with respect to all comparable contracts that it services for itself or
others.

                                      -57-
<PAGE>   65
                  (b) The Servicer may, subject to Sections 5.09 and 5.10, at
the request of an Obligor and at the Servicer's option, waive, modify or
otherwise vary any other provision of a Contract in accordance with its
customary and usual credit and collection practices; provided, that no such
waiver, modification or variance shall (except as provided in Sections 5.09,
5.10 and 5.15), without the consent of each Rating Agency,

                           (i) have the effect of accelerating, delaying or
         extending the date for or the amount of any payment of Scheduled
         Payments with respect to such Contract;

                           (ii) be inconsistent with the servicing standards set
         forth in Section 5.02; or

                           (iii) have a material adverse effect on the interests
         of any of the Trust, the Trustees or the Securityholders.

Notwithstanding the foregoing, to the extent consistent with the Servicer's
customary and usual credit and collection practices, (A) the Servicer may grant
extensions or adjustments on any Contract; provided, however, that if the
Servicer (i) extends a Contract by more than three months in any calendar year,
(ii) extends a Contract more than twice in the life of such Contract, (iii)
reduces the frequency of periodic payments under a Contract, (iv) reduces the
unpaid principal balance or the rate of interest with respect to a Contract, or
(v) extends a Contract in manner that is inconsistent with the Servicer's
customary and usual credit and collection practices, the Servicer shall purchase
the affected Contract no later than the next succeeding Determination Date by
either (a) depositing the unpaid Principal Balance of the Contract (plus any
related Unreimbursed Servicer Advances (unless the Servicer effectively waives
and releases its rights with respect to such Servicer Advances) and plus accrued
and unpaid interest) in the Collection Account, or (b) transferring a Substitute
Contract to the Trust in exchange for such Contract and (B) the Servicer may
grant waivers on any contract that release or subordinate the Trust's interest
in a portion of the Equipment and/or any additional collateral that is
specifically identified in the Contract documents, and/or release obligors,
guarantors, and assignors of a Contract, provided that immediately thereafter
the related Contract continues to meet the Servicer's customary and usual
underwriting standards and the remaining portion of the Equipment and/or any
additional collateral that is specifically identified in the documents for such
Contract is equal in value, as determined in accordance with the Servicer's
normal valuation procedures, to at least 120% of the outstanding Principal
Balance of such contract and the Trust Depositor's interest therein continues to
be perfected. The Servicer shall, in accordance with its customary and usual
credit and collection policies, have the right to release or subordinate OCAI's
interest in additional collateral (which does not include the financed
Equipment) if such additional collateral is not specifically identified in the
Contract documents. Additionally,

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<PAGE>   66
notwithstanding the foregoing, the Servicer may in its discretion waive any late
payment charge or any other fees that may be collected in the ordinary course of
servicing any Contract in the Contracts Pool.

                  SECTION 5.09. PREPAID CONTRACT. The Servicer may, at its
option and in accordance with its customary and usual credit and collection
practices, agree to permit a Contract in the Contracts Pool that is not
otherwise contractually prepayable by its terms to (a) prepay in part or (b)
become a Prepaid Contract (which shall not include a Contract that becomes an
Prepaid Contract due to a Casualty Loss); provided that the Servicer will not
permit the early termination or full prepayment of such a Contract unless (i)
such early termination or full prepayment would not result in the Trust
receiving an amount (the "Prepayment Amount") less than the sum of (A) the
outstanding Principal Balance on the date of such prepayment plus any accrued
and unpaid interest payments thereon and (B) any Unreimbursed Servicer Advances
thereon (unless effectively waived and released by the Servicer), or (ii) if
such early termination or full prepayment would result in the Trust receiving a
Prepayment Amount less than the amount set forth in clause (i), either the
Vendor or the Originator shall have agreed to pay the Trust the difference
between the Prepayment Amount actually paid and the amount set forth in clause
(i) (such payment by the Vendor or Originator also to be considered a
"Prepayment Amount"). At the option of the Originator, the Servicer may use the
Prepayment Amount to purchase a Substitute Contract for such Prepaid Contract
from the Originator. The Servicer shall apply each partial prepayment in
accordance with its customary and usual credit and collection policies.

                  SECTION 5.10. ACCELERATION. The Servicer, in its sole
discretion, may accelerate (or elect not to accelerate) the maturity of all or
any Scheduled Payments under any Contract in the Contracts Pool under which a
default under the terms thereof has occurred and is continuing (after the lapse
of any applicable grace period); provided that the Servicer is required to
accelerate the Scheduled Payments due under any Contract in the Contracts Pool
(and take other action in accordance with the Originator's past practice,
including repossessing the related Equipment, to realize upon the value of such
Contract and the related Equipment) to the fullest extent permitted by the terms
of such Contract, promptly after such Contract becomes a Defaulted Contract.

                  SECTION 5.11. TAXES. To the extent provided for in any
Contract in the Contracts Pool, the Servicer will make reasonable efforts to
collect (or cause to be collected) all payments with respect to amounts due for
taxes and assessments relating to such Contracts or the Equipment and remit such
amounts to the appropriate Governmental Authority on or prior to the date such
payments are due.

                  SECTION 5.12. INSURANCE PREMIUMS. To the extent provided for
in any Contract in the Contracts Pool, the Servicer will make reasonable efforts
to collect (or

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<PAGE>   67
cause to be collected) all payments with respect to amounts due for insurance
premiums relating to such Contracts or the Equipment and remit such amounts to
the appropriate insurer on or prior to the date such payments are due.

                  SECTION 5.13. REMITTANCES. The Servicer will service all
Collections in accordance with Section 7.01 hereof.

                  SECTION 5.14. SERVICER ADVANCES. For each Collection Period,
if the Servicer determines that any Scheduled Payment (or portion thereof) which
was due and payable pursuant to a Contract in the Contracts Pool during such
Collection Period was not received prior to the end of such Collection Period,
the Servicer has the right to elect, but is not obligated, to make a Servicer
Advance in an amount up to the amount of such delinquent Scheduled Payment (or
portion thereof) if the Servicer reasonably believes that the advance will be
reimbursed by the related Obligor. The Servicer will deposit any Servicer
Advances into the Collection Account on or prior to 11:00 a.m. (New York City
time) on the related Transfer Date, in immediately available funds. The Servicer
will be entitled to be reimbursed for Servicer Advances pursuant to Sections
7.05(a) and 7.05(b).

                  SECTION 5.15. REALIZATION UPON DEFAULTED CONTRACT. The
Servicer will use its best efforts consistent with its customary and usual
credit and collection practices and procedures in its servicing of contracts to
repossess or otherwise comparably convert the ownership of any Equipment
relating to a Defaulted Contract and will either act as sales agent for
Equipment which it repossesses or retain a sales agent consistent with its
current practices. The Servicer will follow such other practices and procedures
as it deems necessary or advisable and as are customary and usual in its
servicing of contracts and other actions by the Servicer in order to realize
upon such Equipment, which practices and procedures may include reasonable
efforts to enforce all obligations of Obligors and repossessing and selling such
Equipment at public or private sale in circumstances other than those described
in the preceding sentence. Without limiting the generality of the foregoing, the
Servicer may sell any such Equipment to the Servicer or its Affiliates for a
purchase price equal to the then fair market value thereof. In any case in which
any such Equipment has suffered damage, the Servicer will not expend funds in
connection with any repair or toward the repossession of such Equipment unless
it determines in its discretion that such repair and/or repossession will
increase the Liquidation Proceeds by an amount greater than the amount of such
expenses. The Servicer will remit to the Collection Account the Liquidation
Proceeds received in connection with the sale or disposition of Equipment
relating to a Defaulted Contract in accordance with Section 7.01.

                  SECTION 5.16. MAINTENANCE OF INSURANCE POLICIES. The Servicer
will use its best efforts to ensure that each Obligor maintains an Insurance
Policy with respect to the related Equipment in an amount at least equal to the
sum of the Original Principal

                                      -60-
<PAGE>   68
Balance of the related Contract in the Contracts Pool; provided that the
Servicer, in accordance with its customary servicing procedures, may allow
Obligors to self-insure. Additionally, the Servicer will require that each
Obligor maintain property damage insurance and, in the case of Leases, also
liability insurance, during the term of each Contract in the Contracts Pool in
amounts and against risks customarily insured against. If an Obligor fails to
maintain property damage insurance, the Servicer may, but is under no obligation
to, purchase and maintain such insurance on behalf of, and at the expense of,
the Obligor in accordance with the Servicer's customary practices and policies.
In connection with its activities as Servicer of the Contracts, the Servicer
agrees to present, on behalf of itself, the Trust, the Indenture Trustee and the
Holders, claims to the insurer under each Insurance Policy and any such
liability policy, and to settle, adjust and compromise such claims, in each
case, consistent with the terms of each Contract and the Servicer's customary
practice and policies.

          SECTION 5.17. OTHER SERVICER COVENANTS. The Servicer hereby covenants
that:

                           (a) CONTRACT FILES. The Servicer will, at its own
         cost and expense, maintain all Contract Files in accordance with its
         customary procedures. Without limiting the generality of the preceding
         sentence, the Servicer will not dispose of any documents constituting
         the Contract Files in any manner which is inconsistent with the
         performance of its obligations as the Servicer pursuant to this
         Agreement and will not dispose of any Contract except as contemplated
         by this Agreement.

                           (b) COMPLIANCE WITH LAW. The Servicer will comply, in
         all material respects, with all laws and regulations of any
         Governmental Authority applicable to the Servicer or the Contracts in
         the Contracts Pool and related Equipment and Contract Files or any part
         thereof; provided that the Servicer may contest any such law or
         regulation in any reasonable manner which will not materially and
         adversely affect the value of (or the rights of the Trust on behalf of
         the Holders or the Indenture Trustee on behalf of the Noteholders, with
         respect to) the Trust Assets.

                           (c) OBLIGATIONS WITH RESPECT TO CONTRACTS;
         MODIFICATIONS. The Servicer will duly fulfill and comply with, in all
         material respects, all obligations on the part of the Trust Depositor
         to be fulfilled or complied with under or in connection with each
         Contract in the Contracts Pool and will do nothing to impair the rights
         of the Indenture Trustee and the Holders in, to and under the Trust
         Assets. The Servicer will perform such obligations under the Contracts
         in the Contracts Pool and will not change or modify the Contracts,
         except as otherwise permitted hereby.

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<PAGE>   69
                           (d) NO BANKRUPTCY PETITION. Prior to the date that is
         one year and one day after the payment in full of all amounts owing in
         respect of all outstanding Securities, the Servicer will not institute
         against the Trust Depositor, or the Trust, or join any other Person in
         instituting against the Trust Depositor or the Trust, any bankruptcy,
         reorganization, arrangement, insolvency or liquidation proceedings or
         other similar proceedings under the laws of the United States or any
         state of the United States. This Section 5.17(d) will survive the
         termination of this Agreement.

                           (e) LOCATION OF CONTRACT FILES. The Contract Files
         shall remain at all times in the possession of the Servicer.

                  SECTION 5.18. SERVICING COMPENSATION. As compensation for its
servicing activities hereunder and reimbursement for its expenses as set forth
in Section 5.19, the Servicer shall be entitled to receive a monthly servicing
fee in respect of any Collection Period (or portion thereof) prior to the
termination of the Trust (with respect to each Collection Period, the "Servicing
Fee") equal to one-twelfth of the product of (A) the Servicing Fee Percentage
and (B) the Pool Balance of the Contracts Pool as of the first day of such
Collection Period. Notwithstanding anything else herein to the contrary, in no
event shall the Indenture Trustee be liable for any Servicing Fee or for any
differential in the amount of the servicing fee paid hereunder and the amount
necessary to induce any Successor Servicer to act as Successor Servicer under
this Agreement and the transactions set forth or provided for herein.

                  SECTION 5.19. PAYMENT OF CERTAIN EXPENSES BY SERVICER. The
Servicer will be required to pay all expenses incurred by it in connection with
its activities under this Agreement, including fees and disbursements of
independent accountants, the Owner Trustee (including with respect to an
administrator acting on behalf of the Owner Trustee and the Issuer), the
Indenture Trustee, taxes imposed on the Servicer, expenses incurred in
connection with payments and reports pursuant to this Agreement, and all other
fees and expenses not expressly stated under this Agreement for the account of
the Trust or the Trust Depositor, provided, however such amounts with respect to
the Owner Trustee, Indenture Trustee and independent accountants shall only be
payable by the Servicer prior to an Event of Default. The Servicer will be
required to pay all reasonable fees and expenses (including, without limitation,
legal fees and expenses) owing to the Owner Trustee or the Indenture Trustee in
connection with the maintenance of the Trust Accounts. The Servicer shall be
required to pay such expenses for its own account and shall not be entitled to
any payment or reimbursement therefor other than the Servicing Fee, and the
reimbursement for Liquidation Expenses, to the extent funds are available
therefor as provided in the definition of Liquidation Expenses.

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<PAGE>   70
                  SECTION 5.20. RECORDS. The Servicer shall, during the period
it is Servicer hereunder, maintain such books of account and other records as
will enable the Owner Trustee and the Indenture Trustee to determine the status
of each Contract.

                  SECTION 5.21. INSPECTION. (a) At all times during the term
hereof, the Servicer shall afford the Owner Trustee and the Indenture Trustee
and their respective authorized agents reasonable access during normal business
hours to the Servicer's records relating to the Contracts and will cause its
personnel to assist in any examination of such records by the Owner Trustee or
the Indenture Trustee, or such authorized agents, and allow copies of the same
to be made. The examination referred to in this Section will be conducted in a
manner which does not unreasonably interfere with the Servicer's normal
operations or customer or employee relations. Without otherwise limiting the
scope of the examination the Owner Trustee or the Indenture Trustee may, using
generally accepted audit procedures, verify the status of each Contract and
review the Computer Records and other records relating thereto for conformity to
Monthly Reports prepared pursuant to Article Nine and compliance with the
standards represented to exist as to each Contract in this Agreement.

                  (b) At all times during the term hereof, the Servicer shall
keep available a copy of the List of Contracts at its principal executive office
for inspection by Securityholders.

                  (c) The Servicer shall, if given reasonable notice by the
Indenture Trustee after the end of any Collection Period, provide the Indenture
Trustee with a copy of the Computer Record.

                  SECTION 5.22. TRUSTEES TO COOPERATE IN RELEASES. At the same
time as (i) any Contract becomes a Prepaid Contract and in connection therewith
the Equipment related to such Prepaid Contract is sold, or (ii) the Servicer
substitutes or replaces any unit of Equipment as contemplated in Section 5.03
(such events in subsections (i) and (ii) to be certified to the Indenture
Trustee by an Authorized Officer of the Servicer), the Owner Trustee, on behalf
of the Trust, and the Indenture Trustee, on behalf of the Noteholders, will to
the extent requested in writing by the Servicer release the Trust's interest in
the Equipment relating to such Expired Lease or Prepaid Contract or such
substituted or replaced Equipment, as the case may be; provided that such
release will not constitute a release of the Trust's interest in the proceeds of
such sale (other than with respect to Equipment that is replaced pursuant to
Section 5.03). In connection with any sale of such Equipment, the Owner Trustee,
on behalf of the Trust, and the Indenture Trustee will execute and deliver to
the Servicer any assignments, bills of sale, termination statements and any
other releases and instruments as the Servicer may request in writing in order
to effect such release and transfer; provided that neither the Owner Trustee nor
the Indenture Trustee will make any representation or warranty, express or
implied, with

                                      -63-
<PAGE>   71
respect to any such Equipment in connection with such sale or transfer and
assignment. Nothing in this Section 5.22 shall diminish the Servicer's
obligations pursuant to Section 7.01 with respect to the proceeds of any such
sale.

                                   ARTICLE SIX

                        COVENANTS OF THE TRUST DEPOSITOR

                  SECTION 6.01. CORPORATE EXISTENCE. During the term of this
Agreement, the Trust Depositor will keep in full force and effect its existence,
rights and franchises as a corporation under the laws of the jurisdiction of its
incorporation 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 other Transaction
Documents and each other instrument or agreement necessary or appropriate to the
proper administration of this Agreement and the transactions contemplated
hereby. In addition, all transactions and dealings between the Trust Depositor
and its Affiliates will be conducted on an arm's-length basis.

                  SECTION 6.02. CONTRACTS NOT TO BE EVIDENCED BY PROMISSORY
NOTES. The Trust Depositor will take no action to cause any Contract not
originally evidenced by an instrument as described in Section 2.06 hereof, to be
evidenced by an instrument (as defined in the UCC), except in connection with
the enforcement or collection of such Contract.

                  SECTION 6.03. SECURITY INTERESTS. The Trust Depositor will not
sell, pledge, assign or transfer to any other Person, or grant, create, incur,
assume or suffer to exist any Lien on any Contract in the Contracts Pool or
related Equipment, whether now existing or hereafter transferred to the Trust,
or any interest therein. The Trust Depositor will immediately notify the Owner
Trustee and the Indenture Trustee of the existence of any Lien on any Contract
in the Contracts Pool or related Equipment; and the Trust Depositor shall defend
the right, title and interest of the Trust in, to and under the Contracts in the
Contracts Pool and the related Equipment, against all claims of third parties;
provided, however, that nothing in this Section 6.03 shall prevent or be deemed
to prohibit the Trust Depositor from suffering to exist Permitted Liens upon any
of the Contracts in the Contracts Pool or any related Equipment.

