Document:

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                                                                     EXHIBIT 4.1

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                VOLKSWAGEN AUTO LOAN ENHANCED [TRUST][LLC] 200_-_

                       Class A-1 _____% Asset Backed Notes

                       Class A-2 _____% Asset Backed Notes

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

                                FORM OF INDENTURE

                           Dated as of ________, 200__

                           --------------------------
                              as Indenture Trustee

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                                TABLE OF CONTENTS

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ARTICLE I             DEFINITIONS AND INCORPORATION BY REFERENCE.................................................  2

         SECTION 1.1           Definitions.......................................................................  2

         SECTION 1.2           Incorporation by Reference of Trust Indenture Act.................................  2

         SECTION 1.3           Other Interpretive Provisions.....................................................  2

ARTICLE II            THE NOTES..................................................................................  3

         SECTION 2.1           Form..............................................................................  3

         SECTION 2.2           Execution, Authentication and Delivery............................................  3

         SECTION 2.3           Temporary Notes...................................................................  4

         SECTION 2.4           Registration of Transfer and Exchange.............................................  4

         SECTION 2.5           Mutilated, Destroyed, Lost or Stolen Notes........................................  5

         SECTION 2.6           Persons Deemed Owner..............................................................  6

         SECTION 2.7           Payment of Principal and Interest.................................................  6

         SECTION 2.8           Cancellation......................................................................  7

         SECTION 2.9           Release of Collateral.............................................................  7

         SECTION 2.10          Book-Entry Notes..................................................................  7

         SECTION 2.11          Notices to Clearing Agency........................................................  8

         SECTION 2.12          Definitive Notes..................................................................  8

         SECTION 2.13          Authenticating Agents.............................................................  9

         SECTION 2.14          Tax Treatment.....................................................................  9

ARTICLE III           COVENANTS.................................................................................  10

         SECTION 3.1           Payment of Principal and Interest................................................  10

         SECTION 3.2           Maintenance of Office or Agency..................................................  10

         SECTION 3.3           Money for Payments To Be Held in Trust...........................................  10

         SECTION 3.4           Existence........................................................................  12

         SECTION 3.5           Protection of Trust Estate.......................................................  12

         SECTION 3.6           Opinions as to Trust Estate......................................................  12

         SECTION 3.7           Performance of Obligations; Servicing of Receivables.............................  13

         SECTION 3.8           Negative Covenants...............................................................  15

         SECTION 3.9           Annual Statement as to Compliance................................................  15

         SECTION 3.10          Issuer May Consolidate, Etc......................................................  16
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                                TABLE OF CONTENTS
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         SECTION 3.11          Successor or Transferee..........................................................  18

         SECTION 3.12          No Other Business................................................................  18

         SECTION 3.13          No Borrowing.....................................................................  18

         SECTION 3.14          Servicer's Obligations...........................................................  18

         SECTION 3.15          Guarantees, Loans, Advances and Other Liabilities................................  18

         SECTION 3.16          Capital Expenditures.............................................................  18

         SECTION 3.17          Restricted Payments..............................................................  18

         SECTION 3.18          Notice of Events of Default......................................................  19

         SECTION 3.19          Further Instruments and Acts.....................................................  19

         SECTION 3.20          Removal of Administrator.........................................................  19

ARTICLE IV            SATISFACTION AND DISCHARGE................................................................  19

         SECTION 4.1           Satisfaction and Discharge of Indenture..........................................  19

         SECTION 4.2           Application of Trust Money.......................................................  20

         SECTION 4.3           Repayment of Moneys Held by Paying Agent.........................................  20

ARTICLE V             REMEDIES..................................................................................  21

         SECTION 5.1           Events of Default................................................................  21

         SECTION 5.2           Acceleration of Maturity; Rescission and Annulment...............................  22

         SECTION 5.3           Collection of Indebtedness and Suits for Enforcement by Indenture Trustee........  23

         SECTION 5.4           Remedies; Priorities.............................................................  25

         SECTION 5.5           Optional Preservation of the Receivables.........................................  26

         SECTION 5.6           Limitation of Suits..............................................................  26

         SECTION 5.7           Unconditional Rights of Noteholders To Receive Principal and Interest............  27

         SECTION 5.8           Restoration of Rights and Remedies...............................................  27

         SECTION 5.9           Rights and Remedies Cumulative...................................................  28

         SECTION 5.10          Delay or Omission Not a Waiver...................................................  28

