Document:

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                                                                     EXHIBIT 4.1

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                 CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION,

                             as Seller and Servicer

                                       and

                     CHASE MANHATTAN AUTO OWNER TRUST 2002-B

                                    as Issuer

                          SALE AND SERVICING AGREEMENT

                            Dated as of June 1, 2002

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                                TABLE OF CONTENTS

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                                    ARTICLE I

                                   DEFINITIONS
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SECTION 1.1 Definitions...............................................................1
SECTION 1.2 Usage of Terms ..........................................................22
SECTION 1.3 Simple Interest Method; Methods of Allocating Payments or
                  Receivables; Allocations...........................................22

                            ARTICLE II

                     CONVEYANCE OF RECEIVABLES

SECTION 2.1 Conveyance of Receivables................................................22
SECTION 2.2 Closing..................................................................23

                            ARTICLE III

                          THE RECEIVABLES

SECTION 3.1 Representations and Warranties of Seller; Conditions
            Relating to Receivables..................................................23
SECTION 3.2 Repurchase Upon Breach or Failure of a Condition.........................27
SECTION 3.3 Custody of Receivable Files..............................................28
SECTION 3.4 Duties of Servicer as Custodian..........................................28
SECTION 3.5 Instructions; Authority to Act...........................................29
SECTION 3.6 Custodian's Indemnification..............................................29
SECTION 3.7 Effective Period and Termination.........................................29

                            ARTICLE IV

            ADMINISTRATION AND SERVICING OF RECEIVABLES

SECTION 4.1 Duties of Servicer.......................................................30
SECTION 4.2 Collection of Receivable Payments; Refinancing...........................30
SECTION 4.3 Realization Upon Receivables.............................................31
SECTION 4.4 Maintenance of Security Interests in Financed Vehicles...................32
SECTION 4.5 Covenants of Servicer....................................................32
SECTION 4.6 Purchase of Receivables Upon Breach......................................32
SECTION 4.7 Servicing Fee............................................................33
SECTION 4.8 Servicer's Certificate...................................................33
SECTION 4.9 Annual Statement as to Compliance........................................34
SECTION 4.10 Annual Audit Report.....................................................34
SECTION 4.11 Access by Holders to Certain Documentation and Information
             Regarding Receivables...................................................35
SECTION 4.12 Reports to Holders and the Rating Agencies..............................35
SECTION 4.13 Reports to the Securities and Exchange Commission.......................35
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                                    ARTICLE V

                            ACCOUNTS; DISTRIBUTIONS;
                        STATEMENTS TO CERTIFICATEHOLDERS

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SECTION 5.1  Establishment of Collection Account and Note Distribution Account.......36
SECTION 5.2  Collections.............................................................36
SECTION 5.3  [Reserved]..............................................................37
SECTION 5.4  Additional Deposits.....................................................37
SECTION 5.5  Distributions...........................................................37
SECTION 5.6  Yield Supplement Account................................................39
SECTION 5.7  Reserve Account.........................................................40
SECTION 5.8  Net Deposits............................................................40
SECTION 5.9  Statements to Certificateholders and Noteholders........................41

                                   ARTICLE VI

                                   THE SELLER

SECTION 6.1  Representations of Seller...............................................42
SECTION 6.2  Liability of Seller; Indemnities........................................43
SECTION 6.3  Merger or Consolidation of Seller.......................................44
SECTION 6.4  Limitation on Liability of Seller and Others............................44
SECTION 6.5  Seller May Own Notes and Certificates...................................44

                                   ARTICLE VII

                                  THE SERVICER

SECTION 7.1  Representations of Servicer.............................................44
SECTION 7.2  Liability of Servicer; Indemnities......................................46
SECTION 7.3  Merger or Consolidation of Servicer.....................................46
SECTION 7.4  Limitation on Liability of Servicer and Others..........................47
SECTION 7.5  Servicer Not To Resign..................................................47
SECTION 7.6  Delegation of Duties....................................................48

                                  ARTICLE VIII

                         EVENTS OF SERVICING TERMINATION

SECTION 8.1  Events of Servicing Termination.........................................48
SECTION 8.2  Indenture Trustee to Act; Appointment of Successor Servicer.............50
SECTION 8.3  Notification to Noteholders and Certificateholders......................50
SECTION 8.4  Waiver of Past Defaults.................................................51
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                                   ARTICLE IX

                                   TERMINATION
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SECTION 9.1  Optional Purchase of All Receivables; Trust Termination.................51
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                                    ARTICLE X

                            MISCELLANEOUS PROVISIONS
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SECTION 10.1 Amendment..............................................................52
SECTION 10.2 Protection of Title to Owner Trust Estate..............................53
SECTION 10.3 GOVERNING LAW .........................................................55
SECTION 10.4 Notices................................................................55
SECTION 10.5 Severability of Provisions.............................................56
SECTION 10.6 Assignment.............................................................56
SECTION 10.7 Certificates and Notes Nonassessable and Fully Paid....................56
SECTION 10.8 Third-Party Beneficiaries..............................................56
SECTION 10.9 Assignment to Indenture Trustee........................................56
SECTION 10.10 Limitation of Liability of Owner Trustee and Indenture Trustee........57
SECTION 10.11 No Petition. .........................................................57
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                                    SCHEDULES

Schedule A   -     Schedule of Receivables
Schedule B   -     Location of Receivable Files

                                    EXHIBITS

Exhibit A    -     Form of Servicer's Certificate
Exhibit B    -     Form of Monthly Report
Exhibit C    -     Form of Collection Account Control Agreement
Exhibit D    -     Form of Reserve Account Control Agreement
Exhibit E    -     Form of Yield Supplement Account Control Agreement

                                       iv
<PAGE>

         This SALE AND SERVICING AGREEMENT, dated as of June 1, 2002, (as
amended, supplemented or otherwise modified and in effect from time to time,
this "Agreement") is made between CHASE MANHATTAN BANK USA, NATIONAL
ASSOCIATION, a national banking association having its principal executive
offices located at 200 White Clay Center Drive, Newark, Delaware 19711 ("Chase
USA," the "Seller" or the "Servicer" in its respective capacities as such), and
CHASE MANHATTAN AUTO OWNER TRUST 2002-B, as issuer (the "Issuer").

                             W I T N E S S E T H :
                             - - - - - - - - - -

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

                                    ARTICLE I

                                   DEFINITIONS

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

         "Accrued Interest" on a Receivable, as of any date of determination,
means that amount of interest accrued on the Principal Balance at the related
Contract Rate but not paid by or on behalf of the Obligor.

         "Administration Agreement" means the Administration Agreement, dated as
of June 1, 2002, among the Issuer, the Administrator and the Indenture Trustee,
as the same may be amended and supplemented from time to time.

         "Administrator" means JPMorgan Chase Bank, a New York banking
corporation, as administrator, and its successors and assigns.

         "Administration Fee" means $1,000, the fee payable to the Administrator
on each Payment Date pursuant to Section 5.5(c) for services rendered pursuant
to the Administration Agreement.

         "Affiliate" means, with respect to any specified Person, any other
Person controlling or controlled by or under common control with such specified
Person. For purposes of this definition, "control" when used with respect to any
specified Person means the power to direct the management and policies of such
Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise; and the terms "controlling" and
"controlled" have meanings correlative to the foregoing. A Person shall not be
deemed to be an Affiliate of any specified Person solely because such other
Person has the contractual right or obligation to manage such specified Person
unless such other Person controls such specified Person through equity ownership
or otherwise.

         "Aggregate Net Losses" means, for any Payment Date, the amount equal to
(i) the aggregate Principal Balance of all Receivables that became Defaulted
Receivables during the related Collection Period minus (ii) the Liquidation
Proceeds allocable to principal collected during such Collection Period with
respect to any Defaulted Receivables.

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                                                                               2

         "Amount Financed" in respect of a Receivable means the amount advanced
under the Receivable toward the purchase price of the Financed Vehicle and
related costs.

         "Assertion" has the meaning specified in Section 4.10.

         "Authenticating Agent" has the meaning specified in Section 2.13 of the
Indenture and shall initially be the corporate trust office of JPMorgan Chase
Bank, and its successors and assigns in such capacity.

         "Authorized Officer" means any officer of the Owner Trustee, Indenture
Trustee or Servicer who is authorized to act on behalf of the Owner Trustee,
Indenture Trustee or Servicer, as applicable, and who is identified as such on
the list of authorized officers delivered by each such party on the Closing
Date.

         "Available Interest" means, for any Payment Date, the sum of (i) that
portion of Collections on the Receivables received during the related Collection
Period allocated to interest, (ii) the Yield Supplement Withdrawal Amount for
such Payment Date and (iii) that portion of the Repurchase Amounts received with
respect to the Repurchased Receivables repurchased by the Seller or purchased by
the Servicer during the related Collection Period that would have been treated
as Available Interest if the Obligor thereof had prepaid such Receivables in
full on the date as of which such Receivables were repurchased or purchased.

         "Available Principal" means, for any Payment Date, the sum of (i) that
portion of Collections on the Receivables received during the related Collection
Period allocated to the principal balance of the Receivables and (ii) that
portion of the Repurchase Amounts received with respect to the Repurchased
Receivables repurchased by the Seller or purchased by the Servicer that would
have been treated as Available Principal if the Obligor thereof had prepaid such
Receivables in full on the date as of which such Receivables were repurchased or
purchased.

         "Available Reserve Account Amount" shall mean, for each Payment Date,
an amount equal to the lesser of (i) the amount on deposit in the Reserve
Account and (ii) the Specified Reserve Account Balance with respect to such
Payment Date.

         "Average Delinquency Percentage" means for any Payment Date, the
average of the Delinquency Percentages for such Payment Date and the preceding
two (2) Payment Dates.

         "Average Net Loss Ratio" means for any Payment Date, the average of the
Net Loss Ratios for such Payment Date and the preceding two (2) Payment Dates.

         "Basic Documents" means this Agreement, the Certificate of Trust, the
Indenture, the Depository Agreements, the Securities Control Agreements, the
Trust Agreement, the Administration Agreement and other documents and
certificates delivered in connection therewith.

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                                                                               3

         "Book-Entry Certificates" means beneficial interests in the
Certificates, the ownership and transfers of which shall be made through book
entries by a Clearing Agency or Foreign Clearing Agency as described in Section
3.10 of the Trust Agreement.

         "Book-Entry Notes" means beneficial interests in the Notes, the
ownership and transfers of which shall be made through book entries by a
Clearing Agency or Foreign Clearing Agency as described in Section 2.10 of the
Indenture.

         "Business Day" means a day, other than a Saturday or a Sunday, on which
the Indenture Trustee and banks located in New York, New York, Newark, Delaware
and Minneapolis, Minnesota are open for the purpose of conducting a commercial
banking business.

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

         "Capital Accounts" has the meaning specified in Section 5.8 of the
Trust Agreement.

         "Certificate" means a certificate evidencing the beneficial interest of
a Certificateholder in the Owner Trust Estate, substantially in the form of
Exhibit A-2 to the Trust Agreement.

         "Certificate Balance" means an amount equal to $34,200,000 as of the
Closing Date and, thereafter, shall be an amount equal to such initial
Certificate Balance, reduced by all amounts allocable to principal previously
distributed to Certificateholders. The Certificate Balance shall also be reduced
on any Payment Date by the excess, if any, of (i) the sum of (A) the Certificate
Balance and (B) the outstanding principal amount of the Notes (in each case
after giving effect to amounts in respect of principal to be deposited in the
Certificate Distribution Account and the Note Distribution Account on such
Payment Date), over (ii) the Pool Balance as of the close of business on the
last day of the preceding Collection Period. Thereafter, the Certificate Balance
shall be increased on any Payment Date to the extent that any portion of the
Total Distribution Amount on such Payment Date is available to pay the existing
Certificateholders' Principal Carryover Shortfall, but not by more than the net
aggregate reductions in the Certificate Balance set forth in the preceding
sentence.

         "Certificate Depository Agreement" means the agreement among the
Issuer, the Owner Trustee, JPMorgan Chase Bank, as agent for the Depository
Trust Company and The Depository Trust Company, as the initial Clearing Agency,
dated the Closing Date, relating to the Certificates, substantially in the form
attached as Exhibit C to the Trust Agreement, as the same may be amended and
supplemented from time to time or any similar agreement with any successor
Clearing Agency.

         "Certificate Distribution Account" has the meaning specified in Section
5.1 of the Trust Agreement.

         "Certificate Final Scheduled Payment Date" means the January 2009
Payment Date on which the outstanding principal amount, if any, of the
Certificates is payable.

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                                                                               4

         "Certificate of Trust" means the Certificate of Trust in the form of
Exhibit B to the Trust Agreement to be filed for the Issuer pursuant to Section
3810(a) of the Business Trust Statute.

         "Certificate Owner" means, with respect to a Book-Entry Certificate,
the Person who is the owner of such Book-Entry Certificate, as reflected on the
books of the Clearing Agency or Foreign Clearing Agency or on the books of a
direct or indirect Clearing Agency Participant.

         "Certificate Pool Factor" as of the close of business on a Payment Date
means a eight-digit decimal figure equal to the Certificate Balance (after
giving effect to distributions made on such date) divided by the initial
Certificate Balance. The Certificate Pool Factor will be 1.00000000 as of the
Cutoff Date; thereafter, the Certificate Pool Factor will decline to reflect
reductions in the Certificate Balance.

         "Certificate Rate" means 4.24% per annum.

         "Certificate Register" and "Certificate Registrar" means the register
maintained and the registrar appointed pursuant to Section 3.4 of the Trust
Agreement.

         "Certificateholder" means the Person in whose name a Certificate is
registered in the Certificate Register, except that, solely for the purpose of
giving any consent, request, waiver or demand pursuant to any of the Basic
Documents (other than pursuant to Section 4.3 of the Trust Agreement), the
interest evidenced by any Certificate registered in the name of the Seller, the
Servicer or any Person actually known by an Authorized Officer of the Owner
Trustee to be an Affiliate of the Seller or the Servicer shall not be taken into
account in determining whether the requisite percentage necessary to effect any
such consent, request or waiver shall have been obtained.

         "Certificateholders' Distributable Amount" means for any Payment Date,
the sum of (x) the Certificateholders' Principal Distributable Amount and (y)
the Certificateholders' Interest Distributable Amount.

         "Certificateholders' Interest Carryover Shortfall" means, (a) for the
initial Payment Date, zero, and (b) for any other Payment Date, the excess of
the Certificateholders' Interest Distributable Amount for the preceding Payment
Date over the amount in respect of the interest actually deposited in the
Certificate Distribution Account on such preceding Payment Date, plus interest
on such excess, to the extent permitted by law, at the Certificate Rate from and
including such preceding Payment Date to, but excluding, the current Payment
Date.

         "Certificateholders' Interest Distributable Amount" means, for any
Payment Date, the sum of the Certificateholders' Monthly Interest Distributable
Amount for such Payment Date and the Certificateholders' Interest Carryover
Shortfall for such Payment Date.

         "Certificateholders' Monthly Interest Distributable Amount" means, for
any Payment Date, one month's interest (or, in the case of the first Payment
Date, interest accrued from and including the Closing Date to, but excluding,
such Payment Date) at the Certificate Rate on the Certificate Balance on the
immediately preceding Payment Date, after giving effect to all payments of
principal to the Certificateholders on or prior to such Payment Date (or, in the
case of the first Payment Date, the Certificate Balance on the Closing Date).
Interest shall be computed on the basis of a 360 day-year of twelve 30-day
months for purposes of this definition.

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                                                                               5

         "Certificateholders' Monthly Principal Distributable Amount" means, for
any Payment Date, the Certificateholders' Percentage of the Principal
Distribution Amount.

         "Certificateholders' Percentage" means, for any Payment Date, 100%
minus the Noteholders' Percentage.

         "Certificateholders' Principal Carryover Shortfall" means for any
Payment Date, the sum of (a) the excess of (i) the Certificateholders' Principal
Distributable Amount for the preceding Payment Date, over (ii) the amount in
respect of principal actually deposited in the Certificate Distribution Account
on such Payment Date and (b) without duplication of clause (a), the unreimbursed
portion of the amount by which the Certificate Balance has been reduced pursuant
to the second sentence of the definition thereof.

         "Certificateholders' Principal Distributable Amount" means, for any
Payment Date, the sum of (i) the Certificateholders' Monthly Principal
Distributable Amount for such Payment Date and (ii) the Certificateholders'
Principal Carryover Shortfall for such Payment Date; provided that the
Certificateholders' Principal Distributable Amount shall not exceed the
Certificate Balance. In addition, on the Certificate Final Scheduled Payment
Date, the principal required to be distributed to the Certificateholders will
include the lesser of (a) any payments of principal due and remaining unpaid on
each Receivable owned by the Issuer as of the last day of the immediately
preceding Collection Period and (b) the amount that is necessary (after giving
effect to the other amounts to be deposited in the Certificate Distribution
Account on such Payment Date and allocable to principal) to reduce the
Certificate Balance to zero, in either case after giving effect to any required
distribution of the Noteholders' Principal Distributable Amount to the Note
Distribution Account.

         "Chase USA" means Chase Manhattan Bank USA, National Association.

         "Class A-1 Interest Rate" means 1.9291% per annum.

         "Class A-1 Notes" means the Class A-1 1.9291% Asset Backed Notes,
substantially in the form of Exhibit B to the Indenture.

         "Class A-2 Interest Rate" means 2.70% per annum.

         "Class A-2 Notes" means the Class A-2 2.70% Asset Backed Notes,
substantially in the form of Exhibit C to the Indenture.

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                                                                               6

         "Class A-3 Interest Rate" means 3.58% per annum.

         "Class A-3 Notes" means the Class A-3 3.58% Asset Backed Notes,
substantially in the form of Exhibit D to the Indenture.

         "Class A-4 Interest Rate" means 4.21% per annum.

         "Class A-4 Notes" means the Class A-4 4.21% Asset Backed Notes,
substantially in the form of Exhibit E to the Indenture.

         "Class R Certificate" means the certificate evidencing the beneficial
interest of the Class R Certificateholder in the Owner Trust Estate,
substantially in the form of Exhibit A-1 to the Trust Agreement.

         "Class R Certificateholder" means the Person in whose name the Class R
Certificate is registered.

         "Clearing Agency" means an organization registered as a "clearing
agency" pursuant to Section 17A of the Exchange Act. The initial Clearing Agency
shall be The Depository Trust Company.

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

         "Clearstream" means Clearstream Banking, societe anonyme.

         "Closing Date" means June 6, 2002.

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

         "Collection Account" means securities account no. 10202321.2 entitled
"Wells Fargo Bank Minnesota, National Association, as Indenture Trustee,
Securities Account of Chase Auto Owner Trust Series 2002-B" maintained by the
Collection Account Securities Intermediary pursuant to the Collection Account
Control Agreement or any successor securities account maintained pursuant to the
Collection Account Control Agreement.

         "Collection Account Control Agreement" means the agreement among the
Issuer, JPMorgan Chase Bank, as securities intermediary, and the Indenture
Trustee, dated as of June 1, 2002, relating to the Collection Account,
substantially in the form attached as Exhibit C, as the same may be amended and
supplemented from time to time.

         "Collection Account Securities Intermediary" means JPMorgan Chase Bank
or any other securities intermediary that maintains the Collection Account
pursuant to the Collection Account Control Agreement.

         "Collection Period" means each calendar month beginning June 1, 2002
until Chase Manhattan Auto Owner Trust 2002-B shall terminate pursuant to
Article IX of the Trust Agreement.

         "Collections" means all collections in respect of Receivables,
including Liquidation Proceeds with respect to the Receivables.

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                                                                               7

         "Contract Rate" of a Receivable means the annual rate of interest
stated in such Receivable.

         "Corporate Trust Office" means the corporate trust office of the
Indenture Trustee in Minneapolis, Minnesota or the office of the Owner Trustee,
as applicable.

         "Cutoff Date" means June 1, 2002.

         "Dealer" means the dealer which sold a Financed Vehicle related to a
Dealer Receivable and which originated or assisted in the origination of such
Dealer Receivable under a Dealer Agreement.

         "Dealer Agreement" means any agreement and, if applicable, assignment
under which Dealer Receivables were originated by or through a Dealer and sold
to the Seller or an affiliate of the Seller.

         "Dealer Receivable" means each Receivable which was originated by the
Seller or an Affiliate of the Seller with the involvement of a Dealer.

         "Debt Cancellation Policy" means a policy issued by Chase USA to the
obligor that forgives the Principal Balance of a Receivable in excess of
insurance proceeds realized upon the event of a total loss of the related
Financed Vehicle.

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

         "Defaulted Receivable" means a Receivable (other than a Repurchased
Receivable) as to which the Servicer has determined based on its usual
collection practices and procedures, during any Collection Period, that eventual
payment in full of the Amount Financed (including accrued interest thereon) is
unlikely; provided that a Receivable shall become a Defaulted Receivable during
the calendar month in which more than 10% of any scheduled payment becomes 240
days delinquent, regardless of whether any such determination has been made.

         "Definitive Notes" means Notes issued in certificated, fully registered
form as provided in Section 2.12 of the Indenture.

         "Definitive Certificates" means Certificates issued in certificated,
fully registered form as provided in Section 3.12 of the Trust Agreement.

         "Delaware Trustee" has the meaning specified in Section 10.1 of the
Trust Agreement.

         "Delinquency Percentage" means, for any Payment Date, the sum of the
outstanding Principal Balances of all Receivables which were 60 days or more
delinquent (including Receivables, which are not Defaulted Receivables, relating
to Financed Vehicles that have been repossessed), as of the close of business on
the last day of the Collection Period immediately preceding such Payment Date,
determined in accordance with the Servicer's normal practices, such sum
expressed as a percentage of the Pool Balance as of the close of business on the
last day of such Collection Period.

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                                                                               8

         "Deposit Date" means the Business Day immediately preceding each
Payment Date.

         "Depositor" means the Seller in its capacity as Depositor under the
Trust Agreement.

         "Depository Agreements" means, collectively, the Certificate Depository
Agreement and the Note Depository Agreement.

         "Determination Date" means the 10th calendar day of the month (or, if
such 10th calendar day is not a Business Day, the Business Day preceding the
10th calendar day of the month) immediately succeeding the related Collection
Period.

         "Eligible Deposit Account" means (a) a segregated identifiable trust
account established in the trust department of a Qualified Trust Institution,
which shall, except in the case of the Reserve Account and the Yield Supplement
Account, initially be JPMorgan Chase Bank, and may be maintained with JPMorgan
Chase Bank so long as JPMorgan Chase Bank is a Qualified Trust Institution; or
(b) a separately identifiable deposit account established in the deposit taking
department of a Qualified Institution, which may be JPMorgan Chase Bank so long
as JPMorgan Chase Bank is a Qualified Institution.

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

         "Euroclear Operator" means Euroclear Bank S.A./N.V., in its capacity as
the operator of the  Euroclear system.

         "Event of Default" means an event specified in Section 5.1 of the
Indenture.

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

         "Exchange Act" means the Securities Exchange Act of 1934, as amended.

         "Expenses" has the meaning specified in Section 8.2 of the Trust
Agreement.

         "FDIC" means the Federal Deposit Insurance Corporation or any successor
thereto.

         "FHLMC" means the Federal Home Loan Mortgage Corporation or any
successor thereto.

         "Final Scheduled Maturity Date" means the last day of the Collection
Period immediately preceding the Certificate Final Scheduled Payment Date.

<PAGE>
                                                                               9

         "Financed Vehicle" means, with respect to a Receivable, the new or used
automobile or light-duty truck, together with all accessions thereto, securing
an Obligor's indebtedness under such Receivable.

         "Fitch" means Fitch, Inc. and its successors and assigns.

         "Fixed Note Percentage" means the percentage equivalent of a fraction
(rounded to the nearest one-one hundred thousandth of 1%) numerator of which is
the Outstanding Amount of the Class A-3 Notes and the Class A-4 Notes on the
Payment Date on which the Class A-2 Notes have been paid in full and the
denominator of which is the sum of the Outstanding Amount of the Class A-3 Notes
and the Class A-4 Notes and the Certificate Balance on the Payment Date on which
the Class A-2 Notes have been paid in full.

         "FNMA" means the Federal National Mortgage Association or any successor
thereto.

         "Foreign Clearing Agency" means, collectively, Clearstream and the
Euroclear Operator.

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

         "Holder" or "Holders" means, unless the context otherwise requires,
both Certificateholders and Noteholders.

         "Indemnified Parties" has the meaning specified in Section 8.2 of the
Trust Agreement.

         "Indenture" means the Indenture dated as of June 1, 2002, between the
Issuer and the Indenture Trustee, as the same may be amended and supplemented
from time to time.

         "Indenture Trustee" means, initially, Wells Fargo, as Indenture Trustee
under the Indenture, or any successor Indenture Trustee under the Indenture.

         "Independent" means, when used with respect to any specified Person,
that the person (a) is in fact independent of the Issuer, any other obligor upon
the Notes, the Seller and any Affiliate of any of the foregoing persons, (b)
does not have any direct financial interest or any material indirect financial
interest in the Issuer, any such other obligor, the Seller or any Affiliate of
any of the foregoing Persons and (c) is not connected with the Issuer, any such
other obligor, the Seller or any Affiliate of any of the foregoing Persons as an
officer, employee, promoter, underwriter, trustee, partner, director or Person
performing similar functions.

<PAGE>
                                                                              10

         "Independent Certificate" means a certificate or opinion to be
delivered to the Indenture Trustee under the circumstances described in, and
otherwise complying with, the applicable requirements of Section 11.1 of the
Indenture, made by an Independent engineer, appraiser or other expert appointed
by the Issuer and approved by the Indenture Trustee in the exercise of
reasonable care, and such opinion or certificate shall state that the signer has
read the definition of "Independent" in this Agreement and that the signer is
Independent within the meaning thereof.

         "Insolvency Event" means, for a specified Person, (a) the filing of a
decree or order for relief by a court having jurisdiction in the premises in
respect of such Person or any substantial part of its property in an involuntary
case under any applicable Federal or state bankruptcy, insolvency or other
similar law now or hereafter in effect, or appointing a receiver (including any
receiver appointed under the Financial Institutions Reform, Recovery and
Enforcement Act of 1989, as amended), liquidator, assignee, custodian, trustee,
sequestrator or similar official for such Person or for any substantial part of
its property, or ordering the winding-up or liquidation of such Person's
affairs, and such decree or order shall remain unstayed and in effect for a
period of 60 consecutive days; or (b) the commencement by such Person of a
voluntary case under any applicable Federal or state bankruptcy, insolvency or
other similar law now or hereafter in effect, or the consent by 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 of 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.

         "Interest Rate" means the rate of interest borne by the Notes of any
class.

         "Investment Earnings" means, with respect to any Payment Date, the
investment earnings (net of losses and investment expenses) on amounts on
deposit in the Collection Account.

         "Issuer" means Chase Manhattan Auto Owner Trust 2002-B, a Delaware
business trust, until a successor replaces it and, thereafter, means such
successor and, for purposes of any provision contained in the Indenture and
required by the TIA, each other obligor on the Notes.

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

         "JPMorgan Chase Bank" means JPMorgan Chase Bank, a New York banking
corporation and its successors.

         "Late Fees" means any late charges, credit related extension fees,
non-credit related extension fees or other administrative fees or similar
charges allowed by applicable law with respect to the Receivables.

<PAGE>
                                                                              11

         "Lien" means a security interest, lien, charge, pledge or encumbrance
of any kind other than tax liens, mechanics' liens or any other liens that
attach by operation of law.

         "Liquidation Proceeds" means, with respect to any Receivable, (i)
insurance proceeds, (ii) the monies collected during a Collection Period from
whatever source on a Defaulted Receivable and (iii) proceeds of a Financed
Vehicle sold after repossession, in each case net of any liquidation expenses
and payments required by law to be remitted to the Obligor.

         "Moody's" means Moody's Investors Service and its successors and
assigns.

         "Net Loss Ratio" means, for any Payment Date, the ratio, expressed as
an annualized percentage, of (i) the Aggregate Net Losses for such Payment Date
to (ii) the average of the Pool Balances on each of the related Settlement Date
and the last day of the related Collection Period.

         "Note" means a Class A-1 Note, a Class A-2 Note, a Class A-3 Note or a
Class A-4 Note.

         "Note Depository Agreement" means the agreement among the Issuer, the
Indenture Trustee, JPMorgan Chase Bank, as agent for The Depository Trust
Company and The Depository Trust Company, as the initial Clearing Agency, dated
the Closing Date, relating to the Notes, substantially in the form of Exhibit F
to the Indenture, as the same may be amended or supplemented from time to time
or any similar agreement with any successor Clearing Agency.

         "Note Distribution Account" means the account designated as such,
established and maintained pursuant to Section 5.1(b).

         "Note Final Scheduled Payment Date" means for (a) the Class A-1 Notes,
the June 2003 Payment Date, (b) the Class A-2 Notes, the January 2005 Payment
Date, (c) the Class A-3 Notes, the May 2006 Payment Date, and (d) the Class A-4
Notes, the January 2009 Payment Date.

         "Note Owner" means, with respect to a Book-Entry Note, the person who
is the owner of such Book-Entry Note, as reflected on the books of the Clearing
Agency or Foreign Clearing Agency, or on the books of a direct or indirect
Clearing Agency Participant.

         "Note Pool Factor" for each class of Notes as of the close of business
on a Payment Date means an eight-digit decimal figure equal to the Outstanding
Amount of such class of Notes divided by the Outstanding Amount as of the
Closing Date of such class of Notes. The Note Pool Factor for each class of
Notes will be 1.00000000 as of the Cutoff Date; thereafter, the Note Pool Factor
for each class of Notes will decline to reflect reductions in the Outstanding
Amount of such class of Notes.

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

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                                                                              12

         "Noteholders' Distributable Amount" means, for any Payment Date, the
sum of the Noteholders' Principal Distributable Amount and the Noteholders'
Interest Distributable Amount for all classes of Notes.

         "Noteholders' Interest Carryover Shortfall" means, for any class of
Notes, (a) for the initial Payment Date, zero, and (b) for any other Payment
Date, the excess of (x) the Noteholders' Interest Distributable Amount for the
preceding Payment Date for such class of Notes, over (y) the amount in respect
of interest actually deposited in the Note Distribution Account on such
preceding Payment Date with respect to such class of Notes, plus interest on the
amount of interest due but not paid to the Noteholders of such class on the
preceding Payment Date, to the extent permitted by law, at the applicable
Interest Rate from such preceding Payment Date through the current Payment Date.

         "Noteholders' Interest Distributable Amount" means, for any Payment
Date for any class of Notes, the sum of (x) the Noteholders' Monthly Interest
Distributable Amount for such class of Notes for such Payment Date and (y) the
Noteholders' Interest Carryover Shortfall for such class of Notes for such
Payment Date.

         "Noteholders' Monthly Interest Distributable Amount" means, for any
Payment Date for each class of Notes, one month's interest (or, in the case of
the first Payment Date, interest accrued from and including the Closing Date to
but excluding such Payment Date) at the related Interest Rate on the Outstanding
Amount of the Notes of such class on such Payment Date (or, in the case of the
first Payment Date, on the Closing Date). Interest for purposes of this
definition (i) on the Class A-1 Notes shall be computed on the basis of a
360-day year for the actual number of days elapsed and (ii) on the Class A-2
Notes, the Class A-3 Notes and the Class A-4 Notes shall be computed on the
basis of a 360-day year of twelve 30-day months.