                  SECTION 6.04. DELIVERY OF COLLECTIONS. The Trust Depositor
agrees to pay to the Servicer promptly (but in no event later than two Business
Days after receipt) all Collections received by the Trust Depositor in respect
of the Contracts in the Contracts Pool, for application in accordance with
Section 7.01.

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                  SECTION 6.05. REGULATORY FILINGS. The Trust Depositor shall
make any filings, reports, notices, applications and registrations with, and
seek any consents or authorizations from, the Commission and any state
securities authority on behalf of the Trust as may be necessary or that the
Trust Depositor deems advisable to comply with any federal or state securities
or reporting requirements laws.

                  SECTION 6.06. COMPLIANCE WITH LAW. The Trust Depositor hereby
agrees to comply in all material respects with all Requirements of Law
applicable to the Trust Depositor.

                  SECTION 6.07. ACTIVITIES. The Trust Depositor shall not engage
in any business or activity of any kind, or enter into any transaction or
indenture, mortgage, instrument, agreement, contract, lease or other
undertaking, which is not directly related to the transactions contemplated and
authorized by this Agreement or the other Transaction Documents; provided,
however, that the Trust Depositor may purchase and sell (or grant Liens in
respect of) assets similar to the Contract Assets to other Persons in
securitization or other non-recourse financing transactions involving the
Originator or any of its Affiliates on terms and conditions (with respect to
liabilities and restrictions on its activities, as well as restrictions on its
interactions with the Originator or its Affiliates, relevant to the "bankruptcy
remoteness" or "substantive consolidation" analysis relating to the Trust
Depositor) substantially similar to the terms and conditions applicable to the
Trust Depositor under the Transaction Documents so long as the Securityholders
are not materially adversely affected thereby and the Rating Agency Condition is
satisfied.

                  SECTION 6.08. INDEBTEDNESS. The Trust Depositor shall not
create, incur, assume or suffer to exist any Indebtedness or other liability
whatsoever, except (i) obligations incurred under this Agreement, (ii)
liabilities incident to the maintenance of its corporate existence in good
standing or (iii) liabilities necessarily incurred to facilitate securitizations
referred to in the proviso in Section 6.07.

                  SECTION 6.09. GUARANTEES. The Trust Depositor shall not become
or remain liable, directly or contingently, in connection with any Indebtedness
or other liability of any other Person, whether by guarantee, endorsement
(other than endorsements of negotiable instruments for deposit or collection in
the ordinary course of business), agreement to purchase or repurchase, agreement
to supply or advance funds, or otherwise except in connection with the
transactions described in Section 6.07.

                  SECTION 6.10. INVESTMENTS. The Trust Depositor shall not make
or suffer to exist any loans or advances to, or extend any credit to, or make
any investments (by way of transfer of property, contributions to capital,
purchase of stock or securities or evidences of indebtedness, acquisition of the
business or assets, or otherwise) in, any Person except (i) for purchases of
Contracts from the Originator, (ii) for investments in

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Eligible Investments in accordance with the terms of this Agreement or (iii) as
may be necessary to facilitate securitizations referred to in the proviso in
Section 6.07. Without limiting the generality of the foregoing, the Trust
Depositor shall not: (i) provide credit to any Securityholder for the purpose of
enabling such Securityholder to purchase any Securities or (ii) lend any money
to the Trust.

                  SECTION 6.11. MERGER; SALES. The Trust Depositor shall not
enter into any transaction of merger or consolidation, or liquidate or dissolve
itself (or suffer any liquidation or dissolution) or acquire or be acquired by
any Person, or convey, sell, lease or otherwise dispose of all or substantially
all of its property or business, except as provided for in this Agreement.

                  SECTION 6.12. DISTRIBUTIONS. The Trust Depositor shall not
declare or pay, directly or indirectly, any dividend or make any other
distribution (whether in cash or other property) with respect to the profits,
assets or capital of the Trust Depositor or any Person's interest therein, or
purchase, redeem or otherwise acquire for value any of its capital stock now or
hereafter outstanding, except that so long as no Event of Default has occurred
and is continuing and no Event of Default would occur as a result thereof or
after giving effect thereto and the Trust Depositor would continue to be Solvent
as a result thereof and after giving effect thereto, the Trust Depositor may
declare and pay dividends on its capital stock.

                  SECTION 6.13. OTHER AGREEMENTS. The Trust Depositor shall not
become a party to, or permit any of its properties to be bound by, any
indenture, mortgage, instrument, contract, agreement, lease or other
undertaking, except this Agreement and the other Transaction Documents to which
it is a party and any agreement relating to another securitization transaction
permitted by Section 6.07; nor shall it amend or modify the provisions of its
Certificate of Incorporation or issue any power of attorney except to the Owner
Trustee, the Indenture Trustee or the Servicer except in accordance with the
Transaction Documents.

                  SECTION 6.14. SEPARATE CORPORATE EXISTENCE. The Trust
Depositor shall:

                           (i) Maintain its own deposit account or accounts,
         separate from those of any Affiliate, with commercial banking
         institutions. The funds of the Trust Depositor will not be diverted to
         any other Person or for other than corporate uses of the Trust
         Depositor.

                           (ii) Ensure that, to the extent that it shares the
         same officers or other employees as any of its stockholders or
         Affiliates, the salaries of and the expenses related to providing
         benefits to such officers and other employees shall be fairly allocated
         among such entities, and each such entity shall bear its fair

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<PAGE>   74
         share of the salary and benefit costs associated with all such common
         officers and employees.

                           (iii) Ensure that, to the extent that it jointly
         contracts with any of its stockholders or Affiliates to do business
         with vendors or service providers or to share overhead expenses, the
         costs incurred in so doing shall be allocated fairly among such
         entities, and each such entity shall bear its fair share of such costs.
         To the extent that the Trust Depositor contracts or does business with
         vendors or service providers when the goods and services provided are
         partially for the benefit of any other Person, the costs incurred in so
         doing shall be fairly allocated to or among such entities for whose
         benefit the goods and services are provided, and each such entity shall
         bear its fair share of such costs. All material transactions between
         Trust Depositor and any of its Affiliates shall be only on an arm's
         length basis.

                           (iv) To the extent that the Trust Depositor and any
         of its stockholders or Affiliates have offices in the same location,
         there shall be a fair and appropriate allocation of overhead costs
         among them, and each such entity shall bear its fair share of such
         expenses.

                           (v) Conduct its affairs strictly in accordance with
         its Certificate of Incorporation and observe all necessary, appropriate
         and customary corporate formalities, including, but not limited to,
         holding all regular and special stockholders' and directors' meetings
         appropriate to authorize all corporate action, keeping separate and
         accurate minutes of its meetings, passing all resolutions or consents
         necessary to authorize actions taken or to be taken, and maintaining
         accurate and separate books, records and accounts, including, but not
         limited to, payroll and intercompany transaction accounts.

                           (vi) Take or refrain from taking, as applicable, each
         of the activities specified in the "substantive consolidation" opinion
         of Sullivan & Cromwell, delivered on the Closing Date, upon which the
         conclusions expressed therein are based.

                  SECTION 6.15. LOCATION; RECORDS. The Trust Depositor (x) shall
not move outside the State of New Jersey, the location of its chief executive
office, without 30 days' prior written notice to the Owner Trustee and the
Indenture Trustee and (y) shall not move or permit the Servicer to move the
location of the Contract Files from the location(s) thereof on the Closing Date,
without 30 days' prior written notice to the Owner Trustee and the Indenture
Trustee and (z) will promptly take all actions required (including, but not
limited to, all filings and other acts necessary or advisable under the UCC of
each relevant jurisdiction in order to continue the first priority perfected
security

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<PAGE>   75
interest of the Indenture Trustee in all Contracts in the Contracts Pool). The
Trust Depositor will give the Owner Trustee and the Indenture Trustee prompt
notice of a change within the State of New Jersey of the location of its chief
executive office.

                  SECTION 6.16. LIABILITY OF TRUST DEPOSITOR; INDEMNITIES. The
Trust Depositor shall be liable in accordance herewith only to the extent of the
obligations specifically undertaken by the Trust Depositor under this Agreement.

                  The Trust Depositor shall indemnify, defend and hold harmless
the Trust, the Owner Trustee, the Indenture Trustee and the Servicer from and
against any taxes that may at any time be asserted against any such Person with
respect to the transactions contemplated herein and in the other Transaction
Documents, including any sales, gross receipts, general corporation, tangible
personal property, New Jersey personal property replacement privilege or license
taxes (but, in the case of the Trust, not including any taxes asserted with
respect to, and as of the date of, the sale of the Contracts to the Trust or the
issuance and original sale of the Securities, or asserted with respect to
ownership of the Contracts, or federal or other income taxes arising out of
distributions on the Certificate or the Notes) and costs and expenses in
defending against the same.

                  The Trust Depositor shall indemnify, defend and hold harmless
the Trust, the Owner Trustee, the Indenture Trustee and the Securityholders from
and against any loss, liability or expense incurred by reason of the Trust
Depositor's willful misfeasance, bad faith or negligence (other than errors in
judgment) in the performance of its duties under this Agreement, or by reason of
reckless disregard of its obligations and duties under this Agreement.

                  The Trust Depositor shall indemnify, defend and hold harmless
the Trust, the Owner Trustee, and the Indenture Trustee, their officers,
directors, agents and employees, from and against all costs, expenses, losses,
claims, damages and liabilities arising out of or incurred in connection with
the acceptance or performance of the trusts and duties herein and, in the case
of the Owner Trustee, in the Trust Agreement and, in the case of the Indenture
Trustee, in the Indenture and any other document or transaction contemplated in
connection herewith or therewith, except to the extent that such cost, expense,
loss, claim, damage or liability in the case of (i) the Owner Trustee, shall be
due to the willful misfeasance, bad faith or negligence of the Owner Trustee, or
shall arise from the breach by the Owner Trustee of any of its representations
or warranties set forth in Section 7.03 of the Trust Agreement, or (ii) the
Indenture Trustee, shall be due to the willful misfeasance, bad faith or
negligence of the Indenture Trustee.

                  The Trust Depositor shall be liable directly to and will
indemnify any injured party or any other creditor of the Trust for all losses,
claims, damages, liabilities and expenses of the Trust to the extent that the
Trust Depositor would be liable if the

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<PAGE>   76
Trust were a partnership under the Delaware Revised Uniform Limited Partnership
Act in which the Trust Depositor were a general partner; provided, however, that
the Trust Depositor shall not be liable for any losses incurred by a
Certificateholder in the capacity of an investor in the Certificate or a
Noteholder in the capacity of an investor in the Notes. In addition, any third
party creditors of the Trust (other than in connection with the obligations
described in the immediately preceding sentence for which the Trust Depositor
shall not be liable) shall be deemed third party beneficiaries of this
paragraph. The obligations of the Trust Depositor under this paragraph shall be
evidenced by the Certificate described in the Trust Agreement.

                  The Trust Depositor shall indemnify, defend and hold harmless
the Owner Trustee and the Indenture Trustee, their officers, directors, agents
and employees, from and against any loss, liability or expense incurred by
reason of the Trust Depositor's or Trust's violation of federal or state
securities laws in connection with the offering and sale of the Notes.

                  Indemnification under this Section shall include, without
limitation, reasonable fees and expenses of counsel and expenses of litigation.
If the Trust Depositor 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 the Trust Depositor, without interest.

                  SECTION 6.17. BANKRUPTCY LIMITATIONS. The Trust Depositor
shall not, without the affirmative vote of a majority of the members of the
Board of Directors of the Trust Depositor (which must include the affirmative
vote of at least two duly appointed Independent directors) (A) dissolve or
liquidate, in whole or in part, or institute proceedings to be adjudicated
bankrupt or insolvent, (B) consent to the institution of bankruptcy or
insolvency proceedings against it, (C) file a petition seeking or consent to
reorganization or relief under any applicable federal or state law relating to
bankruptcy, (D) consent to the appointment of a receiver, liquidator, assignee,
trustee, sequestrator (or other similar official) of the corporation or a
substantial part of its property, (E) make a general assignment for the benefit
of creditors, (F) admit in writing its inability to pay its debts generally as
they become due, or (G) take any corporate action in furtherance of the actions
set forth in clauses (A) through (F) above; provided, however, that no director
may be required by any shareholder of the Trust Depositor to consent to the
institution of bankruptcy or insolvency proceedings against the Trust Depositor
so long as it is Solvent.

                  SECTION 6.18. LIMITATION ON LIABILITY OF TRUST DEPOSITOR AND
OTHERS. The Trust Depositor and any director or officer or employee or agent of
the Trust Depositor may rely in good faith on any document of any kind, prima
facie properly executed and submitted by any Person respecting any matters
arising hereunder. The

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<PAGE>   77
Trust Depositor and any director or officer or employee or agent of the Trust
Depositor shall be reimbursed by the Indenture Trustee for any liability or
expense incurred by reason of the Indenture Trustee's willful misfeasance, bad
faith or gross negligence (except errors in judgment) in the performance of its
duties hereunder, or by reason of reckless disregard of its obligations and
duties hereunder. The Trust Depositor shall not be under any obligation to
appear in, prosecute or defend any legal action that shall not be incidental to
its obligations under this Agreement, and that in its opinion may involve it in
any expense or liability.

                  SECTION 6.19. CHIEF EXECUTIVE OFFICE. During the term of this
Agree ment, the Trust Depositor will maintain its chief executive office in one
of the States of the United States.

                                  ARTICLE SEVEN

             ESTABLISHMENT OF ACCOUNTS; DISTRIBUTIONS; RESERVE FUND

                  SECTION 7.01. TRUST ACCOUNTS; COLLECTIONS. (a) On or before
the Closing Date, the Trust Depositor shall establish the Collection Account,
Note Distribution Account, Reserve Fund and the Spread Fund (each as herein
defined), each in the name of the Indenture Trustee for the benefit of the
Noteholders and the Certificateholder, respectively. The Servicer and Indenture
Trustee are hereby required to ensure that each of the Trust Accounts is
established and maintained as an Eligible Deposit Account with a Qualified
Institution. If any institution with which any of the accounts established
pursuant to this Section 7.01(a) are established ceases to be a Qualified
Institution, the Servicer, or if the Servicer fails to do so, the Indenture
Trustee (as the case may be) shall within 10 Business Days establish a
replacement account at a Qualified Institution after notice of such event. In no
event shall the Indenture Trustee be responsible for monitoring whether such
Eligible Institution shall remain a Qualified Institution.

                  (b) The Servicer shall deposit or cause to be deposited,
without deposit into any intervening account, into the Collection Account not
later than two Business Days following actual receipt of such remittance by the
Servicer, all Collections on deposit with the Servicer in the form of available
funds, and all Collections otherwise received by the Servicer.

                  (c) Notwithstanding Section 7.01(b), the Servicer shall
deposit or cause to be deposited, on the Closing Date and on each Subsequent
Transfer Date thereafter, in immediately available funds into the Collection
Account, all Collections received after the applicable Cutoff Date and through
and including the date two days preceding the Closing Date or Subsequent
Transfer Date, as the case may be, in respect of Contracts being transferred to
the Trust on such date.

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<PAGE>   78
                  (d) Notwithstanding Sections 7.01(b) and (c), the Servicer
shall not be required to deposit or cause to be deposited Collections on any
Contracts in the Contracts Pool on which (and to the extent that) the Servicer
has previously made a Servicer Advance which has not been reimbursed, which
amounts the Servicer may retain (as reimbursement of such Servicer Advance).

                  (e) Notwithstanding Sections 7.01(b) and (c), if (i) the
Servicer makes a deposit into the Collection Account in respect of a Collection
of a Contract in the Contract Pool and such Collection was received by the
Servicer in the form of a check which is not honored for any reason, or (ii) the
Servicer makes a mistake with respect to the amount of any Collection and
deposits an amount that is less than or more than the actual amount of such
Collection, the Servicer shall appropriately adjust the amount subsequently
deposited into the Collection Account to reflect such dishonored check or
mistake. Any Scheduled Payment in respect of which a dishonored check is
received shall be deemed not to have been paid.

                  SECTION 7.02. RESERVE FUND DEPOSIT. On the Closing Date, the
Owner Trustee, on behalf of the Trust Depositor, shall deposit the Reserve Fund
Initial Deposit into the Reserve Fund from the net proceeds of the Securities.