         SECTION 5.11          Control by Noteholders...........................................................  28

         SECTION 5.12          Waiver of Past Defaults..........................................................  28

         SECTION 5.13          Undertaking for Costs............................................................  29

         SECTION 5.14          Waiver of Stay or Extension Laws.................................................  29
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                                TABLE OF CONTENTS
                                   (continued)

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         SECTION 5.15          Action on Notes..................................................................  29

         SECTION 5.16          Performance and Enforcement of Certain Obligations...............................  29

ARTICLE VI            INDENTURE TRUSTEE.........................................................................  30

         SECTION 6.1           Duties of Indenture Trustee......................................................  30

         SECTION 6.2           Rights of Indenture Trustee......................................................  31

         SECTION 6.3           Individual Rights of Indenture Trustee...........................................  32

         SECTION 6.4           Indenture Trustee's Disclaimer...................................................  32

         SECTION 6.5           Notice of Defaults...............................................................  32

         SECTION 6.6           Reports by Indenture Trustee to Holders..........................................  32

         SECTION 6.7           Compensation and Indemnity.......................................................  32

         SECTION 6.8           Replacement of Indenture Trustee.................................................  33

         SECTION 6.9           Successor Indenture Trustee by Merger............................................  34

         SECTION 6.10          Appointment of Co-Indenture Trustee or Separate Indenture Trustee................  34

         SECTION 6.11          Eligibility; Disqualification....................................................  35

         SECTION 6.12          Preferential Collection of Claims Against Issuer.................................  36

ARTICLE VII           NOTEHOLDERS' LISTS AND REPORTS............................................................  36

         SECTION 7.1           Issuer to Furnish Indenture Trustee Names and Addresses of Noteholders...........  36

         SECTION 7.2           Preservation of Information; Communications to Noteholders.......................  36

         SECTION 7.3           Reports by Issuer................................................................  36

         SECTION 7.4           Reports by Indenture Trustee.....................................................  37

ARTICLE VIII          ACCOUNTS, DISBURSEMENTS AND RELEASES......................................................  37

         SECTION 8.1           Collection of Money..............................................................  37

         SECTION 8.2           Trust Accounts...................................................................  37

         SECTION 8.3           General Provisions Regarding Accounts............................................  38

         SECTION 8.4           Release of Trust Estate..........................................................  39

         SECTION 8.5           Opinion of Counsel...............................................................  40

ARTICLE IX            SUPPLEMENTAL INDENTURES...................................................................  40

         SECTION 9.1           Supplemental Indentures Without Consent of Noteholders...........................  40

         SECTION 9.2           Supplemental Indentures with Consent of Noteholders..............................  41
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                                TABLE OF CONTENTS
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         SECTION 9.3           Execution of Supplemental Indentures.............................................  43

         SECTION 9.4           Effect of Supplemental Indenture.................................................  43

         SECTION 9.5           Conformity With Trust Indenture Act..............................................  43

         SECTION 9.6           Reference in Notes to Supplemental Indentures....................................  44

ARTICLE X             REDEMPTION OF NOTES.......................................................................  44

         SECTION 10.1          Redemption.......................................................................  44

         SECTION 10.2          Form of Redemption Notice........................................................  44

         SECTION 10.3          Notes Payable on Redemption Date.................................................  45

ARTICLE XI            MISCELLANEOUS.............................................................................  45

         SECTION 11.1          Compliance Certificates and Opinions, etc........................................  45

         SECTION 11.2          Form of Documents Delivered to Indenture Trustee.................................  47

         SECTION 11.3          Acts of Noteholders..............................................................  48

         SECTION 11.4          Notices, etc., to Indenture Trustee, Issuer and Rating Agencies..................  48

         SECTION 11.5          Notices to Noteholders; Waiver...................................................  49

         SECTION 11.6          Alternate Payment and Notice Provisions..........................................  50

         SECTION 11.7          Conflict with Trust Indenture Act................................................  50

         SECTION 11.8          Effect of Headings and Table of Contents.........................................  50

         SECTION 11.9          Successors and Assigns...........................................................  50

         SECTION 11.10         Separability.....................................................................  50

         SECTION 11.11         Benefits of Indenture............................................................  50

         SECTION 11.12         Legal Holidays...................................................................  50

         SECTION 11.13         GOVERNING LAW....................................................................  50

         SECTION 11.14         Counterparts.....................................................................  51

         SECTION 11.15         Recording of Indenture...........................................................  51

         SECTION 11.16         Trust Obligation.................................................................  51

         SECTION 11.17         No Petition......................................................................  51

         SECTION 11.18         Inspection.......................................................................  51
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         INDENTURE dated as of __________, 200__, between VOLKSWAGEN AUTO LOAN
ENHANCED [TRUST][LLC] 200_-_, a [common law trust][statutory trust] [limited
liability company] ("Issuer"), and ___________________________________, a
____________________, solely as trustee and not in its individual capacity
("Indenture Trustee").