         "Noteholders' Monthly Principal Distributable Amount" means, for any
Payment Date, the Noteholders' Percentage of the Principal Distribution Amount.

         "Noteholders' Percentage" means (i) 100% for each Payment Date
occurring before the Payment Date on which the Class A-2 Notes have been paid in
full, (ii) the Fixed Note Percentage (or such greater percentage as would be
necessary to pay the Class A-2 Notes in full) on such Payment Date, (iii) the
Fixed Note Percentage after such Payment Date until all of the Notes have been
paid in full and (iv) zero thereafter; provided, however, that (x) if the amount
on deposit in the Reserve Account on any Payment Date would be, after giving
effect to distributions on such Payment Date, less than 0.50% of the Original
Pool Balance, the Noteholders' Percentage will be 100% for such Payment Date and
each Payment Date thereafter until the Notes have been paid in full or the
amount on deposit in the Reserve Account equals or exceeds the Specified Reserve
Account Balance and (y) if the Notes have been accelerated after the occurrence
of an Event of Default, the Noteholders' Percentage will be 100% for each
Payment Date thereafter until the Notes have been paid in full.

         "Noteholders' Principal Carryover Shortfall" means for any Payment
Date, the excess of (x) the Noteholders' Principal Distributable Amount for the
preceding Payment Date over (y) the amount in respect of principal actually
deposited in the Note Distribution Account on such Payment Date.

<PAGE>
                                                                              13

         "Noteholders' Principal Distributable Amount" means, for any Payment
Date, the sum of (i) the Noteholders' Monthly Principal Distributable Amount for
such Payment Date and (ii) the Noteholders' Principal Carryover Shortfall for
such Payment Date; provided that the Noteholders' Principal Distributable Amount
shall not exceed the Outstanding Amount of the Notes. In addition, on the Note
Final Scheduled Payment Date of each class of Notes, the principal required to
be deposited in the Note Distribution Account will include the amount necessary
(after giving effect to the other amounts to be deposited in the Note
Distribution Account on such Payment Date and allocable to principal) to reduce
the Outstanding Amount of such class of Notes to zero.

         "Note Register" and "Note Registrar" means the register maintained and
the registrar appointed pursuant to Section 2.4 of the Indenture.

         "Obligor" on a Receivable means the purchaser or the co-purchasers of
the Financed Vehicle purchased in part or in whole by the execution and delivery
of such Receivable or any other Person who owes or may be liable for payments
under such Receivable.

         "Officer's Certificate" means a certificate signed by the chairman of
the board, the president, the treasurer, the controller, any executive or senior
vice president or any vice president of the Seller or Servicer, as appropriate,
meeting the requirements of Section 11.1 of the Indenture.

         "Opinion of Counsel" means a written opinion of counsel (who may be
counsel to the Seller or the Servicer) reasonably acceptable in form and
substance to the Indenture Trustee, meeting the requirements of Section 11.1 of
the Indenture (or in the case of an Opinion of Counsel delivered to the Owner
Trustee, reasonably acceptable in form and substance to the Owner Trustee).

         "Optional Purchase Percentage" shall be 10%.

         "Original Pool Balance" shall be $1,368,000,000.00.

         "Outstanding" means, when used with respect to Notes, as of any date of
determination, all Notes theretofore authenticated and delivered under the
Indenture except:

         (a) Notes theretofore canceled by the Note Registrar or delivered to
the Note Registrar for cancellation;

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

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

<PAGE>
                                                                              14

provided that in determining whether the Holders of the requisite Outstanding
Amount of the Notes have given any request, demand, authorization, direction,
notice, consent or waiver hereunder or under any Basic Document, Notes owned by
the Issuer, any other obligor upon the Notes, the Seller or any Affiliate of any
of the foregoing Persons shall be disregarded and deemed not to be Outstanding,
except that, in determining whether the Indenture Trustee shall be protected in
relying upon any such request, demand, authorization, direction, notice, consent
or waiver, only Notes that an Authorized Officer of the Indenture Trustee either
actually knows to be so owned or has received written notice that such Note is
so owned shall be so disregarded. Notes so owned that have been pledged in good
faith may be regarded as Outstanding if the pledgee establishes to the
satisfaction of the Indenture Trustee the pledgee's right so to act with respect
to such Notes and that the pledgee is not the Issuer, any other obligor upon the
Notes, the Seller or any Affiliate of any of the foregoing Persons.

         "Outstanding Amount" means, when used with respect to Notes, as of any
date of determination, the aggregate principal amount of all Notes, or a class
of Notes, as applicable, Outstanding as of such date.

         "Owner Trust Estate" means all right, title and interest of the Issuer
in and to the property and rights assigned to the Issuer pursuant to Article II
of this Agreement, all funds on deposit from time to time in the Trust Accounts
(other than the Note Distribution Account) and the Certificate Distribution
Account and all other property of Issuer from time to time, including any rights
of the Owner Trustee and the Issuer pursuant to this Agreement.

         "Owner Trustee" means Wilmington Trust Company, a Delaware banking
corporation, not in its individual capacity but solely as owner trustee under
the Trust Agreement, and any successor Owner Trustee thereunder.

         "Paying Agent" means: (a) when used in the Indenture or otherwise with
respect to the Notes, the Indenture Trustee or any other Person that meets the
eligibility standards for the Indenture Trustee specified in Section 6.11 of the
Indenture and is authorized by the Indenture Trustee to make the payments to and
distributions from the Collection Account and the Note Distribution Account,
including payment of principal of or interest on the Notes on behalf of the
Issuer; and (b) when used in the Trust Agreement or otherwise with respect to
the Certificates, the Owner Trustee or any other paying agent or co-paying agent
appointed pursuant to Section 3.9 of the Trust Agreement, and in the case of the
Indenture with respect to the Notes, and the Trust Agreement with respect to the
Certificates, such Paying Agent shall initially be the corporate trust office of
JPMorgan Chase Bank.

         "Payment Date" means, in the case of the first Collection Period, July
15, 2002, and in the case of every Collection Period thereafter, the 15th day of
the following month, or if the 15th day is not a Business Day, the next
following Business Day.

         "Permitted Investments" means, at any time, any one or more of the
following obligations, securities (certificated or uncertificated) or
instruments (excluding any security with the "r" symbol attached to its rating):

<PAGE>
                                                                              15

      (i) obligations of the United States of America or any agency thereof;
provided such obligations are backed by the full faith and credit of the United
States of America;

      (ii) general obligations of or obligations guaranteed as to the timely
payment of interest and principal by any state of the United States of America
or the District of Columbia then rated "A-1+" or "AAA" by Standard & Poor's,
"F1+" or "AAA" by Fitch (if rated by Fitch) and P-1 or Aaa by Moody's;

      (iii) commercial paper, other than commercial paper issued by JPMorgan
Chase Bank or any of its Affiliates, which is then rated P-1 by Moody's, "F1+"
by Fitch (if rated by Fitch) and "A-1+" by Standard & Poor's;

      (iv) certificates of deposit, demand or time deposits, federal funds or
banker's acceptances, other than banker's acceptances issued by JPMorgan Chase
Bank or any of its Affiliates, issued by any depository institution or trust
company (including the Indenture Trustee acting in its commercial banking
capacity) incorporated under the laws of the United States or of any state
thereof or incorporated under the laws of a foreign jurisdiction with a branch
or agency located in the United States of America and subject to supervision and
examination by federal or state banking authorities which short term unsecured
deposit obligations of such depository institution or trust company are then
rated P-1 by Moody's, "F1+" by Fitch (if rated by Fitch) and "A-1+" by Standard
& Poor's;

      (v) demand or time deposits of, or certificates of deposit issued by, any
bank, trust company, savings bank or other savings institution; provided such
deposits or certificates of deposit are fully insured by the FDIC;

      (vi) guaranteed reinvestment agreements issued by any bank, insurance
company or other corporation the short term unsecured debt or deposits of which
are rated P-1 by Moody's, "F1+" by Fitch (if rated by Fitch) and "A-1+" by
Standard & Poor's or the long-term unsecured debt of which are rated Aaa by
Moody's, "AAA" by Fitch (if rated by Fitch) and "AAA" by Standard & Poor's;

      (vii) repurchase obligations with respect to any security described in
clauses (i) or (ii) herein or any other security issued or guaranteed by the
FHLMC, FNMA or any other agency or instrumentality of the United States of
America which is backed by the full faith and credit of the United States of
America, in either case entered into with a federal agency or a depository
institution or trust company (acting as principal) described in (iv) above;

      (viii) investments in money market funds, which funds (A) are not subject
to any sales, load or other similar charge; and (B) are rated at least "AAAM" or
"AAAM-G" by Standard & Poor's, "AAAV-1+" by Fitch (if rated by Fitch) and Aaa by
Moody's; and

      (ix) such other investments, other than investments in JPMorgan Chase Bank
or any of its affiliates, where either (A) the short-term unsecured debt or
deposits of the obligor on such investments are rated "A-1+" by Standard &
Poor's, "F1+" by Fitch (if rated by Fitch) and P-1 by Moody's.

<PAGE>
                                                                              16

Permitted Investments may include money market mutual funds (so long as such
fund has the ratings specified in clause (viii) hereof), including, without
limitation, the VISTA U.S. Government Money Market Fund or any other fund for
which JPMorgan Chase Bank, the Indenture Trustee or an Affiliate thereof serves
as an investment advisor, administrator, shareholder servicing agent, and/or
custodian or subcustodian, notwithstanding that (i) JPMorgan Chase Bank, Wells
Fargo or an Affiliate thereof charges and collects fees and expenses from such
funds for services rendered, (ii) JPMorgan Chase Bank, Wells Fargo or an
Affiliate thereof charges and collects fees and expenses for services rendered
pursuant to this Agreement, and (iii) services performed for such funds and
pursuant to this Agreement may converge at any time. The Indenture Trustee
specifically authorizes JPMorgan Chase Bank, Wells Fargo or an Affiliate thereof
to charge and collect all fees and expenses from such funds for services
rendered to such funds (but not to exceed investment earnings), in addition to
any fees and expenses JPMorgan Chase Bank or Wells Fargo, as applicable, may
charge and collect for services rendered pursuant to this Agreement.

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

         "Pool Balance" as of any date of determination means, the aggregate
Principal Balance of the Receivables as of the close of business on the last day
of the preceding Collection Period, after giving effect to all payments received
from Obligors and Repurchase Amounts to be remitted by the Servicer or the
Seller, as the case may be, for such Collection Period and all losses realized
on Receivables liquidated during such Collection Period.

         "Predecessor Note" means, with respect to any particular Note, every
previous Note evidencing all or a portion of the same debt as that evidenced by
such particular Note; and, for the purpose of this definition, any Note
authenticated and delivered under Section 2.5 of the Indenture in lieu of a
mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same
debt as the mutilated, lost, destroyed or stolen Note.

         "Prepayment Date" means in the case of a prepayment of the Notes
pursuant to Section 10.1 of the Indenture, the Payment Date specified by the
Servicer pursuant to such Section 10.1.

         "Principal Balance" of a Receivable, as of the close of business on the
last day of any Collection Period, means the Amount Financed minus that portion
of all payments received on or prior to such date allocable to principal. The
Principal Balance of a Defaulted Receivable or a Repurchased Receivable shall be
deemed to be zero, in each case, as of such date.

         "Principal Distribution Amount" means, for any Payment Date, the sum of
the following amounts, without duplication: (i) Available Principal and (ii)
Aggregate Net Losses.

<PAGE>
                                                                              17

         "Principal Prepayment" means a payment or other recovery of principal
on a Receivable (including insurance proceeds and Liquidation Proceeds applied
to principal on a Receivable) which is received in advance of its due date.

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

         "Projected Weighted Average Life" means, with respect to (a) the Class
A-1 Notes, 0.36, (b) the Class A-2 Notes, 1.05, (c) the Class A-3 Notes, 2.00,
(d) the Class A-4 Notes, 3.27 and (e) the Certificates, 2.62.

         "Qualified Institution" means a depository institution organized under
the laws of the United States of America or any State thereof or incorporated
under the laws of a foreign jurisdiction with a branch or agency located in the
United States of America or any State thereof and subject to supervision and
examination by federal or state banking authorities which at all times has the
Required Deposit Rating and, in the case of any such institution organized under
the laws of the United States of America, whose deposits are insured by the
FDIC.

         "Qualified Trust Institution" means an institution organized under the
laws of the United States of America or any State thereof or incorporated under
the laws of a foreign jurisdiction with a branch or agency located in the United
States of America or any State thereof and subject to supervision and
examination by federal or state banking authorities which at all times (i) is
authorized under such laws to act as a trustee or in any other fiduciary
capacity, (ii) has not less than one billion dollars in assets under fiduciary
management, and (iii) has a long term deposits rating of not less than "BBB-" by
Standard & Poor's, Baa3 by Moody's and "BBB-" by Fitch (if rated by Fitch).

         "Rating Agency" means any of Standard & Poor's, Moody's or Fitch.

         "Rating Agency Condition" means, with respect to any action or event,
that each Rating Agency shall have notified the Seller, the Servicer, the
Indenture Trustee and the Owner Trustee, in writing, that such action or event
will not result in reduction or withdrawal of any then outstanding rating of any
outstanding Note or Certificate with respect to which it is the Rating Agency.

         "Receivable" means a retail installment sale contract or purchase money
promissory note or other promissory note and security agreement executed by an
Obligor in respect of a Financed Vehicle, and all proceeds thereof and payments
thereunder (other than interest accrued and unpaid as of the opening of business
on the Cutoff Date), which Receivable shall be identified in the Schedule of
Receivables.

         "Receivable Files" means the documents specified in Section 3.3.

         "Receivables Pool" means the pool of Receivables included in the Trust
Estate and all monies received thereunder on or after the Cutoff Date.

         "Record Date" means, with respect to any Payment Date, the Business Day
prior to such Payment Date unless Definitive Notes or Definitive Certificates
are issued, in which case, Record Date, with respect to such Definitive Notes or
Definitive Certificates, as applicable, shall mean the last day of the
immediately preceding calendar month.

<PAGE>
                                                                              18

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

         "Repurchase Amount" of a Repurchased Receivable or any Receivable
purchased by the Servicer pursuant to Section 9.1, means the sum, as of the last
day of the Collection Period on which such Receivable becomes such, of the
Principal Balance thereof plus the Accrued Interest thereon.

         "Repurchased Receivable" means a Receivable repurchased by the Seller
pursuant to Section 3.2 or purchased by the Servicer pursuant to Section 4.6.

         "Required Deposit Rating" shall be a short-term certificate of deposit
rating from Moody's of P-1, from Fitch of "F1+" (if rated by Fitch) and from
Standard & Poor's of "A-1+," and a long-term unsecured debt rating of not less
than Aa3 by Moody's, "AA" by Fitch (if rated by Fitch) and "AA-" by Standard &
Poor's.

         "Required Rate" means the sum of (i) the Servicing Fee Rate and (ii)
the percentage equivalent of a fraction, the numerator of which is equal to the
sum of the product for each class of Notes and for the Certificates of (x) the
Interest Rate for such class of Notes or the Certificate Rate, (y) the
Outstanding Amount of the Notes of such class on the Closing Date or the
Certificate Balance on the Closing Date and (z) the Projected Weighted Average
Life with respect to such class of Notes or the Certificates, and the
denominator of which is equal to the sum of the product for each class of Notes
and for the Certificates of (1) the Outstanding Amount of the Notes of such
class on the Closing Date or the Certificate Balance on the Closing Date and (2)
the Projected Weighted Average Life with respect to such class of Notes or the
Certificates.

         "Reserve Account" means securities account no. 12651400 entitled "Wells
Fargo Bank Minnesota, National Association, as Indenture Trustee, Securities
Account of Chase Auto Owner Trust Series 2002-B" maintained by the Reserve
Account Securities Intermediary pursuant to the Reserve Account Control
Agreement or any successor securities account maintained pursuant to the Reserve
Account Control Agreement.

         "Reserve Account Control Agreement" means the agreement among the
Issuer, Wells Fargo, as securities intermediary, and the Indenture Trustee,
dated as of June 1, 2002, relating to the Reserve Account, substantially in the
form attached as Exhibit D, as the same may be amended and supplemented from
time to time.

         "Reserve Account Initial Deposit" means an amount equal to $10,260,000.

         "Reserve Account Securities Intermediary" means Wells Fargo or any
other securities intermediary that maintains the Reserve Account pursuant to the
Reserve Account Control Agreement.

         "Reserve Account Transfer Amount" means, for any Payment Date, an
amount equal to the lesser of (a) the amount of cash or other immediately
available funds on deposit in the Reserve Account on such Payment Date
(excluding amounts to be paid to the Class R Certificateholder pursuant to
clause (i) of Section 5.7(d), but before giving effect to any other withdrawals
therefrom relating to such Payment Date) and (b) the amount, if any, by which
the sum of the amounts set forth in clauses (i) through (vi) of Section 5.5(c),
inclusive, exceeds the Total Distribution Amount for such Payment Date.

<PAGE>
                                                                              19

         "Responsible Officer" means, with respect to the Indenture Trustee, any
officer within the Corporate Trust Office of the Indenture Trustee, including
any Vice President, Assistant Vice President, Assistant Treasurer, Assistant
Secretary, or any other officer of the Indenture Trustee customarily performing
functions similar to those performed by any of the above designated officers and
also, with respect to a particular matter, any other officer to whom such matter
is referred because of such officer's knowledge of and familiarity with the
particular subject.

         "Sale Proceeds" has the meaning specified in Section 9.1(b).

         "Schedule of Receivables" means the list of Receivables attached hereto
as Schedule A.

         "SFAS 140" means the Statement of Financial Accounting Standard No.
140, Accounting for Transfers and Servicing of Financial Assets and
Extinguishments of Liabilities.

         "Securities Act" means the Securities Act of 1933, as amended.

         "Securities Control Agreements" means, collectively, the Collection
Account Control Agreement, the Reserve Account Control Agreement and the Yield
Supplement Account Control Agreement.

         "Securities Intermediaries" means, collectively, JPMorgan Chase Bank,
acting as securities intermediary under the Collection Account Control Agreement
or any successor thereto thereunder and Wells Fargo, acting as securities
intermediary under the Reserve Account Control Agreement and the Yield
Supplement Account Control Agreement or any successor thereto thereunder.

         "Seller" means Chase Manhattan Bank USA, National Association, a
national banking association with its principal executive offices in Newark,
Delaware, in its capacity as the seller of the Receivables under this Agreement,
and each successor to Chase Manhattan Bank USA, National Association (in the
same capacity) pursuant to Section 6.3.

         "Servicer" means Chase Manhattan Bank USA, National Association, a
national banking association with its principal offices in Newark, Delaware, in
its capacity as the servicer of the Receivables under this Agreement, and each
successor to Chase Manhattan Bank USA, National Association (in the same
capacity) pursuant to Section 7.3, and each successor servicer pursuant to
Section 8.2.

         "Servicer's Certificate" means a certificate, substantially in the form
of Exhibit A attached hereto, completed and executed by the Servicer by its
chairman of the board, the president, treasurer, controller or any executive,
senior vice president or vice president pursuant to Section 4.8.

<PAGE>
                                                                              20

         "Servicing Fee" with regard to a Collection Period means the fee
payable to the Servicer for services rendered during such Collection Period,
determined pursuant to Section 4.7.

         "Servicing Fee Rate" means 1.00% per annum.

         "Settlement Date" means, with respect to any Collection Period, the
last day of the Collection Period immediately preceding such Collection Period,
and with respect to any Payment Date, the last day of the second Collection
Period preceding the Collection Period in which such Payment Date occurs.

         "Simple Interest Method" means the method of allocating a fixed level
payment to principal and interest, pursuant to which the portion of such payment
that is allocated to interest is equal to the product of the fixed rate of
interest multiplied by the unpaid Principal Balance multiplied by the period of
time elapsed since the preceding payment of interest was made, and the remainder
of such payment is allocable to principal.

         "Simple Interest Receivable" means any Receivable providing for the
allocation of payments made thereunder to principal and interest in accordance
with the Simple Interest Method.

         "Specified Reserve Account Balance" with respect to any Payment Date,
means 1.75% of the Pool Balance as of the related Settlement Date, but in any
event will not be less than the lesser of (i) $10,260,000 and (ii) such Pool
Balance; provided that the Specified Reserve Account Balance will be calculated
using a percentage of 3.50% for any Payment Date (beginning with the September
2002 Payment Date) for which the Average Net Loss Ratio exceeds 1.75% or the
Average Delinquency Percentage exceeds 1.75%. Upon written notification to the
Indenture Trustee by the Seller, the Specified Reserve Account Balance may be
reduced to a lesser amount as determined by the Seller so long as such reduction
satisfies the Rating Agency Condition.

         "Specified Yield Supplement Amount" with respect to any Payment Date,
means an amount equal to the lesser of (a) the Yield Supplement Account Initial
Deposit and (b) the sum of the Yield Supplement Withdrawal Amounts for all
future Payment Dates, assuming that (i) all scheduled payments on the Yield
Supplemented Receivables are made when due, (ii) no prepayments are made on the
Yield Supplemented Receivables and (iii) the investment income on amounts on
deposit in the Yield Supplement Account will be 1.25% per annum.

         "Standard & Poor's" means Standard & Poor's Ratings Services and its
successors and assigns.

         "Total Distribution Amount" means, for any Payment Date, the sum of
Available Interest and Available Principal for such Payment Date. The Total
Distribution Amount on any Payment Date shall exclude all payments and proceeds
(including any Liquidation Proceeds and any amounts received from Dealers with
respect to Receivables) of any Receivables the Repurchase Amount of which has
been included in the Total Distribution Amount for a prior Payment Date.

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                                                                              21

         "Treasury Regulations" means, the treasury regulations promulgated
under Code.

         "Trust Accounts" means, collectively, the Collection Account, the Note
Distribution Account, the Reserve Account and the Yield Supplement Account.

         "Trust Agreement" means the Amended and Restated Trust Agreement dated
as of June 1, 2002, between the Depositor and the Owner Trustee, as the same may
be amended and supplemented from time to time.

         "Trust Estate" means all money, instruments, rights and other property
that are subject or intended to be subject to the lien and security interest of
the Indenture for the benefit of the Noteholders (including all property and
interests Granted to the Indenture Trustee), including all proceeds thereof, the
Reserve Account and the Yield Supplement Account.

         "Trust Indenture Act" or "TIA" means the Trust Indenture Act of 1939 as
in force on the date hereof, unless otherwise specifically provided.

         "Wells Fargo" means Wells Fargo Bank Minnesota, National Association.

         "Yield Supplement Account" means securities account no. 12651401
entitled "Wells Fargo Bank Minnesota, National Association, as Indenture
Trustee, Securities Account of Chase Auto Owner Trust Series 2002-B" maintained
by the Yield Supplement Account Securities Intermediary pursuant to the Yield
Supplement Account Control Agreement or any successor securities account
maintained pursuant to the Yield Supplement Account Control Agreement.

         "Yield Supplement Account Control Agreement" means the agreement among
the Issuer, Wells Fargo, as securities intermediary, and the Indenture Trustee,
dated as of June 1, 2002, relating to the Yield Supplement Account,
substantially in the form attached as Exhibit E, as the same may be amended and
supplemented from time to time.

         "Yield Supplement Account Initial Deposit" means an amount equal to
$7,017,060.88.

         "Yield Supplement Account Securities Intermediary" means Wells Fargo or
any other securities intermediary that maintains the Yield Supplement Account
pursuant to the Yield Supplement Account Control Agreement.

         "Yield Supplement Withdrawal Amount" means, for any Payment Date, an
amount equal to the lesser of (i) the amount of cash or other immediately
available funds on deposit in the Yield Supplement Account on such Payment Date
and (ii) the aggregate amount by which one month's interest (assuming a
thirty-day month) on the Principal Balance of each Yield Supplemented Receivable
as of the close of business on the last day of the second Collection Period
preceding such Payment Date at the Required Rate exceeds one month's interest
(assuming a thirty-day month) on such Principal Balance at the Contract Rate of
such Yield Supplemental Receivable.

<PAGE>
                                                                              22

         "Yield Supplemented Receivable" means a Receivable that has a Contract
Rate that is less than the Required Rate.

         SECTION 1.2 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 gender; 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." All references herein to Articles,
Sections, Subsections and Exhibits are references to Articles, Sections,
Subsections and Exhibits contained in or attached to this Agreement unless
otherwise specified, and each such Exhibit is part of the terms of this
Agreement.

         SECTION 1.3 Simple Interest Method; Methods of Allocating Payments or
Receivables; Allocations. All allocations of payments to principal and interest
and determinations of periodic charges and the like on the Receivables shall be
based on a year with the actual number of days in such year and twelve months
with the actual number of days in each such month. Each payment on a Receivable
shall be applied first, to the payment of accrued and unpaid interest on such
Receivable, second, to reduce the scheduled principal amount outstanding on the
Receivable to the extent of the remaining scheduled payment, third, to any
outstanding fees and Late Fees under the terms of the Receivable and fourth, to
reduce the principal amount outstanding on the Receivable. Amounts paid by the
Seller or the Servicer in respect of Repurchased Receivables shall be allocated
as if the Obligor thereof had prepaid such Receivable in full on the date as of
which such Receivable was repurchased by the Seller pursuant to Section 3.2 or
purchased by the Servicer pursuant to Section 4.6 or 9.1.

                                   ARTICLE II

                            CONVEYANCE OF RECEIVABLES

         SECTION 2.1 Conveyance of Receivables. In consideration of the Issuer's
delivery of the Notes, the Certificates and the Class R Certificate to and upon
the order of the Seller, the Seller does hereby sell, transfer, assign, and
otherwise convey to the Issuer, without recourse (subject to the Seller's
obligations herein):

                  (i) all right, title, and interest of the Seller in, to and
         under the Receivables listed in the Schedule of Receivables, which is
         incorporated by reference herein, all proceeds thereof and all amounts
         and monies received thereon on or after the Cutoff Date (including
         proceeds of the repurchase of Receivables by the Seller pursuant to
         Section 3.2 or the purchase of Receivables by the Servicer pursuant to
         Section 4.6 or 9.1), together with the interest of the Seller in the
         security interests in the Financed Vehicles granted by the Obligors
         pursuant to the Receivables and in any repossessed Financed Vehicles;

<PAGE>
                                                                              23

                  (ii) all right, title and interest of the Seller in any
         Liquidation Proceeds and in any proceeds of any extended warranties,
         theft and physical damage, guaranteed auto protection, credit life or
         credit disability policies relating to the Financed Vehicles or the
         Obligors;

                  (iii) all right, title and interest of the Seller in any
         proceeds from Dealer repurchase obligations relating to the
         Receivables; and

                  (iv) all proceeds (as defined in the Relevant UCC) of the
         foregoing.

         In connection with such sale, the Seller agrees to record and file, at
its own expense, financing statements (and continuation statements with respect
to such financing statements when applicable) with respect to the Receivables
for the sale of accounts and chattel paper meeting the requirements of
applicable state law in such manner and in such jurisdictions as are necessary
to perfect the sale and assignment of the Receivables to the Issuer.

         It is the intention of the Seller and the Issuer that (a) the
assignment and transfer herein contemplated constitute a sale of the
Receivables, conveying good title thereto free and clear of any liens and
encumbrances, from the Seller to the Issuer and (b) the Receivables not be part
of the Seller's estate in the event of an insolvency. In the event that such
conveyance is deemed to be a pledge to secure a loan, the Seller hereby grants
to the Issuer a first priority perfected security interest in all of the
Seller's right, title and interest in, to and under the items of property listed
in clauses (i) through (iii) above, and in all proceeds (as defined in the
Relevant UCC) of the foregoing, to secure the loan deemed to be made in
connection with such pledge and, in such event, this Agreement shall constitute
a security agreement under applicable law.

         SECTION 2.2 Closing. The conveyance of the Receivables shall take place
at the offices of Simpson Thacher & Bartlett, New York, New York on the Closing
Date, simultaneously with the closing of the transactions contemplated by the
underwriting agreements related to the Notes and the Certificates and the other
Basic Documents. Upon the acceptance by the Seller of the Notes, the
Certificates and the Class R Certificate, the ownership of each Receivable and
the contents of the related Receivable File will be vested in the Issuer,
subject only to the lien of the Indenture.

                                   ARTICLE III

                                 THE RECEIVABLES

         SECTION 3.1 Representations and Warranties of Seller; Conditions
Relating to Receivables.

         (a) The Seller makes the following representations and warranties as to
the Receivables on which the Issuer shall rely in acquiring the Receivables.
Such representations and warranties shall speak as of the Cutoff Date unless
otherwise specified, but shall survive the sale, transfer, and assignment of the
Receivables to the Issuer and the pledge thereof to the Indenture Trustee
pursuant to the Indenture.

<PAGE>
                                                                              24

                  (i) Schedule of Receivables. The Schedule of Receivables
         identifies the Receivables by account number, name of Obligor and
         remaining principal balance of the Receivables as of the Cutoff Date
         and the information set forth in the Schedule of Receivables with
         respect to each Receivable is true and correct in all material
         respects, and no selection procedures materially adverse to the Holders
         has been utilized in selecting the Receivables from all receivables
         owned by the Seller which meet the selection criteria specified herein.

                  (ii) No Sale or Transfer. No Receivable has been sold,
         transferred, assigned or pledged by the Seller to any Person other than
         the Issuer.

                  (iii) Good Title. Immediately prior to the transfer and
         assignment of the Receivables to the Issuer herein contemplated, the
         Seller has good and marketable title to each Receivable free and clear
         of all Liens and rights of others; and, immediately upon the transfer
         thereof, the Issuer has either (i) good and marketable title to each
         Receivable, free and clear of all Liens and rights of others, other
         than the Lien of the Indenture Trustee under the Indenture, and the
         transfer has been perfected under applicable law or (ii) a first
         priority perfected security interest in each Receivable and the
         proceeds thereof.

         (b) Each Receivable satisfies the following conditions as of the Cutoff
Date unless otherwise specified and such conditions shall survive the sale,
transfer and assignment of the Receivables to the Issuer and the pledge thereof
to the Indenture Trustee pursuant to the Indenture.

                  (i) Acquisition. Each Receivable is a Dealer Receivable
         acquired directly or indirectly from or made through a Dealer located
         in the United States (including the District of Columbia);

                  (ii) Security. Each Receivable is secured by a new or used
         automobile or light-duty truck;

                  (iii) Maturity of Receivables. Each Receivable had a remaining
         maturity of not less than nine months and not greater than seventy-two
         months, and (A) in the case of each Receivable secured by new Financed
         Vehicles, had an original maturity of at least twelve months and not
         more than seventy-three months, or (B) in the case of each Receivable
         secured by used Financed Vehicles, had an original maturity of at least
         twelve months and not more than sixty-seven months.

