Document:

exv4w2

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Exhibit 4.2

Execution Copy

 

 

AMENDMENT NO. 2

 

 

dated as of December 9, 2005

 

by and between

ZIX CORPORATION

 

and

AMULET LIMITED

 

 

Relating to

AMENDED AND RESTATED

CONVERTIBLE NOTE DUE 2005-2008

and

AMENDED AND RESTATED

COMMON STOCK PURCHASE WARRANT

 

 

 

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ZIX CORPORATION

AMENDMENT NO. 2

Relating to

AMENDED AND RESTATED

CONVERTIBLE NOTE DUE 2005-2008

and

AMENDED AND RESTATED

COMMON STOCK PURCHASE WARRANT

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	1.Definitions
	 	 	1	 
	 
	 	 	 	 
	2. Amendments and Confirmation
	 	 	1	 
	2.1 Section 2(c)(2) of the Note
	 	 	1	 
	2.2 Confirmations Regarding Registration Rights Agreement
	 	 	2	 
	2.3 Concerning the Purchase Agreement, the Security Agreement and the Warrants
	 	 	3	 
	 
	 	 	 	 
	3. Representations, Warranties, Etc. of the Company
	 	 	4	 
	3.1 Affirmation of Certain Representations and Warranties, Etc
	 	 	4	 
	3.2 Authorization
	 	 	5	 
	 
	 	 	 	 
	4. Representations and Warranties of the Purchaser
	 	 	5	 
	4.1  Authorization
	 	 	5	 
	 
	 	 	 	 
	5. Effect of Amendments and Confirmations
	 	 	6	 
	 
	 	 	 	 
	6. Certain Covenants of the Company and the Purchaser
	 	 	6	 
	6.1  Press Releases
	 	 	6	 
	6.2  No Conflicting Agreements
	 	 	6	 
	6.3  Form 8-K
	 	 	6	 
	6.4  Waiver
	 	 	7	 
	6.5  Manner of Sale of Certain Amendment Underlying Shares
	 	 	7	 

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	6.6  Prospectus Supplement
	 	 	8	 
	6.7  Holding Period
	 	 	8	 
	 
	 	 	 	 
	7. Miscellaneous
	 	 	8	 
	
7.1 Successors and Assigns
	 	 	8	 
	7.2 Counterparts
	 	 	8	 
	7.3 Titles and Subtitles
	 	 	8	 
	7.4 Notices
	 	 	9	 
	7.5 Expenses
	 	 	9	 
	7.6 Amendments and Waivers
	 	 	9	 
	7.7 Severability
	 	 	9	 
	7.8 Entire Agreement
	 	 	9	 
	7.9 Further Assurances
	 	 	9	 
	7.10 Applicable Law
	 	 	9	 
	7.11 Remedies
	 	 	9	 
	7.12 Jurisdiction
	 	 	10	 
	7.13 Survival
	 	 	10	 
	7.14 Construction; Purchaser Status
	 	 	10	 

	 	 	 
	Schedule 3.1

	 	Information Related to Section 3.4 of Amendment No. 1
	Exhibit A

	 	Share Redemption Notice
	Exhibit B

	 	Share Redemption Notice

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AMENDMENT NO. 2 

     THIS AMENDMENT NO. 2, dated as of December 8, 2005 (this “Agreement”), by and between ZIX
CORPORATION, a Texas corporation (the “Company”), and AMULET LIMITED, a Cayman Islands exempt
company (the “Purchaser”), amends the AMENDED AND RESTATED CONVERTIBLE NOTE DUE 2005-2008 in the
original principal amount of $10,000,000 issued by the Company (the “Note”), the AMENDED AND
RESTATED REGISTRATION RIGHTS AGREEMENT, (the “Registration Rights Agreement”) and the PURCHASE
AGREEMENT (such capitalized term and all other capitalized terms used herein having the respective
meanings provided herein).

W I T N E S S E T H:

     WHEREAS, the Company and the Purchaser have previously executed and delivered, one to the
other, the Purchase Agreement and the Registration Rights Agreement, and the Company has issued the
Note to the Purchaser;

     WHEREAS, the Company and the Purchaser wish to amend certain terms of the Note and to confirm
the meaning of certain provisions of the Registration Rights Agreement, upon the terms and subject
to the conditions of this Agreement;

     NOW THEREFORE, in consideration of the premises and the mutual covenants made herein and for
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

     1. Definitions.

     1.1 As used in this Agreement, the terms “Agreement”, “Company”, “Note”, “Registration Rights
Agreement” and “Purchaser” shall have the respective meanings assigned to such terms in the
introductory paragraph of this Agreement.

     1.2 Capitalized terms used in this Agreement and not defined in this Agreement shall have the
respective meanings provided in the Note or if not defined in the Note, as defined in the
Registration Rights Agreement and if not defined in the Note or the Registration Rights Agreement,
as defined in the Purchase Agreement.

 

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     1.3 All the agreements or instruments herein defined shall mean such agreements or instruments as
the same may from time to time be supplemented or amended or the terms thereof waived or modified
to the extent permitted by, and in accordance with, the terms thereof and of this Agreement.

     1.4 The following terms shall have the following meanings (such meanings to be equally applicable
to both the singular and plural forms of the terms defined):

     “Amendment No. 1” means Amendment No. 1 to Purchase Agreement, dated as of April 13, 2005, by
and between the Company and the Purchaser.

     “Amendment Underlying Shares” means any shares of Common Stock issued upon a Share Redemption
of the Note pursuant to the terms of the Note that are added by this Agreement.

     “Effective Time” means the date on which and time at which the Company and the Purchaser
execute and deliver this Agreement, one to the other.

     “First Registration Statement” means the Company’s Registration Statement on Form S-3,
Registration No. 333-120548, ordered effective by the SEC on February 3, 2005.

     “Holder” shall have the meaning provided in the Registration Rights Agreement.

     “Other Agreement” means the Amendment No. 2, dated as of the date hereof, between the Company
and the holder of the Other Note relating to, among other things, amendment of the Other Note.

     “Purchase Agreement” means the Purchase Agreement, dated as of November 1, 2004, by and
between the Company and the Purchaser, as amended by Amendment No. 1.

     “Second Registration Statement” means the Company’s Registration Statement on Form S-3,
Registration No. 333-124318, ordered effective by the SEC on July 20, 2005.

     2. Amendments and Confirmation. The following amendments in Section 2.1 shall become effective at
the Effective Time.

     2.1 Partial Redemption of the Note. As contemplated by Section 2(d)(2) of the Note, on or before
December 9, 2005, the Company shall redeem the

 

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remaining $1,950,687.00 outstanding principal amount
of the principal installment of the Note scheduled to be due on November 2, 2008. The Redemption
shall be effected in two tranches and the Share Redemption Notices for each such redemption are
attached hereto as Exhibit A and Exhibit B. Notwithstanding the period specified in the Note for
the giving of Redemption Notices, the Purchaser agrees to accept the Share Redemption Notices
attached hereto. Solely for purposes of permitting the Company to give the attached Share
Redemption Notices, and not for purposes of otherwise relieving the Company of its obligation to
comply, or the Purchaser’s rights under, the following provisions of the Note, the Purchaser hereby
also waives the following additional requirements related to such redemption:

     (a) Section 2(c)(1)(C) of the Note regarding the availability of the Registration Statement
for use by the Purchaser; and

     (b) Section (3)(o)(2) of the Note as to reporting the Share Redemptioncompleted on December 1,
2005 so long as the Company reports the information specified in such Section 3(o)(2) in the
Current Report on Form 8-K filed by the Company as required by Section 6.3.

     2.2 Confirmations Regarding Registration Rights Agreement. The Company acknowledges and agrees,
for the benefit of the Purchaser and its transferee or transferees under the Registration Rights
Agreement, that in case the Purchaser transfers Registrable Securities to a Holder in a transaction
not covered by a Registration Statement and in accordance with Section 7(c) of the Registration
Rights Agreement the Purchaser assigns rights under the Registration Rights Agreement to such
Holder and such Holder agrees in writing to be bound by the Registration Rights Agreement,

     (a) such Registrable Securities shall be Additional Registrable Securities for purposes of the
Registration Rights Agreement, and such Holder shall be entitled to registration rights with
respect to such Registrable Securities pursuant to Section 2(a)(ii) of the Registration Rights
Agreement; and

     (b) in case the Purchaser so assigns its rights in part, notwithstanding that such Holder
agrees in writing to be bound by the Registration Rights Agreement, thereafter for all purposes the
Purchaser and such Holder shall be deemed to be parties to two separate Registration Rights
Agreements with the Company, which shall mean, among other things, that any consent under or waiver
or amendment of one of such Registration Rights Agreements may be made by the Company and the
holder of Registrable Securities party to such Registration Rights Agreement without the holder of
Registrable Securities party to such other Registration Rights Agreement having any rights in
respect of such consent, waiver or amendment relating to the first such Registration Rights
Agreement.

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     2.3 Concerning the Purchase Agreement, the Security Agreement and the Warrants. On November 23,
2005 the Company gave the Purchaser a Maximum Share Amount Notice. Notwithstanding the provisions
of Section 6.16 of the Purchase Agreement and the provisions of the Security Agreement, the Company
and the Purchaser agree as follows:

     (a) The Company shall seek, and use its best efforts to obtain, the Stockholder Approval by
May 1, 2006, rather than by the date that is 60 days after the Maximum Share Amount Notice Date for
such Maximum Share Amount Notice.

     (b) The Purchaser’s right to require redemption of the Note during the 30-day period otherwise
provided for in Section 6.16(b)(2) of the Purchase Agreement in respect of such Maximum Share
Amount Notice shall be tolled until the earlier of (1) May 1, 2006 and (2) the date on which the
stockholder meeting is held (the “Redemption Right Date”), with the result that the Purchaser’s
right to require redemption of the Note pursuant to Section 6.16(b)(3) of the Purchase Agreement
shall be a right to require such redemption, whether or not the Company obtains Stockholder
Approval, and such right may be exercised commencing on the Redemption Right Date.

     (c) Notwithstanding Section 15(c)(6) of the Security Agreement, upon the later of (x) December
30, 2005 and (y) the date on which the Company has by Share Redemption or cash redemption reduced
the aggregate outstanding principal amount of the Notes to $10,000,000 or less, the Company shall
be entitled to release of all cash Collateral in excess of $7,936,405.20 upon the Company’s request
therefor in accordance with Section 15(c) of the Security Agreement and satisfaction of the other
requirements of Section 15(c) of the Security Agreement. Thereafter, until such time as no Maximum
Share Amount Deficiency exists, if the aggregate outstanding principal amount of the Notes is
reduced below $10,000,000 the Company shall be entitled, upon its request and the satisfaction of
the requirements of Section 15(c) of the Security Agreement other than Section 15(c)(6) of the
Security Agreement, to release of cash Collateral in excess of the lesser of (x) $7,936,405.20 and
(y) the aggregate outstanding principal amount of the Notes. If no Maximum Share Amount Deficiency
exists, then the provisions of Section 15(c) of the Security Agreement, without regard to the
foregoing provisions of this Section 2.3(c), shall once again be in effect. The Purchaser hereby
consents to the release of $2,063,594.80 of Collateral pursuant to Section 15(e) of the Security
Agreement in order to allow the payment of the cash portion of redemption consideration on the
Other Note.

     (d) Notwithstanding Section 15(c)(6) of the Security Agreement, until the earlier of (x) the
date no Maximum Share Amount Deficiency exists and (y) April 30, 2006, the Company shall be
entitled, upon its request and the satisfaction of the requirements of Section 15(c) of the
Security Agreement other than Section

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15(c)(6) of the Security Agreement, to release of cash
Collateral equal to the funds held in the Collateral Account attributable to interest on the cash
Collateral otherwise required to be maintained and held pursuant to the Security Agreement. If no
Maximum Share Amount Deficiency exists, then the Company’s right to release of cash Collateral
consisting of interest earned on the cash Collateral in the Collateral Account shall revert to the
provisions of Section 15(c) of the Security Agreement, without regard to this Section 2.3(e).

     (e) The Company represents and warrants that Rodman & Renshaw has amended its agreement with
the Company such that the portion of the Maximum Share Amount previously allocated to the warrants
to purchase 166,667 shares of Common Stock issued to Rodman & Renshaw is now available for the
issuance of shares upon conversion of the Note and the Other Note and exercise of the Warrants, the
Redemption Warrants and the warrants issued or issuable by the Company in connection with the Other
Note.

     (f) As provided in Section 8(f) of the Warrant, the redemption of the Note provided for in
Section 2.1 of this Agreement shall be treated as a Share Redemption but in lieu of the number of
shares of Common Stock determined under Section 8(f) of the Warrant that would be repriced by
reason thereof, the Purchase Price under and as defined in the Warrant shall be reduced to $1.44 for 98,277 shares
of Common Stock issuable upon exercise of the Warrant.

     3. Representations, Warranties, Etc. of the Company.

     3.1 Affirmation of Certain Representations and Warranties, Etc. The Company hereby affirms to the
Purchaser that all of the representations and warranties to, and covenants and agreements of, the
Company set forth in Section 3 of Amendment No. 1 (other than (1) the representations, warranties,
covenants and agreements set forth in Section 3.5 regarding the Form D, which the Company will not
be filing with regard to the transactions contemplated by this Agreement, and regarding the
Company’s registration obligations, as to which certain additional shares of Common Stock have
previously been registered on the Second Registration Statement, and (2) Section 3.18 of Amendment
No. 1) are true and correct, and are hereby made, as if given and made at the date hereof and as if
each reference therein, directly or indirectly, to (1) the “Amended Note” (as defined in Amendment
No. 1) were a reference to the Note as amended by this Agreement, (2) the “Amendment Transaction
Documents” (as defined in Amendment No. 1) included a reference to this Agreement and (3) the
“Agreement” (as defined in Amendment No. 1) were a reference to this Agreement; provided, however,
that the share numbers in the representations and warranties set forth in Section 3.4 of Amendment
No. 1 are as set forth in Schedule 3.1 hereto.

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     3.2 Authorization. The Company has full corporate power and authority and has taken all requisite
action on the part of the Company, its officers, directors and stockholders necessary for (i) the
authorization, execution and delivery of this Agreement, (ii) authorization of the performance of
all obligations of the Company under this Agreement, and (iii) the authorization, issuance (or
reservation for issuance) and delivery of the shares of Common Stock that may be issued or
delivered upon conversion or redemption of, or in lieu of cash payment of interest on, the Note, as
amended hereby, other than approval by the stockholders of the Company of issuance of shares of
Common Stock in excess of the number permitted by Rule 4350(i) of Nasdaq to the extent such rule
requires such approval. This Agreement, when executed and delivered by the Company, will
constitute the legal, valid and binding obligation of the Company, enforceable against the Company
in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and
similar laws of general applicability, relating to or affecting creditors’ rights generally.

     3.3 Board Resolutions. Contemporaneous with the execution and delivery of this Agreement, the
Company delivered to the Purchaser a certificate, dated the date of this Agreement, of the
Secretary of the Company certifying (A) that there has been no change in the Articles of
Incorporation or By-Laws of the Company from the copies thereof certified to the Purchaser at the
closing under Amendment No. 1 and (B) all resolutions of the Board of Directors (and committees
thereof) of the Company relating to this Agreement and the transactions contemplated hereby, and
such certificate is true, complete and correct.

     3.4 Concerning Registration. Upon the filing by the Company with the SEC of a Current Report on
Form 8-K in accordance with Section 6.3, the First Registration Statement and the Second
Registration Statement will be available for use by the Purchaser for the resale of the “Underlying
Shares” and “Warrant Shares,” as such terms are defined in the Purchase Agreement, covered by such
Registration Statements, subject to the terms of the Registration Rights Agreement.

     4. Representations and Warranties of the Purchaser.The Purchaser hereby represents and warrants to
the Company that:

     4.1 Authorization. The Purchaser has full corporate power and authority and has taken all
requisite action on the part of the Purchaser, its partners, officers, directors and stockholders
necessary for (i) the authorization, execution and delivery of this Agreement and (ii)
authorization of the performance of all obligations of the Purchaser under this Agreement. This
Agreement, when executed and delivered by the Purchaser, will constitute the legal, valid and
binding obligation of the Purchaser, enforceable against the Purchaser in accordance with its
terms, subject to bankruptcy, insolvency, reorganization, moratorium and

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similar laws of general
applicability, relating to or affecting creditors’ rights generally.

     5. Effect of Amendments and Confirmations.

     5.1 From and after the Effective Time, the rights and obligations of the Company and the Purchaser
under the Transaction Documents and all other agreements, documents and
instruments contemplated hereby and thereby shall apply with full force and effect to the Note, the
Purchase Agreement and the Security Agreement as amended by this Agreement, and the Registration
Rights Agreement, as the meaning thereof is confirmed by this Agreement, and each reference to the
Note, the Purchase Agreement, the Security Agreement or the Registration Rights Agreement in the
Transaction Documents shall be deemed to be a reference to the Note, the Purchase Agreement, the
Security Agreement or the Registration Rights Agreement, as the case may be, as amended by or the
meaning thereof confirm by this Agreement. From and after the Effective Time, each reference in
the Transaction Documents to (1) the Transaction Documents shall be deemed to include a reference
to this Agreement and (2) the Other Note shall be deemed a reference to the Other Note as amended
by the Other Agreement.

     5.2 Except as expressly amended by this Agreement, the Transaction Documents shall remain in full
force and effect in accordance with their respective terms.

     6. Certain Covenants of the Company and the Purchaser.

     6.1 Press Releases. Any press release or other publicity concerning this Agreement or the
transactions contemplated by this Agreement shall be submitted to the Purchaser for comment at
least two Business Days prior to issuance, unless the release is required to be issued within a
shorter period of time by law or pursuant to the rules of the Nasdaq or a national securities
exchange or the Purchaser consents to a shorter period. The Company does not currently plan to
make any such press release.

     6.2 No Conflicting Agreements. The Company will not take any action, enter into any agreement or
make any commitment that would conflict or interfere in any material respect with the obligations
to the Purchaser under this Agreement.

     6.3 Form 8-K. Within one Business Day after the Effective Time, the Company will publicly report
the transactions contemplated by this Agreement and the Other Agreement by filing with the SEC a
Current Report on Form 8-K under the 1934 Act which report shall describe the material terms and
include as

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exhibits to such report copies of the form of this Agreement and the Other Agreement.

     6.4 Waiver. Effective at the Effective Time, the Purchaser hereby waives its rights (1) under
Section 6.2 of the Purchase Agreement to the extent and only to the extent the same would prohibit
the amendment of the Other Note under the Other Agreement, (2) under Section 6.3 of the Purchase
Agreement to the extent and only to the extent the same would entitle the Purchaser to purchase any
amount of the securities to be issued by the Company pursuant to the Other Note as amended by the
Other Agreement and (3) under Section 2(c)(8) to the extent and only to the extent the same would
prohibit the amendment of the Other Note as provided in the Other Agreement and the share
redemption of the Other Note that the Company is making in accordance with the Other Agreement.

     6.5 Manner of Sale of Certain Amendment Underlying Shares.

     (a) The Purchaser agrees not to sell any Amendment Underlying Shares pursuant to the First
Registration Statement or the Second Registration Statement unless the Company and the Purchaser
agree, based on advice of legal counsel, that such Amendment Underlying Shares may be sold pursuant
to the First Registration Statement or the Second Registration Statement in accordance with the
1933 Act and the rules, regulations and practices of the SEC thereunder. The Purchaser
acknowledges that if any Amendment Underlying Shares are not covered by an effective registration
statement under the 1933 Act, the Purchaser may not transfer such Amendment Underlying Shares prior
to the date that is two years after the Issuance Date unless (1) the transferee is an “accredited
investor” (as defined in Regulation D under the 1933 Act) in a transaction not involving a public
offering or (2) such transfer is otherwise exempt from registration under the 1933 Act. Before any
such transfer by the Purchaser prior to the date that is two years after the Issuance Date, unless
such Amendment Underlying Shares are sold pursuant to Rule 144 under the 1933 Act, such transferee
shall have represented in writing to the Company that such transferee has requested and received
from the Company all information relating to the business, properties, operations, condition
(financial or other), results of operation or financial prospects of the Company and the
Subsidiaries deemed relevant by such transferee; that such transferee has been afforded the
opportunity to ask questions of the Company concerning the foregoing and has had the opportunity to
obtain and review the reports and other information concerning the Company which at the time of
such transfer have been filed by the Company with the SEC pursuant to the 1934 Act and are
incorporated by reference in the Company’s prospectus relating to the First Registration Statement
and the Second Registration Statement.

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     (b) The Purchaser agrees that in the case of any sale by it of Amendment Underlying Shares
prior to the date that is two years after the Issuance Date, the Purchaser will require its buyer
to agree in writing, expressly for the benefit of the Company, to the requirements of Section
6.5(a) and this Section 6.5(b) as if such buyer were the Purchaser.

     6.6 Prospectus Supplement. The Company shall prepare, and not later than one Business Day after
the date of the Effective Time file with the SEC pursuant to Rule 424 under the 1933 Act, a
prospectus supplement or amended prospectus for the prospectus forming part of the Registration
Statements that includes all information relating to this Agreement and the transactions
contemplated hereby that is required to be disclosed in such prospectus and which otherwise updates
the selling stockholder information in such prospectus that relates to the Purchaser. To the
extent permitted by the 1933 Act and the rules and regulations of the SEC thereunder, the inclusion
of such information and such updating may be made by the Company’s filing of a Current Report on
Form 8-K that is incorporated by reference in such prospectus.

     6.7 Holding Period. The Company acknowledges that, for purposes of determining the holding period
under Rule 144 under the 1933 Act for the Amendment Underlying Shares, the holding period of such
Amendment Underlying Shares shall be tacked to the holding period of the Note and, following a
transfer of any such Amendment Underlying Shares, if the Purchaser’s transferee is not an
“affiliate,” as defined in Rule 144 under the 1933 Act, of the Company, the Purchaser’s holding
period of such Amendment Underlying Shares shall be tacked to such transferee’s holding period of
such Amendment Underlying Shares. The Company agrees not to take a position contrary thereto
unless the SEC or its staff by rule or interpretation changes its rules and interpretations thereof
in effect on the date of this Agreement or such rules or interpretations are held invalid or
incorrect by a court of competent jurisdiction.

     7. Miscellaneous.

     7.1 Successors and Assigns. The provisions of Section 8.1 of the Purchase Agreement shall be
applicable to
this Agreement as if this Agreement were the “Agreement” referred to in Section 8.1 of the Purchase
Agreement.

     7.2 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall
be deemed an original, but all of which together shall constitute one and the same instrument.

     7.3 Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience
only and are not to be considered in construing or interpreting this Agreement.

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     7.4 Notices. Any notice required or permitted under this Agreement shall be given as provided in
the Purchase Agreement.

     7.5 Expenses. The Company shall pay its own costs and expenses in connection herewith and shall
pay or reimburse the Purchaser on demand, at the Effective Time and thereafter from time to time,
for the Purchaser’s legal and due diligence expenses incurred in connection herewith. The Company
shall pay all fees and expenses of any placement agents or advisers in connection with the
transactions contemplated by this Agreement pursuant to a separate agreement, if any, between such
parties.

     7.6 Amendments and Waivers. Any term of this Agreement may be amended and the observance of any
term of this Agreement may be waived (either generally or in a particular instance and either
retroactively or prospectively), only with the written consent of the Company and the Purchaser;
provided, however, that any such amendment or waiver effected in accordance with this paragraph
shall be binding upon the Purchaser’s successors in interest and the Company.

     7.7 Severability. If one or more provisions of this Agreement are held to be unenforceable under
applicable law, such provision shall be excluded from this Agreement and the balance of this
Agreement shall be interpreted as if such provision were so excluded and shall be enforceable in
accordance with its terms.

     7.8 Entire Agreement. This Agreement constitutes the entire agreement among the parties hereof
with respect to the subject matter hereof and thereof and supersede all prior agreements and
understandings, both oral and written, between the parties with respect to the subject matter
hereof and thereof.

     7.9 Further Assurances. The parties shall execute and deliver all such further instruments and
documents and take all such other actions as may reasonably be required to carry out the
transactions contemplated hereby and to evidence the fulfillment of the agreements herein
contained.

     7.10 Applicable Law. This Agreement shall be governed by, and construed in accordance with, the
laws of the State of New York without regard to principles of conflicts of laws.

     7.11 Remedies.

     (a) The Purchaser shall be entitled to specific performance of the Company’s obligations under
this Agreement.

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     (b) The Company, on the one hand, and the Purchaser, on the other hand, shall indemnify the
other and hold it harmless from any loss, cost, expense or fees (including reasonable attorneys’
fees and expenses) arising out of any breach of any of its representations, warranties, covenants
or agreements in this Agreement, or arising out of the enforcement of this Section 9.11.

     7.12 Jurisdiction. The parties hereby agree that all actions or proceedings arising directly or
indirectly from or in connection with this Agreement shall be litigated only in the Supreme Court
of the State of New York or the United States District Court for the Southern District of New York
located in New York County, New York. The parties consent and submit to the jurisdiction and venue
of the foregoing courts and consent that any process or notice of motion or other application to
either of said courts or a judge thereof may be served inside or outside the State of New York or
the Southern District of New York (but with respect to any party hereto, such consent shall not be
deemed a general consent to jurisdiction and service for any third parties) by registered mail,
return receipt requested, directed to the party being served at its address provided in or pursuant
to this Agreement (and service so made shall be deemed complete three (3) days after the same has
been posted as aforesaid) or by personal service or in such other manner as may be permissible
under the rules of said courts. The Company hereby waives any right to a jury trial in connection
with any litigation pursuant to this Agreement.

     7.13 Survival. The respective representations, warranties, covenants and agreements of the Company
and the Purchaser contained in this Agreement and the documents
delivered in connection with this Agreement shall survive the execution and delivery of this
Agreement and the Effective Time, and shall remain in full force and effect regardless of any
investigation made by or on behalf of the Purchaser or any Person controlling or acting on behalf
of the Purchaser or by the Company or any Person controlling or acting on behalf of the Company.

     7.14 Construction; Purchaser Status. The language used in this Agreement will be deemed to be the
language chosen by the parties to express their mutual intent, and no rules of strict construction
will be applied against any party. The Purchaser is not acting as part of a “group” (as that term
is used in Section 13(d) of the 1934 Act) in negotiating and entering into this Agreement. The
Company hereby confirms that it understands and agrees that the Purchaser is not acting as part of
any such group.

[Signature Page Follows]

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     IN WITNESS WHEREOF, the parties have duly executed and delivered this Agreement by their
respective officers or other representatives thereunto duly authorized as of the date first above
written.

	 	 	 	 	 
	 	ZIX CORPORATION

 	 
	 	By:  	/s/ Ronald A. Woessner
 	 
	 	 	Name:  	Ronald A. Woessner 	 
	 	 	Title:  	SVP 	 
	 

AMULET LIMITED

By: AMARANTH ADVISORS L.L.C., its Trading Advisor

	 	 	 	 	 
	 	 	 
	 	By:  	                                                       s/ Karl J. Wachter
 	 
	 	 	Name:  	Karl J. Wachter 	 
	 	 	Title:  	Authorized Signatory 	 
	 

Amulet Limited

c/o Dundee Leeds Management Services

(Cayman) Ltd.

2nd Floor, Waterfront Centre

28 North Church Street

George Town, Grand Cayman

Grand Cayman Islands

     The Collateral Agent hereby agrees to the provisions of Section 2.3(c) and (d) of the
foregoing Agreement. By signing below the Collateral Agent does not otherwise become a party to
this Agreement.

	 	 	 	 	 
	 	LAW OFFICES OF BRIAN W PUSCH,
     as Collateral Agent

 	 
	 	By:  	/s/ Brian W. Pusch
 	 
	 	 	Brian W. Pusch 	 
	 	 	 	 
	 

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Schedule 3.1

(All data is of December 2, 2005)

    	 	 	 	 	 
	Issued Shares: 
	 	46,711,343 
	 	 
	Reserved for Issuance:
          
	 	14,112,566 
	 	 

Table of Contents

Exhibit A

December 9, 2005

Ms. Susanne Clark

Amulet Limited

One American Lane

Greenwich, Connecticut 06831

     Re: Share Redemption Notice

Dear Ms. Clark:

     Pursuant
to Section 2(d)(2) and Section 2(c) of the Convertible Note Due 2005 - 2008 of Zix
Corporation, dated November 2, 2004, and issued by Zix Corporation (the “Company”), this Share
Redemption Notice is hereby given. The terms of the Share Redemption shall be as follows:

	 	(1)	 	The principal amount of the Convertible Note to be redeemed is $975,344.
	 
	 	(2)	 	There is no balance of the principal amount owing to be paid in cash by the
Company in accordance with the terms of the Convertible Note.
	 
	 	(3)	 	The principal installment to which this Share Redemption Notice applies is the
installment originally due November 2, 2008 (subsequently changed to December 31,
2005).
	 
	 	(4)	 	The number of shares of Common Stock issuable by the Company in satisfaction of
the Share Redemption Price in respect of the principal amount set forth above is
716,526.
	 
	 	(5)	 	The Share Redemption Date is December 9, 2005.
	 
	 	(6)	 	All of the conditions entitling the Company to call the Convertible Note for
redemption have been met, except for those conditions expressly not required to be met
by that certain Amendment No. 2 between you and the Company dated on or about the date
hereof and
except that, as previously advised to you, a Maximum Share Amount Deficiency has
occurred.

-2-

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     If you have any questions, please feel free to contact me at (214) 370-2097.

Yours truly,

Brad Almond

Vice President and Chief Financial Officer

-3-

Table of Contents

Exhibit B

December 9, 2005

Ms. Susanne Clark

Amulet Limited

One American Lane

Greenwich, Connecticut 06831

     Re: Contingent Share Redemption Notice

Dear Ms. Clark:

     Pursuant
to Section 2(d)(2) and Section 2(c) of the Convertible Note Due 2005 - 2008 of Zix
Corporation, dated November 2, 2004, and issued by Zix Corporation (the “Company”), this Contingent
Share Redemption Notice is hereby given. This Contingent Share Redemption Notice is contingent
upon you having sold the Common Stock shares issued to you pursuant to the Share Redemption Notice
previously delivered by the Company to you, dated of even date herewith. The terms of the
Contingent Share Redemption shall be as follows:

	 	(1)	 	The principal amount of the Convertible Note to be redeemed is $975,343.
	 
	 	(2)	 	There is no balance of the principal amount owing to be paid in cash by the
Company in accordance with the terms of the Convertible Note.
	 
	 	(3)	 	The principal installment to which this Contingent Share Redemption Notice
applies is the installment originally due November 2, 2008 (subsequently changed to
December 31, 2005).
	 
	 	(4)	 	The number of shares of Common Stock issuable by the Company in satisfaction of
the Share Redemption Price in respect of the principal amount set forth above is
716,526.
	 
	 	(5)	 	The Contingent Share Redemption Date is December 9, 2005.
	 
	 	(6)	 	All of the conditions entitling the Company to call the Convertible Note for
redemption have been met, except for those conditions expressly not required to
be met by Amendment No. 2 between you and the Company dated on or about the date
hereof and except that, as previously advised to you, a Maximum Share Amount
Deficiency has occurred.

-4-

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     If you have any questions, please feel free to contact me at (214) 370-2097.

Yours truly,

Brad Almond

Vice President and Chief Financial Officer

-5-<PAGE>
                                                                     EXHIBIT 4.2

                                                                  EXECUTION COPY

                          BAY VIEW DEPOSIT CORPORATION
                                   Transferor

                         BAY VIEW ACCEPTANCE CORPORATION
                                    Servicer

                    JPMORGAN CHASE BANK, NATIONAL ASSOCIATION
                                Indenture Trustee

                        CENTERONE FINANCIAL SERVICES LLC
                                Back-up Servicer

                                       and

                            WILMINGTON TRUST COMPANY
                                  Owner Trustee

                          TRUST AND SERVICING AGREEMENT

                          Dated as of November 1, 2005

                           Bay View 2005-3 Owner Trust

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                                TABLE OF CONTENTS

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<CAPTION>
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<S>                                                                                <C>
ARTICLE I AMENDMENT AND RESTATEMENT OF TRUST AGREEMENT..........................      1
   SECTION 1.01    Name.........................................................      1
   SECTION 1.02    Office.......................................................      1
   SECTION 1.03    Purposes and Powers..........................................      1
   SECTION 1.04    Appointment of Owner Trustee.................................      2
   SECTION 1.05    Initial Capital Contribution of Trust Estate.................      2
   SECTION 1.06    Declaration of Trust.........................................      2
   SECTION 1.07    Title to Trust Property......................................      3
   SECTION 1.08    Situs of Trust...............................................      3
   SECTION 1.09    Separateness Covenants.......................................      3
   SECTION 1.10    Restrictions on Trust Activities.............................      4
   SECTION 1.11    Liability of Residual Interest Holders and
                   Certificateholders...........................................      4
   SECTION 1.12    Termination of the Indenture.................................      4

ARTICLE II DEFINITIONS..........................................................      4
   SECTION 2.01    Definitions..................................................      4
   SECTION 2.02    Usage of Terms...............................................     21
   SECTION 2.03    Record Date..................................................     21
   SECTION 2.04    Section References...........................................     21
   SECTION 2.05    Compliance Certificates......................................     21
   SECTION 2.06    Directions...................................................     22
   SECTION 2.07    Calculations.................................................     22
   SECTION 2.08    Action by or Consent of Noteholders..........................     22
   SECTION 2.09    Material Adverse Effect......................................     22

ARTICLE III CONVEYANCE OF RECEIVABLES...........................................     22
   SECTION 3.01    Conveyance of Receivables and other Trust Property...........     22

ARTICLE IV ACCEPTANCE BY OWNER TRUSTEE..........................................     24
   SECTION 4.01    Acceptance by Owner Trustee..................................     24

ARTICLE V INFORMATION DELIVERED TO THE RATING AGENCIES..........................     24
   SECTION 5.01    Information Delivered to the Rating Agencies.................     24

ARTICLE VI AGENT FOR SERVICE....................................................     25
   SECTION 6.01    Agent for Service............................................     25

ARTICLE VII THE RECEIVABLES.....................................................     25
   SECTION 7.01    Representations and Warranties of Transferor.................     25
   SECTION 7.02    Repurchase Upon Breach.......................................     27
   SECTION 7.03    Custody of Receivable Files..................................     27
   SECTION 7.04    Duties of Servicer as Custodian on behalf of the Trust.......     28
   SECTION 7.05    Instructions; Authority to Act...............................     28
</TABLE>

                                        i

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<TABLE>
<S>                                                                                <C>
ARTICLE VIII ADMINISTRATION AND SERVICING OF RECEIVABLES........................     29
   SECTION 8.01    Duties of Servicer...........................................     29
   SECTION 8.02    [Reserved]...................................................     30
   SECTION 8.03    The Back-up Servicer.........................................     30
   SECTION 8.04    Retention and Termination of Servicer........................     32
   SECTION 8.05    Collection of Receivable Payments............................     33
   SECTION 8.06    Realization Upon Receivables.................................     34
   SECTION 8.07    Physical Damage Insurance....................................     35
   SECTION 8.08    Maintenance of Security Interests in Financed Vehicles.......     36
   SECTION 8.09    Covenants of Servicer........................................     37
   SECTION 8.10    Purchase of Receivables Upon Breach..........................     38
   SECTION 8.11    Servicing Fee................................................     39
   SECTION 8.12    Servicer's Certificate.......................................     39
   SECTION 8.13    Annual Statement as to Compliance; Notice of Default.........     40
   SECTION 8.14    Annual Independent Certified Public Accountant's Report......     40
   SECTION 8.15    Access to Certain Documentation and Information Regarding
                   Receivables..................................................     41
   SECTION 8.16    Servicer Expenses............................................     41
   SECTION 8.17    Reports to Noteholders.......................................     42
   SECTION 8.18    Fidelity Bond................................................     42
   SECTION 8.19    Delegation of Duties.........................................     42
   SECTION 8.20    Derivatives..................................................     42
   SECTION 8.21    Receivables Sales............................................     43

ARTICLE IX COLLECTIONS; DISTRIBUTIONS TO NOTEHOLDERS, RESIDUAL INTEREST HOLDERS
              AND CERTIFICATEHOLDERS............................................     43
   SECTION 9.01    Lock-Box Account.............................................     43
   SECTION 9.02    Collection Account...........................................     45
   SECTION 9.03    Collections..................................................     47
   SECTION 9.04    Additional Deposits..........................................     47
   SECTION 9.05    Application of Funds.........................................     48
   SECTION 9.06    Reserve Account..............................................     48
   SECTION 9.07    Advances.....................................................     48
   SECTION 9.08    No Segregation of Moneys; No Interest........................     49
   SECTION 9.09    Accounting and Reports to the Residual Interest Holders, the
                   Certificateholders, the Internal Revenue Service and Others..     49
   SECTION 9.10    [Reserved]...................................................     50
   SECTION 9.11    Certain Reimbursements to the Servicer.......................     50
   SECTION 9.12    Securities Accounts..........................................     50

ARTICLE X VOTING RIGHTS AND OTHER ACTIONS.......................................     51
   SECTION 10.01   Prior Notice with Respect to Certain Matters.................     51
   SECTION 10.02   Action with Respect to Certain Matters.......................     51
   SECTION 10.03   Restrictions on Residual Interest Holders' and the
                   Certificateholders' Power....................................     52
   SECTION 10.04   Control......................................................     53
</TABLE>

                                       ii

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<TABLE>
<S>                                                                                <C>
   SECTION 10.05   [Reserved]...................................................     53
   SECTION 10.06   Registration of Transfer and Exchange of the Certificates....     53

ARTICLE XI THE RESIDUAL INTEREST AND THE CERTIFICATES...........................     53
   SECTION 11.01   Initial Ownership............................................     53
   SECTION 11.02   The Residual Interest and the Certificates...................     53
   SECTION 11.03   Authentication of Certificates...............................     53
   SECTION 11.04   Registration of Transfer and Exchange of Residual Interest or
                   Certificates.................................................     54
   SECTION 11.05   Mutilated, Destroyed, Lost, or Stolen Certificates...........     55
   SECTION 11.06   Persons Deemed Certificateholders............................     55
   SECTION 11.07   Covenants of the Residual Interest Holders and the
                   Certificateholders...........................................     56
   SECTION 11.08   Certificate Transfer Restrictions............................     56

ARTICLE XII THE TRANSFEROR......................................................     58
   SECTION 12.01   Representations and Undertakings of Transferor...............     58
   SECTION 12.02   Liability of Transferor; Indemnities.........................     62
   SECTION 12.03   Merger or Consolidation of, or Assumption of the Obligations
                   of Transferor................................................     63
   SECTION 12.04   Limitation on Liability of Transferor and Others.............     64
   SECTION 12.05   Transferor May Own Notes, the Residual Interest and
                   Certificates.................................................     64

ARTICLE XIII THE SERVICER AND BACK-UP SERVICER..................................     64
   SECTION 13.01   Representations and Warranties...............................     64
   SECTION 13.02   Indemnities of Servicer and Back-up Servicer.................     69
   SECTION 13.03   Merger or Consolidation of, or Assumption of the Obligations
                   of the Servicer and Back-up Servicer.........................     71
   SECTION 13.04   Limitation on Liability of Servicer and Others...............     72
   SECTION 13.05   Servicer and Back-up Servicer Not to Resign..................     73
   SECTION 13.06   Delegation of Duties.........................................     73

ARTICLE XIV SERVICER AND BACK-UP SERVICER DEFAULTS..............................     74
   SECTION 14.01   Events of Servicer Default...................................     74
   SECTION 14.02   Back-up Servicer Default.....................................     77
   SECTION 14.03   Appointment of Successors....................................     80
   SECTION 14.04   Notice of Events of Servicer Default.........................     83
   SECTION 14.05   Waiver of Past Defaults......................................     83

ARTICLE XV THE OWNER TRUSTEE....................................................     84
   SECTION 15.01   Duties of Owner Trustee......................................     84
   SECTION 15.02   Action upon Instruction......................................     84
   SECTION 15.03   Accounting and Records to the Residual Interest Holders, the
                   Certificateholders, the Internal Revenue Service and Others..     87
   SECTION 15.04   Signature on Returns; Tax Matters Partner....................     88
   SECTION 15.05   Owner Trustee's Certificate..................................     88
</TABLE>

                                       iii

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<TABLE>
<S>                                                                                <C>
   SECTION 15.06   Trust's Assignment of Purchased Receivables..................     88
   SECTION 15.07   Certain Matters Affecting the Owner Trustee..................     89
   SECTION 15.08   Owner Trustee Not Liable for the Residual Interest,
                   Certificates or Receivables..................................     90
   SECTION 15.09   Owner Trustee May Own Notes..................................     91
   SECTION 15.10   Owner Trustee's and Indenture Trustee's Fees and Expenses;
                   Indemnification..............................................     91
   SECTION 15.11   Eligibility Requirements for Owner Trustee...................     92
   SECTION 15.12   Resignation or Removal of Owner Trustee......................     92
   SECTION 15.13   Successor Owner Trustee......................................     93
   SECTION 15.14   Merger or Consolidation of Owner Trustee.....................     93
   SECTION 15.15   Appointment of Co-Trustee or Separate Owner Trustee..........     94
   SECTION 15.16   Representations and Warranties of Owner Trustee..............     95

ARTICLE XVI TERMINATION.........................................................     96
   SECTION 16.01   Termination of the Trust.....................................     96
   SECTION 16.02   Optional Disposition of All Receivables......................     97

ARTICLE XVII MISCELLANEOUS PROVISIONS...........................................     97
   SECTION 17.01   Amendment....................................................     97
   SECTION 17.02   Protection of Title to Trust.................................     99
   SECTION 17.03   Limitation on Rights of Noteholders, the Residual Interest
                   Holders and the Certificateholders...........................    102
   SECTION 17.04   Governing Law................................................    103
   SECTION 17.05   Notices......................................................    103
   SECTION 17.06   Severability of Provisions...................................    104
   SECTION 17.07   Assignment...................................................    104
   SECTION 17.08   [Reserved]...................................................    104
   SECTION 17.09   Nonpetition Covenants........................................    104
   SECTION 17.10   No Recourse..................................................    104
   SECTION 17.11   No Legal Title to Trust Property in Residual Interest Holders
                   or Certificateholders........................................    105
   SECTION 17.12   Further Assurances...........................................    105
   SECTION 17.13   No Waiver; Cumulative Remedies...............................    105
   SECTION 17.14   Third-Party Beneficiaries....................................    105
   SECTION 17.15   Actions by  Noteholders, Residual Interest Holders or
                   Certificateholders...........................................    106
   SECTION 17.16   Corporate Obligation.........................................    106
   SECTION 17.17   Covenant Not File a Bankruptcy Petition......................    106
   SECTION 17.18   Independence of the Servicer and Back-up Servicer............    107
   SECTION 17.19   No Joint Venture.............................................    107
   SECTION 17.20   Headings.....................................................    107
   SECTION 17.21   Entire Agreement.............................................    107
   SECTION 17.22   Limitation of Liability of Owner Trustee.....................    107
   SECTION 17.23   [Reserved]...................................................    107
   SECTION 17.24   Counterparts.................................................    107
   SECTION 17.25   Consent to Jurisdiction......................................    108
</TABLE>

                                       iv

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<TABLE>
<S>                                                                                <C>
   SECTION 17.26   Trial by Jury Waived.........................................   108
   SECTION 17.27   Sarbanes-Oxley Certifications................................   109
   SECTION 17.28   Amendment and Restatement of Existing Trust Agreement........   109
</TABLE>

                                        v

<PAGE>

EXHIBIT A  -- Owner Trustee's Certificate Pursuant to Section 15.05 (Assignment
              to BVAC)
EXHIBIT B  -- Owner Trustee's Certificate Pursuant to Section 15.05 (Assignment
              to Servicer)
EXHIBIT C  -- Servicer's Certificate
EXHIBIT D  -- Form of Certificate of Trust
EXHIBIT E  -- Form of Certificate
EXHIBIT F  -- Confirmation of Computer Tape (Back-up Servicer)

SCHEDULE A -- Schedule of Receivables
SCHEDULE B -- Location of Receivables
SCHEDULE C -- Back-up Servicer Schedule
SCHEDULE D -- Delivery Requirements
SCHEDULE E -- Exception List for CenterOne

                                       vi

<PAGE>

     This TRUST AND SERVICING AGREEMENT, dated as of November 1, 2005, is made
with respect to the Bay View 2005-3 Owner Trust, among BAY VIEW DEPOSIT
CORPORATION, a Delaware corporation, as transferor (the "Transferor"), BAY VIEW
ACCEPTANCE CORPORATION, a Nevada corporation, as servicer (the "Servicer"),
JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, a national banking association, as
indenture trustee (the "Indenture Trustee"), CENTERONE FINANCIAL SERVICES LLC, a
Delaware limited liability company (the "Back-up Servicer"), and WILMINGTON
TRUST COMPANY, a Delaware banking corporation, as owner trustee (the "Owner
Trustee").

