Document:

<PAGE>

                               SUBLEASE AGREEMENT

     This Sublease Agreement ("Sublease") dated for reference purposes March 30,
2001, and is made between F5 Networks, Inc., a Washington corporation
("Sublandlord"), and Cell Therapeutics, Inc., a Washington corporation
("Subtenant"). This Sublease shall be effective on the date (the "Effective
Date") that it is signed by Sublandlord and Subtenant, and Master Landlord has
consented to this Sublease as provided in Section 14 below.

                                    RECITALS

     A. Pursuant to the Amended and Restated Office Lease Agreement dated April
3, 2000, between 401 Elliott West L.L.C., a Washington limited liability
corporation, as landlord ("Master Landlord"), and Sublandlord as tenant
(together with all modifications, amendments, riders and exhibits thereto, the
"Master Lease"), a copy of which is attached hereto as Exhibit A, Master
Landlord leased to Sublandlord 110,111 rentable square feet of space in Building
Three (as defined in the Master Lease) located at 501 Elliott Avenue West in
Seattle, Washington (the "Building"), which comprises all of the rentable area
in the Building.

     B. Sublandlord wishes to sublease the entire Building to Subtenant, with
the sublease term for different portions of the Subleased Premises to start on
different dates, on the terms and conditions provided below.

     C. Unless otherwise provided herein, all capitalized terms shall have the
meaning set forth in the Master Lease. NOW, THEREFORE, in consideration of the
above Recitals which are incorporated by this reference, the mutual covenants
contained in this Sublease, and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged by the parties,
Sublandlord and Subtenant hereby agree as follows:

                                    AGREEMENT

1.   SUBLEASE

     Sublandlord hereby subleases to Subtenant and Subtenant hereby subleases
from Sublandlord the entire Building (the "Subleased Premises"), for the Term
(as defined in Section 2 below), at the rental, and upon all of the terms and
conditions set forth, together with the right to use, in common with others
entitled thereto, the Common Areas (as defined in the Master Lease). The
Subleased Premises are comprised of the following areas on different floors in
the Building (each, an "Area"): 19,333 rentable square feet on the first floor
described as "Area 1A;" 4,442 rentable square feet on the first floor of the
Building described as "Area 1B;" 14,666 rentable square feet on the second floor
described as "Area 2A;" 14,188 rentable square feet on the second floor
described as "Area 2B;" 28,741 rentable square feet on the third floor described
as "Area 3;" and 28,741 rentable square feet on the fourth floor described as
"Area 4." Sublandlord shall deliver to Subtenant possession of the Subleased
Premises in their "AS IS"

<PAGE>

condition. The Subleased Premises are more particularly shown on Exhibit "C"
attached hereto and incorporated by this reference.

2.   TERM

     The term of this Sublease (the "Term") shall commence on the following
dates (each, a "Commencement Date") for each Area: (i) the Effective Date for
Areas 1B, 2B, 3 and 4; (ii) February 1, 2002 for Area 1A; and (iii) for Area 2A,
the date Sublandlord has for any reason recovered possession of that Area from
NeoRx Corporation, Inc., a Washington corporation ("NeoRx"). Sublandlord shall
deliver notice of termination to NeoRx within five (5) business days after
Sublandlord receives written notice from Subtenant stating that Subtenant wishes
for Sublandlord to terminate NeoRx's tenancy. Subtenant acknowledges that
Sublandlord must give NeoRx written notice nine (9) months prior to the
effective termination date, and that Sublandlord may not require that the
termination date be sooner than November 1, 2002. Sublandlord shall use
commercially reasonable efforts to regain possession of Area 2A in a timely
manner after delivering a notice of termination to NeoRx. Notwithstanding the
foregoing, Subtenant's obligation to pay Base Rent and Additional Rent for Areas
1B, 2B, 3 and 4 shall be calculated from April 6, 2001 (which shall be the "Rent
Commencement Date" for those Areas). The Rent Commencement Dates for Areas 1A
and 2A shall be the same as the Commencement Dates for those Areas.

     Sublandlord and Subtenant hereby acknowledge and agree that Area 3 is
currently subleased by Subtenant from Sublandlord pursuant to that certain
Sublease dated December 4, 2000 (the "Prior Sublease"). Sublandlord and
                                      --------------
Subtenant agree that on the Effective Date hereto the Prior Sublease shall
terminate and the parties shall have no further rights or obligations
thereunder. The Term for the entire Subleased Premises shall expire on July 31,
2012 (the "Expiration Date").

     If for any reason Sublandlord does not deliver to Subtenant possession of
Areas 1A or 2A on the Commencement Date for those Areas, then Base Rent and
Operating Expenses, as defined in Section 3, for those Areas shall abate on a
per diem basis until delivery of possession as required herein. In the event
Sublandlord does not deliver possession of any Area within sixty (60) days of
the respective Commencement Date for that Area, then Subtenant shall have the
right to terminate this Sublease with respect to the subject Area by providing
written notice of such election to terminate to Sublandlord or Subtenant may
specifically enforce Sublandlord's obligations to deliver possession of that
Area. The Expiration Date shall not be extended due to any delay in the
Commencement Dates for any of the Areas.

     Upon the execution of this Sublease by Sublandlord and Subtenant, Subtenant
shall have the right to enter the Sublease Premises to begin planning and design
work for the alterations contemplated by Section 10 below. Subtenant shall
indemnify, defend and hold Sublandlord harmless from any liability or damages
that arises from such early entry. This indemnification and defense obligation
shall survive termination of this Sublease.

                                       2

<PAGE>

3.   BASE RENT AND OPERATING EXPENSES

     3.1  BASE RENT

          Subtenant shall pay to Sublandlord monthly installments of Base Rent
(as that term is defined below) on or before the first day of each calendar
month during the Term at Sublandlord's address stated in Section 14. The monthly
installments of Base Rent shall be prorated on a per diem basis for the first or
last month of the Term if the Rent Commencement Date for any Area or the
Expiration Date is not the first day or last day of a calendar month. Subtenant
shall pay to Sublandlord within one (1) business day after the Effective Date.

          a)   Area 1A and 1B. The annualized Base Rent for Area 1A and Area 1B
               --------------
on the first floor of the Building shall be $26.50 per rentable square foot for
the period from the Commencement Date for each Area through December 31, 2003.
On January 1, 2004, the annualized Base Rent for Areas 1A and 1B shall be $27.50
per rentable square foot, and the annualized Base Rent for those Areas shall
increase on January 1 of each subsequent year during the Term by $1.00 per
rentable square foot.

          b)   Area 2A, 2B, 3 and 4. The annualized Base Rent for Areas 2A, 2B,
               --------------------
3 and 4, on the second, third and fourth floors respectively, of the Building
shall be $28.00 per rentable square foot for the period from the Commencement
Date for each Area through December 31, 2003. On January 1, 2004, the annualized
Base Rent for Areas 2A, 2B, 3 and 4 shall be $29.00 per rentable square foot,
and shall increase on January 1 of each subsequent year during the Term at the
rate of $1.00 per rentable square foot.

     3.2  OPERATING EXPENSES

          Subtenant shall pay to Sublandlord as Additional Rent its
proportionate share of all Expenses, as defined in Section 4(c) of the Master
Lease, including all increases in Expenses during the Term of this Sublease.
Subtenant's proportionate share of Expenses will be calculated from the Rent
Commencement Dates for each Area, and the first monthly installment shall be due
within one (1) business day after the Effective Date. Subtenant's proportionate
share of Expenses separately allocated to the Building shall be calculated by
dividing the agreed area of the portion of the Subleased Premises possession of
which has been delivered to Subtenant pursuant to Paragraph 2 above by the total
area of the Building, which is deemed to be 110,111 rentable square feet.
Subtenant's proportionate share will change during the Term as the agreed area
of the Subleased Premises increases. For example, prior to the Effective Date,
the Subleased Premises will include only Area 3 comprising 28,741 rentable
square feet, which results in Subtenant's proportionate share of 26.10%. On the
Effective Date, the Subleased Premises will likely include Areas 1B, 2B, 3, and
4 comprising 76,112 rentable square feet, which results in Subtenant's
proportionate share of 69.12%. On February 1, 2002, Area 1A will be included in
the Subleased Premises, which will increase the agreed area of the Subleased
Premises to 95,445 rentable square feet, resulting in Subtenant's proportionate
share of 86.68%. Finally, upon the addition of Area 2A, Subtenant's
proportionate share will be 100%.

          Sublandlord shall continue to pay all Expenses separately allocated to
portions of the Premises (as defined in the Master Lease) possession of which
has not been delivered to

                                       3

<PAGE>

Subtenant pursuant to Paragraph 2 above. If any Expenses that are attributable
to the occupancy of the remainder of the Premises leased by Sublandlord under
the Master Lease and Building 3 and are not separately stated, then Subtenant's
proportionate share shall be calculated by dividing the agreed area of the
portion of the Subleased Premises possession of which has been delivered to
Subtenant pursuant to Paragraph 2 above, by the combined areas of the remainder
of the Premises leased by Sublandlord under the Master Lease. The area of
Building 2 shall be deemed to be 85,446 rentable square feet as provided in the
Master Lease. Subtenant's proportionate share of Expenses attributable to the
entire Project (as defined in the Master Lease), shall be calculated by dividing
the portion of the Subleased Premises possession of which has been delivered to
Subtenant pursuant to Paragraph 2 above, by the Project Area, which is deemed to
be 299,643 rentable square feet, as provided in the Master Lease.

4.   SIGNAGE

     Subtenant shall be permitted to exercise and utilize all signage rights
granted to Sublandlord pursuant to Section 37 of the Master Lease with respect
to the Subleased Premises, subject to all the same approvals, conditions, rules,
regulations, and restrictions as set forth in the Master Lease. Sublandlord will
not unreasonably withhold its consent to any signage requested by Subtenant and
shall use reasonable efforts and diligence in submitting Subtenant's requests
for signage to Master Landlord for approval.

5.   DIRECT LEASE WITH MASTER LANDLORD UPON THE EXPIRATION OF THE TERM

     Subtenant acknowledges that Sublandlord has the option to extend the term
of the Master Lease for two additional terms of five (5) years each (the
"Renewal Options"), the Renewal Options are not assignable, and Sublandlord is
currently not willing to extend the term of the Master Lease. Sublandlord hereby
relinquishes its right to exercise the Renewal Options, and agrees that
Subtenant may enter into a direct lease with Master Landlord at the end of the
Term. Provided, however, the foregoing relinquishment shall be deemed void and
Sublandlord shall again have the right to exercise the Renewal Options without
the need for any further action by either party upon the termination of this
Sublease (other than by expiration on the Expiration Date) for any reason other
than a material default by Sublandlord which is not cured within any applicable
cure period. Sublandlord agrees that in the event Subtenant exercises its option
to enter into a direct lease with Master Landlord for the Subleased Premises as
more particularly provided in the Master Landlord Consent: (i) Sublandlord shall
not be permitted to exercise the Renewal Options, and (ii) the Master Lease with
respect to the Subleased Premises shall terminate on the expiration of the
initial Lease Term under the Master Lease.

6.   PARKING

     Subtenant shall be permitted to exercise all parking rights to Sublandlord
with respect to the Subleased Premises pursuant to Section 11 and 41 of the
Master Lease with regard to those Areas of the Subleased Premises for which the
Term has commenced, which is 1.9 stalls per 1,000 rentable square feet,
throughout the Term of the Sublease on an unreserved basis in the
Building parking garage. Subtenant's parking rights shall increase as the Term
commences for additional Areas. Subtenant shall pay to Sublandlord rent for the
stalls in the same manner and

                                       4

<PAGE>

in the same amount as charged to Sublandlord under the Master Lease. If the
Master Lease provides for direct payment of parking rent to a parking garage
operator, then Subtenant shall pay rent for those stalls directly to that
operator.

7.   SECURITY DEPOSIT

     Within one (1) business day after the Effective Date, Subtenant shall
deposit with Sublandlord an irrevocable, unconditional standby letter of credit
issued by a financial institution reasonably acceptable to Sublandlord, in
substantially the form attached to this Sublease (the "Letter of Credit") in an
amount equal to Two Million Dollars ($2,000,000) as security for Subtenant's
faithful performance of Subtenant's obligations hereunder ("Security Deposit").
If Subtenant fails to pay rent or other charges when due under this Sublease
beyond any applicable notice and cure period, or fails to perform any of its
obligations hereunder beyond any applicable notice and cure period, Sublandlord
may use or apply all or any portion of the Security Deposit for the payment of
any rent or other amount then due hereunder and unpaid, for the payment of any
other sum for which Sublandlord may become obligated pursuant to this Sublease
by reason of Subtenant's default or breach, or for any loss or damage sustained
by Sublandlord as a result of Subtenant's default or breach pursuant to this
Sublease. Upon demand following application of the Security Deposit pursuant to
this Section 7, Subtenant shall immediately restore the Security Deposit to its
full amount. Concurrently with Subtenant's delivery of the Letter of Credit,
Sublandlord shall return to Subtenant the security deposit that it holds under
Prior Sublease in the amount of $131,729.58. Any portion of the Security Deposit
not applied pursuant to this Section 7 and remaining at the expiration of this
Sublease shall be returned to Subtenant within twenty (20) days of the
expiration of the Term.

8.   USE OF SUBLEASED PREMISES

     Sublandlord and Subtenant agree and acknowledge that Subtenant will use the
Subleased Premises for laboratory purposes and that such laboratory uses are not
currently permitted under the Master Lease. Sublandlord and Subtenant agree that
it shall be a condition to the effectiveness of this Sublease pursuant to
Section 13 below that Master Landlord agree in the Master Landlord Consent that
Laboratory use be included as a permitted use under the Master Lease. For
purposes of this Sublease and the Master Lease, "Laboratory Use" shall be deemed
to include the installation, operation, and maintenance of the following:

     H-2 Room
     --------

     H-2 is a Uniform Fire Code (UFC) classification for a particular room or
     building that allows the dispensing and storage of flammable and other
     hazardous materials. The design and construction requirements for an H-2
     room are described in the Uniform Building Code (UBC) and the UFC. H-2
     rooms often have requirements such as dikes or berms to trap firewater and
     contain spills, increased ventilation requirements, and explosion proof
     lighting and electrical systems;

                                       5

<PAGE>

     Hydrogenation Facility
     ----------------------

     Use of hydrogen gas in synthetic organic chemistry is common in the biotech
     and pharmaceutical industries. Hydrogen gas (H\\2\\) is a flammable gas and
     can reach explosive mixtures in air, thus use of H\\2\\ is heavily
     regulated by the UFC and industry. The hydrogenation facility would likely
     include explosion proof lighting and electrical systems, blowout panels if
     required, dikes and berms to trap firewater and spills.

     NMR Facility
     ------------

     Nuclear Magnetic Resonance (NMR) is the research version of the Magnetic
     Resonance Imaging (MRI). An NMR facility sometimes involves concrete walls
     and additional floor stabilization; however, with modern advances in
     vibration dampening and reduction in magnetic fields, this is not expected.

     Synthetic Chemistry Facilities
     ------------------------------

     Synthetic chemistry and process development laboratories will likely have a
     large number of walk-in and bench chemical fume hoods. The fume hoods
     necessitate additional ducting, gas distribution manifolds and plumbing,
     and chemical storage capability.

     Animal Facility
     ---------------

     Animal facilities are likely to include specialized washing, sanitation,
     and sterilization equipment, a separate HVAC system, and additional
     security measures. Walls, ceilings and floors will be sealed, and
     electrical systems will likely be required to meet electric code
     requirements for wet environments.

9.   ASSIGNMENT AND SUBLEASE

     9.1  Subtenant shall have a continuing right to assign or sublease all or a
portion of the Subleased Premises, subject to prior approval of Sublandlord and
Master Landlord, which approvals shall not be unreasonably withheld, conditioned
or delayed. Subtenant shall provide written notice to Sublandlord as to the
amount of space Subtenant elects to sublease or assign, and when Subtenant is
prepared to sublease or assign such space. Sublandlord shall have the right to
terminate this Sublease ("Recapture") in the event Sublandlord's consent is
required and Subtenant proposes to assign this Sublease to an entity other than
an Affiliate (as defined below). In addition, Sublandlord shall have the right
to Recapture that portion of the Subleased Premises which Subtenant proposed to
sublease to an entity which is not an Affiliate in the following circumstances:
(i) the portion of the Subleased Premises which Subtenant has elected to
sublease includes 10,000 rentable square feet or more of office space (as
opposed to lab space); or (ii) the term for such sublease is more than 50
percent of the remainder of the Term. Sublandlord shall respond within ten (10)
days of receiving such written notice from Subtenant of Sublandlord's decision
to approve or disapprove of the subletting or assignment pursuant to this
Section 9. If Sublandlord does not respond within such ten-day period, the
non-response shall be deemed an

                                       6

<PAGE>

election of Sublandlord not to Recapture the space (if applicable) and to
approve such assignment or sublease and Subtenant shall have the right to
proceed with the proposed subleasing or assignment subject to any approval of
the Master Landlord required under the Master Lease. An Affiliate shall mean any
entity or foundation which has a substantial and continuing business or
philanthropic relationship with Subtenant, and may include, research partners,
non-profit corporations, and joint venture partners.

     9.2   Notwithstanding the foregoing to the contrary, Sublandlord's consent
shall not be required for any assignment or subletting for which the Master
Landlord's consent is not required under the Master Lease.

10.  ALTERATIONS

     Notwithstanding anything in this Sublease or the Master Lease to the
contrary, Sublandlord agrees that Subtenant shall only be required to obtain
Master Landlord's consent to any alterations or improvements to the Subleased
Premises pursuant to Section 14 of the Master Lease and shall not be required to
obtain Sublandlord's consent to any such alterations or improvements, provided
that Subtenant shall provide Sublandlord with copies of all plans and
specifications for any alterations or improvements concurrently with its
delivery of such plans and specifications to Master Landlord for review and
approval.

11.  INCORPORATION BY REFERENCE

     11.1  SUBJECT TO LEASE

           Subject to Section 11.2 below, this Sublease is subject to all of the
terms and condition of the Master Lease by and between Sublandlord and Master
Landlord. Subtenant shall obtain insurance for the Subleased Premises and name
Sublandlord as an additional insured in the policy.

     11.2  INTERPRETATION

           The terms, conditions and respective obligations of Sublandlord and
Subtenant to each other under this Sublease shall be the terms and conditions of
the Master Lease except for those provisions of the Master Lease which are
directly contradicted by this Sublease, in which event the terms of this
Sublease shall control over the Master Lease, and except for the following
sections of the Master Lease which shall not apply to the Sublease: Sections
1(a) through 1(j), 1(l) through 1(n), 1(p) through 1(r), 3, 5, 6, 29 through 35,
and 41 (regarding the Building Two reserved parking, provided Subtenant shall
have the right to use the Building 3 reserved parking pursuant to Paragraph 6
above), and Exhibits A (pages 1 through 4), C, F and H. Therefore, for the
purposes of this Sublease, wherever in the Master Lease the word "Landlord" is
used it shall be deemed to mean the Sublandlord herein and wherever in the
Master Lease the word "Tenant" is used it shall be deemed to mean the Subtenant
herein.