                  (iv) Contract Rate. Each Receivable is a fully-amortizing
         fixed rate simple interest contract or note that provides for level
         scheduled monthly payments over its remaining term and has a Contract
         Rate of not more than 18.00% per annum;

                  (v) No Repossessions. Each Receivable is secured by a Financed
         Vehicle that had not been repossessed without reinstatement of such
         Receivable;

                  (vi) Obligor Not Subject to Bankruptcy Proceedings. Each
         Receivable has been entered into by an Obligor who had not been
         identified on the computer files of the Seller as in bankruptcy
         proceedings;

<PAGE>
                                                                              25

                  (vii) No Overdue Payments. Each Receivable had no payment that
         was more than 30 days past due;

                  (viii) Remaining Principal Balance. Each Receivable had a
         remaining Principal Balance of at least $2,000 and not greater than
         $100,000;

                  (ix) No Force Placed Insurance. Each Receivable was secured by
         a Financed Vehicle that was not insured by a force placed insurance
         policy or any vendor's single interest and non-filing insurance policy;

                  (x) Receivable Files. The Receivable Files were kept at one or
         more of the locations specified in Schedule B hereto;

                  (xi) Characteristics of Receivables. Each Receivable (a) has
         been originated in the form of a credit sales transaction by a Dealer
         or a purchase money loan or other note through a Dealer located in one
         of the States of the United States (including the District of Columbia)
         for the retail financing of a Financed Vehicle and has been fully and
         properly executed by the parties thereto, (b) if a retail installment
         sales contract, has been purchased by the Seller from the originating
         Dealer or an Affiliate of the Seller and has been validly assigned by
         such Dealer or an Affiliate of the Seller to the Seller in accordance
         with its terms; (c) contains customary and enforceable provisions such
         that the rights and remedies of the holder thereof are adequate for
         realization against the collateral of the benefits of the security; and
         (d) provides for fully amortizing level scheduled monthly payments
         (provided that the payment in the last month in the life of the
         Receivable may be different from the level scheduled payment) and for
         accrual of interest at a fixed rate according to the Simple Interest
         Method;

                  (xii) Compliance with Laws. Each Receivable and each sale of
         the related Financed Vehicle complied at the time it was originated or
         made, and complied on and after the Cutoff Date, in all material
         respects with all requirements of applicable federal, state, and local
         laws, and regulations thereunder, including usury laws, the Federal
         Truth-in-Lending Act, the Equal Credit Opportunity Act, the Fair Credit
         Reporting Act, the Federal Trade Commission Act, the Magnuson-Moss
         Warranty Act, Federal Reserve Board Regulations B and Z, state
         adaptations of the National Consumer Act and of the Uniform Consumer
         Credit Code, and any other consumer credit, equal opportunity, and
         disclosure laws applicable to such Receivable and sale thereof;

                  (xiii) Binding Obligation. Each Receivable constitutes the
         legal, valid, and binding payment obligation in writing of the Obligor,
         enforceable by the holder thereof in all material respects in
         accordance with its terms, subject, as to enforcement, to applicable
         bankruptcy, insolvency, reorganization, liquidation and other similar
         laws and equitable principles relating to or affecting the enforcement
         of creditors' rights;

                  (xiv) No Government Obligor. Each Receivable is not due from
         the United States of America or any State or from any agency,
         department, instrumentality or political subdivision of the United
         States of America or any State or local municipality, and each
         Receivable is not due from a business except to the extent that such
         Receivable has a personal guaranty;

<PAGE>
                                                                              26

                  (xv) Security Interest in Financed Vehicle. Immediately prior
         to the sale and assignment thereof to the Issuer as herein
         contemplated, each Receivable was secured by a validly perfected first
         priority security interest in the related Financed Vehicle in favor of
         or for the benefit of the Seller as secured party (subject to
         administrative delays and clerical errors on the part of the applicable
         governmental agency and to any statutory or other lien arising by
         operation of law after the Closing Date which is prior to such security
         interest), the Seller's security interest (or beneficial interest
         therein) is assignable, and has been so assigned by the Seller to the
         Issuer, and at such time as enforcement of such security interest is
         sought, each Receivable shall be secured by a validly perfected first
         priority security interest in the related Financed Vehicle for the
         benefit of the Issuer (subject to administrative delays and clerical
         errors on the part of the applicable governmental agency and to any
         statutory or other lien arising by operation of law after the Closing
         Date which is prior to such security interest);

                  (xvi) Receivables in Force. No Receivable has been satisfied,
         subordinated, or rescinded, nor has any Financed Vehicle been released
         from the Lien granted by the related Receivable, in whole or in part;

                  (xvii) No Waiver. No provision of a Receivable has been waived
         in such a manner that such Receivable fails either to meet all of the
         representations and warranties made by the Seller herein with respect
         thereto or to meet all of the conditions with respect thereto pursuant
         to this Section 3.1(b);

                  (xviii) No Amendments. No Receivable has been amended except
         pursuant to either instruments included in the Receivable Files or
         instruments to be included in the Receivable Files pursuant to Section
         4.2 (or otherwise maintained by the Seller in the ordinary course of
         its business), and no such amendment has caused such Receivable either
         to fail to meet all of the representations and warranties made by the
         Seller herein with respect thereto or to fail to meet all of the
         conditions with respect thereto pursuant to this Section 3.1(b);

                  (xix) No Defenses. The Seller had no knowledge either of any
         facts which would give rise to any right of rescission, setoff,
         counterclaim, or defense, or of the same being asserted or threatened,
         with respect to any Receivable;

                  (xx) No Liens. The Seller had no knowledge of any Liens or
         claims that have been filed, including liens for work, labor, materials
         or unpaid taxes relating to a Financed Vehicle, that would be liens
         prior to, or equal or coordinate with, the lien granted by the
         Receivable;

                  (xxi) No Default. Except for payment defaults continuing for a
         period of not more than 30 days as of the close of business on the
         Cutoff Date, the Seller has no knowledge that a default, breach,
         violation, or event permitting acceleration under the terms of any
         Receivable exists; the Seller has no knowledge that a continuing
         condition that with notice or lapse of time would constitute a default,
         breach, violation, or event permitting acceleration under the terms of
         any Receivable exists; and the Seller has not waived any of the
         foregoing;

<PAGE>
                                                                              27

                  (xxii) Insurance. Each Receivable requires that the Obligor
         thereunder maintain comprehensive, liability, theft and physical damage
         insurance covering the related Financed Vehicle;

                  (xxiii) Lawful Assignment. No Receivable has been originated
         in, or is subject to the laws of, any jurisdiction under which the
         sale, transfer, and assignment of such Receivable under this Agreement
         or pursuant to transfers of the Certificates or the Notes is unlawful,
         void or voidable;

                  (xxiv) All Filings Made. No filings (other than filings under
         the Relevant UCC which have been made) or other actions are necessary
         in any jurisdiction to give the Issuer a first perfected security
         interest in the Receivables;

                  (xxv) One Original. There is no more than one original
         executed copy of each Receivable which, immediately prior to the
         delivery thereof to the Servicer (as custodian for the Issuer), was in
         the possession of the Seller;

                  (xxvi) Excluded Loans. Each Receivable is not a Receivable
         originated by or through a Dealer located in the State of Alabama or
         Maryland; and

                  (xxvii) No Debt Cancellation Policy. No Receivable is subject
         to a Debt Cancellation Policy.

         SECTION 3.2 Repurchase Upon Breach or Failure of a Condition. The
Seller, the Servicer, the Indenture Trustee or the Owner Trustee, as the case
may be, shall inform the other parties in writing, upon the discovery by the
Seller, the Servicer or an Authorized Officer of the Indenture Trustee or the
Owner Trustee, as the case may be, of either any breach of the Seller's
representations and warranties set forth in Section 3.1(a) or the failure of any
Receivable to satisfy any of the conditions set forth in Section 3.1(b) which
materially and adversely affects the Holders' interest in any Receivable. Unless
the breach or failed condition shall have been cured by the last day of the
Collection Period following the Collection Period in which such discovery
occurred (or, at the Seller's option, the last day of the Collection Period in
which such discovery occurred), the Seller shall repurchase any Receivable the
Holders' interest in which was materially and adversely affected by the breach
or failed condition, as of such last day. In consideration of the repurchase of
a Receivable, the Seller shall remit the Repurchase Amount of such Receivable as
of such last day (less any Liquidation Proceeds deposited, or to be deposited,
by the Servicer in the Collection Account with respect to such Receivable
pursuant to Section 4.3) in the manner specified in Section 5.4. The sole remedy
of the Issuer, the Indenture Trustee or the Holders with respect either to a
breach of the Seller's representations and warranties set forth in Section
3.1(a) or to a failure of any of the conditions set forth in Section 3.1(b)
shall be to require the Seller to repurchase Receivables pursuant to this
Section 3.2. The obligation of the Seller to repurchase under this Section 3.2
shall not be dependent upon the actual knowledge of the Seller of any breached
representation or warranty and shall exist without regard to any limitation set
forth in any representation or warranty concerning the knowledge of the Seller
as to the facts stated therein. The 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 3.2 or the eligibility
of any Receivable for purposes of this Agreement.

<PAGE>
                                                                              28

         SECTION 3.3 Custody of Receivable Files. To assure uniform quality in
servicing the Receivables and to reduce administrative costs, the Issuer, upon
the execution and delivery of this Agreement, agrees to have the Servicer act as
custodian of the following documents or instruments (the "Receivable Files")
which are hereby constructively delivered to the Issuer with respect to each
Receivable:

                  (i) The original executed Receivable; and

                  (ii) Any and all other documents or records that the Seller or
         the Servicer, as the case may be, shall keep on file, in accordance
         with its customary procedures, relating to a Receivable, an Obligor or
         a Financed Vehicle.

         The Servicer hereby agrees to act as custodian and as agent for the
Issuer hereunder. The Servicer acknowledges that it holds the documents and
instruments relating to the Receivables for the benefit of the Issuer. The
Issuer shall have no responsibility to monitor the Servicer's performance as
custodian and shall have no liability in connection with the Servicer's
performance of such duties hereunder.

                  SECTION 3.4 Duties of Servicer as Custodian.

         (a) Safekeeping. The Servicer, in its capacity as custodian, shall hold
the Receivable Files on behalf of the Issuer, and maintain such accurate and
complete accounts, records (either original execution documents or copies of
such originally executed documents shall be sufficient) and computer systems
pertaining to the Receivables as shall enable the Issuer to comply with its
obligations pursuant to this Agreement. In performing its duties as custodian,
the Servicer shall act with reasonable care, using that degree of skill and
attention that the Servicer exercises with respect to the receivable files of
comparable new or used automobile receivables that the Servicer services for
itself. The Servicer shall conduct, or cause to be conducted, periodic audits of
the files of all receivables owned or serviced by the Servicer which shall
include the Receivable Files held by it under this Agreement and the related
accounts, records and computer systems, in such a manner as shall enable the
Owner Trustee or the Indenture Trustee to identify all Receivable Files and such
related accounts, records and computer systems and to verify, if the Owner
Trustee or the Indenture Trustee so elects, the accuracy of the Servicer's
recordkeeping. The Servicer shall promptly report to the Owner Trustee or 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 one of the locations specified in Schedule B to this
Agreement, or at such other location as shall be specified to the Owner Trustee
and the Indenture Trustee by 30 days' prior written notice. The Servicer shall
make available to the Owner Trustee, the Indenture Trustee or their respective
duly authorized representatives, attorneys or auditors, the Receivable Files and
the related accounts, records and computer systems maintained by the Servicer at
such times during normal operating hours as the Owner Trustee or Indenture
Trustee shall reasonably instruct which does not unreasonably interfere with the
Servicer's normal operations or customer or employee relations.

<PAGE>
                                                                              29

         (c) Release of Documents. Upon instruction from the Indenture Trustee
(or, if the Notes have been paid in full, from the Owner Trustee), the Servicer
shall release any document in the Receivable Files to the Indenture Trustee or
Owner Trustee, or their respective agents or designee, as the case may be, at
such place or places as such Person may reasonably designate as soon as
reasonably practicable to the extent it does not unreasonably interfere with the
Servicer's normal operations or customer or employee relations. The Servicer
shall not be responsible for any loss occasioned by the failure of the Owner
Trustee or Indenture Trustee, or their respective agents or designees, to return
any document or any delay in doing so.

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

         SECTION 3.5 Instructions; Authority to Act. The Servicer shall be
deemed to have received proper instructions with respect to the Receivable Files
upon its receipt of written instructions signed by an Authorized Officer of the
Indenture Trustee (or, if the Notes have been paid in full, of the Owner
Trustee). A certified copy of a by-law or of a resolution of the Board of
Directors of the Owner Trustee or the Indenture Trustee, as the case may be,
shall constitute conclusive evidence of the authority of any such Authorized
Officer to act and shall be considered in full force and effect until receipt by
the Servicer of written notice to the contrary given by the Owner Trustee or the
Indenture Trustee, as the case may be.

         SECTION 3.6 Custodian's Indemnification. The Servicer, as custodian,
shall indemnify the Issuer, the Owner Trustee and the Indenture Trustee for any
and all liabilities, obligations, losses, damages, payments, costs, or expenses
of any kind whatsoever that may be imposed on, incurred or asserted against the
Issuer, the Owner Trustee or the Indenture Trustee as the result of any act or
omission in any way relating to the maintenance and custody by the Servicer, as
custodian, of the Receivable Files; provided, however, that the Servicer shall
not be liable for any portion of any such amount resulting from the willful
misfeasance, bad faith, or negligence of the Issuer, the Owner Trustee or the
Indenture Trustee.

         SECTION 3.7 Effective Period and Termination. The Servicer's
appointment as custodian shall become effective as of the Cutoff Date and shall
continue in full force and effect until terminated pursuant to this Section 3.7
or until this Agreement shall be terminated. If the Servicer shall resign as
Servicer under Section 7.5 or if all of the rights and obligations of the
Servicer shall have been terminated under Section 8.1, the appointment of the
Servicer as custodian may be terminated by the Indenture Trustee or by the
Holders of Notes evidencing not less than a majority of the aggregate
Outstanding Amount of the Notes (or, if there are no Notes outstanding, the
Holders of Certificates representing not less than a majority of the Certificate
Balance), in the same manner as the Indenture Trustee or such Holders may
terminate the rights and obligations of the Servicer under Section 8.1. As soon
as practicable after any termination of such appointment, the Servicer shall, at
its expense, deliver the Receivable Files to the Issuer or the Issuer's agent at
such place or places as the Issuer may reasonably designate. Notwithstanding the
termination of the Servicer as custodian, the Owner Trustee agrees that upon any
such termination, the Issuer shall provide, or cause its agent to provide,
access to the Receivable Files to the Servicer for the purpose of carrying out
its duties and responsibilities with respect to the servicing of the Receivables
hereunder.

<PAGE>
                                                                              30

                                   ARTICLE IV

                   ADMINISTRATION AND SERVICING OF RECEIVABLES

         SECTION 4.1 Duties of Servicer. The Servicer is hereby authorized to
act as agent for the Issuer and in such capacity shall manage, service,
administer and make collections on the Receivables (other than Repurchased
Receivables) with reasonable care, using that degree of skill and attention that
the Servicer exercises with respect to comparable new or used automobile
receivables that it services for itself. The Servicer's duties shall include
collection and posting of all payments, responding to inquiries by Obligors or
by federal, state, or local governmental authorities with respect to the
Receivables, investigating delinquencies, reporting tax information to Obligors
in accordance with its customary practices, advancing costs of disposition of
defaults, monitoring Receivables in cases of Obligor defaults, accounting for
collections, furnishing monthly and annual statements to the Indenture Trustee
with respect to distributions. The Servicer shall follow its customary
standards, policies, and procedures in performing its duties as Servicer
hereunder; provided that the Servicer shall be permitted to take or to refrain
from taking any action not specified in this Agreement with respect to servicing
the Receivables if such action or inaction would not contravene any material
term of this Agreement or materially and adversely affect the interests of
Holders and is not outside customary or normal servicing procedures. Without
limiting the generality of the foregoing, the Servicer shall be authorized and
empowered by the Issuer to execute and deliver, on behalf of itself, the Owner
Trustee, the Indenture Trustee and the Holders, or any of them, any and all
instruments of satisfaction or cancellation, or of partial or full release or
discharge, and all other comparable instruments, without recourse to the Issuer,
with respect to the Receivables or with respect to the Financed Vehicles. If the
Servicer shall commence a legal proceeding to enforce a Receivable or a
Defaulted Receivable, the Issuer shall thereupon be deemed to have automatically
assigned such Receivable and the related property conveyed to the Issuer with
respect to such Receivable to the Servicer, solely for the purpose of
collection. The Owner Trustee shall furnish the Servicer with such documents as
have been prepared by the Servicer for execution by the Owner Trustee and as are
necessary or appropriate to enable the Servicer to carry out its servicing and
administrative duties hereunder.

         SECTION 4.2 Collection of Receivable Payments; Refinancing. (a) The
Servicer shall make reasonable efforts to collect all payments called for under
the terms and provisions of the Receivables and of this Agreement as and when
the same shall become due, and shall follow such collection procedures as it
follows with respect to comparable new or used automobile receivables that it
services for itself and that are consistent with prudent industry standards. In
connection therewith, the Servicer may grant extensions, rebates or adjustments
on a Receivable without the consent of the Issuer; provided, however, that if
the Servicer extends the date for final payment by the Obligor of any Receivable
beyond the Final Scheduled Maturity Date, it shall promptly repurchase such
Receivable pursuant to Section 4.6. The Servicer is authorized in its discretion
to waive any Late Fees that may be due in the ordinary course of collecting a
Receivable; provided, further, that the Servicer shall not agree to any change
in the underlying Contract Rate on any Receivable, to any change in the
Principal Balance thereof (except with respect to a prepayment of a scheduled
payment that does not result in a deferral of any other scheduled payment), to
any reduction of the total number of payments due thereunder or, subject to the
foregoing, to any reduction of the amount of any scheduled payment on a
Receivable. In the event that at the end of the scheduled term of any
Receivable, the outstanding principal amount thereof is such that the final
payment to be made by the related Obligor is larger than the regularly scheduled
payment of principal and interest made by such Obligor, the Servicer may permit
such Obligor to pay such remaining principal amount in more than one payment of
principal and interest; provided, however, that the last such payment shall be
due on or prior to the Final Scheduled Maturity Date.

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                                                                              31

         (b) Notwithstanding anything in this Agreement to the contrary, the
Servicer may refinance any Receivable by accepting a new promissory note from
the related Obligor and applying the proceeds of such refinancing to pay all
obligations in full of such Obligor under such Receivable. The receivable
created by the refinancing shall not be property of the Issuer.

         SECTION 4.3 Realization Upon Receivables. The Servicer shall use
reasonable efforts, consistent with its customary servicing procedures, to
repossess or otherwise take possession of the Financed Vehicle securing any
Receivable during the calendar month in which more than 10% of any scheduled
payment thereunder becomes 90 days delinquent; provided, however that the
Servicer may repossess or otherwise take possession of the Financed Vehicle
securing a Receivable (i) earlier if (A) such Receivable becomes a Defaulted
Receivable, (B) the Servicer determines that such Financed Vehicle is in danger
of being damaged, destroyed or otherwise made unavailable for repossession or
(C) the related Obligor voluntarily surrenders such Financed Vehicle or (ii)
later if (A) the Servicer is unable to locate such Financed Vehicle, (B) the
related Obligor is the subject of a bankruptcy proceeding or (C) the Servicer
otherwise defers repossession of such Financed Vehicle in accordance with its
normal and customary servicing practices and procedures. After repossession of a
Financed Vehicle, the Servicer shall in accordance with its customary and usual
practices and procedures sell such Financed Vehicle in an auction or consign
such Financed Vehicle to a Dealer for resale as soon as is practicable after
repossession, subject to any applicable laws. The Servicer shall follow such
customary and usual practices and procedures as it shall deem necessary or
advisable in determining when and if to exercise reasonable efforts to realize
upon any recourse to Dealers. The Servicer shall be entitled to recover from
proceeds all reasonable expenses incurred by it in the course of converting the
Financed Vehicle into cash proceeds. The Liquidation Proceeds with respect to a
Receivable shall be deposited by the Servicer in the Collection Account in the
manner specified in Section 5.2 and shall be applied to reduce (or to satisfy,
as the case may be) the Repurchase Amount of the Receivable, if such Receivable
is to be repurchased by the Seller pursuant to Section 3.2, or is to be
purchased by the Servicer pursuant to Section 4.6. The foregoing shall be
subject to the provision that, in any case in which a Financed Vehicle shall
have suffered damage, the Servicer shall not expend funds in connection with the
repair or the repossession of such Financed Vehicle unless it shall determine in
its sole 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.

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                                                                              32

         SECTION 4.4 Maintenance of Security Interests in Financed Vehicles. The
Servicer, in accordance with its customary servicing procedures, shall take such
steps as are necessary to maintain perfection of the first priority security
interest of the Seller created in any Financed Vehicle which secures a
Receivable. The Owner Trustee, on behalf of the Issuer, and the Indenture
Trustee hereby authorize the Servicer, and the Servicer hereby agrees, to take
such steps as are necessary to re-perfect such security interest in the event of
the relocation of a Financed Vehicle or for any other reason, in either case,
when the Servicer has knowledge of the need for such re-perfection. In the event
that the assignment of a Receivable to the Issuer and by the Issuer to the
Indenture Trustee pursuant to the Indenture is insufficient without a notation
on the related Financed Vehicle's certificate of title, or without fulfilling
any additional administrative requirements under the laws of the State in which
the Financed Vehicle is located, to grant to the Indenture Trustee a perfected
security interest in the related Financed Vehicle, the Seller and Servicer
hereby agree that the Seller's listing as the secured party on the certificate
of title is deemed to be in its capacity as agent of the Indenture Trustee and
the Servicer further agrees to hold such certificate of title as the Indenture
Trustee's agent and custodian; provided, however, that the Servicer shall not,
nor shall the Owner Trustee, the Indenture Trustee or Holders have the right to
require that the Servicer, make any such notation on the related Financed
Vehicles' certificate of title or fulfill any such additional administrative
requirement of the laws of the State in which a Financed Vehicle is located.

         SECTION 4.5 Covenants of Servicer. The Servicer hereby makes the
following covenants on which the Issuer will rely in accepting the Receivables:

                  (i) Security Interest to Remain in Force. The Financed Vehicle
         securing each Receivable shall not be released from the security
         interest granted by the Receivable in whole or in part except if such
         Financed Vehicle is substituted in whole by the manufacturer, dealer or
         seller as a result of mechanical defects or a total loss of the
         Financed Vehicle because of accident or theft or as otherwise
         contemplated herein;

                  (ii) No Impairment. The Servicer shall not impair the rights
         of the Issuer, the Indenture Trustee or any Holder in the Receivables;
         and

                  (iii) Extensions; Defaulted Receivables. The Servicer shall
         not increase the number of payments under a Receivable, nor increase
         the Amount Financed under a Receivable, nor extend or forgive payments
         on a Receivable or otherwise amend the terms of any Receivable, except
         as provided in Section 4.2.

         SECTION 4.6 Purchase of Receivables Upon Breach. The Seller, the
Servicer, the Indenture Trustee or the Owner Trustee, as the case may be, shall
inform the other parties promptly, in writing, upon the discovery by the Seller,
the Servicer or an Authorized Officer of the Indenture Trustee or the Owner
Trustee, as the case may be, of any breach by the Servicer of its covenants
under Section 4.5 which materially and adversely affects the interest of the
Holders in any Receivable (for this purpose, any breach of the covenant set
forth in Section 4.5(iii) shall be deemed to materially and adversely affect the
interest of the Holders in a Receivable). Except as otherwise specified in
Section 4.2, unless the breach shall have been cured by the last day of the
Collection Period following the Collection Period in which such discovery
occurred (or, at the Servicer's election, the last day of the Collection Period
in which such discovery occurred), the Servicer shall purchase any Receivable
materially and adversely affected by such breach as of such last day. In
consideration of the purchase of such Receivable, the Servicer shall remit the
Repurchase Amount (less any Liquidation Proceeds deposited, or to be deposited,
by the Servicer in the Collection Account with respect to such Receivable
pursuant to Section 4.3) in the manner specified in Section 5.4. The sole remedy
of the Issuer, the Owner Trustee, the Indenture Trustee or the Holders against
the Servicer with respect to a breach pursuant to Section 4.2 or 4.5 shall be to
require the Servicer to purchase Receivables pursuant to this Section 4.6. The
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 4.6 or the eligibility of any Receivable for purposes
of this Agreement.

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                                                                              33

         SECTION 4.7 Servicing Fee. The Servicing Fee for a Collection Period
shall be payable on the related Payment Date pursuant to Section 5.5 and shall
equal the sum of (i) the product of one-twelfth of the Servicing Fee Rate and
the Pool Balance as of the related Settlement Date and (ii) Late Fees received
from Obligors during such Collection Period. In addition, as part of the
Servicing Fee, the Servicer shall be entitled to receive on each Payment Date
Investment Earnings when and as paid on amounts on deposit in the Collection
Account or earned on collections pending deposit in the Collection Account. The
Servicer shall be required to pay from its own account all expenses incurred by
it in connection with its activities hereunder (including fees and disbursements
of independent accountants and auditors, taxes imposed on the Servicer, and
other costs incurred in connection with administering and servicing the
Receivables) and the fees and disbursements of the Issuer, the Administrator,
the Owner Trustee, the Indenture Trustee, the Owner Trustee's and the Indenture
Trustee's respective counsel, the Securities Intermediaries, the Paying Agent,
the Authenticating Agent, the Note Registrar and the Certificate Registrar
except for United States federal, state and local income and franchise taxes, if
any, imposed on the Issuer or any Holder or any expenses in connection with
realizing upon Receivables under Section 4.3.

         SECTION 4.8 Servicer's Certificate. On or before each Determination
Date, the Servicer shall deliver to the Indenture Trustee, the Owner Trustee,
the Paying Agent and the Rating Agencies a Servicer's Certificate, substantially
in the form of Exhibit A, for the Collection Period preceding such Determination
Date, containing all information necessary to make the distributions pursuant to
Section 5.5, and all information necessary for the Paying Agent to send
statements to Holders pursuant to Section 5.9. The Servicer shall deliver to the
Rating Agencies any information, to the extent it is available to the Servicer,
that the Rating Agencies reasonably request in order to monitor the Issuer. The
Servicer shall also specify each Receivable which the Seller or the Servicer is
required to repurchase or purchase, as the case may be, as of the last day of
the preceding Collection Period and each Receivable which the Servicer shall
have determined to be a Defaulted Receivable during the preceding Collection
Period. Subsequent to the Closing Date, the form of Servicer's Certificate may
be revised or modified to cure any ambiguities or inconsistencies between such
form and this Agreement; provided, however, that no material information shall
be deleted from the form of Servicer's Certificate. In the event that the form
of Servicer's Certificate is revised or modified in accordance with the
preceding sentence, a form thereof, as so revised or modified, shall be provided
to the Owner Trustee, the Paying Agent, the Indenture Trustee and each Rating
Agency.

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                                                                              34

         SECTION 4.9 Annual Statement as to Compliance. (a) The Servicer shall
deliver to a firm of independent certified public accountants, on or before
March 31 of each year commencing March 31, 2003, a certificate signed by the
chairman of the board, the president, the treasurer, the controller, any
executive or senior vice president or any vice president of the Servicer,
stating that (a) a review of the activities of the Servicer during the year
ended the preceding December 31 (or the period since the Cutoff Date in the case
of the first such certificate) and of its performance under this Agreement has
been made under such officer's supervision and (b) to the best of such officer's
knowledge, based on such review, the Servicer has fulfilled all its obligations
in all material respects under this Agreement throughout such year (or the
period since the Cutoff Date in the case of the first such certificate), or, if
there has been a default in the fulfillment of any such obligation, specifying
each such default known to such officer and the nature and status thereof.

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

         SECTION 4.10 Annual Audit Report. The Servicer shall cause a firm of
independent public accountants (which may provide other services to the Servicer
or the Seller) to prepare a report (with a copy of the certificate described in
Section 4.9(a) attached) addressed to the Board of Directors of the Servicer,
for the information and use of the Indenture Trustee, the Owner Trustee and the
Rating Agencies on or before March of each year, beginning March 31, 2003 to the
effect that, with respect to the twelve months ended the preceding December 31
(or the period since the Cutoff Date, in the case of the first such
certificate), such firm has either (A) examined a written assertion by the
Servicer about the effectiveness of the Servicer's internal control structure
over the processing and reporting of transactions relating to securitized
automobile loans with respect to the criteria set forth by the Servicer (the
"Assertion") and that, on the basis of such examination, such firm is of the
opinion that the Servicer's Assertion is fairly stated in all material respects
except for such exceptions as shall be set forth in such firm's report, or (B)
such firm has performed the following procedures:

1.       For a sample of daily cash receipts during the preceding calendar year:

         a.   Trace total cash receipts to deposits on bank statements.
         b.   Agree cash receipts for securitized loans to computer reports.
         c.   Trace cash receipts for securitized loans to disbursements to the
              Owner Trustee and the Indenture Trustee.

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                                                                              35

2.       For a sample of monthly cash receipt reports:

         a.   Agree total cash receipts per the cash receipt reports to
              "Total Payments From Obligors Applied to Collection Period"
              per monthly Servicer Certificates.
         b.   Agree total principal payments per the cash receipt reports to
              "Principal Payments" per monthly Servicer Certificates.

3.       For a sample of loans delinquent 30 days or more and for a sample of
         loans in repossession status, selected from the loan delinquency report
         or a new repossession report, as applicable, at a point in time, trace
         loan number to inclusion in the loan collection system.

The determination of which of the two alternative reports to be prepared and
delivered, and the size of each sample to be tested, shall be decided in the
sole discretion of the Servicer. The report of the independent certified public
accountants shall also indicate that such accounting firm is independent of the
Servicer within the meaning of the Code of Professional Ethics of the American
Institute of Certified Public Accountants.

         SECTION 4.11 Access by Holders to Certain Documentation and Information
Regarding Receivables. The Servicer shall provide to the Holders access to the
Receivable Files in such cases where the Holders shall be required by applicable
statutes or regulations to have access to such documentation. Access by the
Holders shall be afforded without charge, but only upon reasonable request and
during normal business hours which does not unreasonably interfere with the
Servicer's normal operations or customer or employee relations. Nothing in this
Section 4.11 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 4.11.

         SECTION 4.12 Reports to Holders and the Rating Agencies. (a) The
Indenture Trustee or the Owner Trustee, as applicable, shall provide to any
Holder who so requests in writing (addressed to the Corporate Trust Office of
such trustee) a copy of any Servicer's Certificate described in Section 4.8, of
the annual statement described in Section 4.9(a), or of the annual report
described in Section 4.10. The Indenture Trustee or the Owner Trustee, as
applicable, may require the Holder to pay a reasonable sum to cover the cost of
the Indenture Trustee's or the Owner Trustee's complying with such request, as
applicable.

         (b) The Indenture Trustee or the Owner Trustee, as applicable, shall
forward to the Rating Agencies the statement to Holders described in Section 5.9
and any other reports it may receive pursuant to this Agreement to (i) Standard
& Poor's, Standard & Poor's Ratings Service, 55 Water Street, New York, New York
10041, (ii) Moody's, ABS Monitoring Dept., 99 Church Street, 4th Floor, New
York, New York 10007 and (iii) Fitch, One State Street Plaza, 32nd Floor, New
York, New York 10004.

         SECTION 4.13 Reports to the Securities and Exchange Commission. The
Servicer shall, on behalf of the Issuer, cause to be filed with the Commission
any periodic reports required to be filed under the provisions of the Exchange
Act and the rules and regulations of the Securities and Exchange Commission
thereunder.