                  SECTION 7.03. TRUST ACCOUNT PROCEDURES. If the Servicer so
directs, in writing, the Indenture Trustee shall accept such directions as
directions of the Trust and shall invest the amounts in the Trust Accounts in
Qualified Eligible Investments of the type specified in such written direction
that mature or are withdrawable not later than one Business Day prior to the
next succeeding Distribution Date, except for investments in Section (vi) of the
definition of Eligible Investments. Once such funds are invested, the Indenture
Trustee shall not change the investment of such funds. Any loss on such
investments shall be deposited in the applicable Trust Account by the Servicer
out of its own funds immediately as realized. Funds in the Trust Accounts not so
invested must be insured to the extent permitted by law by the Bank Insurance
Fund or the Savings Association Insurance Fund of the Federal Deposit Insurance
Corporation. Subject to the restrictions herein, the Indenture Trustee may
purchase a Qualified Eligible Investment from itself or an Affiliate. Subject to
the other provisions hereof, the Indenture Trustee shall have sole control over
each such investment and the income thereon, and any certificate or other
instrument evidencing any such investment, if any, shall be delivered directly
to the Indenture Trustee or its agent, together with each document of transfer,
if any, necessary to transfer title to such investment to the Indenture Trustee
in a manner which complies with this Section 7.03. All Investment Earnings on
investments of funds in the Trust Accounts shall be deposited in the Collection
Account pursuant to Section 7.01 and distributed on the next Distribution Date
pursuant to Section 7.05. The Trust Depositor and the Trust agree and
acknowledge that the Indenture Trustee is to have "control" (within the meaning
of Section 8-102 of the UCC as enacted in New Jersey) of

                                      -71-
<PAGE>   79
collateral comprised of "Investment Property" (within the meaning of Section
9-115 of the UCC as enacted in New Jersey) for all purposes of this Agreement.
In the absence of timely written direction from the Servicer, the Indenture
Trustee shall invest amounts in the Trust Accounts in Qualified Eligible
Investments of the type specified in clause (vi) of the definition of Eligible
Investments herein.

                  SECTION 7.04. SECURITYHOLDER DISTRIBUTIONS. (a) Each
Noteholder and Certificateholder as of the related Record Date shall be paid on
the next succeeding Distribution Date by check mailed to such Noteholder or
Certificateholder at the address for such Noteholder or Certificateholder
appearing on the Note Register or Certificate Register or by wire transfer if
such Noteholder or Certificateholder provides written instructions to the
Indenture Trustee, or Owner Trustee, respectively, at least ten days prior to
such Distribution Date.

                  (b) The Indenture Trustee shall serve as the Paying Agent
hereunder and shall make the payments to the Noteholders and Certificateholder
required hereunder. The Indenture Trustee hereby agrees that all amounts held by
it for payment hereunder will be held in trust for the benefit of the
Noteholders and Certificateholder.

                  SECTION 7.05.  ALLOCATIONS AND DISTRIBUTIONS.

                  (a) Allocations and Distributions Prior to an Event of
Default. On each Determination Date prior to an Event of Default, the Servicer,
pursuant to written monthly payment instructions and notification, shall
instruct the Indenture Trustee to withdraw, and on such Distribution Date the
Indenture Trustee acting in accordance with such written instructions shall
withdraw, the amounts required to be withdrawn from the Collection Account
pursuant to this Section and deposited to the Note Distribution Account
(pursuant to Sections 3.01 and 8.02(b) of the Indenture) in order to make the
following payments or allocations from the Available Amounts for such
Distribution Date (in each case, such payment or transfer to be made only to the
extent funds remain available therefor after all prior payments and transfers
for such Distribution Date have been made), in the following order of priority:

                           (i) pay to the Servicer, the amount of any
         Unreimbursed Servicer Advance;

                           (ii) pay to the Indenture Trustee the costs and
         expenses associated with the appointment of a Successor Servicer and
         the transition relating thereto (which amount shall not, taken in the
         aggregate with all other amounts withdrawn for such purpose, exceed
         $100,000);

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<PAGE>   80
                           (iii) pay to the Servicer, the monthly Servicing Fee
         for the preceding monthly period together with any amounts in respect
         of the Servicing Fee that were due in respect of prior monthly periods
         that remain unpaid; provided, however, the Indenture Trustee shall be
         permitted to deduct from such amount and apply to its own account any
         accrued and unpaid fees, unpaid expenses or indemnity payments due and
         unpaid to the Indenture Trustee under the Indenture if the Servicer
         shall fail to make timely payment of such amounts to the Indenture
         Trustee; and provided, further, however, in no event shall the
         Indenture Trustee be entitled to deduct at this priority level amounts
         with respect to a monthly fee and expenses in excess of $25,000 per
         month;

                           (iv) pay to the Indenture Trustee on behalf of the
         Class A-1 Noteholders, Class A-2 Noteholders, Class A-3 Noteholders and
         Class A-4 Noteholders an amount equal to interest accrued in respect of
         the related Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class
         A-4 Notes at the Class A-1 Interest Rate, Class A-2 Interest Rate,
         Class A-3 Interest Rate and Class A-4 Interest Rate, respectively, for
         the Accrual Period immediately preceding such Distribution Date,
         together with any such amounts that accrued in respect of prior Accrual
         Periods for which no allocation was previously made; provided that if
         the Available Amounts remaining to be allocated pursuant to this clause
         are less than the full amount required to be so allocated, such
         remaining Available Amounts shall be allocated to each Holder of a
         Class A Note pro rata based upon the outstanding Principal Amount
         thereof;

                           (v) pay to the Indenture Trustee on behalf of the
         Class B Noteholders an amount equal to the interest accrued thereon at
         the Class B Interest Rate for the Accrual Period immediately preceding
         such Distribution Date, together with any amounts that accrued in
         respect of prior Accrual Periods for which no allocation was previously
         made; provided that if the Available Amounts remaining to be allocated
         pursuant to this clause are less than the full amount required to be so
         paid, such remaining Available Amount shall be paid to each Class B
         Noteholder pro rata based on the outstanding Principal Amount thereof;

                           (vi) pay to the Indenture Trustee on behalf of the
         Class C Noteholders, an amount equal to the interest accrued thereon
         at the Class C Interest Rate for the Accrual Period immediately
         preceding such Distribution Date, together with any such amounts that
         accrued in respect of prior Accrual Periods for which no allocation was
         previously made; provided that if the Available Amounts remaining to be
         allocated pursuant to this clause are less than the full amount
         required to be so paid, such remaining Available Amounts shall be paid
         to each Class C Noteholder pro rata based on the outstanding Principal
         Amount thereof;

                                      -73-
<PAGE>   81
                           (vii) pay to the Indenture Trustee, on behalf of the
         Class A-1 Noteholders, the Class A Principal Payment Amount for such
         Distribution Date; provided that if the Available Amounts remaining to
         be allocated pursuant to this clause are less than the full amount
         required to be so paid, such remaining Available Amounts shall be
         allocated to each Class A-1 Note pro rata based on the outstanding
         principal amount thereof;

                           (viii) pay to the Indenture Trustee, on behalf of the
         Class A-2 Noteholders, (A) $0 until the Distribution Date on which the
         Principal Amount of the Class A-1 Notes is $0; (B) on the Distribution
         Date on which the Principal Amount of the Class A-1 Notes is being
         reduced to $0, the excess of the Monthly Principal Amount over the
         amount necessary to reduce the Principal Amount of the Class A-1 Notes
         to $0 on such date, but only up to the amount of the Class A Principal
         Payment Amount, and (C) on each subsequent Distribution Date, the Class
         A Principal Payment Amount; provided that if the Available Amounts
         remaining to be allocated pursuant to this clause are less than the
         full amount required to be so paid, such remaining Available Amounts
         shall be allocated to each Class A-2 Note pro rata based on the
         outstanding principal amount thereof;

                           (ix) pay to the Indenture Trustee, on behalf of the
         Class A-3 Noteholders, (A) $0 until the Distribution Date on which the
         Principal Amount of the Class A-1 Notes and Class A-2 Notes is $0, (B)
         on the Distribution Date on which the Principal Amount of the Class A-2
         Notes is being reduced to $0, the excess of the amount necessary to
         reduce the Principal Amount of the Class A-2 Notes to $0 on such date,
         but only to the amount of the Class A Principal Payment Amount and (C)
         on each subsequent Distribution Date, the Class A Principal Payment
         Amount; provided that if the Available Amounts remaining to be
         allocated pursuant to this clause are less than the full amount
         required to be so paid, such remaining Available Amounts shall be
         allocated to each Class A-3 Note pro rata based on the outstanding
         principal amount thereof;

                           (x) pay to the Indenture Trustee, on behalf of the
         Class A-4 Noteholders, (A) $0 until the Distribution Date on which the
         Principal Amount of the Class A-1 Notes, Class A-2 Notes and Class A-3
         Notes is $0, (B) on the Distribution Date on which the Principal Amount
         of the Class A-3 Notes is being reduced to $0, the excess of the amount
         necessary to reduce the Principal Amount of the Class A-3 Notes to $0
         on such date, but only to the amount of the Class A Principal Payment
         Amount and (C) on each subsequent Distribution Date, the Class A
         Principal Payment Amount; provided that if the Available Amounts
         remaining to be allocated pursuant to this clause are less than the
         full amount required to be so paid, such remaining Available Amounts
         shall be allocated to each Class A-4 Note pro rata based on the
         outstanding principal amount thereof;

                                      -74-
<PAGE>   82
                           (xi) pay to the Indenture Trustee, on behalf of the
         Class B Noteholders, (A) $0 until the Distribution Date on which the
         Principal Amount of the Class A-1 Notes is $0, (B) on the Distribution
         Date on which the Principal Amount of the Class A-4 Notes is being
         reduced to $0, the excess of the amount necessary to reduce the
         Principal Amount of the Class A-4 Notes to $0 on such date, but only to
         the amount of the Class A Principal Payment Amount and (C) on each
         subsequent Distribution Date, the Class B Principal Payment Amount;
         provided that if the Available Amounts remaining to be allocated
         pursuant to this clause are less than the full amount required to be so
         paid, such remaining Available Amounts shall be allocated to each Class
         B Note pro rata based on the outstanding principal amount thereof;

                           (xii) pay to the Indenture Trustee, on behalf of the
         Class C Noteholders, (A) $0 until the Distribution Date on which the
         Principal Amount of the Class A-1 Notes is $0 and (B) on each
         subsequent Distribution Date, the Class C Principal Payment Amount;
         provided that if the Available Amounts remaining to be allocated
         pursuant to this clause are less than the full amount required to be so
         paid, such remaining Available Amounts shall be allocated to each Class
         C Note pro rata based on the outstanding principal amount thereof;

                           (xiii) pay to the Indenture Trustee,

                                (A) on behalf of the Class A-2 Noteholders, (1)
                  $0 until the Distribution Date on which the Principal Amount
                  of the Class A-1 Notes is $0 and (2) on each subsequent
                  Distribution Date, the Additional Principal, if any, until the
                  Principal Amount of the Class A-2 Notes is $0; provided that
                  if the Additional Principal exceeds the amount needed to
                  reduce the Principal Amount of the Class A-2 Notes to $0, then
                  such excess shall be paid to the Class A-3 Noteholders;

                                    (B) on behalf of the Class A-3 Noteholders,
                  (1) $0 until the Distribution Date on which the Principal
                  Amount of the Class A-1 Notes and Class A-2 Notes is $0 and
                  (2) on each subsequent Distribution Date, the Additional
                  Principal, if any, until the Principal Amount of the Class A-3
                  Notes is $0; provided that if the Additional Principal exceeds
                  the amount needed to reduce the Principal Amount of the Class
                  A-3 Notes to $0, then such excess shall be paid to the Class
                  A-4 Noteholders;

                                    (C) on behalf of the Class A-4 Noteholders,
                  (1) $0 until the Distribution Date on which the Principal
                  Amount of the Class A-1 Notes, Class A-2 Notes and Class A-3
                  Notes is $0 and (2) on each subsequent Distribution Date, the
                  Additional Principal, if any, until the

                                      -75-
<PAGE>   83
                  Principal Amount of the Class A-4 Notes is $0; provided that
                  if the Additional Principal exceeds the amount needed to
                  reduce the Principal Amount of the Class A-4 Notes to $0,
                  then such excess shall be paid to the Class B Noteholders;

                                    (D) on behalf of the Class B Noteholders,
                  (1) $0 until the Distribution Date on which the Principal
                  Amount of the Class A-1 Notes, Class A-2 Notes, Class A-3
                  Notes and Class A-4 Notes is $0 and (2) on each subsequent
                  Distribution Date, the Additional Principal, if any, until the
                  Principal Amount of the Class B Notes is $0; provided that if
                  the Additional Principal exceeds the amount needed to reduce
                  the Principal Amount of the Class B Notes to $0, then such
                  excess shall be paid to the Class C Noteholders;

                                    (E) on behalf of the Class C Noteholders,
                  (1) $0 until the Distribution Date on which the Principal
                  Amount of the Class A-1 Notes, Class A-2 Notes, Class A-3
                  Notes, Class A-4 Notes and Class B Notes is $0 and (2) on each
                  subsequent Distribution Date, the Additional Principal, if
                  any, until the Principal Amount of the Class C Notes is $0;
                  and

                                    (F) if the sum of (i) the remaining
                  Available Amounts, (ii) any other funds available in the
                  Collection Account as of the Determination Date (which for
                  purposes of this subparagraph (F) will be deemed to be
                  "Available Amounts") and (iii) the remaining amounts held in
                  the Reserve Fund equals or exceeds the sum of the remaining
                  Principal Amount of the Notes and any accrued and unpaid
                  Servicing Fee, pay to the Indenture Trustee on behalf of the
                  Noteholders an amount equal to such remaining Principal
                  Amount;

                           (xiv) unless the Principal Amount of all Notes will
         be fully paid on such Distribution Date, pay to the Indenture Trustee,
         for deposit into the Reserve Fund, such remaining Available Amounts up
         to such amount as may be required to cause the amounts on deposit in
         the Reserve Fund to equal the Required Reserve Amount;

                           (xv) unless the Principal Amount of all Notes will be
         fully paid on such Distribution Date, if a Spread Event shall have
         occurred and be continuing, pay to the Indenture Trustee for deposit
         into the Spread Fund, such remaining Available Amounts;

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<PAGE>   84
                           (xvi) pay to the Indenture Trustee and the Owner
         Trustee, such remaining Available Amounts up to the amount of any fees,
         expenses or indemnity payments due to the Indenture Trustee and the
         Owner Trustee remain unpaid; and

                           (xvii) pay any remaining Available Amounts to the
         Holder of the Certificate.

                  Prior to the occurrence of an Event of Default, if the
Available Amounts are less than the amount required to make in full the payments
and allocations set forth in Sections 7.05(a)(i)-(xiii) above or to make
principal payments due with respect to any payment at final maturity of any
Notes, amounts held in the Reserve Fund shall be withdrawn in order for any of
such payments or allocations to be made and such amounts will be considered as
Available Amounts for such purpose only.