     WITNESSETH THAT: In consideration of the premises and of the mutual
agreements herein contained, the parties hereto agree as follows:

                                    ARTICLE I

                  AMENDMENT AND RESTATEMENT OF TRUST AGREEMENT

     Upon the execution of this Agreement by the parties hereto the Trust
Agreement, dated August 26, 2005 of the Bay View 2005-3 Owner Trust is hereby
amended and restated in its entirety and replaced by this Agreement.

     SECTION 1.01 Name. The Trust, known as "Bay View 2005-3 Owner Trust", in
which name the Owner Trustee may conduct the business of the Trust, make and
execute contracts and other instruments on behalf of the Trust and sue and be
sued on behalf of the Trust constitutes a statutory trust within the meaning of
Section 3801(a) of the Delaware Statutory Trust Act for which the Owner Trustee
has filed a certificate of trust with the Secretary of State of the State of
Delaware pursuant to Section 3810(a) of the Delaware Statutory Trust Act.

     SECTION 1.02 Office. The office of the Trust shall be in care of the Owner
Trustee at its Corporate Trust Office or at such other address as the Owner
Trustee may designate by written notice to the Certificateholder, the Residual
Interest Holder, the Noteholders, the Servicer, the Transferor, the Back-up
Servicer, and the Indenture Trustee.

     SECTION 1.03 Purposes and Powers. The purpose of the Trust is, and the
Issuer shall have the power and authority to engage in the following activities:

               (i) to issue the Notes pursuant to the Indenture and the
          Certificates and the Residual Interests pursuant to this Agreement and
          to sell or transfer the Notes, the Certificates and the Residual
          Interests in one or more transactions;

               (ii) with the proceeds of the sale of the Notes and the
          Certificates, to purchase the Receivables pursuant to this Agreement;

               (iii) to assign, grant, transfer, pledge, mortgage and convey the
          Trust estate pursuant to the Indenture and to hold, manage and
          distribute to the Residual Interest Holders pursuant to the terms of
          this Agreement any portion of the Trust estate released from the Lien
          of, and remitted to the Trust pursuant to, the Indenture;

<PAGE>

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

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

               (vi) subject to compliance with the Basic Documents to which it
          is a party and the other documents related thereto, to engage in such
          other activities as may be required in connection with conservation of
          the Trust estate and the making of distributions to the Residual
          Interest Holders, the Certificateholder, the Noteholders and the
          others specified in this Agreement and the Indenture.

     The Trust is hereby authorized to engage in the foregoing activities. The
Trust shall not engage in any activity other than in connection with the
foregoing or other than as required or authorized by the terms of this Agreement
or the other Basic Documents. Without limitation of the foregoing, except for
such activities as are referenced in paragraphs (i) through (vi) of this Section
1.03, the Trust is subject to the restrictions set forth in Section 1.10 hereof.

     SECTION 1.04 Appointment of Owner Trustee. The Transferor hereby appoints
the Owner Trustee as trustee of the Trust effective as of the date hereof, to
have all the rights, powers and duties set forth herein and in the Delaware
Statutory Trust Act.

     SECTION 1.05 Initial Capital Contribution of Trust Estate. The Transferor
hereby sells, assigns, transfers, conveys and sets over to the Trust, as of the
date hereof, the Trust Property. The Owner Trustee on behalf of the Trust hereby
acknowledges receipt in trust from the Transferor, as of the date hereof, of the
foregoing contribution, which Trust Property shall constitute the initial Trust
estate. The Transferor shall pay the organizational expenses of the Trust as
they may arise or shall, upon the request of the Owner Trustee, promptly
reimburse the Owner Trustee for any such expenses paid by the Owner Trustee.

     SECTION 1.06 Declaration of Trust. The Owner Trustee hereby declares that
it will hold such Trust estate in trust upon and subject to the conditions set
forth herein for the use and benefit of the Residual Interest Holders and the
Certificateholders, subject to the obligations of the Trust under the Basic
Documents and the other related documents. It is the intention of the parties
hereto that the Trust constitute a statutory trust under Delaware law and that
this Agreement constitute the governing instrument of such trust. It is the
intention of the parties hereto that solely for federal, State and local income,
single business and franchise tax purposes (i) so long as there is a sole
Residual Interest Holder and no Certificateholder, the Trust shall be
disregarded as a separate entity, with the assets of the Trust being treated as
the assets of such sole Residual Interest Holder, and the Notes being
non-recourse debt of the sole Residual Interest Holder, and (ii) if there is
more than one Residual Interest Holder, or one or more Residual Interest Holders
and one or more Certificateholders, the Trust shall be treated as a partnership,
and not as an association or publicly traded partnership taxable as a
corporation, with the assets of the partnership being the Trust estate, the
partners of the partnership being the Residual Interest Holders and the
Certificateholders and the Notes being non-recourse debt of the partnership. The
Trust shall not elect to be treated as an association under Treasury Regulations

                                        2

<PAGE>

Section 301.7701-3(a) for federal income tax purposes. The parties agree that
unless otherwise required by appropriate tax authorities, the Transferor (or
successor Residual Interest Holder pursuant to Section 9.09 below) or the
Administrator or the Owner Trustee on behalf of the Trust will file or cause to
be filed annual or other necessary returns, reports and other forms consistent
with the characterization of the Trust as provided in the second preceding
sentence for such tax purposes. The Owner Trustee, the initial Residual Interest
Holder, each successor the Residual Interest Holder, the initial
Certificateholders and each successor Certificateholder (as a condition to
acquiring its Residual Interest or Certificate) agree to disregard the Trust as
a separate entity (if there is only one Residual Interest Holder) or to treat it
as a partnership (if there are two or more Residual Interest Holders or one or
more Residual Interest Holders and one or more Certificateholders) and to treat
the Notes as indebtedness for purposes of federal, State, and local income,
single business or franchise taxes.

     SECTION 1.07 Title to Trust Property. Legal title to all of the Trust
estate shall be vested at all times in the Trust as a separate legal entity
except where applicable law in any jurisdiction requires title to any part of
the Trust estate to be vested in a trustee or trustees, in which case title
shall be deemed to be vested in the Owner Trustee, a co-trustee and/or a
separate trustee, as the case may be.

     SECTION 1.08 Situs of Trust. The Trust will be located and administered in
the State of Delaware. Any bank accounts maintained by the Owner Trustee on
behalf of the Trust shall be located in the State of Delaware. The Trust shall
not have any employees in any State other than Delaware; provided, however, that
nothing herein shall restrict or prohibit the Owner Trustee from having
employees within or without the State of Delaware. Payments, if any, will be
received by the Trust only in Delaware, and payments, if any, will be made by
the Trust only from Delaware. The only office of the Trust will be at the
Corporate Trust Office in Delaware.

     SECTION 1.09 Separateness Covenants. The Trust shall (a) maintain the
Trust's books and records separate from any other person or entity; (b) maintain
the Trust's bank accounts separate from any other person or entity; (c) not
commingle the Trust's assets with those of any other person or entity; (d)
conduct the Trust's own business in its own name; (e) other than as contemplated
by the Basic Documents and related documentation, pay the Trust's own
liabilities and expenses only out of its own funds; (f) observe all formalities
required under the Delaware Trust Statute; (g) enter into transactions with
Affiliates or the Transferor only if each such transaction is on the same terms
as would be available in the arm's length transaction with a person or entity
that is not an Affiliate; (h) not guarantee or become obligated for the debts of
any other entity or person; (i) not hold out the Trust's credit as being
available to satisfy the obligation of any other person or entity; (j) not
acquire the obligations or securities of the Trust's Affiliates or the
Transferor; (k) other than as contemplated by the Basic Documents and related
documentation, not make any loans to any other person or entity or buy or hold
evidence of indebtedness issued by any other person or entity; (l) other than as
contemplated by the Basic Documents and related documentation, not pledge the
Trust's assets for the benefit of any other person or entity; (m) hold the Trust
out as a separate entity and conduct any business only in its own name; (n)
correct any known misunderstanding regarding the Trust's separate identity; (o)
not identify the Trust as a division of any other person or entity; (p) maintain
appropriate minutes or other records of appropriate actions; and (q) maintain
its office separate from the office of the Transferor, BVAC, BVDC and the
Servicer.

                                        3

<PAGE>

     SECTION 1.10 Restrictions on Trust Activities. Other than as contemplated
by the Basic Documents and related documentation, the Trust shall abide by the
following restrictions (a) the Trust shall not borrow money, issue other debt or
incur any indebtedness; (b) the Trust shall not engage in any dissolution,
liquidation, consolidation, merger or sale of assets; (c) the Trust shall not
engage in any business activity in which it is not currently engaged; (d) the
Trust shall not form, or cause to be formed, any subsidiaries and shall not own
or acquire any asset; and (e) the Trust shall not follow the directions or
instructions of the Transferor, BVAC, BVDC or the Servicer.

     SECTION 1.11 Liability of Residual Interest Holders and Certificateholders.
No Residual Interest Holder or Certificateholder shall have any personal
liability for any liability or obligation of the Issuer.

     SECTION 1.12 Termination of the Indenture. Upon termination of the
Indenture following payment of the Notes in full, (a) this Agreement shall
continue in full force in effect until all of the Receivables have been paid in
full, (b) the Indenture Trustee shall no longer have a lien on the Trust estate,
(c) Certificateholders representing more than 50% in Certificate Balance will
provide any direction, consent or approval otherwise provided by the
Noteholders, (d) all Available Funds in the Collection Account shall be applied
by the Owner Trustee in the same manner as applied by the Indenture Trustee as
set forth in Article 8 of the Indenture, accounting for the fact that the Notes
have been paid in full, and (e) when the amount on deposit in the Reserve
Account equals an amount sufficient to pay the Certificate Balance and all
accrued and unpaid interest thereon in full (after taking into account any
payments higher in priority), such amounts will be released from the Reserve
Account and so applied.

                                   ARTICLE II

                                   DEFINITIONS

     SECTION 2.01 Definitions. Capitalized terms which are used in this
Agreement but are not defined herein shall have the meanings provided in the
Indenture. Whenever used in this Agreement, the following words and phrases,
unless the context otherwise requires, shall have the following meanings:

          "Accrual Period" means, with respect to each Receivable and the
          related due date, the immediately preceding calendar month. For
          purposes of making calculations pursuant to this Agreement and the
          Indenture, interest shall be computed on each Receivable on the basis
          of a 365-day year over the actual number of days elapsed for purposes
          of this definition.

          "Accrued Interest" means all interest accrued on the Receivables prior
          to the opening of business on the day following the Cut-off Date.

          "Administration Agreement" means the Administration Agreement dated as
          of November 1, 2005 between the Trust and the Administrator and
          acknowledged by the Indenture Trustee.

                                        4

<PAGE>

          "Administrator" means the Administrator under the Administration
          Agreement, which is initially BVAC, and its successors and assigns
          thereunder.

          "Advance" means, with respect to a Receivable and with respect to a
          Collection Period, the amount that the Servicer is required to advance
          pursuant to Section 9.07.

          "Affiliate" means, with respect to any specified Person, any other
          Person who directly or indirectly controls, or is under direct or
          indirect common control with such specified Person. For the purposes
          of this definition, "control" when used with respect to any Person
          means the power to direct the management and policies of such Person,
          directly or indirectly, whether through the ownership of voting
          securities, by contract or otherwise; and the terms "controlling" and
          "controlled" have meanings correlative to the foregoing.

          "Agreement" means the Trust Agreement as amended and restated by this
          Trust and Servicing Agreement executed by the Transferor, the
          Servicer, the Indenture Trustee, the Back-up Servicer and the Owner
          Trustee, as the same may be further amended, restated and supplemented
          from time to time in accordance with the terms hereof.

          "Amount Available" means with respect to any Payment Date, the sum of
          Available Funds for such Payment Date.

          "Amount Financed" means, with respect to a Receivable, the aggregate
          amount originally advanced under the Receivable toward the purchase
          price of the Financed Vehicle.

          "Annual Percentage Rate" or "APR" of a Receivable means the annual
          rate of finance charges stated in the Receivable exclusive of prepaid
          finance charges. If after the Closing Date, the annual rate with
          respect to such Receivable as of the Closing Date, is reduced as a
          result of (i) an insolvency proceeding involving the related Obligor
          or (ii) pursuant to the Servicemembers' Civil Relief Act, the Annual
          Percentage Rate or APR shall refer to such reduced rate.

          "Assignment" means the assignment dated as of November 1, 2005 by BVAC
          to the Transferor substantially in the form of Annex A to the Purchase
          Agreement, pursuant to which the Receivables are conveyed to the
          Transferor.

          "Authorized Newspaper" means a newspaper of general circulation in the
          Borough of Manhattan, the City of New York, printed in the English
          language and customarily published on each Business Day, whether or
          not published on Saturdays, Sundays and holidays.

          "Available Funds" means with respect to any Payment Date, each of the
          following then on deposit in any Trust Accounts with respect to the
          related Collection Period, (i) Scheduled Receivable Payments
          (including Modified Scheduled Receivable Payments) and prepayments on
          Receivables received by

                                        5

<PAGE>

          the Servicer; (ii) interest earned on funds held in the Collection
          Account; (iii) Liquidation Proceeds; (iv) Advances; (v) Purchase
          Amounts and/or any indemnity payments made in lieu of or otherwise
          relating to such Purchase Amounts in accordance with the terms of
          Sections 7.02, 8.08 and 8.10 of this Agreement, (vi) proceeds from any
          Insurance Policies related to the Receivables or Financed Vehicles,
          (vii) Recoveries with respect to Charged-off Receivables and (viii)
          the Redemption Price if the Servicer exercise its rights pursuant to
          Section 16.02.

          "Back-up Servicer" means CenterOne in its capacity as Back-up Servicer
          or such Person as shall have been appointed as a successor Back-up
          Servicer pursuant to Section 14.03 hereof.

          "Back-up Servicer Default" has the meaning ascribed thereto in Section
          14.02.

          "Back-up Servicer Fee" means, for any Collection Period, the fee,
          costs and expenses payable to the Back-up Servicer for services
          rendered during such Collection Period, which shall be equal to the
          amount determined in accordance with Schedule C attached hereto. If
          the Back-up Servicer shall have taken on the role as Servicer
          hereunder, it shall be entitled to the Back-up Servicer Fee for any
          portion of a Collection Period occurring prior to the date Back-up
          Servicer becomes successor Servicer, and its compensation as successor
          Servicer for any Collection Period or portion thereof after such date
          shall be equal to the amount determined in accordance with Schedule C
          attached hereto as successor Servicer, and it shall not be entitled to
          a Back-up Servicer Fee.

          "Bank" means Bay View Bank, N.A. and its successors and assigns.

          "Basic Documents" means this Agreement, the Indenture, the Purchase
          Agreement, the Assignment, the Lock-Box Agreement, the Administration
          Agreement, the Custodian Agreement, the Transfer and Contribution
          Agreement, the organizational documents of the Transferor and other
          documents and certificates delivered in connection therewith.

          "Business Day" means, unless otherwise specified, any day other than a
          Saturday, a Sunday or a day on which banking institutions in
          Wilmington, Delaware, New York, New York, Houston, Texas or San Mateo,
          California or any other location of the Servicer, any successor
          Servicer, successor Back-up Servicer, successor Owner Trustee, or
          successor Indenture Trustee, shall be authorized or obligated by law,
          executive order, or governmental decree to be closed.

          "BVAC" means Bay View Acceptance Corporation, a Nevada corporation,
          and its successors and assigns, other than in its capacity as
          Servicer.

          "BVDC" means Bay View Deposit Corporation, a Delaware corporation, and
          its successors and assigns, other than in its capacity as Transferor.

                                        6

<PAGE>

          "Casualty" means, with respect to any Financed Vehicle, the total loss
          or destruction of such Financed Vehicle.

          "CenterOne" means CenterOne Financial Services LLC and its successors
          and assigns.

          "Certificates" means, individually and collectively, the certificate
          or certificates executed on behalf of the Trust and authenticated by
          the Owner Trustee, substantially in the forms attached hereto as
          Exhibit E.

          "Certificate of Trust" means the Certificate of Trust of the Trust in
          substantially the form of Exhibit D hereto.

          "Certificate Register" means the register maintained by the Owner
          Trustee pursuant to Section 11.04(c) hereof.

          "Certificateholder" means, individually and collectively, the Person
          or Persons in whose name(s) the Certificates shall be registered in
          the Certificate Register.

          "Charged-Off Receivable" means, for any Collection Period, a
          Receivable as to which any of the following has occurred: (i) any
          payment, or part thereof, is 120 days or more delinquent as of the
          last day of such Collection Period (without giving effect to any
          Advances); provided, however, that with respect to any Cram Down
          Remainder, any such delinquency shall be determined with respect to
          the date on which the payments with respect to such Cram Down
          Remainder are required to begin pursuant to an order of the bankruptcy
          court or court of appropriate jurisdiction confirming the related
          Obligor's bankruptcy plan, (ii) the Financed Vehicle that secures the
          Receivable has been sold by the Servicer or repossessed for at least
          90 days, or (iii) the Servicer has determined that the Receivable is
          uncollectible in accordance with the Servicer's customary practices on
          or before the last day of such Collection Period; provided, however,
          that "Charged-Off Receivable" shall not include any Receivable that is
          to be repurchased pursuant to Section 7.02 hereof or purchased
          pursuant to Section 8.10 hereof; provided further, that any Advances
          made with respect to a Receivable shall not be considered in the
          determination of the delinquency status of such Receivable.

          "Closing Date" means December 6, 2005.

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

          "Collateral Agent" shall mean JPMorgan Chase Bank, National
          Association, in its capacity as collateral agent, including its
          successors in interest, until and unless a successor Person shall
          become the Collateral Agent pursuant to the Indenture and thereafter,
          "Collateral Agent" shall mean such successor Person.

                                        7

<PAGE>

          "Collected Interest" on a Receivable, as of the last day of a
          Collection Period, means the portion of all payments received by the
          Servicer allocable to interest relating to such Collection Period.

          "Collection Account" means the account designated as such, established
          and maintained pursuant to Section 9.02 hereof.

          "Collection Period" means, with respect to a Payment Date or a
          Redemption Date, the calendar month immediately preceding the calendar
          month in which such Payment Date or Redemption Date occurs, until the
          Trust shall terminate pursuant to Article XVI.

          "Computer Tape" means a computer tape or diskette (or other means of
          electronic transmission acceptable to the Back-up Servicer) in a
          format acceptable to the Back-up Servicer.

          "Corporate Trust Office" means the office of the Owner Trustee at
          which its corporate trust business shall, at any particular time, be
          administered, which office at the date of the execution of this
          Agreement is located at Plaza Building, 1st Floor, 301 West 11th
          Street, Wilmington, Delaware 19890-0001; Attention: Corporate Trust
          Department; Telecopy (302) 636-6000 or at such other address as the
          Owner Trustee may designate from time to time by notice to the
          Residual Interest Holders, the Certificateholders, the Transferor, the
          Servicer, the Back-up Servicer, and the Indenture Trustee.

          "Cram Down Remainder" means, for any Receivable subject to a Cram Down
          Loss, the amount equal to the Principal Balance of such Receivable
          after giving effect to the Cram Down Loss.

          "Custodian" means initially BVAC or any successor Custodian, in each
          case, in accordance with the terms of the Custodian Agreement.

          "Custodian Agreement" means the Custodian Agreement, dated as of
          November 1, 2005, among BVAC, as custodian, the Trust and the
          Indenture Trustee, as the same may be amended, supplemented or
          otherwise modified from time to time in accordance with the terms
          thereof.

          "Cut-off Date" means, October 31, 2005.

          "Dealer" means the seller of a Financed Vehicle, who originated and
          assigned the related Receivable to BVAC under an existing agreement
          with BVAC, the Bank, or the successor-in-interest to the Bank, as
          applicable, who arranged for a loan from BVAC, the Bank, or the
          successor-in-interest to the Bank, as applicable, to the purchaser of
          a Financed Vehicle under an existing agreement with BVAC, the Bank, or
          the successor-in-interest to the Bank, as applicable.

          "Delaware Statutory Trust Act" means the Delaware Statutory Trust Act.
          12 Del. C. Sections 3801 et seq.

                                        8

<PAGE>

          "Delivery" means with respect to assets held in the Trust Accounts:

          (1)  (a) with respect to bankers' acceptances, commercial paper,
               negotiable certificates of deposit and other obligations that
               constitute "instruments" within the meaning of Section
               9-102(a)(47) of the UCC (other than certificated securities),
               transfer thereof:

                    (i)  by physical delivery of such instrument to the
                         Indenture Trustee, endorsed by an effective indorsement
                         to, or registered in the name of, the Indenture Trustee
                         or its nominee or indorsed in blank by an effective
                         indorsement;

                    (ii) by the Indenture Trustee continuously maintaining
                         possession of such instrument; and

                    (iii) by the Indenture Trustee continuously indicating by
                         book-entry that such instrument is credited to the
                         related Trust Account;

               (b)  with respect to a "certificated security" (as defined in
                    Section 8-102(a)(4) of the UCC), transfer thereof:

                    (i)  by physical delivery of such certificated security to
                         the Indenture Trustee, provided that if the
                         certificated security is in registered form, it shall
                         be indorsed by an effective indorsement to, or
                         registered in the name of, the Indenture Trustee or
                         indorsed in blank by an effective indorsement;

                    (ii) by the Indenture Trustee continuously maintaining
                         possession of such certificated security; and

                    (iii) by the Indenture Trustee continuously indicating by
                         book-entry that such certificated security is credited
                         to the related Trust Account;

               (c)  with respect to any security issued by the U.S. Treasury,
                    the Federal Home Loan Mortgage Corporation, the Government
                    National Mortgage Association or the Federal National
                    Mortgage Association that is a book-entry security held
                    through the Federal Reserve System pursuant to Federal book
                    entry regulations, the following procedures, all in
                    accordance with applicable law, including applicable federal
                    regulations and Articles 8 and 9 of the UCC, transfer
                    thereof:

                    (i)  by book-entry credit of such property to an appropriate
                         book-entry account maintained with a Federal Reserve
                         Bank by a securities intermediary which is also a
                         "participant" pursuant to applicable federal
                         regulations, the

                                        9

<PAGE>

                         making by such securities intermediary of entries in
                         its books and records to a "securities account" (as
                         defined in Section 8-501(a) of the UCC) the Indenture
                         Trustee is the holder of the "security entitlement" (as
                         defined in Section 8-102(a)(17) of the UCC); and

                    (ii) by the Indenture Trustee continuously indicating by
                         book-entry that property is credited to the related
                         Trust Account;

               (d)  with respect to any asset in the Trust Accounts that is an
                    "uncertificated security" (as defined in Section
                    8-102(a)(18) of the UCC) and that is not governed by clause
                    (c) above or clause (e) below:

                    (i)  transfer thereof:

                         (A)  by registration to the Indenture Trustee as the
                              registered owner thereof, on the books and records
                              of the issuer thereof; or

                         (B)  by another Person (not a securities intermediary)
                              who either becomes the registered owner of the
                              uncertificated security on behalf of the Indenture
                              Trustee, or having become the registered owner,
                              acknowledges that it holds for the Indenture
                              Trustee; or

                    (ii) the issuer thereof has agreed that it will comply with
                         instructions originated by the Indenture Trustee with
                         respect to such uncertificated security without further
                         consent of the registered owner thereof; or

               (e)  in the case of each security in the custody of or maintained
                    on the books of a clearing corporation (as defined in
                    Section 8-102(a)(5) of the UCC) or its nominee, by causing:

                    (i)  the relevant clearing corporation to credit such
                         security to a securities account of the Indenture
                         Trustee at such clearing corporation; and

                    (ii) the Indenture Trustee to continuously indicate by
                         book-entry that such security is credited to the
                         related Trust Account;

               (f)  with respect to the security entitlement (as defined in
                    clause (c)(i) above) to be transferred to or for the benefit
                    of the Indenture Trustee and not otherwise governed by
                    clauses (c) or (e) above: if a securities intermediary (A)
                    indicates by book entry that the

                                       10

<PAGE>

                    underlying "financial asset" (as defined in Section
                    8-102(a)(9) of the UCC) has been credited to be the
                    Indenture Trustee's securities account, (B) receives a
                    financial asset from the Indenture Trustee or acquires the
                    underlying financial asset for the Indenture Trustee, and in
                    either case, accepts it for credit to the Indenture
                    Trustee's securities account (as defined in clause (c)(i)
                    above) or (C) becomes obligated under other law, regulation
                    or rule to credit the underlying financial asset to the
                    Indenture Trustee's securities account, the making by the
                    securities intermediary of entries on its books and records
                    continuously identifying such security entitlement as
                    belonging to the Indenture Trustee; and continuously
                    indicating by book-entry that such security entitlement is
                    credited to the Indenture Trustee's securities account; and
                    by the Indenture Trustee continuously indicating by
                    book-entry that such security entitlement (or all rights and
                    property of the Indenture Trustee representing such
                    securities entitlement) is credited to the related Trust
                    Account; and/or

          (2)  In the case of any such asset, such additional or alternative
               procedures as are now or may hereafter become appropriate to
               effect the complete transfer of ownership of, or control over any
               such assets in the Trust Accounts to the Indenture Trustee free
               and clear of any adverse claims, consistent with changes in
               applicable law or regulations or the interpretation thereof.

In each case of delivery contemplated herein, the Indenture Trustee shall make
appropriate notations on its records, and shall cause the same to be made on the
records of its nominees, indicating that securities are held in trust pursuant
to and as provided in this Agreement.

          "Determination Date" means, for each Collection Period, the twentieth
          calendar day of the immediately succeeding month, or if such day is
          not a Business Day, the first Business Day thereafter. The first
          Determination Date shall be December 20, 2005.

          "Eligible Account" shall mean a segregated non-interest bearing trust
          account or accounts maintained with (a) an institution whose deposits
          are insured by the Federal Deposit Insurance Corporation, the
          unsecured and uncollateralized long term debt obligations of which
          institution shall be rated AA- or higher by Standard & Poor's and Aa3
          or higher by Moody's and in the highest short term rating category by
          each of the Rating Agencies, and which is (i) a federal savings and
          loan association duly organized, validly existing and in good standing
          under the federal banking laws, (ii) an institution duly organized,
          validly existing and in good standing under the applicable banking
          laws of any State, (iii) a national banking association duly
          organized, validly existing and in good standing under the federal
          banking laws, (iv) a principal subsidiary of a bank holding company,
          or (v) approved by each of the Rating Agencies by written notice to
          the Indenture Trustee and the Collateral Agent, (b) a chartered
          depository institution acceptable

                                       11

<PAGE>

          to each Rating Agency, having capital and surplus of not less than
          $100,000,000, acting in its fiduciary capacity or (c) the initial
          Indenture Trustee.

          "Eligible Bank" means any depository institution with trust powers
          (including the Owner Trustee and the Indenture Trustee), organized
          under the laws of the United States or any State having a net worth in
          excess of $50,000,000, the deposits of which are insured to the full
          extent permitted by law by the Federal Deposit Insurance Corporation,
          which is subject to supervision and examination by Federal or State
          authorities and which (i) has a long-term unsecured debt rating of at
          least A2 from Moody's and A from Standard & Poor's or (ii) is approved
          by each Rating Agency. The initial Indenture Trustee is deemed an
          Eligible Bank.

          "Eligible Investment" means any of the following:

          (a) (i) direct interest-bearing obligations of, and interest-bearing
     obligations guaranteed as to timely payment of principal and interest by,
     the United States or any agency or instrumentality of the United States the
     obligations of which are backed by the full faith and credit of the United
     States and (ii) direct interest-bearing obligations of, and
     interest-bearing obligations guaranteed as to timely payment of principal
     and interest by, the Federal National Mortgage Association or the Federal
     Home Loan Mortgage Corporation, but only if, at the time of investment,
     such obligations are rated AAA by Standard & Poor's and Aaa by Moody's;

          (b) demand or time deposits in, certificates of deposit of, or
     bankers' acceptances issued by any depository institution or trust company
     organized under the laws of the United States or any State and subject to
     supervision and examination by federal and/or State banking authorities
     (including, if applicable, the Indenture Trustee or any agent of the
     Indenture Trustee acting in their respective commercial capacities);
     provided that the commercial paper or other short-term unsecured debt
     obligations of such depository institution or trust company at the time of
     such investment, or contractual commitment providing for such investment,
     are rated A-l+ by Standard & Poor's and P-1 by Moody's;

          (c) repurchase obligations pursuant to a written agreement (1) with
     respect to any obligation described in clause (a)(i) above, where the
     Indenture Trustee has taken actual or constructive delivery of such
     obligation, and (2) entered into with a depository institution or trust
     company organized under the laws of the United States or any State thereof,
     the deposits of which are insured by the Federal Deposit Insurance
     Corporation and the short-term unsecured debt obligations of which are
     rated A-l+ by Standard & Poor's and P-1 by Moody's (including, if
     applicable, the Indenture Trustee or any agent of the Indenture Trustee
     acting in its commercial capacity);

          (d) securities bearing interest or sold at a discount that, in each
     case, mature within 365 days of the date of issuance and that are issued by
     any corporation incorporated under the laws of the United States or any
     State whose long-term unsecured debt obligations are rated AAA by Standard
     & Poor's and Aaa by Moody's at the time of such investment or contractual
     commitment providing for such investment; provided,

                                       12

<PAGE>

     however, that such securities will not be Eligible Investments to the
     extent (i) that investments therein will cause the then outstanding
     principal amount of such securities (held as part of the related Trust
     Account) to exceed 5% of the Eligible Investments in such account (only to
     the extent of such overage) or (ii) investments therein with respect to any
     particular corporation will cause the then outstanding principal amount of
     such securities issued by such corporation and held as part of the related
     Trust Account to exceed 1% of the Eligible Investments in such account
     (only to the extent of such overage), in each case, with Eligible
     Investments in the related Trust Account valued at par;

          (e) commercial paper that (1) is payable in United States dollars, (2)
     is rated at least A-1+ by Standard & Poor's and P-1 by Moody's and (3)
     matures within 365 days of the date of issuance;

          (f) any money market fund (including those owned, operated or managed
     by the Indenture Trustee) that has been rated Aaa by Moody's and AAAm or
     AAAm-G (without an "r" script) by Standard & Poor's and numerical
     gradations within such rating category (or the equivalent long-term rating
     of such Rating Agency) for such money market funds; and

          (g) any other demand or time deposit, obligation, security or
     investment as may be acceptable to the Rating Agencies and has been rated
     Aaa by Moody's and AAA by Standard & Poor's or rated P-1 by Moody's and
     A-l+ by Standard & Poor's).

          Any of the foregoing Eligible Investments may be purchased from, by or
through the Owner Trustee or the Indenture Trustee, or any of their respective
Affiliates.

          "Eligible Servicer" means BVAC, CenterOne or another Person which at
          the time of its appointment as Servicer, (i) is servicing a portfolio
          of motor vehicle retail installment sale contracts and/or motor
          vehicle installment loans, (ii) is legally qualified and has the
          capacity to service the Receivables, (iii) has demonstrated the
          ability professionally and competently to service a portfolio of motor
          vehicle retail installment sale contracts and/or motor vehicle
          installment loans similar to the Receivables with reasonable skill and
          care, and (iv) is qualified and entitled to use, pursuant to a license
          or other written agreement, and agrees to maintain the confidentiality
          of, the software which the Servicer uses in connection with performing
          its duties and responsibilities under the this Agreement or otherwise
          has available software which is adequate to perform its duties and
          responsibilities under this Agreement.

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

          "Event of Servicer Default" means an event specified in Section 14.01
          hereof.

          "Financed Vehicle" means a new or used automobile, light-duty truck,
          sport utility vehicle or van, together with all accessions thereto,
          securing an Obligor's indebtedness under the respective Receivable.

                                       13

<PAGE>

          "GAAP" means generally accepted accounting principles set forth in the
          opinions and pronouncements of the Accounting Principles Board of the
          American Institute of Certified Public Accountants and statements and
          pronouncements of the Financial Accounting Standards Board, or in such
          other statements that are described in Statement on Auditing Standards
          No. 69 "The Meaning of Present Fairly in Conformity With Generally
          Accepted Accounting Principles in the Independent Auditor's Report"
          that are applicable to the circumstances as of the date of
          determination, applied on a consistent basis.

          "Holder" means any Residual Interest Holder or Certificateholder, as
          the context requires.

          "Indenture" means the Indenture dated as of November 1, 2005 between
          the Trust and the Indenture Trustee, which provides for the issuance
          of the Notes as the same may be amended, supplemented or otherwise
          modified from time to time in accordance with the terms thereof.

          "Indenture Trustee" means JPMorgan Chase Bank, National Association in
          its role as Indenture Trustee under the Indenture and its permitted
          successors and assigns.

          "Indenture Trustee Fee" means the fees and expenses payable on each
          Payment Date to the Indenture Trustee in consideration for the
          performance of its duties as Indenture Trustee and Collateral Agent as
          set forth in the fee letter agreement dated November 1, 2005.

          "Indenture Trustee Office" means the office of the Indenture Trustee
          at which its business as Indenture Trustee under the Indenture shall
          be administered, which office is presently located at 600 Travis St.,
          9th Floor, Houston, Texas 77002, Attention: Structured Finance-Bay
          View 2005-2, telecopy (713) 216-4880 or at such other address as the
          Indenture Trustee may designate from time to time by notice to the
          Owner Trustee, the Servicer, the Back-up Servicer and the Noteholders.

          "Independent Accountants" means a firm of certified public accountants
          that is Independent and is not objected to by the Majority Controlling
          Noteholders.

          "Insolvency Event" means, with respect to a specified Person, (a) the
          filing of a petition against such Person or the entry 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 federal or State bankruptcy,
          insolvency or other similar law now or hereafter in effect, or
          appointing a receiver, liquidator, assignee, custodian, trustee,
          sequestrator, or similar official 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 petition, decree or
          order remaining unstayed and in effect for a period of 60 consecutive
          days; or (b) the commencement by such Person of a voluntary case under
          any

                                       14

<PAGE>

          applicable federal or State bankruptcy, insolvency or other similar
          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 any such
          law, or the consent by such Person to the appointment of or taking
          possession by, a receiver, liquidator, assignee, custodian, trustee,
          sequestrator, or similar official for such Person or for any
          substantial part of its 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 Proceeding" means the commencement, after the date hereof,
          of any bankruptcy, insolvency, readjustment of debt, reorganization,
          marshaling of assets and liabilities or similar proceedings by or
          against BVAC, the Transferor or the Issuer, as applicable, the
          commencement, after the date hereof, of any proceedings by or against
          BVAC, the Transferor or the Issuer, as applicable, for the winding up
          or liquidation of its affairs or the consent, after the date hereof,
          to the appointment of a trustee, conservator, receiver, or liquidator
          in any bankruptcy, insolvency, readjustment of debt, reorganization,
          marshaling of assets and liabilities or similar proceedings of or
          relating to BVAC, the Transferor or the Issuer.

          "Instructing Party" has the meaning specified in Section 10.02 hereof.

          "Insurance Policies" means any physical damage, credit life and credit
          accident and health insurance policies or certificates or any vendor's
          single interest physical damage insurance policy relating to the
          Receivables, the Financed Vehicles or the Obligors.

          "Interest Advance Amount" with respect to a Receivable as to which an
          Advance is required to be made on the last day of a Collection Period,
          shall mean an amount equal to 30 days of interest upon the Principal
          Balance of such Receivable as of such date.

          "Interest Shortfall" means, as to any Receivable as of the last day of
          any Collection Period, the amount, if any, by which (a) interest due
          on such Receivable exceeds (b) the Collected Interest on such
          Receivable.

          "Lien" means a security interest, lien, charge, pledge, equity, or
          encumbrance of any kind other than tax liens, mechanics' liens, and
          any liens which attach to the respective Receivable or related
          Financed Vehicle by operation of law.

          "Liquidation Proceeds" means (i) the monies collected, during a
          Collection Period from whatever source, including, but not limited to,
          insurance proceeds and tax rebates/refunds, with respect to a
          Charged-Off Receivable and (ii) the Sale Amount related to any Sold
          Receivable, net, in the case of (i) and (ii) of the sum of (A) any
          reasonable out-of-pocket expenses incurred by the Servicer in

                                       15

<PAGE>

          enforcing such Charged-Off Receivable plus (B) any amounts required by
          law to be remitted to the related Obligor.

          "Lock-Box" means the post-office box or boxes, to be established by
          the Lock-Box Processor on behalf of BVAC, as the initial Servicer, and
          maintained pursuant to this Agreement and the Lock-Box Agreement, into
          which the initial Servicer shall direct each Obligor under each
          Receivable to forward all payments in respect of such Receivable.

          "Lock-Box Account" means the segregated account or accounts designated
          as such, established and maintained by the initial Servicer in
          accordance with this Agreement and the Lock-Box Agreement.

          "Lock-Box Agreement" means the Lock-Box and Deposit Account Control
          Agreement, dated as of December ___, 2005, among BVAC, BVDC, the
          Trust, the Indenture Trustee, the Lock-Box Bank and the Lock-Box
          Processor, as amended, modified or supplemented from time to time in
          accordance with the terms thereof, unless such agreement shall be
          terminated in accordance with its terms or the terms hereof or unless
          a replacement Lock-Box Agreement has been entered into in accordance
          with the terms hereof, in which event "Lock-Box Agreement" shall mean
          such other agreement among BVAC, the Transferor, the Trust, the
          Lock-Box Bank, the Lock-Box Processor and the Indenture Trustee that
          is either substantially identical to the Original Lock-Box Agreement
          or that satisfies the Rating Agency Condition.

          "Lock-Box Bank" means, initially, Union Bank of California, or any
          replacement or additional depository institution named by the initial
          Servicer, at which a Lock-Box Account is established and maintained in
          accordance with the terms of this Agreement and the Lock-Box
          Agreement.

          "Lock-Box Collection Percentage" has the meaning ascribed in Section
          9.01(c).

          "Lock-Box Processor" means, initially, Union Bank of California, or
          any replacement or subcontracted Lock-Box Processor named by the
          initial Servicer that is an Eligible Bank or that satisfies the Rating
          Agency Condition, who acts as the processor of the payments received
          in respect of the Receivables in the Lock-Box in accordance with the
          Lock-Box Agreement.

          "Majority Certificateholders" means, Certificateholders representing
          more than 50% of the Certificate Balance.

          "Modified Scheduled Receivable" means any Receivable which is not a
          Charged-Off Receivable and as to which the related Obligor shall have
          been declared bankrupt with the result that such Obligor's periodic
          Scheduled Receivable Payment amount has been reduced pursuant to an
          order of the bankruptcy court.

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<PAGE>

          "Modified Scheduled Receivable Payment" means, with respect to any
          Modified Scheduled Receivable, the amount of such reduced periodic
          Scheduled Receivable Payment.

          "Moody's" means Moody's Investors Service, Inc., and its successor and
          assigns.

          "Notes" mean the Notes issued by the Trust pursuant to the Indenture.

          "Obligor" on a Receivable means the purchaser or the co-purchasers of
          the Financed Vehicle or any other Person who owes payments under the
          Receivable. The phrase "payment made on behalf of an Obligor" shall
          mean all payments made with respect to a Receivable except payments
          made by BVAC, the Transferor or the Servicer.

          "Officers' Certificate" with respect to BVAC, the Transferor, the
          Back-up Servicer or the Servicer, means a certificate signed by any
          two of the chairman of the board, the president, any vice chairman of
          the board, any vice president, the treasurer, or the controller of
          BVAC, the Transferor, Back-up Servicer or the Servicer, as the case
          may be; provided that no individual shall sign in a dual capacity and,
          with respect to the Indenture Trustee, shall have the meaning set
          forth in the Indenture.

          "Opinion of Counsel" means a written opinion of counsel, who may be
          counsel to the Transferor and/or Servicer, which counsel shall be
          reasonably acceptable to the Owner Trustee.

          "Original Pool Balance" means $220,107,132.54.

          "Outstanding Advances" as of any date, with respect to a Receivable,
          means the total amount of Advances made on such Receivable for which
          the Servicer has not been reimbursed.

          "Owner Trustee" means Wilmington Trust Company, a banking corporation
          organized under the laws of the State of Delaware and its successors
          or any corporation resulting from or surviving any merger or
          consolidation to which it or its successors may be a party or any
          successor trustee at the time serving as successor trustee hereunder.

          "Owner Trustee's Certificate" means a certificate completed and
          executed by the Owner Trustee by a Responsible Officer pursuant to
          Section 15.05, substantially in the form of, in the case of an
          assignment to BVAC, Exhibit A, and in the case of an assignment to the
          Servicer, Exhibit B.

          "Owner Trustee Fee" means the fees and expenses payable on each
          Payment Date to the Owner Trustee in consideration for the performance
          of its duties as Owner Trustee and as the back-up administrator and/or
          the administrator under the Administration Agreement, all as set forth
          in the fee letter agreement dated December ___, 2005.

                                       17

<PAGE>

          "Payment Date" means, for each Collection Period, the twenty-fifth
          calendar day of the immediately succeeding month or, if such day is
          not a Business Day, the first Business Day thereafter. The first
          Payment Date shall be December 27, 2005.

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

          "Pool Balance" as of any date means the aggregate Principal Balance of
          the Receivables as of such date; provided, however, that for purposes
          of determining Noteholders Principal Distribution Amount, the
          Principal Balance of a Charged-Off Receivable or a Purchased
          Receivable (if actually purchased by the Servicer or repurchased by
          BVAC) shall be deemed to be zero on and after the close of business on
          the last day of the Collection Period in which the Receivable becomes
          a Charged-Off Receivable or a Purchased Receivable that is actually
          purchased or repurchased.

          "Purchase Agreement" means the Purchase Agreement dated as of the date
          hereof by and between the Transferor and BVAC, as amended,
          supplemented or modified from time to time in accordance with the
          terms thereof.

          "Purchase Amount" of any Receivable, as of the close of business on
          the last day of any Collection Period, means the amount equal to the
          sum of the Principal Balance of such Receivable plus any unpaid
          interest accrued and due during or prior to such Collection Period on
          such Receivable.

          "Purchased Receivable" means a Receivable purchased by the Servicer
          pursuant to Sections 7.02 or 8.10 hereof or repurchased by BVAC
          pursuant to Sections 7.02 or 8.08 hereof not later than the respective
          dates required thereby.

          "Rating Agency" means each of Moody's and Standard & Poor's and their
          successors and assigns.

          "Receivable" means any simple interest installment sales contract or
          installment loan and security agreement which shall appear on Schedule
          A to this Agreement.

          "Receivable Files" means the documents specified in the Custodian
          Agreement.

          "Receivables" means those Receivables conveyed to the Trust by the
          Transferor listed as of the Cut-off Date in Schedule A hereto.

          "Recoveries" means, with respect to a Charged-off Receivable and for
          any Collection Period occurring after the Collection Period during
          which such Receivable becomes a Charged-off Receivable, all payments,
          including insurance proceeds, that the Servicer received from or on
          behalf of an Obligor regarding such Charged-off Receivable, or from
          liquidation of the related Financed Vehicle,

                                       18

<PAGE>

          net of any reasonable out-of-pocket expenses incurred by the Servicer
          in enforcing such Charged-off Receivable.

          "Reserve Account" means the account designated as such, established
          and maintained pursuant to the terms of the Indenture.

          "Reserve Account Initial Deposit" is equal to $1,650,803.49.

          "Residual Interest" means the residual interest in the Trust after
          payment of the sum owed by the Trust pursuant to the Agreement and the
          Indenture.

          "Residual Interest Holder" means, individually and collectively, the
          Person or Persons in whose name(s) the Residual Interest shall be
          registered in the Residual Interest Register.

          "Residual Interest Register" means the register maintained by the
          Owner Trustee pursuant to Section 11.04(c) hereof.