<PAGE>
                                                                              36

                                   ARTICLE V

                            ACCOUNTS; DISTRIBUTIONS;
                        STATEMENTS TO CERTIFICATEHOLDERS

         SECTION 5.1 Establishment of Collection Account and Note Distribution
Account. (a) On or prior to the Closing Date, the Issuer, the Collection Account
Securities Intermediary and the Indenture Trustee shall have entered into the
Collection Account Control Agreement pursuant to which the Collection Account
shall be established and maintained for the benefit of the Noteholders and the
Certificateholders. If the depositary of the Collection Account ceases to be
either a Qualified Institution or a Qualified Trust Institution, as applicable,
the Issuer shall cause the Collection Account to be moved to a Qualified
Institution or a Qualified Trust Institution and the Indenture Trustee shall
cause the depositary maintaining the new Collection Account to assume the
obligations of the existing Collection Account Securities Intermediary under the
Collection Account Control Agreement unless the Rating Agency Condition is
satisfied in connection with such depositary's ceasing to be a Qualified
Institution or a Qualified Trust Institution, as the case may be. All amounts
held in the Collection Account shall be invested in accordance with the
Collection Account Control Agreement at the written direction of the Servicer to
the extent provided in Section 8.3(a) and Section 8.3(c) of the Indenture in
Permitted Investments that mature not later than the Deposit Date next
succeeding the date of investment except, if the Collection Account Securities
Intermediary and the Indenture Trustee are the same Person, investments on which
the Indenture Trustee is the obligor (including repurchase agreements on which
the Indenture Trustee, in its commercial capacity, is liable as principal) may
mature on the next succeeding Payment Date; provided, however, that once such
amounts have been invested in Permitted Investments, such Permitted Investments
must be held or maintained until they mature on or before the dates described
above.

         (b) On or prior to the Closing Date, the Servicer shall establish and
maintain for the benefit of the Noteholders, in the name of the Indenture
Trustee, an Eligible Deposit Account for the deposit of distributions to the
Noteholders (the "Note Distribution Account"), bearing a designation clearly
indicating that the funds deposited therein are held for the benefit of the
Noteholders. The Note Distribution Account shall be established initially at
JPMorgan Chase Bank. Should any depositary of the Note Distribution Account or
the Certificate Distribution Account (including JPMorgan Chase Bank (or an
Affiliate thereof)) cease to be either a Qualified Institution or a Qualified
Trust Institution, as applicable, then the Servicer shall, with the Seller's
assistance as necessary, cause the related account to be moved to a Qualified
Institution or a Qualified Trust Institution, unless the Rating Agency Condition
is satisfied in connection with such depositary's ceasing to be a Qualified
Institution or a Qualified Trust Institution, as the case may be. Amounts on
deposit in the Note Distribution Account shall not be invested.

         (c) The Indenture Trustee shall possess all right, title and interest
in all funds on deposit from time to time in the Note Distribution Account and
in all proceeds thereof and all such funds, investments, proceeds and income
shall be part of the Owner Trust Estate.

<PAGE>
                                                                              37

         SECTION 5.2 Collections. (a) The Servicer shall remit daily within
forty-eight hours of receipt to the Collection Account all Collections collected
during the Collection Period. Chase USA has requested that, so long as it is
acting as the Servicer, the Servicer be permitted to make remittances of
Collections on a less frequent basis than that specified in the immediately
preceding sentence. It is understood that such less frequent remittances may be
made only on the specific terms and conditions set forth below in this Section
5.2 and only for so long as such terms and conditions are fulfilled.
Accordingly, notwithstanding the provisions of the first sentence of this
Section 5.2, the Servicer shall remit such collections to the Collection Account
in Automated Clearinghouse Corporation next-day funds or immediately available
funds no later than 11:00 a.m., New York City time, on the Deposit Date, but
only for so long as (i) the short-term certificate of deposit ratings of the
Servicer are at least P-1 by Moody's, "F1" by Fitch (if rated by Fitch) and
"A-1" by Standard & Poor's, or the Rating Agency Condition is satisfied as a
result of Collections being remitted on a monthly, rather than daily, basis and
(ii) the Servicer shall be Chase USA or JPMorgan Chase Bank. Upon remittance by
the Servicer of Collections to the Collection Account pursuant to the preceding
sentence, the Paying Agent shall provide written notice to the Indenture Trustee
and the Owner Trustee no later than 11 a.m., New York City time, on each Deposit
Date, setting forth the amounts remitted by the Servicer on such date and, if
the Paying Agent fails to provide the Indenture Trustee and the Owner Trustee,
with such written notice by 12 noon, New York City time, on such Deposit Date,
then the Indenture Trustee and the Owner Trustee shall assume that no deposits
were made to the Collection Account pursuant to this Section 5.2. For purposes
of this Section 5.2 the phrase "payments made on behalf of the Obligors" shall
mean payments made by Persons other than the Seller or the Servicer.

         (b) Notwithstanding anything in this Agreement to the contrary, if the
Servicer inadvertently deposits amounts that it mistakenly believes are
Collections resulting in the payment in full of a Receivable, and (i) the
Servicer discovers its error prior to the Payment following such deposit, the
Indenture Trustee, at the written direction of the Servicer, shall withdraw such
amounts and pay them to the Servicer or (ii) the Servicer shall be deemed to
have purchased such Receivable pursuant to Section 4.6 as of the last day of the
Collection Period during which such error shall have occurred.

         SECTION 5.3 [Reserved]

         SECTION 5.4 Additional Deposits. The Servicer, or the Seller, as the
case may be, shall deposit into the Collection Account the aggregate Repurchase
Amount pursuant to Sections 3.2, 4.6 and 9.1(a), as applicable. All remittances
shall be made to the Collection Account, in Automated Clearinghouse Corporation
next-day funds or immediately available funds, no later than 11 a.m., New York
City time, on the Deposit Date.

         SECTION 5.5 Distributions. (a) No later than 12 noon, New York City
time, on each Determination Date, the Servicer shall calculate all amounts
required to determine the amounts to be withdrawn from the Yield Supplement
Account and the amounts to be withdrawn from the Reserve Account (if any) and
deposited into the Collection Account and the amounts to be withdrawn from the
Collection Account and paid to the Servicer and the Administrator, deposited
into the Note Distribution Account and the Certificate Distribution Account
and/or paid to the Class R Certificateholder pursuant to Sections 5.6(d) and
5.7(d) with respect to the next succeeding Payment Date.

<PAGE>
                                                                              38

         (b) On each Deposit Date, the Servicer shall instruct the Indenture
Trustee in writing (based on the information contained in the Servicer's
Certificate delivered on the related Determination Date pursuant to Section 4.8)
to withdraw from the Yield Supplement Account and deposit in the Collection
Account the Yield Supplement Withdrawal Amount for the related Payment Date and
to withdraw from the Reserve Account and deposit in the Collection Account the
Reserve Account Transfer Amount (if any) for the related Payment Date, and the
Indenture Trustee shall so withdraw and deposit the Yield Supplement Withdrawal
Amount and the Reserve Account Transfer Amount (if any) for such Payment Date.

         (c) Not later than 11:00 a.m., New York City time, on each Payment
Date, at the Servicer's direction, the Indenture Trustee, or the Paying Agent on
behalf of the Indenture Trustee, shall cause to be made the following
distributions, to the extent of the Total Distribution Amount then on deposit in
the Collection Account and amounts withdrawn from the Reserve Account and
deposited in the Collection Account by wire transfer of immediately available
funds, in the following order of priority and in the amounts set forth in the
Servicer's Certificate for such Payment Date:

                  (i) to the Servicer, the sum of (x) the Servicing Fee for the
         preceding Collection Period, plus (y) the amount of any Servicing Fee
         previously due but not paid, if any, to the extent such amounts are not
         deducted from the Servicer's remittance to the Collection Account
         pursuant to Section 5.8;

                  (ii) to the Administrator, the sum of (x) the Administration
         Fee for such Payment Date, plus (y) the amount of any Administration
         Fee previously due but not paid, if any;

                  (iii) to the Note Distribution Account, the Noteholders'
         Interest Distributable Amount;

                  (iv) except as set forth in Section 5.5(d), to the Owner
         Trustee for deposit in the Certificate Distribution Account, the
         Certificateholders' Interest Distributable Amount;

                  (v) except as set forth in Section 5.5(d), to the Note
         Distribution Account, the Noteholders' Principal Distributable Amount;
         and

                  (vi) except as set forth in Section 5.5(d), to the Owner
         Trustee for deposit in the Certificate Distribution Account, the
         Certificateholders' Principal Distributable Amount; and

                  (vii) except as set forth in Section 5.5(d), to the Reserve
         Account, any remaining portion of the Total Distribution Amount.

         In the event that the Collection Account is maintained with an
institution other than the Indenture Trustee, the Servicer shall instruct and
cause such institution to make all deposits and distributions pursuant to this
Section 5.5(c) on the related Deposit Date.

<PAGE>
                                                                              39

         (d) If the Notes have been declared immediately due and payable as
provided in Section 5.2 of the Indenture following the occurrence of an Event of
Default described in clause (a) or (b) of Section 5.2 of the Indenture, any
amounts remaining in the Collection Account after the distributions described in
clauses (i), (ii) and (iii) of Section 5.5(c) shall be distributed as follows:
(1) an amount equal to the Outstanding Amount of the Notes will be deposited in
the Note Distribution Account, and (2) any remaining amounts will be applied
pursuant to clauses (iv), (v), (vi) and (vii) of Section 5.5(c).

         SECTION 5.6 Yield Supplement Account. (a) On or prior to the Closing
Date, the Issuer, the Yield Supplement Account Securities Intermediary and the
Indenture Trustee shall have entered into the Yield Supplement Account Control
Agreement pursuant to which the Yield Supplement Account shall be established
and maintained for the benefit of the Noteholders and the Certificateholders.
Pursuant to Section 2.5 of the Trust Agreement, on the Closing Date, the Owner
Trustee shall deposit the Yield Supplement Account Initial Deposit into the
Yield Supplement Account. No additional deposits will be made to the Yield
Supplement Account after the Closing Date.

         (b) If the depositary of the Yield Supplement Account ceases to be
either a Qualified Institution or a Qualified Trust Institution, as applicable,
the Issuer shall cause the Yield Supplement Account to be moved to a Qualified
Institution or a Qualified Trust Institution and the Indenture Trustee shall
cause the depositary maintaining the new Yield Supplement Account to assume the
obligations of the existing Yield Supplement Account Securities Intermediary
under the Yield Supplement Account Control Agreement unless the Rating Agency
Condition is satisfied in connection with such depositary's ceasing to be a
Qualified Institution or a Qualified Trust Institution, as the case may be.

         (c) All amounts held in the Yield Supplement Account shall be invested
in accordance with the Yield Supplement Account Control Agreement at the written
direction of the Class R Certificateholder to the extent provided in Section
8.3(a) and Section 8.3(c) of the Indenture in Permitted Investments that mature
not later than the Deposit Date next succeeding the date of investment except,
if the Yield Supplement Account Securities Intermediary and the Indenture
Trustee are the same Person, investments on which the Indenture Trustee is the
obligor (including repurchase agreements on which the Indenture Trustee, in its
commercial capacity, is liable as principal) may mature on the next succeeding
Payment Date; provided, however, that amounts on deposit in the Yield Supplement
Account may be invested in Permitted Investments that mature later than the next
succeeding Deposit Date, but in no event that mature later than 90 days after
the date of investment, if the Rating Agency Condition is satisfied. Once
amounts on deposit in the Yield Supplement Account are invested in Permitted
Investments, such Permitted Investments must be held or maintained until they
mature on or before the dates described above.

         (d) On each Payment Date, the Indenture Trustee shall withdraw from the
Yield Supplement Account and pay to the Class R Certificateholder an amount
equal to the excess, if any, of the amount on deposit in the Yield Supplement
Account on such Payment Date (after giving effect to the withdrawal of the Yield
Supplement Withdrawal Amount for such Payment Date) over the Specified Yield
Supplement Amount with respect to such Payment Date.

<PAGE>
                                                                              40

         SECTION 5.7 Reserve Account. (a) On or prior to the Closing Date, the
Issuer, the Reserve Account Securities Intermediary and the Indenture Trustee
shall have entered into the Reserve Account Control Agreement pursuant to which
the Reserve Account shall be established and maintained for the benefit of the
Noteholders and the Certificateholders. Pursuant to Section 2.5 of the Trust
Agreement, on the Closing Date, the Owner Trustee shall deposit the Reserve
Account Initial Deposit into the Reserve Account.

         (b) If the depositary of the Reserve Account ceases to be either a
Qualified Institution or a Qualified Trust Institution, as applicable, the
Issuer shall cause the Reserve Account to be moved to a Qualified Institution or
a Qualified Trust Institution and the Indenture Trustee shall cause the
depositary maintaining the new Reserve Account to assume the obligations of the
existing Reserve Account Securities Intermediary under the Reserve Account
Control Agreement unless the Rating Agency Condition is satisfied in connection
with such depositary's ceasing to be a Qualified Institution or a Qualified
Trust Institution, as the case may be.

         (c) All amounts held in the Reserve Account shall be invested in
accordance with the Reserve Account Control Agreement at the written direction
of the Class R Certificateholder to the extent provided in Section 8.3(a) and
Section 8.3(c) of the Indenture in Permitted Investments that mature not later
than the Deposit Date next succeeding the date of investment except, if the
Reserve Account Securities Intermediary and the Indenture Trustee are the same
Person, investments on which the Indenture Trustee is the obligor (including
repurchase agreements on which the Indenture Trustee, in its commercial
capacity, is liable as principal) may mature on the next succeeding Payment
Date; provided, however, that amounts on deposit in the Reserve Account may be
invested in Permitted Investments that mature later than the next succeeding
Deposit Date, but in no event that mature later than 90 days after the date of
investment, if the Rating Agency Condition is satisfied. Once amounts on deposit
in the Reserve Account are invested in Permitted Investments, such Permitted
Investments must be held or maintained until they mature on or before the dates
described above.

         (d) On each Payment Date, the Indenture Trustee shall withdraw from the
Reserve Account and pay to the Class R Certificateholder the sum of (i) all
investment earnings (net of losses and investment expenses) credited to the
Reserve Account since the prior Payment Date and (ii) the excess, if any, of the
amount on deposit in the Reserve Account over the Specified Reserve Account
Balance with respect to such Payment Date (after giving effect to all deposits
therein or withdrawals therefrom on such Payment Date). Upon any distribution to
the Class R Certificateholder of amounts from the Reserve Account, the Holders
will have no rights in, or claims, to, such amounts. Amounts properly
distributed to the Class R Certificateholder from the Reserve Account shall not
be available under any circumstances to the Indenture Trustee, and the Class R
Certificateholder shall not in any event thereafter be required to refund any
such distributed amounts.

         SECTION 5.8 Net Deposits. Chase USA (in its capacity as the Seller or
the Servicer) may make the remittances pursuant to Sections 5.2 and 5.4 above,
net of amounts to be retained by it or distributed to it (also in any such
capacity) pursuant to Section 4.7 (if applicable) and Section 5.5, if (a) it
shall be the Servicer and (b) it is entitled, pursuant to Section 5.2, to make
deposits on a monthly basis, rather than a daily basis. Nonetheless, the
Servicer shall account for all of the above-described amounts as if such amounts
were deposited and distributed separately.

<PAGE>
                                                                              41

         SECTION 5.9 Statements to Certificateholders and Noteholders. (a) On
each Payment Date, the Servicer shall provide to the Indenture Trustee and the
Paying Agent (for the Paying Agent to forward to each Noteholder of record
pursuant to the Indenture) and to the Owner Trustee (for the Owner Trustee to
forward to each Certificateholder of record pursuant to the Trust Agreement) a
statement substantially in the form of Exhibit B (or such other form that is
acceptable to the Indenture Trustee, the Owner Trustee and the Servicer), with a
copy to the Rating Agencies, setting forth at least the following information as
to the Notes (separately stating such information as to the Class A-1 Notes, the
Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes) and the
Certificates, to the extent applicable:

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

                  (ii) the amount of such distribution allocable to interest on
         each class of Notes and the Certificates;

                  (iii) the amount of the Servicing Fee paid to the Servicer
         pursuant to Section 5.5(c);

                  (iv) the amount of the Administration Fee paid to the
         Administrator on such Payment Date;

                  (v) the Outstanding Amount of each class of the Notes, the
         Class A-1 Note Pool Factor, the Class A-2 Note Pool Factor, the Class
         A-3 Note Pool Factor, the Class A-4 Note Pool Factor, the Certificate
         Balance and the Certificate Pool Factor, in each case after giving
         effect to payments allocated to principal reported under (i) above;

                  (vi) the Pool Balance as of the last day of the preceding
         Collection Period;

                  (vii) the aggregate amount of the Repurchase Amounts for
         Repurchased Receivables with respect to the related Collection Period
         paid by each of the Seller and the Servicer (accounted for separately);

                  (viii) the amount of Aggregate Net Losses, if any, for such
         Payment Date;

                  (ix) the balance of the Yield Supplement Account on such
         Payment Date, after giving effect to the withdrawal of the Yield
         Supplement Withdrawal Amount for such Payment Date;

                  (x) the balance of the Reserve Account on such Payment Date,
         after giving effect to deposits into and withdrawals from the Reserve
         Account on such Payment Date;

                  (xi) the Specified Reserve Account Balance for such Payment
         Date;

                  (xii) the Total Distribution Amount for such Payment Date;

<PAGE>
                                                                              42

                  (xiii) the Noteholders' Distributable Amount and the
         components thereof;

                  (xiv) the Certificateholders' Distributable Amount and the
         components thereof;

                  (xv) the Yield Supplement Withdrawal Amount for such Payment
         Date; and

                  (xvi) the Reserve Account Transfer Amount, if any, for such
         Payment Date.

         Each amount set forth pursuant to subclause (i), (ii), (iii), (iv),
(xii) or (xiii) above shall be expressed as a dollar amount per $1,000 of
original principal balance of a Note or a Certificate, as applicable.

                                   ARTICLE VI

                                   THE SELLER

         SECTION 6.1 Representations of Seller. The Seller makes the following
representations on which the Issuer shall rely in acquiring the Receivables. The
representations shall speak as of the execution and delivery of this Agreement,
and shall survive the sale of the Receivables to the Issuer and pledge thereof
to the Indenture Trustee pursuant to the Indenture.

                  (i) Organization and Good Standing. The Seller has been duly
         organized and is validly existing as a national banking association in
         good standing under the laws of the United States of America, with
         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, power, authority,
         and legal right to acquire and own the Receivables.

                  (ii) Power and Authority. The Seller has the power and
         authority to execute and deliver this Agreement and the other Basic
         Documents to which it is a party and to carry out their respective
         terms, the Seller has full power and authority to sell and assign the
         property to be sold and assigned to the Issuer as the Owner Trust
         Estate and has duly authorized such sale and assignment to the Issuer
         by all necessary corporate action; and the execution, delivery, and
         performance of this Agreement and the other Basic Documents to which it
         is a party has been duly authorized by the Seller by all necessary
         action.

                  (iii) Valid Sale; Binding Obligations. This Agreement effects
         a valid sale, transfer, and assignment of the Receivables, enforceable
         against creditors of and purchasers from the Seller; this Agreement and
         each of the other Basic Documents to which it is a party constitutes a
         legal, valid, and binding obligation of the Seller enforceable in
         accordance with its terms, except as enforceability may be limited by
         bankruptcy, insolvency, reorganization, or other similar laws affecting
         the enforcement of creditors' rights in general and by general
         principles of equity, regardless of whether such enforceability is
         considered in a proceeding in equity or at law.

<PAGE>
                                                                              43

                  (iv) No Violation. The consummation of the transactions
         contemplated by this Agreement and the other Basic Documents 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 articles of association or bylaws of the Seller, or conflict with
         or breach any of the material terms or provisions of, or constitute
         (with or without notice or lapse of time) a default under, any
         indenture, agreement, or other instrument to which the Seller is a
         party or by which it is 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; nor violate any law or,
         to the best of the Seller's knowledge, any order, rule, or regulation
         applicable to the Seller of any court or of any federal or state
         regulatory body, administrative agency, or other governmental
         instrumentality having jurisdiction over the Seller or its properties.

                  (v) No Proceedings. There are no proceedings or investigations
         pending, or, to the Seller's best knowledge, threatened, before any
         court, regulatory body, administrative agency, or other governmental
         instrumentality having jurisdiction over the Seller or its properties:
         (a) asserting the invalidity of this Agreement, any other Basic
         Document, the Notes or the Certificates, (b) seeking to prevent the
         issuance of the Notes or the Certificates or the consummation of any of
         the transactions contemplated by this Agreement or any other Basic
         Document, (c) seeking any determination or ruling that might materially
         and adversely affect the performance by the Seller of its obligations
         under, or the validity or enforceability of, this Agreement, any other
         Basic Document, or the Notes or the Certificates, or (d) relating to
         the Seller and which might adversely affect the federal or state income
         tax attributes of the Notes or the Certificates.

         SECTION 6.2 Liability of Seller; Indemnities. The Seller shall be
liable in accordance herewith only to the extent of the obligations specifically
undertaken by the Seller in such capacity under this Agreement and shall have no
other obligations or liabilities hereunder.

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

         The Seller shall indemnify, defend, and hold harmless the Issuer, the
Owner Trustee and the Indenture Trustee from and against any loss, liability or
expense incurred by reason of (i) the Seller's willful misfeasance, bad faith,
or gross negligence in the performance of its duties hereunder, or by reason of
reckless disregard of the obligations and duties hereunder and (ii) the Seller's
violation of federal or state securities laws in connection with the
registration of the sale of the Notes and the Certificates.

         Indemnification under this Section 6.2 shall include reasonable fees
and expenses of counsel and expenses of litigation. If the Seller shall have
made any indemnity payments to the Issuer, the Owner Trustee or the Indenture
Trustee, respectively, pursuant to this Section 6.2 and the Issuer, the Owner
Trustee or the Indenture Trustee, respectively, thereafter shall collect any of
such amounts from others, the Issuer, the Owner Trustee or the Indenture
Trustee, respectively, shall repay such amounts to the Seller, without interest.

<PAGE>
                                                                              44

         SECTION 6.3 Merger or Consolidation of Seller. Any corporation or other
entity (i) into which the Seller may be merged or consolidated, (ii) which may
result from any merger, conversion, or consolidation to which the Seller shall
be a party, or (iii) which may succeed to all or substantially all of the
business of the Seller, which corporation or other entity shall be bound to
perform every obligation of the Seller under this Agreement, shall be the
successor to the Seller hereunder without the execution or filing of any
document or any further act by any of the parties to this Agreement. The Seller
shall give prompt written notice of any merger or consolidation to the Issuer,
the Owner Trustee, the Indenture Trustee, the Servicer and the Rating Agencies.

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

         SECTION 6.5 Seller May Own Notes and Certificates. The Seller or any of
its Affiliates may in its individual or any other capacity become the owner or
pledgee of Notes or Certificates with the same rights as it would have if it
were not the Seller or an Affiliate thereof, except as otherwise provided in the
definition of "Outstanding" specified in Section 1.1. Notes or Certificates so
owned by or pledged to the Seller or any Affiliate thereof shall have an equal
and proportionate benefit under the provisions of this Agreement, without
preference, priority, or distinction as among all of the Notes or Certificates,
as applicable.

                                   ARTICLE VII

                                  THE SERVICER

         SECTION 7.1 Representations of Servicer. The Servicer makes the
following representations on which the Issuer shall rely in acquiring the
Receivables. The representations shall speak as of the execution and delivery of
this Agreement (or as of a date a Person (other than the Indenture Trustee)
becomes Servicer pursuant to Section 7.3 or Section 8.2), and shall survive the
sale of the Receivables to the Issuer and the pledge thereof to the Indenture
Trustee pursuant to the Indenture.

                  (i) Organization and Good Standing. The Servicer has been duly
         organized and is validly existing as a national banking association or
         corporation and is in good standing under the laws of the United States
         of America or the jurisdiction of its incorporation, with 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, power, authority,
         and legal right to acquire, own, sell, and service the Receivables and
         to hold the Receivable Files as custodian on behalf of the Issuer.

<PAGE>
                                                                              45

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

                  (iii) Binding Obligations. This Agreement and the other Basic
         Documents to which it is a party constitute legal, valid, and binding
         obligations of the Servicer enforceable in accordance with their
         respective terms subject, as to enforcement, to applicable bankruptcy,
         insolvency, reorganization, liquidation or other similar laws and
         equitable principles relating to or affecting the enforcement of
         creditors' rights, whether considered in a proceeding at law or in
         equity.

                  (iv) No Violation. The consummation of the transactions
         contemplated by this Agreement and the other Basic Documents 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 articles of association or bylaws of the Servicer, or conflict with
         or breach any of the material terms or provisions of, or constitute
         (with or without notice or lapse of time) a default under, any
         indenture, agreement, or other instrument to which the Servicer is a
         party or by which it is 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; nor violate any law or,
         to the best of the Servicer's knowledge, any order, rule, or regulation
         applicable to the Servicer of any court or of any federal or state
         regulatory body, administrative agency, or other governmental
         instrumentality having jurisdiction over the Servicer or its
         properties.

                  (v) No Proceedings. There are no proceedings or investigations
         pending, or to the Servicer's best knowledge, threatened, before any
         court, regulatory body, administrative agency, or other governmental
         instrumentality having jurisdiction over the Servicer or its
         properties: (a) asserting the invalidity of this Agreement, the Notes
         or the Certificates, (b) seeking to prevent the issuance of the Notes
         or the Certificates or the consummation of any of the transactions
         contemplated by this Agreement or any other Basic Document, (c) seeking
         any determination or ruling that might materially and adversely affect
         the performance by the Servicer of its obligations under, or the
         validity or enforceability of, this Agreement, any other Basic
         Document, the Notes or the Certificates, or (d) relating to the
         Servicer and which might adversely affect the federal or state income
         tax attributes of the Notes or the Certificates.

                  (vi) Fidelity Bond. The Servicer maintains a fidelity bond in
         such form and amount as is customary for banks acting as custodian of
         funds and documents in respect of retail automotive installment sales
         contracts.

<PAGE>
                                                                              46

         SECTION 7.2 Liability of Servicer; Indemnities. The Servicer shall be
liable in accordance herewith only to the extent of the obligations specifically
undertaken by the Servicer under this Agreement and shall have no other
obligations or liabilities hereunder.

                  (i) The Servicer shall defend, indemnify, and hold harmless
         the Issuer, the Owner Trustee, the Indenture Trustee and the Holders
         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 Issuer, the Owner Trustee and the Indenture Trustee from and
         against any taxes that may at any time be asserted against the Issuer
         with respect to the transactions contemplated in this Agreement,
         including, without limitation, any sales, gross receipts, general
         corporation, tangible or intangible personal property, privilege, or
         license taxes (but not including any taxes asserted with respect to,
         and as of the date of, the sale of the Receivables to the Issuer or the
         issuance and original sale of the Notes or the Certificates, or
         asserted with respect to ownership of the Receivables or federal, state
         or other income taxes, including franchise taxes measured by net
         income) arising out of distributions on the Notes or the Certificates
         and costs and expenses in defending against the same.

                  (iii) The Servicer shall indemnify, defend, and hold harmless
         the Issuer, the Owner Trustee, the Indenture Trustee and the Holders
         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 Issuer, the
         Owner Trustee, the Indenture Trustee or the Holders through the willful
         misfeasance, gross negligence, 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.

         Indemnification under this Section 7.2 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 7.2 and the recipient
thereafter collects any of such amounts from others, the recipient shall
promptly repay such amounts to the Servicer, without interest. The
indemnification obligations of the Servicer set forth in this Section 7.2 shall
survive the termination of such Servicer with respect to any act or failure to
act which occurs prior to such Servicer's termination. The provisions of Section
6.7 of the Indenture and Sections 8.1 and 8.2 of the Trust Agreement with
respect to the Servicer's obligations are incorporated by reference herein.

         SECTION 7.3 Merger or Consolidation of Servicer. Any corporation or
other entity (i) into which the Servicer may be merged or consolidated, (ii)
which may result from any merger, conversion, or consolidation to which the
Servicer shall be a party, or (iii) which may succeed to all or substantially
all of the business of the Servicer, which corporation or other entity shall be
bound to perform every obligation of the Servicer hereunder, shall be the
successor to the Servicer under this Agreement without the execution or filing
of any document or any further act on the part of any of the parties to this
Agreement. The Servicer shall promptly inform the Issuer, the Owner Trustee, the
Indenture Trustee, the Seller and the Rating Agencies in writing of any such
merger or consolidation.

<PAGE>
                                                                              47

         SECTION 7.4 Limitation on Liability of Servicer and Others. (a) Neither
the Servicer nor any of the directors or officers or employees or agents of the
Servicer shall be under any liability to the Issuer, the Owner Trustee, the
Indenture Trustee or the Holders, except as 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 or any such person against any liability that would otherwise be
imposed by reason of willful misfeasance, gross negligence, or bad faith in the
performance of duties or by reason of reckless disregard of obligations and
duties under this Agreement. The Servicer and any director or officer or
employee or agent of the Servicer may rely in good faith on the advice of
counsel or on any document of any kind prima facie properly executed and
submitted by any Person respecting any matters arising under this Agreement.

         (b) The Servicer, and any director, or officer, employee or agent of
the Servicer, shall be indemnified by the Issuer and held harmless against any
loss, liability, or expense (including reasonable attorneys' fees and expenses)
incurred in connection with any legal action relating to the performance of the
Servicer's duties under this Agreement, other than (i) any loss or liability
otherwise reimbursable pursuant to this Agreement or the Basic Documents; (ii)
any loss, liability, or expense incurred solely by reason of the Servicer's
willful misfeasance, negligence, or bad faith in the performance of its duties
hereunder or by reason of reckless disregard of its obligations and duties under
this Agreement or the Basic Documents; and (iii) any loss, liability, or expense
for which the Issuer is to be indemnified by the Servicer under this Agreement
or the Basic Documents. Any amounts due the Servicer pursuant to this Section
7.4 shall be payable on a Payment Date from amounts distributable to the Class R
Certificateholder from the Reserve Account pursuant to Section 5.7(d).

         (c) 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 obligations under this Agreement, and that in its
opinion may involve it in any expense or liability; provided, however, that the
Servicer may undertake any reasonable action that it may deem necessary or
desirable in respect of this Agreement and the rights and duties of the parties
to this Agreement and the interests of the Holders under this Agreement. In such
event, the legal expenses and costs of such action and any liability resulting
therefrom shall be expenses, costs, and liabilities of the Issuer, and the
Servicer shall be entitled to be reimbursed therefor. Any amounts due the
Servicer pursuant to this Section 7.4 shall be payable on a Payment Date from
amounts distributable to the Class R Certificateholder from the Reserve Account
pursuant to Section 5.7(d) and from amounts distributable to the Class R
Certificateholder from the Yield Supplement Account pursuant to Section 5.6(d).

         The Person to be indemnified shall provide the Issuer, the Owner
Trustee and the Indenture Trustee with a certificate and accompanying Opinion of
Counsel requesting indemnification and setting forth the basis for such request.

<PAGE>
                                                                              48

         SECTION 7.5 Servicer Not To Resign. Except as permitted by Section 7.3,
the Servicer shall not resign from its obligations and duties under this
Agreement except (i) upon determination that the performance of its duties shall
no longer be permissible under applicable law or (ii) in the event of the
appointment of a successor Servicer, upon satisfaction of the Rating Agency
Condition. Notice of any such determination permitting the resignation of the
Servicer shall be communicated to the Issuer, the Indenture Trustee, the Owner
Trustee and the Rating Agencies at the earliest practicable time (and, if such
communication is not in writing, shall be confirmed in writing at the earliest
practicable time) and any such determination permitting the resignation of the
Servicer shall be evidenced by an Opinion of Counsel to such effect delivered to
the Issuer, the Indenture Trustee and the Owner Trustee concurrently with such
notice. No such resignation shall become effective until the Indenture Trustee
(which shall not be obligated to act as successor Servicer if the Servicer has
resigned for a reason other than that the performance of its duties are no
longer permissible under applicable law) or a successor Servicer shall have
assumed the responsibilities and obligations of the Servicer hereunder in
accordance with Section 8.2.