           Except as provided herein, Subtenant assumes and agrees to perform
Sublandlord's obligations under the Master Lease during the Term to the extent
that such obligations are applicable to the Subleased Premises, except that the
obligation to pay Rent and

                                       7

<PAGE>

Expenses to Master Landlord under the Master Lease shall be considered performed
by Subtenant to the extent and in the amount rent is paid to Sublandlord in
accordance with Section 3 of this Sublease. Subtenant shall not commit or suffer
any act or omission that will violate any of the provisions of the Master Lease.
Sublandlord will exercise reasonable and good faith efforts in attempting to
cause Master Landlord to perform its obligations under the Master Lease for the
benefit of Subtenant.

           In the event of termination of the Master Lease, the Subtenant's
rights and obligations for the Subleased Premises shall survive such termination
and remain in full force and effect unless or until the Master Landlord and
Subtenant alter the rights and obligations between them in writing; provided,
however, if the Master Lease terminates as a result of the default or breach by
Sublandlord or Subtenant under this Sublease, then the defaulting party shall be
liable to the non-defaulting party for the damage suffered as a result of such
termination. Sublandlord shall not make any election pursuant to Sections 17 or
18 of the Master Lease with respect to the Subleased Premises without
Subtenant's prior written approval, which approval shall not be unreasonably
withheld, conditioned, or delayed.

12.  SUBLANDLORD'S REPRESENTATIONS AND WARRANTIES

     Sublandlord represents and warrants to Subtenant as follows:

     12.1  The Master Lease is in full force and effect and has not been
modified, supplemented or amended.

     12.2  Sublandlord has the right to complete possession of the Master
Premises subject to the Sublease to NeoRx of Area 2A.

     12.3  Sublandlord has fulfilled all its duties under the Master Lease and
is not in default under the Master Lease and shall not commit or suffer any act
or omission that will result in a violation of or a default under any of the
provisions of the Master Lease and/or the Sublease.

     12.4  To the best of Sublandlord's knowledge Master Landlord has fulfilled
all its duties under the Master Lease and is not in default under the Master
Lease.

     12.5  Sublandlord has not assigned, transferred or delegated any of its
right or duties under the Master Lease or pledged or encumbered any of its
interest in, or right under the Master Lease.

     12.6  Sublandlord has all right, power and authority necessary to enter
into and deliver this Sublease and to perform its obligations hereunder.

     12.7  To the best of Sublandlord's knowledge there has been no Hazardous
Materials used, disposed or stored on, in or around the Subleased Premises in
violation of the Master Lease.

                                       8

<PAGE>

13.  COVENANTS REGARDING LEASE

     13.1  Sublandlord shall not commit or suffer any act or omission that will
result in a violation of or a default under any of the provisions of the
Sublease.

     13.2  Sublandlord shall exercise commercially reasonable good faith efforts
in attempting to cause Master Landlord to perform its obligations and give any
required consents under the Master Lease for the benefit of Subtenant.

     13.3  Sublandlord covenants as follows: (i) not to voluntarily terminate
the Master Lease, (ii) not to modify the Master Lease so as to adversely affect
Subtenant's rights hereunder, and (iii) to take all actions reasonably necessary
to preserve the Master Lease; provided, however, Sublandlord may modify the
Master Lease or terminate the Master Lease with respect to portions of the
Premises other than the Subleased Premises, so long as such modification or
termination does not adversely effect Subtenant's rights under this Sublease or
the Landlord Consent (for example if this Sublease was replaced with a direct
lease from the Master Landlord on the same terms).

     13.4  Sublandlord agrees to deliver to Subtenant a copy of any notice
received from Master Landlord relating to the Premises, Subleased Premises, or
any right or obligation of Subtenant within two (2) business days of its receipt
thereof.

     13.5  In the event that Sublandlord defaults under its obligations to be
performed under the Master Lease, Subtenant shall have the right among other
remedies to cure the default before the date Sublandlord's applicable cure
period expires under the Master Lease. If such default is cured by Subtenant,
Sublandlord shall reimburse Subtenant for such amounts within ten (10) days
after notice and demand therefore from Subtenant, together with interest at the
interest rate specified in the Master Lease. If Sublandlord fails to reimburse
Subtenant within such ten (10) day period, Subtenant may deduct such amounts
from subsequent installments of rent due to Sublandlord under this Sublease.

     13.6  Sublandlord shall not voluntarily terminate the Master Lease without
Subtenant's prior written consent, which shall not be unreasonably withheld,
conditioned, or delayed.

     13.7  Sublandlord shall not amend or make any election under the Master
Lease that would adversely affect the Subleased Premises or Subtenant's rights
or obligations under this Sublease without Subtenant's prior written consent,
which shall not be unreasonably withheld, conditioned, or delayed.

14.  CONDITIONS PRECEDENT

     This Sublease is conditioned upon Master Landlord consenting to this
Sublease pursuant to a Master Landlord Consent (the "Master Landlord Consent")
in form reasonably acceptable to Subtenant and Sublandlord. The Master Landlord
Consent shall contain, among other things Master Landlord's agreement to: (i)
enter into a direct lease with Subtenant for the Subleased Premises upon on
terms and conditions consistent with the Master Lease if the Master Lease is
terminated for any reason, the bankruptcy or other assignment for the benefit of
creditors by

                                       9

<PAGE>

Sublandlord, or upon the expiration of the initial Lease Term under the Master
Lease; (ii) permit Sublandlord and Subtenant to use the Subleased Premises for
Laboratory Uses; (iii) allow Subtenant to install signage on the exterior of the
Building pursuant to Section 37 of the Master Lease, and (iv) not unreasonably
withhold, condition, or delay its consent to Subtenant making those alterations
and improvements necessary to allow the Subleased Premises to be used for
Laboratory Use. If Master Landlord has not consented to this Sublease within
thirty (30) days after this Sublease has been signed by Sublandlord and
Subtenant, then either party may terminate this Sublease by delivering written
notice of termination to the other party.

15.  INDEMNIFICATION

     15.1  SUBTENANT'S INDEMNIFICATION

           Subtenant shall indemnify, defend and hold harmless Sublandlord from
and against all losses, costs, damages, expenses and liabilities, including,
without limitation, reasonable attorneys' fees and disbursements, which
Sublandlord may incur or pay out (including, without limitation, to Master
Landlord) by reason of (a) any accidents, damages or injuries to persons or
property occurring in, on or about the Subleased Premises (unless the same shall
have been caused by Sublandlord's negligence or wrongful act or the negligence
or wrongful act of Master Landlord), (b) any breach or default hereunder on
Subtenant's part, (c) the successful enforcement of Sublandlord's rights under
this Section or any other Section of this Sublease, (d) any work done after the
date hereof in or to the Subleased Premises except if done by Sublandlord or
Master Landlord, or (e) any act, omission or negligence on the part of Subtenant
and/or its officers, partners, employees, agents, customers and/or invitees, or
any person claiming through or under Subtenant.

     15.2  SUBLANDLORD'S INDEMNIFICATION

           Sublandlord shall indemnify, defend and hold harmless Subtenant from
and against all losses, costs, damages, expenses and liabilities, including,
without limitation, reasonable attorneys' fees and disbursements, which
Subtenant may incur or pay out (including, without limitation, to Master
Landlord) by reason of (a) any accidents, damages or injuries to persons or
property occurring in, on or about any portion of the Master Premises other than
the Subleased Premises (unless the same shall have been caused by Subtenant's
negligence or wrongful act), (b) any breach or default hereunder or under the
Master Lease on Sublandlord's part, or (c) any act, omission or negligence on
the part of Sublandlord and/or its officers, partners, employees, agents,
customers and/or invitees, or any person claiming through or under Sublandlord.

16.  NOTICES

     All notices and demands that may or are to be required or permitted are to
be given by either party on the other hereunder shall be in writing. All notices
and demands by Master Landlord, Sublandlord to Subtenant shall be personally
delivered or sent by a nationally recognized private carrier of overnight mail
(e.g. FedEx) or by United States Certified Mail, return receipt requested and
postage prepaid, to the parties at the addresses listed below or at such other
addresses as the parties may designate by notice from time to time.

                                       10

<PAGE>

         To Sublandlord:          F5 Networks, Inc
                                  401 Elliott Ave West
                                  Seattle, Washington 98119
                                  Attention: Joann Reiter, General Counsel

         To Subtenant:            Cell Therapeutics, Inc.
                                  201 Elliott Avenue, Suite 400
                                  Seattle, Washington  98119
                                  Attention: Dr. James Bianco

                                  cc:  Legal Affairs

17.  QUIET ENJOYMENT

     Provided that Subtenant is not in default of any term or provision of the
Master Lease or this Sublease beyond any applicable notice and cure period
therein, Subtenant shall have peaceful and quiet enjoyment of the Subleased
Premises without interference from Sublandlord or any person or entity claiming
by, through or under Sublandlord.

18.  SURRENDER

     At the end of the Term, Sublessee shall surrender all keys to the Subleased
Premises to Sublandlord and Subtenant shall deliver the Subleased Premises in
the condition required under the Master Lease and Master Landlord Consent and
shall be permitted to remove all of its furniture, furnishings, personal
property, trade fixtures and the "Equipment" listed on Exhibit B attached hereto
and incorporated herein, which are made by Subtenant in the Subleased Premises,
and shall repair all damage caused by such removal, reasonable wear and tear,
casualty and condemnation excepted. Subtenant's obligations under this Section
18 shall survive the expiration or earlier termination of this Sublease. Except
as otherwise provided herein, any items remaining in the Subleased Premises on
the Expiration Date shall be deemed abandoned for all purposes. Sublandlord may
dispose of the same without liability of any nature and at the expense of
Subtenant.

19.  LIMITATIONS

     Notwithstanding anything to the contrary in this Sublease, the only
services or rights to which Subtenant is entitled hereunder are those to which
Sublandlord is entitled under the Master Lease. Subtenant will look to Master
Landlord for all such services and rights. Sublandlord will cooperate with
Subtenant as reasonably requested by Subtenant to assist Subtenant in obtaining
services and rights from Master Landlord.

20.  INSURANCE

     Prior to the Commencement Date for each Area which comprises the Subleased
Premises, Subtenant shall provide Sublessor with evidence that it has obtained
the insurance required by Section 16 of the Master Lease. Such insurance shall
name Sublandlord, Master Landlord and Master Landlord's management contractor as
additional insureds.

                                       11

<PAGE>

21.  ATTORNEY'S FEES

     If Sublandlord or Subtenant shall commence an action against the other
arising out of or in connection with this Sublease, the prevailing party shall
be entitled to recover its costs of suit and reasonable attorney's fees.

22.  ENTIRE AGREEMENT

     This Sublease, the Exhibits attached hereto and the Master Lease, which is
incorporated herein by reference, constitute the entire agreement between
Sublandlord and Subtenant with respect to the Subleased Premises and may not be
amended or altered except by written agreement executed by both parties.

23.  BROKERAGE COMMISSIONS

     Subtenant hereby provides notice it is represented by Colliers
International. Sublandlord hereby provides notice it is represented by
Washington Partners, Inc. Sublandlord agrees to pay and be solely responsible
for a commission equal to $5.00 per rentable square foot subleased to Colliers
International for its role in this transaction, less the commission paid to
Colliers International as a result of the Prior Sublease to Subtenant.
Sublandlord also agrees to pay Washington Partners a commission equal to
one-half of the commission payable to Colliers International. One-half of the
commissions due Colliers shall be paid within 5 business days following the
mutual execution of the Sublease and approval by Master Landlord. The balance of
the commissions shall be paid within 5 business days after the scheduled
Commencement Dates for each of the areas in proportion to the percentage of the
Building then occupied by Subtenant. Subtenant and Sublandlord acknowledge
receipt of the pamphlet entitled "The Law of Real Estate Agency".

24.  BINDING ON SUCCESSORS

     This Sublease shall bind the parties' heirs, successors, representatives
and permitted assigns.

     IN WITNESS WHEREOF, the parties hereto hereby execute this Sublease as of
the day and year first above written.

SUBLANDLORD:  F5 Networks, Inc.             SUBTENANT:  Cell Therapeutics, Inc.

By___________________________________       By__________________________________

Name_________________________________       Name________________________________

Title________________________________       Title_______________________________

                                       12

<PAGE>

STATE OF WASHINGTON                   )
                                      ) Ss.
COUNTY OF KING                        )

     On this _____ day of _________________, 2000, before me, the undersigned, a
Notary Public in and for the State of Washington, duly commissioned and sworn,
personally appeared ______________________________________________, to me known
to be the person who signed as _______________________________ of F5 NETWORKS,
INC., the corporation that executed the within and foregoing instrument, and
acknowledged said instrument to be the free and voluntary act and deed of said
corporation for the uses and purposes therein mentioned, and on oath stated that
_______ was duly elected, qualified and acting as said officer of the
corporation, that _______ was authorized to execute said instrument and that the
seal affixed, if any, is the corporate seal of said corporation.

     IN WITNESS WHEREOF I have hereunto set my hand and official seal the day
and year first above written.

                                          Signature ____________________________

                                          NOTARY PUBLIC in and for the State of
                                          Washington, residing at My appointment
                                          expires:

                                       13

<PAGE>

STATE OF                   )
                           ) Ss.
COUNTY OF                  )

     On this _____ day of _________________, 2000, before me, the undersigned, a
Notary Public in and for the State of Washington, duly commissioned and sworn,
personally appeared ______________________________________________, to me known
to be the person who signed as _______________________________ of CELL
THERAPEUTICS, INC., the corporation that executed the within and foregoing
instrument, and acknowledged said instrument to be the free and voluntary act
and deed of said corporation for the uses and purposes therein mentioned, and on
oath stated that _______ was duly elected, qualified and acting as said officer
of the corporation, that _______ was authorized to execute said instrument and
that the seal affixed, if any, is the corporate seal of said corporation.

     IN WITNESS WHEREOF I have hereunto set my hand and official seal the day
and year first above written.

                                          Signature ____________________________

                                          NOTARY PUBLIC in and for the State of
                                          Washington, residing at My appointment
                                          expires:

                                       14

<PAGE>

                                    EXHIBIT A

                                  MASTER LEASE

<PAGE>

                                    EXHIBIT B

                       LIST OF EQUIPMENT AND INSTALLATIONS
                      TO BE REMOVED ON SUBLEASE EXPIRATION

-------------------------------------------------------------------------------
      OFFICE                                    MISC
      -------                                   ----

      Desks                                     All Telephone equipment

      Task chairs                               Computer network systems

      Visitor's side chairs                     Specialized animal washing,
                                           sanitation equipment

      Bookshelves                               Autoclave boilers

      File cabinets                             Cable TV and satellite equipment

      Meeting tables                            Computer room racking systems

      Computers and related accessories

      Printers, fax machines, copiers

      Credenzas

      LABS
      ----

      Biological safety cabinets

      Refrigerators,
Refrigerators/freezers, freezers

      Centrifuges

      Column racks

      Compressed gas tanks & manifolds
(excluding piping systems)

       Computers & associated system
equipment

      Incubators

      Autoclaves

      Shakers
--------------------------------------------------------------------------------

      Film developer and film processors

      "Metro shelving" and benches

      All mobile benches, tables, carts,
cabinets, lab chairs, and stools

      Scintillation counters

      Balances and balance tables

      All bench-top lab equipment

      Freeze dryers

      Laboratory ovens

      Microwave ovens

      Fluorometer

      NMR/compressor

      All analytical chemistry equipment

      Irradiator (137C3)

      Vacuumpump from vacuum system

      Laboratory glass cleaning
equipment

<PAGE>

                                    EXHIBIT C

                        FLOOR PLAN OF SUBLEASED PREMISES

<PAGE>

                      FIRST AMENDMENT TO SUBLEASE AGREEMENT

     This First Amendment ("Amendment") is dated for reference purposes April
13, 2001, and amends that certain Sublease Agreement dated March 30, 2001 (the
"Sublease") made by and between F5 Networks, Inc., a Washington corporation, as
Sublandlord, and Cell Therapeutics, Inc., a Washington corporation, as
Subtenant. The capitalized terms in this Amendment shall have the meaning given
to those same terms in the Sublease, unless a different meaning has been
provided herein.

     NOW, THEREFORE, the parties hereby amend the Sublease as follows:

1.   Security Deposit. The Sublease is hereby amended by deleting the second to
     ----------------
the last sentence of Section 7. Sublandlord will apply the balance of the
Subtenant's cash security deposit in the amount of sixty-five thousand eight
hundred sixty-four dollars and seventy-nine cents ($65,874.79) deposited under
the Prior Sublease (as defined in Section 2 of the Sublease) against the Base
Rent due for the first month of the Term.

2.   Letter of Credit. The amount of the letter of credit to be posted by
     ----------------
Subtenant pursuant to Section 7 of the Sublease is hereby amended to be six
hundred seventy thousand dollars ($670,000).

3.   Use of Subleased Premises. Section 8 of the Sublease is deleted in its
     -------------------------
entirety and replaced with the following:

     Subtenant may use the Sublease Premises for laboratory uses of the types
     generally permitted by institutional landlords of similar buildings of
     multi-tenant developments in the Seattle area, provided that Subtenant
     shall comply with any special restrictions or precautions imposed by Master
     Landlord.

4.   Alterations. Section 10 of the Sublease is amended by adding the following
     -----------
new paragraph at the end of that Section:

     Master Landlord may (and is expected to) require Sublandlord to post or
     arrange for the posting of a Letter of Credit securing restoration
     obligations under the Master Lease if the Subleased Premises are materially
     altered from their current improved state and Master Landlord requires that
     Sublandlord remove any proposed alterations to be installed by Subtenant
     pursuant to the terms of the Master Lease and the Master Landlord's Consent
     referenced in Section 14 below (the "Restoration Deposit"). Subtenant shall
     post the Restoration Deposit directly with Master Landlord. Sublandlord
     shall have no obligation to post the Restoration Deposit

5.   Conditions Precedent. Section 14 of the Sublease is hereby deleted in its
     --------------------
entirety and

<PAGE>

replaced with the following:

     This Sublease is conditioned upon Master Landlord consenting to this
     Sublease pursuant to the Landlord's Consent to Subleasing attached to this
     Amendment as Exhibit B (the "Master Landlord Consent"). If Master Landlord
     has not so consented to this Sublease within thirty (30) days after this
     Sublease has been signed by Sublandlord and Subtenant, then either party
     may terminate this Sublease by delivering written notice of termination to
     the other party.

6.   Miscellaneous. In the event of any conflict between the terms of this
     -------------
Amendment and the Sublease, this Amendment shall control. The parties hereby
ratify and confirm their obligations under the Sublease as amended by this
Amendment. This Amendment, the Sublease, the exhibits attached to the Sublease
and this Amendment, and the Master Lease constitute the entire agreement between
Sublandlord and Subtenant with respect to the Subleased Premises, and may not be
amended or altered except by written agreement executed by both parties. This
Amendment may be executed in one or more counterparts; each signed counterpart
shall be deemed an original and all counterparts together shall constitute a
single, integrated agreement. Facsimile transmission of any signed original
document, and retransmission of any signed facsimile transmission, shall be the
same as delivery of an original. At the request of either party, the parties
will confirm facsimile transmitted signatures by signing an original document.

     IN WITNESS WHEREOF, the parties hereto hereby execute this Amendment as of
day and year first above written.