          "Responsible Officer" means, when used with respect to the Owner
          Trustee, any officer within the Corporate Trust Office (or any
          successor group of the Owner Trustee) including any managing director,
          director, vice president, assistant vice president, assistant
          treasurer, assistant secretary or any other officer of the Owner
          Trustee customarily performing functions similar to those performed by
          the persons who at the time shall be such officers, respectively, or
          to whom any corporate trust matter is referred because of his
          knowledge of and familiarity with the particular subject.

          "Sale Amount" means with respect to any Sold Receivable, the amount
          received from the applicable third-party purchaser as payment for such
          Sold Receivable, which amount shall be determined in accordance with
          Section 8.05(a).

          "Scheduled Receivable Payment" on any Receivable (other than a
          Modified Scheduled Receivable) means that portion of the payment
          required to be made by the Obligor during the respective Collection
          Period sufficient to amortize the Principal Balance over the term of
          the Receivable and to provide interest at the APR based on a 365-day
          year over the actual number of days elapsed, and with respect to a
          Modified Scheduled Receivable, the applicable Modified Scheduled
          Receivable Payment.

          "Secured Parties" means each of the Indenture Trustee and the
          Noteholders pursuant to the Indenture.

          "Securities" means the Notes and the Certificates.

          "Servicer" means Bay View Acceptance Corporation, a Nevada
          corporation, in its capacity as the servicer of the Receivables and
          each successor to Bay View Acceptance Corporation (in the same
          capacity) pursuant to Sections 13.03 or 14.03 hereof; provided that,
          if the Servicer has been removed pursuant to

                                       19

<PAGE>

          Sections 8.04 or 14.03 hereof, "Servicer" shall mean the Back-up
          Servicer or such other Person appointed as the successor Servicer
          pursuant to Section 14.03 hereof. If the Back-up Servicer has been
          removed as Servicer pursuant to Section 14.03 hereof, "Servicer" shall
          mean such other Person appointed as the successor Servicer pursuant to
          Section 14.03 hereof.

          "Servicer Fee" means the sum of the Servicing Fee and the Supplemental
          Servicing Fee and all reasonable out-of-pocket expenses of the
          Servicer.

          "Servicer Fee Rate" shall be 1/12th of 1.0% payable monthly.

          "Servicer Procedures" has the meaning specified in Section 8.09
          hereof.

          "Servicer's Certificate" means a certificate completed and executed by
          the chairman of the board, the vice chairman, the president, any vice
          president, the treasurer, any assistant treasurer, the chief financial
          officer, the secretary, any assistant secretary, the controller, or
          any assistant controller of the Servicer pursuant to Section 8.12
          hereof.

          "Servicing Fee" means, for any Collection Period, a fee payable to the
          Servicer for services rendered during such Collection Period, which
          shall be the product of (i) the Servicer Fee Rate and (ii) the Pool
          Balance as of the first day of such Collection Period; provided,
          however, the Servicing Fee with respect to the Back-up Servicer as
          successor Servicer shall be calculated in accordance with Schedule C
          attached hereto.

          "Sold Receivable" means a Receivable that was sold to an unaffiliated
          third party by the Issuer, at the Servicer's direction, pursuant to
          Section 8.05(a) hereof.

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

          "State" means (i) any state of the United States of America or (ii)
          the District of Columbia.

          "Supplemental Servicing Fee" has the meaning set forth in Section
          8.11(a) hereof.

          "Transfer and Contribution Agreement" means the Transfer and
          Contribution Agreement, dated as of November 1, 2005, between the
          successor-in-interest to the Bank and BVAC pursuant to which such
          successor-in-interest contributed and transferred all of its right,
          title and interest, if any, in, to and under the Receivables and the
          related Transferred Property (as defined therein).

          "Transferor" means Bay View Deposit Corporation, a Delaware
          corporation, in its capacity as the transferor of the Receivables
          under this Agreement, and each successor to Bay View Deposit
          Corporation (in the same capacity) pursuant to Section 12.03 hereof.

                                       20

<PAGE>

          "Transition Costs" means reasonable costs and expenses (including
          reasonable attorneys' fees and expenses) incurred by and payable by
          the predecessor Servicer, or to the extent not so paid, by the Issuer,
          to the extent of Available Funds, pursuant to Section 8.05 of the
          Indenture, to the successor Servicer in connection with the transfer
          of servicing (whether due to termination, resignation or otherwise)
          from the Servicer to such successor Servicer, including, without
          limitation, reasonable costs and expenses incurred in connection with
          transferring the Receivable Files and amending this Agreement to
          reflect the transfer of servicing; provided, however, that the fees,
          costs, expenses and reimbursements itemized in Schedule C hereto shall
          be deemed to be reasonable and, provided, further, in no event shall
          the Transition Costs exceed $150,000 without the prior written notice
          to the Rating Agencies.

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

          "Trust" means the Delaware statutory trust created by this Agreement,
          the estate of which shall generally comprise the Trust Property.

          "Trust Accounts" means the Collection Account, the Lock-Box Account
          and the Reserve Account.

          "Trust Agreement" means the Trust Agreement, dated August 26, 2005 of
          Bay View 2005-3 Owner Trust.

          "Trust Property" has the meaning set forth in Section 3.01 hereof.

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

     SECTION 2.02 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
subsequent amendments thereto or 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 2.03 Record Date. All references to the Record Date prior to the
first Record Date in the life of the Trust shall be to the Closing Date.

     SECTION 2.04 Section References. All Section references in this Agreement
shall be to Sections in this Agreement unless otherwise specified.

     SECTION 2.05 Compliance Certificates. Upon any application or request by
the Transferor, the Servicer or the Back-up Servicer to the Indenture Trustee to
take any action under

                                       21

<PAGE>

any provision herein, such requesting party shall furnish to the Indenture
Trustee, an Officer's Certificate stating that all conditions precedent, if any,
provided for herein relating to the proposed action have been complied with,
except that in the case of any other such application or request as to which the
furnishing of such documents is specifically required by any provision of this
Agreement relating to such particular application or request, no additional
certificate need be furnished.

     Every certificate with respect to compliance with a condition or covenant
provided herein shall include a statement that each individual signing such
certificate has read such covenant or condition and the definitions and other
provisions herein relating thereto.

     SECTION 2.06 Directions. Unless otherwise indicated, any direction required
to be given by the Noteholders shall be given hereunder by the Majority
Controlling Noteholders.

     SECTION 2.07 Calculations. All calculations of the amount of the Servicing
Fee, the Back-up Servicer Fee, the Indenture Trustee Fee and the Owner Trustee
Fee shall be made on the basis of a 360-day year consisting of twelve thirty-day
months. All references to the Principal Balance of a Receivable as of the last
day of a Collection Period shall refer to the close of business on such day.

     SECTION 2.08 Action by or Consent of Noteholders. Whenever any provision of
this Agreement refers to action to be taken, or consented to, by Noteholders,
such provision shall be deemed to refer to Noteholders of record as of the
Record Date immediately preceding the date on which such action is to be taken,
or consent given, by Noteholders. Solely for the purposes of any action to be
taken or consented to by Noteholders, any Note registered in the name of the
Issuer, the Transferor, the Servicer or any Affiliate thereof shall be deemed
not to be outstanding and shall not be taken into account in determining whether
the requisite interest necessary to effect any such action or consent has been
obtained; provided, however, that, solely for the purpose of determining whether
the Indenture Trustee is entitled to rely upon any such action or consent, only
Notes which the Indenture Trustee actually knows to be so owned shall be so
disregarded.

     SECTION 2.09 Material Adverse Effect. Whenever a determination is to be
made under this Agreement whether a breach of a representation, warranty or
covenant has or could have a material adverse effect on a Receivable or the
interest therein of the Issuer or the Noteholders such determination shall be
made by the Holders of at least 50% of each Class of Notes that could reasonably
be expected to be affected thereby.

                                   ARTICLE III

                            CONVEYANCE OF RECEIVABLES

     SECTION 3.01 Conveyance of Receivables and other Trust Property. In
consideration of the Trust's issuance of the Residual Interest and the Owner
Trustee's delivery to the Transferor of the proceeds to be realized by the Trust
from the issuance of the Notes pursuant to the Indenture and the Certificates
pursuant to the Agreement, the Transferor does hereby sell,

                                       22

<PAGE>

transfer, assign, and otherwise convey to the Trust, in trust without recourse
(subject to the obligations herein) on the Closing Date:

               (i) all right, title, and interest of the Transferor in and to
          the Receivables listed in Schedule A hereto;

               (ii) the security interests in the Financed Vehicles granted by
          Obligors pursuant to the Receivables;

               (iii) any proceeds from claims and other amounts relating to
          Insurance Policies covering the Receivables and other items financed
          under the Receivables or otherwise covering an Obligor or a Financed
          Vehicle;

               (iv) any Liquidation Proceeds;

               (v) all property (including the right to receive future
          Liquidation Proceeds) that secures a Receivable and that has been or
          may be acquired pursuant to the liquidation of the Receivable;

               (vi) the interest of the Transferor in any proceeds from recourse
          to Dealers relating to the Receivables;

               (vii) all documents contained in the Receivable Files;

               (viii) all monies paid on the Receivables and all monies due
          thereon, including Accrued Interest after the Cut-off Date;

               (ix) all right, title and interest of the Transferor pursuant to
          this Agreement and pursuant to the Purchase Agreement, including,
          without limitation, a direct right to cause BVAC to purchase
          Receivables from the Trust upon the occurrence of a breach of any of
          the representations and warranties contained in Section 3.02 of the
          Purchase Agreement or the failure of BVAC to timely comply with its
          obligations pursuant to Section 5.06 of the Purchase Agreement;

               (x) all rights of the Transferor pursuant to the Transfer and
          Contribution Agreement; and

               (xi) all proceeds of the foregoing.

     The Transferor does hereby further assign, convey, pledge and grant a
security interest in (i) any and all other right, title and interest, including
any beneficial interest the Transferor may have in the Trust Accounts and the
funds deposited therein, and (ii) any proceeds of any of the foregoing, to the
Owner Trustee and for the benefit of the Noteholders to secure amounts payable
to Noteholders as provided under this Agreement. The Transferor acknowledges
that all of the foregoing shall constitute the "Trust Property" and the
Transferor hereby consents to the pledge by the Trust of all of such assets to
the Indenture Trustee for the benefit of the Secured Parties pursuant to the
Indenture.

                                       23

<PAGE>

                                   ARTICLE IV

                           ACCEPTANCE BY OWNER TRUSTEE

     SECTION 4.01 Acceptance by Owner Trustee. The Owner Trustee does hereby
accept on behalf of the Trust all of the Trust Property conveyed by the
Transferor pursuant to Article III, and declares that the Owner Trustee shall
hold the Trust Property, which shall comprise the Trust estate, upon the trusts
herein set forth for the benefit of all present and future Residual Interest
Holders and Certificateholders, subject to the terms and provisions of this
Agreement.

                                    ARTICLE V

                  INFORMATION DELIVERED TO THE RATING AGENCIES

     SECTION 5.01 Information Delivered to the Rating Agencies.

          (a) The Servicer hereby expresses its intention to deliver promptly to
     each Rating Agency (i) a copy of each Servicer's Certificate that it
     delivers to the Owner Trustee and the Indenture Trustee pursuant to Section
     8.12 hereof, (ii) a copy of each annual Officers' Certificate as to
     compliance and any notice of default that it delivers to the Indenture
     Trustee or the Owner Trustee pursuant to Section 8.13 hereof, (iii)
     delinquency and loss information for the Receivables, written notice of any
     merger, consolidation, or other succession of the Servicer, pursuant to
     Section 13.03 hereof, or the Transferor, pursuant to Section 12.03 hereof,
     (iv) a copy of each amendment to this Agreement and (v) any Opinion of
     Counsel delivered to the Owner Trustee pursuant to Section 17.02(i) hereof.

          (b) The Owner Trustee hereby expresses its intention to deliver
     promptly to each Rating Agency (i) a copy of each annual certified public
     accountant's report received by the Owner Trustee pursuant to Section 8.14
     hereof, (ii) a copy of each amendment to this Agreement and (iii) a copy of
     the notice of termination of the Trust provided to the Owner Trustee
     pursuant to Section 16.01 hereof.

          (c) For purposes of delivery pursuant to paragraphs (a) and (b) of
     this Article V, the addresses for the Rating Agencies are:

               Servicer_reports@sandp.com except for information not
               deliverable in electronic format and then to:
               ABS Surveillance Group
               Standard & Poor's Ratings Services
               55 Water Street, 40th Floor
               New York, New York 10041-0003

               ServicerReports@moodys.com except for information not
               deliverable in electronic format and then to:

                                       24

<PAGE>

               Moody's Investors Services, Inc.
               Attention: ABS Monitoring Department
               4th Floor
               99 Church Street
               New York, New York 10007

          (d) The provisions of this Article V are included herein for
     convenience of reference only and shall not be construed to be contractual
     undertakings or obligations. The failure of the Servicer or the Owner
     Trustee to comply with any or all of the provisions of this Article V shall
     not constitute an Event of Servicer Default, Back-up Servicer Default or a
     default of any kind under this Agreement or make any remedy available to
     any Person.

                                   ARTICLE VI

                                AGENT FOR SERVICE

     SECTION 6.01 Agent for Service. The agent for service for the Transferor
shall be Tausha Wagner, First Vice President of the Transferor. Any and all
service on the agent for service of the Transferor shall be sent to Bay View
Deposit Corporation, 1840 Gateway Drive, Suite 400, San Mateo, California 94404
or such other address as the Transferor shall provide notice thereof pursuant to
Sections 17.02(c) or 17.05 hereof.

     The agent for service for BVAC shall be Tausha Wagner, First Vice President
of the initial Servicer. Any and all service on the agent for service of the
initial Servicer shall be sent to Bay View Acceptance Corporation, 1840 Gateway
Drive, Suite 300, San Mateo, California 94404, or such other address as BVAC
shall provide notice thereof pursuant to Sections 17.02(c) or 17.05 hereof.

     A copy of any service of process served on the Transferor or BVAC hereunder
shall also be sent to the Indenture Trustee and the parties to receive notices
on behalf of the Transferor or BVAC, as the case may be, under Section 17.05
hereof of this Agreement.

                                   ARTICLE VII

                                 THE RECEIVABLES

     SECTION 7.01 Representations and Warranties of Transferor.

          (a) Pursuant to Article III, the Transferor has assigned to the Trust
     the benefit of, and its rights respecting, the representations and
     warranties made to the Transferor in the Purchase Agreement as to the
     Receivables on which the Trust relies in accepting the Receivables in trust
     and executing and authenticating the Notes and executing and delivering the
     Indenture. The Transferor agrees that the representations shall also be for
     the benefit of the Secured Parties to the same extent as if each of such
     representations and warranties were fully set forth herein, including,
     without limitation, the representations and warranties set forth in
     Sections 3.01 and 3.02 of the Purchase Agreement. Such representations and
     warranties speak as of the execution and delivery of the Purchase

                                       25

<PAGE>

     Agreement but shall survive the sale, transfer, and assignment of the
     Receivables to the Trust and the pledge of the Receivables to the Indenture
     Trustee.

          (b) The Transferor hereby represents and warrants to the Trust that it
     has entered into the Purchase Agreement with BVAC, that BVAC has made the
     representations and warranties set forth therein, that such representations
     and warranties run to and are for the benefit of the Transferor, and that
     pursuant to Article III of this Agreement, the Transferor has transferred
     and assigned to the Trust all rights of the Transferor to cause BVAC under
     the Purchase Agreement to repurchase Receivables in the event of a breach
     of such representations and warranties.

          (c) The foregoing provisions of this Section 7.01 are intended to
     grant the Trust and its assignees a direct right against BVAC to demand
     performance of its obligations under the Purchase Agreement.

          (d) It is the intention of the Transferor that the transfer and
     assignment herein contemplated, taken as a whole, constitute a sale of the
     Receivables and the other Trust Property from the Transferor to the Trust
     and that the Receivables and the other Trust Property not be part of the
     bankruptcy estate in the event of the bankruptcy of the Transferor. In the
     event that a court of competent jurisdiction were to conclude that the
     transfer of Receivables or the other Trust Property constitutes a grant of
     a security interest rather than a sale of the Receivables, the other Trust
     Property and the proceeds thereof, this Agreement and the transactions
     provided for herein shall be deemed to constitute a grant by the Transferor
     to the Trust of a valid continuing first priority security interest in the
     Receivables, the other Trust Property and the proceeds thereof. No
     Receivable or other item of Trust Property has been sold, transferred,
     assigned, or pledged by the Transferor to any Person other than the Trust.
     Immediately prior to the transfer and assignment herein contemplated, the
     Transferor had good and marketable title to each Receivable and the other
     Trust Property, free and clear of all Liens, and, immediately upon the
     transfer thereof, the Trust (for the benefit of the Residual Interest
     Holders, the Certificateholders and the Secured Parties pursuant to the
     Indenture) shall have good and marketable title to each Receivable and the
     other Trust Property, free and clear of all Liens and rights of others,
     except for the rights of the Residual Interest Holders, the
     Certificateholders and the Noteholders; and the transfer has been perfected
     under the UCC. On or prior to the Closing Date, all filings (including,
     without limitation UCC filings) necessary in any jurisdiction to give the
     Trust and its assignees a first priority perfected ownership interest in
     the Receivables and the other Trust Property shall have been made.

          (e) In the event that a court of competent jurisdiction were to
     conclude that the transfer of Receivables or the other Trust Property
     constitutes a grant of a security interest rather than a sale of the
     Receivables, the Transferor represents and warrants that this Agreement
     creates a valid and continuing security interest (as defined in the
     applicable UCC) in the Receivables in favor of the Issuer, which security
     interest is prior to all other Liens, and is enforceable as such as against
     creditors of and purchasers from the Transferor. The Transferor has taken
     all steps necessary to perfect its security interest against each Obligor
     in the property securing the Receivables. The Receivables

                                       26

<PAGE>

     constitute "tangible chattel paper" within the meaning of the applicable
     UCC. The Transferor owns and has good and marketable title to the
     Receivables free and clear of any Lien, claim or encumbrance of any Person.
     All original executed copies of each written agreement that constitute or
     evidence the Receivables will be delivered to the Custodian on or prior to
     the Closing Date. The Transferor has not authorized the filing of and is
     not aware of any financing statements against the Transferor that includes
     a description of collateral covering the Receivables other than any
     financing statement (i) relating to the security interest granted to the
     Issuer under this Indenture or (ii) that has been terminated. None of the
     documents that constitute or evidence the Receivables has any marks or
     notations indicating that it has been pledged, assigned or otherwise
     conveyed to any Person other than to the Issuer, for the benefit of the
     Noteholders, other than certain Receivables that will be re-marked within
     seven (7) Business Days of the Closing Date to reflect the interests of the
     Issuer under this Indenture. The representations and warranties contained
     in this Section 7.01(e) shall survive the execution and delivery of this
     Indenture. Compliance with the representations and warranties contained in
     this Section 7.01(e) may not be waived without the consent of Standard &
     Poor's.

     SECTION 7.02 Repurchase Upon Breach. Each party hereto shall inform the
other parties hereto promptly, in writing, upon the discovery of any breach of
the representations and warranties contained in Section 3.02 of the Purchase
Agreement and assigned to the Trust hereunder or upon the discovery that any
Receivable has been materially and adversely affected because a court has
determined that a Receivable is not perfected by a first priority perfected
security interest in the related Financed Vehicle in favor of the Indenture
Trustee. Unless the breach or failure to perfect shall have been cured by the
last day of the first full Collection Period, following the discovery, the
Transferor shall cause BVAC, pursuant to its obligations under the Purchase
Agreement to repurchase any such Receivable if such Receivable or the interest
therein of the Issuer, the Noteholders, the Residual Interest Holders or the
Certificateholders is materially and adversely affected by any such breach or
failure to perfect as of the last day of the first full Collection Period. In
consideration of the purchase of the Receivable, BVAC shall remit the Purchase
Amount, in the manner specified in Section 9.04 hereof. As required under
Section 3.03 of the Purchase Agreement, the Transferor shall cause the Seller
(as defined therein) to indemnify the Owner Trustee, the Issuer, the Indenture
Trustee, the Collateral Agent, the Back-up Servicer, the Servicer, the
Noteholders, the Residual Interest Holders, the Certificateholders and their
respective officers, directors and employees against all reasonable costs,
expenses, losses, damages, claims and liabilities, including reasonable fees and
expenses of counsel, which may be asserted against or incurred by any of them,
as a result of claims arising out of the events or facts giving rise to such
repurchase. Notwithstanding the foregoing, BVAC shall not be required to remit
the Purchase Amount in the manner specified in this Section 7.02 with respect to
any Receivable repurchased or subject to repurchase by BVAC pursuant to Section
8.08 for the reasons specified in Section 8.08. In no event shall BVAC's
repurchase obligation pursuant to this Section 7.02 apply to the Back-up
Servicer whether acting as successor Servicer or otherwise.

     SECTION 7.03 Custody of Receivable Files. To assure uniform quality in
servicing the Receivables and to reduce administrative costs, the Trust, upon
the execution and delivery of this Agreement, hereby revocably appoints the
Servicer, and the Servicer hereby

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accepts such appointment, for the benefit of the Trust and the Indenture
Trustee, to act as the agent of the Trust as custodian thereof in accordance
with the Custodian Agreement.

     SECTION 7.04 Duties of Servicer as Custodian on behalf of the Trust.

          (a) Safekeeping. In accordance with the Custodian Agreement, the
     Servicer, in its capacity as custodian, shall segregate and hold the
     Receivable Files on behalf of the Indenture Trustee, for the benefit of the
     Noteholders, and for the Trust pursuant to Section 7.03 hereof and shall
     maintain such accurate and complete accounts, records, and computer systems
     pertaining to each Receivable File as shall enable the Trust to comply with
     this Agreement and the other Basic Documents to which it is a party. In
     performing its duties as custodian pursuant to Section 7.03 hereof, the
     Servicer shall act with reasonable care, using that degree of skill and
     attention that the Servicer exercises with respect to the Receivable Files
     relating to all comparable automobile receivables that the Servicer
     services for itself. The Servicer shall conduct, or cause to be conducted,
     periodic audits of the Receivable Files held by it under this Agreement,
     and of the related accounts, records, and computer systems, in such a
     manner as shall enable the Trust to verify the accuracy of the Servicer's
     record keeping. The Servicer shall promptly report to the Owner Trustee and
     the Indenture Trustee any failure on its part to hold the Receivable Files
     and maintain its accounts, records, and computer systems as herein provided
     and promptly take appropriate action to remedy any such failure.

          (b) Maintenance of and Access to Records. The Servicer shall maintain
     each Receivable File at its office specified in Schedule B to this
     Agreement, or at such other office as shall be specified to the Owner
     Trustee and the Indenture Trustee by prior written notice and which office
     shall not be reasonably objectionable to either the Owner Trustee or the
     Indenture Trustee. The Servicer shall make available to the Owner Trustee
     and the Indenture Trustee and their duly authorized representatives,
     attorneys, or auditors a list of locations of the Receivables, the
     Receivable Files, and the related accounts, records, and computer systems
     maintained by the Servicer at such times as the Owner Trustee or the
     Indenture Trustee, as applicable, shall instruct.

          (c) Custodian Agreement. To the extent that there is a conflict
     between this Agreement and the Custodian Agreement with respect to the
     duties and obligations of the Custodian, the terms of the Custodian
     Agreement shall control.

          (d) Back-up Servicer as Custodian. The Back-up Servicer shall only act
     as Custodian if it is simultaneously acting as successor Servicer pursuant
     to this Agreement. The predecessor Custodian shall promptly deliver all of
     the Receivables Files to the successor Custodian and reasonably cooperate
     with the successor Custodian in organizing and identifying the Receivables
     Files. The Back-up Servicer, as successor Servicer, shall be reimbursed for
     all reasonable out-of-pocket expenses incurred in connection with its
     duties as Custodian pursuant to this Section 7.04 in accordance with the
     provision of Section 8.05 of the Indenture.

     SECTION 7.05 Instructions; Authority to Act. The Servicer shall be deemed
to have received proper instructions with respect to the Receivable Files upon
its receipt of written

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instructions signed by a Responsible Officer of the Owner Trustee on behalf of
the Trust or a Responsible Officer of the Indenture Trustee as set forth in the
Custodian Agreement.

                                  ARTICLE VIII

                   ADMINISTRATION AND SERVICING OF RECEIVABLES

     SECTION 8.01 Duties of Servicer.

          (a) The Servicer (and any successor Servicer) is hereby appointed by
     the Trust and authorized to act as agent for the Trust and, for the benefit
     of the Trust and the Secured Parties, shall manage, service, administer,
     and make collections on the Receivables and perform the other actions
     required by the Servicer under this Agreement. The Servicer agrees that its
     servicing of the Receivables will be carried out with reasonable care,
     using that degree of skill and attention that servicers in the retail
     automotive financing industry customarily exercise with respect to all
     comparable receivables that they service for themselves or others and, to
     the extent more exacting, that the Servicer (or successor Servicer)
     exercises with respect to all comparable automobile receivables that it
     services for itself or others. The Servicer's duties shall include
     collection and posting of all payments, making Advances in accordance with
     the terms hereof, responding to inquiries of Obligors or of federal, State
     or local governmental authorities with respect to the Receivables,
     investigating delinquencies, sending monthly billing statements to Obligors
     (except to the extent any such Obligor has received a coupon book to use in
     paying such monthly remittances), accounting for collections, and
     furnishing monthly and annual statements to the Owner Trustee and the
     Indenture Trustee with respect to distributions. The Servicer shall follow
     its customary standards, policies, and procedures in performing its duties
     as Servicer; provided, however, that the Servicer shall not materially
     change its servicing standards and procedures in any manner that could
     reasonably be expected to be adverse to the interests of the Noteholders or
     the Certificateholders without the prior written consent of the Majority
     Controlling Noteholders and the Majority Certificateholders. Without
     limiting the generality of the foregoing, the Servicer is authorized and
     empowered by the Trust to execute and deliver, on behalf of itself, the
     Trust, the Owner Trustee, the Indenture Trustee or any of them, any and all
     instruments of satisfaction or cancellation, or partial or full release or
     discharge, and all other comparable instruments, with respect to such
     Receivables or to the Financed Vehicles securing such Receivables;
     provided, however, that notwithstanding the foregoing, the Servicer shall
     not release an Obligor from payment of any unpaid amount under any
     Receivable or waive the right to collect the unpaid balance of any
     Receivable from the Obligor, except (i) pursuant to an order from a court
     of competent jurisdiction, (ii) in accordance with its customary procedures
     or (iii) in accordance with Section 8.05 hereof. If the Servicer shall
     commence a legal proceeding to enforce a Receivable or a Charged-Off
     Receivable, the Trust and the Indenture Trustee shall thereupon be deemed
     to have automatically assigned, solely

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<PAGE>

     for the purpose of collection, such Receivable to the Servicer. If in any
     enforcement suit or legal proceeding it shall be held that the Servicer may
     not enforce a Receivable on the ground that it shall not be a real party in
     interest or a holder entitled to enforce the Receivable, the Trust and
     Indenture Trustee shall be deemed to have automatically assigned, solely
     for the purpose of collection, such Receivable to the Servicer. The Owner
     Trustee and the Indenture Trustee shall execute any documents prepared by
     the Servicer and delivered to the Trust for execution that are necessary or
     appropriate to enable the Servicer to carry out its servicing and
     administrative duties hereunder. The Servicer is also authorized and
     empowered to direct the Trust to sell Receivables to unaffiliated third
     parties pursuant to Section 8.05(a) hereof in exchange for payment of the
     related Sale Amount and the Servicer is authorized and empowered by the
     Trust to execute and deliver, on behalf of itself, the Trust, the Owner
     Trustee, the Indenture Trustee or any of them, any and all instruments of
     transfer with respect to such sale

          (b) The Servicer, or a third party retained by Servicer (if BVAC is
     acting as the Servicer, at its expense, otherwise at the expense of the
     Trust), shall obtain on behalf of the Trust all licenses, if any, required
     by the laws of any jurisdiction to be held by the Trust in connection with
     ownership of the Receivables, and shall make all filings and pay all fees
     as may be required in connection therewith during the term hereof.

          (c) The Servicer shall furnish to the Owner Trustee, the Indenture
     Trustee and the Collateral Agent from time to time such additional
     information regarding the Trust or the Basic Documents as the Owner
     Trustee, the Indenture Trustee or the Collateral Agent shall reasonably
     request.

     SECTION 8.02 [Reserved]

     SECTION 8.03 The Back-up Servicer.

          (a) Prior to the Back-up Servicer acting as successor Servicer
     hereunder, the Back-up Servicer shall only be responsible to perform those
     duties specifically imposed upon it as Back-up Servicer by the provisions
     hereof, and shall have no obligations or duties under any agreement to
     which it is not a party, including but not limited to any other Basic
     Document to which it is not a party.

          (b) Subject to the Back-up Servicer's obligations pursuant to this
     Section 8.03, prior to the Back-up Servicer acting as successor Servicer
     hereunder, the Back-up Servicer shall not be required 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 the repayment of such funds or adequate written indemnity against such
     risk or liability is not reasonably assured to it in writing prior to the
     expenditure or risk of such funds or incurrence of financial liability.
     Notwithstanding any provision to the contrary, the Back-up Servicer, in its
     capacity as such, and not in its capacity as successor Servicer, shall not
     be liable for any obligation of the Servicer contained in this Agreement so
     long as the Back-up Servicer is performing in its capacity as Back-up
     Servicer, and the parties shall look only to the Servicer to perform such
     obligations.

          (c) The Back-up Servicer (including in its capacity as successor
     Servicer) may conclusively rely and shall be fully protected in acting or
     refraining from acting upon any resolution, certificate, statement,
     instrument, opinion, report, notice, request, consent,

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<PAGE>

     order, approval or other paper or document believed by it to be genuine and
     to have been signed or presented by the proper party or parties.

          (d) The Back-up Servicer (including in its capacity as successor
     Servicer) may consult with counsel and the advice or any opinion of counsel
     shall be full and complete authorization and protection in respect of any
     action taken or omitted by it hereunder in good faith and in accordance
     with any such written counsel, a copy of which has been furnished to the
     Indenture Trustee and the Owner Trustee.

          (e) The Back-up Servicer (including in its capacity as successor
     Servicer) 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, entitlement order, approval or
     other paper or document.

          (f) The Back-up Servicer (including in its capacity as successor
     Servicer) may execute any of the trusts or powers hereunder or perform any
     duties hereunder either directly or by or through agents, attorneys,
     custodians or nominees appointed with due care, and shall not be
     responsible for any willful misconduct or negligence on the part of any
     agent, attorney, custodian or nominee so appointed.

          (g) The Servicer shall have no liability, direct or indirect, to any
     party, for the acts or omissions of the Back-up Servicer (including in its
     capacity as successor Servicer) whenever such acts or omissions occur or
     whenever such liability is imposed.

          (h) Notwithstanding anything to the contrary herein, the Majority
     Controlling Noteholders shall have the right, with or without cause, to
     remove the Back-up Servicer, in its capacity as Back-up Servicer, in its
     sole discretion and replace the Back-up Servicer upon seven (7) days prior
     written notice. In the event that the Majority Controlling Noteholders
     exercises its right to remove and replace the Back-up Servicer, such Person
     shall have no further obligation to perform the duties of the Back-up
     Servicer under this Agreement except as set forth in Section 13.02 hereof.

          (i) On or before the fifth Business Day of each month, the Servicer
     will deliver to the Back-up Servicer a Computer Tape containing such
     information with respect to the Receivables as of the close of business on
     the last day of the immediately preceding Collection Period as is necessary
     for preparation of the Servicer's Certificate. The Back-up Servicer shall
     use the Computer Tape to recalculate the information specified in Sections
     8.03(j)(ii) and (iii) hereof contained in the Servicer's Certificate
     delivered by the Servicer, and the Back-up Servicer shall notify the
     Indenture Trustee and the Owner Trustee that it has recalculated such
     information in the Servicer's Certificate in accordance with this Section
     8.03 and shall notify the Servicer and the Indenture Trustee of any
     discrepancies, in each case, on or before the fourth Business Day
     immediately preceding the related Payment Date but in no event fewer than
     five (5) Business Days after receiving the information required to make
     such calculations. Such notice shall be substantially in the form of
     Exhibit F attached hereto. In the event that the Back-up Servicer reports
     any discrepancies, the Servicer and the Back-up Servicer shall attempt to
     reconcile such discrepancies prior to the related Payment Date, but in the

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<PAGE>

     absence of a reconciliation, the Servicer's Certificate shall control for
     the purpose of calculations and payments with respect to the related
     Payment Date. In the event that the Back-up Servicer and the Servicer are
     unable to reconcile discrepancies with respect to a Servicer's Certificate
     by the related Payment Date, (i) the Back-up Servicer will notify the
     Indenture Trustee and the Owner Trustee, and (ii) the Servicer shall cause
     a firm of Independent certified public accountants, at the Servicer's
     expense, to audit the Servicer's Certificate and, prior to the fifth
     calendar day of the following month, reconcile the discrepancies. The
     effect, if any, of such reconciliation shall be reflected in the Servicer's
     Certificate for such next succeeding Determination Date. All Computer Tapes
     received by the Back-up Servicer will be stored by the Back-up Servicer in
     accordance with its customary practices.

          (j) The Back-up Servicer shall review each Servicer's Certificate
     delivered by the Servicer pursuant to Section 8.12 and shall, based upon
     the information provided from the Servicer under Section 8.03(i):

               (i) confirm that such Servicer's Certificate is complete on its
          face;

               (ii) load the Computer Tape received from the Servicer pursuant
          to Section 8.03(i) hereof, confirm that such Computer Tape is in a
          readable form, and calculate the Principal Balance of the Receivables
          based on the aggregate Principal Balance of the Receivables as of the
          preceding Payment Date (as set forth in such Servicer's Certificate)
          and the principal portion of the Scheduled Receivable Payment or
          Modified Scheduled Receivable Payment for the Receivables (as set
          forth in such Servicer's Certificate) and compare such calculation to
          that set forth in the Servicer's Certificate (and give notice of any
          discrepancy to the Indenture Trustee); and

               (iii) recalculate the Available Funds, the Class A-1 Monthly
          Interest, the Class A-2 Monthly Interest, the Class A-3 Monthly
          Interest, the Class A-4 Monthly Interest, the Class B Monthly
          Interest, the Class C Monthly Interest, the Class D Monthly Interest,
          the Certificate Monthly Interest, the Monthly Principal, the
          Certificate Monthly Principal, the Servicing Fee, the Back-up Servicer
          Fee, the Indenture Trustee Fee, the Owner Trustee Fee, the amounts on
          deposit in the Reserve Account and the Collection Account, based
          solely on the balances and calculations specifically set forth in the
          Servicer's Certificate, and compare such recalculations to those set
          forth in the Servicer's Certificate. To the extent of any discrepancy,
          the Back-up Servicer shall give notice thereof to the Indenture
          Trustee. The Back-up Servicer's obligation shall be limited to the
          mathematical recalculation of the amounts set forth in Sections
          8.03(j)(ii) and (iii) based on the Servicer's Certificate and Computer
          Tape.

     SECTION 8.04 Retention and Termination of Servicer. The Servicer hereby
covenants and agrees to act as servicer under this Agreement until the earlier
to occur of (i) the termination of the Trust and (ii) the removal of the
Servicer, as servicer, in accordance with Article 14 hereof in connection with
the occurrence of an Event of Servicer Default or Back-up Servicer Default, as
applicable, which has not otherwise been waived or cured.

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<PAGE>

     SECTION 8.05 Collection of Receivable Payments.

          (a) Consistent with the standards, policies and procedures required by
     this Agreement, the Servicer shall make reasonable efforts to maximize the
     amount to be received by the Trust with respect to the Receivables,
     including, without limitation, using reasonable efforts to (i) collect all
     payments called for under the terms and provisions of the Receivables as
     and when the same shall become due and shall follow such collection
     procedures as it follows with respect to all comparable automobile
     receivables that it services for itself and, in any event, with no less
     degree of skill and care than would be exercised by a prudent servicer of
     similar motor vehicle retail installment sales contracts and installment
     sale loan and security agreements or (ii) directing the Trust to sell any
     of the Receivables from time to time to an unrelated third party for the
     maximum market price available for such Receivable at such time, as
     determined by the Servicer consistent with the standards set forth herein.
     In connection with any such Receivable sale contemplated by clause (ii) of
     this Section 8.05(a), the related Sale Amount shall be deposited into the
     Collection Account in accordance with Section 9.04(e). Promptly after the
     Closing Date (but in any event within forty (40) days after the Closing
     Date), the Servicer will provide each Obligor with a monthly statement in
     order to notify such Obligors to make payments directly to the Lock-Box. If
     payments are modified or adjusted on a Receivable (provided that no such
     modification or adjustment may be made to the APR or the number or amounts
     of the Scheduled Receivable Payments) or are extended in the ordinary
     course of the Servicer's collection procedures (provided, that no
     extensions may be granted by the Servicer until at least six Scheduled
     Receivable Payments have been received by the Servicer under the related
     Receivable and thereafter only one extension not to exceed one month may be
     granted each twelve month period and no more than three (3) extensions
     shall be permitted with respect to any Receivable (other than to the extent
     allowed pursuant to the Servicer's collection or charge-off policies);
     provided, that not more than 0.75% (by Principal Balance of the Receivables
     as a percentage of the Pool Balance) may be extended during any Collection
     Period), and, as a result, any Receivable would be outstanding after the
     month immediately preceding the Final Maturity Date for the Class D Notes
     or any such modification, adjustment or extension is in violation of the
     foregoing prohibitions, then the Servicer shall be obligated to purchase
     such Receivable pursuant to Section 8.10 hereof (unless such Receivable is
     otherwise being purchased pursuant to Section 16.02 hereof). The Servicer
     may in its discretion waive any late payment charge or any other fees that
     it is entitled to retain under Section 8.11 hereof, or other fee (to the
     extent consistent with its credit and collection policy) that may be
     collected in the ordinary course of servicing a Receivable.

          (b) All allocations of payments with respect to any Receivable to
     principal and interest and determinations of periodic charges and the like
     shall be made using the simple interest method, based on either the actual
     number of days elapsed and the actual number of days in the calendar year
     or on a 365-day calendar year, as specified in the related installment
     sales contract or installment loan and security agreement. Each payment on
     a Receivable shall be applied (i) first, in connection with the redemption
     of a Charged-off Receivable, to reimburse the Servicer for any reasonable
     out-of-pocket expenses incurred by the Servicer in connection with such
     Receivable, (ii) second, to late charges and other fees, (iii) third, to
     the extent necessary to bring such Receivable

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<PAGE>

     current, to interest in accordance with the simple interest method and (iv)
     fourth, to principal in accordance with the simple interest method;
     provided, however, at the Servicer's option and sole discretion, it may
     allocate payments first to clauses (iii) and (iv) of this Section 8.05(b),
     respectively, and then to clauses (i) and/or (ii) of this Section 8.05(b)
     thereafter. Notwithstanding the foregoing, no allocation pursuant to this
     Section 8.05(b) shall in any way alter or modify the payment priorities and
     rights and restrictions on Servicer reimbursement and compensation set
     forth in the Indenture.

     SECTION 8.06 Realization Upon Receivables.

          (a) On behalf of the Trust and the Secured Parties the Servicer shall
     use its reasonable efforts, consistent with its customary servicing
     procedures, to repossess or otherwise convert the ownership of the Financed
     Vehicle securing any Receivable as to which the Servicer shall have
     determined that eventual payment in full is unlikely and which Receivable
     is not sold pursuant to Section 8.05(a) hereof. The Servicer shall follow
     such customary and usual practices and procedures as it shall deem
     necessary or advisable in its servicing of automobile receivables, which
     may include reasonable efforts to realize upon any recourse to Dealers
     (provided, that if the Back-up Servicer is performing the duties of
     Servicer hereunder, BVAC agrees to use commercially reasonable efforts to
     cooperate with such Person in realizing upon such Dealer recourse, it being
     understood and agreed that the Back-up Servicer in such capacity shall not
     have any obligation to pursue such remedies) and selling the Financed
     Vehicle at public or private sale and directing the Trust to sell the
     Receivables pursuant to Section 8.05(a) hereof. The foregoing shall be
     subject to the provision that, in any case in which the Financed Vehicle
     shall have suffered damage, the Servicer shall not expend funds in
     connection with the repair or the repossession of such Financed Vehicle
     unless it shall determine in its discretion that such repair and/or
     repossession will increase the Liquidation Proceeds of the related
     Receivable by an amount equal to or greater than the amount of such
     expenses. After appropriate disposition of the Financed Vehicle, the
     Servicer shall also take such measures as it deems reasonable and
     appropriate to realize value in respect of any deficiency balance of the
     Receivable including pursuit of action on behalf of the Trust and/or the
     Secured Parties against the Obligor or public or private sale of the
     remaining interest of the Trust and/or the Secured Parties in such
     Receivable. If the Back-up Servicer is the successor Servicer, it shall be
     reimbursed for all out-of-pocket expenses incurred in connection with this
     Section 8.06(a) and shall not be responsible for expenses incurred in
     connection with such powers of attorney necessary to satisfy its
     administrative and servicing duties hereunder.

          (b) BVAC, as initial Servicer, agrees that within 45 days from the
     Closing Date, it shall make such filings and effect such notices as are
     necessary under Sections 9-310, 9-324(b) and 9-324(c) of the New York UCC
     (or comparable section of the UCC of any applicable State) to preserve the
     Trust's ownership interest (or security interest, as the case may be) and
     the security interest of the Indenture Trustee in any repossessed Financed
     Vehicles delivered for sale to Dealers in excess of the limits set forth in
     Section 8.06(c).

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<PAGE>

          (c) The Servicer agrees that at any time after the Closing Date there
     will be (i) no more than 10 repossessed Financed Vehicles in the aggregate
     delivered for sale to any Dealer and (ii) no more than 35 repossessed
     Financed Vehicles in the aggregate delivered for the sale to all Dealers
     with respect to which the actions referred to in paragraph (b) above have
     not been effected. The Servicer agrees that prior to delivering additional
     Financed Vehicles for sale to any such Dealer in excess of the limits set
     forth in (i) and (ii) above, it shall make such filings and effect such
     notices as are necessary under Sections 9-310, 9-324(b) and 9-324(c) of the
     New York UCC (or comparable section of the applicable UCC) to preserve its
     ownership interest (or security interest, as the case may be) in any such
     repossessed Financed Vehicle.

          (d) Unless otherwise stated in this Agreement, the Servicer shall
     either use its reasonable best efforts to liquidate or, at its sole option,
     purchase each Financed Vehicle that has not previously been liquidated and
     that secures, or previously secured, a Charged-Off Receivable either (i) by
     the end of the Collection Period preceding the Final Maturity Date for the
     Class D Notes or (ii) if earlier, by the end of the Collection Period
     following the Collection Period during which such Receivable became a
     Charged-Off Receivable. Any purchase of a Financed Vehicle by the Servicer
     shall be made at a price equal to the fair market value of the Financed
     Vehicle as determined by the Servicer in accordance with the Servicer's
     normal servicing standards. This purchase obligation shall not apply to any
     successor Servicer.

     SECTION 8.07 Physical Damage Insurance.

          (a) The Servicer, in accordance with its customary servicing
     procedures and underwriting standards, shall require that (i) each Obligor
     shall have obtained insurance covering the Financed Vehicle as of the date
     of execution of the Receivable insuring against loss and damage due to
     fire, theft, transportation, collision and other risks generally covered by
     comprehensive and collision coverage, (ii) each Receivable that finances
     the cost of premiums for credit life and credit accident and health
     insurance is covered by an Insurance Policy or certificate naming BVAC, the
     Bank or the successor-in-interest to the Bank, as policyholder (creditor)
     or loss payee and (iii) as to each Receivable that finances the cost of an
     extended service contract, the respective Financed Vehicle which secures
     the Receivable is covered by such extended service contract; provided that
     the Back-up Servicer, as successor Servicer, shall have no liability for
     any such failure.

          (b) To the extent applicable, the Servicer shall not take any action
     which would result in noncoverage under the insurance policy referred to in
     Section 8.07(a) hereof which, but for the actions of the Servicer, would
     have been covered thereunder. The Servicer, on behalf of the Indenture
     Trustee, shall take such reasonable action as shall be necessary to permit
     recovery under any of the foregoing Insurance Policies. Any amounts
     collected by the Servicer under any of the foregoing Insurance Policies
     shall be deposited in the Collection Account pursuant to Section 9.03
     hereof. In no event shall the Servicer be required or forced to place
     insurance on a Financed Vehicle.