         SECTION 7.6 Delegation of Duties. So long as Chase USA acts as
Servicer, the Servicer shall have the right, in the ordinary course of its
business, to delegate any of its duties under this Agreement to any Person. The
Servicer shall pay any compensation payable to such Person from its own funds
and none of the Issuer, the Owner Trustee, the Indenture Trustee or the Holders
shall have any liability to such Person with respect thereto. Notwithstanding
any delegation of duties by the Servicer pursuant to this Section 7.6, the
Servicer shall not be relieved of its liability and responsibility with respect
to such duties, and any such delegation shall not constitute a resignation
within the meaning of Section 7.5. Any agreement that may be entered into by the
Servicer and a Person that provides for any delegation of the Servicer's duties
hereunder to such Person shall be deemed to be between the Servicer and such
Person alone, and the Issuer, the Owner Trustee, the Indenture Trustee and
Holders shall not be deemed parties thereto and shall have no claims, rights,
obligations, duties or liabilities with respect thereto.

                                  ARTICLE VIII

                         EVENTS OF SERVICING TERMINATION

         SECTION 8.1 Events of Servicing Termination. Any one of the following
events which shall occur and be continuing shall constitute an event of
servicing termination hereunder (each, an "Event of Servicing Termination"):

                  (i) Any failure by the Servicer to deliver to the Indenture
         Trustee the Servicer's Certificate for the related Collection Period,
         or any failure by the Servicer to deliver to the Indenture Trustee, for
         deposit in any of the Trust Accounts or the Certificate Distribution
         Account, any proceeds or payment required to be so delivered under the
         terms of the Certificates or the Notes and this Agreement (or, in the
         case of a payment or deposit to be made not later than the Deposit
         Date, the failure to make such payment or deposit on such Deposit
         Date), which failure continues unremedied for a period of five Business
         Days after (A) discovery by an officer of the Servicer or (B) written
         notice (1) to the Servicer by the Indenture Trustee or the Owner
         Trustee or (2) to the Indenture Trustee or the Owner Trustee, as
         applicable, and the Servicer by the Holders of Notes evidencing not
         less than 25% of the Outstanding Amount of the Notes (or, if the Notes
         have been paid in full, by Holders of the Certificates evidencing not
         less than 25% of the Certificate Balance);

<PAGE>
                                                                              49

                  (ii) Failure on the part of the Servicer duly to observe or to
         perform in any material respect any other covenants or agreements of
         the Servicer set forth in this Agreement or the Indenture, which
         failure shall (a) materially and adversely affect the rights of the
         Issuer or the Holders, and (b) continue unremedied for a period of 60
         days after the date on which written notice of such failure, requiring
         the same to be remedied, shall have been given (1) to the Servicer by
         the Indenture Trustee or the Owner Trustee, or (2) to the Indenture
         Trustee or the Owner Trustee, as applicable, and the Servicer by the
         Holders of Notes evidencing not less than 25% of the Outstanding Amount
         of the Notes (or, if the Notes have been paid in full, by Holders of
         the Certificates evidencing not less than 25% of the Certificate
         Balance);

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

                  (iv) The consent by the Servicer to the appointment of a
         conservator or receiver or liquidator in any insolvency, readjustment
         of debt, marshalling of assets and liabilities, or similar proceedings
         of or relating to the Servicer or of or relating to substantially all
         of its property; or the Servicer shall admit in writing its inability
         to pay its debts generally as they become due, file a petition to take
         advantage of any applicable insolvency or reorganization statute, make
         an assignment for the benefit of its creditors, or voluntarily suspend
         payment of its obligations.

Upon the occurrence of any Event of Servicing Termination as described above,
and in each and every case and for so long as such Event of Servicing
Termination shall not have been remedied, either the Indenture Trustee or the
Holders of Notes evidencing not less than a majority of the Outstanding Amount
of the Notes (or, if the Notes have been paid in full and the Indenture has been
discharged in accordance with its terms, by the Owner Trustee or the Holders of
Certificates evidencing not less than a majority of the Certificate Balance), by
notice given in writing to the Servicer (and to the Indenture Trustee or the
Owner Trustee, as applicable, if given by Holders) may terminate all of the
rights and obligations of the Servicer under this Agreement. On or after the
receipt by the Servicer of such written notice, all authority and power of the
Servicer under this Agreement, whether with respect to the Certificates, the
Notes or the Receivables or otherwise, shall pass to and be vested in the
Indenture Trustee pursuant to this Section 8.1; and, without limitation, the
Indenture Trustee shall be 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
Receivable Files, or otherwise. 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 by the predecessor
Servicer for deposit, shall have been deposited by the predecessor Servicer in
the Collection Account, or shall thereafter be received with respect to a
Receivable. All reasonable costs and expenses (including attorneys' fees and
disbursements) incurred in connection with transferring the Receivable Files to
the successor Servicer and amending this Agreement to reflect such succession as
Servicer pursuant to this Section 8.1 shall be paid by the predecessor Servicer
upon presentation of reasonable documentation of such costs and expenses. The
Indenture Trustee and the Owner Trustee shall give written notice of any
termination of the Servicer to their related Holders, and the Indenture Trustee
shall give such notice to the Rating Agencies. Neither the Indenture Trustee nor
any successor Servicer shall be deemed to be in default hereunder by reason of
its failure to make, or any delay in making, any distribution hereunder or any
portion thereof which was caused by (i) the failure of the predecessor Servicer
to deliver, or any delay in delivering cash, documents or records to it, or (ii)
restrictions imposed by any regulatory authority having jurisdiction over the
predecessor Servicer.

<PAGE>
                                                                              50

         SECTION 8.2 Indenture Trustee to Act; Appointment of Successor
Servicer. Upon the Servicer's receipt of notice of termination pursuant to
Section 8.1 or resignation pursuant to Section 7.5, the Indenture Trustee shall
be the successor in all respects to the Servicer in its capacity as Servicer
under this Agreement, and shall be subject to all the responsibilities, duties
and liabilities arising thereafter relating thereto placed on the Servicer by
the terms and provisions of this Agreement. As compensation therefor, the
Indenture Trustee shall be entitled to such compensation (whether payable out of
the Collection Account or otherwise) as the Servicer would have been entitled to
under this Agreement if no such notice of termination or resignation had been
given. Notwithstanding the above, the Indenture Trustee may, if it shall be
unwilling so to act, or shall, if it shall be legally unable so to act, appoint,
or petition a court of competent jurisdiction to appoint, any established
financial institution (x) having a net worth of not less than $100,000,000 as of
the last day of the most recent fiscal quarter for such institution and (y)
whose regular business shall include the servicing of automobile receivables, as
successor Servicer under this Agreement; provided, that the appointment of any
such successor Servicer is required to satisfy the Rating Agency Condition. In
connection with such appointment, the Indenture Trustee may make such
arrangements for the compensation of such successor Servicer out of payments on
Receivables as it and such successor Servicer shall agree; provided, however,
that no such compensation shall be in excess of that permitted the Servicer
under this Agreement. The Indenture Trustee and such successor Servicer shall
take such action, consistent with this Agreement, as shall be necessary to
effectuate any such succession. Unless the Indenture Trustee shall be prohibited
by law from so acting, the Indenture Trustee shall not be relieved of its duties
as successor Servicer under this Section 8.2 until the newly appointed successor
Servicer shall have assumed the responsibilities and obligations of the Servicer
under this Agreement.

         SECTION 8.3 Notification to Noteholders and Certificateholders. Upon
any Event of Servicing Termination, or appointment of a successor Servicer
pursuant to this Article VIII, the Owner Trustee shall give prompt written
notice thereof to Certificateholders and the Indenture Trustee shall give prompt
written notice thereof to the Noteholders, at their respective addresses of
record, and to the Rating Agencies.

<PAGE>
                                                                              51

         SECTION 8.4 Waiver of Past Defaults. The Holders of Notes evidencing at
least a majority of the Outstanding Amount of the Notes (or, the Holders of
Certificates evidencing not less than a majority of the Certificate Balance, in
the case of any Event of Servicing Termination that does not adversely affect
the Indenture Trustee or the Noteholders) may, on behalf of all such Holders,
waive any default by the Servicer in the performance of its obligations
hereunder and its consequences, except a default in the failure to make any
required deposits to or payments from any of the Trust Accounts or the
Certificate Distribution Account in accordance with this Agreement. Upon any
such waiver of a past default, such default shall cease to exist, and any Event
of Servicing Termination 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 except to the
extent expressly so waived. The Servicer shall give prompt written notice of any
waiver to the Rating Agencies; provided, however, that the Indenture Trustee or
the Owner Trustee shall only be required to give such notice if a Responsible
Officer thereof has actual knowledge of the related event.

                                   ARTICLE IX

                                   TERMINATION

         SECTION 9.1 Optional Purchase of All Receivables; Trust Termination.
(a) As of the last day of any Collection Period as of which the Pool Balance
shall be equal to or less than the Optional Purchase Percentage of the Original
Pool Balance, the Servicer shall have the option to purchase the Owner Trust
Estate, other than the Trust Accounts and the Certificate Distribution Account.
To exercise such option, the Servicer shall notify the Indenture Trustee, the
Owner Trustee, the Note Registrar and the Certificate Registrar in writing, no
later than the 25th day of the Collection Period following which purchase is to
be effected, shall pay the aggregate Repurchase Amount for the Receivables
(including Defaulted Receivables) and shall succeed to all interests in, to and
under such property. The payment shall be made in the manner specified in
Section 5.4, and shall be distributed pursuant to Section 5.5. The Indenture
Trustee shall not permit the purchase of the Owner Trust Estate pursuant to this
Section 9.1 unless (i) the Servicer's long-term unsecured debt is rated at the
time of such purchase at least "BBB-" by Standard & Poor's and Fitch (if rated
by Fitch) and Baa3 by Moody's or (ii) the Servicer provides to the Indenture
Trustee an Opinion of Counsel in form and substance satisfactory to the Rating
Agencies to the effect that such purchase will not constitute a fraudulent
transfer under applicable state and federal law.

         (b) Upon any sale of the assets of the Issuer pursuant to Article V of
the Indenture, the Servicer shall instruct the Indenture Trustee in writing to
deposit the proceeds from such sale after all payments and reserves therefrom
(including the expenses of such sale) have been made (the "Sale Proceeds") in
the Collection Account. On the Payment Date on which the Sale Proceeds are
deposited in the Collection Account (or, if such proceeds are not so deposited
on a Payment Date, on the Payment Date immediately following such deposit), the
Servicer shall instruct the Indenture Trustee in writing to make, and the
Indenture Trustee shall make, the following deposits and distributions (after
the application on such Payment Date of the Total Distribution Amount pursuant
to Section 5.5) from the Sale Proceeds and any funds remaining on deposit in the
Yield Supplement Account and the Reserve Account (including the proceeds of any
sale of investments therein):

<PAGE>
                                                                              52

                  (i) to the Note Distribution Account, any portion of the
         Noteholders' Interest Distributable Amount not otherwise deposited into
         the Note Distribution Account on such Payment Date;

                  (ii) to the Note Distribution Account, the Outstanding Amount
         of the Notes (after giving effect to the reduction in the Outstanding
         Amount of the Notes resulting from the deposits made in the Note
         Distribution Account on such Payment Date);

                  (iii) to the Certificate Distribution Account, any portion of
         the Certificateholders' Interest Distributable Amount not otherwise
         deposited into the Certificate Distribution Account on such Payment
         Date; and

                  (iv) to the Certificate Distribution Account, the Certificate
         Balance and any Certificateholders' Principal Carryover Shortfall
         (after giving effect to the reduction in the Certificate Balance
         resulting from the deposits made in the Certificate Distribution
         Account on such Payment Date).

Any Sale Proceeds remaining after the deposits described above shall be paid to
the Class R Certificateholder.

         (c) Notice of any termination of the Issuer shall be given by the
Servicer to the Owner Trustee, the Indenture Trustee and the Rating Agencies as
soon as practicable after the Servicer has received notice thereof.

         (d) After the payment to the Indenture Trustee, the Owner Trustee, the
Holders and the Servicer of all amounts required to be paid under this
Agreement, the Indenture and the Trust Agreement, any amounts on deposit in the
Yield Supplement Account, the Reserve Account or the Collection Account shall be
paid to the Class R Certificateholder, and any other assets remaining in the
Owner Trust Estate shall be distributed to the Class R Certificateholder.

                                   ARTICLE X

                            MISCELLANEOUS PROVISIONS

         SECTION 10.1 Amendment. This Agreement may be amended by the Seller,
the Servicer and the Owner Trustee, on behalf of the Issuer, with the prior
consent of the Indenture Trustee and prior notice to the Rating Agencies but
without prior notice to or the consent of any of the Holders, (i) to cure any
ambiguity, to correct or supplement any provisions in this Agreement which may
be inconsistent with any other provisions herein, to evidence a succession to
the Servicer or the Seller pursuant to this Agreement or to add any other
provisions with respect to matters or questions arising under this Agreement
that shall not be inconsistent with the provisions of this Agreement; provided,
however, that such action shall not, as evidenced by an Officer's Certificate
and/or an Opinion of Counsel reasonably acceptable and delivered to the Owner
Trustee and the Indenture Trustee, adversely and materially affect the interests
of the Issuer or any of the Holders; provided, further, that the Servicer shall
deliver written notice of such changes to each Rating Agency prior to the
execution of any such amendment, or (ii) to effect a transfer or assignment in
compliance with Section 10.6 of this Agreement. Notwithstanding the foregoing,
no amendment modifying the provisions of Section 5.5 shall become effective
without satisfaction of the Rating Agency Condition.

<PAGE>
                                                                              53

         This Agreement may also be amended from time to time by the Seller, the
Servicer and the Owner Trustee, on behalf of the Issuer, with the consent of the
Indenture Trustee, the Holders of Certificates evidencing at least a majority of
the Certificate Balance of the Certificates and the consent of the Holders of
Notes evidencing at least a majority of the Outstanding Amount of 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 Noteholders or the Certificateholders (including effecting a
transfer or assignment in compliance with Section 10.6 of this Agreement);
provided, however, that no such amendment, except with the consent of the
Holders of all Certificates or Notes, as applicable, then outstanding, shall (a)
increase or reduce in any manner the amount of, or accelerate or delay the
timing of, collections of payments of Receivables, or distributions that shall
be required to be made on any Certificate or Note, or (b) reduce the aforesaid
percentage of the Certificate Balance of the Certificates or the Outstanding
Amount of the Notes required to consent to any such amendment.

         Promptly after the execution of any amendment or consent referred to in
this Section 10.1, the Owner Trustee shall furnish a copy of such amendment or
consent to each Certificateholder and the Indenture Trustee, who shall promptly
furnish a copy to each Noteholder and to the Rating Agencies.

         It shall not be necessary for the consent of the Indenture Trustee, the
Certificateholders or the Noteholders pursuant to this Section 10.1 to approve
the particular form of any proposed amendment or consent, but it shall be
sufficient if such consent shall approve the substance thereof. The manner of
obtaining such consents and of evidencing the authorization of the execution
thereof by Certificateholders or Noteholders shall be subject to such reasonable
requirements as the Indenture Trustee or the Owner Trustee may prescribe.

         Prior to the execution of any amendment to this Agreement, the
Indenture Trustee and the Owner 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 Agreement. The Indenture Trustee and the Owner
Trustee shall not be obligated to enter into any such amendment which affects
the Indenture Trustee's and the Owner Trustee's own rights, duties or immunities
under this Agreement.

         Satisfaction of the Rating Agency Condition is required prior to the
execution of any amendment to this Agreement, other than an amendment permitted
pursuant to clause (i) of the first paragraph of this Section 10.1.

         SECTION 10.2 Protection of Title to Owner Trust Estate. (a) The Seller
shall execute and file such financing statements and cause to be executed and
filed such continuation statements, all in such manner and in such places as may
be required by law fully to preserve, maintain, and protect the interests of the
Issuer and the Indenture Trustee in the Receivables and in the proceeds thereof.
The Servicer shall deliver (or cause to be delivered) to the Owner Trustee and
the Indenture Trustee file-stamped copies of, or filing receipts for, any
document filed as provided above, as soon as available following such filing. In
addition, the Seller hereby authorizes the Issuer at any time and from time to
time to file any financing statements and amendments thereto in any jurisdiction
as may be necessary or desirable to preserve, maintain, and protect the
interests of the Issuer and the Indenture Trustee in the Receivables and the
proceeds thereof.

<PAGE>
                                                                              54

         (b) Neither the Seller nor the Servicer shall change its name in any
manner that would, could, or might make any financing statement or continuation
statement filed by the Seller in accordance with paragraph (a) above seriously
misleading within the meaning of ss. 9-506 (or any comparable section) of the
Relevant UCC, unless it shall have given the Owner Trustee and the Indenture
Trustee at least 30 days prior written notice thereof.

         (c) The Seller and the Servicer shall give the Owner Trustee and the
Indenture Trustee at least 60 days prior written notice of any change in the
jurisdiction of its organization or the State designated as its location in its
Articles of Association if, as a result of such change in jurisdiction or the
State designated as its location in its Articles of Association, the applicable
provisions of the Relevant UCC would require the filing of any amendment of any
previously filed financing or continuation statement or of any new financing
statement. The Servicer shall at all times maintain each office from which it
shall service Receivables or at which the Receivable Files are located 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 Issuer,
the Servicer's master computer records (including archives) that shall refer to
a Receivable indicate clearly, by numerical code or otherwise, that such
Receivable is owned by the Issuer and has been pledged to the Indenture Trustee.
Indication of the Issuer's and Indenture Trustee's interest in a Receivable
shall be deleted from or modified on the Servicer's computer systems when, and
only when, the Receivable shall have been paid in full, repurchased or assigned
pursuant hereto.

         (f) If at any time the Seller or the Servicer shall propose to sell,
grant a security interest in, or otherwise transfer any interest in a new or
used automobile receivable to any prospective purchaser, creditor, or other
transferee, the Seller or the Servicer, as the case may be, shall give to such
prospective purchaser, creditor, or other transferee computer tapes, records, or
print-outs (including any restored from archives) that, if they shall refer in
any manner whatsoever to any Receivable, shall indicate clearly that such
Receivable has been sold and is owned by the Issuer and has been pledged to the
Indenture Trustee.

         (g) The Servicer shall permit the Indenture Trustee and the Owner
Trustee and their respective agents upon reasonable notice at any time during
normal business hours which does not unreasonably interfere with the Servicer's
normal operations or customer or employee relations to inspect, audit, and make
copies of and abstracts from the Servicer's records regarding the Receivables.

<PAGE>
                                                                              55

         (h) Upon request, the Servicer shall furnish to the Owner Trustee or
the Indenture Trustee, within five Business Days, a list of all Receivables by
account number and name of Obligor then held by the Issuer, together with a
reconciliation of such list to the Schedule of Receivables and to each of the
Servicer Certificates indicating removal of Receivables from the Owner Trust
Estate.

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

                  (i) upon the execution and delivery of this Agreement, an
         Opinion of Counsel either (a) stating that, in the opinion of such
         counsel, all financing statements and continuation statements have been
         executed and filed that are necessary fully to preserve and protect the
         interest of the Issuer and the Indenture Trustee in the Receivables,
         and reciting the details of such filings or referring to prior Opinions
         of Counsel in which such details are given, or (b) stating that, in the
         opinion of such counsel, no such action shall be necessary to preserve
         and protect such interest; and

                  (ii) on or before March 31 of each year, commencing with March
         31, 2003, an Opinion of Counsel, dated as of such date, 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 Issuer and
         the Indenture Trustee in the Receivables, and reciting the details of
         such filings or referring to prior opinions of Counsel in which such
         details are given, or (b) stating that, in the opinion of such counsel,
         no such action shall be necessary to preserve and protect such
         interest. Notwithstanding the provisions of Section 10.4, such Opinion
         of Counsel may be sent by regular non-certified mail, and such mailed
         opinion shall be deemed delivered when so mailed.

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

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

         SECTION 10.3 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND
INTERPRETED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

<PAGE>
                                                                              56

         SECTION 10.4 Notices. All demands, notices, and communications under
this Agreement shall be in writing, personally delivered or mailed by certified
mail, return receipt requested, and shall be deemed to have been duly given upon
receipt (a) in the case of the Seller, c/o Chase Automotive Finance Corporation,
900 Stewart Avenue, Garden City, New York 11530 Attention: Financial Controller,
or at such other address as shall be designated by the Seller in a written
notice to the Indenture Trustee, (b) in the case of the Servicer, c/o Chase
Manhattan Automotive Finance Corporation, 900 Stewart Avenue, Garden City, New
York 11530, Attention: Financial Controller, or at such other address as shall
be designated by the Servicer in a written notice to the Indenture Trustee, (c)
in the case of the Indenture Trustee, at Wells Fargo Bank Minnesota, National
Association, Sixth Street and Marquette Avenue MAC N9311-161, Minneapolis,
Minnesota 55479-0069, Attention: Corporate Trust Office and (d) in the case of
the Issuer and the Owner Trustee, at c/o Wilmington Trust Company, Rodney Square
North, 1100 North Market Street, Wilmington, Delaware 19890, Attention:
Corporate Trust Administration. Any notice required or permitted to be mailed to
a Holder shall be given by first class mail, postage prepaid, at the address of
record of such Holder. Any notice to a Holder so mailed within the time
prescribed in this Agreement shall be conclusively presumed to have been duly
given, whether or not the Holder shall receive such notice.

         SECTION 10.5 Severability of Provisions. If any one or more of the
covenants, agreements, provisions, or terms of this Agreement shall be for any
reason whatsoever held invalid, then such covenants, agreements, provisions, or
terms shall be deemed severable from the remaining covenants, agreements,
provisions, or terms of this Agreement and shall in no way affect the validity
or enforceability of the other provisions of this Agreement or of the
Certificates or of the Notes or the rights of the Holders thereof.

         SECTION 10.6 Assignment. Notwithstanding anything to the contrary
contained herein, except as provided in Sections 6.3, 7.3, 7.5 and 8.2, neither
the Seller nor the Servicer may assign all, or a portion of, its rights,
obligations and duties under this Agreement unless such transfer or assignment
satisfies the Rating Agency Condition. In the event of a transfer or assignment
pursuant to this Section 10.6, the Rating Agencies shall be provided with notice
of such transfer or assignment.

         SECTION 10.7 Certificates and Notes Nonassessable and Fully Paid. The
interests represented by the Certificates and Notes shall be nonassessable for
any losses or expenses of the Issuer or for any reason whatsoever, and, upon
authentication thereof by the Indenture Trustee and the Owner Trustee pursuant
to the Trust Agreement and the Indenture, respectively, each Certificate and
Note shall be deemed fully paid.

         SECTION 10.8 Third-Party Beneficiaries. This Agreement will inure to
the benefit of and be binding upon the parties hereto, and their respective
successors and permitted assigns. The Administrator, the Owner Trustee,
individually and on behalf of the Certificateholders and the Class R
Certificateholder, and the Indenture Trustee, individually and on behalf of the
Noteholders are third-party beneficiaries to this Agreement and are entitled to
the rights and benefits hereunder and may enforce the provisions hereof as it
were a party hereto. Except as otherwise provided in this Agreement, no other
person will have any right or obligation hereunder.

         SECTION 10.9 Assignment to Indenture Trustee. The Seller hereby
acknowledges and consents to any mortgage, pledge, assignment and grant of a
security interest by the Issuer to the Indenture Trustee pursuant to the
Indenture for the benefit of the Noteholders of all right, title and interest of
the Issuer in, to and under the Receivables and the other property constituting
the Owner Trust Estate and/or the assignment of any or all of the Issuer's
rights and obligations hereunder to the Indenture Trustee and agrees that the
enforcement of a right or remedy hereunder by the Indenture Trustee shall have
the same force and effect as if such right or remedy had been enforced or
executed by the Issuer.

<PAGE>
                                                                              57

         SECTION 10.10 Limitation of Liability of Owner Trustee and Indenture
Trustee. (a) Notwithstanding anything contained herein to the contrary, this
Agreement has been countersigned by Wilmington Trust Company not in its
individual capacity but solely in its capacity as Owner Trustee of the Issuer,
and in no event shall Wilmington Trust Company in its individual capacity or,
except as expressly provided in the Trust Agreement, as Owner Trustee of the
Issuer 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 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 Articles VI, VII and VIII of the Trust Agreement.

         (b) Notwithstanding anything contained herein to the contrary, this
Agreement has been acknowledged and accepted by Wells Fargo not in its
individual capacity but solely as Indenture Trustee, and in no event shall Wells
Fargo 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 delivered pursuant hereto, as to all of
which recourse shall be had solely to the assets of the Issuer.

         SECTION 10.11 No Petition. The Seller and Servicer, by entering into
this Agreement hereby covenant and agree that they will not at any time
institute against the Issuer or join in any institution against the Issuer of,
any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings, or other proceedings under any United States Federal or state
bankruptcy or similar law in connection with any obligations relating to this
Agreement or any of the other Basic Documents.

<PAGE>

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

                                CHASE MANHATTAN BANK USA,
                                  NATIONAL ASSOCIATION, as Seller
                                  and Servicer

                                By:   /s/ Patricia Garvey
                                   ---------------------------------------
                                     Name:  Patricia Garvey
                                     Title:  Vice President

                                CHASE MANHATTAN AUTO OWNER TRUST,
                                  2002-B, as Issuer

                                By: WILMINGTON TRUST COMPANY,
                                    not in its individual capacity but solely
                                    as Owner Trustee on behalf of the Issuer

                                By: /s/ Anita E. Dallago
                                    ---------------------------------------
                                    Name: Anita E. Dallago
                                    Title: Senior Financial Services Officer

Acknowledged and Accepted:

WELLS FARGO BANK MINNESOTA,
 NATIONAL ASSOCIATION,
 not in its individual capacity,
 but solely in its capacity
 as Indenture Trustee

By:   /s/ Eileen R. O'Connor
   ----------------------------------
     Name: Eileen R. O'Connor
     Title: Assistant Vice President

<PAGE>

                                                                      SCHEDULE A

                               LIST OF RECEIVABLES

            Delivered to the Owner Trustee and the Indenture Trustee
                              on the Closing Date.

<PAGE>

                                                                      SCHEDULE B

                          Location of Receivable Files

JPMorgan Chase Bank
P.O. Box 54
Hurds Corner Road
Records Management
Pawling, New York  12564

Chase Manhattan Automotive Corporation
900 Stewart Avenue
Garden City, New York  11530

<PAGE>

                                    EXHIBIT A

                         FORM OF SERVICER'S CERTIFICATE

<PAGE>

                                    EXHIBIT B

                 FORM OF CERTIFICATEHOLDER AND NOTEHOLDER REPORT

<PAGE>

                                    EXHIBIT C

                  FORM OF COLLECTION ACCOUNT CONTROL AGREEMENT

<PAGE>

                                    EXHIBIT D

                    FORM OF RESERVE ACCOUNT CONTROL AGREEMENT

<PAGE>

                                    EXHIBIT E

               FORM OF YIELD SUPPLEMENT ACCOUNT CONTROL AGREEMENT<PAGE>

                                                                     EXHIBIT 4.2

                     CHASE MANHATTAN AUTO OWNER TRUST 2002-B

                      AMENDED AND RESTATED TRUST AGREEMENT

                                     between

                 CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION,
                                  as Depositor

                                      -and-

                            WILMINGTON TRUST COMPANY,
                                as Owner Trustee

                            Dated as of June 1, 2002

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                               Page

<S>                                                                                                              <C>
ARTICLE I DEFINITIONS.............................................................................................1

         SECTION 1.1. Capitalized Terms...........................................................................1

ARTICLE II ORGANIZATION...........................................................................................2

         SECTION 2.1. Name........................................................................................2
         SECTION 2.2. Office......................................................................................2
         SECTION 2.3. Purposes and Powers.........................................................................2
         SECTION 2.4. Appointment of Owner Trustee................................................................3
         SECTION 2.5. Initial Capital Contribution of Trust Estate................................................3
         SECTION 2.6. Declaration of Trust........................................................................3
         SECTION 2.7. Title to Issuer Property....................................................................4
         SECTION 2.8. Situs of Issuer.............................................................................4
         SECTION 2.9. Representations and Warranties of the Depositor.............................................4
         SECTION 2.10. Liability of Certificateholders and Class R Certificateholder..............................5
         SECTION 2.11. Guaranteed Payments/Gross Income Allocations...............................................5
         SECTION 2.12. Deduction and Loss Allocations.............................................................5
         SECTION 2.13. Special Allocations........................................................................6
         SECTION 2.14. Characterization of the Trust..............................................................6

ARTICLE III CERTIFICATES AND TRANSFER OF INTERESTS................................................................6

         SECTION 3.1. Initial Ownership; Class R Certificate......................................................6
         SECTION 3.2. The Certificates............................................................................7
         SECTION 3.3. Execution, Authentication and Delivery of Certificates......................................7
         SECTION 3.4. Registration of Transfer and Exchange of Certificates.......................................8
         SECTION 3.5. Mutilated, Destroyed, Lost or Stolen Certificates...........................................9
         SECTION 3.6. Persons Deemed Certificateholders...........................................................9
         SECTION 3.7. Access to List of Certificateholders' Names and Addresses...................................9
         SECTION 3.8. Maintenance of Office or Agency............................................................10
         SECTION 3.9. Appointment of Paying Agent................................................................10
         SECTION 3.10. Book-Entry Certificates...................................................................11
         SECTION 3.11. Notices to Clearing Agency................................................................12
         SECTION 3.12. Definitive Certificates...................................................................12
         SECTION 3.13. Authenticating Agent......................................................................12
         SECTION 3.14. Actions of Certificateholders.............................................................14

ARTICLE IV ACTIONS BY OWNER TRUSTEE..............................................................................14

         SECTION 4.1. Prior Notice to Certificateholders with Respect to Certain Matters.........................14
         SECTION 4.2. Action by Certificateholders with Respect to Certain Matters...............................15
</TABLE>

                                       i
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         SECTION 4.3. Action by Certificateholders with Respect to Bankruptcy....................................15
         SECTION 4.4. Restrictions on Certificateholders' Power..................................................16
         SECTION 4.5. Majority Control...........................................................................16

ARTICLE V APPLICATION OF TRUST FUNDS; CERTAIN DUTIES.............................................................16

         SECTION 5.1. Establishment of Certificate Distribution Account..........................................16
         SECTION 5.2. Application of Funds in Certificate Distribution Account...................................16
         SECTION 5.3. Method of Payment..........................................................................17
         SECTION 5.4. No Segregation of Monies; No Interest......................................................18
         SECTION 5.5. Accounting and Reports to the Noteholders, Certificateholders, the
                               Internal Revenue Service and Others...............................................18
         SECTION 5.6. Signature on Returns; Tax Matters Partner..................................................18
         SECTION 5.7. Capital Accounts...........................................................................18

ARTICLE VI AUTHORITY AND DUTIES OF OWNER TRUSTEE.................................................................19

         SECTION 6.1. General Authority..........................................................................19
         SECTION 6.2. General Duties.............................................................................19
         SECTION 6.3. Action upon Instruction....................................................................20
         SECTION 6.4. No Duties Except as Specified in this Agreement or in Instructions.........................20
         SECTION 6.5. No Action Except under Specified Documents or Instructions.................................21
         SECTION 6.6. Restrictions...............................................................................21
         SECTION 6.7. Doing Business in Other Jurisdictions......................................................21

ARTICLE VII CONCERNING OWNER TRUSTEE.............................................................................22

         SECTION 7.1. Acceptance of Trusts and Duties............................................................22
         SECTION 7.2. Furnishing of Documents....................................................................24
         SECTION 7.3. Representations and Warranties.............................................................24
         SECTION 7.4. Reliance; Advice of Counsel................................................................24
         SECTION 7.5. Not Acting in Individual Capacity..........................................................25
         SECTION 7.6. Owner Trustee May Own Certificates and Notes...............................................25

ARTICLE VIII COMPENSATION OF OWNER TRUSTEE.......................................................................25

         SECTION 8.1. Owner Trustee's Fees and Expenses..........................................................25
         SECTION 8.2. Indemnification............................................................................25
         SECTION 8.3. Payments to Owner Trustee..................................................................26

ARTICLE IX TERMINATION OF TRUST AGREEMENT........................................................................26

         SECTION 9.1. Termination of Trust Agreement.............................................................26

ARTICLE X SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES.................................................28
</TABLE>

                                       ii
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         SECTION 10.1. Eligibility Requirements for Owner Trustee................................................28
         SECTION 10.2. Resignation or Removal of Owner Trustee...................................................28
         SECTION 10.3. Successor Owner Trustee...................................................................29
         SECTION 10.4. Merger or Consolidation of Owner Trustee..................................................29
         SECTION 10.5. Appointment of Co-Trustee or Separate Trustee.............................................29

ARTICLE XI MISCELLANEOUS.........................................................................................31

         SECTION 11.1. Supplements and Amendments................................................................31
         SECTION 11.2. No Legal Title to Owner Trust Estate in Certificateholders................................32
         SECTION 11.3. Limitations on Rights of Others...........................................................32
         SECTION 11.4. Notices...................................................................................32
         SECTION 11.5. Severability..............................................................................33
         SECTION 11.6. Separate Counterparts.....................................................................33
         SECTION 11.7. Successors and Assigns....................................................................33
         SECTION 11.8. No Recourse...............................................................................33
         SECTION 11.9. No Petition...............................................................................33
         SECTION 11.10. Headings.................................................................................33
         SECTION 11.11. GOVERNING LAW............................................................................33
         SECTION 11.12. Certificate Transfer Restrictions........................................................34
</TABLE>

                                      iii
<PAGE>

                                    EXHIBITS

         Exhibit A-1       -        Form of Class R Certificate
         Exhibit A-2       -        Form of Certificate
         Exhibit B         -        Form of Certificate of Trust
         Exhibit C         -        Form of Certificate Depository Agreement

                                       i
<PAGE>

                  AMENDED AND RESTATED TRUST AGREEMENT dated as of June 1, 2002
between CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION ("Chase USA"), a national
banking association having its principal executive offices located at 200 White
Clay Center Drive, Newark, Delaware 19711, as the depositor (in its capacity as
the depositor, the "Depositor") and WILMINGTON TRUST COMPANY, a Delaware banking
corporation, as the owner trustee (the "Owner Trustee"), amending and restating
in its entirety the Trust Agreement, dated as of April 30, 2002 (the "Original
Trust Agreement"), between the same parties.