                  (b) Allocations and Payments after an Event of Default. On
each Determination Date after the occurrence and during the continuance of an
Event of Default, the Servicer, pursuant to monthly payment instructions and
notification, shall instruct the Indenture Trustee in writing to withdraw, and
on such Distribution Date the Indenture Trustee acting in accordance with such
instructions shall withdraw, the amounts required to be withdrawn from the
Collection Account pursuant to this Section and deposited to the Note
Distribution Account (pursuant to Sections 3.01 and 8.02(b) of the Indenture) in
order to make the following payments or allocations from the Available Amounts
for such Distribution Date (in each case, such payment or transfer to be made
only to the extent funds remain available therefor after all prior payments and
transfers for such Distribution Date have been made), in the following order of
priority:

                           (i) pay, first, to the Indenture Trustee the amount
         of any unpaid fees, expenses (including legal fees and expenses) and
         indemnity payments to which the Indenture Trustee is entitled under
         this Section 7.05(b)(i), including the costs and expenses associated
         with the appointment of a Successor Servicer and the transition
         relating thereto (which amount shall not, taken in the aggregate with
         all other amounts withdrawn in accordance with this Section 7.05(b)(i)
         or Section 7.05(a)(ii), exceed $100,000) and, then, to the Noteholders,
         pro rata, an amount equal to any indemnity payments that Noteholders
         may have elected to pay in accordance with the terms of the Indenture;

                           (ii) pay to the Servicer, the monthly Servicing Fee
         for the preceding monthly period together with any amounts in respect
         of the Servicing Fee that were due in respect of prior monthly periods
         that remain unpaid;

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<PAGE>   85
                           (iii) pay to the Indenture Trustee on behalf of the
         Class A-1 Noteholders, Class A-2 Noteholders, Class A-3 Noteholders and
         Class A-4 Noteholders an amount equal to interest accrued in respect of
         the related Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class
         A-4 Notes at the Class A-1 Interest Rate, Class A-2 Interest Rate,
         Class A-3 Interest Rate and Class A-4 Interest Rate, respectively, for
         the Accrual Period immediately preceding such Distribution Date,
         together with any such amounts that accrued in respect of prior Accrual
         Periods for which no allocation was previously made; provided that if
         the Available Amounts remaining to be allocated pursuant to this clause
         are less than the full amount required to be so allocated, such
         remaining Available Amounts shall be allocated to each Holder of a
         Class A Note pro rata based upon the outstanding Principal Amount
         thereof;

                           (iv) pay to the Indenture Trustee on behalf of the
         Class B Note holders an amount equal to the interest accrued thereon at
         the Class B Interest Rate for the Accrual Period immediately preceding
         such Distribution Date, together with any amounts that accrued in
         respect of prior Accrual Periods for which no allocation was previously
         made; provided that if the Available Amounts remaining to be allocated
         pursuant to this clause are less than the full amount required to be so
         paid, such remaining Available Amount shall be paid to each Class B
         Noteholder pro rata based on the outstanding Principal Amount thereof;

                           (v) pay to the Indenture Trustee on behalf of the
         Class C Noteholders, an amount equal to the interest accrued thereon at
         the Class C Interest Rate for the Accrual Period immediately preceding
         such Distribution Date, together with any such amounts that accrued in
         respect of prior Accrual Periods for which no allocation was previously
         made; provided that if the Available Amounts remaining to be allocated
         pursuant to this clause are less than the full amount required to be so
         paid, such remaining Available Amounts shall be paid to each Class C
         Noteholder pro rata based on the outstanding Principal Amount thereof;

                           (vi) pay to the Indenture Trustee, on behalf of the
         Class A-1 Noteholders, the Principal Amount of the Class A-1 Notes;
         provided that if the Available Amounts remaining to be allocated
         pursuant to this clause are less than the full amount required to be so
         paid, such remaining Available Amounts shall be allocated to each Class
         A-1 Note pro rata based on the outstanding principal amount thereof;

                           (vii) pay to the Indenture Trustee, on behalf of the
         Class A- 2 Noteholders, Class A-3 Noteholders and Class A-4
         Noteholders, the Principal Amounts of the Class A-2 Notes, Class A-3
         Notes and Class A-4 Notes; provided

                                      -78-
<PAGE>   86
         that if the Available Amounts remaining to be allocated pursuant to
         this clause are less than the full amount required to be so paid, such
         remaining Available Amounts shall be allocated to each Class A-2 Note,
         Class A-3 Note and Class A-4 Note pro rata based on the outstanding
         principal amount of each such Class of Notes;

                           (viii) pay to the Indenture Trustee, on behalf of the
         Class B Noteholders, the Principal Payment Amount for such Distribution
         Date; provided (i) that if the Available Amounts remaining to be
         allocated pursuant to this clause are less than the full amount
         required to be so paid, such remaining Available Amounts shall be
         allocated to each Class B Note pro rata based on the outstanding
         principal amount thereof, and (ii) if the amount to be allocated
         pursuant to this clause exceeds the amount needed to repay outstanding
         Class B Note principal in full, then such excess shall be applied in
         repayment of principal on the Class C Notes;

                           (ix) pay to the Indenture Trustee, on behalf of the
         Class C Noteholders, the Principal Payment Amount for such Distribution
         Date; provided (i) that if the Available Amounts remaining to be
         allocated pursuant to this clause are less than the full amount
         required to be so paid, such remaining Available Amounts shall be
         allocated to each Class C Note pro rata based on the outstanding
         principal amount thereof, and (ii) if the amount to be allocated
         pursuant to this clause exceeds the amount needed to repay outstanding
         Class C Note principal in full, then such excess shall be applied in
         repayment of principal on the Certificates;

                           (x) pay to the Indenture Trustee all amounts due it
         and not paid pursuant to Section 7.05(b)(i) by reason of the limitation
         in such clause; and

                           (xi) pay all other remaining Available Amounts to the
         Holder of the Certificates.

                  Following the occurrence and during the continuance of an
Event of Default, if the Available Amounts are less than the amount required to
make in full the payments and allocations set forth in Sections 7.05(b)(i)-(ix)
above, amounts held in the Reserve Fund shall be withdrawn in order for the
payments or allocations set forth in Sections 7.05(b)(i)-(ix) to be made and
such amounts will be considered as Available Amounts for such purpose only.
Amounts withdrawn from the Reserve Fund pursuant to the preceding sentence shall
be applied to repay principal of such Notes in such order of priority set forth
in 7.05(b)(i)-(ix) until the Reserve Fund is exhausted.

                                      -79-
<PAGE>   87
                                  ARTICLE EIGHT

                       SERVICER DEFAULT; SERVICE TRANSFER

                  SECTION 8.01. SERVICER DEFAULT. "Servicer Default" means the
occurrence of any of the following:

                           (a) any failure by the Servicer to make any payment,
         transfer or deposit or to give instructions or notice to the Owner
         Trustee or the Indenture Trustee pursuant to this Agreement on or
         before the date occurring two Business Days after the date such
         payment, transfer, deposit, or such instruction or notice or report is
         required to be made or given, as the case may be, under the terms of
         this Agreement; or

                           (b) failure on the part of the Servicer duly to
         observe or perform in any material respect any other covenants or
         agreements of the Servicer set forth in this Agreement which has a
         material adverse effect on the Noteholders or Certificateholder, which
         continues unremedied for a period of 30 days after the first to occur
         of (i) the date on which written notice of such failure requiring the
         same to be remedied shall have been given to the Servicer by the
         Indenture Trustee or to the Servicer and the Indenture Trustee by the
         Noteholders or Certificateholder or the Indenture Trustee on behalf of
         such Noteholders of Notes aggregating not less than 25% of the
         Principal Amount of any Class adversely affected thereby and (ii) the
         date on which the Servicer becomes aware thereof and such failure
         continues to materially adversely affect such Noteholders or
         Certificateholder for such period; or

                           (c) any representation, warranty or certification
         made by the Servicer in this Agreement or in any certificate delivered
         pursuant to this Agreement shall prove to have been incorrect when
         made, which has a material adverse effect on the Noteholders or
         Certificateholder and which continues to be incorrect in any material
         respect for a period of 30 days after the first to occur of (i) the
         date on which written notice of such incorrectness requiring the same
         to be remedied shall have been given to the Servicer and the Owner
         Trustee by the Indenture Trustee, or to the Servicer, the Owner Trustee
         and the Indenture Trustee by Noteholders or Certificateholder or by the
         Indenture Trustee on behalf of Noteholders of Notes aggregating not
         less than 25% of the Principal Amount of any Class adversely affected
         thereby and (ii) the date on which the Servicer becomes aware thereof,
         and such incorrectness continues to materially adversely affect such
         Holders for such period; or

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<PAGE>   88
                           (d) an Insolvency Event shall occur with respect to
         the Servicer.

                  Notwithstanding the foregoing, a delay in or failure of
performance referred to under clause (a) above for a period of five Business
Days or referred to under clause (b) or (c) for a period of 60 days (in addition
to any period provided in clause (a), (b) or (c)) shall not constitute a
Servicer Default until the expiration of such additional five Business Days or
60 days, respectively, if such delay or failure could not be prevented by the
exercise of reasonable diligence by the Servicer and such delay or failure was
caused by an act of God or other events beyond the Servicer's control. Upon the
occurrence of any such event the Servicer shall not be relieved from using its
best efforts to perform its obligations in a timely manner in accordance with
the terms of this Agreement and the Servicer shall provide the Owner Trustee,
the Indenture Trustee and the Trust Depositor prompt notice of such failure or
delay by it, together with a description of its efforts to so perform its
obligations. The Servicer shall immediately notify the Indenture Trustee in
writing of any Servicer Default.

                  SECTION 8.02. SERVICER TRANSFER. (a) If a Servicer Default has
occurred and is continuing, (x) the Required Holders, or (y) the Indenture
Trustee may, by written notice (a "Termination Notice") delivered to the parties
hereto, terminate all (but not less than all) of the Servicer's management,
administrative, servicing, custodial and collection functions.

                  (b) Upon delivery of the notice required by Section 8.02(a)
(or, if later, on a date designated therein), and on the date that a successor
Servicer shall have been appointed pursuant to Section 8.03 (such appointment
being herein called a "Servicer Transfer"), all rights, benefits, fees,
indemnities, authority and power of the Servicer under this Agreement, whether
with respect to the Contracts, the Contract Files or otherwise, shall pass to
and be vested in such successor (the "Successor Servicer") pursuant to and under
this Section 8.02; and, without limitation, the Successor Servicer is authorized
and empowered to execute and deliver on behalf of the Servicer, as
attorney-in-fact or otherwise, any and all documents and other instruments, and
to do any and all acts or things necessary or appropriate to effect the purposes
of such notice of termination. The Servicer agrees to cooperate with the
Successor Servicer in effecting the termination of the responsibilities and
rights of the Servicer hereunder, including, without limitation, the transfer to
the Successor Servicer for administration by it of all cash amounts which shall
at the time be held by the Servicer for deposit, or have been deposited by the
Servicer, in the Collection Account, or for its own account in connection with
its services hereafter or thereafter received with respect to the Contracts. The
Servicer shall transfer to the Successor Servicer (i) all records held by the
Servicer relating to the Contracts in such electronic form as the Successor
Servicer may reasonably request and (ii) any Contract Files in the Servicer's
possession. In addition,

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<PAGE>   89
the Servicer shall permit access to its premises (including all computer records
and programs) to the Successor Servicer or its designee, and shall pay the
reasonable transition expenses of the Successor Servicer. Upon a Servicer
Transfer, the Successor Servicer shall also be entitled to receive the Servicing
Fee for performing the obligations of the Servicer.

                  SECTION 8.03. APPOINTMENT OF SUCCESSOR SERVICER; RECONVEYANCE;
SUCCESSOR SERVICER TO ACT. Upon delivery of the notice required by Section
8.02(a) (or, if later, on a date designated therein), the Servicer shall
continue to perform all servicing functions under this Agreement until the date
specified in the Termination Notice or, if no such date is specified, until a
date mutually agreed by the Servicer and the Indenture Trustee. The Indenture
Trustee shall as promptly as possible after the giving of or receipt of a
Termination Notice, appoint a Successor Servicer, and such Successor Servicer
shall accept its appointment by a written assumption in a form acceptable to the
Indenture Trustee and Owner Trustee. If within 60 days of delivery of a
Termination Notice the Indenture Trustee is unable to obtain any bids from
eligible servicers and the Servicer shall have yet to cure the Servicer Default,
then the Indenture Trustee shall offer the Trust Depositor, and the Trust
Depositor shall offer the Originator, the right to accept retransfer of all the
Trust Assets, and such parties may accept retransfer of such Trust Assets in
consideration of the Trust Depositor's delivery to the Collection Account on or
prior to the next upcoming Distribution Date of a sum equal to the Aggregate
Principal Amount of all Securities (other than the Certificates) then
outstanding, together with accrued and unpaid interest thereon through such date
of deposit (provided that the Indenture Trustee, if so directed by the Required
Holders in writing, need not accept and effect such reconveyance in the absence
of evidence (which may include valuations of an investment bank or similar
entity) reasonably acceptable to such Trustee or Required Holders that such
retransfer would not constitute a fraudulent conveyance of the Trust Depositor
or the Originator).

                  In the event that a Successor Servicer has not been appointed
and has not accepted its appointment at the time when the then Servicer has
ceased to act as Servicer, the Indenture Trustee without further action shall
automatically be appointed the Successor Servicer. Notwithstanding the
foregoing, if the Indenture Trustee is legally unable or prohibited from so
acting, it shall petition a court of competent jurisdiction to appoint any
established financial institution having a net worth of at least $50,000,000 and
whose regular business includes the servicing of contracts similar to the
Contracts as the Successor Servicer hereunder. On or after a Servicer Transfer,
the Successor Servicer shall be the successor in all respects to the Servicer in
its capacity as servicer under this Agreement and the transactions set forth or
provided for herein and shall be subject to all the responsibilities, duties and
liabilities relating thereto placed on the Servicer by the terms and provisions
hereof, and the terminated Servicer shall be relieved of such responsibilities,
duties and liabilities arising after such Servicer Transfer; provided,

                                      -82-
<PAGE>   90
however, that (i) the Successor Servicer will not assume any obligations of the
Servicer described in Section 8.02 and (ii) the Successor Servicer shall not be
liable for any acts or omissions of the Servicer occurring prior to such
Servicer Transfer or for any breach by the Servicer of any of its
representations and warranties contained herein or in any related document or
agreement. As compensation therefor, the Successor Servicer shall be entitled to
receive reasonable compensation equal to the monthly Servicing Fee. The Owner
Trustee, Securityholders and the Indenture Trustee and such successor shall take
such action, consistent with this Agreement, as shall be necessary to effectuate
any such succession. To the extent the terminated Servicer has made Servicer
Advances, it shall be entitled to reimbursement of the same notwithstanding its
termination hereunder, to the same extent as if it had continued to service the
Contracts hereunder. In addition, it is understood and agreed that if an Event
of Default has occurred and a Servicer Transfer is being effected by action of
the Indenture Trustee hereunder, any documented expenses reasonably incurred by
the Indenture Trustee in connection with effecting such Servicer Transfer shall
be deemed expenses reimbursable from Available Amounts after an Event of Default
pursuant to Section 7.05(b)(i) hereof and Section 5.06(a)(first) of the
Indenture.

                  SECTION 8.04. NOTIFICATION TO SECURITYHOLDERS. (a) Promptly
following the occurrence of any Servicer Default, the Servicer shall give
written notice thereof to the Trustees, the Trust Depositor and each Rating
Agency at the addresses described in Section 13.04 hereof and to the Noteholders
and Certificateholder at their respective addresses appearing on the Note
Register and the Certificate Register, respectively.

                  (b) Within 10 days following any termination or appointment of
a Successor Servicer pursuant to this Article VIII, the Indenture Trustee shall
give written notice thereof to each Rating Agency and the Trust Depositor at the
addresses described in Section 13.04 hereof, and to the Noteholders and
Certificateholder at their respective addresses appearing on the Note Register
and the Certificate Register, respectively.

                  SECTION 8.05. EFFECT OF TRANSFER. (a) After a Servicer
Transfer, the terminated Servicer shall have no further obligations with respect
to the management, administration, servicing, custody or collection of the
Contracts and the Successor Servicer appointed pursuant to Section 8.03 shall
have all of such obligations, except that the terminated 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
(properly endorsed where required for the Successor Servicer to collect them)
received as payments upon or otherwise in connection with the Contracts.

                  (b) A Servicer Transfer shall not affect the rights and duties
of the parties hereunder (including but not limited to the indemnities of the
Servicer) other than

                                      -83-
<PAGE>   91
those relating to the management, administration, servicing, custody or
collection of the Contracts.

                  SECTION 8.06. DATABASE FILE. Upon reasonable request by the
Indenture Trustee, the Servicer will provide the Successor Servicer with a
magnetic tape containing the database file for each Contract (i) as of the
Cutoff Date, (ii) the Subsequent Cutoff Dates, (iii) thereafter, as of the last
day of the preceding Collection Period on the Determination Date prior to a
Servicer Default and (iv) on and as of the Business Day before the actual
commencement of servicing functions by the Successor Servicer following the
occurrence of a Servicer Default.

                  SECTION 8.07. SUCCESSOR SERVICER INDEMNIFICATION. The original
Servicer shall defend, indemnify and hold the Successor Servicer and any
officers, directors, employees or agents of the Successor Servicer harmless
against any and all claims, losses, penalties, fines, forfeitures, legal fees
and related costs, judgments and any other costs, fees, and expenses that the
Successor Servicer may sustain in connection with the claims asserted at any
time by third parties against the Successor Servicer which result from (i) any
willful or grossly negligent act taken or omission by the Servicer or (ii) a
breach of any representations of the Servicer in Section 3.07 hereof. The
indemnification provided by this Section 8.07 shall survive the termination of
this Agreement and the removal or resignation of the Successor Servicer.

                  SECTION 8.08. RESPONSIBILITIES OF THE SUCCESSOR SERVICER. The
Successor Servicer will not be responsible for delays attributable to the
Servicer's failure to deliver information, defects in the information supplied
by the Servicer or other circumstances beyond the control of the Successor
Servicer.

                  The Successor Servicer will make arrangements with the
Servicer for the prompt and safe transfer of, and the Servicer shall provide to
the Successor Servicer, all necessary servicing files and records, including (as
deemed necessary by the Successor Servicer at such time): (i) microfiche loan
documentation, (ii) servicing system tapes, (iii) Contract payment history, (iv)
collections history and (v) the trial balances, as of the close of business on
the day immediately preceding conversion to the Successor Servicer, reflecting
all applicable Contract information. The current Servicer shall be obligated to
pay the costs associated with the transfer of the servicing files and records to
the Successor Servicer.

                  The Successor Servicer shall have no responsibility and shall
not be in default hereunder nor incur any liability for any failure, error,
malfunction or any delay in carrying out any of its duties under this Agreement
if any such failure or delay results from the Successor Servicer acting in
accordance with information prepared or supplied by a Person other than the
Successor Servicer or the failure of any such Person to prepare

                                      -84-
<PAGE>   92
or provide such information. The Successor Servicer shall have no
responsibility, shall not be in default and shall incur no liability (i) for any
act or failure to act by any third party, including the Servicer, the Trust
Depositor or the Trustees or for any inaccuracy or omission in a notice or
communication received by the Successor Servicer from any third party or (ii)
which is due to or results from the invalidity, unenforceability of any Contract
with applicable law or the breach or the inaccuracy of any representation or
warranty made with respect to any Contract.