         Each party agrees as follows for the benefit of the other party and for
the equal and ratable benefit of the Holders of Issuer's Class A-1 _______%
Asset Backed Notes (the "Class A-1 Notes"), and Class A-2 ____% Asset Backed
Notes (the "Class A-2 Notes" and, together with the Class A-1 Notes, the
"Notes"):

                                 GRANTING CLAUSE

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

         The foregoing Grant is made in trust to secure the payment of principal
of and interest on, and any other amounts owing in respect of, the Notes,
equally and ratably without prejudice,

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

         Indenture Trustee, as Indenture Trustee on behalf of the Holders of the
Notes, acknowledges such Grant, accepts the trusts under this Indenture in
accordance with the provisions of this Indenture and agrees to perform its
duties required in this Indenture to the best of its ability to the end that the
interests of the Holders of the Notes may be adequately and effectively
protected.

ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE.

         SECTION 1.1 Definitions. Capitalized terms are used in this Indenture
as defined in Appendix A to the Sale and Servicing Agreement dated as of
____________, 200__, among Volkswagen Public Auto Loan Securitization, LLC, as
Seller, the Issuer and VW Credit, Inc., as Servicer.

         SECTION 1.2 Incorporation by Reference of Trust Indenture Act. Whenever
this Indenture refers to a provision of the TIA, the provision is incorporated
by reference in and made a part of this Indenture. The following TIA terms used
in this Indenture have the following meanings:

         "Commission" means the Securities and Exchange Commission. "indenture
securities" means the Notes.

         "indenture security holder" means a Noteholder.

         "indenture to be qualified" means this Indenture.

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

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

         All other TIA terms used in this Indenture that are defined by the TIA,
defined by TIA reference to another statute or defined by Commission rule have
the meaning assigned to them by such definitions.

         SECTION 1.3 Other Interpretive Provisions. All terms defined in this
Indenture shall have the defined meanings when used in any certificate or other
document delivered pursuant hereto unless otherwise defined therein. For
purposes of this Indenture and all such certificates and other documents, unless
the context otherwise requires: (a) accounting terms not otherwise defined in
this Indenture, and accounting terms partly defined in this Indenture to the
extent not defined, shall have the respective meanings given to them under
generally accepted accounting principles; (b) the words "hereof," "herein" and
"hereunder" and words of similar import refer to this Indenture as a whole and
not to any particular provision of this Indenture; (c) references to any
Article, Section, Schedule or Exhibit are references to Articles, Sections,
Schedules and Exhibits in or to this Indenture and references to any paragraph,
subsection, clause or other subdivision within any Section or definition refer
to such paragraph, subsection, clause or other

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

ARTICLE II THE NOTES.

         SECTION 2.1 Form. The Class A-1 Notes and the Class A-2 Notes, in each
case together with Indenture Trustee's certificate of authentication, shall be
in substantially the forms set forth in Exhibits B and C, respectively, with
such appropriate insertions, omissions, substitutions and other variations as
are required or permitted by this Indenture and may have such letters, numbers
or other marks of identification and such legends or endorsements placed thereon
as may, consistently herewith, be determined by the officers executing such
Notes, as evidenced by their execution of the Notes. Any portion of the text of
any Note may be set forth on the reverse thereof, with an appropriate reference
thereto on the face of the Note.

         The Definitive Notes shall be typewritten, printed, lithographed or
engraved or produced by any combination of these methods (with or without steel
engraved borders), all as determined by the officers executing such Notes, as
evidenced by their execution of such Notes.

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

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

         Notes bearing the manual or facsimile signature of individuals who were
at any time Authorized Officers of Issuer shall bind Issuer, notwithstanding
that such individuals or any of them have ceased to hold such offices prior to
the authentication and delivery of such Notes or did not hold such offices at
the date of such Notes.