                                   ARTICLE I

                                   DEFINITIONS

         SECTION 1.1. Capitalized Terms. Capitalized terms are used in this
Agreement as defined in Section 1.1 to the Sale and Servicing Agreement between
the trust established by this Agreement and Chase USA, as Seller and Servicer,
dated as of June 1, 2002, as the same may be amended and supplemented from time
to time (the "Sale and Servicing Agreement").

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

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

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

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

         (e) All calculations of the amount of interest accrued on the
Certificates shall be made on the basis of a 360-day year consisting of twelve
30-day months.

<PAGE>

                                                                               2

                                   ARTICLE II

                                  ORGANIZATION

         SECTION 2.1. Name. The trust known as "Chase Manhattan Auto Owner Trust
2002-B" (hereinafter, the "Issuer") was formed in accordance with the provisions
of the Business Trust Statute pursuant to the Original Trust Agreement. Under
the Original Trust Agreement, the Owner Trustee was authorized and vested with
the power and authority to make and execute contracts, instruments,
certificates, agreements and other writings and to sue and be sued in the name
of the Issuer.

         The Owner Trustee accepted under the Original Trust Agreement, and does
hereby confirm its acceptance and agreement to hold in trust, for the benefit of
the Certificateholders and such other Persons as may become beneficiaries
hereunder from time to time, all of the Owner Trust Estate conveyed or to be
conveyed to the Trust, and all monies and proceeds that may be received with
respect thereto, subject to the terms of this Agreement.

         SECTION 2.2. Office. The office of the Issuer shall be in care of the
Owner Trustee at the Corporate Trust Office or at such other address in the
State of Delaware as the Owner Trustee may designate by written notice to the
Certificateholders and the Class R Certificateholder.

         SECTION 2.3. Purposes and Powers. The purpose of the Issuer is, and the
Issuer shall have the power and authority, to engage in the following
activities:

                  (a) to issue the Notes pursuant to the Indenture, the
         Certificates and the Class R Certificate pursuant to this Agreement,
         and to sell, transfer or exchange the Notes, the Certificates and the
         Class R Certificate;

                  (b) to acquire the property and assets set forth in the Sale
         and Servicing Agreement from the Depositor pursuant to the terms
         thereof, to make payments or distributions on the Notes, the
         Certificates and the Class R Certificate, to make deposits to and to
         the extent permitted under the Basic Documents withdrawals from the
         Yield Supplement Account, the Reserve Account and other accounts
         established under this Agreement and the Sale and Servicing Agreement;

                  (c) to assign, grant, transfer, pledge, mortgage and convey
         the Trust Estate pursuant to the Indenture and to hold, manage and
         distribute to the Certificateholders and the Class R Certificateholder
         pursuant to the terms of the Sale and Servicing Agreement any portion
         of the Trust Estate released from the Lien of, and remitted to the
         Issuer pursuant to, the Indenture;

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

<PAGE>

                                                                               3

                  (e) 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, which
         activities cannot be contrary to the status of the Trust as a
         "qualifying special purpose entity" under SFAS 140, any successor rule
         thereto and existing accounting literature; and

                  (f) subject to compliance with the Basic Documents, to engage
         in such other activities as may be required in connection with
         conservation of the Owner Trust Estate and the making of distributions
         to the Certificateholders and the Noteholders, which activities cannot
         be contrary to the status of the Trust as a "qualifying special purpose
         entity" under SFAS 140, any successor rule thereto and existing
         accounting literature.

Issuer is hereby authorized to engage in the foregoing activities. Issuer 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 (a) through (f) of this Section 2.3, the Issuer is
not authorized and has no power to (a) borrow money or issue other debt; (b) to
the fullest extent permitted by law, merge with another entity, reorganize,
liquidate or sell assets prior to the discharge of the Indenture; or (c) engage
in any other business or activities.

         SECTION 2.4. Appointment of Owner Trustee. The Depositor hereby
appoints the Owner Trustee as trustee of the Issuer to have all the rights,
powers and duties set forth herein.

         SECTION 2.5. Initial Capital Contributions of Trust Estate. The
Depositor hereby sells, assigns, transfers, conveys and sets over to the Owner
Trustee, as of the date hereof, the Reserve Account Initial Deposit and the
Yield Supplement Account Initial Deposit. The Owner Trustee hereby acknowledges
receipt in trust from the Depositor, as of the date hereof, of the foregoing
contributions, which, together with the initial contribution referred to in the
Original Trust Agreement, shall constitute the initial Owner Trust Estate. The
Reserve Account Initial Deposit shall be deposited in the Reserve Account
pursuant to Section 5.7(a) of the Sale and Servicing Agreement and the Yield
Supplement Account Initial Deposit shall be deposited in the Yield Supplement
Account pursuant to Section 5.6(a) of the Sale and Servicing Agreement. The
Depositor shall pay the organizational expenses of the Issuer 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 2.6. Declaration of Trust. The Owner Trustee hereby declares
that it will hold the Owner Trust Estate in trust upon and subject to the
conditions set forth herein for the use and benefit of the Certificateholders
and the Class R Certificateholder, subject to the obligations of the Issuer
under the Basic Documents. It is the intention of the parties hereto that the
Issuer constitute a business trust under the Business Trust Statute and that
this Agreement constitute the governing instrument of such business trust. It is
the intention of the parties hereto that, solely for United States income and
franchise tax purposes, the Issuer shall be treated as a partnership. The
parties agree that, unless otherwise required by appropriate tax authorities,
the Issuer will file or cause to be filed annual or other necessary returns,
reports and other forms consistent with the characterization of the Issuer as a
partnership for such tax purposes. Effective as of the date hereof, the Owner
Trustee shall have all rights, powers and duties set forth herein and to the
extent not inconsistent herewith, in the Business Trust Statute with respect to
accomplishing the purposes of the Issuer. The Owner Trustee shall file the
Certificate of Trust with the Secretary of State of Delaware.

<PAGE>

                                                                               4

         SECTION 2.7. Title to Issuer Property. Legal title to all the Owner
Trust Estate shall be vested at all times in the Issuer as a separate legal
entity except where applicable law in any jurisdiction requires title to any
part of the Owner Trust Estate to be vested in a trustee or trustees, in which
case the 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 2.8. Situs of Issuer. The Issuer will be located and
administered in the State of Delaware. All bank accounts maintained by the Owner
Trustee on behalf of the Issuer shall be located in the State of Delaware or the
State of New York. Payments will be received by the Issuer only in Delaware or
New York, and payments will be made by the Issuer only from Delaware or New
York. The only office of the Issuer will be at its office in Delaware.

         SECTION 2.9. Representations and Warranties of the Depositor. The
Depositor hereby represents and warrants to the Owner Trustee that:

                  (i) The Depositor has been duly organized and is validly
         existing as a national banking association in good standing under the
         laws of the United States of America, with 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, power, authority and legal right to
         acquire and own the Receivables.

                  (ii) The Depositor has the corporate power and authority to
         execute and deliver this Agreement and to carry out its terms; the
         Depositor has full power and authority to sell and assign the property
         to be sold and assigned to and deposited with the Issuer, and the
         Depositor has duly authorized such sale and assignment and deposit to
         the Issuer by all necessary action; and the execution, delivery and
         performance of this Agreement has been duly authorized by the Depositor
         by all necessary action.

                  (iii) The consummation of the transactions contemplated by
         this Agreement and the other Basic Documents and the fulfillment of the
         terms hereof, do not conflict with, result in any breach of any of the
         terms and provisions of, or constitute (with or without notice or lapse
         of time) a default under, the articles of association or bylaws of the
         Depositor, or conflict with or breach any of the material terms or
         provisions of or constitute (with or without notice or lapse of time) a
         default under any indenture, agreement or other instrument to which the
         Depositor is a party or by which it is 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; nor
         violate any law or, to the best of the Depositor's knowledge, any
         order, rule or regulation applicable to the Depositor of any court or
         of any Federal or state regulatory body, administrative agency or other
         governmental instrumentality having jurisdiction over the Depositor or
         its properties.

<PAGE>

                                                                               5

         SECTION 2.10. Liability of Certificateholders and Class R
Certificateholder. Neither any Certificateholder nor the Class R
Certificateholder shall have any personal liability for any liability or
obligation of the Issuer.

         SECTION 2.11. Guaranteed Payments/Gross Income Allocations. (a)
Inasmuch as the Certificateholders' Interest Distributable Amount is determined
and paid hereunder without regard to the income of the Issuer, the Issuer shall
treat payments of such amounts as "guaranteed payments" within the meaning of
Section 707(c) of the Code. Consequently, Certificateholders will have ordinary
income equal to their allocable share of the Certificateholders' Interest
Distributable Amount, the Issuer will have an equivalent deduction for United
States federal income tax purposes and no amount of the gross income of the
Issuer shall be allocable to the Certificateholders (and there will be no
corresponding increase in Certificateholders' Capital Accounts (as defined
herein) under Section 5.7). In the event that any taxing authority does not
respect such tax treatment, the gross income of the Issuer for any calendar
month as determined for United States federal income tax purposes shall be
allocated, after giving effect to special allocations set forth in Section 2.13
of this Agreement and for purposes of maintaining Capital Accounts under Section
5.7 of this Agreement as follows:

                           (1) first, among the Certificateholders as of the
                  close of the last day of such calendar month, in proportion to
                  their ownership of the principal amount of Certificates
                  outstanding on such date, an amount of gross income equal to
                  the amount of (i) interest that accrues in such calendar month
                  on the Certificates in accordance with their terms, including
                  interest accruing thereon at the Certificate Rate monthly,
                  (ii) interest on amounts previously due under the Certificates
                  and not yet paid as provided therein and (iii) any gross
                  income of the Trust attributable to discount on the
                  Receivables that corresponds to any excess of the principal
                  amount of the Certificates over the initial issue price; and

                           (2) the balance of gross income, if any, to the Class
                  R Certificateholder.

If the gross income of the Issuer for any month is insufficient for the
allocations described in clause (1) above, subsequent items of gross income
shall first be allocated to make up such shortfall before being allocated as
provided in clause (2).

         (b) In the event the initial issue price of the Certificates differs
from their initial principal amount, there shall be specially allocated to the
Certificateholders the portion, if any, of the offset for premium (in the case
the issue price of the Certificates exceeds their principal amount) or market
discount income (in the case the principal amount of the Certificates exceeds
their issue price) on the Receivables accruing for a calendar month that is
attributable to such difference.

         SECTION 2.12. Deduction and Loss Allocations. (a) All items of
deduction and loss of the Issuer shall be allocated to the Class R
Certificateholder.

<PAGE>

                                                                               6

         (b) To the extent that an allocation of the gross amount of deductions
and losses to the Class R Certificateholder pursuant to Section 2.12(a) above
would cause the Capital Account of the Class R Certificateholder to be reduced
below zero, such excess deductions and losses shall be allocated to the
Certificateholders on a pro rata basis until each of their Capital Accounts has
been reduced to zero. If any amount of gross deduction or loss has not been
allocated pursuant to the preceding sentence because all of the
Certificateholders' Capital Accounts have been reduced to zero, the amount of
such remaining unallocated deductions or losses shall be allocated to the Class
R Certificateholder.

         (c) If any deductions or losses have been allocated to the
Certificateholders under Section 2.12(b) above, an amount of gross income shall
be allocated to such Certificateholders under this Section 2.12(c) in subsequent
taxable years sufficient to offset the amount of any deductions or losses
previously allocated to such Certificateholders under Section 2.12(b) above and,
thereafter, allocations of gross income and deductions shall be made in
accordance with Sections 2.11 and 2.12(a) of this Agreement.

         SECTION 2.13. Special Allocations. In the event any Certificateholder
unexpectedly receives any adjustments, allocations or distributions described in
Treasury Regulation Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6), items of Issuer
gross income and gain shall be specially allocated to such Certificateholder in
an amount and manner sufficient to eliminate, to the extent required by the
Treasury Regulations, the deficit, if any, in the balance of the Capital Account
of such Certificateholder as quickly as possible; provided, that subsequent
allocations of gross income and gain, or deductions, shall take into account any
special allocations made to a Certificateholder under this Section 2.13 and
shall be adjusted so that the amount of gross income and gain, or deductions,
allocated to a Certificateholder will equal the amount of gross income and gain,
or deductions, that would have been allocated to such Certificateholder had no
such special allocations been made to such Certificateholder under this Section
2.13. This Section 2.13 is intended to comply with the qualified income offset
provision in Section 1.704-1(b)(2)(ii)(d) of the Treasury Regulations.

         SECTION 2.14. Characterization of the Trust. For purposes of SFAS 140,
the parties hereto intend that (a) the Trust be treated as a "qualifying special
purpose entity" as such term is used in SFAS 140 and any successor rule thereto
and (b) the Trust's power and authority as stated in Section 2.3 of this
Agreement be limited in accordance with paragraph 35 of SFAS 140.

                                  ARTICLE III

                     CERTIFICATES AND TRANSFER OF INTERESTS

         SECTION 3.1. Initial Ownership; Class R Certificate. Upon the formation
of the Issuer by the contributions by the Depositor pursuant to Section 2.5 and
until the issuance of the Certificates, the Depositor shall be the sole
beneficiary of the Trust. Concurrently with the transfer of the Receivables to
the Issuer pursuant to the Sale and Servicing Agreement, the Class R Certificate
shall be issued to the Depositor in the form of Exhibit A-1, which is
incorporated herein by reference. The Class R Certificate shall be executed on
behalf of the Issuer by manual or facsimile signature of an Authorized Officer
or other authorized signatory of the Owner Trustee. The Class R Certificate
bearing the manual or facsimile signature of an individual who was, at the time
when such signature shall have been affixed, authorized to sign on behalf of the
Issuer, shall be validly issued and entitled to the benefit of this Agreement,
notwithstanding that such individual shall have ceased to be so authorized prior
to the authentication and delivery of the Class R Certificate or did not hold
such office at the date of authentication and delivery of the Class R
Certificate. The Class R Certificate shall not entitle the holder thereof to any
benefit under this Agreement, or shall be valid for any purpose, unless there
shall appear on the Class R Certificate a certificate of authentication
substantially in the form set forth in Exhibit A-1, executed by the Owner
Trustee or JPMorgan Chase Bank, as the Owner Trustee's authentication agent, by
manual or facsimile signature; such authentication shall constitute conclusive
evidence that the Class R Certificate shall have been duly authenticated and
delivered hereunder. The Class R Certificate shall be dated the date of its
authentication. The Class R Certificate (or any interest therein) may not be
sold, assigned, participated, pledged or otherwise transferred except by
operation of law pursuant to the merger or consolidation of the Class R
Certificateholder or except to an Affiliate of the Depositor.

<PAGE>

                                                                               7

         SECTION 3.2. The Certificates. Upon initial issuance, the Certificates
shall each be in the form of Exhibit A-2, which is incorporated herein by
reference, and shall be issued as provided in Section 3.10 in an aggregate
principal amount equal to the Certificate Balance. The Certificates shall be
executed on behalf of the Issuer by manual or facsimile signature of an
Authorized Officer or other authorized signatory of the Owner Trustee.
Certificates bearing the manual or facsimile signatures of individuals who were,
at the time when such signatures shall have been affixed, authorized to sign on
behalf of the Issuer, shall be validly issued and entitled to the benefit of
this Agreement, notwithstanding that such individuals or any of them shall have
ceased to be so authorized prior to the authentication and delivery of such
Certificates or did not hold such offices at the date of authentication and
delivery of such Certificates. No Certificate shall entitle the 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
in the form set forth in Exhibit A-2, executed by the Owner Trustee or JPMorgan
Chase Bank, as the Owner Trustee's authentication agent, by manual or facsimile
signature; such authentication shall constitute conclusive evidence that such
Certificate shall have been duly authenticated and delivered hereunder. All
Certificates shall be dated the date of their authentication. A transferee of a
Certificate shall become a Certificateholder, and shall be entitled to the
rights and subject to the obligations of a Certificateholder hereunder, upon due
registration of such Certificate in such transferee's name pursuant to Section
3.4.

         SECTION 3.3. Execution, Authentication and Delivery of Certificates.
Concurrently with the transfer of the Receivables to the Issuer pursuant to the
Sale and Servicing Agreement, the Owner Trustee shall cause the Certificates in
an aggregate principal amount equal to the initial Certificate Balance to be
executed on behalf of the Issuer, authenticated and delivered to or upon the
written order of the Depositor, signed by its chairman of the board, its
president or any vice president, without further action by the Depositor, in
authorized denominations.

<PAGE>

                                                                               8

         SECTION 3.4. Registration of Transfer and Exchange of Certificates. The
Owner Trustee shall cause to be kept at the office or agency to be maintained
pursuant to Section 3.8 by a certificate registrar (the "Certificate
Registrar"), a register (the "Certificate Register") in which, subject to such
reasonable regulations as it may prescribe, the Certificate Registrar shall
provide for the registration of Certificates and of transfers and exchanges of
Certificates as herein provided. JPMorgan Chase Bank shall be the initial
Certificate Registrar. In the event that, subsequent to the date of issuance of
the Certificates, JPMorgan Chase Bank notifies the Owner Trustee that it is
unable to act as the Certificate Registrar, the Owner Trustee shall act, or the
Owner Trustee shall, with the consent of the Depositor, appoint another bank or
trust company, having an office or agency located in The City of New York and
which agrees to act in accordance with the provisions of this Agreement
applicable to it, to act, as successor Certificate Registrar under this
Agreement.

         The Owner Trustee may revoke such appointment and remove JPMorgan Chase
Bank as the Certificate Registrar if the Owner Trustee determines in its sole
discretion that JPMorgan Chase Bank failed to perform its obligations under this
Agreement in any material respect. JPMorgan Chase Bank shall be permitted to
resign as the Certificate Registrar upon 30 days' written notice to the Owner
Trustee, the Depositor and the Issuer; provided, however, that such resignation
shall not be effective and JPMorgan Chase Bank shall continue to perform its
duties as the Certificate Registrar until the Owner Trustee has appointed a
successor Certificate Registrar with the consent of the Depositor.

         An institution succeeding to the corporate agency business of the
Certificate Registrar shall continue to be the Certificate Registrar without the
execution or filing of any paper or any further act on the part of the Owner
Trustee or such Certificate Registrar.

         Upon surrender for registration of transfer of any Certificate at the
office or agency maintained pursuant to Section 3.8, the Owner Trustee shall
execute, authenticate and (if the Certificate Registrar is different than the
Owner Trustee, then the Certificate Registrar shall) deliver (or shall cause
JPMorgan Chase Bank as its authenticating agent to authenticate and deliver), in
the name of the designated transferee or transferees, one or more new
Certificates in authorized denominations of a like class and aggregate face
amount dated the date of authentication by the Owner Trustee or any
authenticating agent. At the option of a Holder, Certificates may be exchanged
for other Certificates of the same class in authorized denominations of a like
aggregate amount upon surrender of the Certificates to be exchanged at the
office or agency maintained pursuant to Section 3.8.

         Whenever any Certificate is surrendered for exchange, the Owner Trustee
shall execute, authenticate and (if the Certificate Registrar is different than
the Owner Trustee, then the Certificate Registrar shall) deliver the
Certificates which the Certificateholder making the exchange is entitled to
receive. 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 and the Certificate Registrar duly executed by
the Holder, which signature on such assignment must be guaranteed by a member of
the New York Stock Exchange or a commercial bank or trust company.

<PAGE>

                                                                               9

         Each Certificate surrendered for registration of transfer or exchange
shall be canceled and subsequently disposed of by the Owner Trustee or
Certificate Registrar in accordance with its customary practice.

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

         SECTION 3.5. Mutilated, Destroyed, Lost or Stolen Certificates. (a) If
any mutilated Certificate shall be surrendered to the Certificate Registrar, of
if the Certificate Registrar shall receive evidence to its satisfaction of the
destruction, loss or theft of any Certificate and (b) there shall be delivered
to the Certificate Registrar and the Owner Trustee such security or indemnity as
may be required by them to save each of them harmless, then in the absence of
notice that such Certificate shall have been acquired by a protected purchaser,
the Owner Trustee on behalf of Issuer shall execute and the Owner Trustee, or
JPMorgan Chase Bank, as the Owner Trustee's authenticating agent, shall
authenticate and (if the Certificate Registrar is different from the Owner
Trustee, then the Certificate Registrar shall) deliver, in exchange for or in
lieu of any such mutilated, destroyed, lost or stolen Certificate, a new
Certificate of like class, tenor and denomination. If, after delivery of such
replacement Certificate, a protected purchaser of the original Certificate in
lieu of which such replacement Certificate was issued presents for payment such
original Certificate, the Owner Trustee or the Certificate Registrar shall be
entitled to recover such replacement Certificate from such Person to whom such
replacement Certificate was delivered or any assignee of such Person, except a
protected purchaser, and shall be entitled to recover upon the security or
indemnity provided therefor to the extent of any loss, damage, cost or expense
incurred by the Owner Trustee or the Certificate Registrar in connection
therewith. In connection with the issuance of any new Certificate under this
Section 3.5, the Owner Trustee or the Certificate Registrar 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 shall constitute conclusive evidence of an ownership
interest in Issuer, as if originally issued, whether or not the lost, stolen or
destroyed Certificate shall be found at any time. The provisions of this Section
3.5 are exclusive and shall preclude (to the extent lawful) all other rights and
remedies with respect to the replacement of mutilated, destroyed, lost or stolen
Certificates.

         SECTION 3.6. Persons Deemed Certificateholders. Prior to due
presentation of a Certificate for registration of transfer, the Owner Trustee or
the Certificate Registrar may treat the Person in whose name any Certificate
shall be registered in the Certificate Register as the owner of such Certificate
for the purpose of receiving distributions pursuant to Section 5.2 and for all
other purposes whatsoever, and neither the Owner Trustee nor the Certificate
Registrar shall be bound by any notice to the contrary.

         SECTION 3.7. Access to List of Certificateholders' Names and Addresses.
The Certificate Registrar shall furnish or cause to be furnished to the Servicer
and the Depositor (and to the Owner Trustee, if the Owner Trustee is not the
Certificate Registrar) within 15 days after receipt by the Certificate Registrar
of a request therefor from the Servicer or the Depositor (or the Owner Trustee)
in writing, a list, in such form as the Servicer or the Depositor (or the Owner
Trustee) may reasonably require, of the names and addresses of the
Certificateholders as of the most recent Record Date. If, at such time, if any,
as Definitive Certificates have been issued, if three or more Holders of
Certificates or one or more Holders of Certificates evidencing not less than 25%
of the Certificate Balance apply in writing to the Certificate Registrar, and
such application states that the applicants desire to communicate with other
Certificateholders with respect to their rights under this Agreement or under
the Certificates and such application is accompanied by a copy of the
communication that such applicants propose to transmit, then the Certificate
Registrar shall, within five Business Days after the receipt of such
application, afford such applicants access during normal business hours to the
current list of Certificateholders. Each Holder, by receiving and holding a
Certificate, shall be deemed to have agreed to hold none of the Depositor, the
Certificate Registrar, the Servicer or the Owner Trustee accountable by reason
of the disclosure of its name and address, regardless of the source from which
such information was derived.

<PAGE>

                                                                              10

         SECTION 3.8. Maintenance of Office or Agency. The Owner Trustee shall
maintain in the City of New York, an office or offices or agency or agencies
where Certificates may be surrendered for registration of transfer or exchange.
The Owner Trustee initially designates the offices of JPMorgan Chase Bank
located at 450 West 33rd Street, New York, New York 10001-2697 as its office for
such purposes. The Owner Trustee shall give prompt written notice to the
Depositor, the Servicer and to the Certificateholders of any change in the
location of the Certificate Register or any such office or agency.

         SECTION 3.9. Appointment of Paying Agent. The Owner Trustee may appoint
a Paying Agent with respect to the Certificates. The Owner Trustee hereby
appoints JPMorgan Chase Bank as the initial Paying Agent. The Paying Agent shall
have the revocable power to withdraw funds from the Certificate Distribution
Account, make distributions to Certificateholders from the Certificate
Distribution Account pursuant to Section 5.2 and shall report the amounts of
such distributions to the Owner Trustee. The Owner Trustee may revoke such power
and remove the Paying Agent if the Owner Trustee determines in its sole
discretion that the Paying Agent shall have failed to perform its obligations
under this Agreement in any material respect or for other good cause. The Paying
Agent shall be permitted to resign upon 30 days' written notice to the Owner
Trustee and the Servicer. In the event that JPMorgan Chase Bank shall no longer
be the Paying Agent, the Owner Trustee shall appoint a successor to act as
Paying Agent (which shall be a bank or trust company and may be the Owner
Trustee), with the consent of the Depositor (which consent shall not be
unreasonably withheld). The Owner Trustee shall cause such successor Paying
Agent or any additional Paying Agent appointed by the Owner Trustee (unless it
is the Owner Trustee) to execute and deliver to the Owner Trustee an instrument
in which such successor Paying Agent or additional Paying Agent shall agree with
the Owner Trustee that as Paying Agent, such successor Paying Agent or
additional Paying Agent will hold all sums, if any, held by it for payment to
the Certificateholders in trust for the benefit of the Certificateholders
entitled thereto until such sums shall be paid to such Certificateholders. The
Paying Agent shall return all unclaimed funds to the Owner Trustee and upon the
removal of a Paying Agent, such Paying Agent shall also return all funds in its
possession to the Owner Trustee. The provisions of Sections 7.1, 7.3, 7.4, 7.6,
8.1 and 8.2 shall apply to the Owner Trustee also in its role as Paying Agent,
for so long as the Owner Trustee shall act as Paying Agent and, to the extent
applicable, to any other paying agent appointed hereunder. Any reference in this
Agreement to the Paying Agent shall include any co-paying agent unless the
context requires otherwise.

<PAGE>

                                                                              11

         SECTION 3.10. Book-Entry Certificates. The Certificates, upon original
issuance, will be issued in the form of a typewritten Certificate or
Certificates representing Book-Entry Certificates, to be delivered to The
Depository Trust Company, the initial Clearing Agency, by or on behalf of the
Issuer; provided that one Certificate that constitutes the residual portion of
the Certificate Balance may be issued in the form of a Definitive Certificate in
a denomination less than an integral multiple of $1.00. Such Book-Entry
Certificate or Certificates shall initially be registered on the Certificate
Register in the name of Cede & Co., the nominee of the initial Clearing Agency,
and no beneficial owner (other than J.P. Morgan Securities Inc.) will receive a
definitive Certificate representing such beneficial owner's interest in such
Certificate, except as provided in Section 3.12. Unless and until Definitive
Certificates have been issued to beneficial owners pursuant to Section 3.12:

                  (a) the provisions of this Section 3.10 shall be in full force
         and effect;

                  (b) the Certificate Registrar, the Paying Agent and the Owner
         Trustee shall be entitled to deal with the Clearing Agency and the
         Clearing Agency Participants for all purposes of this Agreement
         relating to the Book-Entry Certificates (including the payment of
         principal of and interest on the Book-Entry Certificates and the giving
         of instructions or directions to Certificate Owners of Book-Entry
         Certificates) as the sole Holder of Book-Entry Certificates and shall
         have no obligations to Certificate Owners thereof;

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

                  (d) the rights of Certificate Owners of the Book-Entry
         Certificates shall be exercised only through the Clearing Agency (or to
         the extent Certificateholders are not Clearing Agency Participants,
         through the Clearing Agency Participants through which such
         Certificateholders own Book-Entry Certificates), and shall be limited
         to those established by law and agreements between such Certificate
         Owners and the Clearing Agency and/or Clearing Agency Participants, and
         all references in this Agreement to actions by Certificateholders shall
         refer to actions taken by the Clearing Agency upon instructions from
         the Clearing Agency Participants, and all references in this Agreement
         to distributions, notices, reports and statements to Certificateholders
         shall refer to distributions, notices, reports and statements to the
         Clearing Agency, as registered holder of the Certificates, as the case
         may be, for distribution to Certificateholders in accordance with the
         procedures of the Clearing Agency. Pursuant to the Certificate
         Depository Agreement, unless and until Definitive Certificates are
         issued pursuant to Section 3.12, the initial Clearing Agency will make
         book-entry transfers among Clearing Agency Participants and receive and
         transmit payments of principal of and interest on the Book-Entry
         Certificates to such Clearing Agency Participants; and

<PAGE>

                                                                              12

                  (e) whenever this Agreement requires or permits actions to be
         taken based upon instructions or directions of the Holders of
         Certificates evidencing a specified percentage of the Certificate
         Balance, the Clearing Agency shall be deemed to represent such
         percentage only to the extent that it has received instructions to such
         effect from Certificate Owners and/or Clearing Agency Participants
         owning or representing, respectively, such required percentage of the
         beneficial interest in the Book-Entry Certificates and has delivered
         such instructions to the Owner Trustee.