                  If the Indenture Trustee or any other Successor Servicer
assumes the role of Successor Servicer hereunder, such Successor Servicer shall
be entitled to the benefits of (and subject to the provisions of) Section 5.05
concerning delegation of duties to subservicers.

                  SECTION 8.09. RATING AGENCY CONDITION FOR SERVICER TRANSFER.
Not withstanding the foregoing provisions relating to a Servicer Transfer, no
Servicer Transfer shall be effective hereunder unless prior written notice
thereof shall have been given to the Rating Agencies, and the Rating Agency
Condition shall have been satisfied with respect thereto.

                                  ARTICLE NINE

                                     REPORTS

                  SECTION 9.01. MONTHLY REPORTS. With respect to each
Distribution Date and the related Collection Period, the Servicer will provide
to each Trustee, each Rating Agency and First Union Securities, Inc., on the
related Determination Date, a monthly statement (a "Monthly Report")
substantially in the form of Exhibit H hereto.

                  SECTION 9.02. OFFICER'S CERTIFICATE. Each Monthly Report
delivered pursuant to Section 9.01 shall be accompanied by a certificate of a
Servicing Officer certifying the accuracy of the Monthly Report and that no
Servicer Default or event that with notice or lapse of time or both would become
a Servicer Default has occurred, or if such event has occurred and is
continuing, specifying the event and its status.

                  SECTION 9.03. OTHER DATA. In addition, the Servicer shall,
upon the request of any Trustees, or any Rating Agency, furnish such Trustee or
Rating Agency, as the case may be, such underlying data used to generate a
Monthly Report as may be reasonably requested. The Servicer will also forward to
the Indenture Trustee, the Owner Trustee, each Rating Agency and First Union
Securities, Inc. (a) within 120 days after each calendar quarter, commencing
with the quarter ending March 31, 2000, the unaudited quarterly financial
statement of the Servicer and (b) within 120 days after each fiscal year of the
Servicer, commencing with the fiscal year ending March 31, 2000, the

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unaudited annual financial statement of the Servicer, together with the related
report of the independent accountants to the Servicer. On the Distribution Date
following the receipt of each such financial statements and report, the
Indenture Trustee will forward to each Noteholder of record a copy of such
financial statements and report.

                  SECTION 9.04. ANNUAL REPORT OF ACCOUNTANTS.

                  (a) The Servicer shall cause a firm of nationally recognized
independent certified public accountants (the "Independent Accountants"), who
may also render other services to the Servicer or its Affiliates, to deliver to
the Indenture Trustee, the Owner Trustee and each Rating Agency, on or before
June 30 (90 days after the end of the Servicer's fiscal year) of each year,
beginning on June 30, 2000, a report addressed to the Board of Directors of the
Servicer, the Indenture Trustee and the Owner Trustee indicating that (i) with
respect to the twelve months ended the immediately preceding March 31 to the
effect that such Independent Accountants have audited the financial statements
of the Servicer, that as part of that audit, nothing came to the attention of
such Independent Accountant that causes them to believe that the Servicer was
not in compliance with any of the terms, covenants, provisions or conditions of
the relevant sections of the Agreement, insofar as they relate to accounting
matters, except for such exceptions as such Independent Accountants shall
believe to be immaterial and such other exceptions as shall be set forth in such
report, (ii) in connection with Independent Accountant's audit of the Servicer,
there were no exceptions or errors in records related to equipment leases and
loans serviced by the Servicer, except for such exceptions as such Independent
Accountants shall believe to be immaterial and such other exceptions as shall be
set forth in such report, and (iii) the Independent Accountant has performed
certain procedures as agreed by the Servicer, the Indenture Trustee (subject to
the provisions of this Section 9.04(a)) and Owner Trustee, whereby the
Independent Accountant will obtain the Monthly Report for four months with
respect to the twelve months ended the immediately preceding March 31 and for
each Monthly Report the Independent Accountant will agree all amounts in the
Monthly Report to the Servicer's computer, accounting and other reports, which
will include in such report any amounts which were not in agreement. In the
event such firm of Independent Accountants requires the Indenture Trustee to
agree to the procedures performed by such firm of Independent Accountants, the
Servicer shall direct the Indenture Trustee in writing to so agree; it being
understood and agreed that the Indenture Trustee will deliver such letter of
agreement in conclusive reliance upon the direction of the Servicer, and the
Indenture Trustee will not make any independent inquiry or investigation as to,
and shall have no obligation or liability in respect of, the sufficiency,
validity or correctness of such procedures.

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<PAGE>   94
                  (b) The Independent Accountant's report shall also indicate
that the firm is independent of the Servicer within the meaning of the Code of
Professional Ethics of the American Institute of Certified Public Accountants.

                  SECTION 9.05. ANNUAL STATEMENT OF COMPLIANCE FROM SERVICER.
The Servicer will deliver to the Trustees, and each of the Rating Agencies, on
or before July 31 of each year commencing July 31, 2000, an Officer's
Certificate stating that (a) a review of the activities of the Servicer during
the prior calendar year and of its performance under this Agreement was made
under the supervision of the officer signing such certificate and (b) to such
officer's knowledge, based on such review, the Servicer has fully performed or
cause to be performed in all material respects all its obligations under this
Agreement and no Servicer Default has occurred or is continuing, or, if there
has been a Servicer Default, specifying each such default known to such officer
and the nature and status thereof and the steps being taken or necessary to be
taken to remedy such event. A copy of such certificate may be obtained by any
Securityholder by a request in writing to the Indenture Trustee, with respect to
any Noteholder, or the Owner Trustee, with respect to any Certificateholder.

                  SECTION 9.06. ANNUAL SUMMARY STATEMENT. On or prior to July 31
of each year, commencing July 31, 2000, the Servicer shall prepare and provide
to each Trustee, and each Rating Agency, a cumulative summary of the information
required to be included in the Monthly Reports for the Collection Periods ending
during the immediately preceding calendar year.

                                   ARTICLE TEN

                                   TERMINATION

                  SECTION 10.01. SALE OF TRUST ASSETS.

                  (a) Upon any sale of the assets of the Trust pursuant to
Section 9.02 of the Trust Agreement, the Servicer shall instruct the Indenture
Trustee in writing to deposit the proceeds from such sale after all payments and
reserves therefrom have been made (the "Insolvency Proceeds") in the Collection
Account. On the Distribution Date on which the Insolvency Proceeds are deposited
in the Collection Account (or, if such proceeds are not so deposited on a
Distribution Date, on the Distribution Date immediately following such deposit),
the Servicer shall instruct the Indenture Trustee in writing to allocate and
apply (after the application on such Distribution Date of Available Amounts and
funds on deposit in the Reserve Fund pursuant to Section 7.04) the Insolvency
Proceeds as if (and in the same order of priority as) the Insolvency Proceeds
were Available Amounts being allocated and distributed on such date pursuant to
Section 7.04(b).

                                      -87-
<PAGE>   95
                  (b) As described in Article Nine of the Trust Agreement,
notice of any termination of the Trust shall be given by the Servicer to the
Owner Trustee and the Indenture Trustee as soon as practicable after the
Servicer has received notice thereof.

                  (c) Following the satisfaction and discharge of the Indenture
and the payment in full of the principal of and interest on the Notes, the
Certificateholder will succeed to the rights of the Noteholders hereunder and
the Owner Trustee will succeed to the rights of the Indenture Trustee pursuant
to this Agreement.

                                 ARTICLE ELEVEN

               REMEDIES UPON MISREPRESENTATION; REPURCHASE OPTION

                  SECTION 11.01. REPURCHASES OF, OR SUBSTITUTION FOR, CONTRACTS
FOR BREACH OF REPRESENTATIONS AND WARRANTIES. Upon a discovery by the Servicer,
the Trust Depositor or the Trustees of a breach of a representation or warranty
of the Originator as set forth in Section 3.01, Section 3.02, Section 3.03,
Section 3.04, and Section 3.05 or as made or deemed made in any Addition Notice
or any Subsequent Purchase Agreement relating to Substitute Contracts that
materially adversely affects the Trust's interest in such Contract (without
regard to the benefits of the Reserve Fund) (an "Ineligible Contract"), or of an
inaccuracy with respect to the representations as to concentrations of the
Initial Contracts made under Section 3.05, the party discovering the breach
shall give prompt written notice to the other parties (and the Servicer shall,
with respect to an inaccuracy concerning concentrations, select one or more
Contracts, without employing adverse selection, to be the related Excess
Contract for purposes of this Section), provided, that the Trustees shall have
no duty or obligation to inquire or to investigate the breach by the Originator
of any of such representations or warranties. The Originator shall repurchase
each such Ineligible Contract or Excess Contract, at a repurchase price equal to
the Transfer Deposit Amount, not later than the next succeeding Determination
Date following the date the Originator becomes aware of, or receives written
notice from any Trustee, the Servicer or the Trust Depositor of, any such breach
or inaccuracy and which breach or inaccuracy has not otherwise been cured;
provided, however, that if the Originator is able to effect a substitution for
any such Ineligible Contract or Excess Contract in compliance with Section 2.04,
the Originator may, in lieu of repurchasing such Contract, effect a substitution
for such affected Contract with a Substitute Contract not later than the date a
repurchase of such affected Contract would be required hereunder, and provided
further that with respect to a breach of representation or warranty relating to
the Contracts in the aggregate and not to any particular Contract the Originator
may select Contracts (without adverse selection) to repurchase (or substitute
for) such that had such Contracts not been included as part of the Trust Assets
(and, in the case of a substitution, had such Substitute Contract been included
as part of the Trust Assets instead of the selected Contract) there would have
been no breach of

                                      -88-
<PAGE>   96
such representation or warranty. Notwithstanding any other provision of this
Agreement, the obligation of the Originator described in this Section 11.01
shall not (a) terminate or be deemed released by any party hereto upon a
Servicer Transfer pursuant to Article VIII or (b) include any obligation to make
payment on account of a breach of a Contract by an Obligor subsequent to the
date on which such Contract was transferred to the Trust. The repurchase
obligation described in this Section 11.01 is in no way to be satisfied with
monies in the Reserve Fund.

                  SECTION 11.02. REASSIGNMENT OF REPURCHASED OR SUBSTITUTED
CONTRACTS. Upon receipt by the Indenture Trustee for deposit in the Collection
Account of the amounts described in Section 11.01 or Section 11.03 (or upon the
Subsequent Transfer Date related to a Substitute Contract described in Section
11.01), and upon receipt of an Officer's Certificate of the Servicer in the form
attached hereto as Exhibit F, the Indenture Trustee shall assign to the Trust
Depositor and the Trust Depositor shall assign to the Originator all of the
Trust's (or Trust Depositor's, as applicable) right, title and interest in the
repurchased or substituted Contract and related Trust Assets without recourse,
representation or warranty. Such reassigned Contract shall no longer thereafter
be included in any calculations of Principal Balances required to be made
hereunder or otherwise be deemed a part of the Trust.

                  SECTION 11.03. THE TRUST DEPOSITOR'S REPURCHASE OPTION. On
written notice to the Owner Trustee and the Indenture Trustee at least 20 days
prior to a Distribution Date, and provided that the Pool Balance of all
Contracts in the Contracts Pool is then less than % of the Pool Balance of such
Contracts as of the Initial Cutoff Date, the Trust Depositor, may (but is not
required to) repurchase from the Trust Depositor (and the Trust Depositor
concurrently from the Trust) on that Distribution Date all outstanding Contracts
at a price equal to the aggregate outstanding Principal Amount of the Securities
(other than the Certificates) and accrued and unpaid interest thereon as of the
current Distribution Date thereon, the amount of Unreimbursed Servicer Advances
(if any exist that have not been effectively waived and released by the
Servicer) as well as accrued and unpaid monthly Servicing Fees and any unpaid
fees, expenses (including legal fees and expenses) or other payments owed to the
Indenture Trustee under the Indenture to the date of such repurchase. Such price
is to be deposited in the Collection Account not later than one Business Day
before such Distribution Date, against the Owner Trustee's and Indenture
Trustee's release of the Contracts and the Contract Files to the Trust
Depositor.

                                      -89-
<PAGE>   97
                                 ARTICLE TWELVE

                             ORIGINATOR INDEMNITIES

                  SECTION 12.01. ORIGINATOR'S INDEMNIFICATION. The Originator
will defend and indemnify the Trust Depositor, the Trust, the Trustees, any
agents of the Trustees and the Certificateholder and Noteholders (any of which,
an "Indemnified Party") against any and all costs, expenses, losses, damages,
claims and liabilities, joint or several, including reasonable fees and expenses
of counsel and expenses of litigation (collectively, "Costs") arising out of or
resulting from (i) this Agreement, the Transaction Documents or any document or
transaction contemplated in connection herewith or therewith or the use,
ownership or operation of any Equipment by the Originator or the Servicer or any
Affiliate of either, (ii) any representation or warranty or covenant made by the
Originator in this Agreement being untrue or incorrect (subject to the
limitations described in the preamble to Article Three of this Agreement), and
(iii) any untrue statement or alleged untrue statement of a material fact
contained in the Prospectus or in any amendment thereto or the omission or
alleged omission to state therein a material fact necessary to make the
statements therein, in light of the circumstances in which they were made, not
misleading, in each case to the extent, but only to the extent, that such untrue
statement or alleged untrue statement was made in conformity with information
furnished to Trust Depositor by the Originator specifically for use therein;
provided, however, that the Originator shall not be required to so indemnify any
such Indemnified Party for such Costs to the extent that such Cost shall be due
to or arise from the willful misfeasance, bad faith or negligence of such
Indemnified Party. Notwithstanding any other provision of this Agreement, the
obligation of the Originator under this Section 12.01 shall not terminate upon a
Servicer Transfer pursuant to Article Eight of this Agreement and shall survive
any termination of that agreement or this Agreement and the earlier removal or
resignation of the Indenture Trustee.

                  SECTION 12.02. LIABILITIES TO OBLIGORS. No obligation or
liability to any Obligor under any of the Contracts is intended to be assumed by
the Trustees, the Trust, the Noteholders or the Certificateholder under or as a
result of this Agreement and the transactions contemplated hereby.

                  SECTION 12.03. TAX INDEMNIFICATION.

                           (a) The Originator agrees to pay, and to indemnify,
         defend and hold harmless the Trust Depositor, the Trust, the Trustees,
         the Noteholders or the Certificateholder from, any taxes which may at
         any time be asserted with respect to, and as of the date of, the
         transfer of the Contracts to the Trust Depositor and the transfer by
         the Trust Depositor of the Contracts to the Trust and the further
         pledge by the Trust to the Indenture Trustee, including, without
         limitation, any

                                      -90-
<PAGE>   98
         sales, gross receipts, general corporation, personal property,
         privilege or license taxes (but not including any federal, state or
         other taxes arising out of the creation of the Trust and the issuance
         of the Notes and Certificates) and costs, expenses and reasonable
         counsel fees in defending against the same, whether arising by reason
         of the acts to be performed by the Originator or the Servicer under
         this Agreement or imposed against the Trust, a Noteholder, a
         Certificateholder or otherwise. Notwithstanding any other provision of
         this Agreement, the obligation of the Originator under this Section
         12.03 shall not terminate upon a Servicer Transfer pursuant to Article
         Eight of this Agreement and shall survive any termination of this
         Agreement.

                           (b) The Originator agrees to pay and to indemnify,
         defend and hold harmless the Trust and the Trustees, on an after-tax
         basis (as hereinafter defined), from any state or local personal
         property taxes, gross rent taxes, leasehold taxes or similar taxes
         which may at any time be asserted with respect to the ownership of the
         Contracts (including security interests therein) and the receipt of
         rentals therefrom by the Trust, and costs, expenses and reasonable
         counsel fees in defending against the same, excluding, however, taxes
         based upon or measured by gross or net income or receipts (other than
         taxes imposed specifically with respect to rentals). As used in this
         Section, the term "after-tax basis" shall mean, with respect to any
         payment to be received by an indemnified person, that the amount to be
         paid by the Originator shall be equal to the sum of (i) the amount to
         be received without regard to this sentence, plus (ii) any additional
         amount that may be required so that after reduction by all taxes
         imposed under any federal, state and local law, and taking into account
         any current credits or deductions arising therefrom, resulting either
         from the receipt of the payments described in both clauses (i) and (ii)
         hereof, such sum shall be equal to the amount described in clause (i)
         above.

                  SECTION 12.04. ADJUSTMENTS. The Originator agrees that, with
respect to each Contract (i) which provides for a prepayment amount less than
the amount calculated in accordance with the definition thereof and (ii) as to
which the related Vendor has not agreed to indemnify the Trust Depositor or any
assignee of the Trust Depositor in an amount at least equal to the excess of the
Prepayment Amount as calculated in accordance with the definition thereof over
the amount otherwise payable upon prepayment of such Contract, the Originator
shall indemnify the Trust Depositor or the Trust as assignee thereof, in an
amount equal to the amount specified in the foregoing clause (ii).