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<PAGE>

     SECTION 8.08 Maintenance of Security Interests in Financed Vehicles.

          (a) The Servicer shall, in accordance with its customary servicing
     procedures, take such steps as are necessary to ensure that perfection of
     the security interest created by each Receivable in the related Financed
     Vehicle has been obtained and to maintain such security interest. The Trust
     hereby authorizes the Servicer to take such steps as are necessary to
     re-perfect such security interest on behalf of the Trust in the event of
     the relocation of a Financed Vehicle or for any other reason. Any
     reasonable out-of-pocket expenses incurred by the Servicer or any successor
     Servicer in connection with any such re-perfection shall be reimbursable in
     accordance with the priorities set forth in Section 8.05 of the Indenture.

          (b) (i) In accordance with the Custodian Agreement, by the third
     Business Day following the date which is 180 days following the Closing
     Date or, if such date is not a Business Day, on the next succeeding
     Business Day (the "180 day notice date"), BVAC, as the Custodian, shall
     inform the Indenture Trustee, the Owner Trustee and the other parties to
     this Agreement of any Receivable listed on the exception list attached to
     the Certification pursuant to Section 4 of the Custodian Agreement, as
     certified by the Custodian on the Closing Date, for which the related
     Receivable File on the 180 day notice date does not include a Certificate
     of Title (as defined in the Custodian Agreement) (or such evidence of title
     as may be issued in any applicable jurisdiction as of the close of business
     on the date which is 180 days after closing). BVAC shall repurchase any
     such Receivable as of the last day of the Collection Period in which the
     date, which is 180 days following the Closing Date, occurs (or if such date
     is not a Business Day, on the first Business Day thereafter), if the
     related Receivable File does not include a Certificate of Title (as defined
     in the Custodian Agreement) as of the close of business on such 180th day
     (or such evidence of title as may be issued in any applicable
     jurisdiction). In consideration of the purchase of such Receivable, BVAC
     shall remit the Purchase Amount in the manner specified in Section 8.10
     hereof.

               (ii) In accordance with the Custodian Agreement, by the third
          Business Day following the date which is 30 days following the Closing
          Date or, if such date is not a Business Day, on the next succeeding
          Business Day (the "30 day notice date"), BVAC, as the Custodian, shall
          inform the Indenture Trustee, the Owner Trustee and the other parties
          to this Agreement of any Receivable listed on the exception list
          attached to the Certification pursuant to Section 4 of the Custodian
          Agreement as certified by the Custodian on the Closing Date, for which
          a Receivable File is missing a fully executed original of the related
          retail installment contract or retail installment loan contract, as
          applicable, which remains uncured by the close of business on the date
          which is 30 days following the Closing Date. BVAC shall repurchase any
          such Receivable within two Business Days after the date on which BVAC,
          as the Custodian, delivers its report pursuant to this Section
          8.08(b)(ii). In consideration of the purchase of such Receivable, BVAC
          shall remit the Purchase Amount in the manner specified in Section
          8.10 hereof.

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<PAGE>

          (c) Upon the occurrence of Servicer Default, the Servicer (or BVAC if
     it is no longer the Servicer), at the written direction of the Majority
     Controlling Noteholders, or in the absence of such direction, the Majority
     Certificateholders shall take or cause to be taken such reasonable action
     as may, in the reasonable business judgment of the Majority Controlling
     Noteholders or Majority Certificateholders, be necessary or prudent to
     perfect or re-perfect the security interests in the Financed Vehicles
     securing the Receivables in the name of the Indenture Trustee on behalf of
     the Issuer and the Noteholders by amending the title documents of such
     Financed Vehicles or by such other reasonable means as may, in the
     reasonable business judgment of the Majority Controlling Noteholders or
     Majority Certificateholders, be necessary or prudent and shall deliver to
     the Indenture Trustee any Receivable File or portion thereof that has been
     released by the Indenture Trustee to the Servicer and is then in the
     possession of the Servicer, including any original certificates of title.
     The Servicer (so long as the Servicer is BVAC) shall, and if the Servicer
     has been removed, BVAC shall pay all reasonable costs and expenses related
     to such perfection or re-perfection (the "Reliening Expenses"). Prior to
     the occurrence of a Servicer Default, the Majority Controlling Noteholders,
     or in the absence of such direction, the Majority Certificateholders may
     instruct the Indenture Trustee and the Servicer (or BVAC if it is no longer
     the Servicer) to take or cause to be taken such action as may, in the
     reasonable business judgment of the Majority Controlling Noteholders or
     Majority Certificateholders, be necessary to perfect or reperfect the
     security interest in the Financed Vehicles securing the Receivables in the
     name of the Indenture Trustee on behalf of the Issuer, including by
     amending the title documents of such Financed Vehicles to reflect the
     security interest of the Indenture Trustee in the related Financed Vehicle
     or by such other reasonable means as may, in the reasonable business
     judgment of the Majority Controlling Noteholders or Majority
     Certificateholders, be necessary or prudent; provided, however, that if the
     Majority Controlling Noteholders or Majority Certificateholders requests
     that the title documents be so amended prior to the occurrence of a
     Servicer Default, the out-of-pocket expenses of the Servicer, BVAC or the
     Indenture Trustee in connection with such action shall be reimbursed to the
     Servicer, BVAC or the Indenture Trustee, as applicable, pursuant to Section
     8.05 of the Indenture.

     The Servicer hereby makes, constitutes and appoints the Indenture Trustee
acting through its duly appointed officers or any of them, its true and lawful
attorney, for it and in its name and on its behalf, for the sole and exclusive
purpose of authorizing said attorney to execute and deliver as attorney-in-fact
or otherwise, any and all documents and other instruments and to do or
accomplish all other acts or things necessary or appropriate to show the
Indenture Trustee as lienholder or secured party on the Certificate of Title (as
defined in the Custodian Agreement) relating to a Financed Vehicle. BVAC, as
initial Servicer, shall cause the successor-in-interest to the Bank to deliver a
power of attorney to the Indenture Trustee in accordance with the foregoing with
respect to any interest of the Bank.

     SECTION 8.09 Covenants of Servicer. The Servicer hereby makes the following
covenants to the other parties hereto on which the Owner Trustee and Indenture
Trustee shall rely in accepting the Receivables in trust. Except for a release
to an insurer in exchange for insurance proceeds paid by such insurer resulting
from a claim for the total insured value of a vehicle, the Servicer shall not
(i) release the Financed Vehicle securing each such Receivable

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<PAGE>

from the security interest granted by such Receivable in whole or in part except
in the event of payment in full by or on behalf of the Obligor thereunder or
repossession, (ii) impair the rights of the Indenture Trustee, the Noteholders,
the Residual Interest Holders or the Certificateholders in the Receivables,
(iii) change the Annual Percentage Rate with respect to any Receivable, except
as may be required by applicable law and (iv) otherwise modify any contract
except as permitted by this Agreement. In addition, the Servicer shall service
the Receivables as required by the terms of this Agreement and in material
compliance with its current servicing procedures, including its collection
policies and charge-off policies (the "Servicer Procedures") for servicing all
of its comparable motor vehicle contracts; provided that the Servicer Procedures
with respect to the Receivables may not be amended, restated or otherwise
modified from time to time if such amendment, restatement or other modification
materially and adversely affects any Noteholder, the Residual Interest Holders
or the Certificateholders. Notwithstanding the foregoing, nothing contained in
this Agreement or the Basic Documents is intended to restrict or otherwise
require the Servicer to obtain any consents in order to amend, restate or modify
the Servicer Procedures relating to any of its contracts other than the
Receivables. No successor Servicer shall incur any liability for the
representations, warranties or covenants of any predecessor Servicer hereunder.

     SECTION 8.10 Purchase of Receivables Upon Breach. The Servicer, the
Transferor, the Indenture Trustee or the Owner Trustee shall inform each of the
other parties promptly, in writing, upon the discovery of (i) any breach by the
Servicer of its obligations under Sections 8.01, 8.05, 8.06, 8.07, 8.08 or 8.09
hereof or (ii) the existence of the Servicer's obligation to purchase a
Receivable pursuant to Section 8.05(a) hereof; provided, however, that the
failure to give such notice shall not affect any obligation of the Servicer
hereunder. Unless such breach shall have been cured by the last day of the first
full Collection Period following the discovery or notice of such breach, the
Servicer shall on such day purchase any Receivable materially and adversely
affected by such breach or which materially and adversely affects the interests
of the Noteholders, the Residual Interest Holders or the Certificateholders
(which shall include any Receivable as to which a breach of Section 8.06 hereof
has occurred); provided, that with respect to any breach of Section 8.07(b)
hereof, the Servicer may at its option, instead of repurchasing the related
Receivable, deposit in the Collection Account the amount of the loss resulting
from the lapse or lack of insurance. In consideration of the purchase of such
Receivable, the Servicer shall remit the Purchase Amount with respect to such
Receivable in the manner specified in Section 9.04 hereof. The Indenture Trustee
and Owner Trustee shall have no duty to conduct any affirmative investigation as
to the occurrence of any condition requiring the repurchase of any Receivable
pursuant to this Section. The sole remedy of the Owner Trustee, the Trust, or
the Secured Parties with respect to the aforementioned breaches shall be to
require the Servicer to purchase Receivables pursuant to this Section 8.10;
provided, however, that the Servicer shall indemnify, the Issuer, the Indenture
Trustee, the Noteholders, the Residual Interest Holders and the
Certificateholders and each of their respective officers, employees, directors,
agents and representatives against all costs, expenses, losses, damages, claims
and liabilities, including reasonable fees and expenses of counsel, which may be
asserted against or incurred by any of them as a result of third-party claims
arising out of the events or facts giving rise to such breach. No predecessor or
successor Servicer shall be responsible for the acts or omissions of any other
Servicer. Upon receipt of the Purchase Amount and any related indemnity
payments, the Indenture Trustee shall release to the Servicer or its designee
the related Receivable File and shall execute and deliver all instruments of
transferor assignment, without recourse, as are prepared by the Servicer and
delivered to the Indenture Trustee and are

                                       38

<PAGE>

necessary to vest in the Servicer or such designee the Issuer's right, title and
interest in the Receivable. Notwithstanding the foregoing, BVAC shall not be
required to remit the Purchase Amount in the manner specified in this Section
8.10 with respect to any Receivable repurchased or subject to repurchase by BVAC
pursuant to Section 8.08 hereof for the reasons specified in Section 8.08
hereof. Notwithstanding the foregoing, if Back-up Servicer shall have become the
Servicer, it will not be so obligated to purchase any Receivables or make any
payment pursuant to this Section 8.10, and the only obligations of Back-up
Servicer, as successor Servicer in connection therewith shall be to make the
indemnity in Section 13.02 hereof.

     SECTION 8.11 Servicing Fee

          (a) The Servicer shall be entitled to a Servicing Fee as defined
     herein. The Servicer shall also be entitled to retain, and need not deposit
     in the Collection Account, all late fees, and other administrative fees and
     expenses or similar charges allowed by applicable law with respect to the
     Receivables, collected (from whatever source) on the Receivables during
     such Collection Period (the "Supplemental Servicing Fee").

          (b) The Back-up Servicer will be entitled to the Back-up Servicer Fee
     up to but excluding the date on which it is appointed or begins acting as
     successor Servicer. If it becomes the Servicer, the Back-up Servicer will
     be entitled to the Servicer Fee (including the Servicing Fee as calculated
     in Schedule C) for the periods in which it is acting as successor Servicer
     and shall not be entitled to a Back-up Servicing Fee during such time.

          (c) Neither the Indenture Trustee nor Back-up Servicer (including in
     its capacity as successor Servicer) shall be liable for any differential
     between the Servicing Fee and the amount necessary to induce a successor
     Servicer to accept its appointment as such pursuant to this Agreement.

     SECTION 8.12 Servicer's Certificate. On or before the Determination Date
following each Collection Period, the Servicer shall deliver to the Owner
Trustee, the Indenture Trustee, the Back-up Servicer and the Collateral Agent a
Servicer's Certificate in substantially the form of Exhibit C attached hereto
containing all information necessary to make the distributions pursuant to
Section 8.05 of the Indenture (so long as the Notes remain outstanding) for the
Collection Period preceding the date of such Servicer's Certificate and the
Indenture Trustee shall forward such Servicer's Certificate to the Noteholders
and the Owner Trustee to forward to the Residual Interest Holders and the
Certificateholders, including (A) the amount of aggregate collections on the
Receivables, (B) the aggregate Purchase Amount of the Receivables repurchased by
BVAC and purchased by the Servicer, (C) the amount, if any, to be withdrawn from
the Reserve Account, (D) information respecting (i) delinquent Receivables that
are 30, 60 and 90 days past due, (ii) the number of repossessions of Financed
Vehicles during the preceding Collection Period, number of unliquidated
repossessed Financed Vehicles, gross and net losses on the Receivables, and
Recoveries, and Recoveries on Charged-Off Receivables, and (iii) adjusted,
modified or extended Receivables as necessary or requested by a Rating Agency to
confirm compliance with Section 8.05(a) hereof; and (E) the Lock-Box Collection
Percentage (F) whether, to the knowledge of the Servicer a Servicer Default has
occurred, (G) each other item listed in Section 8.05 of the Indenture reasonably
requested by a Rating Agency or the

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<PAGE>

Indenture Trustee. Receivables purchased by BVAC as of the last day of such
Collection Period shall be identified by the BVAC account number with respect to
such Receivable (as specified in Schedule A to this Agreement).

     SECTION 8.13 Annual Statement as to Compliance; Notice of Default.

          (a) The Servicer shall deliver to the Indenture Trustee (without
     duplication), the Owner Trustee, the Back-up Servicer, the Rating Agencies
     and the Noteholders, on or before April 30 of each year, beginning on April
     30, 2007, an Officers' Certificate, dated as of December 31 of the
     preceding year, stating that (i) a review of the activities of the Servicer
     during the preceding 12-month period (or in the case of the initial
     Officer's Certificate for any Servicer, the period from the Closing Date or
     the date it became Servicer to and including such preceding December 31)
     and of its performance under this Agreement has been made under such
     officer's supervision and (ii) to the best of such officer's knowledge,
     based on such review, the Servicer has fulfilled all its obligations under
     this Agreement throughout such period, or, if there has been a default in
     the fulfillment of any such obligation, specifying each such default known
     to such officer and the nature and status thereof.

          (b) The Servicer shall deliver to, without duplication, the Owner
     Trustee, the Indenture Trustee, the Back-up Servicer and the Rating
     Agencies, promptly after having obtained actual knowledge thereof, but in
     no event later than 2 Business Days thereafter, written notice in an
     Officer's Certificate of any event which with the giving of notice or lapse
     of time, or both, would become an Event of Servicer Default (if BVAC is the
     Servicer) under Section 14.01 or a Back-up Servicer Default (if the Back-up
     Servicer is the Servicer) under Section 14.02. The Transferor shall deliver
     to the Owner Trustee, the Indenture Trustee, the Back-up Servicer and the
     Rating Agencies, promptly after having obtained actual knowledge thereof,
     but in no event later than 2 Business Days thereafter, written notice in an
     Officer's Certificate of any event which with the giving of notice or lapse
     of time, or both, would become an Event of Servicer Default under clause
     (ii) of Section 14.01. The Indenture Trustee shall forward a copy of each
     Officer's Certificate so received to each Noteholder.

     SECTION 8.14 Annual Independent Certified Public Accountant's Report.

          (a) The Servicer will deliver to, without duplication, the Indenture
     Trustee, the Owner Trustee, the Back-up Servicer and the Rating Agencies,
     on or before April 30 of each year beginning April 30, 2007, a report
     prepared by Independent Accountants, who may also render other services to
     the Servicer or any of its Affiliates or to the Transferor addressed to the
     Board of Directors of the Servicer or any of its Affiliates and the
     Indenture Trustee and dated during the current year, to the effect that
     such firm has audited the financial statements of the Servicer and issued
     its report therefor and that such audit (a) was made in accordance with
     generally accepted auditing standards, and accordingly included such tests
     of the accounting records and such other auditing procedures as such firm
     considered necessary in the circumstances; (b) included tests relating to
     automotive loans serviced for others in accordance with the requirements of
     the Uniform Single Attestation Program for Mortgage Bankers (the
     "Program"), to the

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<PAGE>

     extent the procedures in the Program are applicable to the servicing
     obligations set forth in this Agreement; (c) included an examination of the
     delinquency and loss statistics relating to the Servicer's portfolio of
     automobile, sport utility vehicle, light-duty truck and van sale contracts
     and loan and security agreements; and (d) except as described in the
     report, disclosed no exceptions or errors in the records relating to
     automobile, sport utility vehicle, light-duty truck and van loans serviced
     for others that, in the firm's opinion, the Program requires such firm to
     report. The accountant's report shall further state that (1) a review in
     accordance with agreed upon procedures was made of three randomly selected
     Servicer's Certificates; (2) except as disclosed in the report, no
     exceptions or errors in the Servicer's Certificates were found; and (3) the
     delinquency and loss information relating to the Receivables contained in
     the Servicer's Certificates were found to be accurate.

          (b) Such report shall also indicate that the firm is independent of
     the Servicer and its Affiliates within the meaning of the Code of
     Professional Ethics of the American Institute of Certified Public
     Accountants.

          (c) Delivery of such reports, information and documents to the
     Indenture Trustee is for informational purposes only, and the Indenture
     Trustee's receipt of such shall not constitute constructive notice of any
     information contained therein or determinable from information contained
     therein, including the Servicer's compliance with any of its covenants
     hereunder.

          (d) Notwithstanding this Section 8.14, if the Back-up Servicer is then
     acting as the successor Servicer, it shall only be required to provide a
     copy of its annual SAS 70 report.

     SECTION 8.15 Access to Certain Documentation and Information Regarding
Receivables. The Servicer shall provide to the Owner Trustee, the Indenture
Trustee and the Back-up Servicer access to the Receivables Files in such cases
where such parties shall be required by applicable statutes or regulations to
review such documentation. Access shall be afforded without charge, but only
upon reasonable request and during the normal business hours at the respective
offices of the Servicer. Nothing in this Section shall affect the obligation of
the Servicer to observe any applicable law prohibiting disclosure of information
regarding the Obligors, and the failure of the Servicer to provide access to
information as a result of such obligation shall not constitute a breach of this
Section 8.15.

     SECTION 8.16 Servicer Expenses. The Servicer shall be required to pay all
expenses incurred by it in connection with its activities hereunder (other than
those that are otherwise reimbursable pursuant to the terms hereof), including
fees and disbursements of independent accountants, taxes imposed on the
Servicer, and expenses incurred in connection with distributions and reports to
Noteholders, the Residual Interest Holders, the Certificateholders, the
Indenture Trustee and the Owner Trustee; provided, however, that any successor
Servicer shall be entitled to be reimbursed for any Transition Costs, and with
respect to Back-up Servicer, such costs as set forth on Schedule C attached
hereto.

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<PAGE>

     SECTION 8.17 Reports to Noteholders. The Indenture Trustee shall provide to
any Noteholder who so requests in writing (addressed to the Corporate Trust
Office of the Indenture Trustee) a copy of any certificate described in Section
8.12 hereof, the annual statement described in Section 8.13 hereof, or the
annual report described in Section 8.14 hereof. The Indenture Trustee may
require the requesting party to pay a reasonable sum to cover the cost of the
Indenture Trustee's complying with such request.

     SECTION 8.18 Fidelity Bond. Each of the Servicer, the Back-up Servicer and
any successor Servicer hereby represent and covenant that it has obtained, and
shall continue to maintain in full force and effect, a fidelity bond and errors
and omissions policy covering it of a type and to the extent and in such amount
as is customary for prudent servicers engaged in the business of servicing motor
vehicle retail installment sales contracts similar to the Receivables.

     SECTION 8.19 Delegation of Duties. The Servicer may at any time delegate
duties under this Agreement to sub-contractors who are in the business of
servicing motor vehicle contracts; provided, however, that no such delegation or
sub-contracting of duties by the Servicer shall relieve the Servicer of its
responsibility with respect to such duties. In the event the Servicer shall for
any reason no longer be the Servicer of the Receivables (including by reason of
an Event of Servicer Default), the successor Servicer shall assume all of the
rights and obligations of the predecessor Servicer under one or more
subservicing agreements that may have been entered into by the predecessor
Servicer by giving notice of such assumption to the predecessor Servicer and any
subcontracted Servicer within ten (10) Business Days of the termination of such
Servicer as servicer of the Receivables; provided, however, that a successor
Servicer may elect to terminate a subservicing agreement. If the successor
Servicer does not elect to assume any subservicing agreement, any and all costs
of termination shall be at the predecessor Servicer's expense. Upon the giving
of such notice, the successor Servicer shall be deemed to have assumed all of
the predecessor Servicer's interest therein and to have replaced the predecessor
Servicer as a party to the subservicing agreement to the same extent as if the
subservicing agreement had been assigned to the assuming party except that the
predecessor Servicer and the subcontracted Servicer, if any, shall not thereby
be relieved of any liability or obligations accrued up to the date of the
replacement of the predecessor Servicer under the subservicing agreement and the
subcontracted Servicer, if any, shall not be relieved of any liability or
obligation to the predecessor Servicer that survives the assignment or
termination of the subservicing agreement. The successor Servicer shall notify
each Rating Agency if any subservicing agreement is assumed by such successor
Servicer. The predecessor Servicer shall, upon request of the Indenture Trustee
or any successor Servicer, and, at the expense of the predecessor Servicer,
deliver to the assuming party all documents and records relating to the
subservicing agreement and the Receivables then being serviced and an accounting
of amounts collected and held by it and otherwise use its reasonable best
efforts to effect the orderly and efficient transfer of the subservicing
agreement to the assuming party.

     SECTION 8.20 Derivatives. The Servicer may deposit a de minimis amount of
derivatives at any time into the Trust and any such deposited derivatives shall
become part of the Trust Property. Such deposits will be made without the intent
or effect of guarantying a specific rate of return to the Noteholders or with
the intent or effect of providing any credit recourse or enhancement by the
Servicer for the benefit of the Trust or the Noteholders. In connection with any
such deposit with a fair market value in excess of $1,000, as determined by the
Servicer, the

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<PAGE>

Servicer shall obtain an Opinion of Counsel that states, in substance, that such
deposit will not change the conclusions reached by any "true sale" opinion
delivered on behalf of BVAC on the Closing Date.

     SECTION 8.21 Receivables Sales.

          (a) Upon the sale of any Receivable pursuant to Section 8.05(a)
     hereof, the Servicer will notify the Custodian pursuant to a certificate of
     an officer of the Servicer (which certificate shall include a statement to
     the effect that all amounts received in connection with such sale which are
     required to be deposited in the Collection Account pursuant to Section
     8.05(a) have been so deposited) and shall request delivery of the
     Receivable and Receivable File to the purchaser of such Receivable.

          (b) The Servicer shall not use any procedure in selecting Receivables
     to be sold to third party purchasers, pursuant to Section 8.05(a), which is
     materially adverse to the interest of the Noteholders.

                                   ARTICLE IX

          COLLECTIONS; DISTRIBUTIONS TO NOTEHOLDERS, RESIDUAL INTEREST
                         HOLDERS AND CERTIFICATEHOLDERS

     SECTION 9.01 Lock-Box Account.

          (a) BVAC, as initial Servicer, shall establish the Lock-Box Account as
     an Eligible Account with the Lock-Box Bank and, no later than thirty-five
     (35) days after the Closing Date, provide notice thereof to the Obligors of
     the Receivables, all in accordance with the terms of the Lock-Box
     Agreement; provided that the Servicer may from time to time (i) upon prior
     written notice to the Indenture Trustee (which notice shall be at least ten
     (10) Business Days other than with respect to the successor Lock-Box
     established and by CenterOne in contemplation of such entity assuming the
     function of Service hereunder), establish additional or substitute Lock-Box
     Accounts, each of which shall be an Eligible Account, and (ii) close or
     terminate the use of such account or any subsequently established accounts,
     each of which accounts, at such time, shall no longer be deemed to be a
     Lock-Box Account; provided, further, that pursuant to the Lock-Box
     Agreement, the Lock-Box Processor and no other person, other than the
     Indenture Trustee or the Servicer, shall have authority to direct
     disposition of funds related to the Receivables on deposit in the Lock-Box
     Account consistent with the provisions of this Agreement and the Lock-Box
     Agreement. The Indenture Trustee shall have no liability or responsibility
     with respect to the Lock-Box Processor's or the Servicer's directions or
     activities as set forth in the preceding sentence. The Lock-Box Account
     shall be established pursuant to and maintained in accordance with the
     Lock-Box Agreement and shall at all times be an Eligible Account. In
     conjunction with the establishment of the Lock-Box Account, the Lock-box
     Processor, on behalf of BVAC, as initial Servicer, shall establish and
     maintain the Lock-Box at a United States Post Office Branch in accordance
     with the terms of the Lock-Box Agreement. Notwithstanding the Lock-Box
     Agreement or any of the provisions of this Agreement relating to the
     Lock-Box and the Lock-Box

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<PAGE>

     Agreement, the Servicer shall remain obligated and liable to the Trust, the
     Indenture Trustee, the Noteholders, the Residual Interest Holders and the
     Certificateholders for servicing and administering the Receivables and the
     other Trust Property in accordance with provisions of this Agreement
     without diminution of such obligation or liability by virtue thereof.

          (b) In the event the Servicer shall for any reason no longer be acting
     as such, the Lock-Box Agreement shall terminate in accordance with its
     terms and thereafter, funds on deposit in the Lock-Box Account shall be
     distributed by the Lock-Box Bank, as agent for the beneficial owners of
     funds in the Lock-Box Account (including the Issuer), as directed by the
     successor Servicer, and the Lock-Box Bank shall deposit any such funds
     relating to the Receivables to such other account as shall be identified by
     the successor Servicer for deposit therein; provided, however, that the
     outgoing Servicer shall not thereby be relieved of any liability or
     obligations on the part of the outgoing Servicer to the Lock-Box Bank under
     such Lock-Box Agreement. The outgoing Servicer shall, upon request of the
     Indenture Trustee, but at the expense of the outgoing Servicer, deliver to
     the successor Servicer all documents and records relating to the Lock-Box
     Agreement and an accounting of amounts collected and held in the Lock-Box
     Account or held by the Lock-Box Processor in respect of the Receivables and
     otherwise use its reasonable best efforts to effect the orderly and
     efficient transfer of any Lock-Box Agreement to the successor Servicer. In
     the event that the Lock-Box Account fails at any time to qualify as an
     Eligible Account, the Servicer, at its expense, shall cause the Lock-Box
     Bank to deliver, at the direction of the Majority Controlling Noteholders
     to the Indenture Trustee or a successor Lock-Box Bank, all documents and
     records relating to the Receivables and all amounts held (or thereafter
     received) on deposit in the Lock-Box Account or held by the Lock-Box
     Processor in respect of the Receivables (together with an accounting of
     such amounts) and shall otherwise use its reasonable best efforts to effect
     the orderly and efficient transfer of the Lock-Box arrangements, and the
     Servicer shall promptly notify the Obligors to make payments to any new
     Lock-Box.

          (c) Until such time as the Lock-Box Collection Percentage with respect
     to any Determination Date equals or exceeds 92.5% (the "Lock-Box Collection
     Percentage"), the Servicer (i) shall on or prior to the Closing Date,
     obtain and maintain an employee dishonesty bond in the amount of $3,000,000
     covering each employee of the Servicer responsible for opening, processing
     and depositing Scheduled Receivable Payments received directly by the
     Servicer, and (ii) shall prepare a weekly reconciliation (certified by an
     Authorized Officer of the Servicer), of Scheduled Receivable Payments which
     have been received by the Servicer during the prior calendar week and
     confirm that such payments have been deposited to the Look-Box Account or
     the Collection Account (the "Reconciliation Report"), which Reconciliation
     Report shall be delivered to the Indenture Trustee and the Owner Trustee on
     Tuesday of each week (or if such day is not a Business Day, the next
     succeeding Business Day), with respect to collections received during the
     immediately preceding calendar week. The provisions of this Section 9.01
     shall not apply to the Back-up Servicer; provided, however, any subsequent
     lock-box account established by CenterOne as successor Servicer with
     respect to the Receivables shall at all times be an Eligible Account at an
     Eligible Bank.

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<PAGE>

     SECTION 9.02 Collection Account.

          (a) BVAC, as initial Servicer, shall establish the Collection Account
     as a segregated non-interest bearing trust account in the name of the Trust
     for the benefit of the Secured Parties with the Indenture Trustee (at the
     Indenture Trustee Office) or another Eligible Bank. The Servicer shall
     direct the Indenture Trustee to invest the amounts in the Collection
     Account in Eligible Investments that mature not later than the Business Day
     prior to the next succeeding Payment Date and to hold such Eligible
     Investments to maturity (provided that, if the Back-up Servicer is then
     acting as Servicer, such direction shall be made by the Transferor). The
     Indenture Trustee (or its custodian) shall at all times (i) maintain
     possession of any negotiable instruments or securities evidencing Eligible
     Investments until the time of sale or maturity and each certificated
     security or negotiable instrument evidencing an Eligible Investment shall
     be endorsed in blank or to the Indenture Trustee (or its custodian) or
     registered in the name of the Indenture Trustee and (ii) cause any Eligible
     Investment represented by an uncertificated security to be registered in
     the name of the Indenture Trustee (or its custodian).

          (b) Funds on deposit in the Collection Account shall be invested by
     the Indenture Trustee (or any custodian with respect to funds on deposit in
     any such account) in Eligible Investments selected in writing by the
     Servicer (pursuant to standing instructions or otherwise) (provided that,
     if the Back-up Servicer is then acting as Servicer, such selection shall be
     made by the Transferor), bearing interest or sold at a discount, and
     maturing, unless payable on demand, (i) no later than the Business Day
     immediately preceding the next Payment Date if a Person other than the
     Indenture Trustee is the Obligor thereon, and (ii) no later than the next
     Payment Date, if the Indenture Trustee is the Obligor thereon; provided,
     however, it is understood and agreed that the Indenture Trustee shall not
     be liable for any loss arising from such investment in Eligible Investments
     unless the Eligible Investment was a direct obligation of the Indenture
     Trustee or unless such loss was caused by the Indenture Trustee's
     negligence or willful misconduct (it being understood and acknowledged that
     no loss on any such Eligible Investment which was made in conformity with
     this Agreement and the instructions of the Servicer or Transferor, shall be
     considered "caused by the Indenture Trustee's negligence or willful
     misconduct"). No investment may be sold prior to its maturity. All such
     Eligible Investments shall be held by or on behalf of the Indenture Trustee
     for the benefit of the Indenture Trustee on behalf of the Noteholders, the
     Residual Interest Holders and the Certificateholders as their interests may
     appear. Funds deposited in the Collection Account on the day immediately
     preceding a Payment Date upon the maturity of any Eligible Investments are
     not required to be invested overnight. On each Payment Date, all interest
     income (net of investment losses and expenses) on funds on deposit in the
     Collection Account as of the end of the Collection Period shall be included
     in Available Funds. For purposes of this paragraph, the Indenture Trustee
     will take delivery of the Eligible Investments in accordance with Schedule
     D.

          (c) If (i) the Servicer shall have failed to give investment
     directions for any funds on deposit in the Collection Account to the
     Indenture Trustee by 2:00 p.m. Eastern Time (or such other time as may be
     agreed by the Issuer and Indenture Trustee) on any Business Day; or (ii) an
     Event of Default shall have occurred and be continuing with

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<PAGE>

     respect to the Notes but the Notes shall not have been declared due and
     payable, or, if such Notes shall have been declared due and payable
     following an Event of Default under the Indenture, amounts collected or
     receivable from the Trust Property are being applied as if there had not
     been such a declaration; then the Indenture Trustee shall, to the fullest
     extent practicable, invest and reinvest funds in the Collection Account in
     one or more investments within the categories of Eligible Investments as
     specified in an investment instruction letter delivered by the Servicer
     (provided that, if the Back-up Servicer is then acting as Servicer, such
     direction shall be made by the Transferor).

          (d) (1) The Trust shall possess all right, title and interest in all
     funds from time to time on deposit in, and assets credited to, the Trust
     Accounts and in all proceeds thereof and all such funds, assets,
     investments, proceeds and income shall be part of the Trust Property.
     Except as otherwise provided herein, the Trust Accounts shall be under the
     sole dominion and control of the Indenture Trustee for the benefit of the
     Noteholders, to the extent expressly set forth herein or in the other Basic
     Documents, the Residual Interest Holders and the Certificateholders as
     their interests may appear.

               (2) With respect to any Eligible Investments held from time to
     time in any Trust Account, the Indenture Trustee agrees that:

                    (A) any Eligible Investment that is held in deposit accounts
          shall be, except as otherwise provided herein, subject to the
          exclusive custody and control of the Indenture Trustee, and the
          Indenture Trustee shall have sole signature authority with respect
          thereto; and

                    (B) any other Eligible Investment shall be held, pending
          maturity or disposition by the Indenture Trustee in accordance with
          the terms of the definition of "Delivery."

          (e) No Trust Account shall be maintained with an institution other
     than the Indenture Trustee unless such institution agrees in writing to the
     provisions of Sections 9.02(d)(2) and 9.12 hereof as if such institution
     were the Indenture Trustee, except that pursuant to the first sentence of
     Section 9.12 hereof, the Indenture Trustee shall continue to be the
     "entitlement holder" of the related Trust Account.

     In no event shall the Indenture Trustee be liable for the selection of
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 investment prior to its stated maturity or the failure of the
Servicer to provide timely written investment direction. Subject to the
provisions of 9.01 hereof and the Indenture Trustee's standard of care set forth
in Section 6.01 of the Indenture, in no event shall the Indenture Trustee be
liable for special, indirect, or consequential loss or damage of any kind
whatsoever (including but not limited to lost profits), even if the Indenture
Trustee has been advised of the likelihood of such loss or damage and regardless
of the form of action.

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<PAGE>

     SECTION 9.03 Collections.

          (a) Upon establishment of the Lock-Box Account in accordance with
     Section 9.01(a) hereof, the Servicer shall use reasonable best efforts to
     cause the Lock-Box Processor to transfer any payments in respect of the
     Receivables from or on behalf of Obligors received in the Lock-Box to the
     Lock-Box Account on the Business Day on which such payments are received,
     pursuant to the Lock-Box Agreement. Within two (2) Business Days of receipt
     of such funds into the Lock-Box Account, the Servicer shall cause the
     Lock-Box Bank to transfer available funds from the Lock-Box Account to the
     Collection Account, and if such funds are not available funds, as soon
     thereafter as they clear (i.e., become available for withdrawal from the
     Lock-Box Account). In addition, the Servicer shall remit all payments
     (other than amounts comprising the Supplemental Servicing Fee) by or on
     behalf of the Obligors received by the Servicer with respect to the
     Receivables (other than Purchased Receivables), and all Liquidation
     Proceeds, insurance proceeds and other collections from whatever source, no
     later than the second Business Day following receipt into the Lock-Box
     Account or the Collection Account, as applicable. On the Closing Date, the
     Servicer shall deposit in the Collection Account the foregoing amounts
     received through the date that is two Business Days prior to the Closing
     Date with respect to the Receivables during the first Collection Period.

          (b) The Indenture Trustee shall deposit in the Collection Account any
     funds received from the Collateral Agent or from the Reserve Account.

     SECTION 9.04 Additional Deposits

          (a) (i) Not later than the Determination Date, the Servicer shall
     remit to the Collection Account the aggregate Purchase Amount for such
     Collection Period pursuant to Sections 7.02 and 8.10 hereof; and (ii) not
     later than 11:00 a.m. (New York City time) on the related Payment Date, the
     Servicer shall remit to the Collection Account the Redemption Price for
     Receivables on such Payment Date pursuant to Section 16.02 hereof.

          (b) Following the acceleration of the Notes pursuant to Section 5.02
     of the Indenture, any proceeds of the Trust Property shall be deposited in
     the Collection Account to be distributed by the Indenture Trustee in
     accordance with Section 8.05(g) of the Indenture.

          (c) On or before each Payment Date, the Indenture Trustee shall
     transfer to the Collection Account any amounts transferred to the Indenture
     Trustee by the Collateral Agent from the Reserve Account.

          (d) On or before the Redemption Date, the Indenture Trustee shall
     deposit in the Collection Account the Redemption Price paid by or on behalf
     of the Issuer pursuant to Article XI of the Indenture.

          (e) On the Business Day upon which any sale of Receivables
     contemplated by Section 8.05(a), any Sale Amount received shall be
     deposited into the Collection Account.

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<PAGE>

     SECTION 9.05 Application of Funds.

          (a) On each Determination Date, the Servicer shall determine the
     amount of Available Funds and the amount of funds necessary to make the
     distributions required pursuant to Section 8.05(a) of the Indenture on the
     next Payment Date. The Servicer shall by a Servicer's Certificate on or
     before the Determination Date notify the Owner Trustee, Collateral Agent
     and the Indenture Trustee of such amounts by telecopy to the Corporate
     Trust Office and the Indenture Trustee Office or to such numbers as the
     Owner Trustee or Indenture Trustee may from time to time provide, followed
     promptly by mailing such notice to the Owner Trustee and the Indenture
     Trustee.

          (b) [Reserved]

          (c) On each Payment Date, the Owner Trustee shall send to the Residual
     Interest Holders and the Certificateholders the Servicer's Certificate
     provided to the Owner Trustee by the Servicer for such Payment Date.

     SECTION 9.06 Reserve Account. The Servicer agrees, simultaneously with the
execution and delivery of this Agreement, to deposit the Reserve Account Initial
Deposit in the Reserve Account on the Closing Date.

     SECTION 9.07 Advances.

          (a) (i) As of the last day of the initial Collection Period, the
     Servicer shall advance funds equal to the excess, if any, of Monthly
     Interest due in respect of the initial Collection Period, over the
     Collected Interest for such Collection Period; and (ii) as of the last day
     of each subsequent Collection Period, the Servicer shall advance funds in
     the amount of the Interest Advance Amount (or such other amount as the
     Servicer shall reasonably determine to cover an Interest Shortfall) with
     respect to each Receivable that is delinquent for more than 30 days, in
     each such case, to the extent that the Servicer, in its sole discretion,
     determines that the Advance will be recoverable from payments by or on
     behalf of the Obligor, the Purchase Amount, or Liquidation Proceeds. With
     respect to each Receivable, the Advance paid pursuant to this Section 9.07
     shall increase Outstanding Advances. Outstanding Advances shall be reduced
     by subsequent payments by or on behalf of the Obligor, collections of
     Liquidation Proceeds, or payments of the Purchase Amount in accordance with
     the priorities set forth in Section 8.05 of the Indenture. The Servicer
     shall remit any Advances with respect to a Collection Period to the
     Collection Account on or before the related Determination Date.

          (b) If the Servicer shall determine that an Outstanding Advance with
     respect to any Receivable shall not be recoverable, the Servicer shall be
     reimbursed from any collections made on other Receivables in the Trust in
     accordance with the priorities set forth in Section 8.05 of the Indenture,
     and Outstanding Advances with respect to such Receivable shall be reduced
     accordingly.

          (c) No successor Servicer shall be obligated to make Advances under
     this Agreement and shall not be liable for Advances incurred by the
     Servicer before the commencement of performance by such successor Servicer.

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<PAGE>

     SECTION 9.08 No Segregation of Moneys; No Interest. Subject to Section 9.05
hereof, moneys received by the Owner Trustee hereunder need not be segregated in
any manner except to the extent required by law or this Agreement and may be
deposited under such general conditions as may be prescribed by law, and the
Owner Trustee shall not be liable for any interest thereon.

     SECTION 9.09 Accounting and Reports to the Residual Interest Holders, the
Certificateholders, the Internal Revenue Service and Others. The Owner Trustee
shall deliver to the Residual Interest Holders and the Certificateholders, as
may be required by the Code and applicable Treasury Regulations, or as may be
requested by such Certificateholders, such information, reports or statements as
may be reasonably necessary to enable the Residual Interest Holders and the
Certificateholders to prepare their federal, State and local income tax returns.
Consistent with the Trust's characterization for tax purposes as a disregarded
entity so long as the Transferor or any other Person is the sole beneficial
owner of the Trust, no federal income tax return shall be filed on behalf of the
Trust unless either (i) the Certificates are issued pursuant to this Agreement
and remain outstanding, (ii) the Owner Trustee shall receive an Opinion of
Counsel that, based on a change in applicable law occurring after the date
hereof, or as a result of a transfer of a beneficial interest in the Trust
permitted by Section 11.04 hereof, the Code requires such a filing or (iii) the
Internal Revenue Service shall determine that the Trust is required to file such
a return. In the event that there shall be two or more beneficial owners of the
Trust (including by virtue of the issuance of the Certificates or treatment of
any class of Notes as a beneficial ownership in the Trust pursuant to a final
determination of the Internal Revenue Service or a court), the Owner Trustee
shall inform the Indenture Trustee in writing of such event other than the
issuance of the Certificates, (x) the Administrator, on behalf of the Trust,
shall prepare, or shall cause to be prepared, federal and, if applicable, State
or local partnership tax returns required to be filed by the Trust (using the
calendar year or such other taxable year as may be required by the Code) and
shall remit such returns to the Transferor for signature (or if the Transferor
no longer owns the Residual Interest, to the Transferor to the extent its tax
liability is affected thereby and otherwise to the successor Residual Interest
Holder owning the largest percentage interest in the partnership) at least (5)
days before such returns are due to be filed, and (y) capital accounts shall be
maintained for each beneficial owner in accordance with the Treasury Regulations
under Section 704(b) of the Code reflecting each such beneficial owner's share
of the income, gains, deductions and losses of the Trust and/or guaranteed
payments made by the Trust and contributions to, and distributions from, the
Trust. The Transferor (or such successor Residual Interest Holder, as
applicable) shall promptly sign, or cause to be signed pursuant to Section
15.04(a), such returns and deliver such returns after signature to the
Administrator, on behalf of the Trust, and such returns shall be filed by the
Administrator, on behalf of the Trust, with the appropriate tax authorities. In
the event that a "tax matters partner" (within the meaning of Code Section
6231(a)(7)) is required to be appointed with respect to the Trust, the
Transferor is hereby designated as tax matters partner or, if the Transferor is
not a Residual Interest Holder, the Transferor to the extent its tax liability
is affected thereby and otherwise the successor Residual Interest Holder owning
the largest percentage interest in the partnership, shall be designated as tax
matters partner. In no event shall the Owner Trustee, the Administrator or the
Transferor (or such designee Residual Interest Holder, as applicable) be liable
for any liabilities, costs or expenses of the Trust, any other Residual Interest
Holder or the Certificateholders or the Noteholders arising out of the
application of any tax law, including federal, State, foreign or local income or
excise taxes or any

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<PAGE>

other tax imposed on or measured by income (or any interest, penalty or addition
with respect thereto or arising from a failure to comply therewith) except for
any such liability, cost or expense attributable to any act or omission by the
Owner Trustee, the Administrator or the Transferor (or such designee Residual
Interest Holder), as the case may be, in breach of its obligations under this
Agreement. Unless otherwise instructed by the beneficial owner of a majority in
interest of the partnership, none of the Owner Trustee, the Administrator, or
the Transferor shall elect, or shall cause an election to be made on behalf of
the Trust under (i) Section 1278 of the Code to accrue its market discount
income currently or (ii) Section 754 of the Code.

     SECTION 9.10 [Reserved].

     SECTION 9.11 Certain Reimbursements to the Servicer. The Servicer will be
entitled to be reimbursed from amounts on deposit in the Collection Account with
respect to a Collection Period for amounts previously deposited in the
Collection Account but later determined by the Servicer to have resulted from
mistaken deposits or postings or checks returned for insufficient funds;
provided, however, that such reimbursement must be requested by the Servicer
within six months of the related mistaken deposit into the Collection Account,
otherwise such right to reimbursement shall be forfeited (this proviso shall not
apply to any successor Servicer). The amount to be reimbursed hereunder shall be
paid to the Servicer on the related Payment Date pursuant to Section 8.05 of the
Indenture upon certification by the Servicer of such amounts and the provision
of such information to the Indenture Trustee as may be reasonably necessary to
verify the accuracy of such certification.