         SECTION 3.11. Notices to Clearing Agency. Whenever a notice or other
communication to Certificateholders is required under this Agreement, unless and
until Definitive Certificates shall have been issued to Certificate Owners
pursuant to Section 3.12, the Owner Trustee and the Paying Agent shall give all
such notices and communications specified herein to be given to
Certificateholders to the Clearing Agency, and shall have no obligations to
Certificate Owners.

         SECTION 3.12. Definitive Certificates. If (a) the Servicer advises the
Owner Trustee in writing that the Clearing Agency is no longer willing or able
to properly discharge its responsibilities with respect to the Certificates, and
the Servicer is unable to locate a qualified successor, (b) the Servicer at its
option elects to terminate the book-entry system through the Clearing Agency, or
(c) after the occurrence of an Event of Servicing Termination or Event of
Default, Certificate Owners of the Certificates representing beneficial
interests aggregating not less than a majority of the Certificate Balance advise
the Clearing Agency through the Clearing Agency Participants, and the Owner
Trustee, in writing, and if the Clearing Agency shall so notify the Owner
Trustee, that the continuation of a book-entry system through the Clearing
Agency is no longer in the best interests of Certificate Owners, then the Owner
Trustee shall notify the Clearing Agency of the occurrence of any such event,
which shall be responsible to notify the Certificate Owners of the occurrence of
such event and of the availability of the Definitive Certificates to Certificate
Owners requesting the same. Upon surrender to the Certificate Registrar of the
typewritten Certificate or Certificates representing the Book-Entry Certificates
by the Clearing Agency, accompanied by re-registration instructions, the Owner
Trustee shall execute, authenticate, or cause to be authenticated, and (if the
Certificate Registrar is different than the Owner Trustee, then the Certificate
Registrar shall) deliver the Definitive Certificates in accordance with the
instructions of the Clearing Agency. Neither the Certificate Registrar nor the
Owner Trustee shall be liable for any delay in delivery of such instructions and
may conclusively rely on, and shall be protected in relying on, such
instructions. Upon the issuance of Definitive Certificates, all references
herein to obligations imposed upon or to be performed by the Clearing Agency
shall be deemed to be imposed upon and performed by the Certificate Registrar,
to the extent applicable with respect to such Definitive Certificates, and the
Owner Trustee and the Paying Agent shall recognize the Holders of the Definitive
Certificates as Certificateholders. The Definitive Certificates shall be
printed, lithographed or engraved or may be produced in any other matter as is
reasonably acceptable to the Owner Trustee, as evidenced by its execution
thereof.

<PAGE>

                                                                              13

SECTION 3.13.     Authenticating Agent.

         (a) The Owner Trustee may appoint one or more authenticating agents
with respect to the Certificates and the Class R Certificate which shall be
authorized to act on behalf of the Owner Trustee in authenticating the
Certificates and the Class R Certificate in connection with the issuance,
delivery, registration of transfer, exchange or repayment of the Certificates
and the Class R Certificate. The Owner Trustee hereby appoints JPMorgan Chase
Bank as Authenticating Agent for the authentication of Certificates and the
Class R Certificate upon any issuance or registration of transfer or exchange of
the Certificates or the Class R Certificate. Whenever reference is made in this
Agreement to the authentication of Certificates or the Class R Certificate by
the Owner Trustee or the Owner Trustee's certificate of authentication, such
reference shall be deemed to include authentication on behalf of the Owner
Trustee by an authenticating agent and a certificate of authentication executed
on behalf of the Owner Trustee by an authenticating agent. Each authenticating
agent (other than JPMorgan Chase Bank) shall be subject to acceptance by the
Depositor.

         (b) Any institution succeeding to the corporate agency business of an
authenticating agent shall continue to be an authenticating agent without the
execution or filing of any paper or any further act on the part of the Owner
Trustee or such authenticating agent.

         (c) An authenticating agent may at any time resign by giving written
notice of resignation to the Owner Trustee and the Depositor. The Owner Trustee
may at any time terminate the agency of an authenticating agent by giving notice
of termination to such authenticating agent and to the Depositor. Upon receiving
such a notice of resignation or upon such a termination, or in case at any time
an authenticating agent shall cease to be acceptable to the Owner Trustee or the
Depositor, the Owner Trustee promptly may appoint a successor authenticating
agent with the consent of the Depositor. Any successor authenticating agent upon
acceptance of its appointment hereunder shall become vested with all the rights,
powers and duties of its predecessor hereunder, with like effect as if
originally named as an authenticating agent.

         (d) The Depositor shall pay the authenticating agent from time to time
reasonable compensation for its services under this Section 3.13.

         (e) The provisions of Sections 7.1, 7.3, 7.4, 7.6, 8.1 and 8.2 shall be
applicable to any authenticating agent.

         (f) Pursuant to an appointment made under this Section 3.13, the
Certificates may have endorsed thereon, in lieu of the Owner Trustee's
certificate of authentication, an alternate certificate of authentication in
substantially the following form:

         This is one of the Certificates referred to in the within mentioned
Agreement.

                                                    ---------------------------,
                                                    as Owner Trustee

<PAGE>

                                                                              14

                                             By:
                                                    ----------------------------
                                                    Authorized Officer

                                                                      or

                                                    ----------------------------
                                                    as Authenticating Agent
                                                    for the Owner Trustee,

                                                    ----------------------------
                                                    Authorized Officer

         SECTION 3.14. Actions of Certificateholders. (a) Any request, demand,
authorization, direction, notice, consent, waiver or other action provided by
this Agreement to be given or taken by the Certificateholders may be embodied in
and evidenced by one or more instruments of substantially similar tenor signed
by such Certificateholders in person or by agent duly appointed in writing; and
except as herein otherwise expressly provided, such action shall become
effective when such instrument or instruments are delivered to the Owner Trustee
and, when required, to the Depositor or the Servicer. Proof of execution of any
such instrument or of a writing appointing any such agent shall be sufficient
for any purpose of this Agreement and conclusive in favor of the Owner Trustee,
the Depositor and the Servicer, if made in the manner provided in this Section
3.14.

         (b) The fact and date of the execution by any Certificateholder of any
such instrument or writing may be proved in any reasonable manner which the
Owner Trustee deems sufficient.

         (c) Any request, demand, authorization, direction, notice, consent,
waiver or other act by a Certificateholder shall bind every Holder of every
Certificate issued upon the registration of transfer thereof or in exchange
therefor or in lieu thereof, in respect of anything done, or omitted to be done,
by the Owner Trustee, the Depositor or the Servicer in reliance thereon,
regardless of whether notation of such action is made upon such Certificate.

         (d) The Owner Trustee may require such additional proof of any matter
referred to in this Section 3.14 as it shall deem necessary.

                                   ARTICLE IV

                            ACTIONS BY OWNER TRUSTEE

         SECTION 4.1. Prior Notice to Certificateholders with Respect to Certain
Matters. With respect to the following matters, the Owner Trustee shall not take
action unless at least 30 days before the taking of such action, the Owner
Trustee shall have notified the Certificateholders in writing of the proposed
action and the Certificateholders shall not have notified the Owner Trustee in
writing prior to the 30th day after such notice is given that such
Certificateholders have withheld consent or provided alternative direction:

<PAGE>

                                                                              15

                           (a) the initiation of any material claim or lawsuit
                  by the Issuer (except claims or lawsuits brought in connection
                  with the collection of the Receivables) and the compromise of
                  any material action, claim or lawsuit brought by or against
                  the Issuer (except with respect to the aforementioned claims
                  or lawsuits for collection of the Receivables);

                           (b) the election by the Issuer to file an amendment
                  to the Certificate of Trust (unless such amendment is required
                  to be filed under the Business Trust Statute);

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

                           (d) 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 Certificateholders;

                           (e) the amendment, change or modification of the Sale
                  and Servicing Agreement, except to any amendment where the
                  consent of any Certificateholder is not required under the
                  terms of the Sale and Servicing Agreement; or

                           (f) the appointment pursuant to the Indenture of a
                  successor Indenture Trustee or the consent to the assignment
                  by the Note Registrar, the Paying Agent, the Trustee or the
                  Certificate Registrar of its obligations under the Indenture
                  or this Agreement, as applicable.

The Owner Trustee shall notify the Certificateholders in writing of any
appointment of a successor Paying Agent, Authenticating Agent or Certificate
Registrar within five Business Days thereof.

         SECTION 4.2. Action by Certificateholders with Respect to Certain
Matters. The Owner Trustee shall not have the power, except upon the direction
of the Certificateholders, to (a) remove the Servicer under the Sale and
Servicing Agreement pursuant to Article VIII thereof, (b) remove the
Administrator under the Administration Agreement pursuant to Section 8 thereof
or (c) except as expressly provided in the Basic Documents, sell the Receivables
or any interest therein 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 Certificateholders.

         SECTION 4.3. Action by Certificateholders with Respect to Bankruptcy.
The Owner Trustee shall not have the power to commence a voluntary proceeding in
bankruptcy relating to the Issuer without the unanimous prior approval of all
Certificateholders unless the Owner Trustee reasonably believes that the Issuer
is insolvent.

<PAGE>

                                                                              16

         SECTION 4.4. Restrictions on Certificateholders' Power. The
Certificateholders shall not 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 Issuer or the Owner Trustee under this Agreement or any of the other
Basic Documents or would be contrary to Section 2.3 nor shall the Owner Trustee
be obligated to follow any such direction, if given.

         SECTION 4.5. Majority Control. Except as expressly provided herein, any
action that may be taken by the Certificateholders under this Agreement may be
taken by the Holders of Certificates evidencing not less than a majority of the
Certificate Balance. Except as expressly provided herein, any written notice of
the Certificateholders delivered pursuant to this Agreement shall be effective
if signed by the Holders of Certificates evidencing not less than a majority of
the Certificate Balance at the time of the delivery of such notice.

                                   ARTICLE V

                   APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

         SECTION 5.1. Establishment of Certificate Distribution Account. The
Owner Trustee, for the benefit of Certificateholders, shall establish and
maintain in the name of the Issuer an Eligible Deposit Account (the "Certificate
Distribution Account"), bearing a designation clearly indicating that the funds
deposited therein are held for the benefit of the Certificateholders.

         The Owner Trustee shall possess all right, title and interest in all
funds on deposit from time to time in the Certificate Distribution Account and
in all proceeds thereof. If, at any time, the Certificate Distribution Account
ceases to be an Eligible Deposit Account, the Servicer shall establish a new
Certificate Distribution Account as an Eligible Deposit Account in accordance
with Section 5.1(b) of the Sale and Servicing Agreement, and the Owner Trustee
shall transfer any cash and/or any investments to such new Certificate
Distribution Account and shall assist the Servicer in establishing such account
as necessary.

         Amounts on deposit in the Certificate Distribution Account shall not be
invested.

         SECTION 5.2. Application of Funds in Certificate Distribution Account.
(a) Not later than 12:00 noon, New York City time, on each Payment Date, the
Owner Trustee or the Paying Agent on behalf of the Owner Trustee will, based on
the information contained in the Servicer's Certificate delivered on the related
Determination Date pursuant to Section 4.8 of the Sale and Servicing Agreement,
distribute to Certificateholders, to the extent of the funds available, amounts
deposited in the Certificate Distribution Account pursuant to Section 5.5 of the
Sale and Servicing Agreement on such Payment Date in the following order of
priority:

                  (i) first, to the Certificateholders, on a pro rata basis, an
         amount equal to the Certificateholders' Interest Distributable Amount;
         and

<PAGE>

                                                                              17

                  (ii) second, to the Certificateholders, on a pro rata basis,
         an amount equal to the Certificateholders' Principal Distributable
         Amount.

         (b) On each Payment Date, the Owner Trustee shall send, or cause to be
sent, to each Certificateholder the statement provided to the Owner Trustee by
the Servicer pursuant to Section 5.8 of the Sale and Servicing Agreement on such
Payment Date.

         (c) In the event that any withholding tax is imposed on the Issuer's
payment (or allocations of income) to a Certificateholder, such tax shall reduce
the amount otherwise distributable to the Certificateholder in accordance with
this Section. Each of the Owner Trustee and the Paying Agent is hereby
authorized and directed to retain from amounts otherwise distributable to the
Certificateholders sufficient funds for the payment of any tax that is legally
owed by the Issuer (but such authorization shall not prevent the Owner Trustee
from contesting any such tax in appropriate proceedings, and withholding payment
of such tax, if permitted by law, pending the outcome of such proceedings). The
amount of any withholding tax imposed with respect to a Certificateholder shall
be treated as cash distributed to such Certificateholder at the time it is
withheld by the Issuer and remitted to the appropriate taxing authority. The
Owner Trustee or the Paying Agent, on its behalf, intends to withhold United
States withholding taxes from any amounts allocable or distributed to non-United
States Certificateholders at a rate of 35% for non-United States
Certificateholders that are classified as corporations for United States federal
income tax purposes and at the highest individual income tax rate for all other
non-United States Certificateholders. In the event that a Certificateholder
wishes to apply for a refund of any such withholding tax, the Owner Trustee and
the Paying Agent shall reasonably cooperate with such Certificateholder in
making such claim so long as such Certificateholder agrees to reimburse the
Owner Trustee and the Paying Agent for any out-of-pocket expenses incurred.

         SECTION 5.3. Method of Payment. Subject to Section 9.1(c),
distributions required to be made to Certificateholders on any Payment Date
shall be made to each Certificateholder of record on the preceding Record Date
either (a) by wire transfer, in immediately available funds, to the account of
such Holder at a bank or other entity having appropriate facilities therefor, if
such Certificateholder shall have provided to the Certificate Registrar
appropriate written instructions at least five Business Days prior to such
Payment Date and such Holder's Certificates in the aggregate evidence a
denomination of not less than $1,000,000 or (b) by check mailed to such
Certificateholder at the address of such Holder appearing in the Certificate
Register; provided that, unless Definitive Certificates have been issued
pursuant to Section 3.12, with respect to Certificates registered on the Record
Date in the name of the nominee of the Clearing Agency (initially, such nominee
to be Cede & Co.), distributions will be made by wire transfer in immediately
available funds to the account designated by such nominee.

<PAGE>

                                                                              18

         SECTION 5.4. No Segregation of Monies; No Interest. Subject to Sections
5.1 and 5.2, monies received by the Owner Trustee or any Paying Agent hereunder
need not be segregated in any manner except to the extent required by law and
may be deposited under such general conditions as may be prescribed by law, and
neither the Owner Trustee nor any Paying Agent shall be liable for any interest
thereon.

         SECTION 5.5. Accounting and Reports to the Noteholders,
Certificateholders, the Internal Revenue Service and Others. The Owner Trustee
shall (a) maintain (or cause to be maintained) the books of the Issuer on a
calendar year basis on the accrual method of accounting, (b) deliver (or cause
to be delivered) to each Certificateholder, as may be required by the Code and
applicable Treasury Regulations, such information as may be required (including
Schedule K-1) to enable each Certificateholder to prepare its Federal and state
income tax returns, (c) prepare or cause to be prepared and file such tax
returns relating to the Issuer (including a partnership information return, Form
1065), and make such elections as may from time to time be required or
appropriate under any applicable state or Federal statute or rule or regulation
thereunder so as to maintain the Trust's characterization as a partnership for
Federal income tax purposes and (d) collect or cause to be collected any
withholding tax as described in and in accordance with Section 5.2(c) with
respect to income or distributions to Certificateholders. The Depositor shall
sign all tax information returns filed pursuant to this Section 5.5 and any
other returns as may be required by law. The Issuer shall elect under Section
1278 of the Code to include in income currently any market discount that accrues
with respect to the Receivables. The Issuer shall not make the election provided
under Section 754 of the Code.

         SECTION 5.6. Signature on Returns; Tax Matters Partner. Notwithstanding
the provisions of Section 5.5, the Class R Certificateholder shall sign on
behalf of the Issuer the tax returns of the Issuer, unless applicable law
requires the Owner Trustee to sign such documents, in which case such documents
shall be signed by the Owner Trustee at the written direction of the Class R
Certificateholder.

         The Class R Certificateholder shall be the "tax matters partner" of the
Issuer pursuant to the Code.

         SECTION 5.7. Capital Accounts. The Issuer shall maintain accounts
("Capital Accounts") with respect to the Certificateholders and the Class R
Certificateholder (each an "Owner"). For this purpose, Capital Accounts shall be
maintained in accordance with the following provisions:

                  (a) Each Owner's Capital Account shall be increased by the
         Capital Contributions (as defined below) of such Owner, such Owner's
         distributive share of gross income (if any) and any items in the nature
         of income or gain that are allocated to such Owner pursuant to Section
         2.11, 2.12(c) or 2.13.

<PAGE>

                                                                              19

                  (b) Each Owner's Capital Account shall be reduced by any
         amount distributed to such Owner (including, in the case of the Class R
         Certificateholder, any amount released or otherwise distributed to the
         Class R Certificateholder from the Yield Supplement Account or the
         Reserve Account under Section 5.6 or 5.7, respectively, of the Sale and
         Servicing Agreement) and any items in the nature of deductions or
         losses that are allocated to such Owner pursuant to Section 2.12 or
         2.13.

                  (c) In the event all or a portion of a Certificate is
         transferred in accordance with the terms of this Agreement, the
         transferee shall succeed to the Capital Account of the transferor to
         the extent it related to such Certificate or a portion thereof.

         "Capital Contribution" means the amount of any cash contributed to the
Issuer by an Owner (including any amounts deemed to be contributed in connection
with the original issuance of the Certificates), including, in the case of the
Class R Certificateholder, the amount of any Receivables deemed to have been
contributed by the Class R Certificateholder (with such amount for Receivables
intended to reflect the amount of the Receivables and monies due thereon or with
respect thereto, including accrued but unpaid interest and finance charges,
conveyed to the Issuer by the Class R Certificateholder on the Closing Date
under Article II of the Sale and Servicing Agreement). The foregoing provisions
and the other provisions of this Agreement relating to the maintenance of
Capital Accounts are intended to comply with Section 1.704-l(b) of the Treasury
Regulations and shall be interpreted in a manner consistent therewith.

                                   ARTICLE VI

                      AUTHORITY AND DUTIES OF OWNER TRUSTEE

         SECTION 6.1. General Authority. The Owner Trustee is authorized and
directed to execute and deliver the Basic Documents to which the Issuer is named
as a party and each certificate or other document attached as an exhibit to or
contemplated by the Basic Documents to which the Issuer is named as a party and
any amendment thereto, in each case, in such form as the Depositor shall approve
as evidenced conclusively by the Owner Trustee's execution thereof, and, on
behalf of the Issuer at the written direction of the Depositor, to direct the
Indenture Trustee to authenticate and deliver Class A-1 Notes in the aggregate
principal amount of $288,000,000, Class A-2 Notes in the aggregate principal
amount of $335,000,000, Class A-3 Notes in the aggregate principal amount of
$365,000,000 and Class A-4 Notes in the aggregate principal amount of
$345,800,000. In addition to the foregoing, the Owner Trustee is authorized, but
shall not be obligated, to take all actions required of the Issuer pursuant to
the Basic Documents. The Owner Trustee is further authorized from time to time
to take such action as the Administrator recommends or directs in writing with
respect to the Basic Documents.

         SECTION 6.2. General Duties. It shall be the duty of the Owner Trustee
to discharge (or cause to be discharged) all of its responsibilities pursuant to
the terms of this Agreement and the other Basic Documents and to administer the
Issuer in the interest of Certificateholders and the Class R Certificateholder,
subject to the Basic Documents and in accordance with the provisions of this
Agreement. Notwithstanding the foregoing, the Owner Trustee shall be deemed to
have discharged its duties and responsibilities hereunder and under the Basic
Documents to the extent the Administrator has agreed in the Administration
Agreement to perform any act or to discharge any duty of the Owner Trustee or
the Issuer hereunder or under any other Basic Document, and the Owner Trustee
shall not be liable for the default or failure of the Administrator to carry out
its obligations under the Administration Agreement.

<PAGE>

                                                                              20

         SECTION 6.3. Action upon Instruction. (a) Subject to Article IV, the
Certificateholders may, by written instruction, direct the Owner Trustee in the
management of the Issuer. Such direction may be exercised at any time by written
instruction of the Certificateholders pursuant to Section 4.5.

         (b) Notwithstanding the foregoing, the Owner Trustee shall not be
required to take any action hereunder or under any other Basic Document if the
Owner Trustee shall reasonably determine, or shall have been advised by counsel
in writing, that such action is likely to result in personal liability to the
Owner Trustee (in such capacity or individually), is contrary to the terms of
this Agreement or any other Basic Document or is 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
other Basic Document or is unsure as to the application of any provision of this
Agreement or any Basic Document, or if 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 Certificateholders requesting instruction 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 Certificateholders 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
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 other Basic Documents, as it shall deem
to be in the best interests of the Certificateholders, and shall have no
liability to any Person for such action or inaction.

         SECTION 6.4. No Duties Except as Specified in this Agreement or in
Instructions. The Owner Trustee shall undertake to perform such duties and only
such duties as are specifically set forth in this Agreement and the other Basic
Documents, and no implied covenants or obligations shall be read into this
Agreement or the other Basic Documents. The Owner Trustee shall not have any
duty or obligation to manage, make any payment with respect to, register,
record, sell, dispose of, or otherwise deal with the Owner Trust Estate, or to
otherwise take or refrain from taking any action under, or in connection with,
any document contemplated hereby to which the Owner Trustee is a party, except
as expressly provided by the terms of this Agreement or in any document or
written instruction received by the Owner Trustee pursuant to Section 6.3; and
no implied duties or obligations shall be read into this Agreement or any Basic
Document against the Owner Trustee. The Owner Trustee shall have no
responsibility for filing any financing or continuation statement in any public
office at any time or to otherwise perfect or maintain the perfection of any
security interest or lien granted to it hereunder or to prepare or file any
Commission filing for the Issuer or to record this Agreement or any other Basic
Document. The Owner Trustee nevertheless agrees that it will, at its own cost
and expense, promptly take all action as may be necessary to discharge any Liens
on any part of the Owner Trust Estate that result from actions by, or claims
against, the Owner Trustee, in its individual capacity, that are not related to
the ownership or the administration of the Owner Trust Estate.

<PAGE>

                                                                              21

         SECTION 6.5. No Action Except under Specified Documents or
Instructions. The Owner Trustee shall not manage, control, use, sell, dispose of
or otherwise deal with any part of the Owner Trust Estate except (i) in
accordance with the powers granted to and the authority conferred upon the Owner
Trustee pursuant to this Agreement, (ii) in accordance with the Basic Documents,
and (iii) in accordance with any document or instruction delivered to the Owner
Trustee pursuant to Section 6.3.

         SECTION 6.6. Restrictions. The Owner Trustee shall not (a) take any
action that is inconsistent with the purposes of the Issuer set forth in Section
2.3 or (b) take any action or amend this Agreement in any manner that, to the
best knowledge of the Owner Trustee, would result in the Issuer's becoming
taxable as a corporation for United States federal income tax purposes. The
Owner Trustee and Depositor agree that no election to treat the Issuer other
than as a partnership for United States federal income tax purposes or any
relevant state tax purposes shall be made by or on behalf of the Issuer. The
Certificateholders shall not direct the Owner Trustee to take action that would
violate the provisions of this Section.

         SECTION 6.7. Doing Business in Other Jurisdictions. (a) Notwithstanding
anything contained herein to the contrary, the Owner Trustee shall not be
required to take any action in any jurisdiction other than in the State of
Delaware, other than as set forth in the last sentence of this Section 6.7, if
the taking of such action will (i) require the consent or approval or
authorization or order of or the giving of notice to, or the registration with
or the taking of any other action in respect of, any state or other governmental
authority or agency of any jurisdiction other than the State of Delaware; (ii)
result in any fee, tax or other governmental charge under the laws of any
jurisdiction or any political subdivisions thereof in existence on the date
hereof other than the State of Delaware becoming payable by the Owner Trustee;
or (iii) subject the Owner Trustee to personal jurisdiction in any jurisdiction
other than the State of Delaware for causes of action arising from acts
unrelated to the consummation of the transactions by the Owner Trustee, as the
case may be, contemplated hereby. The Owner Trustee shall be entitled to obtain
advice of counsel (which advice shall be an expense of the Depositor) to
determine whether any action required to be taken pursuant to this Agreement
results in the consequences described in clauses (i), (ii) and (iii) of the
preceding sentence. In the event that said counsel advises the Owner Trustee
that such action will result in such consequences, the Owner Trustee will
appoint an additional trustee pursuant to Section 10.5 to proceed with such
action.

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                                                                              22

                                  ARTICLE VII

                            CONCERNING OWNER TRUSTEE

         SECTION 7.1. Acceptance of Trusts and Duties. The Owner Trustee accepts
the trusts hereby created and agrees to perform its duties hereunder with
respect to such trusts but only upon the terms of this Agreement. The Owner
Trustee also agrees to disburse all moneys actually received by it constituting
part of the Owner Trust Estate upon the terms of the other Basic Documents and
this Agreement. The Owner Trustee shall not be answerable or accountable
hereunder or under any Basic Document under any circumstances, except (i) for
its own willful misconduct, bad faith or gross negligence or (ii) in the case of
the breach of any representation or warranty contained in Section 7.3 expressly
made by the Owner Trustee. In particular, but not by way of limitation (and
subject to the exceptions set forth in the preceding sentence):

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

                  (b) The Owner Trustee shall not be liable with respect to any
         action it takes or omits to take in good faith in accordance with the
         instructions of the Certificateholders given pursuant to Section 6.3 or
         the Administrator given pursuant to Section 6.1;

                  (c) No provision of this Agreement or any other Basic Document
         shall require the Owner Trustee to expend or risk funds or otherwise
         incur any financial liability in its own performance of any of its
         rights or powers hereunder or under any other Basic Document if the
         Owner Trustee shall have reasonable grounds for believing that
         repayment of such funds or adequate indemnity against such risk or
         liability is not assured or provided to it;

                  (d) Under no circumstances shall the Owner Trustee be liable
         for indebtedness evidenced by or arising under any of the Basic
         Documents, including the principal of and interest on the Notes;

                  (e) The Owner Trustee shall not be responsible for and makes
         no representation as to the validity or adequacy of this Agreement or
         for the due execution hereof by the Depositor or for the form,
         character, genuineness, sufficiency, value or validity of any of the
         Owner Trust Estate or for or in respect of the validity or sufficiency
         of the Basic Documents, other than the certificate of authentication on
         the Certificates or the Class R Certificate, shall not be accountable
         for the use or application by the Depositor of the proceeds from the
         Certificates, and the Owner Trustee shall in no event assume or incur
         any liability, duty or obligation to any Noteholder, any
         Certificateholder or the Class R Certificateholder, other than as
         expressly provided for herein and in the Basic Documents. The Owner
         Trustee shall at no time have any responsibility or liability for or
         with respect to the legality, validity and enforceability of any
         Receivable, or the perfection and priority of any security interest
         created by any Receivable in any Financed Vehicle or the maintenance of
         any such perfection and priority; or the ability of the Owner Trust
         Estate to generate the payments to be distributed to Certificateholders
         under this Agreement or the Noteholders under the Indenture, including:
         the existence, condition and ownership of any Financed Vehicle; the
         existence and enforceability of any insurance thereon; the existence
         and contents of any Receivable on any computer or other record thereof;
         the validity of the assignment of any Receivable to the Issuer or of
         any intervening assignment; the completeness of any Receivable; the
         performance or enforcement of any Receivable; the compliance by the
         Depositor or the Servicer with any warranty or representation made
         under any Basic Document or in any related document or the accuracy of
         any such warranty or representation or any action of the Indenture
         Trustee, the Administrator or the Servicer or any subservicer taken in
         the name of the Owner Trustee;

<PAGE>

                                                                              23

                  (f) The Owner Trustee shall not be liable for the default or
         misconduct of the Indenture Trustee, the Administrator or the Servicer
         under any of the Basic Documents or otherwise, and the Owner Trustee
         shall have no obligation or liability to perform the obligations of the
         Issuer under this Agreement or the Basic Documents that are required to
         be performed by the Administrator under the Administration Agreement,
         the Indenture Trustee under the Indenture or the Servicer under the
         Sale and Servicing Agreement;

                  (g) 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
         otherwise or in relation to this Agreement or any other Basic Document,
         at the request, order or direction of any of the Certificateholders,
         unless such Certificateholders have offered to the Owner Trustee
         security or indemnity satisfactory to it against the costs, expenses
         and liabilities that may be incurred by the Owner Trustee therein or
         thereby. The right of the Owner Trustee to perform any discretionary
         act enumerated in this Agreement or in any other Basic Document shall
         not be construed as a duty, and the Owner Trustee shall not be
         answerable for other than its negligence, bad faith or willful
         misconduct in the performance of any such act; and

                  (h) The Owner Trustee, upon receipt of any 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 or
         the other Basic Documents, shall examine them to determine whether they
         conform to the requirements of this Agreement or such other Basic
         Document; provided, however, that the Owner Trustee shall not be
         responsible for the accuracy or content of any such resolution,
         certificate, statement, opinion, report, document, order or other
         instrument furnished to the Owner Trustee pursuant to this Agreement or
         the other Basic Documents.

<PAGE>

                                                                              24

         SECTION 7.2. Furnishing of Documents. The Owner Trustee shall furnish
to the Certificateholders 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.

         SECTION 7.3. Representations and Warranties. The Owner Trustee hereby
represents and warrants to the Depositor, for the benefit of the
Certificateholders, that:

                  (a) It is a banking corporation duly organized and validly
         existing in good standing under the laws of the State of Delaware and
         having an office within the State of Delaware. It has all requisite
         corporate power, authority and legal right to execute, deliver and
         perform its obligations under this Agreement.

                  (b) It has taken all corporate action necessary to authorize
         the execution and delivery by it of this Agreement, and this Agreement
         will be executed and delivered by one of its officers who is duly
         authorized to execute and deliver this Agreement on its behalf.

                  (c) Neither the execution nor the delivery by it of this
         Agreement, nor the consummation by it of the transactions contemplated
         hereby nor compliance by it with any of the terms or provisions hereof
         will contravene any federal or Delaware law, governmental rule or
         regulation governing the banking or trust powers of the Owner Trustee
         or any judgment, writ, decree or order applicable to it, or constitute
         any default under its charter documents or by-laws or, with or without
         notice or lapse of time, any indenture, mortgage, contract, agreement
         or instrument to which it is a party or by which any of its properties
         may be bound.

                  (d) The execution, delivery and performance by the Owner
         Trustee of this Agreement does not require the authorization, consent,
         or approval of, the giving of notice to, the filing or registration
         with, or the taking of any other action in respect of, any governmental
         authority or agency of the State of Delaware or the United States of
         America regulating the corporate trust activities of the Owner Trustee.