SUBLANDLORD:                                SUBTENANT:

F5 NETWORKS, INC., a                        CELL THERAPEUTICS, INC., a
Washington corporation                      Washington corporation

By:_________________________________        By:_________________________________
Name:_______________________________        Name:_______________________________
Title:______________________________        Title:______________________________

<PAGE>

                        LANDLORD'S CONSENT TO SUBLEASING
                        --------------------------------

     THIS LANDLORD'S CONSENT ("Consent") is made this _____ DAY OF ____________,
2001 (the "Effective Date"), by and among 401 Elliott West, LLC, a Washington
limited liability company ("Landlord"), F5 Networks, Inc., a Washington
corporation ("Tenant"), and Cell Therapeutics, Inc., a Washington corporation
("Subtenant"). Landlord and Tenant are parties to that certain Amended and
Restated Office Lease Agreement dated April 3, 2000 (the "Master Lease")
pursuant to which Landlord leased to Tenant a total of 84,765 rentable square
feet, floors 1 through 4 in that certain building located at 401 Elliot West,
Seattle, WA ("Building Two") and 110,111 rentable square feet of area, floors 1
through 4 in that certain building located at 501 Elliot Avenue, West, Seattle,
WA ("Building Three") (Building Two and Building Three shall sometimes herein be
collectively referred to as the "Premises"). A copy of the Master Lease is
attached to this Consent as Exhibit "A." Except as otherwise defined herein, all
capitalized terms used herein shall have the meanings assigned in the Master
Lease.

     Landlord hereby gives its consent to the subleasing from Tenant to
Subtenant, pursuant to that certain Sublease Agreement dated March 30, 2001 a
copy of which is attached hereto as Exhibit "B" and incorporated by this
                                    -----------
reference (the "Sublease") of the entire Building Three, comprising 110,111
rentable square feet (the "Subleased Premises") which is part of the Premises
described in the Master Lease, subject to the following conditions:

     1.   Tenant shall remain liable for the performance of all of the
obligations arising under the Master Lease, as the same may be amended or
modified from time to time, until the termination thereof. Except as
specifically provided herein, as between Landlord and the Tenant, insofar as the
specific terms, provisions or conditions of the Sublease purport to amend or
modify or are in conflict with the specific terms, conditions or provisions of
the Master Lease, the terms, conditions or provisions of the Master Lease shall
govern and control.

     2.   Landlord agrees that in the event (a) the Master Lease is terminated
for any reason whatsoever, (b) a rejection or disaffirmance of the Master Lease
by Tenant pursuant to bankruptcy or any law affecting creditor's rights due to
Tenant's default or (c) Subtenant exercises its Lease Option as more
particularly set forth in Paragraph 10 below, then, provided that (i) Subtenant
is not then in material default in any payments due under the Sublease and has
not been in material default in any payments due under the Sublease more than
twice in any twelve (12) month period, (ii) there is no existing non-rent
default relating to the Sublease Premises and Subtenant has not been in material
default with respect to any non-rent obligations under the Master Lease or
Sublease more than twice in any twelve (12) month period, and (iii) Subtenant
posts a security deposit

                                       1

<PAGE>

commensurate with the lease and restoration obligations under the Direct Lease,
which deposit must be such, given Subtenant's then creditworthiness, as to meet
a reasonable lender's criteria for a lease that makes the Building financeable
on market terms for similar buildings, and (iv) the entry into a Direct Lease is
approved by Landlord's lender, then Landlord shall enter into a Direct Lease
with Tenant for the Sublease Premises. As used herein, "Direct Lease" means a
lease on the same terms and conditions as the Master Lease, subject, however, to
the security deposit requirement set forth above and to such modifications in
Landlord's standard form lease as may have been required in the interim by
Landlord's lender, and provided that Subtenant's ("Tenant" under the Direct
Lease) obligations with respect to restoration of the Premises on surrender
shall reference the condition of the Premises on commencement of the Sublease
(as opposed to the condition on commencement of the Direct Lease). If Landlord
and Subtenant cannot agree upon the amount of the security deposit to be
provided by Subtenant for any Direct Lease pursuant to this Paragraph 2, then
the amount of the security deposit shall be determined by the arbitration
process stated in Paragraph 10 below. In addition, Landlord agrees to use
commercially reasonable efforts to obtain within nine (9) months of the
Effective Date hereof, Landlord's lender's approval of the Direct Lease rights
granted to Subtenant pursuant to the terms of this Consent.

     3.   The consent hereby given by Landlord does not constitute a waiver of
the necessity of the consent by Landlord to any subsequent subleasing, in whole
or in part, of the Premises or to any assignment of the Master Lease; nor except
as specifically provided herein, shall this consent be deemed to modify in any
way the terms and conditions of the Master Lease nor shall it constitute
agreement by Landlord with or acceptance by Landlord of any terms or provisions
of any Sublease executed between Tenant and Subtenant.

     4.   No representation respecting the condition of the Premises or
Subleased Premises has been made by the Landlord to the Subtenant.

     5.   Although Landlord has received a copy of the proposed Sublease between
Tenant and Subtenant, it is not a party to that agreement and does not by
executing this Consent agree to be bound by the terms thereof, such Sublease
being an agreement between Tenant and Subtenant only.

     6.   Except as otherwise provided herein or in any Direct Lease: (a)
Landlord shall have no obligation to accept, consider, or respond to any
request, inquiry, demand or other communication from Subtenant, whether of a
type described in the Sublease, or otherwise; (b) Subtenant shall have no right
to enforce any of the Tenant's rights under the Master Lease against the
Landlord, all of such rights being personal to the Tenant; and (c)
notwithstanding Subtenant's undertaking to perform the duties, responsibilities
and obligations of Tenant, as required by Paragraph 9 of this Consent, Landlord
shall have no direct duties, responsibilities or obligations to Subtenant, and
Subtenant shall have no rights against Landlord, Subtenant's rights being
exclusively against Tenant.

                                       2

<PAGE>

     7.   If Landlord issues any notices of default under Paragraph 20 of the
Master Lease, or notices relating to damage and destruction or condemnation
pursuant to Paragraphs 17 and 18 of the Master Lease Landlord shall
simultaneously deliver a copy of such notice to Subtenant at the address set
forth below (using the notice procedures set forth in the Master Lease). Except
as set forth above and except for notices to be sent pursuant to Paragraphs 17
and 18 of the Master Lease, notwithstanding anything to the contrary contained
in the Sublease, Landlord shall have no obligation to deliver any notices called
for under the Sublease or the Master Lease to the Subtenant. Landlord shall
continue to deliver notices to the Tenant at the Premises in accordance with the
Master Lease. Landlord agrees not to accept any elections by Tenant pursuant to
Paragraphs 17 or 18 of the Lease relating to the Sublease Premises unless
Landlord has so delivered a copy of the notice required under Paragraphs 17 or
18 as applicable, and Landlord shall use reasonable means to confirm that
Subtenant is in accord with Tenant's election (but shall not be liable for
failure to make such confirmation so long as Landlord has delivered notices as
required hereunder).

     8.   As stated in Section 19, Assignment of Sublease, of the Master Lease,
                                   ----------------------
one-half (1/2) of any rent received by Tenant from its subtenants or assignees
in excess of the Rent payable by Tenant to Landlord under this Lease (less the
cost and expenses incurred by Tenant in connection with any such sublease or
assignment) shall be paid to Landlord by Tenant.

     9.   With respect to all non-rent obligations under the Lease, Subtenant
agrees to perform and fulfill all the terms, convenants, conditions, duties,
responsibilities and obligations and to accept all liabilities of Tenant under
the Lease relating to the Sublease Premises as if Subtenant were the Tenant
under the Lease (including but not limited to indemnifications of Landlord,
rights of Landlord to be named as an additional insured, and releases of
Landlord, all as contained in the Lease), all to the extent same arise after the
date hereof.

     10.  As used in this Paragraph 10, the "Renewal Exercise Period" shall mean
the period not more than twenty-four (24) and not less than eighteen (18) months
prior to expiration of the initial term of the Master Lease or the expiration of
the first Extension Option, as the case may be. Subject to Subtenant meeting the
requirements for a Direct Lease set forth in Paragraph 2 above at the time of
each exercise of a renewal option, Landlord hereby grants Subtenant an option to
lease the Subleased Premises on a direct basis from Landlord (the "Lease
Option") for two (2) consecutive five (5) year periods at the expiration of the
initial term of the Master Lease and the First Extension Option, as applicable.
Subtenant shall exercise each respective Lease Option by delivering written
notice to Landlord of its election during the respective Renewal Exercise
Period, in which event Landlord and Subtenant, as tenant, shall enter into a
Direct Lease for the Sublease Premises for the applicable Extension Option, all
on the terms and conditions set forth in Section 29 of the Master Lease. In
addition, Subtenant shall post a Security Deposit for

                                       3

<PAGE>

its obligations under the Direct Lease in an amount that would be reasonably
required by landlords under leases of similar size with tenants of similar
credit standing and restoration obligations. If Landlord and Subtenant cannot
agree upon the amount of the Security Deposit, then the amount of the Security
Deposit shall be determined using the arbitration procedure provided in Section
29 of the Master Lease concurrently with the determination of the Fair Market
Rental Rate. Regardless of whether Subtenant elects to enter into a Direct Lease
as provided in this Paragraph 10, the Master Lease between Landlord and Tenant
shall expire at the end of the initial term of the Master Lease as by expiration
of its term notwithstanding any Direct Lease between Landlord and Subtenant, and
Tenant shall be entitled to a return of the then-existing balance of its
security deposit in accordance with the terms and conditions of the Master Lease
(provided further that if Landlord and Subtenant have entered into a Direct
Lease with security satisfactory to Landlord securing restoration obligations,
then Tenant's restoration obligations shall be superseded by the obligations of
Subtenant under the Direct Lease).

     11.  Landlord hereby consents, pursuant to Section 7 of the Master Lease,
to use of the Sublease Premises for laboratory uses of the types generally
permitted by institutional landlords of similar buildings in multi-tenant
developments in the Seattle area, provided that Landlord shall be permitted to
impose such special restrictions or precautions as are commonly required by
institutional landlords of similar tenants in the area. Landlord agrees to
diligently process, pursuant to the consent provisions of the Master Lease,
additional requests for additional permitted uses.

     12.  Notwithstanding anything in the Master Lease to the contrary, Landlord
hereby agrees the Subtenant shall be permitted to exercise Tenant's right to
install signage on the Sublease Premises pursuant to Section 37 of the Master
Lease.

     13.  Landlord, Tenant and Subtenant contemplate that Subtenant will request
of Tenant (and Tenant will in response request of Landlord) consent to
alterations that will convert portions of the Premises to laboratory or other
related non-office space, and that such alterations may be ones that Landlord
will require Tenant to restore on termination of the Master Lease or Direct
Lease, if applicable, pursuant to the terms of the Master Lease and this
Consent. The installation by Subtenant of any improvements or alterations to the
Subleased Premises necessary for the Permitted Use shall require Landlord's
consent pursuant to Section 14 of the Master Lease. Landlord acknowledges that,
pursuant to the Master Lease: "at the time Tenant submits plans for alterations
to Landlord for Landlord's approval, Tenant may request that Landlord elect
whether such alterations shall be removed at the termination of this Lease, and
if so requested, Landlord shall make such election simultaneous with its
approval of the alterations." Subtenant agrees to provide to Landlord
concurrently with its submission of plans for Landlord's consent, a removal and
restoration plan prepared by Subtenant's approved contractor (the "Removal
Plan") which Removal Plan shall provide an estimate of the cost to remove such
alterations and restore the Premises to its pre-alteration condition

                                       4

<PAGE>

following the termination of the sublease or Direct Lease, as applicable. The
parties further acknowledge that Landlord may (and is expected to) require
Tenant to post or arrange for the posting of a letter of credit securing
restoration obligations under the Master Lease if the Sublease Premises are
materially altered from their current improved state and Landlord requires that
Subtenant remove any proposed alterations to be installed by Subtenant pursuant
to the terms of the Master Lease and this Consent. This restoration obligation
will be triggered by expiration or earlier termination of the Master Lease
unless Landlord and Subtenant have entered into a Direct Lease (which Direct
Lease shall, in such event, include a security deposit pursuant to Paragraph 2
above in the form of a letter of credit to secure restoration obligations).
Tenant may (and is expected to) satisfy letter of credit requirements relating
to restoration obligations by causing Subtenant to post a satisfactory letter of
credit payable directly to Landlord, and Subtenant hereby recognizes this
obligation. The form of the Letter of Credit and Landlord's rights thereunder
are as set forth in Exhibit C, which is hereby incorporated by reference.
Exhibit C is drafted on the assumption that the Letter of Credit will be posted
directly by Subtenant. If posted by Tenant, the references shall be amended to
reflect that fact. The amount of the restoration letter of credit to be posted
pursuant to this Section 13 shall be equal to one hundred fifteen percent (115%)
of the amount estimated in the Removal Plan for the cost of removal and Premises
restoration relating to such alterations as Subtenant has elected to install and
Landlord is requiring be removed pursuant to the Master Lease and this Consent,
provided, however, that Tenant's contractor's estimate of the cost of removal
and restoration shall be in lease-expiration dollars (calculated on an assumed
3% per annum inflation in costs).

     14.  Landlord agrees that within sixty (60) days of the parties' entry into
a Direct Lease pursuant to the terms set forth herein, Landlord shall use
commercially reasonable efforts to obtain for Subtenant's benefit (as tenant
under such Direct Lease) a commercially reasonable form of non-disturbance
agreement from any mortgage or ground lessor of the Subleased Premises.

     15.  Landlord and Tenant hereby represent and warrant to Subtenant and each
other that (a) attached hereto as Exhibit "A" is a true correct and complete
                                  -----------
copy of the Master Lease and all amendments or side letter agreements related
thereto (b) the Master Lease is in full force and effect, and has not been
amended (c) that all Base Monthly Rent, monthly estimates of Tenant's Share of
Expenses and other sums due under the Master Lease have been paid through April
30, 2001, (d) the Master Lease commenced on July 25, 2000, and shall expire on
July 31, 2012; and (e) that neither Landlord nor Tenant is aware of any material
defaults under the Master Lease by themselves or by the other party. Landlord
and Tenant agree not to enter into any amendments affecting the Sublease
Premises during the term of the Master Lease without Subtenant's prior written
approval, which shall not be unreasonably withheld, conditioned, or delayed.

                                       5

<PAGE>

THIS CONSENT SHALL BE DEEMED EFFECTIVE ONLY UPON LANDLORD'S RECEIPT OF A FULLY
EXECUTED ORIGINAL OF THIS DOCUMENT SIGNED BY ALL PARTIES.

RECEIPT ACKNOWLEDGED:

Landlord:         401 ELLIOTT WEST, L.L.C.

                  By:      CHERLIN L.L.C.,
                  Its:     Manager and Member

                  By:      ___________________________________
                           Richard L. Carson
                  Its:     Managing Member

                  By:      KMC-ONE, L.L.C.
                  Its:     Member

                  By:      ___________________________________
                           Stephen K. Koehler, President
                           Koehler McFadyen & Company
                  Its:     Managing Member

Dated this ______ /th/ day of _______________ , 2001.

Tenant:           F5 NETWORKS, INC.

                  By:      ___________________________________
                  Its:     ___________________________________

                  By:      ___________________________________
                  Its:     ___________________________________

Dated this ___ day of ______________, 2001.

Subtenant:        CELL THERAPEUTICS, INC.

                  By:      ___________________________________
                  Its:     ___________________________________

                                       6

<PAGE>

ACKNOWLEDGEMENT OF LANDLORD

STATE OF WASHINGTON           )
                              )   ss:
COUNTY OF KING                )

     I certify that I know or have satisfactory evidence that RICHARD L. CARSON
and STEPHEN K. KOEHLER are the persons who appeared before me, and said persons
acknowledged that they signed this instrument, on oath stated that they were
authorized to execute this instrument and acknowledged it as the Managing Member
on behalf of CHERLIN LLC and KMC-ONE LLC and Member of 401 ELLIOTT WEST LLC to
be the free and voluntary act of such party for the uses and purposes mentioned
in this instrument.

     DATED: ____________________________.

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

                                           _____________________________________
                                           Print Name:__________________________

                                           NOTARY PUBLIC in and for the State of
                                           Washington, residing at______________
                                           My Appointment expires:______________

     ---------------------------------
     (Use this space for notarial stamp/seal)

                                       7

<PAGE>

ACKNOWLEDGEMENT OF TENANT

STATE OF WASHINGTON  )
                     )  SS:
COUNTY OF KING       )

   On this _____ day of ___________________, 20___, before me personally
appeared ____________________, to me known to be the ___________________ of F5
NETWORKS, INC., the corporation that executed the within and foregoing Sublease
Agreement and acknowledged the said instrument to be the free and voluntary act
of said corporation, for the uses and purposes therein mentioned, and on oath
stated that they were authorized to execute said instrument and that the seal
affixed is the corporate seal of said corporation.

   IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official
seal the day and year fist above written.

   ________________________
                                 _______________________________________________
                                 NOTARY PUBLIC in and for the State of
                                 Washington, residing at________________________
                                 My Appointment expires:________________________
                                 Print Name_____________________________________

   ________________________
   (Use this space for notarial stamp/seal)

                                        8

<PAGE>

ACKNOWLEDGEMENT OF SUBTENANT

STATE OF WASHINGTON   )
                      )  SS:
COUNTY OF KING        )

   On this 14th day of July, 2000, before me personally appeared ______________,
to me known to be the _______________ of CELL THERAPEUTIC, INC., the corporation
that executed the within and foregoing ___________________ and acknowledged the
said instrument to be the free and voluntary act of said corporation, for the
uses and purposes therein mentioned, and on oath stated that they were
authorized to execute said instrument and that the seal affixed is the corporate
seal of said corporation.

   IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official
seal the day and year fist above written.

   ________________________

                                      __________________________________________
                                      NOTARY PUBLIC in and for the State of
                                      Washington, residing at___________________
                                      My Appointment expires:___________________
                                      Print Name________________________________

   ________________________
   (Use this space for notarial stamp/seal)

                                       9

<PAGE>

                                    EXHIBIT A
                                  MASTER LEASE

                                       10

<PAGE>

                                    EXHIBIT B
                               SUBLEASE AGREEMENT

                                       11

<PAGE>

                                    EXHIBIT C
                      LETTER OF CREDIT RIGHTS AND CRITERIA

   A.    AMOUNT OF LETTER OF CREDIT. Landlord and Subtenant acknowledge and
agree that in accordance with Section 13 of the Landlord's Consent, (i)
Subtenant shall cause a Letter of Credit in the amount determined pursuant to
Section 13 of the Landlord's Consent, to be issued by the L/C Bank in favor of
Landlord, and its successors, assigns and transferees; (ii) Subtenant will cause
the Letter of Credit to remain in full force and effect during the entire Term
of the Sublease and any Direct Lease and thereafter until the earlier of the
date Landlord acknowledges Subtenant has completed all restoration obligations
under the lease or 60 days after expiration or earlier termination of the Lease;
and (iii) the initial Letter of Credit will be delivered to Landlord prior to
Subtenant commencing any alterations on the Premises that will be required to be
removed pursuant to Section 13 (and will be adjusted in amount if additional
alterations are thereafter constructed that must be removed). The specific
requirements for the Letter of Credit and the rights of Landlord to make draws
thereon will be as set forth in Section 13 of the Landlord's Consent and this
Exhibit C.