     SECTION 9.12 Securities Accounts. The Indenture Trustee agrees that any
Trust Account held by it hereunder shall be maintained as a "securities account"
as defined in the Uniform Commercial Code as in effect in New York (the "New
York UCC"), and that it shall be acting as a "securities intermediary" for the
Indenture Trustee itself as the "entitlement holder" (as defined in Section
8-102(a)(7) of the New York UCC) with respect to each such Trust Account. The
parties hereto agree that each Trust Account shall be governed by the laws of
the State of New York, and regardless of any provision in any other agreement,
the "securities intermediary's jurisdiction" (within the meaning of Section
8-110 of the New York UCC) shall be the State of New York. The Indenture Trustee
acknowledges and agrees that (a) each item of property (whether investment
property, financial asset, security, instrument or cash) credited to the
Accounts shall be treated as a "financial asset" within the meaning of Section
8-102(a)(9) of the New York UCC and (b) notwithstanding anything to the
contrary, if at any time the Indenture Trustee shall receive any order from the
Indenture Trustee directing transfer or redemption of any financial asset
relating to the Trust Accounts, the Indenture Trustee shall comply with such
entitlement order without further consent by the Transferor or any other person.
In the event of any conflict of any provision of this Section 9.12 with any
other provision of this Agreement or any other agreement or document, the
provisions of this Section 9.12 shall prevail.

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<PAGE>

                                    ARTICLE X

                         VOTING RIGHTS AND OTHER ACTIONS

     SECTION 10.01 Prior Notice with Respect to Certain Matters. The Owner
Trustee shall not take any of the actions set forth below unless the Owner
Trustee shall have notified the Residual Interest Holders, the
Certificateholders and each Rating Agency of the proposed action and each of the
Residual Interest Holders and the Certificateholders have approved such action
in writing, which approval has been received by the Owner Trustee by, the 30th
day after such notice has been given:

               (i) the election by the Trust to file an amendment to the
          Certificate of Trust (unless such amendment is required to be filed
          under the Delaware Statutory Trust Act);

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

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

               (iv) except pursuant to Section 17.01 hereof, the amendment,
          change or modification of this Agreement;

               (v) except as provided in Article XVI hereof, dissolve, terminate
          or liquidate the Trust in whole or in part;

               (vi) do any act which would make it impossible to carry on the
          ordinary business of the Trust;

               (vii) confess a judgment against the Trust;

               (viii) possess Trust assets, or assign the Trust's right to
          property, for other than a Trust purpose;

               (ix) cause the Trust to lend any funds to any entity;

               (x) change the Trust's purpose and powers from those set forth in
          this Agreement; or

               (xi) cause the Trust to incur, assume or guaranty any
          indebtedness except as set forth in this Agreement and the other Basic
          Documents.

     SECTION 10.02 Action with Respect to Certain Matters. The Owner Trustee
shall not have the power, except in accordance with the Basic Documents and upon
the written direction of (i) the Indenture Trustee upon the direction of the
Majority Controlling Noteholders

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<PAGE>

or (ii) after the Notes have been paid in full and written notice thereof has
been delivered by the Indenture Trustee to the Owner Trustee, the
Certificateholder or (iii) after the Certificates have been paid in full and
written notice thereof has been delivered by the Indenture Trustee to the Owner
Trustee, the Residual Interest Holders (in each case, such directing party, the
"Instructing Party") to (a) remove the Servicer, or the Back-up Servicer
hereunder or (b) except as expressly provided in the Basic Documents, sell the
Receivables after the termination of the Indenture. The Owner Trustee shall take
the actions referred to in the preceding sentence only upon written instructions
signed by the Instructing Party and the furnishing of indemnification
satisfactory to the Owner Trustee by the Residual Interest Holders and/or the
Certificateholders and providing each Rating Agency with prior or concurrent
notice of such action. Notwithstanding anything to the contrary set forth in
this Agreement, any instruction, direction or consent to be given by the
Majority Controlling Noteholders or Instructing Party under this Agreement or
any other Basic Document to the Owner Trustee shall include a certification by
such Majority Controlling Noteholders or Instructing Party that such Person is
the Majority Controlling Noteholders or Instructing Party in accordance with the
provisions of the Basic Documents, and the Owner Trustee shall have no liability
to the extent it relies in good faith thereon.

     SECTION 10.03 Restrictions on Residual Interest Holders' and the
Certificateholders' Power.

          (a) Neither the Residual Interest Holders nor the Certificateholders
     shall direct the Owner Trustee to take or refrain from taking any action if
     such action or inaction would be contrary to any obligation of the Trust or
     the Owner Trustee under this Agreement or any of the Basic Documents or
     would be contrary to Section 1.03 hereof nor shall the Owner Trustee follow
     any direction to the extent the Owner Trustee has actual knowledge that
     such direction is in violation hereof.

          (b) Neither the Residual Interest Holders nor the Certificateholders
     shall have any right by virtue or by availing themselves of any provisions
     of this Agreement to institute any suit, action, or proceeding in equity or
     at law upon or under or with respect to this Agreement or any Basic
     Document, unless such Residual Interest Holders or Certificateholders are
     the Instructing Party pursuant to Section 10.02 hereof and unless such
     Residual Interest Holders or Certificateholders previously shall have given
     to the Owner Trustee a written notice of default and of the continuance
     thereof, as provided in this Agreement, and also unless such Residual
     Interest Holders or Certificateholders shall have made written request upon
     the Owner Trustee to institute such action, suit or proceeding in its own
     name as Owner Trustee under this Agreement and shall have offered to the
     Owner Trustee such reasonable indemnity as it may require against the
     costs, expenses and liabilities to be incurred therein or thereby, and the
     Owner Trustee, for 30 days after its receipt of such notice, request, and
     offer of indemnity, shall have neglected or refused to institute any such
     action, suit, or proceeding, and during such 30-day period no request or
     waiver inconsistent with such written request has been given to the Owner
     Trustee pursuant to and in compliance with this Section or Section 10.02
     hereof. For the protection and enforcement of the provisions of this
     Section, the Owner Trustee shall be entitled to such relief as can be given
     either at law or in equity.

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<PAGE>

     SECTION 10.04 Control. The Residual Interest Holders or the
Certificateholders shall not have any right to vote or in any manner otherwise
control the operation and management of the Trust except as expressly provided
in this Agreement. Except as expressly provided herein, any written notice of
the Residual Interest Holders or the Certificateholders delivered pursuant to
this Agreement shall be effective if signed by, in the case of Residual Interest
Holders, the Holders of Residual Interests evidencing not less than a majority
of the Residual Interest at the time of the delivery of such notice or, in the
case of Certificateholder, the Holders of Certificates evidencing not less than
a majority of the Certificate Balance at the time of the delivery of such
notice.

     SECTION 10.05 [Reserved].

     SECTION 10.06 Registration of Transfer and Exchange of the Certificates.
Upon the formation of the Trust by the contribution by the Transferor pursuant
to Article III hereof and until the issuance of the Certificates to the initial
Certificateholders, the Transferor shall be the sole beneficiary of the Trust.

                                   ARTICLE XI

                   THE RESIDUAL INTEREST AND THE CERTIFICATES

     SECTION 11.01 Initial Ownership. Upon the formation of the Trust by the
contribution by the Transferor pursuant to Article III and until the issuance of
the Certificates to the initial Certificateholders, the Transferor shall be the
sole beneficiary of the Trust.

     SECTION 11.02 The Residual Interest and the Certificates. The Certificates
shall be issued in the form of one or more certificates and shall be initially
issued to J.P.Morgan Securities Inc. or an affiliate thereof. The Residual
Interest shall be uncertificated and shall initially be issued to the
Transferor. The Certificates shall be executed on behalf of the Trust by manual
or facsimile signature of a Responsible Officer of the Owner Trustee. A
Certificate bearing the manual or facsimile signatures of individuals who were,
at the time when such signatures shall have been affixed, authorized to sign on
behalf of the Trust, shall be valid and binding obligations of the Trust,
notwithstanding that such individuals or any of them shall have ceased to be so
authorized prior to the authentication and delivery of such Certificate or did
not hold such offices at the date of such Certificate.

     SECTION 11.03 Authentication of Certificates. Subject to Section 11.04
hereof, the Owner Trustee shall cause one or more Certificates to be executed on
behalf of the Trust, authenticated, and delivered to or upon the written order
of the Transferor, signed by its chairman of the board, its president, or any
vice president, without further corporate action by the Transferor, in
authorized denominations, pursuant to this Agreement. No Certificate shall
entitle its holder to any benefit under this Agreement, or shall be valid for
any purpose, unless there shall appear on such Certificate a certificate of
authentication, substantially as set forth in the form of Certificates attached
as Exhibit E to this Agreement, executed by a Responsible Officer of the Owner
Trustee by manual signature; such authentication shall constitute conclusive
evidence that such Certificate shall have been duly authenticated and delivered
hereunder. Each Certificate shall be dated the date of its authentication.

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<PAGE>

     SECTION 11.04 Registration of Transfer and Exchange of Residual Interest or
Certificates.

          (a) Upon formation of the Trust by the contribution by the Transferor
     pursuant to Section 1.05, J.P.Morgan Securities Inc. or any affiliate
     thereof shall be issued the Certificates, duly executed and delivered in
     exchange therefor, and the Transferor shall be issued the Residual
     Interest, each evidencing, collectively, ownership of 100% of the
     beneficial ownership of the assets of the Trust.

          (b) Neither the registered nor the beneficial interest in the Residual
     Interest or any Certificate may be transferred, assigned, hypothecated or
     pledged in any manner by any direct or indirect owner thereof (including
     any transferee thereof subsequent to the date hereof) without the prior
     written notice by such owner to the Owner Trustee. Any purported transfer,
     assignment, hypothecation or pledge in any manner of any such registered or
     beneficial interest in the Residual Interest or any Certificate in the
     Trust in violation of this Section 11.04(b) shall be null and void and
     shall not cause any rights to inure to the benefit of the purported
     transferee.

          (c) (i) The Owner Trustee shall keep or cause to be kept, at the
     Corporate Trust Office, a Residual Interest Register and a Certificate
     Register in which, subject to such reasonable regulations as it may
     prescribe, the Owner Trustee shall provide for the registration of each
     interest in the Residual Interest and each Certificate and of transfers and
     exchanges of the Residual Interest and Certificates subject to the
     restrictions provided herein.

               (ii) The Residual Interest Registrar shall provide the Indenture
     Trustee with the names and addresses of the Residual Interest Holders on
     the Closing Date, to the extent such information has been provided to the
     Residual Interest Registrar and in the form provided to the Residual
     Interest Registrar on such date. Upon any transfers of the Residual
     Interest, the Residual Interest Registrar shall notify the Indenture
     Trustee of the name and address of the transferee in writing, by facsimile,
     on the day of such transfer, or promptly thereafter.

               (iii) The Certificate Registrar shall provide the Indenture
     Trustee with the names and addresses of the Certificateholders on the
     Closing Date, to the extent such information has been provided to the
     Certificate Registrar and in the form provided to the Certificate Registrar
     on such date. Upon any transfers of the Certificates, the Certificate
     Registrar shall notify the Indenture Trustee of the name and address of the
     transferee in writing, by facsimile, on the day of such transfer, or
     promptly thereafter.

          (d) Upon surrender for registration of transfer of any Certificate at
     the Corporate Trust Office, the Owner Trustee shall execute, authenticate,
     and deliver, in the name of the designated transferee or transferees, one
     or more new Certificates in authorized denominations of a like aggregate
     amount dated the date of authentication by the Owner Trustee, provided,
     however, that (A) registration of transfer of the Certificate or the
     Residual Interest may not be effected unless (i) the Owner Trustee receives
     an Opinion of Counsel, satisfactory to it, to the effect that (x) such
     transfer may be made in

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<PAGE>

     reliance upon an exemption from the registration requirements of the
     Securities Act of 1933, as amended, and (y) such transfer will not
     adversely affect the tax treatment of the Notes as indebtedness for federal
     income tax purposes or cause the Trust to be treated as an association or
     publicly traded partnership taxable as a corporation for federal income tax
     purposes; and (ii) the Rating Agency Condition shall have been satisfied
     with respect to such transfer and (B) registration of transfer of any
     Certificate may not be effected unless the conditions set forth in Section
     11.08 are satisfied.

          (e) Every request to register a transfer or exchange of the Residual
     Interest and every Certificate presented or surrendered for registration of
     transfer or exchange shall be accompanied by a written instrument of
     transfer in form satisfactory to the Owner Trustee duly executed by the
     Holder or his attorney duly authorized in writing. Each Certificate
     surrendered for registration of transfer and exchange shall be canceled and
     subsequently destroyed by the Owner Trustee.

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

     SECTION 11.05 Mutilated, Destroyed, Lost, or Stolen Certificates. If (a)
any mutilated Certificate shall be surrendered to the Owner Trustee, or if the
Owner Trustee shall receive evidence to its satisfaction of the destruction,
loss, or theft of any Certificate and (b) there shall be delivered to the Owner
Trustee such security or indemnity as may be required by it to save it harmless,
then in the absence of notice that such Certificate shall have been acquired by
a bona fide purchaser, the Owner Trustee on behalf of the Trust shall execute
and the Owner Trustee shall authenticate and deliver, in exchange for or in lieu
of any such mutilated, destroyed, lost, or stolen Certificate, a new Certificate
of like tenor and denomination. In connection with the issuance of any new
Certificate under this Section 11.05, the Owner Trustee may require the payment
of a sum sufficient to cover any tax or other governmental charge that may be
imposed in connection therewith. Any duplicate Certificate issued pursuant to
this Section 11.05 shall constitute conclusive evidence of ownership in the
Trust, as if originally issued, whether or not the lost, stolen, or destroyed
Certificate shall be found at any time.

     SECTION 11.06 Persons Deemed Certificateholders. Every Person by virtue of
becoming a Residual Interest Holder or a Certificateholder in accordance with
this Agreement shall be deemed to be bound by the terms of this Agreement. Prior
to due presentation of a request to transfer the Residual Interest or a
Certificate for registration of transfer, the Owner Trustee, any agent of the
Owner Trustee, the Residual Interest Registrar and the Certificate Registrar,
may treat the Person in whose name any Residual Interest shall be registered in
the Residual Interest Register or the Person in whose name a Certificate shall
be registered in the Certificate Register as the owner of such Residual Interest
or Certificate for the purpose of receiving distributions pursuant to this
Agreement and for all other purposes whatsoever, and none of the Owner Trustee,
the Residual Interest Registrar, the Certificate Registrar or any agent of the
Owner Trustee be bound by any notice to the contrary absent the presentation of
such request to transfer the Residual Interest or such Certificate.

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     SECTION 11.07 Covenants of the Residual Interest Holders and the
Certificateholders. The Residual Interest Holders and the Certificateholders, as
to themselves only, by becoming beneficial owners of the Residual Interest or a
Certificate or by acceptance of a Certificate agree:

          (a) to be bound by the terms and conditions of the Certificates of
     which such Certificateholder is the beneficial owner and of this Agreement
     and the other Basic Documents, including any supplements or amendments
     hereto and thereto and to perform the obligations of a Residual Interest
     Holder or a Certificateholder, as applicable, as set forth therein or
     herein, in all respects as if it were a signatory hereto. This undertaking
     is made for the benefit of the Trust, the Owner Trustee, the Indenture
     Trustee, the Collateral Agent, the Transferor, the Noteholders and any
     other Residual Interest Holder or Certificateholder, present and future;

          (b) to the appointment of the Owner Trustee as such Residual Holder's
     or Certificateholder's agent and attorney-in-fact to sign any federal
     income tax information return filed on behalf of the Trust and, if
     requested by the Trust, to sign such federal income tax information return
     in its capacity as Holder of an interest in the Trust;

          (c) not to take any position in such Residual Holder's or
     Certificateholder's tax returns inconsistent with those taken in any tax
     returns filed by the Trust;

          (d) if such Residual Holder or Certificateholder is other than an
     individual or other entity holding its interest in the Residual Interest or
     the Certificates through a broker who reports securities sales on Form
     1099-B, to notify the Owner Trustee in writing of any transfer by it of its
     interest in the Residual Interest or a Certificate in a taxable sale or
     exchange, within 30 days of the date of the transfer; and

          (e) until one year and one day after the completion of the events
     specified in Section 16.0l(a) hereof, not, for any reason, to institute
     proceedings for the Trust or the Transferor to be adjudicated bankrupt or
     insolvent, or consent to the institution of bankruptcy or Insolvency
     Proceedings against the Trust or the Transferor, or file a petition seeking
     or consenting to reorganization or relief under any applicable federal or
     State law relating to bankruptcy, or consent to the appointment of a
     receiver, liquidator, assignee, trustee, sequestrator (or other similar
     official) of the Trust or the Transferor or a substantial part of its
     property, or cause or permit the Trust or the Transferor to make any
     assignment for the benefit of its creditors or to admit in writing its
     inability to pay its debts generally as they become due, or declare or
     effect a moratorium on its debt or take any action in furtherance of any
     such action; without limiting the generality of the foregoing, no such
     party shall cooperate with or encourage any other Person to take any of the
     actions that it would be prohibited from taking itself pursuant to this
     Section 11.07(e).

     SECTION 11.08 Certificate Transfer Restrictions.

          (a) The Certificates may not be acquired by or for the account of an
     individual or entity that is not a U.S. person as defined in Section
     7701(a)(30) of the Code and any

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     transfer of a Certificate to a person that is not a U.S. Person shall be
     void. Each Certificateholder will be required to represent and warrant
     under penalties of perjury that it is a U.S. Person. Each Certificateholder
     (other than J.P. Morgan Securities, Inc., as initial Certificateholder)
     will be required to provide to the Owner Trustee, the Certificate Registrar
     and the Transferor an originally executed and properly completed Internal
     Revenue Service Form W-9.

          (b) The Certificates may not be acquired by or for the account of a
     Plan and any transfer of a Certificate to a Plan or a person who uses
     assets of a Plan to acquire or hold such Certificate shall be void. Each
     Certificateholder will be required to represent and warrant that no portion
     of the assets used by such Certificateholder to acquire or hold the
     Certificate constitutes assets of any Plan.

          (c) The Certificates have not been and will not be registered under
     the Securities Act and will not be listed on any exchange. No transfer of a
     Certificate shall be made unless such transfer is made pursuant to an
     effective registration statement under the Securities Act and any
     applicable state securities laws or is exempt from the registration
     requirements under the Securities Act and such state securities laws. In
     the event that a transfer is to be made in reliance upon an exemption from
     the Securities Act and state securities laws, in order to assure compliance
     with the Securities Act and such laws, the Holder desiring to effect such
     transfer and such Holder's prospective transferee shall each certify to the
     Owner Trustee, the Certificate Registrar and the Transferor in writing the
     facts surrounding the transfer in substantially the form set forth in
     Exhibit G (the "Investment Letter"). Except in the case of a transfer as to
     which the proposed transferee has provided an Investment Letter with
     respect to a transaction pursuant to Rule 144A, there shall also be
     delivered to the Owner Trustee or the Certificate Registrar and the
     Transferor an Opinion of Counsel that such transfer may be made pursuant to
     an exemption from the Securities Act and state securities laws, which
     Opinion of Counsel shall not be an expense of the Issuer, the Owner
     Trustee, the Certificate Registrar, the Indenture Trustee, the Transferor
     or the Seller. Each Holder of a Certificate desiring to effect such a
     transfer shall, and does hereby agree to, indemnify the Issuer, the Owner
     Trustee, the Indenture Trustee, the Certificate Registrar and the
     Transferor against any liability that may result if the transfer is not so
     exempt or is not made in accordance with federal and state securities laws.

          (d) So long as the Issuer is not subject to Section 13 or 15(d) of the
     Exchange Act, upon the request of a Certificateholder, the Administrator
     shall promptly furnish to such Certificateholder and to a prospective
     purchaser of such Certificate designated by such Certificateholder the
     information required to be delivered pursuant to Rule 144A(d)(4) under the
     Securities Act to permit compliance with Rule 144A in connection with
     resales of the Certificates in accordance with the terms hereof (such
     information to consist of a copy of the prospectus supplement and base
     prospectus related to the Notes dated December 5, 2005 together with a copy
     of the Basic Documents and all Servicer's Certificates then available.

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                                   ARTICLE XII

                                 THE TRANSFEROR

     SECTION 12.01 Representations and Undertakings of Transferor.

          (a) Representations and Warranties of Transferor. The Transferor makes
     the following representations on which the Trust relies in accepting the
     Receivables in trust and issuing the Residual Interest and executing and
     authenticating the Certificates and undertaking its obligations under the
     Indenture. The Transferor agrees that the representations shall also be for
     the benefit of the Secured Parties, the Residual Interest Holder and the
     Certificateholders. The representations speak as of the execution and
     delivery of this Agreement and shall survive the sale of the Receivables to
     the Trust and the subsequent pledge of the Receivables to the Indenture
     Trustee.

               (i) Organization and Good Standing. The Transferor is duly
          organized and validly existing as a corporation in good standing under
          the laws of the State of Delaware, with the corporate power and
          authority to own its properties and to conduct its business as such
          properties are currently owned and such business is presently
          conducted, and had at all relevant times, and has, the corporate
          power, authority, and legal right to acquire and own the Receivables
          and the other Transferred Property (as defined in the Purchase
          Agreement) transferred to it under the Purchase Agreement and to
          convey the Receivables and the other Trust Property to the Trust
          pursuant to this Agreement, and to perform its other obligations under
          this Agreement and any other Basic Documents to which it is a party.
          The Transferor is, and from inception has been, organized exclusively
          under the laws of the State of Delaware.

               (ii) Due Qualification. The Transferor is duly qualified to do
          business as a foreign corporation in good standing, and has obtained
          all necessary licenses and approvals in all jurisdictions in which the
          ownership or lease of property or the conduct of its business
          (including, without limitation, the purchase of the Receivables from
          BVAC under the Purchase Agreement, the conveyance of the Receivables
          by the Transferor pursuant to this Agreement, and the performance of
          its other obligations under this Agreement and the other Basic
          Documents to which it is a party) shall require such qualifications,
          licenses and/or approvals, other than where the failure to obtain such
          qualification, license or approval would not have a material adverse
          effect on the ability of the Transferor to perform its obligations
          under this Agreement or any other Basic Document to which it is a
          party, on any Receivable or on the interest therein of the Issuer or
          the Noteholders.

               (iii) Power and Authority. The Transferor has the power and
          authority to execute and deliver this Agreement and the other Basic
          Documents to which it is a party and to carry out their respective
          terms and the execution, delivery and performance of this Agreement
          and the other Basic Documents to which it is a

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          party have been duly authorized by the Transferor by all necessary
          corporate action.

               (iv) Binding Obligation. Each of this Agreement and each other
          Basic Document to which the Transferor is a party shall constitute a
          legal, valid, and binding obligation of the Transferor enforceable in
          accordance with its terms except only as such enforcement may be
          limited by bankruptcy, insolvency or similar laws affecting the
          enforcement of creditors' rights generally.

               (v) No Violation. The execution, delivery and performance by the
          Transferor of this Agreement and the other Basic Documents to which it
          is a party and the consummation of the transactions contemplated
          hereby and thereby and the fulfillment of the terms hereof and thereof
          do not conflict with, result in a breach of any of the terms and
          provisions of, nor constitute (with or without notice or lapse of
          time) a default under, the certificate of incorporation or bylaws of
          the Transferor, or any indenture, agreement, mortgage, deed of trust,
          or other instrument to which the Transferor is a party or by which it
          is bound or to which any of its properties are subject; nor result in
          the creation or imposition of any Lien upon any of its properties
          pursuant to the terms of any indenture, agreement, mortgage, deed of
          trust, or other instrument (other than the Basic Documents); nor
          violate any law, order, rule or regulation applicable to the
          Transferor of any court or of any federal or State regulatory body,
          administrative agency or other governmental instrumentality having
          jurisdiction over the Transferor or its properties.

               (vi) No Proceedings. There are no proceedings or investigations
          pending, or to the Transferor's best knowledge, threatened, before any
          court, regulatory body, administrative agency or other governmental
          instrumentality having jurisdiction over the Transferor or its
          properties: (A) asserting the invalidity of this Agreement, the Notes,
          the Residual Interest, the Certificates, or any other Basic Document;
          (B) seeking to prevent the issuance of the Notes, the Residual
          Interest or the Certificates or the consummation of any of the
          transactions contemplated by this Agreement or any other Basic
          Document to which it is a party; (C) seeking any determination or
          ruling that might materially and adversely affect the performance by
          the Transferor of its obligations under, or the validity or
          enforceability of, the Notes, the Residual Interest or the
          Certificates or any other Basic Document to which it is a party; or
          (D) relating to the Transferor and which might adversely affect the
          federal or State income, excise, franchise or similar tax attributes
          of the Notes, the Residual Interest or the Certificates.

               (vii) No Consents. No consent, approval, authorization or order
          of or declaration or filing with any governmental authority is
          required to be obtained by the Transferor for the issuance or sale of
          the Notes, the Residual Interest or the Certificates or the
          consummation of the other transactions contemplated by this Agreement
          or any other Basic Document to which it is a party, except such as
          have been duly made or obtained or where the failure to obtain such
          consent,

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          approval, authorization, order or declaration, or to make such filing,
          would not have a material adverse effect on the ability of the
          Transferor to perform its obligations under this Agreement or any
          other Basic Document to which it is a party or on any Receivable or
          the interest therein of the Issuer, the Noteholders, the Residual
          Interest Holders or the Certificateholders.

               (viii) Valid Assignment. Each Receivable has been validly
          assigned by the Transferor to the Issuer on the Closing Date pursuant
          to this Agreement and no Receivable has been sold, transferred,
          assigned or pledged by the Transferor to any Person other than the
          Issuer.

               (ix) Legal Name. The Transferor's exact legal name is, and has
          always been, Bay View Deposit Corporation.

               (x) Executive Office. The Transferor's chief executive office is
          located in San Mateo, California.

          (b) Covenants of Transferor. The Transferor further covenants that,
     prior to termination of the Trust:

               (i) It will not engage at any time in any business or business
          activity other than such activities expressly set forth in its
          Certificate of Incorporation, and will not amend its Certificate of
          Incorporation or otherwise amend, alter, change or repeal the special
          purposes or separateness provisions or the definition of Independent
          Director (as defined in the Certificate of Incorporation) with respect
          to the Certificate of Incorporation or bylaws of the Transferor
          without (x) the prior written consent of the Majority Controlling
          Noteholders, (y) delivery of an Opinion of Counsel stating that, in
          the opinion of such counsel, engaging in such business or business
          activity or amendment to its Certificate of Incorporation or bylaws
          would not be materially adverse to the interests of the Noteholders
          and (z) satisfaction of the Rating Agency Condition.

               (ii) [Reserved].

               (iii) It will not:

                    (A)  Fail to do all things necessary to maintain its
                         corporate existence separate and apart from BVAC or the
                         Trust and any other Person, including, without
                         limitation, holding regular meetings of its
                         stockholders and board of directors and maintaining
                         appropriate corporate books and records (including a
                         current minute book);

                    (B)  Suffer any limitation on the authority of its own
                         directors and officers to conduct its business and
                         affairs in accordance with their independent business
                         judgment or authorize or suffer any Person (other than
                         its own officers and directors or others customarily
                         delegated under powers

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                         of attorney) to take any action for which a
                         corporation's own officers and directors would
                         customarily be responsible;

                    (C)  Fail to (i) maintain, or cause to be maintained by an
                         agent of the Transferor under the Transferor's control,
                         physical possession of all its books and records, (ii)
                         maintain capitalization adequate for the conduct of its
                         business, (iii) account for and manage all its
                         liabilities separately from those of any other Person,
                         including payment by it of all payroll, administrative
                         expenses and taxes, if any, from its own assets, (iv)
                         segregate and identify separately all of its assets
                         from those of any other Person, (v) to the extent any
                         such payments are made, pay its employees, officers and
                         agents for services performed for the Transferor or
                         (vi) maintain a separate office address with a separate
                         telephone number from those of BVAC, the Trust or any
                         other affiliate thereof; or

                    (D)  Except as may be provided in this Agreement, or a
                         similar agreement relating to other securitizations in
                         which the Transferor has similar rights and/or
                         obligations, commingle its funds with those of BVAC or
                         any affiliate thereof or use its funds for other than
                         the Transferor's uses.

          (c) It shall not create, incur or suffer to exist any indebtedness or
     engage in any business, except, in each case, as permitted by its
     certificate of incorporation, bylaws and the Basic Documents;

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

          (e) It shall obtain from each counterparty to each Basic Document to
     which it or the Trust is a party and each other agreement entered into in
     connection herewith or any other Basic Document on or after the date hereof
     to which it or the Trust is a party, an agreement by each such counterparty
     that prior to one year and one day after the completion of the event
     specified in Section 16.01(a) hereof such counterparty shall not institute
     against, or join any other Person in instituting against, it or the Trust,
     any bankruptcy, reorganization, arrangement, insolvency or liquidation
     proceedings or other

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     similar proceedings under the laws of the United States or any State of the
     United States; and

          (f) Subject to Section 13.05 hereof, it shall not, for any reason,
     withdraw or attempt to withdraw from this Agreement or any other Basic
     Document to which it is a party, dissolve, institute proceedings for it to
     be adjudicated bankrupt or insolvent, or consent to the institution of
     bankruptcy or Insolvency Proceedings against it, or file a petition seeking
     or consenting to reorganization or relief under any applicable federal or
     State law relating to bankruptcy, or consent to the appointment of a
     receiver, liquidator, assignee, trustee, sequestrator (or other similar
     official) of it or a substantial part of its property, or make any
     assignment for the benefit of creditors, or admit in writing its inability
     to pay its debts generally as they become due, or declare or effect a
     moratorium on its debt or take any action in furtherance of any such
     action.

     SECTION 12.02 Liability of Transferor; Indemnities. The Transferor shall be
liable in accordance herewith only to the extent of the obligations specifically
undertaken by the Transferor under this Agreement.

               (i) The Transferor shall indemnify, defend, and hold harmless the
          Owner Trustee, the Indenture Trustee, the Back-up Servicer (including
          in its capacity as successor Servicer), and their respective officers,
          directors, employees and agents, the Trust, the Noteholders, the
          Residual Interest Holders and the Certificateholders from and against
          any taxes that may at any time be asserted against such parties with
          respect to, and as of the date of, the sale of the Receivables to the
          Trust or the issuance and original sale of the Certificates, the
          Residual Interest and the Notes (except any income taxes arising out
          of fees paid to the Owner Trustee, the Indenture Trustee and the
          Back-up Servicer and except any taxes to which the Owner Trustee, the
          Indenture Trustee or the Back-up Servicer may otherwise be subject to,
          without regard to the transactions contemplated hereby), including any
          sales, gross receipts, general corporation, tangible or intangible
          personal property, privilege, or license taxes (but, in the case of
          the Trust, not including any taxes asserted with respect to ownership
          of the Receivables or federal or other income taxes arising out of
          distributions on the Notes or the Residual Interest or the
          Certificates other than any Residual Interest or Certificates held by
          the Transferor) and reasonable costs and expenses in defending against
          the same.

               (ii) The Transferor shall indemnify, defend, and hold harmless
          the Owner Trustee, the Indenture Trustee, the Servicer, the Back-up
          Servicer, and their officers, directors, employees and agents and the
          Trust from and against any loss, liability, or expense incurred by
          reason of (a) the Transferor's willful misconduct, bad faith, or
          negligence in the performance of its duties under this Agreement, or
          by reason of reckless disregard of its obligations and duties under
          this Agreement and (b) the Transferor's violation of federal or State
          securities laws in connection with the registration of the sale of the
          Residual Interest.

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               (iii) The Transferor shall indemnify, defend, and hold harmless
          the Back-up Servicer (including in its capacity as successor
          Servicer), the Indenture Trustee and their respective officers,
          directors, employees and agents, from and against any loss, liability,
          or expense incurred as a result of third party claims arising out of
          the events or facts giving rise to a breach of the covenants or
          representations and warranties of the Transferor set forth in Sections
          7.01 and 12.01 hereof.

     Indemnification under this Section 12.02 shall include, without limitation,
reasonable fees and expenses of counsel and expenses of litigation. If the
Transferor shall have made any indemnity payments to the Owner Trustee or the
Trust pursuant to this Section and the Owner Trustee or the Trust thereafter
shall collect any of such amounts from others, the Owner Trustee or the Trust,
as the case may be, shall repay such amounts to the Transferor, without
interest. This indemnification shall survive the termination of this Agreement
and the resignation or removal of the Owner Trustee or the Indenture Trustee.
Notwithstanding the foregoing, any amounts Transferor shall pay pursuant to this
Section 12.02 shall be paid solely from funds available for distribution to the
Residual Interest Holder in accordance with the terms of the Basic Documents and
shall in any case be nonrecourse to the Transferor and to the Transferor's
assets and, to the extent funds are not so available to pay any amounts when due
and owing, the claims relating thereto shall not constitute a claim (as defined
in Section 101 of Title 11 of the United States Bankruptcy Code) against the
Transferor but shall continue to accrue. Each party hereto agrees that the
payment of any claim of any such party pursuant to this Section 12.02 shall be
subordinated to the payment in full of all outstanding interest and principal
due pursuant to the Notes to the Noteholders. The payment of any claim pursuant
to this Section 12.02 shall in no event be construed as a "fee" of the Indenture
Trustee or the Owner Trustee as such term is used in Section 8.05(a)(i) or
Section 8.05(a)(iii) of the Indenture. The Transferor's obligation to provide
indemnity under this Section 12.02 shall survive the termination of this
Agreement or the earlier resignation or removal of either of the indemnified
parties.

     SECTION 12.03 Merger or Consolidation of, or Assumption of the Obligations
of Transferor. Any Person (a) into which the Transferor may be merged or
consolidated, (b) which may result from any merger or consolidation to which the
Transferor shall be a party, or (c) which may succeed to all or substantially
all of the properties and assets of the Transferor's business, which Person in
any of the foregoing cases executes an agreement of assumption to perform every
obligation of the Transferor under this Agreement, shall be the successor to the
Transferor hereunder without the execution or filing of any document or any
further act by any of the parties to this Agreement; provided, however, that (i)
immediately after giving effect to such transaction, no representation or
warranty made pursuant to Section 7.01 hereof shall have been breached and no
Event of Servicer Default, and no event that, after notice or lapse of time, or
both, would become an Event of Servicer Default, shall have happened and be
continuing, (ii) the Transferor shall have delivered to the Owner Trustee and
the Indenture Trustee an Officers' Certificate and an Opinion of Counsel each
stating that such consolidation, merger, or succession and such agreement of
assumption comply with this Section 12.03 and that all conditions precedent, if
any, provided for in this Agreement relating to such transaction have been
complied with and (iii) the Transferor shall have delivered an Opinion of
Counsel to the Owner Trustee and the Indenture Trustee stating that, in the
opinion of such counsel, (A) either (x) all financing statements and
continuation statements and amendments thereto have been

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executed or duly authorized and filed that are necessary fully to preserve and
protect the interest of the Trust and the Indenture Trustee in the Receivables,
and reciting the details of such filings, or (y) no such action shall be
necessary to preserve and protect such interest and (B) that the consummation of
such transactions would not be materially adverse to the interest of the
Noteholders. Notwithstanding the foregoing, the Transferor shall not engage in
any merger or consolidation with any Person, or a disposition of all or
substantially all of its assets without providing advance written notice thereof
to the Owner Trustee, the Indenture Trustee and the Rating Agencies and without
obtaining the prior written consent of the Majority Controlling Noteholders and
satisfaction of the Rating Agency Condition.

     SECTION 12.04 Limitation on Liability of Transferor and Others. The
Transferor and any director or officer or employee or agent of the Transferor
may rely in good faith on the advice of counsel or on any document of any kind,
prima facie properly executed and submitted by any Person respecting any matters
arising hereunder. The Transferor 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 12.05 Transferor May Own Notes, the Residual Interest and the
Certificates. The Transferor and any Person controlling, controlled by, or under
common control with, the Transferor may in its individual or any other capacity
become the owner or pledgee of Notes, the Residual Interest and the Certificates
with the same rights as it would have if it were not the Transferor or an
affiliate thereof, except as otherwise provided in the definition of
"Noteholders", "Residual Interest Holder" and "Certificateholders". Notes,
interests in the Residual Interest and Certificates so owned by or pledged to
the Transferor or such controlling or commonly controlled Person shall have an
equal and proportionate benefit under the provisions of this Agreement, without
preference, priority, or distinction as among all of the Notes, the Residual
Interest or the Certificates.

                                  ARTICLE XIII

                        THE SERVICER AND BACK-UP SERVICER

     SECTION 13.01 Representations and Warranties

          (a) The Servicer. BVAC makes the following representations and
     warranties on which the Trust, the Owner Trustee, the Indenture Trustee and
     the Back-up Servicer rely in accepting the Receivables in trust and in
     connection with the performance by each of the Indenture Trustee and the
     Back-up Servicer of its obligations hereunder. The representations and
     warranties speak as of the execution and delivery of this Agreement on the
     Closing Date, but shall survive each sale of the Receivables to the Trust
     and the subsequent pledge thereof to the Indenture Trustee pursuant to the
     Indenture:

               (i) Organization, Good Standing and Due Qualification. The
          Servicer is duly organized and validly existing in good standing as a
          corporation under the laws of the State of Nevada, with power and
          authority to own its properties and to conduct its business as such
          properties shall be currently owned and such business

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          is presently conducted, and had at all relevant times, and has, the
          corporate power, authority, and legal right to acquire, own, sell, and
          service the Receivables, and is duly qualified and has all necessary
          licenses in all such jurisdictions as are required by it to conduct
          its business (including the servicing of the Receivables as required
          by this Agreement and the performance of its other obligations under
          this Agreement) except when the failure to so qualify would not
          materially and adequately affect the performance by the Servicer of
          its obligations under, or the validity or enforceability of this
          Agreement or the Notes.

               (ii) Power and Authority; Binding Obligations. The Servicer has
          the power and authority to execute and deliver this Agreement and to
          carry out the terms hereof. This Agreement and each other Basic
          Document to which it is a party delivered hereunder or pursuant
          hereto, and the transactions contemplated hereby or thereby, have been
          duly authorized by all necessary corporate proceedings of the
          Servicer. This Agreement has been duly and validly executed and
          delivered by the Servicer and, assuming due authorization, execution
          and delivery by each other party hereto, this Agreement is a valid and
          legally binding agreement of the Servicer enforceable in accordance
          with its terms, subject to the effects of bankruptcy, insolvency,
          reorganization, or other similar laws affecting the enforcement of
          creditors' rights generally and to general principles of equity.

               (iii) No Violation. The execution and delivery of this Agreement
          and performance under this Agreement by the Servicer and the
          compliance by the Servicer with all provisions of this Agreement do
          not conflict with or violate any applicable law, regulation or order
          of any court or of any federal or State regulatory body,
          administrative agency or other governmental instrumentality and do not
          conflict with or result in a breach of or (with or without notice or
          lapse of time) default under any of the terms or provisions of any
          contract or agreement to which the Servicer is subject or by which it
          or its property is bound, or result in the creation or imposition of a
          Lien upon any of its properties pursuant to the terms of any such
          contract or agreement, nor does such execution, delivery or compliance
          violate the certificate of incorporation or by-laws of the Servicer
          except when the failure to so qualify would not materially and
          adequately affect the performance by the Servicer of its obligations
          under, or the validity or enforceability of, this Agreement or the
          Notes.

               (iv) No Proceedings. There are no proceedings or investigations
          pending, or, to the Servicer's knowledge, threatened against the
          Servicer, before any court, regulatory body, administrative agency, or
          other tribunal governmental instrumentality having jurisdiction over
          the Servicer or its properties: (A) asserting the invalidity of this
          Agreement, the other Basic Documents to which the Servicer is a party,
          the Notes, the Residual Interest or the Certificates, (B) seeking to
          prevent the issuance of the Notes, the Residual Interest or the
          Certificates or the consummation of any of the transactions
          contemplated by this Agreement the Notes, the Residual Interest or the
          Certificates, (C) seeking any determination or ruling that might
          materially and adversely affect the performance by the Servicer of its
          obligations under, or the validity or enforceability of, this

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          Agreement, the Notes, the Residual Interest or the Certificates, (D)
          relating to the Servicer and which might adversely affect the federal
          or State income, excise, franchise or similar tax attributes of the
          Securities, or (E) that could have a material adverse effect on the
          Receivables.

               (v) No consent, approval, authorization or order of or
          declaration or filing with any governmental authority is required for
          the issuance or sale of the Notes or the consummation of the
          transactions contemplated by this Agreement except such as have been
          duly made or obtained.

               (vi) The Servicer has filed on a timely basis all tax returns
          required to be filed by it and paid all taxes to the extent that such
          taxes have become due.

               (vii) The Servicer hereby represents and warrants that the
          Servicer's principal place of business and chief executive office is,
          and for the four months preceding the date of this Agreement has been,
          located at: 818 Oak Park Road, Covina, California 91724.

               (viii) The practices used or to be used by the Servicer to
          monitor collections with respect to the Receivables and repossess and
          dispose of the Financed Vehicles related to the Receivables will be,
          in all material respects, legal, proper and in conformity with the
          requirements of all applicable federal and State laws, rules and
          regulations, and this Agreement. The Servicer is in possession of all
          State and local licenses (including all debt collection licenses)
          required for it to perform its services hereunder, and none of such
          licenses has been suspended, revoked or terminated.

               (ix) There are no existing injunctions, writs, restraining orders
          or other similar orders which might adversely affect the performance
          by the Servicer or its obligations under, or the validity and
          enforceability of, this Agreement.

               (x) The Servicer is in compliance with all requirements of
          federal and State laws, rules, regulations and orders, except where
          the failure so to comply would not have a material adverse effect on
          the Servicer, its business or its properties, or the ability of the
          Servicer to perform its obligations under this Agreement.

     The representations and warranties contained in this Section 13.01(a) shall
survive the execution and delivery of this Agreement, the transfer of the
Receivables on the Closing Date and the pledge of the Receivables to the
Indenture Trustee pursuant to the Indenture.

          (b) The Back-up Servicer makes the following representations and
     warranties on which the Trust, the Owner Trustee and the Indenture Trustee
     rely in accepting the Receivables in trust. The representations and
     warranties speak as of the execution and delivery of this Agreement on the
     Closing Date, but shall survive each sale of the Receivables to the Trust
     and the subsequent pledge of the Receivables to the Indenture Trustee
     pursuant to the Indenture:

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

               (ii) Due Qualification. The Back-up Servicer is duly qualified to
          do business as a foreign limited liability company in good standing,
          and has obtained all necessary licenses and approvals in all
          jurisdictions in which the ownership or lease of property or the
          conduct of its business (including the servicing of the Receivables as
          required by this Agreement and the performance of its other
          obligations under this Agreement and the other Basic Documents to
          which it is a party) requires such qualifications except where such
          failure will not have a material adverse effect on the Back-up
          Servicer, its business or its properties, or the ability of the
          Back-up Servicer to perform its obligations under this Agreement or
          any other Basic Document to which it is a party;

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

               (iv) Binding Obligations. This Agreement and the other Basic
          Documents to which it is a party constitute legal, valid, and binding
          obligations of the Back-up Servicer enforceable in accordance with
          their respective terms, subject to the effects of bankruptcy,
          insolvency, reorganization, or other similar laws affecting the
          enforcement of creditors' rights generally and to general principles
          of equity;

               (v) No Violation. The execution, delivery and performance by the
          Back-up Servicer of this Agreement and the other Basic Documents to
          which the Back-up Servicer is a party, and the consummation of the
          transactions contemplated by this Agreement and the other Basic
          Documents to which it is a party and the fulfillment of the terms
          hereof and thereof do not conflict with, result in any breach of any
          of the terms and provisions of, nor constitute (with or without notice
          or lapse of time) a default under, the charter documents of the
          Back-up Servicer, or any indenture, agreement, or other instrument to
          which the Back-up Servicer is a party or by which it may be bound; nor
          result in the creation or imposition of any Lien upon any of its
          properties pursuant to the terms of any such indenture, agreement, or
          other instrument (other than this Agreement); nor, to the best of the
          Back-up Servicer's knowledge, violate any law applicable to the
          Back-up Servicer or any order, rule, or regulation applicable to the
          Back-up Servicer of any court or of any federal or State regulatory
          body, administrative

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          agency, or other governmental instrumentality having jurisdiction over
          the Back-up Servicer or its properties;

               (vi) No Proceedings. There are no proceedings or investigations
          pending, or, to the Back-up Servicer's actual knowledge, threatened,
          before any court, regulatory body, administrative agency, or other
          governmental instrumentality having jurisdiction over the Back-up
          Servicer or its properties: A) asserting the invalidity of this
          Agreement or any of the Basic Documents to which it is a party, B)
          seeking to prevent the consummation of any of the transactions
          contemplated by this Agreement or any of the Basic Documents to which
          it is a party or C) seeking any determination or ruling that would
          materially and adversely affect the performance by the Back-up
          Servicer of its obligations under this Agreement or any of the Basic
          Documents to which it is a party;

               (vii) No Consents. No consent, license, approval, authorization
          or order of, or registration declaration or filing with, any
          governmental authority or other Person is required to be made in
          connection with the execution, delivery or performance of the Basic
          Documents to which Back-up Servicer is a party or the consummation of
          the transactions contemplated thereby, except such as have been duly
          made, effected or obtained and except where such failure would not
          have a material adverse effect on the ability of the Back-up Servicer
          to perform its obligations under this Agreement;

               (viii) Taxes. The Back-up Servicer has filed on a timely basis
          all tax returns required to be filed by it and paid all taxes, to the
          extent that such taxes have become due;

               (ix) Chief Executive Office. The principal place of business and
          chief executive office of the Back-up Servicer is, and for the four
          months preceding the date of this Agreement has been, located at 190
          Jim Moran Blvd., Deerfield Beach, Florida 33442;

               (x) No Injunctions. There are no existing injunctions, writs,
          restraining orders or other similar orders which would adversely
          affect the performance by the Back-up Servicer or its obligations
          under, or the validity and enforceability of, this Agreement; and

               (xi) Compliance with Law. The Back-up Servicer is in compliance
          with all requirements of federal and State laws, rules, regulations
          and orders, except where the failure so to comply would not have a
          material adverse effect on the ability of the Back-up Servicer to
          perform its obligations under this Agreement.