                  (e) This Agreement has been duly authorized, executed and
         delivered by the Owner Trustee and shall constitute the legal, valid,
         and binding agreement of the Owner Trustee, enforceable in accordance
         with its terms, except as such enforcement may be limited by
         bankruptcy, insolvency, reorganization and other laws affecting the
         rights of creditors generally, and by general principles of equity
         regardless of whether enforcement is pursuant to a proceeding in equity
         or at law.

         SECTION 7.4. Reliance; Advice of Counsel. (a) The Owner Trustee shall
incur no liability to anyone in acting upon any signature, instrument, notice,
resolution, request, consent, order, certificate, report, opinion, bond or other
document or paper believed by it to be genuine and believed by it to be signed
by the proper party or parties. The Owner Trustee may accept a certified copy of
a resolution of the board of directors or other governing body of any corporate
party as conclusive evidence that such resolution has been duly adopted by such
body and that the same is in full force and effect. As to any fact or matter the
method of the determination of which is not specifically prescribed herein, the
Owner Trustee may for all purposes hereof rely on a certificate, signed by the
president or any vice president or by the treasurer, secretary or other
authorized officers of the relevant party, as to such fact or matter, and such
certificate shall constitute full protection to the Owner Trustee for any action
taken or omitted to be taken by it in good faith in reliance thereon.

<PAGE>

                                                                              25

         (b) In the exercise or administration of the trusts hereunder and in
the performance of its duties and obligations under this Agreement or the Basic
Documents, the Owner Trustee (i) may act directly or through its agents or
attorneys pursuant to agreements entered into with any of them, and the Owner
Trustee shall not be liable for the conduct or misconduct of such agents or
attorneys if such agents or attorneys shall have been selected by the Owner
Trustee with due care and (ii) may consult with counsel, accountants and other
skilled persons knowledgeable in the relevant area to be selected with
reasonable care and employed by it. The Owner Trustee shall not be liable for
anything done, suffered or omitted in good faith by it in accordance with the
written opinion or advice of any such counsel, accountants or other such persons
and not contrary to this Agreement or any Basic Document.

         SECTION 7.5. Not Acting in Individual Capacity. Except as provided in
this Article VII, in accepting the trusts hereby created, Wilmington Trust
Company acts solely as the Owner Trustee hereunder and not in its individual
capacity and all Persons having any claim against the Owner Trustee by reason of
the transactions contemplated by this Agreement or any Basic Document shall look
only to the Owner Trust Estate for payment or satisfaction thereof.

         SECTION 7.6. Owner Trustee May Own Certificates and Notes. The Owner
Trustee in its individual or any other capacity may become the owner or pledgee
of the Certificates or the Notes and may deal with the Depositor, the Indenture
Trustee and the Servicer in banking transactions with the same rights as it
would have if it were not the Owner Trustee.

                                  ARTICLE VIII

                          COMPENSATION OF OWNER TRUSTEE

         SECTION 8.1. Owner Trustee's Fees and Expenses. In accordance with
Section 4.7 of the Sale and Servicing Agreement, the Owner Trustee shall receive
as compensation for its services hereunder such fees as have been separately
agreed upon before the date hereof between the Servicer and the Owner Trustee,
and the Owner Trustee shall be entitled to be reimbursed by the Servicer for its
other reasonable expenses 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 except any such expenses as may arise
from its gross negligence, willful misfeasance, or bad faith or that is the
responsibility of Certificateholders under this Agreement.

         SECTION 8.2. Indemnification. In accordance with Section 7.2 of the
Sale and Servicing Agreement, the Servicer shall be liable as primary obligor
for, and shall indemnify the Owner Trustee (in such capacity or individually)
and its successors, assigns, agents and servants (collectively, the "Indemnified
Parties") from and against, any and all liabilities, obligations, losses,
damages, taxes, claims, actions and suits, and any and all reasonable costs,
expenses and disbursements (including reasonable legal fees and expenses) of any
kind and nature whatsoever (collectively, "Expenses") which may at any time be
imposed on, incurred by, or asserted against the Owner Trustee or any
Indemnified Party in any way relating to or arising out of this Agreement, the
other Basic Documents, the Owner Trust Estate, the administration of the Owner
Trust Estate or the action or inaction of the Owner Trustee hereunder, except
only that the Servicer shall not be liable for or required to indemnify the
Owner Trustee from and against Expenses arising or resulting from any of the
matters described in the third sentence of Section 7.1. The indemnities
contained in this Section shall survive the resignation or termination of the
Owner Trustee or the termination of this Agreement. If any suit, action,
proceeding (including any governmental or regulatory investigation), claim or
demand shall be brought or asserted against any Indemnified Party in respect of
which indemnity may be sought pursuant to this Section 8.2, such Indemnified
Party shall promptly notify the Servicer in writing, and the Servicer upon
request of the Indemnified Party shall retain counsel reasonably satisfactory to
the Indemnified Party (or, with the consent of the Servicer, counsel selected by
the Indemnified Party acceptable to the Servicer) to represent the Indemnified
Party and any others the Servicer may designate in such proceeding and shall pay
the reasonable fees and expenses of such counsel related to such proceeding. The
Servicer shall not be liable for any settlement of any claim or proceeding
effected without its written consent, but if settled with such consent or if
there be a final judgment for the plaintiff, the Servicer agrees to indemnify
any Indemnified Party from and against any loss or liability by reason of such
settlement or judgment. The Servicer shall not, without the prior written
consent of the Indemnified Party, effect any settlement of any pending or
threatened proceeding in respect of which any Indemnified Party is or could have
been a party and indemnity could have been sought hereunder by such Indemnified
Party, unless such settlement includes an unconditional release of such
Indemnified Party from all liability on claims that are the subject matter of
such proceeding.

<PAGE>

                                                                              26

         SECTION 8.3. Payments to Owner Trustee. Any amounts paid to the Owner
Trustee pursuant to this Article VIII shall be deemed not to be a part of the
Owner Trust Estate immediately after such payment.

                                   ARTICLE IX

                         TERMINATION OF TRUST AGREEMENT

         SECTION 9.1. Termination of Trust Agreement. (a) The Issuer shall
dissolve on the Payment Date next succeeding the month which is six months after
the final distribution by the Owner Trustee of all moneys or other property or
proceeds of the Owner Trust Estate in accordance with the terms of the
Indenture, the Sale and Servicing Agreement and Article V, including the payment
to the Certificateholders of all amounts required to be paid to them pursuant to
this Agreement; provided, however, that in no event shall the Trust created by
this Agreement continue beyond the expiration of 21 years from the date of this
Agreement. The bankruptcy, liquidation, dissolution, death or incapacity of any
Certificateholder, any Certificate Owner or the Class R Certificateholder shall
not (x) operate to terminate this Agreement or the Issuer, nor (y) entitle such
Certificateholder's, such Certificate Owner's or the Class R Certificateholder's
legal representatives or heirs to claim an accounting or to take any action or
proceeding in any court for a partition or winding up of all or any part of the
Issuer or the Owner Trust Estate nor (z) otherwise affect the rights,
obligations and liabilities of the parties hereto.

<PAGE>

                                                                              27

         (b) Except as provided in clause (a), none of the Depositor, the Class
R Certificateholder or any Certificateholder shall be entitled to revoke or
terminate the Trust.

         (c) Notice of any termination of the Issuer, specifying the Payment
Date upon which the Certificateholders shall surrender their Certificates to the
Owner Trustee or the Paying Agent for payment of the final distribution and
cancellation, shall be given by the Owner Trustee by letter to the
Certificateholders mailed within five Business Days of receipt of notice of such
termination from the Servicer given pursuant to Section 9.1(c) of the Sale and
Servicing Agreement, 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 Owner Trustee or the Paying Agent
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 or the Paying Agent therein specified. The Owner
Trustee shall give such notice to the Certificate Registrar (if other than the
Owner Trustee) and the Paying Agent at the time such notice is given to the
Certificateholders. Upon presentation and surrender of the Certificates, the
Owner Trustee or the Paying Agent shall cause to be distributed to the
Certificateholders amounts distributable on such Payment Date pursuant to
Section 5.2.

         If all of the Certificateholders shall not surrender their Certificates
for cancellation within six months after the date specified in the above
mentioned written notice, the Owner Trustee shall give a second written notice
to the remaining Certificateholders to surrender their Certificates for
cancellation and receive the final distribution with respect thereto. If within
one year after the second notice all the Certificates shall not have been
surrendered for cancellation, the Owner Trustee may take appropriate steps, or
may appoint an agent to take appropriate steps, to contact the remaining
Certificateholders concerning surrender of their Certificates, and the cost
thereof shall be paid out of the funds and other assets that shall remain
subject to this Agreement. Any funds remaining in the Owner Trust Estate after
exhaustion of such remedies shall be distributed, subject to applicable escheat
laws, by the Owner Trustee to the Class R Certificateholder.

         (d) Any funds remaining in the Issuer after funds for final
distribution have been distributed or set aside for distribution shall be
distributed by the Owner Trustee to the Class R Certificateholder.

         (e) Upon the winding up of the Issuer in accordance with Section 3808
of the Business Trust Statute, 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 Business Trust
Statute and thereupon, this Agreement (other than Article VIII) and the Issuer
shall terminate.

<PAGE>

                                                                              28

                                   ARTICLE X

             SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

         SECTION 10.1. Eligibility Requirements for Owner Trustee. The Owner
Trustee shall at all times be a corporation authorized to exercise corporate
trust powers; and having a combined capital and surplus of at least $100,000,000
and subject to supervision or examination by Federal or state authorities. 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, 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, the Owner Trustee shall resign immediately in
the manner and with the effect specified in Section 10.2. In addition, at all
times the Owner Trustee or a co-trustee shall be a person that satisfies the
requirements of Section 3807(a) of the Business Trust Statute (the "Delaware
Trustee").

         SECTION 10.2. 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 Administrator. Upon receiving such
notice of resignation, the Administrator 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 10.1 and shall fail to resign after
written request therefor by the Administrator, or if at any time the Owner
Trustee shall be legally unable to act, or shall be adjudged 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 Administrator may remove the Owner
Trustee. If the Administrator shall remove the Owner Trustee under the authority
of the immediately preceding sentence, the Administrator shall promptly appoint
a successor Owner Trustee by written instrument, in duplicate, one copy of which
instrument shall be delivered to the outgoing Owner Trustee so removed and one
copy of which shall be delivered to the successor Owner Trustee, and payment of
all fees owed to the outgoing Owner Trustee shall be made to the outgoing 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 shall
not become effective until acceptance of appointment by the successor Owner
Trustee pursuant to Section 10.3 and payment of all fees and expenses owed to
the outgoing Owner Trustee. The Administrator shall provide notice of such
resignation or removal of the Owner Trustee to each of the Rating Agencies.

<PAGE>

                                                                              29

         SECTION 10.3. Successor Owner Trustee. Any successor Owner Trustee
appointed pursuant to Section 10.2 shall execute, acknowledge and deliver to the
Administrator and to its 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 the Owner Trustee.
The predecessor Owner Trustee shall upon payment of its fees and expenses
deliver to the successor Owner Trustee all documents and statements and monies
held by it under this Agreement; and the Administrator 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 unless at the time of such acceptance such successor Owner Trustee shall
be eligible pursuant to Section 10.1.

         Upon acceptance of appointment by a successor Owner Trustee pursuant to
this Section, the Administrator shall mail notice of the successor of such Owner
Trustee to all Certificateholders, the Trustee, the Noteholders and the Rating
Agencies. If the Administrator 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
Administrator.

         Any successor Owner Trustee appointed pursuant to this Section 10.3
shall promptly file an amendment to the Certificate of Trust with the Secretary
of State identifying the name and principal place of business of such successor
Owner Trustee in the State of Delaware.

         SECTION 10.4. 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 form 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 trust business of the
Owner Trustee, shall be the successor of the Owner Trustee hereunder, provided
such corporation shall be eligible pursuant to Section 10.1, 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; provided
further that the Owner Trustee shall mail notice of such merger or consolidation
to the Rating Agencies; and provided further, that such successor Owner Trustee
shall file an amendment to the Certificate of Trust as described in Section
10.3.

         SECTION 10.5. Appointment of Co-Trustee or Separate 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 Owner Trust Estate or any Financed Vehicle may at the time be located,
the Administrator 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
Owner Trust Estate, and to vest in such Person, in such capacity, such title to
the Issuer, or any part thereof, and, subject to the other provisions of this
Section, such powers, duties, obligations, rights and trusts as the
Administrator and the Owner Trustee may consider necessary or desirable. If the
Administrator shall not have joined in such appointment within 15 days after the
receipt by it of a request so to do, the Owner Trustee alone shall have the
power to make such appointment. If the Delaware Trustee shall become incapable
of acting, resign or be removed, unless the Owner Trustee is qualified to act as
the Delaware Trustee, a successor co-trustee shall promptly be appointed in the
manner specified in this Section 10.5 to act as the Delaware Trustee. No
co-trustee or separate trustee under this Agreement shall be required to meet
the terms of eligibility as a successor trustee pursuant to Section 10.1 and no
notice of the appointment of any co-trustee or separate trustee shall be
required pursuant to Section 10.3.

<PAGE>

                                                                              30

         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 Issuer or any portion thereof in
         any such jurisdiction) shall be exercised and performed singly by such
         separate trustee or co-trustee, but solely at the direction of 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 Administrator and the Owner Trustee acting jointly
         may at any time accept the resignation of or remove any separate
         trustee or co-trustee.

         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. 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 Administrator.

         Any separate trustee or co-trustee may at any time appoint the Owner
Trustee as its agent or attorney-in-fact with full power and authority, to the
extent not prohibited by law, to do any lawful act under or in respect of this
Agreement on its behalf and in its name. If any separate trustee or co-trustee
shall 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 trustee.

<PAGE>

                                                                              31

                                   ARTICLE XI

                                  MISCELLANEOUS

         SECTION 11.1. Supplements and Amendments. This Agreement may be amended
by the Depositor and the Owner Trustee, with the consent of the Class R
Certificateholder and prior written notice to the Rating Agencies, but without
the consent of any of the Noteholders or the Certificateholders, to cure any
ambiguity or defect, to correct or supplement any provisions in this Agreement
or for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions in this Agreement or of modifying in any
manner the rights of the Noteholders or the Certificateholders; provided that
such action shall not (i) materially change the purposes and powers of the
Issuer set forth in Section 2.3 or (ii) as evidenced by an Opinion of Counsel,
materially and adversely affect the interests of any Noteholder or
Certificateholder; provided, further, that the Depositor shall deliver written
notice of such amendments to each Rating Agency prior to the execution of any
such amendment. Notwithstanding the foregoing, no amendment modifying the
provisions of Section 5.2 shall become effective without satisfaction of the
Rating Agency Condition.

         This Agreement may also be amended from time to time by the Depositor
and the Owner Trustee, with prior written notice to the Rating Agencies, with
the consent of the Class R Certificateholder, the consent of the Holders of
Notes evidencing not less than a majority of the Outstanding Amount of the Notes
and the consent of the Holders of Certificates evidencing not less than a
majority of the Certificate Balance for the purpose of adding any provisions to
or changing in any manner or eliminating any of the provisions of this Agreement
or modifying in any manner the rights of the Noteholders or the
Certificateholders; provided that no such amendment shall (a) increase or reduce
in any manner the amount of, or accelerate or delay the timing of, collections
of payments on the Receivables or distributions that shall be required to be
made for the benefit of the Noteholders or the Certificateholders, or (b) reduce
the aforesaid percentage of the Outstanding Amount of the Notes and the
Certificate Balance required to consent to any such amendment.

         Promptly after the execution of any amendment or consent, the Owner
Trustee shall furnish written notification of the substance of such amendment or
consent to each Certificateholder, the Indenture Trustee and each of the Rating
Agencies.

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

<PAGE>

                                                                              32

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

         Prior to the execution of any amendment to this Agreement or the
Certificate of the Trust, the Owner 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 Agreement. The Owner Trustee may, but shall not
be obligated to, enter into any such amendment which affects the Owner Trustee's
own rights, duties or immunities under this Agreement or otherwise.

         SECTION 11.2. No Legal Title to Owner Trust Estate in
Certificateholders. Neither the Class R Certificateholder nor the
Certificateholders shall have legal title to any part of the Owner Trust Estate.
The Certificateholders shall be entitled to receive distributions with respect
to their undivided ownership interest therein only in accordance with Articles V
and IX. The Class R Certificateholder shall be entitled to receive distributions
with respect to its ownership interest therein only in accordance with the Sale
and Servicing Agreement and this Agreement. No transfer, by operation of law or
otherwise, of any right, title or interest of the Certificateholders or of the
Class R Certificateholder to and in their respective ownership interests in the
Owner Trust Estate 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 Owner Trust Estate.

         SECTION 11.3. Limitations on Rights of Others. Except for Sections 2.7
and 2.10, the provisions of this Agreement are solely for the benefit of the
Owner Trustee, the Depositor, the Class R Certificateholder, the
Certificateholders and, to the extent expressly provided herein, the Indenture
Trustee and the Noteholders, and nothing in this Agreement, whether express or
implied, shall be construed to give to any other Person any legal or equitable
right, remedy or claim in the Owner Trust Estate or under or in respect of this
Agreement or any covenants, conditions or provisions contained herein.

         SECTION 11.4. Notices. (a) Unless otherwise expressly specified or
permitted by the terms hereof, all notices shall be in writing and shall be
deemed given upon receipt personally delivered, delivered by overnight courier
or mailed certified mail, return receipt requested and shall be deemed to have
been duly given upon receipt, if to the Owner Trustee, addressed to Wilmington
Trust Company, Rodney Square North, 1100 North Market Street, Wilmington,
Delaware 19890, Attention: Corporate Trust Administration, if to the Depositor
or the Class R Certificateholder, addressed to, Chase Manhattan Bank USA,
National Association, c/o Chase Manhattan Automotive Finance Corporation, 900
Stewart Avenue, Garden City, New York 11530, Attn: Financial Controller; or, as
to each party, at such other address as shall be designated by such party in a
written notice to each other party.

         (b) Any notice required or permitted to be given to a Certificateholder
shall be given by first-class mail, postage prepaid, at the address of such
Holder as shown in the Certificate Register. Any notice so mailed within the
time prescribed in this Agreement shall be conclusively presumed to have been
duly given, regardless of whether the Certificateholder receives such notice.

<PAGE>

                                                                              33

         SECTION 11.5. Severability. Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

         SECTION 11.6. Separate Counterparts. This Agreement may be executed by
the parties hereto in separate counterparts, each of which when so executed and
delivered shall be an original, but all such counterparts shall together
constitute but one and the same instrument.

         SECTION 11.7. Successors and Assigns. All covenants and agreements
contained herein shall be binding upon, and inure to the benefit of, the
Depositor, the Class R Certificateholder, the Owner Trustee and their respective
successors and each Certificateholder and its successors and permitted assigns,
all as herein provided. Any request, notice, direction, consent, waiver or other
instrument or action by a Certificateholder shall bind the successors and
assigns of such Certificateholder.

         SECTION 11.8. No Recourse. Each Certificateholder by accepting a
Certificate acknowledges that such Certificateholder's Certificates represent
equity interests in the Issuer only and do not represent interests in or
obligations of the Depositor, the Servicer, the Owner Trustee, the Indenture
Trustee 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 other Basic Documents.

         SECTION 11.9. No Petition.

         (a) The Depositor will not at any time institute against the Issuer any
bankruptcy proceedings under any United States federal or state bankruptcy or
similar law in connection with any obligations relating to the Certificates, the
Notes, this Agreement or any of the other Basic Documents.

         (b) The Owner Trustee, by entering into this Agreement, the Class R
Certificateholder by accepting the Class R Certificate and each
Certificateholder, by accepting a Certificate, hereby covenant and agree that
they will not at any time institute against the Issuer, or join in any
institution against the Issuer of, any bankruptcy proceedings under any United
States federal or state bankruptcy or similar law in connection with any
obligations relating to the Class R Certificate, the Certificates, this
Agreement or any of the other Basic Documents.

         SECTION 11.10. Headings. The headings of the various Articles and
Sections herein are for convenience of reference only and shall not define or
limit any of the terms or provisions hereof.

         SECTION 11.11. GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

<PAGE>

                                                                              34

         SECTION 11.12. Certificate Transfer Restrictions. 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 transfer of a
Certificate to a person that is not a U.S. Person shall be void. By accepting
and holding a Certificate, the Holder shall be deemed to have represented and
warranted under penalties of perjury that it (or, if it is acting as a nominee,
the beneficial owner) is a U.S. Person.

<PAGE>

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

                               WILMINGTON TRUST COMPANY,
                                 as Owner Trustee

                                By:   /s/ Anita E. Dallago
                                    -------------------------------------------
                                      Name: Anita E. Dallago
                                      Title: Senior Financial Services Officer

                               CHASE MANHATTAN BANK USA,
                                 NATIONAL ASSOCIATION,
                                 as Depositor

                                By:   /s/ Patricia Garvey
                                    -------------------------------------------
                                      Name: Patricia Garvey
                                      Title:  Vice President

<PAGE>

505800-0174-08138-NY03.2176260.2
                                                                     EXHIBIT A-1

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

THIS CLASS R CERTIFICATE IS NOT GUARANTEED OR INSURED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY GOVERNMENTAL AGENCY.

                     CHASE MANHATTAN AUTO OWNER TRUST 2002-B

                               CLASS R CERTIFICATE

evidencing a beneficial ownership interest in certain distributions of the
Issuer, as defined below, the property of which includes a pool of retail
installment sales contracts or purchase money notes and security agreements and
other notes secured by new or used automobiles or light duty trucks and sold to
the Issuer by Chase Manhattan Bank USA, National Association, a national banking
association.

(This Certificate does not represent an interest in or obligation of Chase
Manhattan Bank USA, National Association or any of its Affiliates, except to the
extent described below.)

         THIS CERTIFIES THAT Chase Manhattan Bank USA, National Association is
the registered owner of 100% of the beneficial ownership interest in certain
distributions of Chase Manhattan Auto Owner Trust 2002-B (the "Issuer") formed
by Chase Manhattan Bank USA, National Association, a national banking
association (the "Depositor").

                  OWNER TRUSTEE'S CERTIFICATE OF AUTHENTICATION

         This is the Class R Certificate referred to in the within-mentioned
Trust Agreement.

<TABLE>
<S>                                      <C>        <C>
WILMINGTON TRUST COMPANY,                           WILMINGTON TRUST COMPANY,
------------------------                            ------------------------
    not in its individual capacity but   or           not in its individual capacity but
    solely as Owner Trustee                           solely as Owner Trustee

By:_____________________                            By:__________________________
                                                         Authenticating Agent
</TABLE>

<PAGE>

         Issuer was created pursuant to a Trust Agreement dated as of April 30,
2002 (the "Trust Agreement"), between the Depositor and Wilmington Trust
Company, as owner trustee (the "Owner Trustee"), a summary of certain of the
pertinent provisions of which is set forth below. To the extent not otherwise
defined herein, the capitalized terms used herein have the meanings assigned to
them in Section 1.1 of the Sale and Servicing Agreement between the Issuer and
Chase Manhattan Bank USA, National Association, as Seller and Servicer, dated as
of June 1, 2002, as the same may be amended or supplemented from time to time
(the "Sale and Servicing Agreement").

         This Class R Certificate is issued under and is subject to the terms,
provisions and conditions of the Trust Agreement, to which Trust Agreement the
holder of this Class R Certificate by virtue of the acceptance hereof assents
and by which such holder is bound.

         The holder of this Class R Certificate acknowledges and agrees that its
rights to receive distributions in respect of this Class R Certificate are
limited to amounts distributable to it pursuant to the Sale and Servicing
Agreement and the Trust Agreement.

         It is the intent of the Class R Certificateholder and the
Certificateholders that, for United States federal income tax purposes, the
Issuer will be treated as a partnership and the Class R Certificateholder and
the Certificateholders will be treated as partners in that partnership. The
Class R Certificateholder by acceptance of this Class R Certificate, agrees to
treat, and to take no action inconsistent with the treatment of, the Class R
Certificate for such tax purposes as equity (i.e., partnership interests) in the
Issuer.

         The Class R Certificateholder, by its acceptance of this Class R
Certificate, acknowledges and agrees that neither the Depositor nor the Owner
Trustee is authorized to elect to treat the Issuer other than as a partnership
for United States federal income tax purposes or any relevant state tax
purposes. The Class R Certificateholder, by its acceptance of the Class R
Certificate, agrees not to take any actions (or direct the Owner Trustee to take
such acts or actions) that would violate such restriction.

         The Class R Certificate does not represent an obligation of, or an
interest in, the Depositor, the Servicer, the Owner Trustee, the Indenture
Trustee or any Affiliates of any of them and no recourse may be had against such
parties or their assets, except as may be expressly set forth or contemplated
herein or in the Trust Agreement, the Indenture or the other Basic Documents.

         Unless the certificate of authentication hereon shall have been
executed by an authorized officer of the Owner Trustee or the Authentication
Agent, by manual or facsimile signature, this Class R Certificate shall not
entitle the holder hereof to any benefit under the Trust Agreement or the Sale
and Servicing Agreement or be valid for any purpose.

         THIS CLASS R CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF DELAWARE, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS.

<PAGE>

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

                                     CHASE MANHATTAN AUTO
                                        OWNER TRUST 2002-B

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

Dated:                               By:
                                              ------------------------

<PAGE>

                                                                     EXHIBIT A-2

NUMBER                                           $34,200,000
R-A-1                                            CUSIP NO. 161581CQ4

         [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

         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. 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.

         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 AMOUNT SHOWN ON THE FACE HEREOF.

         THIS CERTIFICATE IS NOT GUARANTEED OR INSURED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY GOVERNMENTAL AGENCY.

                    CHASE MANHATTAN AUTO OWNER TRUST 2002-B

                         4.24% ASSET BACKED CERTIFICATE

evidencing a beneficial ownership interest in certain distributions of the
Issuer, as defined below, the property of which includes a pool of retail
installment sales contracts or purchase money notes and security agreements and
other notes secured by new or used automobiles or light duty trucks and sold to
the Issuer by Chase Manhattan Bank USA, National Association, a national banking
association.

(This Certificate does not represent an interest in or obligation of Chase
Manhattan Bank USA, National Association or any of its Affiliates, except to the
extent described below.)

         THIS CERTIFIES THAT CEDE & CO. is the registered owner of $34,200,000
nonassessable, fully-paid, beneficial ownership interest in certain
distributions of Chase Manhattan Auto Owner Trust 2002-B (the "Issuer") formed
by Chase Manhattan Bank USA, National Association, a national banking
association (the "Depositor"). This Certificate has a Certificate Rate of 4.24%
per annum.

<PAGE>

                                                                               2

                  OWNER TRUSTEE'S CERTIFICATE OF AUTHENTICATION

         This is one of the Certificates referred to in the within-mentioned
Trust Agreement.

<TABLE>
<S>                                           <C>       <C>
WILMINGTON TRUST COMPANY,                               WILMINGTON TRUST COMPANY,
    not in its individual capacity but        or          not in its individual capacity but
    solely as Owner Trustee                               solely as Owner Trustee

By: __________________________                          By:__________________________
                                                             Authenticating Agent
</TABLE>

<PAGE>

                                                                               3

         Issuer was created pursuant to a Trust Agreement dated as of April 30,
2002 (the "Trust Agreement"), between the Depositor and Wilmington Trust
Company, as owner trustee (the "Owner Trustee"), a summary of certain of the
pertinent provisions of which is set forth below. To the extent not otherwise
defined herein, the capitalized terms used herein have the meanings assigned to
them in Section 1.1 of the Sale and Servicing Agreement between the Issuer and
Chase Manhattan Bank USA, National Association, as Seller and Servicer, dated as
of June 1, 2002, as the same may be amended or supplemented from time to time
(the "Sale and Servicing Agreement").

         This Certificate is one of the duly authorized Certificates of the
Issuer designated as "4.24 % Asset Backed Certificates" (herein called the
"Certificates"). Issued under the Indenture dated as of June 1, 2002, between
the Issuer and Wells Fargo Bank Minnesota, National Association, as trustee (the
"Indenture"), are four classes of Notes designated as "Class A-1 1.9291% Asset
Backed Notes" (the "Class A-1 Notes"), "Class A-2 2.70% Asset Backed Notes" (the
"Class A-2 Notes"), "Class A-3 3.58% Asset Backed Notes" (the "Class A-3 Notes")
and "Class A-4 4.21% Asset Backed Notes" (the "Class A-4 Notes" and, together
with the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class
A-4 Notes, the "Notes"). This Certificate is issued under and is subject to the
terms, provisions and conditions of the Trust Agreement, to which Trust
Agreement the holder of this Certificate by virtue of the acceptance hereof
assents and by which such holder is bound.

         The holder of this Certificate acknowledges and agrees that its rights
to receive distributions in respect of this Certificate are subordinated to the
rights of the Noteholders as described in the Sale and Servicing Agreement, the
Indenture and the Trust Agreement, as applicable.

         It is the intent of the Class R Certificateholder and
Certificateholders that, for United States federal income tax purposes, the
Issuer will be treated as a partnership and the Class R Certificateholder and
Certificateholders will be treated as partners in that partnership. The
Certificateholders by acceptance of a Certificate, agree to treat, and to take
no action inconsistent with the treatment of, the Certificates for such tax
purposes as equity (i.e., partnership interests) in the Issuer.

         Each Certificateholder, by its acceptance of a Certificate or a
beneficial interest in a Certificate, acknowledges and agrees that neither the
Depositor nor the Owner Trustee is authorized to elect to treat the Issuer other
than as a partnership for United States federal income tax purposes or any
relevant state tax purposes. Each Certificateholder, by its acceptance of a
Certificate or a beneficial interest in a Certificate, agrees not to take any
actions (or direct the Owner Trustee to take such acts or actions) that would
violate such restriction.

         The Certificates do not represent an obligation of, or an interest in,
the Depositor, the Servicer, the Owner Trustee, the Indenture Trustee or any
Affiliates of any of them and no recourse may be had against such parties or
their assets, except as may be expressly set forth or contemplated herein or in
the Trust Agreement, the Indenture or the other Basic Documents.

<PAGE>

                                                                               4

         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. 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.

         Unless the certificate of authentication hereon shall have been
executed by an authorized officer of the Owner Trustee or the Authentication
Agent, by manual or facsimile signature, this Certificate shall not entitle the
holder hereof to any benefit under the Trust Agreement or the Sale and Servicing
Agreement or be valid for any purpose.

         THIS CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF DELAWARE, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS.

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

                                    CHASE MANHATTAN AUTO
                                       OWNER TRUST 2002-B

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

Dated:                              By:
                                             ---------------------------------

<PAGE>

                                                                               5

                                   ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE

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

--------------------------------------------------------------------------------
the within Certificate, and all rights thereunder, hereby irrevocably
constituting and appointing ____________________ as Attorney to transfer said
Certificate on the books of the Certificate Registrar, with full power of
substitution in the premises.

Dated:
                                     ___________________________________1
                                     Signature Guaranteed:

                                     ___________________________________1

----------------------------
1        NOTICE: The signature to this assignment must correspond with the name
         of the registered owner as it appears on the face of the within
         Certificate in every particular, without alteration, enlargement or any
         change whatever. Such signature must be guaranteed by a member firm of
         the New York Stock Exchange or a commercial bank or trust company.

<PAGE>

                                                                       EXHIBIT B

                              CERTIFICATE OF TRUST

<PAGE>

                                                                       EXHIBIT C

                        CERTIFICATE DEPOSITORY AGREEMENT

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