   B.    PAYMENT AND HOLDING OF DRAW PROCEEDS. Immediately upon, and at any
time or from time to time after, the occurrence of any one or more Draw Events,
Landlord will have the unconditional right to draw on the Letter of Credit, in
the full amount thereof or in any lesser amount or amounts as Landlord may
determine, in its sole and absolute discretion, in accordance with Section 13 of
the Landlord's Consent and this Exhibit C. Upon the payment of Landlord of the
Draw Proceeds, Landlord will hold the Draw Proceeds in its own name and for its
own account, without liability for interest, and as security for the performance
by Subtenant of Subtenant's covenants and obligations (theretofore or thereafter
arising) under Section 13 of the Landlord's Consent and this Exhibit C, and will
be entitled to use and apply any and all of the Draw Proceeds from time to time
solely to compensate Landlord hereunder. Among other things, it is expressly
understood that the Draw Proceeds will not be considered an advance payment of
Base Rent or Additional Rent or a measure of Landlord's damages resulting from
any event of default under the Master Lease or this Sublease (past, present or
future). Further, immediately upon the occurrence of any one or more Draw
Events, Landlord may, from time to time and without prejudice to any other
remedy, use the Draw Proceeds (whether from a contemporaneous or prior draw on
the Letter of Credit) to the extent necessary to pay to Landlord any and all
amounts to which Landlord is entitled in connection with the pursuit of any one
or more of its remedies hereunder, and to compensate Landlord for any and all
other damage, injury, expense or liability caused to Landlord by any and all
such Events of Default. Any delays in Landlord's draw on the Letter of credit or
in landlord's use of the Draw Proceeds as provided in Section 13 of the
Landlord's Consent and this Exhibit C will not constitute a waiver by Landlord
of any of its rights hereunder with respect to the Letter of Credit or the Draw
Proceeds. Following any such application of the Draw Proceeds, Subtenant will
either pay to Landlord on demand the cash amount so applied in order to restore
the Draw Proceeds to the full amount thereof immediately prior to such
application or cause the Letter of Credit to be replenished to its full amount
thereunder. Landlord will not be liable for any indirect, consequential, special
or punitive damages incurred by Subtenant arising from a claim that Landlord
violated the bankruptcy code's automatic stay in connection with any draw by
Landlord of any Draw Proceeds, Landlord's liability under such circumstances
being limited to the reimbursement of direct costs as and to the extent
expressly provided in Section 13 of the Landlord's Consent and this Exhibit C.
Nothing in this Landlord's Consent or in the Letter of Credit will confer upon
Subtenant any property rights or interests in any Draw Proceeds; provided,
however, that upon the expiration or earlier termination of the Lease, and so
long as there then exist no Draw Events hereunder, Landlord agrees to return any
remaining unapplied balance of the Draw Proceeds then held by Landlord, and the
Letter of Credit itself (if and to the extent not previously drawn in full) to
the L/C Bank.

                                       12

<PAGE>

         C.   TRANSFERABILITY. If Landlord transfers its interest in the
Premises, or any portion thereof, during the Term, Landlord may transfer the
Letter of Credit and any and all Draw Proceeds then held by Landlord to the
transferee and thereafter will have no further liability with respect to the
Letter of Credit or the Draw Proceeds, including, without limitation, any
liability for the return of the Letter of Credit. Subtenant is responsible for
any and all fees or costs (whether payable to the L/C Bank or otherwise) in
order to effect such transfer of the Letter of Credit.

         D.   APPLICABLE DEFINITIONS.

         "DRAW EVENT" means each of the following events:

         (a)  the occurrence of any one or more of the following: (i)
         Subtenant's filing of a petition under any chapter of the Bankruptcy
         Code, or under any federal, state or foreign bankruptcy or insolvency
         statute now existing or hereafter enacted, or Subtenant's making a
         general assignment or general arrangement for the benefit of
         creditors, (ii) the filing of an involuntary petition under any
         chapter of the Bankruptcy Code, or under any federal, state or foreign
         bankruptcy or insolvency statute now existing or hereafter enacted, or
         the filing of a petition for adjudication of bankruptcy or for
         reorganization or rearrangement, by or against Subtenant (or its
         guarantor hereunder) and such filing not being dismissed within 60
         days, (iii) the entry of an order for relief under any chapter of the
         Bankruptcy Code, or under any federal, state or foreign bankruptcy or
         insolvency statute now existing or hereafter enacted, (iv) the
         appointment of a "custodian," as such term is defined in the
         Bankruptcy Code (or of an equivalent thereto under any federal, state
         or foreign bankruptcy or insolvency statute now existing or hereafter
         enacted), for Subtenant, or the appointment of a trustee or receiver
         to take possession of substantially all of Subtenant's assets located
         at the Premises or of Subtenant's interest in the Sublease and
         possession not being restored to Subtenant within 60 days, or (v) the
         subjection of all or substantially all of Subtenant's assets located
         at the Premises or of Subtenant's interest in the Sublease to
         attachment, execution or other judicial seizure and such subjection
         not being discharged within 60 days; or

         (b)  the failure of Subtenant, not less than 30 days prior to the
         stated expiration date of the Letter of Credit then in effect, to cause
         an extension, renewal or replacement issuance of the Letter of Credit,
         at the reduced amount, if any, applicable under Section 13 of the
         Landlord Consent, to be effected, which extension, renewal or
         replacement issuance will be made by the L/C Bank, and will otherwise
         meet all of the requirements of the initial Letter of Credit hereunder,
         which failure will be a Draw Event under Section 13 of the Landlord's
         Consent and this Exhibit C; or

         (c)  The failure of Subtenant to fulfill those restoration obligations
         under Section 26 of the Master Lease which are applicable to the
         Subleased Premises and Section 13 of the Landlord's Consent to which
         this is attached.

"DRAW PROCEEDS" means the proceeds of any draw or draws made by Landlord under
the Letter of Credit, together with any and all interest accruing thereon.

"L/C BANK" means any United States bank which is approved by Landlord in
Landlord's discretion.

"LETTER OF CREDIT" means that certain one-year irrevocable letter of credit, in
the amount set forth in Section 13 of the Landlord's Consent, issued by the L/C
Bank, as required under Section 13 of the Landlord's Consent and, if applicable,
as extended, renewed, replaced or modified from time to time in accordance with
Section 13 of the Landlord's Consent and this Exhibit C, which letter of credit
will be in substantially the same form as attached hereto.

                                       13

<PAGE>

                  [FINANCIAL INSTITUTION REASONABLY {PRIVATE}
                           ACCEPTABLE TO SUBLANDLORD]

                    IRREVOCABLE STANDBY LETTER OF CREDIT NO.

                                                           DATE: April ___, 2001

BENEFICIARY:      401 Elliott West, LLC

                  ___________________
                  Seattle, WA _______
                  Attn: Steve Koehler

APPLICANT:        Cell Therapeutics, Inc.
                  201 Elliott Avenue, Suite 400
                  Seattle, WA 98119
                  Attn: Dr. James Bianco

AMOUNT:           USD ________
                  (_________________ US Dollars)

EXPIRY DATE:      April ___, 2002

LOCATION: At our counter in Seattle, WA

Dear Sir:

We hereby establish our irrevocable standby letter of credit No. _______________
in your favor. Available for payment by [name and address of financial
institution] of Beneficiary's draft at sight drawn on us, and accompanied by the
following documents:

1.  The original of this letter of credit and all amendment(s) if any.
2.  A signed and dated certification from the Beneficiary stating the following:

    "(a)    A Draw Event (as defined in the Landlord's Consent) has occurred
            under that certain Landlord's Consent between Applicant and
            Beneficiary (the "Landlord's Consent"); and

                                      -1-

<PAGE>

         (b)  This is to certify that Beneficiary will hold funds drawn under
              this letter of credit as provided in Landlord's Consent; or

         (c)  We hereby certify that this letter of credit is within thirty (30)
              days prior to its expiry date and has not been extended or
              or replaced as required under the Landlord's Consent.

Special Condition:

1.       It is a condition of this letter of credit that it will be deemed
         automatically renewed without an amendment for a period of one year
         from the present or each future expiration date unless at least thirty
         (30) days prior to such expiry date we notify you in writing by
         overnight courier (i.e. Federal Express, UPS, DHL, or any other express
         courier) or registered mail that we elect not to renew this letter of
         credit for such additional period.

         In no event shall this letter of credit be automatically extended
         beyond [insert date 60 days after expiration of Master Lease].
                 ----------------------------------------------------

2.       This letter of credit is transferable in whole but not in part only
         upon our receipt of the attached Exhibit "A" (transfer form) duly
         completed and executed by the Beneficiary together with this original
         letter of credit and all amendments if any (our transfer charges of
         $_____________are for Applicant's account).

3.       Partial drawings are permitted.

All documents including draft(s) must indicate the number and date of this
credit.

Each draft presented hereunder must be accompanied by this original letter of
credit for our endorsement thereon of the amount of such draft(s).

Documents must be sent to us via overnight courier (i.e. Federal Express, UPS,
DHL or any other express courier) at our address: [name and address of financial
institution].

We hereby engage with drawers and/or bonafide holders that draft(s) drawn under
and negotiated in conformance with the terms and conditions of the subject
credit will be duly honored on presentation.

This credit is subject to the Uniform Customs and Practice for Documentary
Credits (1993

                                      -2-

<PAGE>

revision), International Chamber of Commerce Publication 500.

{PRIVATE}_______________________________      __________________________________
AUTHORIZED SIGNATURE                          AUTHORIZED SIGNATURE

                       [FINANCIAL INSTITUTION LETTERHEAD]

                                   EXHIBIT "A"

DATE:

{PRIVATE]TO: [Name & address of               RE: Standby Letter of Credit No.
financial institution]                        Issued by [Financial Institution]
                                              L/C Amount: $

GENTLEMEN:

For value received, the undersigned Beneficiary hereby irrevocably transfer to:

(NAME OF TRANSFEREE)
(ADDRESS)

All rights of the undersigned Beneficiary to draw under the above letter of
credit up to its available amount as shown above as of the date of this
transfer.

By this transfer, all rights of the undersigned Beneficiary in such letter of
credit are transferred to the transferee. Transferee shall have the sole rights
as Beneficiary thereof, including sole rights relating to any amendments,
whether increases or extensions or other amendments, and whether now existing or
hereafter made. All amendments are to be advised direct to the transferee
without necessity of any consent of or notice to the undersigned Beneficiary.

The original of such letter of credit is returned herewith, and we ask you to
endorse the transfer on the reverse thereof, and forward it direct to the
transferee with your customary notice of transfer.

                                      -3-

<PAGE>

Sincerely,

_______________________________________________
(Beneficiary's Name)

_______________________________________________
Signature of Beneficiary

Signature Authenticated

_______________________________________________
(Name of Bank)

_______________________________________________
Authorized Signature

                                      -4-<PAGE>

                                                                     Exhibit 4.1

                                                                  EXECUTION COPY

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

                      CAPITAL ONE AUTO FINANCE TRUST 2002-A

                      AMENDED AND RESTATED TRUST AGREEMENT

                                     between

                        CAPITAL ONE AUTO RECEIVABLES, LLC

                                       and

                            WILMINGTON TRUST COMPANY
                              as the Owner Trustee

                           Dated as of April 23, 2002

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

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                  Page
                                    ARTICLE I
                                   DEFINITIONS
<S>                <C>                                                                            <C>
SECTION 1.1.       Capitalized Terms...............................................................1

SECTION 1.2.       Other Interpretive Provisions...................................................1

                                   ARTICLE II
                                  ORGANIZATION

SECTION 2.1.       Name............................................................................2

SECTION 2.2.       Office..........................................................................2

SECTION 2.3.       Purposes and Powers.............................................................2

SECTION 2.4.       Appointment of the Owner Trustee................................................3

SECTION 2.5.       Initial Capital Contribution of Trust Estate....................................3

SECTION 2.6.       Declaration of Trust............................................................3

SECTION 2.7.       Organizational Expenses; Liabilities of the Holders.............................3

SECTION 2.8.       Title to the Trust Property.....................................................4

SECTION 2.9.       Situs of the Trust..............................................................4

SECTION 2.10.      Representations and Warranties of the Depositor.................................4

SECTION 2.11.      Federal Income Tax Allocations..................................................5

                                   ARTICLE III
                     CERTIFICATES AND TRANSFER OF INTERESTS

SECTION 3.1.       Initial Ownership...............................................................6

SECTION 3.2.       The Certificates................................................................6

SECTION 3.3.       Authentication of Certificates..................................................6

SECTION 3.4.       Registration of Transfer and Exchange of Certificates...........................6

SECTION 3.5.       Mutilated, Destroyed, Lost or Stolen Certificates...............................7

SECTION 3.6.       Persons Deemed Certificateholders...............................................8

SECTION 3.7.       Access to List of Certificateholders' Names and Addresses.......................8

SECTION 3.8.       Maintenance of Office or Agency.................................................8

SECTION 3.9.       Appointment of Paying Agent.....................................................8

SECTION 3.10.      Form of the Certificates........................................................9

SECTION 3.11.      Transfer Restrictions...........................................................9

SECTION 3.12.      Legending of Certificates......................................................11

                                   ARTICLE IV
                            ACTIONS BY OWNER TRUSTEE

SECTION 4.1.       Prior Notice to Owners with Respect to Certain Matters.........................13

SECTION 4.2.       Action by Certificateholders with Respect to Certain Matters...................13
</TABLE>

<PAGE>

<TABLE>
<S>                <C>                                                                            <C>
SECTION 4.3.       Action with Respect to Bankruptcy..............................................13

SECTION 4.4.       Restrictions on Certificateholders' Power......................................14

SECTION 4.5.       Certificateholder Control......................................................15

                                    ARTICLE V
                   APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

SECTION 5.1.       Establishment of Certificate Distribution Account..............................17

SECTION 5.2.       Application of Funds in Certificate Distribution Account.......................17

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

                                   ARTICLE VI
                      AUTHORITY AND DUTIES OF OWNER TRUSTEE

SECTION 6.1.       General Authority..............................................................19

SECTION 6.2.       General Duties.................................................................19

SECTION 6.3.       Action upon Instruction........................................................19

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.....................20

SECTION 6.6.       Restrictions...................................................................21

                                   ARTICLE VII
                            CONCERNING OWNER TRUSTEE

SECTION 7.1.       Acceptance of Trusts and Duties................................................21

SECTION 7.2.       Furnishing of Documents........................................................22

SECTION 7.3.       Representations and Warranties.................................................22

SECTION 7.4.       Reliance; Advice of Counsel....................................................23

SECTION 7.5.       Not Acting in Individual Capacity..............................................24

SECTION 7.6.       The Owner Trustee Not Liable for Certificates or Receivables...................24

SECTION 7.7.       The Owner Trustee May Own Certificates and Notes...............................24

                                  ARTICLE VIII
                          COMPENSATION OF OWNER TRUSTEE

SECTION 8.1.       The Owner Trustee's Fees and Expenses..........................................25

SECTION 8.2.       Indemnification................................................................25

SECTION 8.3.       Payments to the Owner Trustee..................................................25

                                   ARTICLE IX
                         TERMINATION OF TRUST AGREEMENT

SECTION 9.1.       Termination of Trust Agreement.................................................25

                                    ARTICLE X
             SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

SECTION 10.1.      Eligibility Requirements for the Owner Trustee.................................26

SECTION 10.2.      Resignation or Removal of the Owner Trustee....................................27

SECTION 10.3.      Successor the Owner Trustee....................................................28

SECTION 10.4.      Merger or Consolidation of the Owner Trustee...................................28

SECTION 10.5.      Appointment of Co-Trustee or Separate Trustee..................................28

                                   ARTICLE XI
                                  MISCELLANEOUS

SECTION 11.1.      Supplements and Amendments.....................................................30

SECTION 11.2.      No Legal Title to Owner Trust Estate in Certificateholders.....................31

SECTION 11.3.      Limitations on Rights of Others................................................31

SECTION 11.4.      Notices........................................................................32

SECTION 11.5.      Severability...................................................................32

SECTION 11.6.      Separate Counterparts..........................................................32

SECTION 11.7.      Successors and Assigns.........................................................32

SECTION 11.8.      No Petition....................................................................32

SECTION 11.9.      No Recourse....................................................................33

SECTION 11.10.     Headings.......................................................................34

SECTION 11.11.     GOVERNING LAW..................................................................34

SECTION 11.12.     Ratification...................................................................34
</TABLE>

                                TABLE OF CONTENTS
                                   (continued)
<TABLE>
<CAPTION>
                                                                                                  Page
<S>                <C>                                                                            <C>
Schedules I        Perfection Representations

                                    EXHIBITS

Exhibit A          Form of Certificate

Exhibit B          Form of Transferor Certificate

Exhibit C          Form of Transferee Certificate
</TABLE>

                                      -ii-

<PAGE>

                      AMENDED AND RESTATED TRUST AGREEMENT

     This AMENDED AND RESTATED TRUST AGREEMENT is made as of April 23, 2002 (as
from time to amended, supplemented or otherwise modified and in effect, this
"Agreement") between CAPITAL ONE AUTO RECEIVABLES, LLC, a Delaware limited
liability company, as the Depositor (the "Depositor"), and WILMINGTON TRUST
COMPANY, a Delaware banking corporation, as the Owner Trustee (the "Owner
Trustee").

                             PRELIMINARY STATEMENTS

     WHEREAS, the Depositor and the Owner Trustee are parties to that certain
Trust Agreement dated as of March 8, 2002 (the "Original Trust Agreement"); and

     WHEREAS, the Depositor and the Owner Trustee desire to amend and restate
the Original Trust Agreement in its entirety on the terms and conditions
provided for in this Agreement.

     NOW, THEREFORE, in consideration of the mutual agreements, provisions and
covenants contained herein, the Original Trust Agreement is amended and restated
to read in its entirety, and the parties hereto agree, as follows:

                                    ARTICLE I

                                   DEFINITIONS

     SECTION 1.1. Capitalized Terms. Capitalized terms are used in this
Agreement as defined in the Indenture between the trust established by this
Agreement and JPMorgan Chase Bank, dated as of April 23, 2002, as the same may
be amended and supplemented from time to time.

     SECTION 1.2. Other Interpretive Provisions. All terms defined in this
Agreement shall have the defined meanings when used in any certificate or other
document delivered pursuant hereto unless otherwise defined therein. For
purposes of this Agreement and all such certificates and other documents, unless
the context otherwise requires: (a) accounting terms not otherwise defined in
this Agreement, and accounting terms partly defined in this Agreement to the
extent not defined, shall have the respective meanings given to them under
generally accepted accounting principles; (b) terms defined in Article 9 of the
UCC as in effect in the State of Delaware and not otherwise defined in this
Agreement are used as defined in that Article; (c) the words "hereof," "herein"
and "hereunder" and words of similar import refer to this Agreement as a whole
and not to any particular provision of this Agreement; (d) references to any
Article, Section, Schedule or Exhibit are references to Articles, Sections,
Schedules and Exhibits in or to this Agreement, and references to any paragraph,
subsection, clause or other subdivision within any Section or definition refer
to such paragraph, subsection, clause or other subdivision of such Section or
definition; (e) the term "including" means "including without limitation"; (f)
references to any law or regulation refer to that law or regulation as amended
from time to time and include any successor law or regulation; (g) references to
any Person include that Person's

<PAGE>

successors and assigns; and (h) headings are for purposes of reference only and
shall not otherwise affect the meaning or interpretation of any provision
hereof.