                                      -91-
<PAGE>   99
                  The Originator hereby further agrees that if any real property
collateral securing any Contract described in Section 3.02(e) hereof becomes the
subject of any claims, proceedings, liens or encumbrances with respect to any
material violation or claimed material violation of any federal or state
environmental laws or regulations, such Contract shall for all purposes
hereunder be, at and following the time of discovery by the Originator, the
Trust Depositor, the Servicer or any Trustee (it being understood and agreed
that such Trustee is under no duty of investigation) of such fact, deemed an
Ineligible Contract subject to the same remedial and recourse provisions
hereunder as other Contracts determined to be Ineligible Contracts hereunder.

                  SECTION 12.05. OPERATION OF INDEMNITIES. Indemnification under
this Article Twelve shall include, without limitation, reasonable fees and
expenses of counsel and expenses of litigation. If the Originator has made any
indemnity payments to the Trust Depositor or the Trustees pursuant to this
Article Twelve and the Trust Depositor or the Trustees thereafter collects any
of such amounts from others, the Trust Depositor or the Trustees will repay such
amounts collected to the Originator, except that any payments received by the
Trust Depositor or the Trustees from an insurance provider as a result of the
events under which the Originator's indemnity payments arose shall be repaid
prior to any repayment of the Originator's indemnity payment.

                                ARTICLE THIRTEEN

                                  MISCELLANEOUS

                  SECTION 13.01. AMENDMENT.

                  (a) This Agreement may be amended by the Originator, the Trust
Depositor, the Servicer, the Indenture Trustee and the Owner Trustee on behalf
of the Trust, collectively, without the consent of any Securityholders, to cure
any ambiguity, to correct or supplement any provisions in this Agreement which
are inconsistent with the provisions herein, or to add any other provisions with
respect to matters or questions arising under this Agreement that shall not be
inconsistent with the provisions of this Agreement, provided, however that any
such action shall not, as evidenced by an Opinion of Counsel, adversely affect
in any material respect the interests of any Securityholder.

                  (b) This Agreement may also be amended from time to time by
the Originator, the Trust Depositor, the Servicer, the Indenture Trustee and the
Owner Trustee on behalf of the Trust, with the consent of the Required 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 Noteholders or the Certificateholder; provided,
however, that no such amendment shall (i) increase or reduce in any manner the
amount of, or accelerate or delay the timing of or change the

                                      -92-
<PAGE>   100
method of calculating (A) Collections of payments on the Contracts or
distributions that shall be required to be made on any Note or Certificate
(including by way of amendment of related definitions), or (B) the manner in
which the Reserve Fund is applied, or (ii) change in any manner (including
through amendment of related definitions), the Holders which are required to
consent to any such amendment, or (iii) make any Note or Certificate payable in
money other than Dollars, without the consent of the Holders of all Notes and
Certificates of the relevant affected Class then outstanding.

                  (c) Prior to the execution of any such amendment or consent,
the Indenture Trustee shall furnish written notification of the substance of
such amendment or consent, together with a copy thereof, to each Rating Agency.

                  (d) Promptly after the execution of any such amendment or
consent, the Owner Trustee and the Indenture Trustee, as the case may be, shall
furnish written notification of the substance of such amendment or consent to
each Certificateholder and Noteholder, respectively. It shall not be necessary
for the consent of Noteholders and Certificateholder pursuant to Section
13.01(b) 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 by
Noteholders and Certificateholder of the execution thereof shall be subject to
such reasonable requirements as the Owner Trustee or the Indenture Trustee may
prescribe.

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

                  SECTION 13.02. PROTECTION OF TITLE TO TRUST.

                  (a) The 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 Trust, the Securityholders, the
Indenture Trustee and the Owner Trustee in the Contracts and in the proceeds
thereof. The Servicer shall deliver (or cause to be delivered) to the Owner
Trustee and the Indenture Trustee file-stamped copies of, or filing receipts
for, any document filed as provided above, as soon as available following such
filing.

                                      -93-
<PAGE>   101

                  (b) Neither the Originator, the Trust Depositor nor the
Servicer shall change its name, identity or corporate structure in any manner
that would, could or might make any financing statement or continuation
statement filed in accordance with Section 4.02(a) seriously misleading within
the meaning of Section 9-402(7) of the UCC, unless it shall have given the
Trust, the Owner Trustee and the Indenture Trustee at least 30 days' prior
written notice thereof and shall have promptly filed appropriate amendments to
all previously filed financing statements or continuation statements.

                  (c) The Originator, the Trust Depositor and the Servicer shall
give the Trust, the Owner Trustee and the Indenture Trustee at least 30 days'
prior written notice of any relocation of the principal executive office of the
Originator, or the Trust Depositor or the Servicer if, as a result of such
relocation, the applicable provisions of the UCC would require filing of any
amendment of any previously filed financing or continuation statement or of any
new financing statement, and the Servicer shall promptly file or cause to be
filed any such amendment or new financing statement. The Servicer shall at all
times maintain each office from which it shall service Contracts, and its
principal executive office, within the United States.

                  (d) The Servicer shall maintain or cause to be maintained
accounts and records as to each Contract accurately and in sufficient detail to
permit (i) the reader thereof to know at any time the status of such Contract,
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 Contract and the amounts from time to time deposited in or credited to
the Collection Account in respect of each Contract.

                  (e) The Servicer shall maintain or cause to be maintained its
computer systems so that, from and after the time of sale under this Agreement
of the Contracts, the Servicer's master computer records (including any backup
archives) that shall refer to a Contract indicate clearly the interest of the
Trust and the Indenture Trustee in such Con tract and that such Contract is
owned by the Trust and has been pledged to the Indenture Trustee. Indication of
the Trust's ownership of and the Indenture Trustee's interest in a Contract
shall be deleted from or modified on the Servicer's computer systems when, and
only when, the related Contract shall have been paid in full or repurchased or
substituted for.

                  (f) The Servicer shall deliver to the Owner Trustee, the
Indenture Trustee and each Rating Agency promptly after the execution and
delivery of this Agreement and of each amendment hereto, an Opinion of Counsel
either (A) stating that, in the opinion of such counsel, all financing
statements and continuation statements have been executed and filed that are
necessary fully to preserve and protect the interest of the Owner Trustee and
the Indenture Trustee and reciting the details of each filing or

                                      -94-
<PAGE>   102
referring to prior Opinions of Counsel in which such details are given, or (B)
stating that, in the opinion of such counsel, no such action shall be necessary
to preserve and protect such interest.

                  SECTION 13.03. GOVERNING LAW. (a) This Agreement shall be
construed in accordance with the laws of the State of New York and the
obligations, rights, and remedies of the parties under the Agreement shall be
determined in accordance with such laws, except that the duties of the Owner
Trustee shall be governed by the laws of the State of Delaware.

                  (b) EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT
OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION
WITH THIS AGREEMENT. Each party hereto (i) certifies that no representative,
agent or attorney of any other party has represented, expressly or otherwise,
that such other party would not, in the event of litigation, seek to enforce the
foregoing waiver and (ii) acknowledges that it and the other parties hereto have
been induced to enter into this Agreement by, among other things, the mutual
waivers and certifications in this Section 13.03(b).

                  SECTION 13.04. NOTICES. All notices, demands, certificates,
requests and communications hereunder ("notices") shall be in writing and shall
be effective (a) upon receipt when sent through the U.S. mails, registered or
certified mail, return receipt requested, postage prepaid, with such receipt to
be effective the date of delivery indicated on the return receipt, or (b) one
Business Day after delivery to an overnight courier, or (c) on the date
personally delivered to an Authorized Officer of the party to which sent, or (d)
on the date transmitted by legible telecopier transmission with a confirmation
of receipt, in all cases addressed to the recipient as follows:

                           (i)      If to the Servicer or Originator:

                                    ORIX Credit Alliance, Inc.
                                    300 Lighting Way
                                    Secaucus, New Jersey  07096-1525
                                    Attention:  Chief Financial Officer -
                                                Asset Securitizations

                                    Fax No.: (201) 348-2914

                                      -95-
<PAGE>   103
                           (ii)     If to the Trust Depositor:

                                    ORIX Credit Alliance Receivables III
                                    300 Lighting Way
                                    Secaucus, New Jersey  07096-1525
                                    Attention: President

                                    Fax No.: (201) 348-2914

                           (iii)    If to the Indenture Trustee:

                                    Harris Trust and Savings Bank
                                    311 West Monroe Street
                                    Chicago, Illinois 60606
                                    Attention:  Indenture Trust Administration

                                    Fax No.:  (312) 293-4139

                           (iv)     If to the Owner Trustee:

                                    The Bank of New York (Delaware)
                                    502 White Clay Center
                                    P.O. Box 6973
                                    Newark, Delaware 19714-6973
                                    Attention:  Corporate Trust Administration

                                    Fax No.:  (302) 283-8279

                                    with a copy to:

                                    The Bank of New York
                                    101 Barclay Street
                                    12 East
                                    New York, New York 10286

                                    Attention:  Asset-Backed Finance Group

                                    Fax No.:  (212) 815-4135

                                      -96-
<PAGE>   104
                           (v)      If to Moody's:

                                    Moody's Investors Service, Inc.
                                    99 Church Street
                                    4th Floor
                                    New York, New York 10007
                                    Attention:  ABS Monitoring Department

                                    Fax No.:  (212) 553-0344

                           (vi)     If to S&P:

                                    Standard & Poor's Ratings Service
                                    55 Water Street
                                    41st Floor
                                    New York, New York 10014
                                    Attention:  Surveillance:  Asset Backed
                                                               Services

                                    Fax No.:  (212) 438-2662

                           (vii)    If to Fitch:

                                    Fitch IBCA, Inc.
                                    One State Street Plaza
                                    32nd Floor
                                    New York, New York 10004
                                    Attention:  Asset Backed Securities Group

                                    Fax No.:  (212) 514-9879

                           (viii)   If to the Underwriter:

                                    First Union Securities, Inc.
                                    One First Union Center, TW-9
                                    301 South College Street
                                    Charlotte, North Carolina 28288-0610
                                    Attention:  Asset Securitization Division

                                    Fax No.:  (704) 374-3254

                                      -97-
<PAGE>   105
Each party hereto may, by notice given in accordance herewith to each of the
other parties hereto, designate any further or different address to which
subsequent notices shall be sent.

                  SECTION 13.05. SEVERABILITY OF PROVISIONS. If one or more of
the covenants, agreements, provisions or terms of this Agreement shall be for
any reason whatsoever held invalid, then such covenants, agreements, provisions
or terms shall be deemed severable from the remaining covenants, agreements,
provisions or terms of this Agreement and shall in no way affect the validity or
enforceability of the other provisions of this Agreement or of the Notes or
Certificates or the rights of the Holders thereof.

                  SECTION 13.06. THIRD PARTY BENEFICIARIES. Except as otherwise
specifically provided herein, the parties hereto hereby manifest their intent
that no third party, other than each Trustee, shall be deemed a third party
beneficiary of this Agreement, and specifically that the Obligors are not third
party beneficiaries of this Agreement.

                  SECTION 13.07. COUNTERPARTS. This Agreement may be executed by
facsimile signature and in several counterparts, each of which shall be an
original and all of which shall together constitute but one and the same
instrument.

                  SECTION 13.08. HEADINGS. The headings of the various Articles
and Sections herein are for convenience of reference only and shall not define
or limit any of the terms or provisions hereof.

                  SECTION 13.09. NO BANKRUPTCY PETITION; DISCLAIMER. (a) Each of
the Originator, the Indenture Trustee, the Servicer, the Trust acting through
the Owner Trustee and each Holder (by acceptance of the applicable Securities)
covenants and agrees that, prior to the date that is one year and one day after
the payment in full of all amounts owing in respect of all outstanding
Securities, it will not institute against the Trust Depositor, or the Trust, or
join any other Person in instituting against the Trust Depositor or the Trust,
any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings or other similar proceedings under the laws of the United States or
any state of the United States provided, however, that nothing herein shall
prohibit the Indenture Trustee from filing proofs of claim or otherwise
participating in any such proceedings instituted by any other Person. This
Section 13.09 will survive the termination of this Agreement.

                  (b) The Trust acknowledges and agrees that the Certificates
represent a beneficial interest in the Trust and Trust Assets only and the
Securities do not represent an interest in any assets (other than the Trust
Assets) of the Trust Depositor (including by virtue of any deficiency claim in
respect of obligations not paid or otherwise satisfied

                                      -98-
<PAGE>   106
from the Trust Assets and proceeds thereof). In furtherance of and not in
derogation of the foregoing, to the extent that the Trust Depositor enters into
other securitization transactions as contemplated in Section 6.07, the Trust
acknowledges and agrees that it shall have no right, title or interest in or to
any assets (or interests therein), other than the Trust Assets, conveyed or
purported to be conveyed (whether by way of a sale, capital contribution or by
the granting of a Lien) by the Trust Depositor to any Person other than the
Trust (the "Other Assets").

                  To the extent that notwithstanding the agreements contained in
this Section, the Trust or any Securityholder, either (i) asserts an interest in
or claim to, or benefit from any Other Assets, whether asserted against or
through the Trust Depositor or any other Person owned by the Trust Depositor, or
(ii) is deemed to have any interest, claim or benefit in or from any Other
Assets, whether by operation of law, legal process, pursuant to applicable
provisions of Insolvency Laws or otherwise (including without limitation
pursuant to Section 1111(b) of the federal Bankruptcy Code, as amended) and
whether deemed asserted against or through the Trust Depositor or any other
Person owned by the Trust Depositor, then the Trust and each Securityholder by
accepting a Note or Certificate further acknowledges and agrees that any such
interest, claim or benefit in or from the Other Assets is and shall be expressly
subordinated to the indefeasible payment in full of all obligations and
liabilities of the Trust Depositor which, under the terms of the documents
relating to the securitization of the Other Assets, are entitled to be paid
from, entitled to the benefits of, or otherwise secured by such Other Assets
(whether or not any such entitlement or security interest is legally perfected
or otherwise entitled to a priority of distribution under applicable law,
including Insolvency Laws, and whether asserted against the Trust Depositor or
any other Person owned by the Trust Depositor) including, without limitation,
the payment of post-petition interest on such other obligations and liabilities.
This subordination agreement shall be deemed a subordination agreement within
the meaning of Section 510(a) of the Bankruptcy Code. Each Securityholder is
deemed to have acknowledged and agreed that no adequate remedy at law exists for
a breach of this Section 13.09 and that the terms and provisions of this Section
13.09 may be enforced by an action for specific performance.

                  (c) The provisions of this Section 13.09 shall be for the
third party benefit of those entitled to rely thereon and shall survive the
termination of this Agreement.

                  SECTION 13.10. JURISDICTION. Any legal action or proceeding
with respect to this Agreement may be brought in the courts of the United States
for the Southern District of New York, and by execution and delivery of this
Agreement, each party hereto consents, for itself and in respect of its
property, to the non-exclusive jurisdiction of those courts. Each such party
irrevocably waives any objection, including any objection to the laying of venue
or based on the grounds of forum non conveniens, which it may now or

                                      -99-
<PAGE>   107
hereafter have to the bringing of any action or proceeding in such jurisdiction
in respect of this Agreement or any document related hereto.

                  SECTION 13.11. TAX CHARACTERIZATION. Notwithstanding the
provisions of Section 2.01 and Section 2.04 hereof, the Trust Depositor and
Owner Trustee agree that pursuant to Treasury Regulations Section
301.7701-3(b)(1)(ii), the Trust is to be disregarded as a separate entity from
the Trust Depositor for federal and State of New Jersey income tax purposes.

                  SECTION 13.12. PROHIBITED TRANSACTIONS WITH RESPECT TO THE
TRUST. The Originator shall not:

                  (a) Provide credit to any Noteholder or Certificateholder for
         the purpose of enabling such Noteholder or Certificateholder to
         purchase Notes or Certificates, respectively;

                  (b) Purchase any Notes or Certificates in an agency or trustee
capacity; or

                  (c) Except in its capacity as Servicer as provided in this
         Agreement, lend any money to the Trust.

                  SECTION 13.13. MERGER OR CONSOLIDATION OF ORIGINATOR OR
SERVICER. (a) Each of the Originator and the Servicer will keep in full force
and effect its existence, rights and franchise as a New York corporation, and
each of the Originator and the Servicer will obtain and preserve its
qualification to do business as a foreign corporation in each jurisdiction in
which such qualification is or shall be necessary to protect the validity and
enforceability of this Agreement and of any of the Contracts and to perform its
duties under this Agreement.

                  (b) Any person into which the Originator or the Servicer, as
the case may be, may be merged or consolidated, or any corporation resulting
from such merger or consolidation to which the Originator or the Servicer, as
the case may be, is a party, or any person succeeding by acquisition or transfer
to substantially all of the assets and the business of the Originator or the
Servicer, as the case may be, shall be the successor to the Originator or the
Servicer, as the case may be, hereunder, without execution or filing of any
paper or any further act on the part of any of the parties hereto,
notwithstanding anything herein to the contrary.

                  (c) Upon the merger or consolidation of the Originator or the
Servicer, as the case may be, as described in this Section 13.13, the Originator
or the Servicer, as the case may be, shall provide the Indenture Trustee and the
Rating Agencies notice of

                                     -100-
<PAGE>   108
such merger, consolidation or transfer of substantially all of the assets and
business within thirty (30) days after completion of the same.