     The representations and warranties contained in this Section 13.0l(b) shall
survive the execution and delivery of this Agreement, the transfer of the
Receivables on the Closing Date and the pledge of the Receivables to the
Indenture Trustee pursuant to the Indenture.

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     SECTION 13.02 Indemnities of Servicer and Back-up Servicer.

          (a) The Servicer shall be liable in accordance herewith only to the
     extent of the obligations specifically undertaken by the Servicer under
     this Agreement and no implied duties or obligations shall be read into this
     Agreement against the Servicer.

               (i) The Servicer shall defend, indemnify, and hold harmless the
          Owner Trustee, the Indenture Trustee, the Collateral Agent, the
          Back-up Servicer and their officers, directors, employees and agents,
          the Trust, each Residual Interest Holder, each Certificateholder and
          the Noteholders from and against any and all costs, expenses, losses,
          damages, claims, and liabilities, arising out of or resulting from the
          use, ownership, or operation by the Servicer or any affiliate thereof
          of a Financed Vehicle.

               (ii) The Servicer shall indemnify, defend and hold harmless the
          Owner Trustee, the Indenture Trustee, the Collateral Agent, the
          Back-up Servicer and the Trust from and against any taxes that may at
          any time be asserted against such parties with respect to the
          transactions contemplated herein (except any income taxes arising out
          of fees paid to the Owner Trustee, the Indenture Trustee, the
          Collateral Agent, Back-up Servicer and the Trust and except any taxes
          to which the Owner Trustee, the Indenture Trustee, the Collateral
          Agent, the Back-up Servicer or the Trust may otherwise be subject to,
          without regard to the transactions contemplated hereby), including,
          without limitation, any sales, gross receipts, general corporation,
          tangible or intangible personal property, privilege, or license taxes
          (but, in the case of the Trust, not including any taxes asserted with
          respect to, and as of the date of, the sale of the Receivables to the
          Trust or the issuance and original sale of the Certificates, the
          Residual Interest the Notes, or asserted with respect to ownership of
          the Receivables, or federal or other income taxes arising out of
          distributions on the Residual Interest, the Certificates or the Notes)
          and reasonable costs and expenses in defending against the same.

               (iii) The Servicer shall indemnify, defend, and hold harmless the
          Owner Trustee, the Indenture Trustee, the Collateral Agent, the
          Back-up Servicer, the Trust, each Certificateholder, each Residual
          Interest Holder and the Noteholders from and against any and all
          costs, expenses, losses, claims, damages, and liabilities to the
          extent that such cost, expense, loss, claim, damage, or liability
          arose out of, or was imposed upon such parties through, the negligence
          (or, with respect to CenterOne, gross negligence), willful misconduct,
          or bad faith of the Servicer in the performance of its duties under
          this Agreement, or by reason of reckless disregard of its obligations
          and duties under this Agreement; provided, however, that the Servicer
          shall not be liable to the Owner Trustee or Indenture Trustee for any
          portion of any such amount resulting from the willful misconduct, bad
          faith, or negligence of the Owner Trustee or the Indenture Trustee, as
          applicable. This indemnity shall survive the termination of this
          Agreement or the Trust and the resignation or removal of the Owner
          Trustee and the Indenture Trustee and the Back-up Servicer.

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               (iv) The Servicer shall indemnify, defend, and hold harmless the
          Owner Trustee, the Indenture Trustee, the Collateral Agent, the
          Back-up Servicer and their respective officers, directors, employees
          and agents and the Trust 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 contained or any of the provisions contained in any of the
          Basic Documents, or any of the transactions contemplated thereby,
          except to the extent that such cost, expense, loss, claim, damage or
          liability: (a) shall be due to the willful misconduct, bad faith, or
          negligence (or, with respect to CenterOne, gross negligence) of such
          indemnified party; (b) relates to any tax other than the taxes with
          respect to which either the Transferor or Servicer shall be required
          to indemnify the Owner Trustee or the Indenture Trustee; (c) shall
          arise from the breach of any of representations or warranties of such
          indemnified party; (d) shall be one as to which the Transferor is
          required to indemnify the Owner Trustee or the Indenture Trustee under
          this Agreement and the Transferor has paid such indemnity claim; or
          (e) shall arise out of or be incurred in connection with the
          acceptance or performance by the Indenture Trustee of the duties of
          successor Servicer.

     Notwithstanding the foregoing, clauses (ii) and (iv) above shall not apply
to the Back-up Servicer in the event the Back-up Servicer becomes the successor
Servicer. The succession of Back-up Servicer to Servicer hereunder shall not
reduce or otherwise effect any of the indemnifications provided in this Section
13.02 for the benefit of such entity as Back-up Servicer and such entity will
continue to remain the beneficiary of such obligations with respect to that
period in which such entity acted as Back-up Servicer.

     Indemnification by each of the Servicer or the Back-up Servicer (or any
other successor Servicer), as Servicer, shall be made only with respect to the
period that it acts as Servicer and its acts and omissions while acting as such.
Indemnification under this Section by the Servicer, with respect to the period
such Person was (or was deemed to be) the Servicer, shall survive the
termination of such Person as Servicer or a resignation by such Person as
Servicer as well as the termination of this Agreement and shall include
reasonable fees and expenses of counsel and expenses of litigation. If the
Servicer shall have made any indemnity payments pursuant to this Section and the
recipient thereafter collects any of such amounts from others, the recipient
shall promptly repay such amounts to the Servicer, without interest.

          (b) The Back-up Servicer shall be liable in accordance herewith only
     to the extent of the obligations specifically undertaken by the Back-up
     Servicer in its capacity as Back-up Servicer under this Agreement, and no
     implied duties or obligations shall be read into this Agreement against the
     Back-up Servicer. The Back-up Servicer shall indemnify, defend, and hold
     harmless the Trust, the Indenture Trustee, the Servicer, the Noteholders,
     the Residual Interest Holders and the Certificateholders from and against
     any and all costs, expenses, losses, claims, damages, and liabilities to
     the extent that such cost, expense, loss, claim, damage, or liability arose
     out of, or was imposed upon the Trust, the Indenture Trustee, the Servicer,
     the Noteholders, the Residual Interest Holders or the Certificateholders
     through the negligence (or, with respect to CenterOne, gross

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     negligence), willful misconduct or bad faith of the Back-up Servicer, in
     the performance of its duties as Back-up Servicer under this Agreement or
     by reason of reckless disregard of the Back-up Servicer's obligations and
     duties as Back-up Servicer under this Agreement. In the event that the
     Back-up Servicer becomes the successor Servicer, the Back-up Servicer in
     its capacity as successor Servicer, shall be liable in accordance with, and
     to the extent set forth in, Section 13.02(a) hereof.

          (c) Indemnification under this Section 13.02 shall include reasonable
     fees and expenses of counsel and expenses of litigation. If the Servicer or
     indemnifying party shall have made any indemnity payments pursuant to this
     Section and the recipient thereafter collects any of such amounts from
     others, the recipient shall promptly repay such amounts to the Servicer or
     indemnifying party, without interest. This indemnification under Section
     13.02 shall survive the termination of this Agreement and the removal of
     the Servicer, the Back-up Servicer and/or the Indenture Trustee.

     SECTION 13.03 Merger or Consolidation of, or Assumption of the Obligations
of the Servicer and Back-up Servicer.

          (a) The Servicer shall not merge or consolidate with any other Person,
     convey, transfer or lease substantially all its assets as an entirety to
     another Person, or permit any other Person to become the successor to the
     Servicer's business unless, after the merger, consolidation, conveyance,
     transfer, lease or succession, the successor or surviving entity shall be
     an Eligible Servicer and shall be capable of fulfilling the duties of the
     Servicer contained in this Agreement and the other Basic Documents to which
     the Servicer is a party. Any such Person (i) into which the Servicer may be
     merged or consolidated, (ii) resulting from any merger, conversion, or
     consolidation to which the Servicer shall be a party which may succeed to
     the properties and assets of the Servicer substantially as a whole or (iii)
     succeeding to the business of the Servicer (or to substantially all of the
     Servicer's business insofar as it relates to the servicing of the
     Receivables), will be the successor to the Servicer under this Agreement
     and the other Basic Documents to which it is a party without the execution
     or filing of any paper or any further act on the part of any of the parties
     to this Agreement; provided, however, that (w) immediately after giving
     effect to such transaction, no representation or warranty made pursuant to
     Section 13.01 hereof or made by BVAC in the Purchase Agreement shall have
     been breached (for purposes hereof, such representations and warranties
     shall speak as of the date of the consummation of such transaction), no
     Event of Servicer Default or Event of Default shall have occurred and be
     continuing, and no event which, after notice or lapse of time, or both,
     would become an Event of Servicer Default or Event of Default shall have
     occurred and be continuing, (x) the Servicer shall have delivered to the
     Indenture Trustee and the Owner Trustee an Officer's Certificate and an
     Opinion of Counsel each stating that such consolidation, conversion, merger
     or succession and such agreement of assumption comply with this Section and
     that all conditions precedent provided for in this Agreement and the other
     Basic Documents to which it is a party relating to such transaction have
     been complied with, and (y) the Servicer shall have delivered to the
     Indenture Trustee and the Owner Trustee, an Opinion of Counsel either (A)
     stating that, in the opinion of such counsel, all financing statements and
     continuation statements and amendments thereto have been executed and filed
     that

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     are necessary fully to preserve and protect the interest of the Trust and
     the Indenture Trustee in the Receivables, and reciting the details of such
     filings, or (B) stating that, in the opinion of such counsel, no such
     action shall be necessary to preserve and protect such interest and (z) the
     Rating Agency Condition shall have been satisfied. The Servicer shall
     provide notice of any merger, conversion, consolidation or succession
     pursuant to this Section to the Rating Agencies then providing a rating for
     the Securities. The Indenture Trustee shall forward a copy of each such
     notice to each Noteholder and to the Owner Trustee to forward to each
     Certificateholder. Notwithstanding anything herein to the contrary, the
     execution of the foregoing agreement of assumption and compliance with
     clauses (w), (x), (y) and (z) above shall be conditions to the consummation
     of the transactions referred to in clauses (i), (ii) or (iii) above. The
     Opinion of Counsel required by this Section shall not be an expense of the
     Indenture Trustee or the Owner Trustee.

          (b) Any Person (i) into which the Back-up Servicer may be merged or
     consolidated, (ii) which may result from any merger or consolidation to
     which the Back-up Servicer shall be a party, (iii) which may succeed to the
     properties and assets of the Back-up Servicer substantially as a whole or
     (iv) succeeding to the business of the Back-up Servicer, shall execute an
     agreement of assumption to perform every obligation of the Back-up Servicer
     hereunder, and whether or not such assumption agreement is executed, shall
     be the successor to the Back-up Servicer under this Agreement without
     further act on the part of any of the parties to this Agreement; provided,
     however, that nothing herein shall be deemed to release the Back-up
     Servicer from any obligation. In connection with any transaction described
     above, the Back-up Servicer must comply with the provisions of this Section
     13.03 as if it were then acting as Servicer.

     SECTION 13.04 Limitation on Liability of Servicer and Others.

          (a) Neither the Servicer nor the Back-up Servicer nor any of their
     respective directors or officers or employees or agents shall be under any
     liability to the Trust, the Indenture Trustee, the Certificateholders, the
     Residual Interest Holders or the Noteholders, except as specifically
     provided under this Agreement, for any action taken or for refraining from
     the taking of any action pursuant to this Agreement; provided, however,
     that this provision shall not protect the Servicer against any liability
     that would otherwise be imposed by reason of willful misconduct, bad faith
     or negligence (or, with respect to CenterOne, gross negligence) in the
     performance of its duties or by reason of reckless disregard of obligations
     and duties under this Agreement. The Servicer and the Back-up Servicer and
     any respective director or officer or employee or agent thereof may rely in
     good faith on any document of any kind prima facie properly executed and
     submitted by any Person respecting any matters arising under this
     Agreement.

          (b) Except as provided in this Agreement, the Servicer shall not be
     under any obligation to appear in, prosecute, or defend any legal action
     that shall not be incidental to its duties to service the Receivables in
     accordance with this Agreement (collection actions with respect to
     Charged-Off Receivables are understood to be incidental to the Servicer's
     duties to service the Receivables), and that in its opinion may involve it
     in any expense or liability.

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          (c) Notwithstanding anything to the contrary herein, neither the
     Servicer nor the Back-up Servicer, nor any of their respective directors or
     officers or employees or agents of the Servicer, shall be liable to any
     party hereto (or any Affiliate of any such Person) for indirect, punitive,
     exemplary, or consequential damages arising from any breach of contract,
     tort, or other wrong relating to the establishment, administration, or
     collection of the Receivables or as a result of any transaction
     contemplated under this Agreement or any other Basic Document; provided,
     however, that this provision shall not protect the Servicer or Back-up
     Servicer, respectively, against any liability that would otherwise be
     imposed by reason of negligence (or, with respect to CenterOne, gross
     negligence) in the performance of its respective actions or by the failure
     to act in performing its respective duties under this Agreement.

     SECTION 13.05 Servicer and Back-up Servicer Not to Resign. Subject to the
provisions of Sections 14.01 and 14.02 hereof, as applicable, neither the
Servicer nor the Back-up Servicer shall resign from the obligations and duties
imposed on it by this Agreement as Servicer or Back-up Servicer, respectively,
except upon a determination that by reason of a change in legal requirements the
performance of its duties under this Agreement would cause it to be in violation
of such legal requirements in a manner which would result in a material adverse
effect on the Servicer or the Back-up Servicer, as the case may be, and the
Majority Controlling Noteholders does not (i) elect in its absolute discretion
to waive the obligations of the Servicer or the Back-up Servicer, as the case
may be, to perform the duties that render it legally unable to act or (ii) allow
in its absolute discretion the Servicer or the Back-up Servicer, as the case may
be, to delegate those duties to another Person. Any such determination
permitting the resignation of the Servicer or the Back-up Servicer shall be
evidenced by an Opinion of Counsel as to the legal requirements that would be
violated, delivered to the Owner Trustee and the Indenture Trustee. No
resignation of the Servicer shall become effective until the Back-up Servicer or
an entity acceptable to the Majority Controlling Noteholders, or a successor
Servicer that is an Eligible Servicer shall have assumed the responsibilities
and obligations of the Servicer. No resignation of the Servicer or the Back-up
Servicer shall relieve the Servicer or the Back-up Servicer, as the case may be,
of any liability to which it has previously become subject under this Agreement
or any Basic Document.

     SECTION 13.06 Delegation of Duties. Except as provided in Section 13.03
hereof, it is understood and agreed by the parties hereto that the Servicer or
the Transferor may at any time delegate any duties including duties as custodian
to any Person willing to accept such delegation and to perform such duties
(including any affiliate of the Servicer) in accordance with the customary
procedures of the Servicer. In connection with such delegation, the Servicer or
the Transferor may assign rights to the delegee or direct the payment to the
delegee of benefits or amounts otherwise inuring to the benefit of, or payable
to, the Transferor or the Servicer hereunder. Any such delegation shall not
relieve the Servicer or the Transferor of their respective liability and
responsibility with respect to such duties, and shall not constitute a
resignation within Section 13.05 hereof. The Servicer shall give written notice
to the Rating Agencies, the Owner Trustee and the Indenture Trustee of any such
delegation.

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                                   ARTICLE XIV

                     SERVICER AND BACK-UP SERVICER DEFAULTS

     SECTION 14.01 Events of Servicer Default. While the Servicer or any
successor Servicer (other than the Back-up Servicer) is acting as the Servicer
hereunder, any one of the following events shall constitute an "Event of
Servicer Default":

               (i) Any failure by the Servicer (x) to deposit, or to deliver to
          the Indenture Trustee for deposit, to any Trust Account any amount
          required to be so delivered or deposited therein by the Servicer that
          shall continue unremedied for a period of one (1) Business Day or (y)
          to deliver to the Indenture Trustee or the Back-up Servicer, the
          Servicer's Certificate on the related Determination Date that shall
          continue unremedied for a period of two (2) Business Days or the
          statement required by Section 8.13 hereof or the report required by
          Section 8.14 hereof shall not have been delivered within five (5)
          Business Days after the date such statement or report, as the case may
          be, is required to be delivered after, in either case, (A) after
          written notice from either the Owner Trustee or the Indenture Trustee
          or by the holders of Notes evidencing not less than 25% of the
          aggregate outstanding balance of the Notes is received by the Servicer
          as specified in this Agreement or (B) after actual discovery by an
          officer of the Servicer;

               (ii) Failure on the part of the Servicer, and for so long as the
          Servicer is obligated to perform as the Servicer, failure on the part
          of the Transferor or BVAC, as the case may be, to repurchase a
          Receivable in accordance with Sections 7.02, 8.08 or 8.10 hereof and,
          in the case of BVAC pursuant to Section 7.02 hereof and Section 3.03
          of the Purchase Agreement, as the case may be, which failure shall
          continue unremedied for a period of two (2) Business Days after the
          same is required to be delivered in accordance with such Sections
          after, in either case, (A) after written notice from either the Owner
          Trustee or the Indenture Trustee or by the holders of Notes evidencing
          not less than 25% of the aggregate outstanding balance of the Notes is
          received by the Servicer or BVAC as specified in this Agreement or (B)
          after discovery by an officer of the Servicer;

               (iii) Failure on the part of the Servicer to observe its
          covenants and agreements set forth in Section 8.09 hereof or, for so
          long as the Servicer is obligated to perform as the Servicer, failure
          on the part of the Transferor to observe its covenants and agreements
          in Article V of the Purchase Agreement;

               (iv) Failure on the part of the Servicer, and for so long as the
          Servicer is obligated to perform as the Servicer, failure on the part
          of the Transferor or BVAC duly to observe or to perform any other
          covenants or agreements of the Servicer, the Transferor or BVAC (as
          the case may be) set forth in this Agreement or any other Basic
          Document, which failure shall (a) materially and adversely affect the
          rights of Noteholders and (b) continue unremedied for a period of 30
          days after the date on which written notice of such failure requiring
          the same to be

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          remedied, shall have been given (1) to the Servicer, the Transferor or
          BVAC (as the case may be) by or the Indenture Trustee, or (2) to the
          Servicer, the Transferor or BVAC (as the case may be) and to the
          Indenture Trustee by the Noteholders evidencing not less than either
          25% of the Class A Note Balance or 25% of the aggregate outstanding
          balance of the Notes;

               (v) The entry of a decree or order for relief by a court or
          regulatory authority having jurisdiction in respect of the Servicer
          (or, so long as the Servicer is obligated to perform as the Servicer,
          the Transferor or any of the Servicer's other Affiliates, if the
          Servicer's ability to service the Receivables is adversely affected in
          a material respect thereby) in an involuntary case under the federal
          bankruptcy laws, as now or hereafter in effect, or another present or
          future, federal or State, bankruptcy, insolvency or similar law, or
          appointing a receiver, liquidator, assignee, trustee, custodian,
          sequestrator or other similar official of BVAC, the Servicer (or the
          Transferor or any other Affiliate of BVAC, if applicable) or of any
          substantial part of their respective properties or ordering the
          winding up or liquidation of the affairs of BVAC or the Servicer (or
          the Transferor or any other Affiliate of BVAC, if applicable) or the
          commencement of an involuntary case under the federal or State
          bankruptcy, insolvency or similar laws, as now or hereafter in effect,
          or another present or future, federal or State bankruptcy, insolvency
          or similar law with respect to BVAC or the Servicer (or the Transferor
          or any other Affiliate of BVAC, if applicable) and such case is not
          dismissed within 60 days;

               (vi) The commencement by BVAC or the Servicer (or, so long as the
          Servicer is obligated to perform as the Servicer, the Transferor or
          any of the Servicer's other Affiliates, if the Servicer's ability to
          service the Receivables is adversely affected thereby) of a voluntary
          case under the federal bankruptcy laws, as now or hereafter in effect,
          or any other present or future, federal or State, bankruptcy,
          insolvency or similar law, or the consent by BVAC or the Servicer (or
          the Transferor or any other Affiliate of BVAC, if applicable) to the
          appointment of or taking possession by a receiver, liquidator,
          assignee, trustee, custodian, sequestrator or other similar official
          of BVAC or the Servicer (or the Transferor or any other Affiliate of
          BVAC, if applicable) or of any substantial part of its property or the
          making by BVAC or the Servicer (or the Transferor or any other
          Affiliate of BVAC, if applicable) of an assignment for the benefit of
          creditors or the failure by BVAC or the Servicer (or the Transferor or
          any other Affiliate of BVAC, if applicable) generally to pay its debts
          as such debts become due or the taking of corporate action by BVAC or
          the Servicer (or the Transferor or any other Affiliate of BVAC, if
          applicable) in furtherance of any of the foregoing;

               (vii) Any representation, warranty or statement of the Servicer
          or, for so long as the Servicer is obligated to perform as the
          Servicer, BVAC or the Transferor made in this Agreement and, with
          respect to BVAC and the Transferor, the Purchase Agreement, or in each
          case any certificate, report or other writing delivered pursuant
          hereto or thereto shall prove to be incorrect as of

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          the time when the same shall have been made (excluding, however, any
          representation or warranty set forth in Section 3.02 of the Purchase
          Agreement), and the incorrectness of such representation, warranty or
          statement has a material adverse effect on the Issuer, or the
          Noteholders and, within 60 days after written notice thereof, shall
          have been given (1) to BVAC, the Servicer or the Transferor (as the
          case may be) by the Indenture Trustee or (2) to BVAC, the Servicer or
          the Transferor (as the case may be), and to the Indenture Trustee by
          the Noteholders evidencing not less than either 25% of the Class A
          Note Balance or 25% of the aggregate outstanding balance of the Notes,
          the circumstances or condition in respect of which such
          representation, warranty or statement was incorrect shall not have
          been eliminated or otherwise cured;

               (viii) the termination of BVAC as servicer following the
          occurrence of an "Event of Servicer Default" under and as defined in
          the Trust and Servicing Agreement dated as of February 1, 2005 by and
          among the depositor, BVAC, the Back-up Servicer, Deutsche Bank Trust
          Company Americas and the Owner Trustee as Owner trustee thereunder; or

               (ix) the termination of BVAC as servicer following the occurrence
          of an "Event of Servicer Default" under and as defined in the Trust
          and Servicing Agreement dated as of July 1, 2005 by and among the
          depositor, BVAC, the Back-up Servicer, Deutsche Bank Trust Company
          Americas and the Owner Trustee as Owner trustee thereunder.

     If an Event of Servicer Default shall occur and be continuing (and not
otherwise waived or cured) then, in each and every case, the Indenture Trustee
may and, at the direction of the Majority Controlling Noteholders, shall
terminate all of the rights and obligations of the Servicer under this Agreement
upon written notice to Servicer as provided in Section 14.03(a). Upon sending or
receiving any such directive or notice, the Indenture Trustee shall promptly
send a copy thereof to the Owner Trustee, the Rating Agencies, the Back-up
Servicer and to each Noteholder, Residual Interest Holder and Certificateholder.
On or after the receipt by the Servicer of such written notice, all authority
and power of the Servicer as the Servicer under this Agreement, whether with
respect to the Securities or the Receivables or otherwise, shall, without
further action, pass to and be vested in the Back-up Servicer or any such
successor Servicer as may be appointed under Section 14.03 hereof and, without
limitation, the Back-up Servicer, any such successor Servicer and the Indenture
Trustee are hereby authorized and empowered to execute and deliver, on behalf of
the predecessor Servicer, as attorney-in-fact or otherwise, any and all
documents and other instruments, and to do or accomplish all other acts or
things necessary or appropriate to effect the purposes of such notice of
termination, whether to complete the transfer and indorsement of the Receivables
and related documents, or otherwise provided, however, that the Back-up Servicer
shall have no obligation to assume the responsibilities of the Servicer with
fewer than forty-five (45) days prior written notice other than, to use its
reasonable efforts to process payments received in respect of the Receivables in
accordance with the terms of this Agreement. The predecessor Servicer shall
cooperate with the successor Servicer and the Indenture Trustee in effecting the
termination of the responsibilities and rights of the predecessor Servicer under
this Agreement, including the transfer to the successor Servicer for
administration by it of all cash amounts that shall at the time be held or

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should have been held by the predecessor Servicer for deposit, or shall
thereafter be received with respect to a Receivable and the delivery to the
successor Servicer of all files and records concerning the Receivables and a
Computer Tape in readable form containing all information necessary to enable
the successor Servicer to service the Receivables and the other property of the
Issuer. All Transition Costs shall be paid by the predecessor Servicer upon
presentation of reasonable documentation of such costs and expenses and, if not
so paid, shall be reimbursable to the successor Servicer, to the extent of
Available Funds on each Payment Date, pursuant to the priorities set forth in
Section 8.05 of the Indenture; provided, that such payment shall not relieve the
predecessor Servicer from the responsibility for making such payment and the
Issuer shall be subrogated to the rights of the successor Servicer with respect
to such Transition Costs and shall have a direct right to institute proceedings
against the predecessor Servicer for such payment. The predecessor Servicer
shall grant the Transferor, the Indenture Trustee and the Back-up Servicer
reasonable access to the predecessor Servicer's premises, computer files,
personnel, records and equipment at the predecessor Servicer's expense. Upon the
appointment of the Back-up Servicer as successor Servicer, any arrangements
relating to (i) the Lock-Box Account with the Lock-Box Bank, (ii) the Lock-Box
or (iii) the Lock-Box Agreement shall be terminated, and the successor Servicer
shall direct the Obligors to make all payments under the Receivables directly to
a lock-box in the name of the successor Servicer at the predecessor Servicer's
expense (in which event the successor Servicer shall process such payments
directly). The Indenture Trustee shall send copies of all notices given pursuant
to this Section 14.01 to the Noteholders and to the Owner Trustee to forward to
the Residual Interest Holders and the Certificateholders.

     When the Back-up Servicer incurs expenses after the occurrence of an Event
of Servicer Default specified in this Section 14.01, the expenses are intended
to constitute expenses of administration under Title 11 of the United States
Code or any other applicable federal or State bankruptcy, insolvency or similar
law.

     SECTION 14.02 Back-up Servicer Default.

          (a) Any one of the following events shall constitute a "Back-up
     Servicer Default" with respect to the Back-up Servicer acting in its
     capacity as Back-up Servicer hereunder and in its capacity as successor
     Servicer hereunder (unless specifically stated otherwise):

               (i) Any failure by the Back-up Servicer (so long as the Back-up
          Servicer is obligated to perform as the Servicer) (x) to deposit, or
          to deliver to the Indenture Trustee for deposit, to any Trust Account
          or the Reserve Account any amount required to be so delivered or
          deposited therein by the Servicer or (y) to deliver to the Indenture
          Trustee, the Servicer's Certificate on the related Determination Date
          that shall continue unremedied for a period of two (2) Business Days
          or the statement required by Section 8.13 hereof or the report
          required by Section 8.14 hereof shall not have been delivered within
          five (5) days after the date such statement or report, as the case may
          be, is required to be delivered;

               (ii) [Reserved.]

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               (iii) Failure on the part of the Back-up Servicer duly to observe
          or to perform any other covenants or agreements of the Back-up
          Servicer set forth in this Agreement (except as otherwise specifically
          referred to in this Section 14.02(a)), which failure shall (a)
          materially and adversely affect the rights of Noteholders, and (b)
          continue unremedied for a period of 30 days after the date on which
          written notice of such failure requiring the same to be remedied,
          shall have been given (1) to the Back-up Servicer by the Indenture
          Trustee, or (2) to the Back-up Servicer and to the Indenture Trustee
          by the Noteholders evidencing not less than 25% of the Class A Note
          Balance;

               (iv) The entry of a decree or order for relief by a court or
          regulatory authority having jurisdiction in respect of the Back-up
          Servicer or any of the Back-up Servicer's Affiliates, if the Back-up
          Servicer's ability to service the Receivables is materially adversely
          affected thereby, in an involuntary case under the federal bankruptcy
          laws, as now or hereafter in effect, or another present or future,
          federal or State, bankruptcy, insolvency or similar law, or appointing
          a receiver, liquidator, assignee, trustee, custodian, sequestrator or
          other similar official of the Back-up Servicer or any such Affiliate
          or of any substantial part of their respective properties or ordering
          the winding up or liquidation of the affairs of Back-up Servicer or
          any such Affiliate or the commencement of an involuntary case under
          the federal or State bankruptcy, insolvency or similar laws, as now or
          hereafter in effect, or another present or future, federal or State
          bankruptcy, insolvency or similar law with respect to the Back-up
          Servicer or any such Affiliate and such case is not dismissed within
          60 days (in each case with respect to the foregoing which involves any
          Affiliate of the Back-up Servicer, only in the event the Back-up
          Servicer's ability to service the Receivables is materially adversely
          affected thereby);

               (v) The commencement by the Back-up Servicer or any of the
          Back-up Servicer's Affiliates, if the Back-up Servicer's ability to
          service the Receivables is materially adversely affected thereby, of a
          voluntary case under the federal bankruptcy laws, as now or hereafter
          in effect, or any other present or future, federal or State,
          bankruptcy, insolvency or similar law, or the consent by Back-up
          Servicer or any such Affiliate to the appointment of or taking
          possession by a receiver, liquidator, assignee, trustee, custodian,
          sequestrator or other similar official of the Back-up Servicer or any
          such Affiliate or of any substantial part of its property or the
          making by the Back-up Servicer or any such Affiliate of an assignment
          for the benefit of creditors or the failure by the Back-up Servicer or
          any such Affiliate generally to pay its debts as such debts become due
          or the taking of corporate action by the Back-up Servicer or any such
          Affiliate in furtherance of any of the foregoing (in each case with
          respect to the foregoing which involves any Affiliate of the Back-up
          Servicer, only in the event the Back-up Servicer's ability to service
          the Receivables is materially adversely affected thereby);

               (vi) Any representation, warranty or statement of the Back-up
          Servicer made in this Agreement or in any certificate, report or other
          writing delivered

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          pursuant hereto shall prove to be incorrect as of the time when the
          same shall have been made, and the incorrectness of such
          representation, warranty or statement has a material adverse effect on
          the Issuer or the Noteholders and, within 30 days after written notice
          thereof shall have been given (1) to the Back-up Servicer by the
          Indenture Trustee or (2) to the Back-up Servicer and to the Indenture
          Trustee by the Noteholders evidencing not less than 25% of the Class A
          Note Balance, the circumstances or condition in respect of which such
          representation, warranty or statement was incorrect shall not have
          been eliminated or otherwise cured;

               (vii) [Reserved.]

          then, and in each and every case, subject to the notice and cure
     provisions of paragraph (b) below, the Indenture Trustee may or, at the
     direction of the Majority Controlling Noteholders, by notice then given in
     writing to the Back-up Servicer as the Servicer or as the Back-up Servicer
     (and to the Indenture Trustee if given by the Noteholders), shall terminate
     all of the rights and obligations of the Back-up Servicer as the Servicer
     or as the Back-up Servicer under this Agreement. Upon sending or receiving
     any such notice, the Indenture Trustee shall promptly send a copy thereof
     to the Owner Trustee, the Rating Agencies, the Servicer, the Back-up
     Servicer and to each Noteholder, each Residual Interest Holder and each
     Certificateholder. On or after the receipt by the Back-up Servicer of such
     written notice, all authority and power of the Back-up Servicer as the
     Servicer and as the Back-up Servicer under this Agreement, whether with
     respect to the Securities or the Receivables or otherwise, shall, without
     further action, pass to and be vested in any such successor Back-up
     Servicer or successor Servicer, as applicable, as may be appointed under
     Section 14.03 hereof; and, without limitation, any such successor Back-up
     Servicer or successor Servicer, is hereby authorized and empowered to
     execute and deliver, on behalf of the predecessor Servicer, as
     attorney-in-fact or otherwise, any and all documents and other instruments,
     and to do or accomplish all other acts or things necessary or appropriate
     to effect the purposes of such notice of termination, whether to complete
     the transfer and endorsement of the Receivables and related documents, or
     otherwise.

     The Back-up Servicer shall cooperate with the successor Back-up Servicer or
successor Servicer, as applicable, in effecting the termination of its
responsibilities and rights under this Agreement, including the transfer to the
successor Back-up Servicer or successor Servicer, as applicable, for
administration by it of all cash amounts that shall at the time be held by it
for deposit, or shall thereafter be received by it with respect to any
Receivable, and the related accounts and records maintained by the Back-up
Servicer.

          (b) The Majority Controlling Noteholders or the Indenture Trustee
     directly shall provide the Back-up Servicer with written notice of any
     Back-up Servicer Default, which notice must grant the Back-up Servicer an
     opportunity to cure any such event of termination as follows: (i) in the
     case of any failure of the Back-up Servicer to properly administer or
     deliver any monies as required pursuant to this Agreement, for a period of
     three (3) Business Days after receipt of the notice by the Back-up
     Servicer; or (ii) in the case of any failure pursuant to this Agreement
     that is non-monetary in nature, for a period

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     of thirty (30) days after receipt of the notice by the Back-up Servicer.
     Such notice must explicitly provide that if any such failure by the Back-up
     Servicer giving rise to the event of termination is not cured within the
     applicable cure period, then the Majority Controlling Noteholders shall
     have the right to terminate the appointment of the Back-up Servicer
     effective as of a date no sooner than the end of the applicable cure
     period.

          (c) The Back-up Servicer may be released from its obligations under
     this Agreement if it does not receive payment of its Back-up Servicer Fee
     or the Servicer Fee if it is a successor Servicer required to be made under
     the terms of this Agreement, which failure continues unremedied for a
     period of thirty (30) days after receipt by the Indenture Trustee and the
     Servicer of written notice of such failure and that the Back-up Servicer
     intends to terminate its appointment as Back-up Servicer if such failure to
     pay is not remedied within such thirty (30) day period, which written
     notice shall explicitly state that failure to pay any Back-up Servicer Fee
     or successor Servicer Fee owing to the Back-up Servicer, if not cured
     within thirty (30) days of the date of receipt of notice thereof, will give
     the Back-up Servicer the right to terminate its appointment as Back-up
     Servicer.

     SECTION 14.03 Appointment of Successors.

          (a) Upon the Servicer's receipt of notice of its termination from the
     Indenture Trustee pursuant to Section 14.01 hereof or the Servicer's
     resignation in accordance with the terms of this Agreement, the Servicer
     shall continue to perform its functions as Servicer under this Agreement,
     in the case of termination, only until the date specified in such
     termination notice (which date shall be at least 45 days after the date of
     such notice), or, if no such date is specified in a notice of termination,
     until the expiration of 45 days after receipt of such notice by the
     Servicer and, in the case of resignation, until the later of (x) the date
     forty-five (45) days from the delivery to the Back-up Servicer and the
     Indenture Trustee of written notice of such resignation (or the date of
     written confirmation of such notice prior to the expiration of the
     forty-five (45) days) in accordance with the terms of this Agreement and
     (y) the date upon which the predecessor Servicer shall become unable to act
     as Servicer, as specified in the notice of resignation and accompanying
     Opinion of Counsel. In the event of the Servicer's resignation or
     termination hereunder, and unless the Majority Controlling Noteholders
     directs otherwise, the Back-up Servicer shall, subject to the provisions of
     Section 14.01, automatically be the successor 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 Back-up Servicer as Servicer by the terms and provisions hereof;
     provided, however, that neither the Back-up Servicer, nor any other
     successor Servicer shall be liable for any actions of the Servicer or any
     other predecessor Servicer prior to such succession or for any breach by
     the Servicer or any other predecessor Servicer of any of its
     representations, warranties or covenants contained in this Agreement or in
     any related document or agreement.

          (b) Upon appointment, subject to the provisions of Section 14.01, the
     successor Servicer shall be the successor in all respects to the
     predecessor Servicer and shall be subject to all the responsibilities,
     duties, and liabilities arising thereafter relating

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     thereto placed on the Servicer, and shall be entitled to the Servicer Fee
     and all of the rights granted to the predecessor Servicer, by the terms and
     provisions of this Agreement; provided, however, notwithstanding any other
     provision of this Agreement or any other Basic Document, such
     responsibilities, duties and liabilities shall be amended as provided in
     Schedule E hereto. The predecessor Servicer shall be entitled to be
     reimbursed for Outstanding Advances.

          (c) In connection with such appointment, the Indenture Trustee may
     make such arrangements for the successor Servicer to be compensated out of
     payments on Receivables as it and such successor Servicer shall agree;
     provided, however, that (except as provided in Schedule C with respect to
     the Back-up Servicer) no such compensation shall be in excess of that
     permitted the original Servicer under this Agreement. The Owner Trustee and
     such successor Servicer shall take such action, consistent with this
     Agreement, as shall be necessary to effectuate any such succession.

          (d) To the extent that the Back-up Servicer shall be entitled to any
     indemnity payment from the Servicer pursuant to Sections 13.02 or 14.03(i)
     hereof and such indemnity payment has not been made within 30 calendar days
     of demand thereof, the Back-up Servicer shall be entitled to reimbursement
     for such unpaid amounts, to the extent of available funds, as provided in
     Section 8.05 of the Indenture.

          (e) If the Back-up Servicer becomes aware of any error or continuing
     error, which in the reasonable business judgment of the Back-up Servicer
     impairs its ability to perform its services hereunder, the Back-up Servicer
     may undertake such data or records reconstruction as it deems appropriate
     to correct any such error or continued error and to prevent future
     continuing error. To the extent it is not otherwise reimbursed under this
     Agreement, the Back-up Servicer shall be entitled to recover its costs
     incurred in correcting any such error or continuing error.

          (f) Upon the Back-up Servicer's receipt of notice of termination
     following a Back-up Servicer Default or the Back-up Servicer's resignation
     in accordance with the terms of this Agreement, the Back-up Servicer shall
     continue to perform its functions as Back-up Servicer or Servicer, as
     applicable, under this Agreement, in the case of termination, only until
     the date specified in such termination notice or, if no such date is
     specified in a notice of termination, until receipt of such notice and, in
     the case of resignation, until the later of (x) the date 30 days from the
     delivery to the Back-up Servicer, the Indenture Trustee and the Owner
     Trustee of written notice of such resignation (or the date of written
     confirmation of such notice prior to the expiration of the 30 days) in
     accordance with the terms of this Agreement and (y) the date upon which the
     Back-up Servicer shall become unable to act as Back-up Servicer or
     Servicer, as applicable, as specified in the notice of resignation and
     accompanying Opinion of Counsel.

          (g) Upon receipt by any successor Servicer (other than the Back-up
     Servicer in accordance with Section 14.03(f) above) of notice of
     termination or such successor Servicer's resignation in accordance with the
     terms of this Agreement, such successor Servicer shall continue to perform
     its functions as Servicer under this Agreement, in the

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     case of termination, only until the date specified in such termination
     notice or, if no such date is specified in a notice of termination, until
     receipt of such notice and, in the case of resignation, until the later of
     (x) the date 30 days from the delivery to the then acting Back-up Servicer,
     if any, and the Indenture Trustee of written notice of such resignation (or
     the date of written confirmation of such notice prior to the expiration of
     the 30 days) in accordance with the terms of this Agreement and (y) the
     date upon which such successor Servicer shall become unable to act as
     Servicer, as specified in the notice of resignation and accompanying
     Opinion of Counsel. In the event of such successor Servicer's resignation
     or termination hereunder, and if the Majority Controlling Noteholders so
     directs, the then acting Back-up Servicer, if any, shall be the successor
     in all respects to the 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; provided, however, that the
     then acting Back-up Servicer shall not be liable for any actions of the
     predecessor Servicer prior to such succession or for any breach by the
     predecessor Servicer of any of its representations, warranties and
     covenants contained in this Agreement or in any related document or
     agreement.

          (h) Notwithstanding the above, if the Servicer or Back-up Servicer, as
     applicable, is legally unable to so act or the Majority Controlling
     Noteholders otherwise directs in accordance with the terms of this
     Agreement, the Majority Controlling Noteholders shall appoint a successor
     Servicer or successor Back-up Servicer, as applicable. Otherwise, the
     Indenture Trustee shall appoint (after soliciting bids from potential
     servicers), or petition a court of competent jurisdiction to appoint, a
     Servicer (as successor Servicer) or Back-up Servicer (as successor Back-up
     Servicer) hereunder, in each case acceptable to the Majority Controlling
     Noteholders, in the assumption of all or any part of the responsibilities,
     duties or liabilities of the outgoing Servicer or Back-up Servicer, as
     applicable, hereunder.

          (i) Any successor Servicer may accept and reasonably rely on all
     accounting and servicing records and other documentation provided to such
     successor Servicer in connection with succession to Servicer duties,
     including documents prepared or maintained by BVAC, the Transferor, or the
     Servicer, or any party providing services related to the Receivables (each,
     a "Third Party"). The initial Servicer shall indemnify and hold harmless
     CenterOne, in its capacity as Back-up Servicer or successor Servicer, as
     applicable, and its officers, employees and agents, the Issuer, the
     Indenture Trustee, the Noteholders, the Residual Interest Holders and the
     Certificateholders against any and all claims, losses, penalties, fines,
     forfeitures, legal fees and related costs, judgments, and any other costs,
     fees and expenses that CenterOne, in its capacity as Back-up Servicer or
     successor Servicer as applicable, the Issuer, the Indenture Trustee, the
     Noteholders, the Residual Interest Holders and the Certificateholders may
     sustain in any way (i) solely related to the negligence or willful
     misconduct of the Servicer or any such Third Party based upon any matter
     related to or arising out of this Agreement except for any claims, losses,
     penalties, fines, forfeitures, legal fees, and related costs and judgments
     arising from the gross negligence of or willful misconduct of CenterOne in
     its capacity as Back-up Servicer or successor Servicer, as applicable; or
     (ii) solely related to the conduct of CenterOne in its capacity as Back-up
     Servicer or successor Servicer, as applicable,

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     undertaken at the direction of any party hereto or which relate to the
     transfer of servicing to CenterOne. The successor Servicer shall have no
     duty, responsibility, obligation or liability (collectively "liability")
     for the acts or omissions of any Third Party. In the event that the initial
     Servicer fails to make any such indemnity payment to CenterOne pursuant to
     the terms hereof, and, with respect to each other successor Servicer
     hereunder, such successor Servicer shall be entitled to receive such
     payment from the Issuer, to the extent of Available Funds on each Payment
     Date, as provided in Section 8.05 of the Indenture; provided, that such
     Issuer payment shall not relieve the initial Servicer from the
     responsibility for making such payment to CenterOne in its capacity as
     Back-up Servicer or successor Servicer and the Issuer shall be subrogated
     to the rights of CenterOne with respect to such indemnity claim and shall
     have a direct right to institute proceedings against the initial Servicer
     for such payment. If any error, inaccuracy or omission (collectively
     "error") exists in any information provided to CenterOne in its capacity as
     successor Servicer, and such error causes or materially contributes to such
     successor Servicer making or continuing any error (a "continuing error"),
     such successor Servicer shall have no liability for such continuing error;
     provided, however, that this provision shall not protect such successor
     Servicer against any liability arising from its willful misconduct bad
     faith or gross negligence in discovering or correcting or failing to
     discover or correct any error or in the performance of its other duties
     contemplated herein.