                                   ARTICLE II

                                  ORGANIZATION

     SECTION 2.1. Name. The trust created hereby shall be known as "CAPITAL ONE
AUTO FINANCE TRUST 2002-A".

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

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

          (a) to issue the Notes pursuant to the Indenture and the Certificates
     pursuant to this Agreement, and to sell, transfer and exchange the Notes
     and the Certificates and to pay interest on and principal of the Notes and
     distributions on the Certificates;

          (b) to acquire the property and assets set forth in the Contribution
     Agreement from the Depositor pursuant to the terms thereof, to make
     deposits to and withdrawals from the Reserve Fund and to pay the
     organizational, start-up and transactional expenses of the Trust;

          (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 pursuant to the terms of the Contribution Agreement any
     portion of the Trust Estate released from the Lien of, and remitted to the
     Trust pursuant to, the Indenture;

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

          (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; and

          (f) subject to compliance with the Transaction 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.

The Owner Trustee is hereby authorized to engage in the foregoing activities;
provided, however, that neither the Owner Trustee nor officers of the Owner
Trustee on behalf of the Trust shall have or exercise any powers not permitted
of "Qualifying SPEs" (within the meaning of the Statement of Financial
Accounting Standard No. 140 ("FAS 140")) under FAS 140 or any successor
accounting standard thereto. The Owner Trustee shall not engage in any activity
other

                                        2

<PAGE>

than in connection with the foregoing or other than as required or authorized by
the terms of this Agreement or the other Transaction Documents.

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

     SECTION 2.5. Initial Capital Contribution of Trust Estate. The Owner
Trustee hereby acknowledges receipt in trust from the Depositor, as of the date
thereof, of the sum of $1 of the foregoing contribution, which shall constitute
the initial Owner Trust Estate and shall be deposited in the Certificate
Distribution Account.

     SECTION 2.6. Declaration of Trust. The Owner Trustee hereby declares that
it will hold the Trust Estate in trust upon and subject to the conditions set
forth herein for the use and benefit of the Certificateholders, subject to the
obligations of the Trust under the Transaction Documents. It is the intention of
the parties hereto that the Trust constitute a common law trust under the common
laws of the state of Delaware. It is the intention of the parties hereto that,
solely for income and franchise tax purposes, until the Certificates are held by
other than the Depositor, the Trust will be disregarded as an entity separate
from the Depositor and the Notes will be characterized as debt. At such time
that the Certificates are held by more than one Person, it is the intention of
the parties hereto that, solely for income and franchise tax purposes, the Trust
shall be treated as a partnership, with the assets of the partnership being the
Receivables and other assets held by the Trust, the partners of the partnership
being the Certificateholders, and the Notes being debt of the partnership. The
Depositor and the Certificateholders by acceptance of a Certificate agree to
such treatment and agree to take no action inconsistent with such treatment. The
parties agree that, unless otherwise required by appropriate tax authorities,
until the Certificates are held by more than one Person the Trust will not file
or cause to be filed annual or other necessary returns, reports and other forms
consistent with the characterization of the Trust as an entity separate from its
owner.

     SECTION 2.7. Organizational Expenses; Liabilities of the Holders.

          (a) The Depositor shall pay organizational expenses of the Trust as
     they may arise or shall, upon the request of the Owner Trustee, promptly
     reimburse the Owner Trustee for any such expenses paid by the Owner
     Trustee.

          (b) No Certificateholder shall have any personal liability for any
     liability or obligation of the Trust.

     SECTION 2.8. Title to the Trust Property. Legal title to all the Owner
Trust Estate shall be vested at all times in the Owner Trustee, a co-trustee
and/or a separate trustee, as the case may be.

     SECTION 2.9. Situs of the Trust. The Trust will be located and administered
in the State of Delaware. All bank accounts maintained by the Owner Trustee on
behalf of the Trust shall be located in the State of Delaware. Payments will be
received by the Owner Trustee only in Delaware, and payments will be made by the
Owner Trustee only from Delaware. The only office of the Trust will be at the
Corporate Trust Office.

                                       3

<PAGE>

     SECTION 2.10. Representations and Warranties of the Depositor. The
Depositor hereby represents and warrants to the Owner Trustee that:

          (a) The Depositor is duly organized and validly existing as a Delaware
     limited liability company 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.

          (b) The Depositor is duly qualified to do business as a foreign
     limited liability company in good standing, and has obtained all necessary
     licenses and approvals, in all jurisdictions in which the ownership or
     lease of property or the conduct of its business shall require such
     qualifications, licenses and approvals, except where the failure to have
     such qualifications, licenses and approvals would not have a material
     adverse effect on the Depositor.

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

          (d) The consummation of the transactions contemplated by this
     Agreement 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 limited
     liability company agreement of the Depositor, or any material 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 (other than pursuant to the Transaction Documents); 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.

          (e) There are no proceedings or investigations pending or, to the
     Depositor's best knowledge, threatened before any court, regulatory body,
     administrative agency or other governmental instrumentality having
     jurisdiction over the Depositor or its properties: (i) asserting the
     invalidity of this Agreement, the Indenture, any of the other Transaction
     Documents, the Notes or the Certificates, (ii) seeking to prevent the
     issuance of the Notes or the Certificates or the consummation of any of the
     transactions contemplated by this Agreement, the Indenture or any of the
     other Transaction Documents, (iii) seeking any determination or ruling that
     might materially and adversely affect the performance by the Depositor or
     its obligations under, or the validity or enforceability of, this Agreement
     or (iv) which might adversely affect the federal income tax attributes, or
     applicable state tax franchise or income tax attributes, of the Notes or
     the Certificates.

     SECTION 2.11. Federal Income Tax Allocations. If Certificates are held by
more than one Person,

                                       4

<PAGE>

          (a) amounts paid to Certificateholders pursuant to Section 5.2(a)
     shall be treated as "guaranteed payments" within the meaning of Section
     707(c) of the Code; and

          (b) to the extent that the characterization provided for in paragraph
     (a) of this Section is not respected, gross ordinary income of the Trust
     for such month as determined for federal income tax purposes (and each item
     of income, gain, credit, loss or deduction entering into the computation
     thereof), to the extent thereof, shall be allocated among the
     Certificateholders as of the first Record Date following the end of such
     month, in proportion to their Certificate Percentage Interests in the Trust
     on such date.

Net losses of the Trust, if any, for any month as determined for federal income
tax purposes (and each item of income, gain, loss, credit and deduction entering
into the computation thereof) shall be allocated to the Depositor to the extent
the Depositor is reasonably expected as determined by the Servicer to bear the
economic burden of such net losses, then net losses shall be allocated among the
Certificateholders as of the first Record Date following the end of such month
in proportion to their Certificate Percentage Interests on such Record Date. The
Depositor is authorized to modify the allocations in this paragraph if necessary
or appropriate, in its sole discretion, for the allocations to fairly reflect
the economic income, gain or loss to the Depositor, the Certificateholders, or
as otherwise required by the Code. Notwithstanding anything provided in this
Section 2.11, if the Certificates are held solely by the Depositor, the
application of this Section 2.11 shall be disregarded.

                                  ARTICLE III

                     CERTIFICATES AND TRANSFER OF INTERESTS

     SECTION 3.1. Initial Ownership. Upon the formation of the Trust by the
contribution 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.

     SECTION 3.2. The Certificates. The Certificates shall be executed by manual
or facsimile signature of an authorized officer 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 Owner Trustee, 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. If a transfer of the Certificates is permitted
pursuant to Section 3.11, 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 such transferee's acceptance
of a Certificate duly registered in such transferee's name pursuant to Section
3.4.

     SECTION 3.3. Authentication of Certificates. Concurrently with the initial
sale of the Receivables to the Trust pursuant to the Contribution Agreement, the
Owner Trustee shall cause the Certificates in an aggregate Certificate
Percentage Interest equal to 100% to be executed on behalf of the Trust,
authenticated and delivered to or upon the written order of the Depositor,
signed by its chairman of the board, its president, its chief financial officer,
its chief accounting

                                       5

<PAGE>

officer, any vice president, its secretary, any assistant secretary, its
treasurer or any assistant treasurer, without further corporate action by the
Depositor. No Certificate shall entitle its Holder to any benefit under this
Agreement, or 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, executed by the Owner Trustee by manual 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.

     SECTION 3.4. Registration of Transfer and Exchange of Certificates.

          (a) The Certificate Registrar shall keep or cause to be kept, at the
     office or agency maintained pursuant to Section 3.8, a Certificate Register
     in which, subject to such reasonable regulations as it may prescribe, the
     Owner Trustee shall provide for the registration of Certificates and of
     transfers and exchanges of Certificates as herein provided. Wilmington
     Trust Company shall be the initial Certificate Registrar (the "Certificate
     Registrar"). No certificate may be sold, transferred, assigned,
     participated, pledged, or otherwise disposed of to any Person except in
     accordance with the provisions of Section 3.11 and any attempted transfer
     in violation of Section 3.11 shall be null and void.

          (b) Upon surrender for registration of transfer of any Certificate at
     the office or agency maintained pursuant to Section 3.8, and upon
     compliance with the provisions of this Agreement relating to such transfer,
     the Owner Trustee shall execute, authenticate and deliver in the name of
     the designated transferee or transferees, one or more new Certificates in
     authorized denominations of a like class and Certificate Percentage
     Interest dated the date of authentication by the Owner Trustee or any
     authenticating agent. At the option of a Certificateholder, 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.

          (c) 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 Certificateholder or his attorney duly
     authorized in writing, with such signature guaranteed by a member firm of
     the New York Stock Exchange, a commercial bank or trust company or an
     "eligible guarantor institution" with membership or participation in STAMP
     or such other "signature guarantee program" as may be determined by the
     Certificate Registrar in addition to, or substitution for, STAMP, all in
     accordance with the Exchange Act. Each Certificate surrendered for
     registration of transfer or exchange shall be canceled and subsequently
     disposed of by the Owner Trustee or the Certificate Registrar in accordance
     with its customary practice.

          (d) 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.

                                       6

<PAGE>

          (e) The preceding provisions of this Section 3.4 notwithstanding, the
     Owner Trustee shall not make and the Certificate Registrar need not
     register any transfer or exchange of Certificates for a period of fifteen
     (15) days preceding any Payment Date for any payment with respect to the
     Certificates.

     SECTION 3.5. Mutilated, Destroyed, Lost or Stolen Certificates. If (a) any
mutilated Certificate shall be surrendered to the Certificate Registrar, or 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 shall execute and shall authenticate and deliver, in exchange
for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a
new Certificate of like class, tenor and Certificate Percentage Interest. In
connection with the issuance of any new Certificate under this Section, 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 a beneficial interest in the Trust, as
if originally issued, whether or not the lost, stolen or destroyed Certificate
shall be found at any time.

     SECTION 3.6. Persons Deemed Certificateholders. Every Person by virtue of
becoming a Certificateholder in accordance with this Agreement shall be deemed
to be bound by the terms of this Agreement. Prior to due presentation of a
Certificate for registration of transfer, the Owner Trustee, the Certificate
Registrar or any agent of 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 none of the Owner Trustee, the Certificate Registrar or any
agent of the Owner Trustee or the Certificate Registrar shall be bound by any
notice to the contrary.

     SECTION 3.7. Access to List of Certificateholders' Names and Addresses. The
Owner Trustee shall furnish or cause to be furnished to the Servicer, the
Depositor or the Indenture Trustee, within 15 days after receipt by the Owner
Trustee of a request therefor from the Servicer, the Depositor or the Indenture
Trustee in writing, a list, in such form as the Servicer, the Depositor or the
Indenture Trustee may reasonably require, of the names and addresses of the
Certificateholders as of the most recent Record Date. If Holders of Certificates
evidencing not less than 25% of the Certificate Percentage Interests apply in
writing to the Owner Trustee, 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 Owner Trustee 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
Certificateholder, by receiving and holding a Certificate, shall be deemed to
have agreed not to hold the Depositor, the Certificate Registrar 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.

                                       7

<PAGE>

     SECTION 3.8. Maintenance of Office or Agency. The Owner Trustee shall
maintain in the City of Wilmington, Delaware, an office or offices or agency or
agencies where Certificates may be surrendered for registration of transfer or
exchange and where notices and demands to or upon the Owner Trustee in respect
of the Certificates and the Transaction Documents may be served (the
"Certificate Register"). The Owner Trustee initially designates its Corporate
Trust Office as its principal corporate trust office for such purposes. The
Owner Trustee shall give prompt written notice to the Depositor 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. Paying Agent shall 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; provided that this reporting shall not be required where the
Owner Trustee is serving as Paying Agent. Any Paying Agent shall have the
revocable power, upon direction from the Administrator, with written copy
provided to the Owner Trustee, to withdraw funds from the Certificate
Distribution Account for the purpose of making the distributions referred to
above. The Owner Trustee may revoke such power and remove Paying Agent if the
Owner Trustee determines in its sole discretion that Paying Agent shall have
failed to perform its obligations under this Agreement in any material respect.
Paying Agent shall initially be the Owner Trustee. Paying Agent shall be
permitted to resign upon 30 days' written notice to the Owner Trustee and the
Servicer. In the event that the Owner Trustee shall no longer be Paying Agent,
the Owner Trustee shall appoint a successor to act as Paying Agent (which shall
be a bank or trust company). The Owner Trustee shall cause such successor Paying
Agent or any additional Paying Agent appointed by 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. Paying Agent shall return all unclaimed funds
to the Owner Trustee and upon 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 and 8.1 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 Paying Agent shall include any co-paying agent
unless the context requires otherwise.

     SECTION 3.10. Form of the Certificates. The Certificates, upon original
issuance, will be issued in the form of a typewritten Certificate or
Certificates representing Definitive Certificates and shall be registered in the
name of Capital One Auto Receivables, LLC as the initial registered owner
thereof. The Owner Trustee shall execute and authenticate, or cause to be
authenticated, the Definitive Certificates in accordance with the instructions
of the Depositor. 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 Certificates, the Owner Trustee and each Paying Agent shall
recognize the Holders of the Certificates as Certificateholders. The
Certificates shall be printed, lithographed or engraved or may be produced in
any other manner as is reasonably acceptable to the Owner Trustee, as evidenced
by its execution thereof.

                                       8

<PAGE>

     SECTION 3.11. Transfer Restrictions. (a) No Certificate may be resold,
assigned or transferred (including by pledge or hypothecation) unless such
resale, assignment or transfer is (i) pursuant to an effective registration
statement under the Securities Act and any applicable state securities or "Blue
Sky" laws, (ii) pursuant to Rule 144A promulgated under the Securities Act
("Rule 144A") or (iii) pursuant to another exemption from the registration
requirements of the Securities Act and subject to the receipt by the Owner
Trustee and the Depositor of (A) a certification by both the prospective
transferor and the prospective transferee of the facts surrounding such
transfer, which certification shall be in form and substance satisfactory to the
Owner Trustee and the Depositor and (B) an opinion of counsel (which will not be
at the expense of the Depositor or the Owner Trustee), satisfactory to the
Depositor and the Owner Trustee, to the effect that the transfer is in
compliance with the Securities Act, and, in each case, in compliance with any
applicable securities or "Blue Sky" laws of any state of the United States. In
addition, each transferee shall provide to the Owner Trustee its tax
identification number, address, nominee name (if applicable) and wire transfer
instructions. Prior to any resale, assignment or transfer of the Certificates
described in clause (ii) above, each prospective purchaser of the Certificates
shall have acknowledged, represented and agreed as follows:

          (1) It is a "qualified institutional buyer" as defined in Rule 144A
     ("QIB") and is acquiring the Certificates for its own institutional account
     (and not for the account of others) or as a fiduciary or agent for others
     (which others also are QIBs).

          (2) It acknowledges that the Certificates have not been and will not
     be registered under the Securities Act or the securities laws of any
     jurisdiction.

          (3) It is familiar with Rule 144A and is aware that the sale is being
     made in reliance on Rule 144A and it is not acquiring the Certificates with
     a view to, or for resale in connection with, a distribution that would
     constitute a public offering within the meaning of the Securities Act or a
     violation of the Securities Act, and that, if in the future it decides to
     resell, assign, pledge or otherwise transfer any Certificates, such
     Certificates may be resold, assigned, pledged or transferred only (i) to
     the Depositor or any Affiliate thereof, (ii) so long as such Certificate is
     eligible for resale pursuant to Rule 144A, to a person whom it reasonably
     believes after due inquiry is a QIB acting for its own account (and not for
     the account of others) or as a fiduciary or agent for others (which others
     also are QIBs) to whom notice is given that the resale, pledge, assignment
     or transfer is being made in reliance on Rule 144A, (iii) pursuant to an
     effective registration statement under the Securities Act or (iv) in a
     sale, pledge or other transfer made in a transaction otherwise exempt from
     the registration requirements of the Securities Act, in which case (A) the
     Owner Trustee shall require that both the prospective transferor and the
     prospective transferee certify to the Owner Trustee and the Depositor in
     writing the facts surrounding such transfer, which certification shall be
     in form and substance satisfactory to the Owner Trustee and the Depositor
     and (B) the Owner Trustee shall require a written opinion of counsel (which
     will not be at the expense of the Depositor or the Owner Trustee)
     satisfactory to the Depositor and the Owner Trustee to the effect that such
     transfer will not violate the Securities Act, in each case in accordance
     with any applicable securities or "Blue Sky" laws of any state of the
     United States.

                                       9

<PAGE>

          (4) It is aware that it (or any account for which it is purchasing)
     may be required to bear the economic risk of an investment in the
     Certificates for an indefinite period, and it (or such account) is able to
     bear such risk for an indefinite period.

          (5) It understands that the Certificates will bear legends
     substantially as set forth in Section 3.12.

          (6) If it is acquiring any Certificates for the account of one or more
     qualified institutional buyers, it represents that it has sole investment
     discretion with respect to each such account and that it has full power to
     make the foregoing acknowledgments, representations and agreements on
     behalf of each such account.

          (7) It acknowledges that the Owner Trustee, the Depositor, and their
     Affiliates, and others will rely upon the truth and accuracy of the
     foregoing acknowledgments, representations and agreements.

     Each transferor of the Certificates shall be required to execute or to have
executed a representation letter substantially in the form of Exhibit B, and
each transferee shall be required to execute or to have executed a
representation letter substantially in the form of Exhibit C, or each may
deliver such other representations (or an opinion of counsel) as may be approved
by the Owner Trustee and the Depositor, to the effect that such transfer may be
made pursuant to an exemption from registration under the Securities Act and any
applicable state securities or "Blue Sky" laws.

     In addition, such prospective purchaser shall be responsible for providing
additional information or certification, as shall be reasonably requested by the
Owner Trustee or the Depositor, to support the truth and accuracy of the
foregoing acknowledgments, representations and agreements, it being understood
that such additional information is not intended to create additional
restrictions on the transfer of the Certificates. Neither the Depositor, the
Trust nor the Owner Trustee shall be obligated to register the Certificates
under the Securities Act or any state securities or "Blue Sky" laws.

     In determining compliance with the transfer restrictions contained in this
Section 3.11, the Owner Trustee may rely upon a written opinion of counsel
(which may include in-house counsel of the Transferor), the cost of obtaining
which shall be an expense of the Holder of the Certificate to be transferred.

          (a) No Certificate may be acquired or held (i) by any "employee
     benefit plan" whether or not subject to ERISA or a "plan" described by
     Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended, or by
     any entity deemed to hold the assets of any of the foregoing by reason of
     an employee benefit plan's or other plan's investment in such entity (each,
     a "Benefit Plan"). Each Person who acquires any Certificate or interest
     therein shall certify that the foregoing conditions are satisfied.