                  SECTION 13.14. ASSIGNMENT OR DELEGATION BY THE ORIGINATOR.
Except as specifically authorized hereunder, the Originator may not convey and
assign or delegate any of its rights or obligations hereunder absent the prior
written consent of the Trust Depositor and the Trustees, and any attempt to do
so without such consent shall be void.

                  SECTION 13.15. LIMITATION OF LIABILITY OF OWNER TRUSTEE. The
Bank of New York (Delaware) acts on behalf of the Issuer solely as Owner Trustee
hereunder and not in its individual capacity, and all Persons having any claim
against the Trust by reason of the transactions contemplated by this Agreement
or any other Transaction Document shall look only to the Trust Estate under the
Trust Agreement for payment or satisfaction thereof. The Owner Trustee makes no
representations as to the validity or sufficiency of this Agreement, any other
Transaction Document or the Notes, or of any Contract or related documents. The
Owner Trustee shall at no time have any responsibility or liability for or with
respect to the legality, validity and enforceability of any Contract, or the
perfection and priority of any security interest created by any Contract in any
Equipment or the maintenance of any such perfection and priority, or for or with
respect to the sufficiency of the Trust Estate under the Trust Agreement or its
ability to generate the payments to be distributed to the Certificateholder
under the Trust Agreement or the Noteholders under the Indenture, including,
without limitation, the existence, condition and ownership of any Equipment; the
existence and enforceability of any insurance thereon; the existence and
contents of any Contract on any computer or other record thereof; the validity
of the assignment of any Contract to the Trust or of any intervening assignment;
the completeness of any Contract; the performance or enforcement of any
Contract; the compliance by the Issuer, the Trust Depositor or the Servicer with
any covenant, agreement or other obligation or any warranty or representation
made under any Transaction Document or in any related document or the accuracy
of any such warranty or representation; or any action of the Administrator, the
Indenture Trustee or the Servicer or any subservicer taken in the name of the
Owner Trustee or the Issuer.

                                     -101-
<PAGE>   109
                  IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be duly executed by their respective officers as of the day and
year first above written.

                           ORIX CREDIT ALLIANCE RECEIVABLES TRUST 2000-A

                           By:  THE BANK OF NEW YORK (DELAWARE), not in its
                                individual capacity but solely as Owner Trustee
                                on behalf of the Trust

                                By: ____________________________________________
                                    Printed Name: Cheryl Laser
                                    Title: Assistant Vice President

                           ORIX CREDIT ALLIANCE RECEIVABLES CORPORATION III,
                           as Trust Depositor

                                By: ____________________________________________
                                    Printed Name: Joseph J. McDevitt, Jr.
                                    Title: President

                           ORIX CREDIT ALLIANCE, INC.,
                           as Servicer and as Originator

                                By: ____________________________________________
                                    Printed Name: Joseph J. McDevitt, Jr.
                                    Title: Executive Vice President

                           HARRIS TRUST AND SAVINGS BANK, not in its individual
                           capacity but solely as Indenture Trustee

                                By: ____________________________________________
                                    Printed Name: Robert D. Foltz
                                    Title: Vice President

                                     -102-
<PAGE>   110
                                                                      SCHEDULE 1

                    LIST OF STATES WHERE EQUIPMENT IS LOCATED

<TABLE>
<S>                                                                   <C>
Alabama...............................................................
Arizona...............................................................
Arkansas..............................................................
California............................................................
Colorado..............................................................
Connecticut...........................................................
Delaware..............................................................
District of Columbia..................................................
Florida...............................................................
Georgia...............................................................
Idaho.................................................................
Illinois..............................................................
Indiana...............................................................
Iowa..................................................................
Kansas................................................................
Kentucky..............................................................
Louisiana.............................................................
Maine.................................................................
Maryland..............................................................
Massachusetts.........................................................
Michigan..............................................................
Minnesota.............................................................
Mississippi...........................................................
Missouri..............................................................
Montana...............................................................
Nebraska..............................................................
Nevada................................................................
New Hampshire.........................................................
New Jersey............................................................
New Mexico............................................................
New York..............................................................
North Carolina........................................................
Ohio..................................................................
Oklahoma..............................................................
Oregon................................................................
Pennsylvania..........................................................
Rhode Island..........................................................
South Carolina........................................................
South Dakota..........................................................
Tennessee.............................................................
Texas.................................................................
Utah..................................................................
Vermont...............................................................
Virginia..............................................................
Washington............................................................
West Virginia.........................................................
Wisconsin.............................................................
Wyoming...............................................................
</TABLE>

                                     -103-
<PAGE>   111
                                    EXHIBIT A

                               FORM OF ASSIGNMENT

                  In accordance with the Transfer and Servicing Agreement (the
"Transfer and Servicing Agreement") dated as of             , 2000 made by and
between the undersigned, as Trust Depositor ("Trust Depositor"), ORIX Credit
Alliance, Inc., as Servicer and as Originator, Harris Trust and Savings Bank, as
Indenture Trustee and the ORIX Credit Alliance Receivables Trust 2000-A (the
"Trust"), as assignee thereunder, the undersigned does hereby sell, transfer,
convey and assign, set over and otherwise convey to the Trust (i) all the right,
title and interest of the Trust Depositor in and to the Initial Contracts listed
on the initial List of Contracts delivered on the Closing Date (including,
without limitation, all rights to receive Collections with respect thereto on or
after the Initial Cutoff Date, but excluding any rights to receive payments
which were collected pursuant thereto prior to the Initial Cutoff Date), and
(ii) all other Contract Assets relating to the foregoing.

                  Capitalized terms used herein have the meaning given such
terms in the Transfer and Servicing Agreement.

                  This Assignment is made pursuant to and in reliance upon the
representation and warranties on the part of the undersigned contained in
Article III of the Agreement and no others.

                  IN WITNESS WHEREOF, the undersigned has caused this Assignment
to be duly executed this              day of February, 2000.

                                            ORIX CREDIT ALLIANCE RECEIVABLES
                                            CORPORATION III

                                            By: ________________________________
                                                Printed Name: __________________
                                                Title: _________________________

                                      A-1
<PAGE>   112
                                    EXHIBIT B

                 FORM OF CLOSING CERTIFICATE OF TRUST DEPOSITOR

                ORIX CREDIT ALLIANCE RECEIVABLES CORPORATION III

                              OFFICER'S CERTIFICATE

                  The undersigned certifies that he/she is [          ] of ORIX
Credit Alliance Receivables Corporation III, a Delaware corporation (the "Trust
Depositor"), and that as such is duly authorized to execute and deliver this
certificate on behalf of the Trust Depositor in connection with the Transfer and
Servicing Agreement (the "Agreement") dated as of , 2000 (the "Effective Date")
by and among the Trust Depositor, Harris Trust and Savings Bank (the "Indenture
Trustee"), as Indenture Trustee, ORIX Credit Alliance, Inc. ("OCAI"), as
Servicer and as Originator, and the ORIX Credit Alliance Receivables Trust
2000-A ("Trust") (all capitalized terms used herein without definition having
the respective meanings set forth in the Agreement), and further certifies as
follows:

                           (1) Attached hereto as Exhibit I is a true and
         correct copy of the Certificate of Incorporation of the Trust
         Depositor, together with all amendments thereto as in effect on the
         date hereof.

                           (2) There has been no other amendment or other
         document filed affecting the Certificate of Incorporation of the Trust
         Depositor since , 2000 and no such amendment has been authorized by the
         Board of Directors or shareholders of the Trust Depositor.

                           (3) Attached hereto as Exhibit II is a Certificate of
         the Secretary of State of the State of Delaware dated          , 2000
         stating that the Trust Depositor is duly incorporated under the laws of
         the State of Delaware and is in good standing.

                           (4) Attached hereto as Exhibit III is a true and
         correct copy of the Bylaws of the Trust Depositor, as amended, which
         were in full force and effect on           , 2000, and at all times
         subsequent thereto.

                           (5) Attached hereto as Exhibit IV is a true and
         correct copy of resolutions adopted pursuant to the unanimous written
         consent of the Board of Directors of the Trust Depositor relating to
         the execution, delivery and performance of (among other things) the
         Agreement; the Trust Agreement dated as of the Effective Date between
         the Trust Depositor and The Bank of New York

                                      B-1
<PAGE>   113
         (Delaware) (the "Owner Trustee"), as Owner Trustee; the Administration
         Agreement dated as of the Effective Date among the Trust Depositor, the
         Trust, the Indenture Trustee, and OCAI, as Administrator; and the
         Underwriting Agreement (as defined in the Agreement) (collectively, the
         "Transaction Agreements"). Said resolutions have not been amended,
         modified, annulled or revoked, and are on the date hereof in full force
         and effect and are the only resolutions relating to these matters which
         have been adopted by the Board of Directors.

                           (6) No event with respect to the Trust Depositor has
         occurred and is continuing which would constitute an Event of Default
         or an event that, with notice or the passage of time or both, would
         become an Event of Default as defined in the Agreement. To the best of
         my knowledge after reasonable investigation, there has been no
         material adverse change in the condition, financial or otherwise, or
         the earnings, business affairs or business prospects of the Trust
         Depositor, whether or not arising in the ordinary course of business
         since the respective dates as of which information is given in the
         Prospectus and except as set forth therein.

                           (7) All federal, state and local taxes of the Trust
         Depositor due and owing as of the date hereof have been paid.

                           (8) All representations and warranties of the Trust
         Depositor contained in the Transaction Agreements or any other related
         documents, or in any document, certificate or financial or other
         statement delivered in connection therewith are true and correct as of
         the date hereof.

                           (9) There is no action, investigation or proceeding
         pending or, to our knowledge, threatened against the Trust Depositor
         before any court, administrative agency or other tribunal (a) asserting
         the invalidity of the Transaction Agreements; (b) seeking to prevent
         the consummation of any of the transactions contemplated by the
         Transaction Agreements; or (c) which is likely materially and adversely
         to affect the Trust Depositor's performance of its obligations under,
         or the validity or enforceability of, the Transaction Agreements.

                           (10) No consent, approval, authorization or order of,
         and no notice to or filing with, any governmental agency or body or
         state or federal court is required to be obtained by the Trust
         Depositor for the Trust Depositor's consummation of the transactions
         contemplated by the Transaction Agreements, except such as have been
         obtained or made and such as may be required under the

                                      B-2
<PAGE>   114
         blue sky laws of any jurisdiction in connection with the issuance and
         sale of the Securities.

                           (11) The Trust Depositor is not a party to any
         agreements or instruments evidencing or governing indebtedness for
         money borrowed or by which the Trust Depositor or its property is bound
         (other than the Transaction Agreements). Neither the Originator's
         transfer and assignment of the Contract Assets to the Trust Depositor,
         the Trust Depositor's concurrent transfer and assignment of the Trust
         Assets to the Trust, nor the concurrent transfer and assignment of the
         Collateral by the Trust to the Indenture Trustee nor the issuance and
         sale of the Certificates and the Notes, nor the execution and delivery
         of the Transaction Agreements, nor the consummation of any other of the
         transactions contemplated therein, will violate or conflict with any
         agreement or instrument to which the Trust Depositor is a party or by
         which it is otherwise bound.

                           (12) In connection with the transfer of Contracts and
         related collateral contemplated in the Agreement, (a) the Trust
         Depositor has not made such transfer with actual intent to hinder,
         delay or defraud any creditor of the Trust Depositor, and (b) the Trust
         Depositor has not received less than a reasonably equivalent value in
         exchange for such transfer, is not on the date thereof insolvent (nor
         will become insolvent as a result thereof), is not engaged (or about to
         engage) in a business or transaction for which it has unreasonably
         small capital, and does not intend to incur or believe it will incur
         debts beyond its ability to pay when matured.

                           (13) Each of the agreements and conditions of the
         Trust Depositor to be performed on or before the Closing Date pursuant
         to the Transaction Agreements have been performed in all material
         respects.

                                     * * * *

                  In Witness Whereof, I have affixed my signature hereto this
day of February, 2000.

                                            By: ________________________________
                                                Printed Name: __________________
                                                Title: _________________________

                                       B-3
<PAGE>   115
                                    EXHIBIT C

              [FORM OF CLOSING CERTIFICATE OF SERVICER/ORIGINATOR]

                           ORIX CREDIT ALLIANCE, INC.

                              OFFICER'S CERTIFICATE

                  The undersigned certifies that he/she is           of ORIX
Credit Alliance, Inc. ("OCAI"), and that as such he/she is duly authorized to
execute and deliver this certificate on behalf of OCAI, as Servicer, in
connection with the Transfer and Servicing Agreement (the "Agreement") dated as
of          , 2000 (the "Effective Date") by and among OCAI, as Servicer and
Originator, ORIX Credit Alliance Receivables Corporation III ("OCARC"), Harris
Trust and Savings Bank as Indenture Trustee, and ORIX Credit Alliance
Receivables Trust 2000-A ("Trust"), and as the Originator (all capitalized terms
used herein without definition having the respective meanings set forth in the
Agreement), and further certifies as follows (it being understood that these
certifications are being relied upon by, among others, Sullivan & Cromwell in
connection with its delivery of a legal opinion (the "Opinion") required in
connection with the subject transactions addressing, among other things,
enforceability and UCC perfection issues, and by the Underwriters in connection
with their undertakings in connection with the subject transactions):

                           (1) Attached hereto as Exhibit I is a true and
         correct copy of the Certificate of Incorporation of OCAI, together with
         all amendments thereto as in effect on the date hereof.

                           (2) There has been no other amendment or other
         document filed affecting the Certificate of Incorporation of OCAI since
                    , 199 , and no such amendment has been authorized by the
         Board of Directors or shareholders of OCAI.

                           (3) Attached hereto as Exhibit II is a Certificate of
         the Secretary of State of the State of New York dated             ,
         2000 stating that OCAI is duly incorporated under the laws of the State
         of New York and is in good standing.

                           (4) Attached hereto as Exhibit III is a true and
         correct copy of the Bylaws of OCAI which were in full force and effect
         on              , 2000 and at all times subsequent thereto.

                                      C-1

<PAGE>   116
                           (5) Attached hereto as Exhibit IV is a true and
         correct copy of resolutions adopted pursuant to a unanimous written
         consent of the Executive Committee of the Board of Directors of OCAI
         and relating to the authorization, execution, delivery and performance
         of (among other things) the Agreement; the Underwriting Agreements (as
         defined in the Agreement); and the Administration Agreement dated as of
         the Effective Date among OCAI, OCARC, the Trust and Harris Trust and
         Savings Bank as Indenture Trustee (the "Indenture Trustee") (the
         "Administration Agreement"). Said resolutions have not been amended,
         modified, annulled or revoked, and are on the date hereof in full force
         and effect and are the only resolutions relating to these matters which
         have been adopted by the Board of Directors.

                           (6) No event with respect to OCAI has occurred and is
         continuing which would constitute an Event of Default or Servicer
         Default or an event that, with notice or the passage of time, would
         constitute an Event of Default or Servicer Default as defined in the
         Transfer and Servicing Agreement. To the best of my knowledge after
         reasonable investigation, there has been no material adverse change in
         the condition, financial or otherwise, or the earnings, business
         affairs or business prospects of OCAI, whether or not arising in the
         ordinary course of business, since the respective dates as of which
         information is given in the Prospectus and except as set forth therein.

                           (7) All federal, state and local taxes of OCAI due
         and owing as of the date hereof have been paid.

                           (8) All representations and warranties of OCAI
         contained in the Agreement, the Underwriting Agreements and the
         Administration Agreement (collectively, the "Transaction Agreements")
         or in any document, certificate or financial or other statement
         delivered in connection therewith are true and correct as of the date
         hereof.

                           (9) There is no action, investigation or proceeding
         pending or, to my knowledge, threatened against OCAI before any court,
         administrative agency or other tribunal (a) asserting the invalidity of
         any Transaction Agreement to which OCAI is a party; or (b) which is
         likely materially and adversely to affect OCAI's performance of its
         obligations under, or the validity or enforceability of, the
         Transaction Agreements.

                           (10) No consent, approval, authorization or order of,
         and no notice to or filing with, any governmental agency or body or
         state or federal court is required to be obtained by OCAI for OCAI's
         consummation of the transactions contemplated by the Transaction
         Agreements, except such as have been obtained

                                      C-2
<PAGE>   117
         or made and such as may be required under the blue sky laws of any
         jurisdiction in connection with the issuance and sale of the Notes or
         Certificates.

                           (11) Neither OCAI's transfer and assignment of the
         Contract Assets to OCARC, OCARC's concurrent transfer and assignment of
         the Trust Assets to the Trust, nor the concurrent transfer and
         assignment by the Trust of the Collateral to the Indenture Trustee, nor
         the issuance and sale of the Notes or Certificates or the entering into
         of the Transaction Agreements, nor the consummation of any other of
         the transactions contemplated therein, will violate or conflict with
         any agreement or instrument to which OCAI is a party or by which it is
         otherwise bound.