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

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

         No Note shall be entitled to any benefit under this Indenture or be
valid or obligatory for any purpose, unless there appears on such Note a
certificate of authentication substantially in the form provided for herein
executed by Indenture Trustee by the manual signature of one of its

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authorized signatories, and such certificate upon any Note shall be conclusive
evidence, and the only evidence, that such Note has been duly authenticated and
delivered hereunder.

         SECTION 2.3 Temporary Notes. Pending the preparation of Definitive
Notes, Issuer may execute, and upon receipt of an Issuer Order, Indenture
Trustee shall authenticate and deliver, temporary Notes which are printed,
lithographed, typewritten, mimeographed or otherwise produced, of the tenor of
the Definitive Notes in lieu of which they are issued and with such variations
not inconsistent with the terms of this Indenture as the officers executing such
Notes may determine, as evidenced by their execution of such Notes.

         If temporary Notes are issued, Issuer will cause Definitive Notes to be
prepared without unreasonable delay. After the preparation of Definitive Notes,
the temporary Notes shall be exchangeable for Definitive Notes upon surrender of
the temporary Notes at the office or agency of Issuer to be maintained as
provided in Section 3.2, without charge to the Holder. Upon surrender for
cancellation of any one or more temporary Notes, Issuer shall execute and
Indenture Trustee shall authenticate and deliver in exchange therefor a like
principal amount of Definitive Notes of authorized denominations. Until so
exchanged, the temporary Notes shall in all respects be entitled to the same
benefits under this Indenture as Definitive Notes.

         SECTION 2.4 Registration of Transfer and Exchange. Issuer shall cause
to be kept a register (the "Note Register") in which, subject to such reasonable
regulations as it may prescribe, Issuer shall provide for the registration of
Notes and the registration of transfers of Notes. Indenture Trustee shall
initially be "Note Registrar" for the purpose of registering Notes and transfers
of Notes as herein provided. Upon any resignation of any Note Registrar, Issuer
shall promptly appoint a successor or, if it elects not to make such an
appointment, assume the duties of Note Registrar.

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

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

         At the option of the Holder, Notes may be exchanged for other Notes in
any authorized denominations, of the same class and a like aggregate principal
amount, upon surrender of the Notes to be exchanged at such office or agency.
Whenever any Notes are so surrendered for exchange, if the requirements of
Section 8-401(1) of the UCC are met Issuer shall execute and

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upon its written request Indenture Trustee shall authenticate and the Noteholder
shall obtain from Indenture Trustee, the Notes which the Noteholder making the
exchange is entitled to receive.

         All Notes issued upon any registration of transfer or exchange of Notes
shall be the valid obligations of Issuer, evidencing the same debt, and entitled
to the same benefits under this Indenture, as the Notes surrendered upon such
registration of transfer or exchange.

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

         No service charge shall be made to a Holder for any registration of
transfer or exchange of Notes, but Issuer may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any registration of transfer or exchange of Notes, other than
exchanges pursuant to Section 2.3 or 9.6 not involving any transfer.

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

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

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and shall be entitled to recover upon the security or indemnity provided
therefor to the extent of any loss, damage, cost or expense incurred by Issuer
or Indenture Trustee in connection therewith.

         Upon the issuance of any replacement Note under this Section, Issuer
may require the payment by the Holder of such Note of a sum sufficient to cover
any tax or other governmental charge that may be imposed in relation thereto and
any other reasonable expenses (including the fees and expenses of Indenture
Trustee) connected therewith.

         Every replacement Note issued pursuant to this Section in replacement
of any mutilated, destroyed, lost or stolen Note shall constitute an original
additional contractual obligation of Issuer, whether or not the mutilated,
destroyed, lost or stolen Note shall be at any time enforceable by anyone, and
shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Notes duly issued hereunder.

         The provisions of this Section are exclusive and shall preclude (to the
extent lawful) all other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Notes.

         SECTION 2.6 Persons Deemed Owner. Prior to due presentment for
registration of transfer of any Note, Issuer, Indenture Trustee and any agent of
Issuer or Indenture Trustee may treat the Person in whose name any Note is
registered (as of the day of determination) as the owner of such Note for the
purpose of receiving payments of principal of and interest, if any, on such Note
and for all other purposes whatsoever, whether or not such Note be overdue, and
neither Issuer, Indenture Trustee nor any agent of Issuer or Indenture Trustee
shall be affected by notice to the contrary.