     SECTION 3.12. Legending of Certificates. Each Certificate shall bear a
legend in substantially the following form, unless the Depositor determines
otherwise in accordance with applicable law:

                                       10

<PAGE>

     THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR ANY
     OTHER APPLICABLE SECURITIES OR "BLUE SKY" LAWS OF ANY STATE OR OTHER
     JURISDICTION, AND MAY NOT BE RESOLD, ASSIGNED, PLEDGED OR OTHERWISE
     TRANSFERRED EXCEPT IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE
     SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR "BLUE SKY" LAWS,
     PURSUANT TO AN EXEMPTION THEREFROM OR IN A TRANSACTION NOT SUBJECT THERETO.
     IT AGREES, ON ITS OWN BEHALF AND ON BEHALF OF ANY ACCOUNTS FOR WHICH IT IS
     ACTING AS AGENT, THAT SUCH CERTIFICATE MAY BE RESOLD, ASSIGNED, PLEDGED OR
     TRANSFERRED ONLY (A) SO LONG AS THE CERTIFICATE IS ELIGIBLE FOR RESALE
     PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, SUCH TO A PERSON WHOM THE
     TRANSFEROR REASONABLY BELIEVES AFTER DUE INQUIRY IS A QIB ACTING FOR ITS
     OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT
     FOR OTHERS (WHICH OTHERS ALSO ARE QIBS) TO WHOM NOTICE IS GIVEN THAT THE
     RESALE, ASSIGNMENT, PLEDGE OR TRANSFER IS BEING MADE IN RELIANCE ON RULE
     144A, (B) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
     SECURITIES ACT OR (C) SUCH RESALE, ASSIGNMENT, PLEDGE OR OTHER TRANSFER IS
     MADE IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE
     SECURITIES ACT AND OTHER SECURITIES OR "BLUE SKY" LAWS, IN WHICH CASE THE
     OWNER TRUSTEE SHALL REQUIRE (I) THAT BOTH THE PROSPECTIVE TRANSFEROR AND
     THE PROSPECTIVE TRANSFEREE CERTIFY TO THE OWNER TRUSTEE AND THE DEPOSITOR
     IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL
     BE IN FORM AND SUBSTANCE SATISFACTORY TO THE OWNER TRUSTEE AND (II) A
     WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF THE OWNER
     TRUSTEE OR THE DEPOSITOR) SATISFACTORY TO THE OWNER TRUSTEE AND THE
     DEPOSITOR, TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE SECURITIES
     ACT, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES OR "BLUE
     SKY" LAWS OF ANY STATE OR JURISDICTION. ANY ATTEMPTED TRANSFER IN
     CONTRAVENTION OF THE IMMEDIATELY PRECEDING RESTRICTIONS WILL BE VOID AB
     INITIO AND THE PURPORTED TRANSFEROR WILL CONTINUE TO BE TREATED AS THE
     OWNER OF THE CERTIFICATE FOR ALL PURPOSES.

     NO CERTIFICATE OR INTEREST THEREIN MAY BE ACQUIRED OR HELD (IN THE INITIAL
     ACQUISITION OR THROUGH A TRANSFER) WITH PLAN ASSETS OF ANY "EMPLOYEE
     BENEFIT PLAN" WHETHER OR NOT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME
     SECURITY ACT OF 1974, AS AMENDED ("ERISA"), ANY "PLAN" DESCRIBED BY SECTION
     4975(E)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, OR ANY ENTITY
     DEEMED TO HOLD THE ASSETS OF ANY OF THE FOREGOING BY REASON OF AN EMPLOYEE
     BENEFIT PLAN'S OR OTHER PLAN'S INVESTMENT IN SUCH ENTITY (EACH, A "BENEFIT
     PLAN").

                                       11

<PAGE>

                                   ARTICLE IV

                            ACTIONS BY OWNER TRUSTEE

     SECTION 4.1. Prior Notice to Owners 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:

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

          (b) 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;

          (c) the amendment, change or modification of the Contribution
     Agreement, the Servicing Agreement or the Administration Agreement, except
     to cure any ambiguity or defect or to amend or supplement any provision in
     a manner that would not materially adversely affect the interests of the
     Certificateholders; or

          (d) the appointment pursuant to the Indenture of a successor Indenture
     Trustee or the consent to the assignment by the Note Registrar, Paying
     Agent or Indenture 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 or the 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) except as expressly provided in the Transactions
Documents, remove the Servicer under the Servicing Agreement pursuant to Section
5.01 thereof, (b) except as expressly provided in the Transaction Documents,
sell the Receivables after the termination of the Indenture, (c) remove the
Administrator under the Administration Agreement pursuant to Section 9 thereof
or (d) appoint a successor Administrator pursuant to Section 9 of the
Administration Agreement. 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 with Respect to Bankruptcy. (a) The Trust shall not
without the prior written consent of the Owner Trustee (a) institute any
proceedings to adjudicate the Trust a bankrupt or insolvent, (b) consent to the
institution of bankruptcy or insolvency proceedings against the Trust, (c) file
a petition seeking or consenting to reorganization or relief under any
applicable federal or state law relating to bankruptcy with respect to the
Trust, (d) consent to the appointment of a receiver, liquidator, assignee,
trustee, sequestrator (or other similar official) of the Trust or a substantial
part of its property, (e) make any assignment for the benefit of the

                                       12

<PAGE>

Trust's creditors, (f) cause the Trust to admit in writing its inability to pay
its debts generally as they become due, or (g) take any action in furtherance of
any of the foregoing (any of the above foregoing actions, a "Bankruptcy
Action"). In considering whether to give or withhold written consent to any
Bankruptcy Action, the Owner Trustee, with the consent of the Certificateholder
(hereby given, and by accepting a Certificate any transferee is deemed to give,
which consent the Certificateholder believes to be in the best interest of
Certificateholder and the Trust), shall, for so long as any Note is outstanding
or remains unsatisfied for as long as the Insurance Agreement is in effect
consider the interest of the Note Insurer in addition to the interests of the
Trust and whether the Trust is insolvent. The Owner Trustee shall have no duty
to give such written consent to Bankruptcy Action by the Trust if the Owner
Trustee shall not have been furnished (at the expense of the Trust or the Person
that requested that such letter be furnished to the Owner Trustee) a letter from
an independent accounting firm of national reputation stating that in the
opinion of such firm the Trust is then insolvent. The Owner Trustee (as such and
in its individual capacity) shall not be personally liable to any Person on
account of the Owner Trustee's good faith reliance on the provisions of this
Section or in connection with the Owner Trustee's giving prior written consent
to Bankruptcy Action by the Owner Trustee in accordance herewith, or withholding
such consent, in good faith, and neither the Trust nor the Certificateholder
shall have any claim for breach of fiduciary duty or otherwise against the Owner
Trustee (as such and in its individual capacity) for giving or withholding its
consent to any such Bankruptcy Action.

          (b) For so long as any Note is outstanding and the Note Guaranty
Insurance Policy is in effect, the parties hereto stipulate and agree (and by
acceptance of a Certificate, each Certificateholder agrees) that no
Certificateholder has power to commence any Bankruptcy Action on the part of the
Trust or to direct the Owner Trustee to take any Bankruptcy Action on the party
of the Trust. For so long as any Note is outstanding and the Note Guaranty
Insurance Policy is in effect, to the extent permitted by applicable law, the
consent of the Note Insurer and the Indenture Trustee shall be obtained prior to
taking any Bankruptcy Action by the Trust.

          (c) The provisions of this Section do not constitute an
acknowledgement or admission by the Owner Trustee, the Certificateholder or any
creditor of the Trust that the Trust is eligible to be a debtor, under the
United States Bankruptcy Code, 11 U.S.C.Sections 101 et seq., as amended.

     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 Owner Trustee under this Agreement or any of the Transaction 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. Certificateholder 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 Percentage Interests. Except as expressly provided
herein, any written notice of the Certificateholders delivered pursuant to this
Agreement shall be effective if signed by Certificateholders of Certificates
evidencing not less than a majority of the Certificate Percentage Interests at
the time of the delivery of such notice.

                                       13

<PAGE>

     SECTION 4.6. Note Insurer's Rights Regarding Actions, Proceedings or
Investigations. Following the occurrence and during a continuation of an Event
of Default under the Indenture and until the Class A Notes have been paid in
full, all amounts owed to the Note Insurer have been paid in full, the Insurance
Agreement has terminated and the Note Guaranty Insurance Policy has been
returned to the Note Insurer for cancellation, unless a Note Insurer Default has
occurred and is continuing, the following provisions shall apply:

          (a) notwithstanding anything contained herein or in the other
     Transaction Documents to the contrary, the Note Insurer shall have the
     right to participate in, to direct the enforcement or defense of, and, at
     the Note Insurer's sole option, to institute or assume the defense of, any
     action, proceeding or investigation that could adversely affect the Trust,
     the Trust Property, the Trust Estate or the rights or obligations of the
     Note Insurer hereunder or under the Policy or the Transaction Documents,
     including (without limitation) any insolvency or bankruptcy proceeding in
     respect of the Servicer, the Transferor, the Seller or the Trust, it being
     understood that the Owner Trustee shall have the right to employ separate
     counsel in such action, proceeding or investigation. Following notice to
     the Owner Trustee, the Note Insurer shall have exclusive rights to
     determine, in its sole discretion, the actions necessary to preserve and
     protect the Trust, the Trust Property and the Trust Estate. All costs and
     expenses of the Note Insurer in connection with such action, proceeding or
     investigation, including (without limitation) any judgment or settlement
     entered into affecting the Note Insurer or the Note Insurer's interests,
     shall be included in Reimbursement Obligations;

          (b) in connection with any action, proceeding or investigation that
     could adversely affect the Trust, the Trust Property, the Trust Estate or
     the rights or obligations of the Note Insurer hereunder or under either the
     Note Guaranty Insurance Policy or the Transaction Documents, including
     (without limitation) any insolvency or bankruptcy proceeding in respect of
     the Servicer, the Transferor, the Seller or the Trust, the Owner Trustee
     hereby agrees to cooperate with, and to take such action as directed by,
     the Note Insurer, including (without limitation) entering into such
     agreement and settlement as the Note Insurer shall direct, in its sole
     discretion. The Owner Trustee's reasonable out-of-pocket costs and expenses
     (including attorneys' fees and expenses) with respect to any such action,
     proceeding or investigation shall be reimbursed pursuant to Section 8.01 of
     this Agreement;

          (c) any judgment or settlement entered against or affecting the Trust,
     the Trust Property or the Trust Estate, on behalf of the Noteholders, in
     connection with any action, proceeding or investigation shall be paid from
     the Trust Estate pursuant to Section 5.05(c) of the Indenture;

          (d) the Owner Trustee hereby agrees to provide the Note Insurer prompt
     written notice of any action, proceeding or investigation that names the
     Trust or the Owner Trustee as a party or that could adversely affect the
     Trust, the Trust Property, the Trust Estate or the rights or obligations of
     the Note Insurer hereunder or under the Note Guaranty Insurance Policy or
     the Transaction Documents including (without limitation) any insolvency or
     bankruptcy proceeding in respect of the Servicer, Transferor, the Seller

                                       14

<PAGE>

     or the Trust to the extent the Owner Trustee has actual knowledge of any
     such action, proceeding or investigation;

          (e) notwithstanding anything contained herein or in any of the other
     Transaction Documents to the contrary, the Owner Trustee shall not, without
     the Note Insurer's prior written consent or unless directed by the Note
     Insurer, undertake or join any litigation or agree to any settlement of any
     action, proceeding or investigation affecting the Trust, the Trust
     Property, the Trust Estate or the Rights or obligations of the Note Insurer
     hereunder or under the Note Guaranty Insurance Policy or the Transaction
     Documents; provided that the Note Insurer shall respond promptly to any
     such request and the Owner Trustee shall not be liable for any actions if
     such response is not received within ten (10) days of notice to the Note
     Insurer;

          (f) each Certificateholder, by acceptance of its Certificate, and the
     Owner Trustee agree that the Note Insurer shall have such rights as set
     forth in this Section, which are in addition to any rights of the Note
     Insurer pursuant to the other provisions of the Transaction Documents, that
     the rights set forth in this Section may be exercised by the Note Insurer,
     in its sole discretion, without the need for the consent or approval of any
     Noteholder, the Holder of the Certificate, the Indenture Trustee or the
     Owner Trustee, notwithstanding any other provision contained herein or in
     any of the other Transaction Documents, and that nothing contained in this
     Section shall be deemed to be an obligation of the Note Insurer to exercise
     any of the rights provided for herein; and

          (g) notwithstanding any provision in herein or in any of the other
     Transaction Documents to the contrary, in the event that a Note Insurer
     Default shall have occurred and be continuing or the Class A Notes have
     been paid in full, and amounts owed to the Note Insurer have been paid in
     full, the Insurance Agreement has terminated and the Note Guaranty
     Insurance Policy has been returned to the Note Insurer for cancellation,
     the Note Insurer shall not have the right to take any action under this
     Agreement or to control or direct the actions of the Trust, the Seller, the
     Indenture Trustee or the Owner Trustee pursuant to the terms of this
     Agreement, nor shall the consent of the Note Insurer be required with
     respect to any action (or waiver of a right to take action) to be taken by
     the Trust, the Seller, the Indenture Trustee, the Owner Trustee or the
     Noteholders or the Certificateholders.

                                   ARTICLE V

                   APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

     SECTION 5.1. Establishment of Certificate Distribution Account. The Owner
Trustee, for the benefit of the Certificateholders, shall establish and maintain
in the name of the Trust an Eligible Account (the "Certificate Distribution
Account"), bearing a designation clearly indicating that the funds deposited
therein are held for the benefit of the Certificateholders. Except as otherwise
provided herein, the Certificate Distribution Account shall be under the sole
dominion and control of the Owner Trustee for the benefit of the
Certificateholders.

                                       15

<PAGE>

     SECTION 5.2. Application of Funds in Certificate Distribution Account. (a)
On each Payment Date, the Owner Trustee will, or will cause the Paying Agent to,
based on the information contained in the Monthly Servicer's Report delivered on
the related Determination Date pursuant to Section 2.10 of the Servicing
Agreement and Section 5.05(c) of the Indenture, distribute to
Certificateholders, as of the related Record Date all amounts deposited in the
Certificate Distribution Account pursuant to the Servicing Agreement on such
Payment Date based upon each Certificateholder's Certificate Percentage
Interest.

          (b) In the event that any withholding tax is imposed on the Owner
     Trustee'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. The Owner Trustee 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 Owner Trustee (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 Owner Trustee and remitted to the appropriate taxing
     authority. If there is a possibility that withholding tax is payable with
     respect to a distribution (such as a distribution to a non-United States
     Certificateholder), the Owner Trustee may in its sole discretion withhold
     such amounts in accordance with this clause (b). In the event that a
     Certificateholder wishes to apply for a refund of any such withholding tax,
     the Owner Trustee shall reasonably cooperate with such Certificateholder in
     making such claim so long as such Certificateholder agrees to reimburse the
     Owner Trustee 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 by wire
transfer, in immediately available funds, to the account of such
Certificateholder at a bank or other entity having appropriate facilities
therefor, if (a) such Certificateholder shall have provided to the Certificate
Registrar appropriate written instructions at least five Business Days prior to
such Payment Date (b) such Certificateholder is the Depositor, or an Affiliate
thereof, or, if not, by check mailed to such Certificateholder at the address of
such Certificateholder appearing in the Certificate Register. Notwithstanding
the foregoing, the final distribution in respect of any Certificate will be
payable only upon presentation and surrender of such Certificate at the office
or agency maintained for that purpose by the Owner Trustee pursuant to Section
3.8.

     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 or the
Indenture or the Servicing Agreement 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. Subject to Section 2.6, the
Administrator shall (a)

                                       16

<PAGE>

maintain (or cause to be maintained) the books of the Trust 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 and file such tax returns relating to the Trust
(including a partnership information return, Form 1065, if applicable), 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, (d) cause such tax returns to be signed in the manner required by law
and (e) 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 Owner Trustee shall cooperate with the Administrator in
making all elections pursuant to this Section as directed in writing by the
Administrator. The Trust shall elect under Section 1278 of the Code to include
in income currently any market discount that accrues with respect to the
Receivables and shall elect under Section 171 of the Code to amortize any bond
premium with respect to the Receivables. The Trust shall not make the election
provided under Section 754 of the Code.

     SECTION 5.6. Signature on Returns; Tax Matters Partner. (a) Notwithstanding
the provisions of Section 5.5 and subject to Section 2.6, the Depositor shall
sign on behalf of the Trust the tax returns of the Trust, 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 Depositor.

          (b) Subject to Section 2.6, the Depositor shall be the "tax matters
     partner" of the Trust pursuant to Section 6231(a)(7)(A) of the Code and
     applicable Treasury Regulations.

                                   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 Transaction Documents to which the Owner
Trustee is named as a party and each certificate or other document attached as
an exhibit to or contemplated by the Transaction Documents to which the Owner
Trustee 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 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 $209,000,000, Class A-2 Notes in the aggregate
principal amount of $349,000,000 Class A-3 Notes in the aggregate principal
amount of $320,000,000, Class A-4 Notes in the aggregate principal amount of
$322,000,000, and Class B Notes in the aggregate principal amount of
$65,040,000. In addition to the foregoing, the Owner Trustee is authorized, but
shall not be obligated, to take all actions required of the Owner Trustee
pursuant to the Transaction Documents. The Owner Trustee is further authorized
from time to time to take such action as the Servicer or the Administrator
recommends or directs in writing with respect to the Transaction Documents,
except to the extent that this Agreement expressly requires the consent of
Certificateholders for such action.

                                       17

<PAGE>

     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 Transaction Documents and to
administer the Trust in the interest of Certificateholders, subject to the
Transaction 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 Transaction
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
hereunder or under any Transaction 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. The Owner Trustee shall have no
obligation to administer, service or collect the Receivables or to maintain,
monitor or otherwise supervise the administration, servicing or collection of
the Receivables.

     SECTION 6.3. Action upon Instruction. (a) Subject to Article IV, and in
accordance with the Transaction Documents, the Certificateholders may, by
written instruction, direct the Owner Trustee in the management of the Trust.
Such direction may be exercised at any time by written instruction of the
Certificateholders pursuant to Article IV.

          (b) The Owner Trustee shall not be required to take any action
     hereunder or under any Transaction Document if the Owner Trustee shall have
     reasonably determined or been advised by counsel that such action is likely
     to result in liability on the part of the Owner Trustee or is contrary to
     the terms hereof or of any Transaction Document or is otherwise contrary to
     law and a copy of such opinion has been provided to the Seller and the
     Servicer.

          (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 Transaction Document or is unsure as to the application of any
     provision of this Agreement or any Transaction Document or any such
     provision is ambiguous as to its application, or is, or appears to be, in
     conflict with any other applicable provision, or in the event that this
     Agreement permits any determination by the Owner Trustee or is silent or is
     incomplete as to the course of action that the Owner Trustee is required to
     take with respect to a particular set of facts, the Owner Trustee shall
     promptly 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 or application of such provision, and to the
     extent the Owner Trustee acts or refrains from acting 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 or inaction
     to any Person. If the Owner Trustee receives two or more sets of
     conflicting instructions, the Owner Trustee shall act on the instructions
     from the group of Certificateholders holding the largest Certificate
     Percentage Interest. 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 Transaction 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.