                           (12) In connection with the transfers of Contracts
         and related assets contemplated in the Agreement, (a) OCAI has not made
         such transfer with actual intent to hinder, delay or defraud any
         creditor of OCAI, and (b) OCAI has not received less than a reasonably
         equivalent value in exchange for such transfer, is not on the date
         hereof insolvent (nor will OCAI become insolvent as a result thereof),
         is not engaged (or about to engage) in a business or transaction for
         which it has unreasonably small capital, and does not intend to incur
         or believe it will incur debts beyond its ability to pay when matured.

                           (13) Each of the agreements and conditions of OCAI to
         be per formed or satisfied on or before the Closing Date under the
         Transaction Agreements has been performed or satisfied in all material
         respects.

                           (14) OCAI has not executed for filing any UCC
         financing statements listing the Contract Assets as collateral other
         than financing statements relating to the transactions contemplated in
         the Agreement.

                                   * * * * * *

                                       C-3
<PAGE>   118
                  IN WITNESS WHEREOF, I have affixed my signature hereto this
day of February, 2000.

                                            By: ________________________________
                                                Printed Name: __________________
                                                Title: _________________________

                                       C-4
<PAGE>   119

                                    EXHIBIT D

                 FORM OF OPINION OF COUNSEL FOR TRUST DEPOSITOR
                       REGARDING GENERAL CORPORATE MATTERS
                         (INCLUDING PERFECTION OPINION)

                                       D-1
<PAGE>   120

                                    EXHIBIT E

                      FORM OF OPINION OF COUNSEL FOR TRUST
                   DEPOSITOR REGARDING THE "TRUE SALE" NATURE
               OF THE TRANSACTION AND REGARDING NON-CONSOLIDATION

                                       E-1
<PAGE>   121

                                    EXHIBIT F

               FORM OF CERTIFICATE REGARDING REPURCHASED CONTRACTS

                           ORIX CREDIT ALLIANCE, INC.

                   CERTIFICATE REGARDING REPURCHASED CONTRACTS

                  The undersigned certifies that he/she is a              of
ORIX Credit Alliance, Inc., a New York corporation (the "Servicer"), and that as
such he/she is duly authorized to execute and deliver this certificate on behalf
of the Servicer pursuant to Section 11.02 of the Transfer and Servicing
Agreement (the "Agreement") dated as of             , 2000 by and among ORIX
Credit Alliance Receivables Corporation III, as Trust Depositor, the Servicer,
ORIX Credit Alliance, Inc. as Originator, Harris Trust and Savings Bank, as
Indenture Trustee, and ORIX Credit Alliance Receivables Trust 2000-A (all
capitalized terms used herein without definition having the respective meanings
specified in the Agreement), and further certifies that:

         1.       The Contracts on the attached schedule are to be repurchased
                  by the Originator on the date hereof, or substituted for by
                  the Originator, pursuant to and in accordance with Section
                  11.01 of the Agreement.

         2.       Upon deposit of the Transfer Deposit Amount for such Contracts
                  (or the effective conveyance of one or more Substitute
                  Contracts therefor), such Contracts may, pursuant to Section
                  11.02 of the Agreement, be assigned by the Owner Trustee to
                  the Originator.

                  IN WITNESS WHEREOF, I have affixed hereunto my signature this
       day of      , .

                                            ORIX CREDIT ALLIANCE, INC.

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

                                       F-1
<PAGE>   122

                                    EXHIBIT G

                                LIST OF CONTRACTS

                                       G-1
<PAGE>   123

                                    EXHIBIT H

         [FORM OF MONTHLY REPORT TO NOTEHOLDERS AND CERTIFICATEHOLDERS]

                                       H-1
<PAGE>   124

                                    EXHIBIT I

                      FORM OF SUBSEQUENT TRANSFER AGREEMENT

                  SUBSEQUENT TRANSFER AGREEMENT (the "Agreement"), dated as of
[   ], by and among ORIX Credit Alliance Receivables Trust 2000-A (the "Trust"),
ORIX Credit Alliance Receivables Corporation III, a Delaware corporation (the
"Trust Depositor"), Harris Trust and Savings Bank, as Indenture Trustee (the
"Indenture Trustee") and ORIX Credit Alliance, Inc., a Delaware corporation, as
Servicer and as Originator, pursuant to the Transfer and Servicing Agreement
referred to below.

                                   WITNESSETH:

                  WHEREAS, the Trust, the Trust Depositor, the Servicer, the
Originator and the Indenture Trustee, are parties to the Transfer and Servicing
Agreement, dated as of      , 2000 (the "Transfer and Servicing Agreement");

                  WHEREAS, pursuant to the Transfer and Servicing Agreement, the
Trust Depositor wishes to sell the Substitute Contracts to the Trust, and the
Trust wishes to purchase the same, for the consideration described in the
Transfer and Servicing Agreement; and

                  WHEREAS, the Servicer has timely delivered an Addition Notice
related to such conveyance as required in by Section 2.04(b) of the Transfer and
Servicing Agreement;

                  NOW, THEREFORE, the parties hereto agree as follows:

                  SECTION 1. Capitalized terms used herein shall have the
meanings ascribed to them in the Transfer and Servicing Agreement unless
otherwise defined herein.

                           "Subsequent Cutoff Date" shall mean, with respect to
                  the Substitute Contracts transferred hereby,     .

                           "Substitute Contracts" shall mean, for purposes of
                  this Agreement, the Substitute Contracts listed in the
                  Subsequent List of Contracts attached hereto as Exhibit A.

                           "Subsequent Transfer Date" shall mean, with respect
                  to the Substitute Contracts transferred hereby,       .

                                      I-1
<PAGE>   125

                  SECTION 2. SUBSEQUENT LIST OF CONTRACTS. The Subsequent List
of Contracts attached hereto as Exhibit A is an amendment to the initial List of
Contracts attached as Exhibit G to the Transfer and Servicing Agreement, as
contemplated in the definition of List of Contracts set forth therein. The
Subsequent List of Contracts separately identifies the Substitute Contracts to
be transferred pursuant to this Agreement on the Subsequent Transfer Date, and
also further separately identifies the related Contract or Contracts with
respect to which a Substitution Event has occurred and which Contracts are being
deleted from the List of Contracts by virtue of the delivery of the Subsequent
List of Contracts.

                  SECTION 3. TRANSFER OF SUBSTITUTE CONTRACTS. Subject to and
upon the terms and conditions set forth in Section 2.04(b) of the Transfer and
Servicing Agreement and this Agreement, the Trust Depositor hereby sells,
transfers, assigns, sets over and otherwise conveys to the Trust all of the
Trust Depositor's rights, title and interest in:

                           (i) the Substitute Contracts identified in the
                  related Addition Notice, and all monies received in payment of
                  such Contracts on and after the related Subsequent Cutoff
                  Dates, any Prepayment Amounts, any payments in respect of a
                  casualty or early termination, and any Recoveries received
                  with respect thereto, but excluding any Excluded Amounts;

                           (ii) the Equipment related to such Contracts,
                  including all proceeds from any sale or other disposition of
                  such Equipment (but subject to the exclusion and release
                  herein of Excluded Amounts);

                           (iii) the Contract Files;

                           (iv) all payments made or to be made in the future
                  with respect to such Contracts or the Obligor thereunder under
                  any Vendor Assignments with the Originator;

                           (v) all Insurance Proceeds with respect to each such
                  Contract;

                           (vi) all rights (but not the obligations) of the
                  Trust Depositor under the Transfer and Servicing Agreement
                  related to such Contracts (to the extent not already conveyed
                  under Section 2.01(b) of the Transfer and Servicing
                  Agreement), as well as all rights, but not the obligations, of
                  the Trust Depositor under the Subsequent Purchase Agreement
                  related to such Contracts; and

                           (vii) all income from and proceeds of the foregoing.

                                      I-2
<PAGE>   126

It is the intention of the Trust Depositor and Owner Trustee that the transfer
contemplated by this Agreement shall constitute an absolute assignment and sale
of the Substitute Contracts from the Trust Depositor to the Trust, conveying
good title thereto free and clear of any Liens.

                  SECTION 4. REPRESENTATIONS AND WARRANTIES OF THE TRUST
DEPOSITOR. (a) The Trust Depositor hereby represents and warrants to the Trust
that the representations and warranties of the Trust Depositor set forth in
Section 3.06 of the Transfer and Servicing Agreement are true and correct as of
the Subsequent Transfer Date.

                  (b) The Trust Depositor hereby repeats and remakes with
respect to the Substitute Contracts as of the Subsequent Transfer Date the
representations and warranties set forth in Section 3.01 of the Transfer and
Servicing Agreement and deemed to be made with respect to the Substitute
Contracts thereunder.

                  (c) The Trust Depositor hereby represents and warrants that
(a) the Pool Balance of the Substitute Contracts listed on the Subsequent List
of Contracts and conveyed to the Trust Depositor pursuant to this Agreement is
$         as of the Subsequent Cutoff Date, and (b) the conditions set forth in
Section 2.04(b) of the Transfer and Servicing Agreement have been satisfied as
of the Subsequent Transfer Date.

                  SECTION 5. RATIFICATION OF AGREEMENT. As supplemented by this
Agreement, the Transfer and Servicing Agreement is in all respects ratified and
confirmed and, as so supplemented by this Agreement, shall be read, taken and
construed as one and the same instrument.

                  SECTION 6. COUNTERPARTS. This Agreement may be executed by
facsimile signatures and in two or more counterparts (and by different parties
in separate counterparts), each of which shall be an original but all of which
together shall constitute one and the same instrument.

                  SECTION 7. GOVERNING LAW. This Agreement shall be construed in
accordance with the laws of the State of New York, and the obligations, rights
and remedies of the parties hereunder shall be determined in accordance with
such laws.

                  SECTION 8. AUTHORIZATION OF TRUSTEE. By its execution hereof,
the Trust Depositor hereby authorizes and directs the Owner Trustee to execute
and deliver this Agreement on behalf of the Trust.

                                       I-3
<PAGE>   127

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

                                    ORIX CREDIT ALLIANCE RECEIVABLES
                                    CORPORATION III

                                    By:  _____________________________________
                                         Printed Name: _______________________
                                         Title: ______________________________

                                    ORIX CREDIT ALLIANCE, INC., as Servicer and
                                    as Originator

                                    By:  _____________________________________
                                         Printed Name: _______________________
                                         Title: ______________________________

                                    ORIX CREDIT ALLIANCE RECEIVABLES TRUST
                                    2000-A

                                    By:   THE BANK OF NEW YORK (DELAWARE), not
                                          in its individual capacity but solely
                                          as Owner Trustee on behalf of the
                                          Trust

                                          By: ________________________________
                                              Printed Name: __________________
                                              Title: _________________________

                                    HARRIS TRUST AND SAVINGS BANK, not in its
                                    individual capacity but solely as Indenture
                                    Trustee

                                    By: ______________________________________
                                        Printed Name: ________________________
                                        Title: _______________________________

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<PAGE>   128

                                    EXHIBIT J

                     [FORM OF SUBSEQUENT PURCHASE AGREEMENT]

                  SUBSEQUENT PURCHASE AGREEMENT (the "Agreement"), dated as of
[         ], [         ], by and among ORIX Credit Alliance Receivables
Corporation III, a Delaware corporation (the "Trust Depositor"), and ORIX Credit
Alliance, Inc., a Delaware corporation ("OCAI" or the "Originator"), pursuant
to the Transfer and Servicing Agreement referred to below.

                                   WITNESSETH:

                  WHEREAS, the Trust Depositor and the Originator are parties to
the Transfer and Servicing Agreement, dated as of     , 2000 (the "Transfer and
Servicing Agreement");

                  WHEREAS, pursuant to the Transfer and Servicing Agreement, the
Originator wishes to sell the Substitute Contracts to the Trust Depositor, and
the Trust Depositor wishes to purchase the same, for the purchase price set
forth in Section 3 below; and

                  WHEREAS, the Originator has timely delivered an Addition
Notice related to such conveyance as required in the Transfer and Servicing
Agreement).

                  NOW, THEREFORE, the Originator and the Trust Depositor, hereby
agree as follows:

                  SECTION 1. DEFINED TERMS. Capitalized terms used herein shall
have the meanings ascribed to them in the Transfer and Servicing Agreement
unless otherwise defined herein.

                           "Subsequent Cutoff Date" shall mean, with respect to
                  the Substitute Contracts transferred hereby,       .

                           "Substitute Contracts" shall mean, for purposes of
                  this Agreement, the Substitute Contracts listed in the
                  Subsequent List of Contracts attached hereto as Exhibit A.

                           "Subsequent Transfer Date" shall mean, with respect
                  to the Substitute Contracts transferred hereby,     .

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<PAGE>   129

                  SECTION 2. SUBSEQUENT LIST OF CONTRACTS. The Subsequent List
of Contracts attached hereto as Exhibit A is an amendment to the initial List of
Contracts attached as Exhibit G to the Transfer and Servicing Agreement, as
contemplated in the definition of List of Contracts set forth therein. The
Subsequent List of Contracts separately identifies (by attached schedule, or
marking or other effective identifying designation) the Substitute Contracts to
be transferred pursuant to this Agreement on the Subsequent Transfer Date, and
also further separately identifies (by attached schedule, or marking or other
effective identifying designation) the related Contract or Contracts with
respect to which a Substitution Event has occurred and which Contracts are being
deleted from the List of Contracts by virtue of the delivery of the Subsequent
List of Contracts.

                  SECTION 3. TRANSFER OF SUBSTITUTE CONTRACTS. Subject to and
upon the terms and conditions set forth in Section 2.04 of the Transfer and
Servicing Agreement and this Agreement, the Originator hereby sells, transfers,
assigns, sets over and otherwise conveys to the Trust Depositor, in
consideration of the Trust Depositor's (x) payment of $         as the purchase
price therefor, representing the prepayment proceeds received with respect to
the related Substitution Event (if applicable) or (y) release and redelivery to
the Originator of the related Contract Assets with respect to which a
Substitution Event has occurred (if applicable), all of the Originator's rights,
title and interests in:

                           (i) the Substitute Contracts identified in the
                  related Addition Notice, and all monies received in payment of
                  such Contracts on and after the related Subsequent Cutoff
                  Dates, any Prepayment Amounts, any payments in respect of a
                  casualty or early termination, and any Recoveries received
                  with respect thereto, but excluding any Excluded Amounts;

                           (ii) the Equipment related to such Contracts,
                  including all proceeds from any sale or other disposition of
                  such Equipment (but subject to the exclusion and release
                  herein of Excluded Amounts);

                           (iii) the Contract Files;

                           (iv) all payments made or to be made in the future
                  with respect to such Contracts or the Obligor thereunder under
                  any Vendor Assignments with the Originator;

                           (v) all Insurance Proceeds with respect to each such
                  Contract; and

                           (vi) all income from and proceeds of the foregoing.

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<PAGE>   130

                  It is the intention of the Originator and the Trust Depositor
that the transfer contemplated by this Agreement shall constitute a sale of the
Substitute Contracts from the Originator to the Trust Depositor, conveying good
title thereto free and clear of any Liens, and that the Substitute Contracts
shall not be part of the Originator's estate in the event of the filing of a
bankruptcy petition by or against the Originator under any bankruptcy or similar
law.

                  SECTION 4. REPRESENTATIONS AND WARRANTIES OF THE ORIGINATOR.
(a) The Originator hereby represents and warrants to the Trust Depositor that
the representations and warranties of the Originator in Section 3.01 of the
Transfer and Servicing Agreement are true and correct as of the Subsequent
Transfer Date.

                  (b) The Originator hereby repeats and remakes with respect to
the Substitute Contracts as of the Subsequent Transfer Date, the representations
and warranties set forth in the Transfer and Servicing Agreement and deemed to
be made with respect to such Substitute Contracts thereunder.

                  (c) The Originator hereby represents and warrants that (i) the
Pool Balance of the Substitute Contracts listed on the Subsequent List of
Contracts and conveyed to the Trust Depositor pursuant to this Agreement is
$            as of the Subsequent Cutoff Date, and (ii) the conditions set forth
in Section 2.04(b) of the Transfer and Servicing Agreement have been satisfied
as of the Subsequent Transfer Date.

                  SECTION 5. RATIFICATION OF AGREEMENT. As supplemented by this
Agreement, the Transfer and Servicing Agreement is in all respects ratified and
confirmed and, as so supplemented by this Agreement, shall be read, taken and
construed as one and the same instrument.

                  SECTION 6. COUNTERPARTS. This Agreement may be executed by
facsimile signatures and in two or more counterparts (and by different parties
in separate counterparts), each of which shall be an original but all of which
together shall constitute one and the same instrument.

                  SECTION 7. GOVERNING LAW. This Agreement shall be construed in
accordance with the laws of the State of New York, and the obligations, rights
and remedies of the parties hereunder shall be determined in accordance with
such laws.

                     [remainder of page intentionally blank]

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<PAGE>   131

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

                                    ORIX CREDIT ALLIANCE RECEIVABLES
                                    CORPORATION III

                                    By:  _____________________________________
                                         Printed Name: _______________________
                                         Title: ______________________________

                                    ORIX CREDIT ALLIANCE, INC.

                                    By:  _____________________________________
                                         Printed Name: _______________________
                                         Title: ______________________________

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