         SECTION 2.7 Payment of Principal and Interest. (a) The Notes shall
accrue interest as provided in the forms of the Class A-1 Note and the Class A-2
Note, set forth in Exhibits B and C, respectively, and such interest shall be
payable on each Distribution Date as specified therein. Any installment of
interest or principal, if any, payable on any Note which is punctually paid or
duly provided for by Issuer on the applicable Distribution Date shall be paid to
the Person in whose name such Note (or one or more Predecessor Notes) is
registered on the Record Date, by check mailed first-class, postage prepaid, to
such Person's address as it appears on the Note Register on such Record Date,
except that, unless Definitive Notes have been issued pursuant to Section 2.12,
with respect to Notes registered on the Record Date in the name of the nominee
of the Clearing Agency (initially, such nominee to be Cede & Co.), payment will
be made by wire transfer in immediately available funds to the account
designated by such nominee and except for the final installment of principal
payable with respect to such Note on a Distribution Date or on the Final
Scheduled Distribution Date (and except for the Redemption Price for any Note
called for redemption pursuant to Section 10.1(a)) which shall be payable as
provided below. The funds represented by any such checks returned undelivered
shall be held in accordance with Section 3.3.

                  (b) The principal of each Note shall be payable on each
Distribution Date as provided in the forms of the Class A-1 Note and the Class
A-2 Note, set forth in Exhibits B and C, respectively. Notwithstanding the
foregoing, the entire unpaid principal amount of the Notes

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shall be due and payable, if not previously paid, on the date on which an Event
of Default shall have occurred and be continuing, if Indenture Trustee or the
Holders of the Notes representing not less than a majority of the Outstanding
Amount of the Notes have declared the Notes to be immediately due and payable in
the manner provided in Section 5.2 and, in such event, all principal payments on
each class of Notes shall be made pro rata to the Noteholders of such class
entitled thereto. Indenture Trustee shall notify the Person in whose name a Note
is registered at the close of business on the Record Date preceding the
Distribution Date on which Issuer expects that the final installment of
principal of and interest on such Note will be paid. Such notice shall be mailed
or transmitted by facsimile prior to such final Distribution Date and shall
specify that such final installment will be payable only upon presentation and
surrender of such Note and shall specify the place where such Note may be
presented and surrendered for payment of such installment. Notices in connection
with redemptions of Notes shall be mailed to Noteholders as provided in Section
10.2.

         SECTION 2.8 Cancellation. All Notes surrendered for payment,
registration of transfer, exchange or redemption shall, if surrendered to any
Person other than Indenture Trustee, be delivered to Indenture Trustee and shall
be promptly cancelled by Indenture Trustee. Issuer may at any time deliver to
Indenture Trustee for cancellation any Notes previously authenticated and
delivered hereunder which Issuer may have acquired in any manner whatsoever, and
all Notes so delivered shall be promptly cancelled by Indenture Trustee. No
Notes shall be authenticated in lieu of or in exchange for any Notes cancelled
as provided in this Section, except as expressly permitted by this Indenture.
All cancelled Notes may be held or disposed of by Indenture Trustee in
accordance with its standard retention or disposal policy as in effect at the
time unless Issuer shall direct by an Issuer Order that they be destroyed or
returned to it; provided that such Issuer Order is timely and the Notes have not
been previously disposed of by Indenture Trustee.

         SECTION 2.9 Release of Collateral. Subject to Section 11.1, Indenture
Trustee shall release property from the lien of this Indenture only upon receipt
of an Issuer Request accompanied by an Officer's Certificate, an Opinion of
Counsel and Independent Certificates in accordance with TIA Sections 314(c) and
314(d)(1) or an Opinion of Counsel in lieu of such Independent Certificates to
the effect that the TIA does not require any such Independent Certificates. If
the Commission shall issue an exemptive order under TIA Section 304(d) modifying
Owner Trustee's obligations under TIA Sections 314(c) and 314(d)(1), subject to
Section 11.1 and the terms of the Basic Documents, Indenture Trustee shall
release property from the lien of this Indenture in accordance with the
conditions and procedures set forth in such exemptive order.