                                       18

<PAGE>

     SECTION 6.4. No Duties Except as Specified in this Agreement or in
Instructions. 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 Transaction 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 SEC filing for the Trust
or to record this Agreement or any Transaction Document. Wilmington Trust
Company 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, Wilmington
Trust Company that are not related to the ownership or the administration of the
Owner Trust Estate.

     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 Transaction 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 take any action (a)
that is inconsistent with the purposes of the Trust set forth in Section 2.3 or
(b) that, to the actual knowledge of the Owner Trustee, would (i) affect the
treatment of the Notes as indebtedness for federal income, state and local
income and franchise tax purposes, (ii) be deemed to cause a taxable exchange of
the Notes for federal income or state income or franchise tax purposes or (iii)
cause the Trust or any portion thereof to be treated as an association or
publicly traded partnership taxable as a corporation for federal income, state
and local income or franchise tax purposes. The Certificateholders shall not
direct the Owner Trustee to take action that would violate the provisions of
this Section.

                                  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 Transaction Documents and this
Agreement. The Owner Trustee shall not be personally liable or accountable
hereunder or under any Transaction Document under any circumstances, except (i)
for its own willful misconduct, bad faith or gross negligence, (ii) in the case
of the inaccuracy of any representation or warranty contained in Section 7.3
expressly made by Wilmington Trust Company in its individual capacity, (iii) for
liabilities arising from the failure of Wilmington Trust Company to perform
obligations expressly undertaken by it in the last sentence of Section

                                       19

<PAGE>

6.4 or (iv) for taxes, fees or other charges on, based on or measured by, any
fees, commissions or compensation received 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 personally liable for any error of
     judgment made by a Responsible Officer of the Owner Trustee;

          (b) The Owner Trustee shall not be personally liable with respect to
     any action taken or omitted to be taken by it in accordance with the
     instructions of the Depositor, the Servicer, the Administrator or any
     Certificateholder;

          (c) No provision of this Agreement or any Transaction Document shall
     require the Owner Trustee to expend or risk funds or otherwise incur any
     personal liability in the performance of any of its rights or powers
     hereunder or under any Transaction 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 reasonably assured or
     provided to it;

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

          (e) The Owner Trustee shall not be personally liable for or in respect
     of the validity or sufficiency 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 Transaction Documents,
     other than the certificate of authentication on the Certificates, and the
     Owner Trustee shall in no event assume or incur any personal liability,
     duty or obligation to any Noteholder or to any Certificateholder, other
     than as expressly provided for herein and in the Transaction Documents;

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

          (g) The Owner Trustee shall be under no duty 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 Transaction Document, at the request, order or
     written 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 Transaction Document shall not

                                       20

<PAGE>

     be construed as a duty, and the Owner Trustee shall not be answerable for
     other than its gross negligence, bad faith or willful misconduct in the
     performance of any such act.

     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 Transaction Documents.

     SECTION 7.3. Representations and Warranties. Wilmington Trust Company
hereby represents and warrants to the Depositor, for the benefit of the
Certificateholders, that:

          (a) It is a Delaware 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 and authority 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) This Agreement constitutes a legal, valid and binding obligation
     of the Owner Trustee, enforceable against the Owner Trustee in accordance
     with its terms, subject, as to enforceability, to applicable bankruptcy,
     insolvency, reorganization, conservatorship, receivership, liquidation and
     other similar laws affecting enforcement of the rights of creditors of
     banks generally and to equitable limitations on the availability of
     specific remedies.

          (d) 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 New York law, governmental rule or regulation governing the
     banking or trust powers of the Owner Trustee or any judgment or order
     binding on it, or constitute any default under its charter documents or
     by-laws or any indenture, mortgage, contract, agreement or instrument to
     which it is a party or by which any of its properties may be bound.

     SECTION 7.4. Reliance; Advice of Counsel. (a) The Owner Trustee shall incur
no personal 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,

                                       21

<PAGE>

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.

          (b) In the exercise or administration of the trusts hereunder and in
     the performance of its duties and obligations under this Agreement or the
     Transaction Documents, the Owner Trustee (i) may act directly or through
     its agents or attorneys pursuant to agreements entered into with any of
     them, but the Owner Trustee shall not be personally liable for the conduct
     or misconduct of such agents, custodians, nominees (including persons
     acting under a power of attorney) or attorneys selected with reasonable
     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 at the expense of the Trust. The Owner Trustee
     shall not be personally 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.

     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 Transaction Document shall
look only to the Owner Trust Estate for payment or satisfaction thereof.

     SECTION 7.6. The Owner Trustee Not Liable for Certificates or Receivables.
The recitals contained herein and in the Certificates (other than the signature
and countersignature of the Owner Trustee on the Certificates) shall be taken as
the statements of the Depositor, and the Owner Trustee assumes no responsibility
for the correctness thereof. The Owner Trustee makes no personal representations
as to the validity or sufficiency of this Agreement, of any Transaction Document
or of the Certificates (other than the signature and countersignature of the
Owner Trustee on the Certificates) or the Notes, or of any Receivable or related
documents. The Owner Trustee shall at no time have any responsibility or
personal 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 for or with respect to the sufficiency of
the Owner Trust Estate or its ability 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 Trust 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 Transaction Document or in
any related document or the accuracy of any such warranty or representation or
any action of Indenture Trustee, the Administrator, or the Servicer or any
subservicer taken in the name of the Owner Trustee.

     SECTION 7.7. The Owner Trustee May Own Certificates and Notes. The Owner
Trustee in its individual or any other capacity may become the owner or pledgee
of Certificates or Notes and may deal with the Depositor, the Indenture Trustee
and the Administrator in banking transactions with the same rights as it would
have if it were not the Owner Trustee.

                                       22

<PAGE>

                                  ARTICLE VIII

                          COMPENSATION OF OWNER TRUSTEE

     SECTION 8.1. The Owner Trustee's Fees and Expenses. The Depositor shall
cause the Administrator to pay to the Owner Trustee pursuant to the Indenture
from time to time reasonable compensation for all services rendered by the Owner
Trustee under this Agreement (which compensation shall not be limited by any
provision of law in regard to the compensation of a trustee of an express
trust). Except as otherwise expressly provided for in this Agreement or the
Indenture, to the extent not paid pursuant to Section 5.05(c) of the Indenture,
the Depositor shall cause the Administrator to reimburse the Owner Trustee upon
its request for all reasonable expenses, disbursements and advances incurred or
made by the Owner Trustee in accordance with any provision of this Agreement
(including the reasonable compensation, expenses and disbursements of such
agents 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 expense may be attributable to its willful misconduct, gross negligence or
bad faith.

     SECTION 8.2. Indemnification. The Depositor shall cause the Administrator
to indemnify the Owner Trustee in its individual capacity and as trustee and its
successors, assigns, directors, officers, employees and agents from and against,
any and all loss, liability and expense, tax, penalty or claim (including
reasonable legal fees and expenses) of any kind and nature whatsoever which may
at any time be imposed on, incurred by, or asserted against the Owner Trustee in
its individual capacity and as trustee or any Indemnified Party in any way
relating to or arising out of this Agreement, the Transaction Documents, the
Owner Trust Estate, the administration of the Owner Trust Estate or the action
or inaction of the Owner Trustee hereunder, provided, however, that the
Administrator shall not be liable for or required to indemnify the Owner Trustee
from and against any of the foregoing expenses arising or resulting from any of
the matters described in the third sentence of Section 7.1.

     SECTION 8.3. Payments to the Owner Trustee. Any amounts paid to the Owner
Trustee pursuant to this Article VIII and the Administration Agreement 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) This Agreement (other than
Article VIII) and the Trust shall terminate and be of no further force or
effect, upon 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 Contribution Agreement, the Servicing Agreement and Article
V; provided, however, that in no event shall the Trust created by this Agreement
continue beyond the expiration of 110 years from the date of this Agreement. The
bankruptcy, liquidation, dissolution, death or incapacity of any
Certificateholder shall not (x) operate to terminate this Agreement or the
Trust, nor (y) entitle such Certificateholder's legal representatives or heirs
to claim an accounting or to take any action or proceeding in any court

                                       23

<PAGE>

for a partition or winding up of all or any part of the Trust or Owner Trust
Estate nor (z) otherwise affect the rights, obligations and liabilities of the
parties hereto.

          (b) Except as provided in clause (a), neither the Depositor nor any
     Certificateholder shall be entitled to revoke or terminate the Trust.

          (c) Notice of any termination of the Trust, specifying the Payment
     Date upon which the Certificateholders shall surrender their Certificates
     to the Paying Agent for payment of the final distribution and cancellation,
     shall be given by the Owner Trustee by letter to Certificateholders mailed
     within five Business Days of receipt of notice of such termination from the
     Servicer given pursuant to Section 6.02 of the Indenture, 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 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
     Paying Agent therein specified. The Owner Trustee shall give such notice to
     the Certificate Registrar (if other than the Owner Trustee), the Paying
     Agent and the Note Insurer at the time such notice is given to
     Certificateholders. Upon presentation and surrender of the Certificates,
     the Paying Agent shall cause to be distributed to 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 sixty (60) days 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
sixty (60) days 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 after exhaustion of such remedies
shall be distributed, subject to applicable escheat laws, by the Owner Trustee
to the Depositor.

                                   ARTICLE X

                     SUCCESSOR OWNER TRUSTEES AND ADDITIONAL
                                 OWNER TRUSTEES

     SECTION 10.1. Eligibility Requirements for the Owner Trustee. The Owner
Trustee shall at all times be a bank (i) authorized to exercise corporate trust
powers, (ii) having a combined capital and surplus of at least $50,000,000 and
(iii) subject to supervision or examination by Federal or state authorities. If
such bank 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

                                       24

<PAGE>

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.

     SECTION 10.2. Resignation or Removal of the 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 and the Note Insurer. Upon
receiving such notice of resignation, the Administrator shall promptly appoint a
successor Owner Trustee reasonably acceptable to the Note Insurer 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 (with a copy
to the Note Insurer). 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 reasonably
acceptable to the Note Insurer; provided, however, that such right to appoint or
to petition for the appointment of any such successor shall in no event relieve
the resigning Owner Trustee from any obligations otherwise imposed on it under
the Transaction Documents until such successor has in fact assumed such
appointment.

     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 with notice to the Note Insurer 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 reasonably acceptable to the Note
Insurer by written instrument, in duplicate, one copy of which instrument shall
be delivered to the outgoing Owner Trustee so removed and one copy to the
successor Owner Trustee (with a copy to the Note Insurer) and payment of all
fees owed 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 reasonably acceptable to the Note Insurer 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 and the Note Insurer.

     SECTION 10.3. Successor the Owner Trustee. Any successor Owner Trustee
appointed pursuant to Section 10.2 shall execute, acknowledge and deliver to the
Administrator, the Note Insurer 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

                                       25

<PAGE>

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 such successor Owner
Trustee to all Certificateholders, Indenture Trustee, the Noteholders and each
of 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.

     SECTION 10.4. Merger or Consolidation of the Owner Trustee. Any corporation
into which the Owner Trustee may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or
consolidation to which the Owner Trustee shall be a party, or any corporation
succeeding to all or substantially all of the corporate trust business of the
Owner Trustee, shall, 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, be the successor of the Owner Trustee hereunder;
provided that such corporation shall be eligible pursuant to Section 10.1; and
provided further that the Owner Trustee shall mail notice of such merger or
consolidation to the Rating Agencies.

     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 Trust, 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. 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.

     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

                                       26

<PAGE>

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

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

               (iii) the 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, 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.

                                   ARTICLE XI

                                  MISCELLANEOUS

     SECTION 11.1. Supplements and Amendments. (a) This Agreement may be amended
by the Depositor and the Owner Trustee, with prior written notice to the Note
Insurer and the Rating Agencies, without the consent of any of the Noteholders
or the Certificateholders:

               (i) 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 adversely affect in any

                                       27

<PAGE>

          material respect the interests of any Noteholder or Certificateholder;
          provided further, however, that such amendment will not significantly
          change the permitted activities of the Trust as set forth herein.

               (ii) in connection with any such election, to modify or eliminate
          existing provisions set forth in this Agreement relating to the
          intended federal income tax treatment of the Notes or Certificates and
          the Trust in the absence of the election; it being a condition to any
          such amendment that each Rating Agency shall have notified the
          Depositor, the Administrator, the Indenture Trustee and the Owner
          Trustee in writing that the amendment will not result in a reduction
          or withdrawal of the rating of any outstanding Notes or Certificates
          with respect to which it is a Rating Agency; and

               (iii) to add, modify or eliminate such provisions as may be
          necessary or advisable in order to enable (a) the transfer to the
          Trust of all or any portion of the Receivables to be recognized as a
          sale under GAAP by the Depositor to the Trust, (b) the Trust to avoid
          becoming a member of the Depositor's consolidated group under GAAP or
          (c) the Depositor or any of its Affiliates to otherwise comply with or
          obtain more favorable treatment under any law or regulation or any
          accounting rule or principle.

          (b) This Agreement may also be amended from time to time by the
     Depositor and the Owner Trustee, with prior written notice to the Note
     Insurer and the Rating Agencies, with the consent of the Holders of Notes
     evidencing not less than a majority of the Outstanding Amount of the Notes
     and, to the extent affected thereby, the consent of the Holders of
     Certificates evidencing not less than a majority of the Certificate
     Percentage Interests for the purpose of adding any provisions to or
     changing in any manner or eliminating any of the provisions of this
     Agreement or of modifying in any manner the rights of the Noteholders or
     the Certificateholders; provided 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 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 Percentage Interests
     required to consent to any such amendment, without the consent of the
     Holders of all the outstanding Notes and Holders of all outstanding
     Certificates; provided, further that the consent of the Note Insurer shall
     be obtained with respect to any amendment adversely affecting the Note
     Insurer or the bankruptcy-remote status of the Trust.

          (c) Promptly after the execution of any such amendment or consent, the
     Administrator shall furnish written notification of the substance of such
     amendment or consent to each Certificateholder, the Indenture Trustee, the
     Note Insurer and each of the Rating Agencies.

          (d) It shall not be necessary for the consent of the
     Certificateholders, the Noteholders or the Indenture Trustee pursuant to
     this Section to approve the particular form of any proposed amendment or
     consent, but it shall be sufficient if such consent,

                                       28

<PAGE>

     where required, shall approve the substance thereof. The manner of
     obtaining such consents (and any other consents of Certificateholders
     provided for in this Agreement or in any other Transaction Document) and of
     evidencing the authorization of the execution thereof by Certificateholders
     shall be subject to such reasonable requirements as the Owner Trustee may
     prescribe.

          (e) Prior to the execution of any amendment to this Agreement 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 and that all conditions precedent to the
     execution and delivery of such amendment have been satisfied. 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.

          (f) Notwithstanding the language set forth in this Section 11.1, the
     consent of the Note Insurer shall be required at all times with respect to
     any amendment of Section 4.6 of this Agreement.

     SECTION 11.2. No Legal Title to Owner Trust Estate in Certificateholders.
The Certificateholders shall not have legal title to any part of the Owner Trust
Estate. The Certificateholders shall be entitled to receive distributions with
respect to their undivided beneficial interest therein only in accordance with
Articles V and IX. No transfer, by operation of law or otherwise, of any right,
title or interest of the Certificateholders to and in their ownership interest
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 Section 2.7, the
provisions of this Agreement are solely for the benefit of the Owner Trustee,
the Depositor, the Administrator, the Certificateholders, the Servicer 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 by telecopy with receipt acknowledged by the recipient thereof or
upon receipt personally delivered, delivered by overnight courier or mailed
certified mail, return receipt requested, if to the Owner Trustee, addressed to
the Corporate Trust Office; if to the Depositor, addressed to 8000 Jones Park
Drive, McLean, Virginia 22102, Attention: Director of Securitization; Copy to:
Legal Department; Copy to: Mayer, Brown, Rowe & Maw; if to the Note Insurer,
addressed to MBIA Insurance Corporation, 113 King Street, Armonk, New York
10504, Attention: Insured Portfolio Management - Structured Finance (IPM-SF) or,
as to each party, at such other address as shall be designated by such party in
a written notice to each other party.

                                       29

<PAGE>

          (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 Certificateholder 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, whether or not the
     Certificateholder receives such notice.

     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 Owner Trustee and its 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 Petition. The Owner Trustee (not in its individual
capacity but solely as the Owner Trustee), by entering into this Agreement, each
Certificateholder, by accepting a Certificate, and the Indenture Trustee and
each Noteholder or Note Owner, by accepting the benefits of this Agreement,
hereby covenants and agrees that they will not at any time institute against the
Depositor, or solicit or join in or cooperate with or encourage any institution
against the Depositor of any bankruptcy, reorganization, arrangement, insolvency
or liquidation proceedings, or other proceedings under any United States Federal
or state bankruptcy or similar law in connection with any obligations relating
to the Certificates, the Notes, this Agreement or any of the Transaction
Documents.

     SECTION 11.9. No Recourse. (a) Each Certificateholder by accepting a
Certificate acknowledges that such Certificateholder's Certificates represent
beneficial interests in the Trust only and do not represent interests in or
obligations of the Seller, the Administrator, the Depositor, the Owner Trustee,
the Indenture Trustee or any Affiliate thereof and no recourse may be had
against such parties or their assets, except as expressly set forth or
contemplated in this Agreement, the Certificates or the Transaction Documents.

          (b) In furtherance of and not in derogation of the foregoing, to the
     extent the Depositor enters into other securitization transactions, each
     Certificateholder, by accepting a Certificate, acknowledges and agrees that
     it shall have no right, title or interest in or to any assets or interests
     therein of the Depositor (other than the Trust Estate conveyed or purported
     to be conveyed by the Depositor to another securitization trust or other
     Person or Persons in connection therewith (whether by way of a sale,
     capital contribution or by virtue of the granting of a lien) ("Other
     Assets"). To the extent that, notwithstanding the agreements and provisions
     contained in the preceding sentences of

                                       30

<PAGE>

     this Section, a Certificateholder either (i) asserts an interest or claim
     to, or benefit from, Other Assets, whether asserted against or through the
     Depositor or any other Person owned by the Depositor, or (ii) is deemed to
     have any such interest, claim or benefit in or from Other Assets, whether
     by operation of law, legal process, pursuant to applicable provisions of
     insolvency laws or otherwise (including by virtue of Section 1111(b) of the
     Federal Bankruptcy Code or any successor provision having similar effect
     under the Bankruptcy Code), and whether deemed asserted against or through
     the Depositor or any other Person owned by the Depositor, then each
     Certificateholder, by accepting a Certificate, further acknowledges and
     agrees that any such interest, claim or benefit in or from Other Assets is
     and shall be expressly subordinated to the indefeasible payment in full of
     all obligations and liabilities of the Depositor which, under the terms of
     the relevant documents relating to the securitization of such Other Assets,
     are entitled to be paid from, entitled to the benefits of, or otherwise
     secured by such Other Assets (whether or not any such entitlement or
     security interest is legally perfected or otherwise entitled to priority of
     distribution or application under applicable law, including insolvency
     laws, and whether asserted against the Depositor or any other Person owned
     by the Depositor), including the payment of post-petition interest on such
     other obligations and liabilities. This subordination agreement shall be
     deemed a subordination agreement within the meaning of Section 510(a) of
     the Bankruptcy Code. Each Certificateholder, by acceptance of a
     Certificate, further acknowledges and agrees that no adequate remedy at law
     exists for a breach of this Section 11.9(b) and the terms of this Section
     11.9(b) may be enforced by an action for specific performance. The
     provisions of this Section 11.9(b) shall be for the third party benefit of
     those entitled to rely thereon and shall survive the termination of this
     Agreement.