          (j) Notwithstanding anything in the Basic Documents to the contrary,
     in no event shall the Indenture Trustee (i) be liable for, or obligated to
     pay, any Transition Costs or (ii) have any duty or obligation to act as
     successor Servicer, to act as successor Back-up Servicer or assume any
     servicing duties under the Basic Documents.

     SECTION 14.04 Notice of Events of Servicer Default. Upon any notice of an
Event of Servicer Default or upon any termination of, or appointment of a
successor to, the Servicer pursuant to this Article XIV, the Owner Trustee shall
give prompt written notice thereof to the Residual Interest Holders at the
addresses appearing in the Residual Interest Register, to the Certificateholders
at the addresses appearing in the Certificate Register, to each of the Rating
Agencies then rating the Notes, to the Indenture Trustee for further notice
thereof to the Noteholders.

     SECTION 14.05 Waiver of Past Defaults. The Majority Controlling Noteholders
may waive any default by the Servicer in the performance of its obligations
hereunder and/or its consequences, except a default in making any required
deposits to or payments from the Collection Account in accordance with this
Agreement. Upon any such waiver of a past default, such default shall cease to
exist, and any Event of Servicer Default arising therefrom shall be deemed to
have been remedied for every purpose of this Agreement. No such waiver shall
extend to any subsequent or other default or impair any right consequent
thereon.

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                                   ARTICLE XV

                                THE OWNER TRUSTEE

     SECTION 15.01 Duties of Owner Trustee. The Owner Trustee, both prior to and
after the occurrence of an Event of Servicer Default, shall undertake to perform
such duties as are specifically set forth in this Agreement. If an Event of
Servicer Default shall have occurred and shall not have been cured and the Owner
Trustee has received notice of such Event of Servicer Default, the Owner Trustee
shall exercise such of the rights and powers vested in it by this Agreement, and
shall use the same degree of care and skill in their exercise, as a prudent
person would exercise or use under the circumstances in the conduct of his own
affairs.

     The Owner Trustee shall execute and deliver, on behalf of the Trust, each
Basic Document to which the Trust is a party and all certificates, instruments
and agreements contemplated thereby. The Owner Trustee shall execute and
authenticate the Certificates in accordance with this Agreement and shall
execute the Notes in accordance with the Indenture.

     It shall be the duty of the Owner Trustee to discharge (or cause to be
discharged) all its responsibilities pursuant to the terms of this Agreement and
the other documents to which the Trust is a party and to administer the Trust in
the interest of the Residual Interest Holders and the Certificateholders,
subject to and in accordance with the provisions of this Agreement and the other
documents to which the Trust is a party. Without limiting the foregoing, the
Owner Trustee shall, upon written direction of the Instructing Party and on
behalf of the Trust, file and prove any claim or claims that may exist on behalf
of the Trust against the Transferor in connection with any claims paying
procedure as part of an insolvency or a receivership proceeding involving the
Transferor. Notwithstanding the foregoing, the Owner Trustee shall be deemed to
have discharged its duties and responsibilities hereunder and under the other
documents to which the Trust is a party to the extent the Administrator has
agreed in the Administration Agreement to perform any act or to discharge any
duty of the Owner Trustee hereunder or under any other document to which the
Trust is a party, and the Owner Trustee shall not be held liable for the default
or failure of the Administrator to carry out its obligations under the
Administration Agreement. Except as expressly provided in the documents to which
the Trust is a party, the Owner Trustee shall have no obligation to administer,
service or collect the Receivables or to maintain, monitor or otherwise
supervise the administration, servicing or collection of the Receivables.

     SECTION 15.02 Action upon Instruction.

          (a) Subject to Article X the Instructing Party shall have the
     exclusive right to direct the actions of the Owner Trustee in the
     management of the Trust, so long as such instructions are not in violation
     of the express terms set forth herein or in any Basic Document. The
     Instructing Party shall not instruct the Owner Trustee in a manner
     inconsistent with this Agreement or the Basic Documents.

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

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     unreimbursed expenses on the part of the Owner Trustee or is contrary to
     the terms hereof or of any Basic Document or is otherwise contrary to law.

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

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

          (e) The Owner Trustee shall not take any action (a) that violates the
     purposes of the Trust set forth in Section 1.03 hereof or (b) that, to the
     actual knowledge of the Owner Trustee, would result in the Trust becoming
     taxable as a corporation for federal income tax purposes. The Instructing
     Party shall not direct the Owner Trustee to take action that would violate
     the provisions of this Section.

          (f) The Owner Trustee, upon receipt of all resolutions, certificates,
     statements, opinions, reports, documents, orders or other instruments
     furnished to the Owner Trustee that shall be specifically required to be
     furnished pursuant to any provision of this Agreement, shall examine them
     to determine whether they conform to the requirements of this Agreement. To
     the extent not otherwise provided to such Person

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     pursuant to the terms hereof or the other Basic Documents, and otherwise
     without duplication, the Owner Trustee shall furnish to the Residual
     Interest Holders, the Certificateholders and the Rating Agencies promptly
     upon receipt of a written request therefor, duplicates or copies of all
     reports, notices, requests, demands, certificates, financial statements and
     any other instruments furnished to the Owner Trustee under the Basic
     Documents.

          (g) The Owner Trustee shall furnish to the Residual Interest Holders,
     the Certificateholders and the Rating Agencies promptly upon receipt of a
     written request therefor, duplicates or copies of all reports, notices,
     requests, demands, certificates, financial statements and any other
     instruments furnished to the Owner Trustee under the Basic Documents.

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

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

               (ii) The Owner Trustee shall not be liable for an error of
          judgment made in good faith by a Responsible Officer, unless it shall
          be proved that the Owner Trustee shall have been grossly negligent in
          ascertaining the pertinent facts;

               (iii) The Owner Trustee shall not be liable with respect to any
          action taken, suffered, or omitted to be taken in good faith in
          accordance with this Agreement or at the direction of the Instructing
          Party relating to the time, method, and place of conducting any
          proceeding for any remedy available to the Owner Trustee, or
          exercising any trust or power conferred upon the Owner Trustee, under
          this Agreement;

               (iv) The Owner Trustee shall not be charged with knowledge of any
          failure by the Servicer to comply with the obligations of the Servicer
          referred to in clauses (i) or (ii) of Section 14.01 hereof, or of any
          failure by the Transferor to comply with the obligations of the
          Transferor referred to in clause (ii) of Section 14.01 hereof, unless
          a Responsible Officer of the Owner Trustee receives written notice of
          such failure (it being understood that knowledge of the Servicer

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          or the Servicer as custodian, in its capacity as agent for the Owner
          Trustee, is not attributable to the Owner Trustee) from the Servicer
          or the Transferor, as the case may be; and

               (v) Without limiting the generality of this Section or Section
          15.07 hereof, the Owner Trustee shall have no duty (A) to see to any
          recording, filing, or depositing of this Agreement or any agreement
          referred to therein or any financing statement (or continuation
          statement) evidencing a security interest in the Receivables or the
          Financed Vehicles, or to see to the maintenance of any such recording
          or filing or depositing or to any rerecording, refiling or
          redepositing of any thereof, (B) to see to any insurance of the
          Financed Vehicles or Obligors or to effect or maintain any such
          insurance, (C) to see to the payment or discharge of any tax,
          assessment, or other governmental charge or any Lien or encumbrance of
          any kind owing with respect to, assessed, or levied against, any part
          of the Trust, (D) to confirm or verify the contents of any reports or
          certificates of the Servicer delivered to the Trust pursuant to this
          Agreement believed by the Owner Trustee to be genuine and to have been
          signed or presented by the proper party or parties, or (E) to inspect
          the Financed Vehicles at any time or ascertain or inquire as to the
          performance or observance of any of the Transferor's or the Servicer's
          representations, warranties or covenants or the Servicer's duties and
          obligations as Servicer and as custodian of the Receivable Files under
          this Agreement.

     The Owner Trustee shall not be required 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 there shall be
reasonable ground for believing that the repayment of such funds or adequate
indemnity against such risk or liability shall not be reasonably assured to it,
and none of the provisions contained in this Agreement shall in any event
require the Owner Trustee to perform, or be responsible for the manner of
performance of, any of the obligations of the Servicer under this Agreement
except during such time, if any, as the Owner Trustee shall be the successor to,
and be vested with the rights, duties, powers, and privileges of, the Servicer
in accordance with the terms of this Agreement. Except for actions expressly
authorized by this Agreement, the Owner Trustee shall take no action reasonably
likely to impair the security interests created or existing under any Receivable
or to impair the value of any Receivable.

     SECTION 15.03 Accounting and Records to the Residual Interest Holders, the
Certificateholders, the Internal Revenue Service and Others. The Owner Trustee
shall (a) maintain (or cause to be maintained) the books of the Trust on a
calendar year basis with respect to amounts actually received or disbursed by
the Owner Trustee (unless otherwise required by Code Section 706(b)), (b)
deliver (or cause to be delivered) to each Residual Interest Holder and each
Certificateholder, such information as may be required by the Code, the Internal
Revenue Service and applicable Treasury Regulations to enable each Residual
Interest Holder and each Certificateholder to prepare its federal, State and
local income tax returns, and (c) file or cause to be filed such tax returns
relating to the Trust provided to it in execution form, and pursuant to
direction of BVAC make such elections, except Form 8832, as may from time to
time be requested in connection with any applicable State, federal or local
statute or rule or regulation thereunder. The Owner Trustee shall make all
elections pursuant to this Section as directed in

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writing by BVAC. The Owner Trustee shall sign all tax information returns
provided to it in execution form pursuant to this Section and any other returns
as may be requested by BVAC, and in doing so shall rely entirely upon, and shall
have no liability for information provided by, or calculations provided by,
BVAC. The Trust shall comply with the provisions in Section 9.09 related to
elections under Sections 754 and 1278 of the Code.

     SECTION 15.04 Signature on Returns; Tax Matters Partner.

          (a) The Owner Trustee shall sign on behalf of the Trust the tax
     returns of the Trust, if any, unless applicable law requires a Residual
     Interest Holder to sign such documents, in which case, as provided in
     Section 9.09 hereof such documents shall be signed by BVAC (or the
     successor Residual Interest Holder holding the largest percentage interest
     in the partnership) as "tax matter partner."

          (b) The Residual Interest Holders and the Certificateholders hereby
     elect BVAC (or the successor Residual Interest Holder holding the largest
     percentage interest in the partnership) as the "tax matters partner" of the
     Trust pursuant to Section 6231 of the Code and the Treasury Regulations
     promulgated thereunder.

     SECTION 15.05 Owner Trustee's Certificate. On or as soon as practicable
after each Payment Date on which Receivables shall be (i) assigned to BVAC
pursuant to Section 7.02 hereof or deemed to be assigned to the Transferor as a
result of the application of Available Funds in respect of Charged-Off
Receivables pursuant to Sections 9.05 hereof or (ii) assigned to the Servicer
pursuant to Section 8.10 hereof or to the Servicer or any other Person
designated by the Servicer pursuant to Section 16.02 hereof, the Owner Trustee
shall, at the written request of the Servicer, execute an Owner Trustee's
Certificate, substantially in the form of, in the case of an assignment to BVAC,
Exhibit A, or, in the case of an assignment to the Servicer, Exhibit B, based on
the information contained in the Servicer's Certificate for the related
Collection Period, amounts deposited to the Collection Account, and notices
received pursuant to this Agreement, identifying the Receivables repurchased or
deemed to be repurchased by BVAC pursuant to Sections 7.02 or 8.08 hereof or
purchased by the Servicer pursuant to Section 8.10 or the Servicer or any other
Person designated by the Servicer pursuant to Section 16.02 during such
Collection Period, and shall deliver such Owner Trustee's Certificate,
accompanied by a copy of the Servicer's Certificate for such Collection Period
to BVAC or the Servicer, as the case may be, with a copy to the Indenture
Trustee. The Owner Trustee's Certificate shall be an assignment pursuant to
Section 15.06 hereof.

     SECTION 15.06 Trust's Assignment of Purchased Receivables. With respect to
each Receivable repurchased by BVAC pursuant to Section 7.02 hereof, or deemed
to be so repurchased pursuant to Section 8.08 hereof, purchased by the Servicer
pursuant to Section 8.10 hereof or the Servicer or any other Person designated
by the Servicer pursuant to Section 16.02 hereof, the Trust shall assign, as of
the last day of the Collection Period during which such Receivable became a
Charged-Off Receivable or became subject to repurchase by BVAC or purchase by
the Servicer or such other Person, without recourse, representation, or
warranty, to BVAC, the Servicer or such other Person (as the case may be) all
the Trust's right, title, and interest in and to such Receivables, and all
security and documents relating thereto, such assignment being an assignment
outright and not for security. If in any enforcement suit or legal

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proceeding it shall be held that the Servicer may not enforce a Receivable on
the ground that it shall not be a real party in interest or a holder entitled to
enforce the Receivable, the Owner Trustee shall, at BVAC's expense, take such
steps as the Owner Trustee deems necessary to enforce the Receivable, including
bringing suit in its name and/or the name of the Indenture Trustee.

     SECTION 15.07 Certain Matters Affecting the Owner Trustee. Except as
otherwise provided in Section 15.01:

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

               (ii) The Owner Trustee may consult with counsel and any written
          advice or Opinion of Counsel shall be full and complete authorization
          and protection in respect of any action taken or suffered or omitted
          by it under this Agreement in good faith and in accordance with such
          written advice or Opinion of Counsel.

               (iii) The Owner Trustee shall be under no obligation to exercise
          any of the rights or powers vested in it by this Agreement, or to
          institute, conduct, or defend any litigation under this Agreement or
          in relation to this Agreement, at the request, order, or direction of
          the Instructing Party pursuant to the provisions of this Agreement,
          unless such Instructing Party shall have offered to the Owner Trustee
          reasonable security or indemnity reasonably satisfactory to the Owner
          Trustee against the costs, expenses, and liabilities that may be
          incurred therein or thereby. Nothing contained in this Agreement,
          however, shall relieve the Owner Trustee of the obligations, upon the
          occurrence of an Event of Servicer Default (that shall not have been
          cured), to exercise such of the rights and powers vested in it by this
          Agreement, and to use the same degree of care and skill in their
          exercise as a prudent man would exercise or use under the
          circumstances in the conduct of his own affairs.

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

               (v) Prior to the occurrence of an Event of Servicer Default and
          after the curing of all Events of Servicer Default that may have
          occurred, the Owner Trustee shall not be bound to make any
          investigation into the facts of matters stated in any resolution,
          certificate, statement, instrument, opinion, report, notice, request,
          consent, order, approval, bond, or other paper or document, unless
          requested in writing to do so by the Indenture Trustee or holders of
          Notes evidencing not less than 25% of the outstanding principal
          balance of the Notes;

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          provided, however, that if the payment within a reasonable time to the
          Owner Trustee of the costs, expenses, or liabilities likely to be
          incurred by it in the making of such investigation shall be, in the
          reasonable business judgment of the Owner Trustee, not reasonably
          assured to the Owner Trustee by the security afforded to it by the
          terms of this Agreement, the Owner Trustee may require reasonable
          indemnity against such cost, expense, or liability as a condition to
          so proceeding. The reasonable expense of every such examination shall
          be paid by BVAC, as initial Servicer, or, if paid by the Owner
          Trustee, shall be reimbursed by BVAC, as initial Servicer, upon
          demand. Nothing in this clause (v) shall affect the obligation of the
          Servicer to observe any applicable law prohibiting disclosure of
          information regarding the Obligors.

               (vi) The Owner Trustee may execute any of the trusts or powers
          hereunder or perform any duties under this Agreement either directly
          or by or through agents or attorneys or a custodian. The Owner Trustee
          shall not be responsible for any misconduct or negligence solely
          attributable to the acts or omissions of the Servicer in its capacity
          as Servicer or custodian or the Administrator.

               (vii) The Owner Trustee shall have no duty of independent
          inquiry, except as may be required by Section 15.01 hereof, and the
          Owner Trustee may rely upon the representations and warranties and
          covenants of the Transferor and the Servicer contained in this
          Agreement with respect to the Receivables and the Receivable Files.

     SECTION 15.08 Owner Trustee Not Liable for the Residual Interest,
Certificates or Receivables. The recitals contained herein and in the
Certificates (other than the certificate of authentication on a Certificate)
shall be taken as the statements of the Transferor or the Servicer, as the case
may be, and the Owner Trustee assumes no responsibility for the correctness
thereof. The Owner Trustee shall make no representations as to the validity or
sufficiency of this Agreement or of the Certificates (other than the certificate
of authentication on a Certificate), or of any Receivable or related document.
The Owner Trustee shall at no time have any responsibility or liability for or
with respect to the legality, validity, and enforceability of any security
interest in any Financed Vehicle or any Receivable, or the perfection and
priority of such a security interest or the maintenance of any such perfection
and priority, or for or with respect to the efficacy of the Trust or its ability
to generate the payments to be distributed to the Residual Interest Holders, the
Certificateholders or the Noteholders under this Agreement or the Indenture,
including, without limitation: the existence, condition, location, and ownership
of any Financed Vehicle; the existence and enforceability of any physical damage
insurance, lender's single interest insurance, or credit life or disability and
hospitalization insurance with respect to any Receivable; the existence and
contents of any Receivable or any computer or other record thereof; the validity
of the assignment of any Receivable to the Trust or of any intervening
assignment; the completeness of any Receivable; the performance or enforcement
of any Receivable; the compliance by the Transferor or the Servicer with any
warranty or representation made under this Agreement or in any related document
and the accuracy of any such warranty or representation prior to the Owner
Trustee's receipt of notice or other discovery of any noncompliance therewith or
any breach thereof; any investment of monies by the Servicer or any

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loss resulting therefrom (it being understood that the Owner Trustee shall
remain responsible for any Trust Property that it may hold); the acts or
omissions of the Transferor, the Servicer, or any Obligor; an action of the
Servicer taken in the name of the Owner Trustee; or any action by the Owner
Trustee taken at the instruction of the Servicer; provided, however, that the
foregoing shall not relieve the Owner Trustee of its obligation to perform its
duties under this Agreement. Except with respect to a claim based on the failure
of the Owner Trustee to perform its duties under this Agreement or based on the
Owner Trustee's negligence or willful misconduct, no recourse shall be had for
any claim based on any provision of this Agreement, the Certificateholders, the
Residual Interest Holders or the Noteholders, or any Receivable or assignment
thereof against the Owner Trustee in its individual capacity, the Owner Trustee
shall not have any personal obligation, liability, or duty whatsoever to any
Certificateholder, any Residual Interest Holders or the Noteholders or any other
Person with respect to any such claim, and any such claim shall be asserted
solely against the Trust or any indemnitor who shall furnish indemnity as
provided in this Agreement. The Owner Trustee shall not be accountable for the
use or application by the Transferor of any Certificate, Residual Interest or
Notes or of the proceeds thereof, or for the use or application of any funds
paid to the Transferor or the Servicer in respect of the Receivables.

     SECTION 15.09 Owner Trustee May Own Notes. The Owner Trustee in its
individual or any other capacity may become the owner or pledgee of Notes with
the same rights as it would have if it were not Owner Trustee.

     SECTION 15.10 Owner Trustee's and Indenture Trustee's Fees and Expenses;
Indemnification.

          (a) In accordance with the priorities set forth in Section 8.05(a) of
     the Indenture, the Owner Trustee shall receive as compensation for its
     services hereunder the Owner Trustee Fee, and the Owner Trustee shall be
     entitled to be reimbursed in accordance with such priorities for its other
     reasonable expenses incurred hereunder, including the reasonable
     compensation, expenses and disbursements of such agents, representatives,
     experts and counsel as the Owner Trustee may employ in connection with the
     exercise and performance of its rights and its duties hereunder and under
     the Basic Documents, and the Servicer shall pay or reimburse the Owner
     Trustee upon its request for all reasonable expenses, disbursements, and
     advances (including the reasonable compensation and the expenses and
     disbursements of its counsel and of all persons not regularly in its
     employ) incurred or made by the Owner Trustee in accordance with any
     provisions of this Agreement and the Indenture, except any such expense,
     disbursement, or advance as may be attributable to its willful misconduct,
     negligence, or bad faith. Any amounts paid to the Owner Trustee pursuant to
     this Section 15.10 shall be deemed not to be a part of the Trust Property
     immediately after such payment. The Servicer shall indemnify the Owner
     Trustee (which, for purposes of this section, shall include its directors,
     officers, employees, and agents) for and hold it harmless against any loss,
     liability, or expense incurred without willful misconduct, negligence, or
     bad faith on its part, arising out of or in connection with the acceptance
     or administration of the Trust, including the reasonable costs and expenses
     of defending itself against any claim or liability in connection with the
     exercise or performance of any of its powers or duties under this Agreement
     and any Basic Document to which it is a

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     party on behalf of the Trust. The Servicer shall pay the fees and expenses
     of the Administrator under the Administration Agreement; provided, however,
     that the Servicer shall only be required to pay the reasonable fees and
     expenses of any successor Administrator or such other fees agreed to in
     writing by the Servicer and BVAC. Additionally, the Transferor, pursuant to
     Section 12.02 and subject to the limitations set forth therein, and the
     Servicer, pursuant to Section 13.02, respectively, shall indemnify the
     Owner Trustee with respect to certain matters. The indemnities of this
     paragraph shall survive the termination of this Agreement and the Indenture
     or the termination of the Trust and the resignation or removal of the Owner
     Trustee.

          (b) The Servicer hereby agrees to pay or reimburse the fees and
     reasonable expenses of the Indenture Trustee as provided in Section 6.07 of
     the Indenture.

          (c) No successor Servicer (including the Back-up Servicer) shall be
     obligated to make any payments or indemnities required by this Section
     15.10 and instead the Owner Trustee and the Indenture Trustee shall receive
     such amounts, to the extent of Available Funds on each Payment Date, in the
     priorities set forth in Section 8.05(a) of the Indenture.

     SECTION 15.11 Eligibility Requirements for Owner Trustee. The Owner Trustee
under this Agreement shall at all times be a corporation (i) having an office in
the same State as the location of the Corporate Trust Office as specified in
this Agreement; (ii) organized and doing business under the laws of such State
or the United States of America; (iii) authorized under such laws to exercise
corporate trust powers; (iv) having a net worth of at least $50,000,000; (v)
subject to supervision or examination by federal or State authorities; and (vi)
the long-term unsecured debt of which is rated at least A2 by Moody's and A by
Standard & Poor's or which satisfies the Rating Agency Condition. If such
corporation shall publish reports of condition at least annually, pursuant to
law or to the requirements of the aforesaid supervising or examining authority,
then for the purpose of this Section 15.11, the combined capital and surplus of
such corporation shall be deemed to be its combined capital and surplus as set
forth in its most recent report of condition so published. In case at any time
the Owner Trustee shall cease to be eligible in accordance with the provisions
of this Section 15.11, the Owner Trustee shall resign immediately in the manner
and with the effect specified in Section 15.12 hereof.

     SECTION 15.12 Resignation or Removal of Owner Trustee. The Owner Trustee
may at any time resign and be discharged from the trusts hereby created by
giving written notice thereof to the Servicer. Upon receiving such notice of
resignation, the Servicer (or if Back-up Servicer is then acting as Servicer,
the Indenture Trustee), shall promptly appoint a successor Owner Trustee, by
written instrument, in duplicate, one copy of which instrument shall be
delivered to the resigning Owner Trustee and one copy to the successor Owner
Trustee. If no successor Owner Trustee shall have been so appointed and have
accepted appointment within 30 days after the giving of such notice of
resignation, the resigning Owner Trustee may petition any court of competent
jurisdiction for the appointment of a successor Owner Trustee.

     If at any time the Owner Trustee shall cease to be eligible in accordance
with the provisions of Section 15.11 hereof and shall fail to resign after
written request therefor by the Servicer, or if at any time the Owner Trustee
shall be legally unable to act, or shall be adjudged

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bankrupt or insolvent, or a receiver of the Owner Trustee or of its property
shall be appointed, or any public officer shall take charge or control of the
Owner Trustee or of its property or affairs for the purpose of rehabilitation,
conservation, or liquidation, then the initial Servicer (or if the Back-up
Servicer is then acting as Servicer, the Majority Controlling Noteholders) may
remove the Owner Trustee. If it shall remove the Owner Trustee under the
authority of the immediately preceding sentence, the initial Servicer (or if the
Back-up Servicer is then acting as Servicer, the Majority Controlling
Noteholders) shall promptly appoint a successor Owner Trustee by written
instrument, in duplicate, one copy of which instrument shall be delivered to the
Owner Trustee so removed and one copy to the successor Owner Trustee.

     Any resignation or removal of the Owner Trustee and appointment of a
successor Owner Trustee pursuant to any of the provisions of this Section 15.12
shall not become effective until acceptance of appointment by the successor
Owner Trustee pursuant to Section 15.13 hereof.

     SECTION 15.13 Successor Owner Trustee. Any successor Owner Trustee
appointed pursuant to Section 15.12 hereof shall execute, acknowledge, and
deliver to the Servicer and to the predecessor Owner Trustee an instrument
accepting such appointment under this Agreement, and thereupon the resignation
or removal of the predecessor Owner Trustee shall become effective and such
successor Owner Trustee, without any further act, deed, or conveyance, shall
become fully vested with all the rights, powers, duties, and obligations of its
predecessor under this Agreement, with like effect as if originally named as
Owner Trustee. Any successor Owner Trustee appointed hereunder shall file an
amendment to the Certificate of Trust with the Delaware Secretary of State
reflecting the name and principal place of business of such successor Owner
Trustee in the State of Delaware. The predecessor Owner Trustee shall deliver to
the successor Owner Trustee all documents and statements held by it under this
Agreement; and the Servicer and the predecessor Owner Trustee shall execute and
deliver such instruments and do such other things as may reasonably be required
for fully and certainly vesting and confirming in the successor Owner Trustee
all such rights, powers, duties, and obligations.

     No successor Owner Trustee shall accept appointment as provided in this
Section 15.13 unless at the time of such acceptance such successor Owner Trustee
shall be eligible pursuant to Section 15.11 hereof.

     Upon acceptance of appointment by a successor Owner Trustee pursuant to
this Section 15.13, the Servicer shall mail notice of the successor of such
Owner Trustee under this Agreement to the Indenture Trustee, to each Residual
Interest Holder at its address as shown in the Residual Interest Registrar and
to each Certificateholder at its address as shown in the Certificate Register.
If the Servicer shall fail to mail such notice within 10 days after acceptance
of appointment by the successor Owner Trustee, the successor Owner Trustee shall
cause such notice to be mailed at the expense of the Servicer (or if BVAC is no
longer the Servicer, the Owner Trustee shall be reimbursed for such expenses in
accordance with the priorities set forth in Section 8.05(a) of the Indenture).

     SECTION 15.14 Merger or Consolidation of Owner Trustee. Any corporation
into which the Owner Trustee may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion, or
consolidation to which the Owner Trustee shall be a party, or any corporation
succeeding to all or substantially all of the corporate

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trust business of the Owner Trustee, shall be the successor of the Owner Trustee
hereunder, provided such corporation shall be eligible pursuant to Section 15.11
hereof, without the execution or filing of any instrument or any further act on
the part of any of the parties hereto, anything herein to the contrary
notwithstanding.

     SECTION 15.15 Appointment of Co-Trustee or Separate Owner Trustee.
Notwithstanding any other provisions of this Agreement, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any part
of the Trust or any Financed Vehicle may at the time be located, the Servicer
(or if the Back-up Servicer is then acting as Servicer, the Majority Controlling
Noteholders) and the Owner Trustee acting jointly shall have the power and shall
execute and deliver all instruments to appoint one or more Persons approved by
the Owner Trustee to act as co-trustee, jointly with the Owner Trustee, or
separate trustee or separate trustees, of all or any part of the Trust, and to
vest in such Person, in such capacity and for the benefit of the Residual
Interest Holders and the Certificateholders, such title to the Trust, or any
part thereof, and, subject to the other provisions of this Section 15.15, such
powers, duties, obligations, rights, and trusts as the Servicer and the Owner
Trustee may consider necessary or desirable. If the Servicer shall not have
joined in such appointment within 15 days after the receipt by it of a request
so to do, or in the case an Event of Servicer Default shall have occurred and be
continuing or the Back-up Servicer is then acting as Servicer, the Owner Trustee
alone shall have the power to make such appointment. No co-trustee or separate
trustee under this Agreement shall be required to meet the terms of eligibility
as a successor Owner Trustee pursuant to Section 15.11 hereof and no notice to
the Residual Interest Holders or the Certificateholders of the appointment of
any co-trustee or separate trustee shall be required pursuant to Section 15.13
hereof.

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

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

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

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

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

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

     SECTION 15.16 Representations and Warranties of Owner Trustee. The Owner
Trustee makes the following representations and warranties on which the
Transferor, the Residual Interest Holders, the Certificateholders and the
Secured Parties may rely:

          (a) Organization and Existence. The Owner Trustee is a national
     banking corporation duly organized and validly existing under the laws of
     the State of Delaware and authorized to engage in a banking and trust
     business under such laws.

          (b) Power and Authority. The Owner Trustee has full power, authority,
     and legal right to execute, deliver, and perform this Agreement, and shall
     have taken all necessary action to authorize the execution, delivery, and
     performance by it of this Agreement.

          (c) Duly Executed. This Agreement has been duly executed and delivered
     by the Owner Trustee and constitutes the legal, valid, and binding
     agreement of the Owner Trustee, enforceable in accordance with its terms,
     except as such enforceability may be limited by (i) bankruptcy, insolvency,
     liquidation, reorganization, moratorium, conservatorship, receivership or
     other similar laws now or hereinafter in effect relating to the enforcement
     of creditors' rights in general, as such laws would apply in the event of a
     bankruptcy, insolvency, liquidation, reorganization, moratorium,
     conservatorship, receivership or similar occurrence affecting the Owner
     Trustee, and (ii) general principles of equity (regardless of whether such
     enforceability is considered in a proceeding in equity or at law) as well
     as concepts of reasonableness, good faith and fair dealing.

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                                   ARTICLE XVI

                                   TERMINATION

     SECTION 16.01 Termination of the Trust.

          (a) The respective obligations and responsibilities of the Transferor,
     the Servicer, the Back-up Servicer, the Indenture Trustee and the Owner
     Trustee created hereby shall terminate and the Trust created by this
     Agreement shall dissolve upon (i) written notice to the Owner Trustee from
     the Servicer (or if Back-up Servicer is then acting Servicer, the
     Transferor) at any time after the disposition of the Trust corpus as of the
     last day of any Collection Period at the direction of the Servicer, at its
     option, pursuant to Section 16.02 hereof, or (ii) the payment to all
     Noteholders and the Certificateholders of all amounts required to be paid
     to them pursuant to this Agreement and the Indenture and the disposition of
     all property held as part of the Trust; provided, however, that in no event
     shall the trust created by this Agreement continue beyond the expiration of
     21 years from the date as of which this Agreement is executed. The Servicer
     shall promptly notify the Owner Trustee and the Indenture Trustee in
     writing of any prospective termination pursuant to this Section 16.01.

          (b) Neither the Transferor nor any Certificateholder nor any Residual
     Interest Holder shall be entitled to revoke or terminate the Trust.

          (c) Notice of any termination of the Trust, specifying the Payment
     Date upon which the Certificateholders shall surrender its Certificates to
     the Indenture Trustee, as paying agent who shall then surrender such
     Certificates to the Owner Trustee for cancellation, shall be given by the
     Owner Trustee by letter to the Certificateholders mailed within five (5)
     Business Days of receipt of notice of such termination from the Transferor
     or Servicer, as the case may be, given pursuant to this Section 16.01
     stating (i) the Payment Date upon or with respect to which final payment of
     the Certificates shall be made upon presentation and surrender of the
     Certificates at the office of the Indenture Trustee therein designated,
     (ii) the amount of any such final payment and (iii) that the Record Date
     otherwise applicable to such Payment Date is not applicable, payments being
     made only upon presentation and surrender of the Certificates at the office
     of the Owner Trustee therein specified. The Owner Trustee shall give such
     notice to the Certificate Registrar and the Residual Interest Registrar (if
     other than the Owner Trustee), and the Indenture Trustee at the time such
     notice is given to the Certificateholders. Upon presentation and surrender
     of the Certificates to the Owner Trustee, the Indenture Trustee shall cause
     to be distributed to the Certificateholders and to the Residual Interest
     Holders amounts distributable on such Payment Date pursuant to Section
     16.02.

          In the event that a Certificateholder shall not surrender its
     Certificate for cancellation within six (6) months after the date specified
     in the above-mentioned written notice, the Owner Trustee shall give a
     second written notice to such Certificateholder to surrender its
     Certificates for cancellation and receive the final distribution with
     respect thereto. If within one (1) year after the second notice, such
     Certificates shall not have been surrendered for cancellation, any funds
     remaining in the Trust after exhaustion of

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     such remedies shall be distributed, subject to applicably escheat laws, by
     the Indenture Trustee to the Transferor and such Certificateholder shall
     look solely to the Transferor for payment.

          (d) Any funds remaining in the Trust, after funds for final
     distribution have been distributed or set aside for distribution and
     reasonable provision has been made for known claims and obligations of the
     Trust, shall be distributed to the Certificateholder to the extent the
     Certificateholder is entitled to receive such funds pursuant to Section
     8.05 of the Indenture, and then the Residual Interest Holders.

          (e) Upon dissolution and the winding up of the Trust pursuant to
     Section 16.01(a) hereof, the Owner Trustee shall cause the Certificate of
     Trust to be canceled by filing a certificate of cancellation with the
     Secretary of State in accordance with the provisions of Section 3810 of the
     Delaware Statutory Trust Act.

     SECTION 16.02 Optional Disposition of All Receivables. On any Payment Date
(after giving effect to any payments to be made on such Payment Date) on which
the aggregate Principal Balance of the Receivables will be equal to or less than
15% of the Original Pool Balance, the Servicer shall have the option to cause
the Owner Trustee to sell (to the Servicer or any other person designated by the
Servicer) the corpus of the Trust at the Redemption Price. Any such purchase
will be effective as of the end of the Collection Period which relates to the
Payment Date on which the repurchase occurs. The proceeds of such sale will be
deposited into the Collection Account for distribution in accordance with
Section 8.05 of the Indenture on the next succeeding Payment Date. The Servicer
shall notify the Owner Trustee and the Indenture Trustee on or before the
Determination Date if the aggregate Principal Balance as of the related Payment
Date (after giving effect to any payments to be made on such Payment Date) will
be less than or equal to 15% of the Original Pool Balance. The Servicer shall
notify the Owner Trustee and the Indenture Trustee in writing on or before the
applicable Determination Date if the Servicer intends to exercise its option to
purchase the corpus of the Trust pursuant to this Section 16.02. Such Redemption
Price shall be deposited to the Collection Account in immediately available
funds by 11:00 a.m., New York City time, on the Payment Date and, upon notice to
the Owner Trustee and the Indenture Trustee of such deposit, whereupon the
Notes, the Residual Interest and the Certificates shall no longer evidence any
right or interest in the Receivables or any proceeds thereof. The fair market
value of the outstanding Receivables for purposes of this Section 16.02 shall be
an amount equal to the average of the bid prices for such assets taken as a
whole, provided to the Servicer by two independent, nationally recognized
dealers in automobile loans substantially similar to the Receivables.

                                  ARTICLE XVII

                            MISCELLANEOUS PROVISIONS

     SECTION 17.01 Amendment.

          (a) This Agreement may be amended from time to time by the Issuer, the
     Transferor, the Servicer, the Back-up Servicer, the Owner Trustee and the
     Indenture Trustee with the consent of the Majority Controlling Noteholders
     (which consent given

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     pursuant to this Section or pursuant to any other provision of this
     Agreement shall be conclusive and binding on such Holders and on all future
     Holders of such Notes and of any Notes issued upon the transfer thereof or
     in exchange thereof or in lieu thereof whether or not notation of such
     consent is made upon the Notes) for the purpose of adding any provisions to
     or changing in any manner or eliminating any of the provisions of this
     Agreement, or of modifying in any manner the rights of the Holders of
     Notes; provided, however, that no such amendment shall (a) increase or
     reduce in any manner the amount of, or accelerate or delay the timing of,
     or change the allocation or priority of, collections of payments on
     Receivables or payments that shall be required to be made on any Note, the
     Residual Interest or Certificate or change the applicable interest rate
     payable on any Note, the Residual Interest or Certificate or the
     Certificate Pass Through Rate without the consent of each Noteholder,
     Residual Interest Holder and Certificateholder affected thereby and the
     satisfaction of the Rating Agency Condition, (b) reduce the aforesaid
     percentage of the Note Balance required to consent to any such amendment,
     without the consent of the Holders of all Notes then outstanding or
     eliminate the right of the Noteholders, the Residual Interest Holder or the
     Certificateholders to consent to any change described in clause (a)
     affecting the Noteholders, the Residual Interest Holder or the
     Certificateholders without the consent of the Noteholders, the Residual
     Interest Holder or the Certificateholders, as applicable, or (c) result in
     a downgrade or withdrawal of the then current rating of the Notes by either
     of the Rating Agencies without the consent of all the Noteholders;
     provided, further that this Agreement may be amended from time to time by
     the Issuer, the Transferor, the Servicer, the Back-up Servicer, the Owner
     Trustee and the Indenture Trustee for any of the following purposes:

               (x) to correct or amplify the description of any property at any
     time conveyed to the Issuer hereunder, or better to assure, convey and
     confirm unto the property conveyed pursuant hereto;

               (y) to add to the covenants of the Transferor, BVAC, the Servicer
     or the Back-up Servicer for the benefit of the Holders of the Notes, or

               (z) to cure any ambiguity, to correct or supplement any provision
     herein which may be inconsistent with any other provision herein or to make
     any other provisions with respect to matters or questions arising under
     this Agreement; provided that such action pursuant to this subclause (z)
     shall not adversely affect in any material respect the interests of the
     Holders of the Notes, as evidenced by satisfaction of the Rating Agency
     Condition.

          (b) The Owner Trustee shall furnish prior notice of any such proposed
     amendment to each Rating Agency and promptly after the execution of any
     such amendment or consent, the Indenture Trustee shall furnish a copy of
     such amendment and/or consent, if applicable, to each Noteholder, and each
     of the Rating Agencies.

          (c) Prior to the execution of any amendment to this Agreement, the
     Owner Trustee and the Indenture Trustee shall be entitled to receive and
     rely upon an Opinion of Counsel stating that the execution of such
     amendment is authorized or permitted by this

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     Agreement and the Opinion of Counsel referred to in Section 17.02(i)(l)
     hereof and an Opinion of Counsel stating that such amendment will not cause
     adverse tax consequences to the Trust, any Certificates, the Residual
     Interest or any Noteholder. The Indenture Trustee may, but shall not be
     obligated to, enter into any such amendment which affects the Indenture
     Trustee's own rights, duties or immunities under this Agreement or
     otherwise.

          (d) [Reserved].

          (e) [Reserved].

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

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

     SECTION 17.02 Protection of Title to Trust.

          (a) Each of the Transferor and BVAC, as to itself, shall file such
     financing statements and cause to be 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 Noteholders, to the
     extent expressly set forth herein or the other Basic Documents, and the
     Indenture Trustee in the Receivables and in the proceeds thereof and the
     sale of accounts and chattel paper. Each of the Transferor and BVAC, as to
     itself, shall deliver (or cause to be delivered) to the Indenture Trustee
     file-stamped copies of, or filing receipts for, any document filed as
     provided above, as soon as available following such filing.

          (b) Neither BVAC nor the Transferor shall change its name, identity,
     or corporate structure in any manner that would, could, or might make any
     financing statement or continuation statement filed by the Transferor or
     BVAC in accordance with paragraph (a) above seriously misleading within the
     meaning of Section 9-507 of the UCC, unless it shall have given the
     Indenture Trustee at least 60 days' prior written notice thereof and shall
     have promptly filed appropriate amendments to all previously filed
     financing statements or continuation statements and shall have delivered an
     Opinion of Counsel (A) stating that, in the opinion of such counsel, all
     amendments to all previously filed financing statements and continuation
     statements have been executed and filed that are necessary fully to
     preserve and protect the interest of the Indenture Trustee in the
     Receivables and the other Trust Property, and reciting the details of such
     filings or

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     (B) stating that, in the opinion of such counsel, no such action shall be
     necessary to preserve and protect such interest.

          (c) Each of the Transferor and BVAC shall give the Indenture Trustee
     at least 60 days' prior written notice of any relocation of its principal
     executive office, or State of incorporation, if, as a result of such
     relocation, the applicable provisions of the UCC would require the filing
     of any amendment of any previously filed financing or continuation
     statement or of any new financing statement and shall promptly file any
     such amendment and shall have delivered an Opinion of Counsel (A) stating
     that, in the opinion of such counsel, all amendments to all previously
     filed financing statements and continuation statements have been executed
     and filed that are necessary fully to preserve and protect the interest of
     the Indenture Trustee in the Receivables and the other Trust Property, and
     reciting the details of such filings or (B) stating that, in the opinion of
     such counsel, no such action shall be necessary to preserve and protect
     such interest. The Servicer shall at all times maintain each office from
     which it shall service Receivables, and its principal executive office,
     within the United States of America.

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

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

          (f) If at any time BVAC or the Transferor or the Servicer shall
     propose to sell, grant a security interest in, or otherwise transfer any
     interest in automotive receivables to any prospective purchaser, lender, or
     other transferee, the Servicer shall give to such prospective purchaser,
     lender, or other transferee computer tapes, records, or print-outs
     (including any restored from back-up archives) that, if they shall refer in
     any manner whatsoever to any Receivable, shall indicate clearly (including
     by means of tagging) that such Receivable has been sold and is owned by the
     Trust and pledged to the Indenture Trustee.

          (g) Upon reasonable prior notice, the Servicer shall permit the
     Indenture Trustee, the Owner Trustee and their respective agents at any
     time during normal business hours to inspect, audit, and make copies of and
     abstracts from the Servicer's records regarding any Receivable provided,
     that such inspection and audit shall not unreasonably interfere with the
     Servicer's daily business operations.

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

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

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

          (2)  within 90 days after the beginning of each calendar year
               beginning with the first calendar year beginning more than three
               months after the Cut-off Date, an Opinion of Counsel, dated as of
               a date during such 90-day period, either (A) stating that, in the
               opinion of such counsel, all financing statements and
               continuation statements have been executed and filed that are
               necessary fully to preserve and protect the interest of the
               Indenture Trustee in the Receivables, and reciting the details of
               such filings or referring to prior Opinions of Counsel in which
               such details are given, or (B) stating that, in the opinion of
               such counsel, no such action shall be necessary to preserve and
               protect such interest. Such Opinion of Counsel shall also
               describe the execution and filing of any financing statements and
               continuation statements that will, in the opinion of such
               counsel, be required to preserve and protect the interest of the
               Indenture Trustee in the Receivables, until the end of such
               90-day period in the following calendar year.

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

          (j) If the Back-up Servicer is acting as the successor Servicer, it
     shall be reimbursed for any costs incurred by it in performing its duties
     pursuant to this Section.

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     SECTION 17.03 Limitation on Rights of Noteholders, the Residual Interest
Holders and the Certificateholders.

          (a) The death or incapacity of any Noteholder, Residual Interest
     Holder or Certificateholder shall not operate to terminate this Agreement
     or the Trust, nor entitle such Noteholder's, such Residual Interest
     Holder's or such Certificateholder's legal representatives or heirs to
     claim an accounting or to take any action or commence any proceeding in any
     court for a partition or winding up of the Trust, nor otherwise affect the
     rights, obligations, and liabilities of the parties to this Agreement or
     any of them.