         SECTION 2.10 Book-Entry Notes. The Notes, upon original issuance, will
be issued in the form of typewritten Notes representing the Book-Entry Notes, to
be delivered to ________________, as agent for The Depository Trust Company, the
initial Clearing Agency, by, or on behalf of, Issuer. Such Notes shall initially
be registered on the Note Register in the name of Cede & Co., the nominee of the
initial Clearing Agency, and no Note Owner will receive a Definitive Note
representing such Note Owner's interest in such Note, except as provided in
Section 2.12. Unless and until definitive, fully registered Notes (the
"Definitive Notes") have been issued to Note Owners pursuant to Section 2.12:

                                       7
<PAGE>
                           (a) the provisions of this Section shall be in full
                  force and effect;

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

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

                           (d) the rights of Note Owners shall be exercised only
                  through the Clearing Agency and shall be limited to those
                  established by law and agreements between such Note Owners and
                  the Clearing Agency and/or the Clearing Agency Participants or
                  Persons acting through Clearing Agency Participants. Pursuant
                  to the Note Depository Agreement, unless and until Definitive
                  Notes are issued pursuant to Section 2.12, the initial
                  Clearing Agency will make book-entry transfers among the
                  Clearing Agency Participants and receive and transmit payments
                  of principal of and interest on the Notes to such Clearing
                  Agency Participants; and

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

         SECTION 2.11 Notices to Clearing Agency. Whenever a notice or other
communication to the Noteholders is required under this Indenture, unless and
until Definitive Notes shall have been issued to Note Owners pursuant to Section
2.12, Indenture Trustee shall give all such notices and communications specified
herein to be given to Holders of the Notes to the Clearing Agency, and shall
have no obligation to the Note Owners.

         SECTION 2.12 Definitive Notes. If (a) Seller advises Indenture Trustee
in writing that the Clearing Agency is no longer willing or able to properly
discharge its responsibilities with respect to the Notes, and Seller is unable
to locate a qualified successor, (b) Seller at its option advises Indenture
Trustee in writing that it elects to terminate the book-entry system through the
Clearing Agency or (c) after the occurrence of an Event of Default, Note Owners
representing

                                       8

<PAGE>
beneficial interests aggregating at least a majority of the Outstanding Amount
of the Notes advise Indenture Trustee through the Clearing Agency in writing
that the continuation of a book entry system through the Clearing Agency is no
longer in the best interests of the Note Owners, then the Clearing Agency shall
notify all Note Owners and Indenture Trustee of the occurrence of any such event
and of the availability of Definitive Notes to Note Owners requesting the same.
Upon surrender to Indenture Trustee of the typewritten Note or Notes
representing the Book-Entry Notes by the Clearing Agency, accompanied by
registration instructions, Issuer shall execute and Indenture Trustee shall
authenticate the Definitive Notes in accordance with the instructions of the
Clearing Agency. None of Issuer, Note Registrar or Indenture Trustee shall be
liable for any delay in delivery of such instructions and may conclusively rely
on, and shall be protected in relying on, such instructions. Upon the issuance
of Definitive Notes, Indenture Trustee shall recognize the Holders of the
Definitive Notes as Noteholders.

         SECTION 2.13 Authenticating Agents. (a) The Indenture Trustee may
appoint one or more Persons (each, an "Authenticating Agent") with power to act
on its behalf and subject to its direction in the authentication of Notes in
connection with issuance, transfers and exchanges under Sections 2.2, 2.3, 2.4
and 2.5, as fully to all intents and purposes as though each such Authenticating
Agent had been expressly authorized by those Sections to authenticate such
Notes. For all purposes of this Indenture, the authentication of Notes by an
Authenticating Agent pursuant to this Section shall be deemed to be the
authentication of Notes "by the Indenture Trustee."

                  (b) Any corporation into which any Authenticating Agent may be
merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, consolidation or conversion to which any
Authenticating Agent shall be a party, or any corporation succeeding to all or
substantially all of the corporate trust business of any Authenticating Agent,
shall be the successor of such Authenticating Agent hereunder, without the
execution or filing of any further act on the part of the parties hereto or such
Authenticating Agent or such successor corporation.

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

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

         SECTION 2.14 Tax Treatment. Issuer has entered into this Indenture, and
the Notes shall be issued, with the intention that, for federal, state and local
income and franchise tax purposes, the Notes shall qualify as indebtedness of
Issuer secured by the Trust Estate. Issuer, by entering into this Indenture, and
each Noteholder, by its acceptance of a Note (and each Note Owner by its
acceptance of an interest in the applicable Book-Entry Note), agree to treat the
Notes for federal, state and local income and franchise tax purposes as
indebtedness of Issuer.