     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.

     SECTION 11.12. Ratification. The parties hereto and the Trust created
hereby ratify action taken by the Owner Trustee in connection with the execution
and delivery of the application for licensure as a Pennsylvania Sales Finance
Company and all action taken in connection therewith.

                  [Remainder of page intentionally left blank]

                                       31

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Amended and
Restated 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 the Owner Trustee

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

                                       32

<PAGE>

                                           CAPITAL ONE AUTO RECEIVABLES, LLC,
                                           as the Depositor

                                           By:
                                               ---------------------------------
                                               Name: Jeffery A. Elswick
                                               Title: President

                                       33

<PAGE>

                                                                       EXHIBIT A

                               FORM OF CERTIFICATE

                      100% CERTIFICATE PERCENTAGE INTEREST

NUMBER
R-1

                      CAPITAL ONE AUTO FINANCE TRUST 2002-A
                                   CERTIFICATE

     Evidencing a beneficial interest in certain distributions of the Trust, as
defined below, the property of which includes a pool of Receivables sold to the
Trust by the Seller.

     (This Certificate does not represent an interest in or obligation of
Capital One Auto Receivables, LLC or any of its Affiliates, except to the extent
described below.)

THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR ANY OTHER
APPLICABLE SECURITIES OR "BLUE SKY" LAWS OF ANY STATE OR OTHER JURISDICTION, AND
MAY NOT BE RESOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN
COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR ANY OTHER
APPLICABLE SECURITIES OR "BLUE SKY" LAWS, PURSUANT TO AN EXEMPTION THEREFROM OR
IN A TRANSACTION NOT SUBJECT THERETO. IT AGREES, ON ITS OWN BEHALF AND ON BEHALF
OF ANY ACCOUNTS FOR WHICH IT IS ACTING AS AGENT, THAT SUCH CERTIFICATE MAY BE
RESOLD, ASSIGNED, PLEDGED OR TRANSFERRED ONLY (A) SO LONG AS THE CERTIFICATE IS
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, SUCH TO A
PERSON WHOM THE TRANSFEROR REASONABLY BELIEVES AFTER DUE INQUIRY IS A QIB ACTING
FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR
AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QIBS) TO WHOM NOTICE IS GIVEN THAT THE
RESALE, ASSIGNMENT, PLEDGE OR TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(B) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR
(C) SUCH RESALE, ASSIGNMENT, PLEDGE OR OTHER TRANSFER IS MADE IN A TRANSACTION
EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND OTHER
SECURITIES OR "BLUE SKY" LAWS, IN WHICH CASE THE OWNER TRUSTEE SHALL REQUIRE (I)
THAT BOTH THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY TO
THE OWNER TRUSTEE AND THE DEPOSITOR IN WRITING THE FACTS SURROUNDING SUCH
TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE
OWNER TRUSTEE AND (II) A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE
EXPENSE OF THE OWNER TRUSTEE OR THE DEPOSITOR) SATISFACTORY TO THE OWNER TRUSTEE
AND THE DEPOSITOR, TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE
SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES OR
"BLUE SKY" LAWS OF

                                      A-1

<PAGE>

ANY STATE OR JURISDICTION. ANY ATTEMPTED TRANSFER IN CONTRAVENTION OF THE
IMMEDIATELY PRECEDING RESTRICTIONS WILL BE VOID AB INITIO AND THE PURPORTED
TRANSFEROR WILL CONTINUE TO BE TREATED AS THE OWNER OF THE CERTIFICATE FOR ALL
PURPOSES.

NO CERTIFICATE OR INTEREST THEREIN MAY BE ACQUIRED OR HELD (IN THE INITIAL
ACQUISITION OR THROUGH A TRANSFER) WITH PLAN ASSETS OF ANY "EMPLOYEE BENEFIT
PLAN" WHETHER OR NOT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED ("ERISA"), ANY "PLAN" DESCRIBED BY SECTION 4975(E)(1) OF THE
INTERNAL REVENUE CODE OF 1986, AS AMENDED, OR ANY ENTITY DEEMED TO HOLD THE
ASSETS OF ANY OF THE FOREGOING BY REASON OF AN EMPLOYEE BENEFIT PLAN'S OR OTHER
PLAN'S INVESTMENT IN SUCH ENTITY (EACH, A "BENEFIT PLAN").

                                      A-2

<PAGE>

     THIS CERTIFIES THAT CAPITAL ONE AUTO RECEIVABLES, LLC is the registered
owner of a 100% Certificate Percentage Interest that is nonassessable,
fully-paid, beneficial interest in certain distributions of CAPITAL ONE AUTO
FINANCE TRUST 2002-A (the "Trust") formed by Capital One Auto Receivables, LLC,
a Delaware limited liability company (the "Depositor").

     The Trust was created pursuant to an Amended and Restated Trust Agreement
dated as of April 23, 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 the Indenture among the Trust, and JPMorgan Chase
Bank, as the Indenture Trustee (the "Indenture Trustee"), dated as of April 23,
2002, as the same may be amended or supplemented from time to time.

     This Certificate is one of the duly authorized Certificates designated as
Capital One Auto Finance Trust 2002-A Certificates (herein called the
"Certificates"). Also issued under the Indenture dated as of April 23, 2002,
between the Trust and the Indenture Trustee, are five classes of Notes
designated as 1.98% Class A-1 Notes (the "Class A-1 Notes"), 2.99% Class A-2
Notes (the "Class A-2 Notes"), 4.03% Class A-3 Notes (the "Class A-3 Notes"),
4.79% Class A-4 Notes (the "Class A-4 Notes" and, together with the Class A-1
Notes, the Class A-2 Notes and the Class A-3 Notes, the "Class A Notes") and
8.35% Class B Notes (the "Class B Notes" and together with the Class A 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.

     Under the Trust Agreement, there will be distributed on the 15th day of
each month (or, if such 15th day is not a Business Day, the next Business Day),
commencing on May 15, 2002, to the Person in whose name this Certificate is
registered at the close of business on the last day of the preceding month, such
Certificateholder's Certificate Percentage Interest in the amount to be
distributed to Certificateholders on such date.

     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 and the Note Insurer as described in the Contribution
Agreement, the Indenture, the Servicing Agreement and the Trust Agreement, as
applicable.

     It is the intent of the Depositor, the Servicer, the Administrator and the
Certificateholders that, for purposes of federal income, state and local income
and franchise tax, until the Trust Certificates are held by other than the
Depositor, the Trust will be disregarded as an entity separate from its owner.
At such time that the Certificates are held by more than one person, it is the
intent of the Seller, the Servicer, the Administrator and the Certificateholders
that, for purposes of federal income, state and local income and franchise tax,
the Trust will be treated as a partnership, the assets of which are the assets
held by the Trust, and the Certificateholders will be treated as partners in
that partnership. The Seller and the other Certificateholders, by acceptance of
a Certificate, agree to treat, and to take no action inconsistent with the
treatment of, the Certificates as such for tax purposes.

                                      A-3

<PAGE>

     Each Certificateholder, by its acceptance of a Certificate, covenants and
agrees that such Certificateholder will not at any time institute against the
Depositor, or join in or encourage any institution against the Depositor of, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings,
or other proceedings under any United States federal or state bankruptcy or
similar law in connection with any obligations relating to the Certificates, the
Notes, the Trust Agreement or any of the Transaction Documents.

     Each Certificateholder by accepting a Certificate acknowledges that such
Certificateholder's Certificates represent beneficial interests in the Trust
only and do not represent interests in or obligations of the Depositor, the
Servicer, the Administrator, the Seller, the Owner Trustee, the Indenture
Trustee or any Affiliate thereof and no recourse may be had against such parties
or their assets, except as expressly set forth or contemplated in the Trust
Agreement, the Certificates or the Transaction Documents.

     Each Certificateholder by accepting a Certificate consents to the written
consent of the Owner Trustee with respect to the Bankruptcy Action of the Trust.

     In furtherance of and not in derogation of the foregoing, to the extent the
Depositor enters into other securitization transactions, each Certificateholder,
by accepting a Certificate, acknowledges and agrees that it shall have no right,
title or interest in or to any assets or interests therein of the Depositor
conveyed or purported to be conveyed by the Depositor to another securitization
trust or other Person or Persons in connection therewith (whether by way of a
sale, capital contribution or by virtue of the granting of a lien) ("Other
Assets"). To the extent that, notwithstanding the agreements and provisions
contained herein, a Certificateholder either (i) asserts an interest or claim
to, or benefit from, Other Assets, whether asserted against or through the
Depositor or any other Person owned by the Depositor, or (ii) is deemed to have
any such interest, claim or benefit in or from Other Assets, whether by
operation of law, legal process, pursuant to applicable provisions of insolvency
laws or otherwise (including by virtue of Section 1111(b) of the Federal
Bankruptcy Code or any successor provision having similar effect under the
Bankruptcy Code), and whether deemed asserted against or through the Depositor
or any other Person owned by the Depositor, then each Certificateholder, by
accepting a Certificate, further acknowledges and agrees that any such interest,
claim or benefit in or from Other Assets is and shall be expressly subordinated
to the indefeasible payment in full of all obligations and liabilities of the
Depositor which, under the terms of the relevant documents relating to the
securitization of such Other Assets, are entitled to be paid from, entitled to
the benefits of, or otherwise secured by such Other Assets (whether or not any
such entitlement or security interest is legally perfected or otherwise entitled
to priority of distribution or application under applicable law, including
insolvency laws, and whether asserted against the Depositor or any other Person
owned by the Depositor), including the payment of post-petition interest on such
other obligations and liabilities. This subordination agreement shall be deemed
a subordination agreement within the meaning of Section 510(a) of the Bankruptcy
Code. Each Certificateholder, by acceptance of a Certificate, further
acknowledges and agrees that no adequate remedy at law exists for a breach of
this paragraph and the terms of this paragraph may be enforced by an action for
specific performance. The provisions of this paragraph shall be for the third
party benefit of those entitled to rely thereon and shall survive the
termination of the Trust Agreement.

                                      A-4

<PAGE>

     The Certificates may not be acquired by or for the account of or with the
assets of (a) an employee benefit plan (as defined in Section 3(3) of ERISA)
that is subject to the provisions of Title 1 of ERISA, (b) a plan described in
Section 4975(e)(1) of the Code or (c) any entity whose underlying assets include
plan assets by reason of a plan's investment in the entity (each, a "Benefit
Plan"). By accepting and holding this Certificate, the Holder hereof shall be
deemed to have represented and warranted that it is not a Benefit Plan and is
not purchasing on behalf of a Benefit Plan.

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

     THIS CERTIFICATE 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.

                                      A-5

<PAGE>

     IN WITNESS WHEREOF, the Owner Trustee has caused this Certificate to be
duly executed.

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

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

                  OWNER TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                             WILMINGTON TRUST COMPANY, as the
                             Owner Trustee

                             By:
                                 -----------------------------------------------
                                 Authenticating Agent

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

                                      A-6

<PAGE>

                                   ASSIGNMENT

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

 -------------------------------------------------------------------------------
Please Insert Social Security or Other Identifying Number of Assignee

 -------------------------------------------------------------------------------
(Please Print or Type Name and Address, Including Postal Zip Code, of Assignee)

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

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

Dated:                                                                         *
      -----------------------                  ---------------------------------
                                                  Signature Guaranteed:*

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

----------
*    NOTICE: The signature to this assignment must correspond with the name 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.

                                      A-7

<PAGE>

                                                                       EXHIBIT B

                         FORM OF TRANSFEROR CERTIFICATE

                                     [Date]

Wilmington Trust Company,
c/o Capital One Auto Finance Trust 2002-A,
  as the Owner Trustee and
  as the Certificate Registrar
Rodney Square North
1100 North Market Street
Wilmington, Delaware 19890

Ladies and Gentlemen:

     In connection with our proposed sale of the 100% Certificates (the
"Certificate") of Capital One Auto Finance Trust 2002-A (the "Trust"), a trust
formed by Capital One Auto Receivables, LLC (the "Depositor" or the "Seller"),
we confirm that:

     a.   The Seller is the lawful owner of the Certificate with the full right
          to transfer the Certificate free from any and all claims and
          encumbrances whatsoever.

     b.   Neither the Seller nor anyone acting on its behalf has (a) offered,
          transferred, pledged, sold or otherwise disposed of the Certificate,
          any interest in the Certificate or any other similar security to any
          person in any manner, (b) solicited any offer to buy or accept a
          transfer, pledge or other disposition of the Certificate, any interest
          in the Certificate or any other similar security from any person in
          any manner, (c) otherwise approached or negotiated with respect to the
          Certificate, any interest in the Certificate or any other similar
          security with any person in any manner, (d) made any general
          solicitation with respect to the Certificate, any interest in the
          Certificate or any other similar security by means of general
          advertising or in any other manner, or (e) taken any other action with
          respect to the Certificate, any interest in the Certificate or any
          other similar security, which (in the case of any of the acts
          described in clauses (a) through (e) hereof) would constitute a
          distribution under the Securities Act of 1933 (the "Securities Act"),
          or would render the disposition of the Certificate a violation of
          Section 5 of the Securities Act or any state securities laws, or would
          require registration or qualification of the Certificate pursuant to
          the Securities Act or any state securities laws.

     c.   The Seller and any person acting on behalf of the Seller in this
          matter reasonably believe that the Transferee is either (a) a
          "qualified institutional buyer" (as that term is defined in Rule 144A
          ("Rule 144A") under the Securities Act) purchasing for its own account
          or (b) either (i) an "accredited investor" within the meaning of
          paragraph (1), (2), (3) or (7) of Rule 501(a) under the Securities Act
          or (ii) an entity in which all the equity owners are "accredited
          investors" within the meaning of paragraph (1), (2), (3) or (7) of
          Rule 501(a) under the Securities Act,

                                       B-1

<PAGE>

          and has such knowledge and experience in financial and business
          matters as to be capable of evaluating the merits and risks of an
          investment in the Certificate.

     d.   Unless the Transferee is either (a) an "accredited investor" within
          the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities
          Act or (b) an entity in which all the equity owners are "accredited
          investors" within the meaning of paragraph (1), (2), (3) or (7) of
          Rule 501(a) under the Securities Act that is furnishing a Transferee
          Certificate in the form of Exhibit C to the Trust Agreement, the
          Seller or a person acting on its behalf has taken reasonable steps to
          ensure that the Transferee is aware that the Seller is relying on the
          exemption from the provisions of Section 5 of the Securities Act
          provided by Rule 144A.

     e.   The Seller or a person acting on its behalf has furnished, or caused
          to be furnished, to the Transferee all information regarding (a) the
          Certificates and distributions thereon, (b) the nature, performance
          and servicing of the Receivables, (c) the Indenture and the Servicing
          Agreement, and (d) any credit enhancement mechanism associated with
          the Certificates, that the Transferee has requested.

                                        Very truly yours,

                                        Print Name of Transferor

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

                                      B-2

<PAGE>

                                                                       EXHIBIT C

                         FORM OF TRANSFEREE CERTIFICATE

                                     [Date]

Wilmington Trust Company,
c/o Capital One Auto Finance Trust 2002-A,
  as the Owner Trustee and
  as the Certificate Registrar
Rodney Square North
1100 North Market Street
Wilmington, Delaware 19890

Ladies and Gentlemen:

     In connection with our proposed purchase of the 100% Certificates (the
"Certificates") of Capital One Auto Finance Trust 2002-A (the "Trust"), a trust
formed by Capital One Auto Receivables, LLC (the "Depositor" or the "Seller"),
we confirm that:

     a.   We are a "qualified institutional buyer" as defined in Rule 144A
          ("QIB") and are acquiring the Certificate for our own institutional
          account (and not for the account of others) or as a fiduciary or agent
          for others (which others also are QIBs);

     b.   We acknowledge that the Certificates have not been and will not be
          registered under the Securities Act or the securities laws of any
          jurisdiction;

     c.   We are familiar with Rule 144A and are aware that the sale is being
          made in reliance on Rule 144A and we are not acquiring the
          Certificates with a view to, or for resale in connection with, a
          distribution that would constitute a public offering within the
          meaning of the Securities Act or a violation of the Securities Act,
          and that, if in the future we decide to resell, assign, pledge or
          otherwise transfer any Certificates, such Certificates may be resold,
          assigned, pledged or transferred only (i) to the Depositor or any
          Affiliate thereof, (ii) so long as such Certificate is eligible for
          resale pursuant to Rule 144A, to a person whom we reasonably believe
          after due inquiry is a QIB acting for its own account (and not for the
          account of others) or as a fiduciary or agent for others (which others
          also are QIBs) to whom notice is given that the resale, pledge,
          assignment or transfer is being made in reliance on Rule 144A, (iii)
          pursuant to an effective registration statement under the Securities
          Act or (iv) in a sale, pledge or other transfer made in a transaction
          otherwise exempt from the registration requirements of the Securities
          Act, in which case (A) the Owner Trustee will require that both the
          prospective transferor and the prospective transferee certify to the
          Owner Trustee and the Depositor in writing the facts surrounding such
          transfer, which certification shall be in form and substance
          satisfactory to the Owner Trustee and the Depositor and (B) the Owner
          Trustee will require a written opinion of counsel (which will not be
          at the expense of the Depositor or the Owner Trustee) satisfactory to
          the Depositor and the Owner Trustee to the effect that such transfer

                                       C-1

<PAGE>

          will not violate the Securities Act, in each case in accordance with
          any applicable securities or "Blue Sky" laws of any state of the
          United States;

     d.   No Certificate will be acquired or held by any "employee benefit plan"
          subject to ERISA or a "plan" described by Section 4975(e)(1) of the
          Internal Revenue Code of 1986, as amended, or by any entity deemed to
          hold the assets of any of the foregoing by reason of an employee
          benefit plan's or other plan's investment in such entity. Each Person
          who acquires any Certificate or interest therein will certify that the
          foregoing conditions are satisfied;

     e.   We are aware that we (or any account for which we are purchasing) may
          be required to bear the economic risk of an investment in the
          Certificates for an indefinite period, and we (or such account) are
          able to bear such risk for an indefinite period;

     f.   We understand that the Certificates will bear legends substantially as
          set forth in Section 3.12 of the Trust Agreement;

     g.   If we are acquiring any Certificates for the account of one or more
          qualified institutional buyers, we represent that we have sole
          investment discretion with respect to each such account and that we
          have full power to make the foregoing acknowledgments, representations
          and agreements on behalf of each such account; and

     h.   We acknowledge that the Owner Trustee, the Depositor, and their
          Affiliates, and others will rely upon the truth and accuracy of the
          foregoing acknowledgments, representations and agreements.

                                      C-2

<PAGE>

     You are entitled to rely upon this letter and are irrevocably authorized to
produce this letter or a copy hereof to any interested party in any
administrative or legal proceedings or official inquiry with respect to the
matters covered hereby.

                                        Very truly yours,

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

                                      C-3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00038-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00038-of-00352.parquet"}]]