          (b) No Noteholder shall have any right to vote (except as provided in
     this Agreement) or in any manner otherwise control the operation and
     management of the Trust, or the obligations of the parties to this
     Agreement except as expressly set forth herein, nor shall anything in this
     Agreement set forth, or contained in the terms of the Notes, be construed
     so as to constitute the Noteholders from time to time as partners or
     members of an association; nor shall any Noteholders be under any liability
     to any third person by reason of any action taken pursuant to any provision
     of this Agreement. No Noteholder shall have any right by virtue or by
     availing itself of any provisions of this Agreement to institute any suit,
     action, or proceeding in equity or at law upon or under or with respect to
     this Agreement, unless such Holder previously shall have given to the
     Indenture Trustee a written notice of default and of the continuance
     thereof, and unless also (i) the default arises from the Transferor's or
     the Servicer's failure to remit payments when due hereunder, or (ii) the
     Majority Controlling Noteholders shall have made written request upon the
     Indenture Trustee to institute such action, suit or proceeding in its own
     name as Indenture Trustee under this Agreement and such Holder shall have
     offered to the Indenture Trustee such reasonable indemnity as it may
     require against the costs, expenses, and liabilities to be incurred therein
     or thereby, and the Indenture Trustee, for 30 days after its receipt of
     such notice, request, and offer of indemnity, shall have neglected or
     refused to institute any such action, suit or proceeding and during such
     30-day period no request or waiver inconsistent with such written request
     has been given to the Indenture Trustee pursuant to this Section or Section
     13.04; no one or more Holders of Notes or the Certificates or the Residual
     Interest shall have any right in any manner whatever by virtue or by
     availing itself or themselves of any provisions of this Agreement to
     affect, disturb, or prejudice the rights of the Holders of any other of the
     Notes, the Residual Interest or the Certificates, or to obtain or seek to
     obtain priority over or preference to any other such Holder, or to enforce
     any right, under this Agreement except in the manner provided in this
     Agreement and for the equal, ratable, and common benefit of all
     Noteholders, Residual Interest Holders or Certificateholders, as
     applicable. For the protection and enforcement of the provisions of this
     Section, each Noteholder, each Residual Interest Holder, each
     Certificateholder and the Indenture Trustee shall be entitled to such
     relief as can be given either at law or in equity.

          (c) In the event the Indenture Trustee shall receive conflicting or
     inconsistent requests and indemnity from two or more groups of Holders of
     Securities, each representing less than the required amount of the
     Securities, the Trustee in its sole discretion may determine what action,
     if any, shall be taken, notwithstanding any other provisions of this
     Agreement.

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     SECTION 17.04 Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE AND THE OBLIGATIONS, RIGHTS,
AND REMEDIES OF THE PARTIES UNDER THIS AGREEMENT SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS AND WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES
(EXCEPT WITH REGARD TO THE UCC).

     SECTION 17.05 Notices. All demands, notices, and communications under this
Agreement shall be in writing, personally delivered, sent by facsimile or
electronic transmission to, sent by courier to or mailed by certified mail,
return receipt requested (except as otherwise indicated below), and shall be
deemed to have been duly given unless otherwise provided herein, upon receipt:

          (a) in the case of the Transferor, at the following address: Bay View
     Deposit Corporation, 1840 Gateway Drive, Suite 400, San Mateo, California
     94404, Attention: Tausha Wagner; at the following phone number: (650)
     312-6807; and at the following fax number (650) 573-6381.

          (b) in the case of the Servicer, at the following address: Bay View
     Acceptance Corporation, 1840 Gateway Drive, Suite 300, San Mateo,
     California 94404, Attention: Tausha Wagner; at the following phone number:
     (650) 312-6807; and at the following fax number (650) 573-6381.

          (c) in the case of the Owner Trustee at the following address: Bay
     View 2005-3 Owner Trust, c/o Wilmington Trust Company, Owner Trustee, Plaza
     Building, 1st Floor, 301 West 11th Street, Wilmington, Delaware 19890-0001,
     Attention: Corporate Trust Administration; at the following phone number
     (302) 636-6000, and at the following fax number (302) 636-4140;

          (d) in the case of the Indenture Trustee, at its Corporate Trust
     Office, Attention: Structured Finance - Bay View 2005-3;

          (e) in the case of the Back-up Servicer, at the following address:
     CenterOne Financial Services LLC, Attention: Ed Brown; at the following
     phone number (954) 596-3976; and at the following fax number (954)
     596-7713.

          (f) in the case of Moody's, all notices thereto via electronic
     delivery to ServicerReports@moodys.com, except for any information not
     available in electronic format, then to the following address in accordance
     with delivery instructions set forth above: at the following address: 99
     Church Street, New York, New York 10007 Attn: ABS Monitoring Department;

          (g) in the case of Standard & Poor's, all notices thereto via
     electronic delivery to Servicer_reports@sandp.com, except for any
     information not available in electronic format, then to the following
     address in accordance with delivery instructions set forth above: 55 Water
     Street, New York, New York 10041, Attention: Asset-Backed Surveillance
     Department;

                                       103

<PAGE>

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

     SECTION 17.06 Severability of Provisions. If any one or more of the
covenants, agreements, provisions, or terms of this Agreement shall be for any
reason whatsoever held invalid, then such covenants, agreements, provisions, or
terms shall be deemed severable from the remaining covenants, agreements,
provisions, or terms of this Agreement and shall in no way affect the validity
or enforceability of the other provisions of this Agreement or of the
Certificate or the Notes or the rights of the Holders or holders thereof.

     SECTION 17.07 Assignment. Notwithstanding anything to the contrary
contained herein, except as provided below or in Sections 12.03 and 13.03 hereof
and as provided in the provisions of this Agreement concerning the resignation
of the Servicer or the Back-up Servicer, this Agreement may not be assigned by
the Transferor, the Servicer or the Back-up Servicer without the prior written
consent of the Owner Trustee and the Majority Controlling Noteholders.

     SECTION 17.08 [Reserved].

     SECTION 17.09 Nonpetition Covenants. The Owner Trustee (in its individual
capacity and as Owner Trustee), by entering into this Agreement, each
Certificateholder, by accepting a Certificate, each Residual Interest Holder, by
accepting its interest in the Residual Interest, and the Indenture Trustee and
each Noteholder by accepting the benefits of this Agreement, hereby covenant and
agree that they will not at any time institute against the Transferor or the
Trust, or join in any institution against the Transferor or the Trust of, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings,
or other proceedings under any federal or State bankruptcy or similar law in
connection with any obligations relating to the Certificates, the Notes, this
Agreement or any of the Basic Documents. Without limiting the generality of the
foregoing, no such Person shall cooperate with or encourage any other Person to
take any of the actions that it would be prohibited from taking itself pursuant
to this Section 17.09.

     SECTION 17.10 No Recourse. (a) Each Certificateholder and each Residual
Interest Holder, by accepting a Certificates or an interest in the Residual
Interest, as applicable, acknowledges that such its Certificate or interest
represents a percentage beneficial interest in the assets of the Trust only and
does not represent an interest in or obligation of the Transferor, the Servicer,
the Back-up Servicer, BVAC, the Owner Trustee, the Indenture Trustee, the
Collateral Agent, the Custodian or any Affiliate thereof, and no recourse may be
had against such parties or their assets, except as may be expressly set forth
or contemplated in this Agreement, the Certificates or the Basic Documents.

(b) Each or the parties hereto acknowledges, and each Certificateholder and
Residual Interest Holder acknowledges by its acceptance of its interest in the
Certificate or the Residual Interest,

                                       104

<PAGE>

that (i) the Certificate and the Residual Interest are (x) obligations of the
Trust and not obligations of BVAC or the Depositor and (y) do not constitute a
claim against Bay View Acceptance Corporation or Bay View Deposit Corporation
should the cash flow from the Trust Assets be insufficient to repay either such
obligation in full, (ii) that neither it nor the Owner Trustee will have any
recourse with respect to any assets of the Transferor other the Trust Property
(collectively, the "Other Assets"), whether transferred by or through the
Transferor in connection with another securitization or otherwise and (iii) if,
notwithstanding the foregoing, the Certificateholder (in its capacity as such)
or Residual Interest Holder (in its capacity as such) were deemed to have an
interest in any asset of the Transferor that comprises any of the Other Assets
then such interest shall be subordinate to the interest of the holders of any
notes or other obligations that were issued in connection with such Other Asset.
This Agreement constitutes a subordination agreement for purposes of Section
510(a) of the Bankruptcy Code.

     SECTION 17.11 No Legal Title to Trust Property in Residual Interest Holders
or Certificateholders. Neither the Residual Interest Holders nor the
Certificateholders shall have legal title to any part of the Trust Property. The
Residual Interest Holders and the Certificateholders shall be entitled to
receive distributions only in accordance with the Indenture and this Agreement.
No transfer, by operation of law or otherwise, of any right, title or interest
of the Residual Interest Holders or the Certificateholders to and in its
ownership interest in the Trust Property shall operate to terminate this
Agreement or the trusts hereunder or entitle any transferee to an accounting or
to the transfer to it of legal title to any part of the Trust Property.

     SECTION 17.12 Further Assurances. The Transferor, the Servicer and the
Back-up Servicer agree to do and perform, from time to time, any and all acts
and to execute any and all further instruments required or reasonably requested
by the Indenture Trustee more fully to effect the purposes of this Agreement and
the other Basic Documents, including, without limitation, the execution of any
financing statements or continuation statements relating to the Receivables for
filing under the provisions of the UCC of any applicable jurisdiction.

     SECTION 17.13 No Waiver; Cumulative Remedies. No failure to exercise and no
delay in exercising, on the part of the Owner Trustee, the Noteholders, the
Residual Interest Holders or the Certificateholders, any right, remedy, power or
privilege hereunder, shall operate as a waiver thereof; nor shall any single or
partial exercise of any right, remedy, power or privilege hereunder preclude any
other or further exercise thereof or the exercise of any other right, remedy,
power or privilege. The rights, remedies, powers and privileges herein provided
are cumulative and not exhaustive of any rights, remedies, powers and privileges
provided by law.

     SECTION 17.14 Third-Party Beneficiaries. This Agreement will inure to the
benefit of and be binding upon the parties hereto, the Indenture Trustee, the
Noteholders, the Residual Interest Holders and the Certificateholders,
respectively, and their respective successors and permitted assigns. Except as
may be otherwise provided in this Agreement, no other person will have any right
or obligation hereunder. The Owner Trustee (including in its individual
capacity) is an express third party beneficiary of this Agreement.

                                       105

<PAGE>

     SECTION 17.15 Actions by Noteholders, Residual Interest Holders or
Certificateholders.

          (a) Wherever in this Agreement a provision states that an action may
     be taken or a notice, demand, or instruction given by Noteholders, by
     Residual Interest Holders or by Certificateholders, as the case may be,
     such action, notice, demand or instruction may be taken or given by any
     Noteholder, any Residual Interest Holder or any Certificateholder, unless
     such provision requires a specific percentage of Noteholders, Residual
     Interest Holders or Certificateholders, as the case may be.

          (b) Any request, demand, authorization, direction, notice, consent,
     waiver or other action provided by this Agreement to be taken or given by
     Noteholders, Residual Interest Holders or Certificateholders, as the case
     may be, may be embodied in and evidenced by one or more instruments of
     substantially similar tenor signed by such Noteholders, Residual Interest
     Holders or Certificateholders, as the case may be, in person or by an agent
     duly appointed in writing.

          (c) The fact and date of the execution by any Noteholder, any Residual
     Interest Holders or any Certificateholder of any instrument or writing may
     be proved in any reasonable manner which the Indenture Trustee deems
     sufficient.

          (d) Any request, demand, authorization, direction, notice, consent,
     waiver, or other act by a Noteholder, a Residual Interest Holder or a
     Certificateholder, as the case may be, shall bind such Noteholder, Residual
     Interest Holder or Certificateholder, as the case may be, and every
     subsequent holder of such Certificate, Residual Interest or Note issued
     upon the registration of transfer thereof or in exchange therefor or in
     lieu thereof in respect of anything done or omitted to be done by the
     Indenture Trustee, the Transferor, the Servicer or the Back-up Servicer in
     reliance thereon, whether or not notation of such action is made upon such
     Certificate, Residual Interest or Note.

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

     SECTION 17.16 Corporate Obligation. No recourse may be taken, directly or
indirectly, against any partner, incorporator, subscriber to the capital stock,
stockholder, director, officer or employee of the Transferor, the Servicer or
the Back-up Servicer with respect to their respective obligations and
indemnities under this Agreement or any certificate or other writing delivered
in connection herewith.

     SECTION 17.17 Covenant Not File a Bankruptcy Petition. The parties hereto
agree that until one year and one day after such time as the Notes issued under
the Indenture are paid in full, they shall not (i) institute the filing of a
bankruptcy petition against the Transferor or the Trust based upon any claim in
its favor arising hereunder or under the Basic Documents; (ii) file a petition
or consent to a petition seeking relief on behalf of the Transferor or the Trust
under the Bankruptcy Law; or (iii) consent to the appointment of a receiver,
liquidator, assignee, trustee, sequestrator (or similar official) of the
Transferor or the Trust or a substantial portion of the property of the
Transferor or the Trust. The parties hereto agree that all obligations of the
Issuer

                                       106

<PAGE>

and the Transferor are non-recourse to the Trust Property except as specifically
set forth in the Basic Documents.

     SECTION 17.18 Independence of the Servicer and Back-up Servicer. For all
purposes of this Agreement, each of the Servicer and Back-up Servicer shall be
an independent contractor and shall not be subject to the supervision of the
Trust, the Indenture Trustee or the Owner Trustee with respect to the manner in
which it accomplishes the performance of its obligations hereunder. Unless
expressly authorized by this Agreement, the Servicer and Back-up Servicer shall
have no authority to act for or represent the Issuer or the Owner Trustee in any
way and shall not otherwise be deemed an agent of the Issuer or the Owner
Trustee.

     SECTION 17.19 No Joint Venture. Nothing contained in this Agreement (i)
shall constitute the Servicer or the Back-up Servicer and either of the Trust or
the Owner Trustee as members of any partnership, joint venture, association,
syndicate, unincorporated business or other separate entity, (ii) shall be
construed to impose any liability as such on any of them or (iii) shall be
deemed to confer on any of them any express, implied or apparent authority to
incur any obligation or liability on behalf of the others.

     SECTION 17.20 Headings. The headings of articles and sections and the table
of contents contained in this Agreement are provided for convenience only. They
form no part of this Agreement and shall not affect its construction or
interpretation. Unless otherwise indicated, all references to articles and
sections in this Agreement refer to the corresponding articles and sections of
this Agreement.

     SECTION 17.21 Entire Agreement. This Agreement sets forth the entire
agreement between the parties with respect to the subject matter hereof, and
this Agreement supersedes and replaces any agreement or understanding that may
have existed between the parties prior to the date hereof in respect of such
subject matter.

     SECTION 17.22 Limitation of Liability of Owner Trustee. Notwithstanding
anything contained herein to the contrary, this Agreement has been countersigned
by Wilmington Trust Company not in its individual capacity but solely in its
capacity as Owner Trustee of the Issuer and in no event shall Wilmington Trust
Company in its individual capacity or, except as expressly provided in this
Agreement, as Owner Trustee, have any liability for the representations,
warranties, covenants, agreements or other obligations of the Issuer hereunder
or in any of the certificates, notices or agreements of the Issuer delivered
pursuant hereto, as to all of which recourse shall be had solely to the assets
of the Issuer. For all purposes of this Agreement, in the performance of its
duties or obligations hereunder or in the performance of any duties or
obligations of the Issuer hereunder, the Owner Trustee shall be subject to, and
entitled to the benefits of, the terms and provisions of this Agreement.

     SECTION 17.23 [Reserved].

     SECTION 17.24 Counterparts. For the purpose of facilitating the execution
of this Agreement and for other purposes, this Agreement may be executed in any
number of counterparts, each of which counterparts shall be deemed to be an
original, and all of which counterparts shall constitute but one and the same
instrument.

                                       107

<PAGE>

     SECTION 17.25 Consent to Jurisdiction.

          (a) TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE PARTIES
     HERETO HEREBY IRREVOCABLY SUBMIT TO THE JURISDICTION OF THE UNITED STATES
     DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND ANY COURT IN THE
     STATE OF NEW YORK LOCATED IN THE CITY AND COUNTY OF NEW YORK, AND ANY
     APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION, SUIT OR PROCEEDING BROUGHT
     AGAINST IT AND TO OR IN CONNECTION WITH ANY OF THE TRANSACTION DOCUMENTS OR
     THE TRANSACTION OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND THE
     PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREE THAT ALL CLAIMS
     IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD OR DETERMINED IN
     SUCH NEW YORK STATE COURT OR IN SUCH FEDERAL COURT. THE PARTIES HERETO
     AGREE THAT A FINAL JUDGMENT IN ANY SUCH ACTION, SUIT OR PROCEEDING SHALL BE
     CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE
     JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. TO THE EXTENT PERMITTED BY
     APPLICABLE LAW, THE PARTIES HERETO HEREBY WAIVE AND AGREE NOT TO ASSERT BY
     WAY OF MOTION, AS A DEFENSE OR OTHERWISE IN ANY SUCH SUIT, ACTION OR
     PROCEEDING, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION
     OF SUCH COURTS, THAT THE SUIT, ACTION OR PROCEEDING IS BROUGHT IN AN
     INCONVENIENT FORUM, THAT THE VENUE OF THE SUIT, ACTION OR PROCEEDING IS
     IMPROPER OR THAT THE RELATED DOCUMENTS OR THE SUBJECT MATTER THEREOF MAY
     NOT BE LITIGATED IN OR BY SUCH COURTS.

          (b) To the extent permitted by applicable law, the parties hereto
     shall not seek and hereby waive the right to any review of the judgment of
     any such court by any court of any other nation or jurisdiction which may
     be called upon to grant an enforcement of such judgment.

          (c) Each of the Transferor and BVAC, so long as it is the Servicer,
     hereby agree that until such time as the Notes have been paid in full, each
     of the Transferor and BVAC shall have appointed an agent registered with
     the Secretary of State of the State of New York, with an office in the
     County of New York in the State of New York, as its true and lawful
     attorney and duly authorized agent for acceptance of service of legal
     process (which as of the date hereof is Corporate Research Solutions, Inc.,
     1773 Western Avenue, Albany, New York 12203). Each of the Transferor and
     BVAC agrees that service of such process upon such Person shall constitute
     personal service of such process upon it.

     SECTION 17.26 Trial by Jury Waived. EACH PARTY HERETO HEREBY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY
LITIGATION ARISING DIRECTLY OR INDIRECTLY OUT OF, UNDER OR IN CONNECTION WITH
ANY OF THE TRANSACTION

                                       108

<PAGE>

DOCUMENTS OR THE TRANSACTION. EACH PARTY HERETO (A) CERTIFIES THAT NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY PARTY HERETO HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT IT WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THE
TRANSACTION DOCUMENTS TO WHICH IT IS A PARTY BY, AMONG OTHER THINGS, THIS
WAIVER.

     SECTION 17.27 Sarbanes-Oxley Certifications. The certifications required by
the Sarbanes-Oxley Act of 2002 and the rules of the Securities and Exchange
Commission promulgated thereunder to be included in filings with respect to the
Trust pursuant to the Securities Exchange Act of 1934, as amended, shall be made
by BVAC, so long as BVAC is the Servicer; provided, however, in the event BVAC
is no longer the Servicer, such certifications shall be made by the Transferor.
If BVAC is no longer the Servicer, the successor Servicer shall provide to the
Transferor all information as the Transferor may reasonably request in order to
fulfill its obligations to make such certifications.

     SECTION 17.28 Amendment and Restatement of Existing Trust Agreement. This
Agreement amends and restates that certain Trust Agreement dated as of August
26, 2005.

      [remainder of page intentionally left blank; signature page follows]

                                       109

<PAGE>

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

                                        BAY VIEW DEPOSIT CORPORATION,
                                        as Transferor

                                        By: /s/ John Okubo
                                            ------------------------------------
                                        Name: John Okubo
                                        Title: Chief Financial Officer

                                        BAY VIEW ACCEPTANCE CORPORATION,
                                        as Servicer

                                        By: /s/ John Okubo
                                            ------------------------------------
                                        Name: John Okubo
                                        Title: Chief Financial Officer

<PAGE>

                                        JPMORGAN CHASE BANK, NATIONAL
                                        ASSOCIATION, as Indenture Trustee

                                        By: /s/ Mary Jo Davis
                                            ------------------------------------
                                        Name: Mary Jo Davis
                                        Title: Vice President

<PAGE>

                                        CENTERONE FINANCIAL SERVICES LLC
                                        as Back-up Servicer

                                        By: /s/ Brent D. Burns
                                            ------------------------------------
                                        Name:  Brent D. Burns
                                              ----------------------------------
                                        Title:  President
                                               ---------------------------------

<PAGE>

                                        WILMINGTON TRUST COMPANY,
                                        as Owner Trustee

                                        By: /s/ Jeffrey J. Rossi
                                            ------------------------------------
                                        Name:  Jeffrey J. Rossi
                                              ----------------------------------
                                        Title: Senior Financial Services Officer
                                               ---------------------------------

<PAGE>

                                                                       Exhibit A

                           Owner Trustee's Certificate
                            pursuant to Section 15.05
                      of the Trust and Servicing Agreement

     Wilmington Trust Company, as owner trustee (the "Owner Trustee") of the Bay
View 2005-3 Owner Trust created pursuant to the Trust and Servicing Agreement
(the "Trust Agreement") dated as of November 1, 2005, among Bay View Deposit
Corporation, as depositor (the "Transferor"), Bay View Acceptance Corporation,
as Servicer (the "Servicer"), JPMorgan Chase Bank, National Association, as
Indenture Trustee, CenterOne Financial Services LLC, as Back-up Servicer and the
Owner Trustee, does hereby sell, transfer, assign, and otherwise convey to Bay
View Acceptance Corporation without recourse, representation, or warranty, all
of the Owner Trustee's right, title, and interest in and to all of the
Receivables (as defined in the Trust Agreement) identified in the attached
Servicer's Certificate as "Purchased Receivables," which have been repurchased
by the Transferor pursuant to Section 7.02 or Section 8.08 of the Trust
Agreement and all security and documents relating thereto.

     IN WITNESS WHEREOF I have hereunto set my hand this _____ day of
__________.

                                        1

<PAGE>

                                                                       Exhibit B

                           Owner Trustee's Certificate
                            pursuant to Section 15.05
                      of the Trust and Servicing Agreement

     Wilmington Trust Company, as owner trustee (the "Owner Trustee") of the Bay
View 2005-3 Owner Trust created pursuant to the Trust and Servicing Agreement
(the "Trust Agreement"), dated as of November 1, 2005, among Bay View Deposit
Corporation, as depositor (the "Transferor"), Bay View Acceptance Corporation,
as Servicer (the "Servicer"), JPMorgan Chase Bank, National Association, as
Indenture Trustee, CenterOne Financial Services LLC, as Back-up Servicer and the
Owner Trustee, does hereby sell, transfer, assign, and otherwise convey to the
Servicer, representation, or warranty, all of the Owner Trustee's right, title,
and interest in and to all of the Receivables (as defined in the Trust
Agreement) identified in the attached Servicer's Certificate as "Purchased
Receivables," which have been purchased by the Servicer pursuant to Section 8.10
or Section 16.02 of the Trust Agreement, and all security and documents relating
thereto.

     IN WITNESS WHEREOF I have hereunto set my hand this _____ day of
__________.

                                        1

<PAGE>

                                                                       Exhibit C

                         Form of Servicer's Certificate
                            pursuant to Section 8.12
                      of the Trust and Servicing Agreement

                             SERVICER'S CERTIFICATE

                                        1

<PAGE>

                                    EXHIBIT D

                          FORM OF CERTIFICATE OF TRUST

                                    ON FILE.

                                        1

<PAGE>

                                                                       EXHIBIT E

                              [Form of Certificate]

THIS CERTIFICATE MAY NOT BE ACQUIRED BY OR FOR THE ACCOUNT OF AN INDIVIDUAL OR
ENTITY THAT IS NOT A U.S. PERSON AS DEFINED IN SECTION 7701(A)(30) OF THE CODE.
BY ACCEPTING AND HOLDING A CERTIFICATE, THE HOLDER SHALL BE DEEMED TO HAVE
REPRESENTED AND WARRANTED THAT IT (OR, IF IT IS ACTING AS A NOMINEE, THE
BENEFICIAL OWNER) IS A U.S. PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. NEITHER THIS CERTIFICATE NOR ANY PORTION HEREOF MAY BE OFFERED OR SOLD
OR OTHERWISE TRANSFERRED OTHER THAN IN COMPLIANCE WITH THE TRUST AGREEMENT.

THE PRINCIPAL OF THIS CERTIFICATE IS DISTRIBUTABLE IN INSTALLMENTS AS SET FORTH
IN THE TRUST AGREEMENT. ACCORDINGLY, THE OUTSTANDING PRINCIPAL OF THIS
CERTIFICATE AT ANY TIME MAY BE LESS THAN THE AMOUTN SHOWN OF THE FACE HEREOF.

                           BAY VIEW 2005-3 OWNER TRUST
                              AUTOMOBILE RECEIVABLE
                               BACKED CERTIFICATE

     evidencing an undivided interest in the Trust, as defined below, the
property of which includes a pool of simple interest installment sale and
installment loan contracts and security agreements secured by new and used
automobiles, light-duty trucks, sport utility vehicles and vans. The contracts
were sold to the Trust by Bay View Deposit Corporation.

     (This Certificate does not represent an interest in or obligation of Bay
View Deposit Corporation or any of its affiliates. Neither this Certificate nor
the underlying Receivables, as defined below, are insured or guaranteed by any
other government agency).

          NUMBER   Certificate Balance
          R-___

     THIS CERTIFIES THAT __________________, is the registered owner of a
nonassessable, fully-paid interest in the Bay View 2005-3 Owner Trust (the
"Trust"), a Delaware statutory trust. The Trust was created pursuant to a Trust
and Servicing Agreement dated as of November 1, 2005 (the "Agreement"), among
Bay View Deposit Corporation, as Transferor, Bay View Acceptance Corporation, as
Servicer, JPMorgan Chase Bank, National Association, as Indenture Trustee,
CenterOne Financial Services LLC, as Back-up Servicer, and Wilmington Trust
Company, as Owner Trustee (the "Owner Trustee"), a summary of certain of the
pertinent provisions of which is set forth below. A copy of the Agreement may be
examined during normal business hours at the Corporate Trust Office of the Owner
Trustee by any Certificateholder upon request. This Certificate has a
Certificate Pass-Through Rate as set forth

                                        1

<PAGE>

in the Agreement and Indenture referenced therein. To the extent not otherwise
defined herein, the capitalized terms used herein have the meanings assigned to
them in the Agreement. This Certificate is issued under and is subject to the
terms, provisions, and conditions of the Agreement, to which Agreement the
holder of this Certificate by virtue of the acceptance hereof assents and by
which such holder is bound. The property of the Trust includes a pool of simple
interest installment sale and installment loan contracts and security agreements
for new and used automobiles, light-duty trucks, sport utility vehicles and vans
(the "Receivables"), all monies paid thereon, and all monies due thereon,
including Accrued Interest, after October 31, 2005 (but excluding Accrued
Interest paid or due before the Closing Date), security interests in the
vehicles financed thereby, certain bank accounts and the proceeds thereof and
certain other property and rights described in the Agreement and the proceeds of
the foregoing.

     This Certificate represents an interest in certain assets of the Trust,
including the right to receive a portion of the collections and other amounts at
the times and in the amounts specified in the Agreement. The rights of the
Certificateholders in the assets of the Trust are subordinated to the rights of
the Noteholders as set forth in the Indenture and the Agreement.

     Unless the certificate of authentication hereon shall have been executed by
a Responsible Officer of the Owner Trustee, by manual or facsimile signature,
this Certificate shall not entitle the holder hereof to any benefit under the
Agreement or be valid for any purpose. Registration of transfer of this
Certificate to a person may not be effected except as set forth in this
Agreement.

     The obligations and responsibilities created by the Agreement and the Trust
created thereby shall terminate upon the payment to the Certificateholder of all
amounts required to be paid to them pursuant to the Agreement and the
disposition of all property held as part of the Trust. The Servicer may at its
option cause the Owner Trustee to sell the corpus of the Trust at a price not to
be less than the price specified in the Agreement; however, such right is
exercisable only as of the last day of a Collection Period on which the Pool
Balance is less than or equal to 15% of the Original Pool Balance. The Servicer
is required to pay any unpaid fees and reasonable expenses of the Owner Trustee
and in connection with such disposition.

     Although this Certificate summarizes certain provisions of the Agreement,
this Certificate does not purport to summarize the Agreement and reference is
made to the Agreement for information with respect to the interests, rights,
benefits, obligations, proceeds and duties evidenced hereby and the rights,
duties and obligations of the Owner Trustee. In the event of any inconsistency
or conflict between the terms of this Certificate and the terms of the
Agreement, the terms of the Agreement shall control. By acceptance of this
Certificate, the holder agrees to be bound by the terms of the Agreement,
including the agreement to treat the Trust as a partnership for income tax
purposes and the Certificate as an equity interest therein.

                                        2

<PAGE>

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

Dated: November ___, 2005

                                        BAY VIEW 2005-3 OWNER TRUST

                                        By Wilmington Trust Company, not in its
                                           individual capacity, but solely in
                                           its capacity as Owner Trustee

                                        By                                     ,
                                           ------------------------------------
                                           Responsible Officer

                                        3

<PAGE>

                          CERTIFICATE OF AUTHENTICATION

     This is the Certificate referred to in the Within-mentioned Agreement.

                                        Wilmington Trust Company, not in its
                                        individual capacity, but solely in its
                                        capacity as Owner Trustee

                                        By                                     ,
                                           ------------------------------------
                                           Signatory

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

                                        4

<PAGE>

                                   ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE

(Please print or typewrite name and address, including postal zip code, of
assignee) the within Certificate, and all rights thereunder, hereby irrevocably
constituting and appointing Attorney to transfer said Certificate on the books
of the Certificate Registrar, with full power of substitution in the premises.

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

                                        *
                              Signature Guaranteed:

                                        *

*    NOTICE: The signature to this assignment must correspond with the name as
     it appears upon the face of the within Certificate in every particular,
     without alteration, enlargement or any change whatever. Such signature must
     be guaranteed by a member of the New York Stock Exchange or a commercial
     bank, trust company savings bank or other savings and loan institution.

                                        5

<PAGE>

                                                                       EXHIBIT F

                          CONFIRMATION OF COMPUTER TAPE

Bay View Acceptance Corporation
1840 Gateway Drive
San Mateo, California 94404

     Re: Bay View 2005-3 Owner Trust

Month __________                                                 Year __________

     Under the Trust and Servicing Agreement dated as of November 1, 2005 among
Wilmington Trust Company, as Owner Trustee, Bay View Acceptance Corporation, as
Servicer, Bay View Deposit Corporation, as Transferor, CenterOne Financial
Services LLC, as Back-up Servicer, and JPMorgan Chase Bank, National
Association, as Indenture Trustee (the "Servicing Agreement"), the undersigned
is hereby providing written confirmation that (i) it has received the Computer
Tape and (ii) such Computer Tape is in readable form and in the correct format
subject only to minor changes or modifications that would not significantly
affect the Back-up Servicer's assumption and performance of the Servicer's
duties hereunder (subject to those duties that would be specifically excluded if
the Back-up Servicer was the successor Servicer). Capitalized terms shall have
the meaning ascribed to such terms in the Servicing Agreement].

                                        CenterOne Financial Services LLC

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

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

                                        1

<PAGE>

                                                                       EXHIBIT G

FORM OF INVESTMENT LETTER
Bay View Deposit Corporation,
as Transferor under the Trust and Servicing Agreement

Wilmington Trust Company
as Certificate Registrar and Owner Trustee
Attention: Corporate Capital Markets/

Re: Bay View 2005-3 Owner Trust Certificates

Reference is hereby made to the Trust and Servicing Agreement, dated as of
November 1, 2005 (as from time to time amended, supplemented or otherwise
modified in accordance with the terms thereof, the "Trust and Servicing
Agreement"; terms defined therein being used herein as therein defined), between
Wilmington Trust Company, as Owner Trustee (the "Owner Trustee"), and Bay View
Deposit Corporation, as Transferor thereunder and Bay View Acceptance
Corporation, as Servicer (the "Servicer"). Capitalized terms used but not
defined herein shall have the meanings given to them in the Trust and Servicing
Agreement.

This letter relates to the Certificates (the "Certificates") issued by Bay View
2005-3 Owner Trust (the "Issuer"), representing $_____________ in Certificate
Balance in the Certificates and $_____________ in Certificate Balance registered
in the name of [transferor] (the "Transferor"). The Transferor has requested a
transfer of the Certificates to [transferee] (the "Transferee"). In connection
with such request and in respect of such Certificates, the Transferor does
hereby certify as follows:

     [ ] Such Certificates are being transferred to the Transferee who is
certifying herein that it is a qualified institutional buyer (as defined in Rule
144A under the Securities Act of 1933, as amended (the "Securities Act")) in
reliance on Rule 144A or

     [ ] Such Certificates are being transferred in reliance on and in
compliance with an exemption from the registration requirements of the
Securities Act, other than Rule 144A under the Securities Act, and in compliance
with other applicable state and federal securities laws and an opinion of
counsel is being furnished to that effect simultaneously with the delivery of
this certificate.

The Transferee does hereby certify as follows:

               (i) The Transferee is a qualified institutional buyer (as defined
          in Rule 144A under the Securities Act) or is an institutional
          accredited investor within the meaning of Rule 501(a)(1), (2), (3) or
          (7) of the Securities Act;

               (ii) The Transferee is a U.S. Person as defined in Section
          7701(a)(30) of the Code;

                                        1

<PAGE>

               (iii) Attached hereto is Internal Revenue Service Form W-9
          originally executed and properly completed by the Transferee; and

               (iv) No portion of the assets used by the Transferee to acquire
          or hold the Certificates constitute assets of any Plan subject to
          Title I of ERISA, Section 4975 of the Code or Similar Law.

This certificate and the statements contained herein are made for your benefit
and for the benefit of the Issuer.

                                        [Insert name of Transferor]

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

                                        [Insert name of Transferee]

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

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

cc: Bay View 2005-3 Owner Trust

                                        2

<PAGE>

                                   Schedule A
                      to the Trust and Servicing Agreement

                             SCHEDULE OF RECEIVABLES

<TABLE>
<CAPTION>
       Transferor
     Account Number
(as of the Cut-off Date)   Name of Obligor   Amount Financed
------------------------   ---------------   ---------------
<S>                        <C>               <C>
$
</TABLE>

          A COPY OF THE SCHEDULE OF RECEIVABLES, INCLUDING THE ABOVE CAPTIONED
          INFORMATION WITH RESPECT TO EACH RECEIVABLE, WAS DELIVERED TO THE
          INDENTURE TRUSTEE, CUSTODIAN, OWNER TRUSTEE WITH A COUNTERPART OF THE
          TRUST AND SERVICING AGREEMENT.

                                        1

<PAGE>

                                   Schedule B
                      to the Trust and Servicing Agreement

2. Location of Receivables:

   Bay View Acceptance Corporation
   818 Oak Park Road
   Covina, California 91724

                                        1

<PAGE>

                                   Schedule C
                      to the Trust and Servicing Agreement

                      SCHEDULE OF BACK-UP SERVICER FEES AND
                             SUCCESSOR SERVICER FEES

PRICING
   BACK-UP SERVICING(1)
   Set-Up Fee:                                         $2,500
   Monthly Fee(2):                        the greater of 2.5 bps or $1,000

   SUCCESSOR SERVICING
   Boarding Fee(2):                              $5.00 per contract
   Monthly Fee(1,3):                the greater of 100 bps or $5.00 per contract
   Minimum Monthly Servicing Fee:                      $5,000

   DEFICIENCY RECOVERY
   In-House Fee                                   35% of recoveries
   Agency Management Fee                          5% of recoveries

PASS THRU EXPENSES:

     Pass through expenses listed include but, are not limited to the following
     items:

     BACK-UP SERVICING

     -    Reasonable costs associated with due-diligence effort, including
          travel

     -    Legal Fees

     TRANSITION PERIOD SERVICING(2)

     -    Travel

     -    Document packaging and shipments

     -    Obligor letters (welcome and good-bye) and mailing costs

     SUCCESSOR SERVICING

     -    Third party insurance or insurance tracking

     -    Third-party audit fees

     -    Legal fees

     -    Statement and mailing costs

     -    Costs related to repossession and liquidation processes (including the
          replevin process)

     -    Costs related to the collection or preservation of active accounts
          (including third-party skip tracing and field calls)

                                        1

<PAGE>

     -    Bankruptcy fees

     -    Lockbox fees and bank charges

ASSUMPTIONS:

     -    After the transition period, all administrative fees including but,
          not limited to late fees, NSF and Phone Pay fee income will be
          retained by CenterOne.

     -    Monthly duties are limited to receiving a month-end file from BayView
          and comparing the summarized results to the month-end servicer
          statement/certificate.

----------
(1)  Basis points are annualized (i.e., applicable basis points/12) and shall be
     based on beginning of month outstanding principal balance of each
     individual Active Contract, as defined below.

(2)  Transition Fees and Expenses shall not exceed $150,000 in the aggregate.

(3)  CenterOne shall receive this fee for all "Active Contracts" for any full or
     partial month where it functions as the Servicer. Active Contract is
     defined as any contract other than: (i) prepaid, fully satisfied contracts;
     (ii) contracts in which the asset has been liquidated and CenterOne has
     posted the liquidation proceeds or any other anticipated proceeds (e.g.,
     credit enhancement insurance); or (iii) contracts in which CenterOne has
     completed all work in connection with processing and receiving insurance
     payoffs.

                                        2

<PAGE>

                                   Schedule D
                      to the Trust and Servicing Agreement

                              Delivery Requirements

     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, except for clearing corporation securities, 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 that complies with this Agreement and the
requirements of the definition of Eligible Investments.

                                        1

<PAGE>

                                   Schedule E
                      to the Trust and Servicing Agreement

   EXCEPTIONS LIST OF CENTERONE FINANCIAL SERVICES LLC ("CenterOne") ATTACHED
   TO THAT CERTAIN TRUST AND SERVICING AGREEMENT, DATED AS OF NOVEMBER 1, 2005
   (THE "TRUST AGREEMENT") AND MADE A PART THEREOF; ALL CAPITALIZED TERMS USED
    HEREIN AND NOT OTHERWISE DEFINED SHALL HAVE THE MEANING ASCRIBED TO SUCH
                           TERM IN THE TRUST AGREEMENT

     Notwithstanding the definitions of Liquidation Proceeds, Recoveries,
Transition Costs and any other provision of the Basic Documents which proposes
to limit reimbursements or expenses by caps or otherwise, CenterOne will be
reimbursed for all of its out-of-pocket expenses and other expenses and amounts
as itemized in the fee schedule attached as Schedule C to the Trust Agreement to
the extent amounts are available for such payments pursuant to Section 8.05 of
the Indenture.

     Upon transfer of servicing to CenterOne: CenterOne shall service the
Receivables in its own name and direct obligors to make payments to the
CenterOne lock-box. Section 9.01 (except as specifically noted therein) and
Section 9.03(a) of the Trust Agreement shall not apply to CenterOne. Upon
identification, CenterOne will transfer collections to the Collection Account.
No party will have a security interest in the CenterOne lock-box.

     The Servicing Fee shall be, with respect to CenterOne as Servicer, with
respect to any Collection Period, the sum of (a) the greater of (1) the sum of
the aggregate for each Receivable of the greater of (x) the Servicing Fee Rate
times the Principal Balance of that Receivable as of the opening of business on
the first day of such Collection Period times one twelfth and (y) $5 and (2)
$5,000 and (b) the reimbursable expenses (including any delinquency recovery
fees) of CenterOne incurred in connection with that Collection Period.

     CenterOne will not be required to perform the periodic audits of the
Receivables Files required by Section 7.04(a) and all Receivables Files held by
CenterOne, as successor Custodian, shall be held at one of its offices specified
on Annex A to this Schedule E.

     Notwithstanding Section 8.01(a), 8.05(a) or any other provision of the
Basic Documents, CenterOne shall not be required to service the Receivables in
accordance with industry standards, but rather shall service the Receivables
solely with reasonable care, using that degree of skill and attention that
CenterOne exercises with respect to all comparable automobile receivables that
it services for itself and others, and CenterOne will be permitted to change
those policies without prior written consent of the Majority Controlling
Noteholders or the Majority Certificateholders provided it changes its policies
for the receivables it services for itself or others.

     Notwithstanding Section 8.01(b), CenterOne shall not be responsible for
obtaining licenses for the Trust.

     Any additional information required to be supplied by CenterOne pursuant to
Section 8.01(c) or 8.12(G) shall be a reimbursable expense of CenterOne.

                                        1

<PAGE>

     Sections 8.06(c) and (d) regarding limits on numbers and purchases of
repossessed vehicles shall not apply to CenterOne.

     Section 8.08(b) regarding verification of Receivables Files completeness
shall not apply to CenterOne.

     CenterOne shall not be obligated to re-lien any vehicle pursuant to Section
8.08(c) unless it shall reach a separate agreement with the Majority Controlling
Noteholders respect to that process and compensation therefor.

     CenterOne shall in no event be obligated to purchase a receivable under
Section 8.10 or any other provision of the Basic Documents. Sole recourse shall
be pursuant to the indemnification provisions.

     CenterOne will provide notice of any Servicer Default or other event
requested or required under the Basic Documents of which it has knowledge, but
CenterOne shall have no liability for its failure to do so other than with
respect to defaults caused by its own action or inaction.

     CenterOne will not be required to provide audited financials
notwithstanding Section 8.14(d).

     Notwithstanding Section 8.15 and 17.02(g), any access to CenterOne's
records shall be a reimbursable expense of CenterOne and on site visits shall be
limited to 2 times per year unless a Back-up Servicer Default has occurred.

     Notwithstanding Sections 8.16 or 15.10, in no event shall CenterOne be
obligated to pay the fees or expenses of the Owner Trustee, the Indenture
Trustee or any other person.

     CenterOne as successor Servicer will not be obligated to assume any
subservicing arrangement as provided in Section 8.19, all of which will be
terminated if CenterOne becomes the successor Servicer.

     CenterOne shall have no obligation under Section 9.06.

     The indemnity of the Transferor in Section 12.02(i) and (iii) will cover
CenterOne as successor Servicer.

     Under Section 13.02, indemnification by the Back-up Servicer shall be for
its gross negligence, not mere negligence.

     The provisions of Section 13.03, shall not apply to mergers or similar
transitions between CenterOne and its affiliates.

     CenterOne would like 45 days notice before it is required to assume the
role as successor Servicer as required in Section 14.01.

                                        2

<PAGE>

     Notwithstanding Section 15.15, CenterOne shall have no responsibility for
appointing a successor Owner Trustee.

     CenterOne shall not be responsible for delivering the opinions and
certificates regarding the security interests required under Section 17.02(i).

     CenterOne shall not have any obligation to sue to enforce or collect upon
any Insurance Policy.

     In the event that (a) CenterOne is removed as successor Servicer unless a
Back-up Servicer Default with respect to CenterOne has occurred and is
continuing or (b) all or substantially all of the Receivables are removed by
sale or otherwise from the Trust, CenterOne shall be entitled to a termination
fee, immediately payable in cash as part of the Servicing Fee, in an amount
equal to four times the average monthly fee of CenterOne over the preceding four
Collection Periods less any fees paid after notice of such termination.
Termination fees can be paid in any combination of fees paid after notice of
termination or termination fees so long as CenterOne receives fees equal to at
least four times such average monthly fee (for example if CenterOne is given one
month notice, CenterOne would be due one month of monthly fees plus three
additional months of fees as a termination fee). CenterOne will waive the
termination fee after the deal has reached the clean-up call status.

     CenterOne shall have no responsibility for preparing the documents and
instruments required to perfect the interests of the Indenture Trustee as
provided in Section 3.05 of the Indenture.

     CenterOne shall have no responsibility for reviewing or approving any
opinion delivered pursuant to Section 3.10(a)(iv) or (b)(iv) of the Indenture.

     CenterOne will not be responsible for liquidating the Pledged Assets in
connection with an Event of Default pursuant to Section 5.04 of the Indenture.

                                        3

<PAGE>

                                     ANNEX A
                              TO SCHEDULE E OF THE
                                 TRUST AGREEMENT

Locations at which Receivables Files will be kept:

3120 Rider Trail S.
Earth City, MO 63045

185-190 Jim Moran Boulevard
Deerfield Beach, FL 33442

6150 Omni Park Drive
Mobile, AL 36609

2051 W. I-65 Service Road N.
Mobile, AL 36618

                                        4

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