                                       9
<PAGE>
ARTICLE III COVENANTS.

         SECTION 3.1 Payment of Principal and Interest. Issuer will duly and
punctually pay the principal of and interest on the Notes in accordance with the
terms of the Notes and this Indenture. Without limiting the foregoing, subject
to Section 8.2(c), Issuer will cause to be distributed all amounts on deposit in
the Note Distribution Account on a Distribution Date deposited therein pursuant
to the Sale and Servicing Agreement (i) in the Class A-1 Noteholders' Interest
Distributable Amount, to Class A-1 Noteholders and (ii) in the Class A-2
Noteholders' Interest Distributable Amount, to Class A-2 Noteholders. Amounts
properly withheld under the Code by any Person from a payment to any Noteholder
of interest and/or principal shall be considered as having been paid by Issuer
to such Noteholder for all purposes of this Indenture.

         SECTION 3.2 Maintenance of Office or Agency. Issuer will maintain in
the Borough of Manhattan, The City of New York, an office or agency where Notes
may be surrendered for registration of transfer or exchange, and where notices
and demands to or upon Issuer in respect of the Notes and this Indenture may be
served. Issuer hereby initially appoints Indenture Trustee to serve as its agent
for the foregoing purposes. Issuer will give prompt written notice to Indenture
Trustee of the location, and of any change in the location, of any such office
or agency. If at any time Issuer shall fail to maintain any such office or
agency or shall fail to furnish Indenture Trustee with the address thereof, such
surrenders, notices and demands may be made or served at the Corporate Trust
Office, and Issuer hereby appoints Indenture Trustee as its agent to receive all
such surrenders, notices and demands.

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

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

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

                       (i) hold all sums held by it for the payment of amounts
             due with respect to the Notes in trust for the benefit of the
             Persons entitled thereto until such sums shall be paid to such
             Persons or otherwise disposed of as herein provided and pay such
             sums to such Persons as herein provided;

                                       10
<PAGE>

                           (ii) give Indenture Trustee notice of any default by
                  Issuer (or any other obligor upon the Notes) of which it has
                  actual knowledge in the making of any payment required to be
                  made with respect to the Notes;

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

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

                           (v) comply with all requirements of the Code with
                  respect to the withholding from any payments made by it on any
                  Notes of any applicable withholding taxes imposed thereon and
                  with respect to any applicable reporting requirements in
                  connection therewith. Issuer may at any time, for the purpose
                  of obtaining the satisfaction and discharge of this Indenture
                  or for any other purpose, by Issuer Order direct any Paying
                  Agent to pay to Indenture Trustee all sums held in trust by
                  such Paying Agent, such sums to be held by Indenture Trustee
                  upon the same trusts as those upon which the sums were held by
                  such Paying Agent; and upon such a payment by any Paying Agent
                  to Indenture Trustee, such Paying Agent shall be released from
                  all further liability with respect to such money.

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

                                       11
<PAGE>

interest in moneys due and payable but not claimed is determinable from the
records of Indenture Trustee or of any Paying Agent, at the last address of
record for each such Holder).

         SECTION 3.4 Existence. Except as otherwise permitted by the provisions
of Section 3.10, Issuer will keep in full effect its existence, rights and
franchises as a _______________ under the laws of the State of ___________
(unless it becomes, or any successor Issuer hereunder is or becomes, organized
under the laws of any other state or of the United States of America, in which
case Issuer will keep in full effect its existence, rights and franchises under
the laws of such other jurisdiction) and will obtain and preserve its
qualification to do business in each jurisdiction in which such qualification is
or shall be necessary to protect the validity and enforceability of this
Indenture, the Notes, the Collateral and each other instrument or agreement
included in the Trust Estate.

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

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

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

                           (c) enforce any of the Collateral; or

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

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

         SECTION 3.6 Opinions as to Trust Estate. (a) On the Closing Date,
Issuer shall furnish to Indenture Trustee an Opinion of Counsel either stating
that, in the opinion of such counsel, such action has been taken with respect to
the recording and filing of this Indenture, any indentures supplemental hereto,
and any other requisite documents, and with respect to the execution and filing
of any financing statements and continuation statements, as are necessary to
perfect and make effective the lien and security interest of this Indenture and
reciting the details of such action, or stating that, in the opinion of such
counsel, no such action is necessary to make such lien and security interest
effective.

                  (b) Within 120 days after the beginning of each calendar year,
beginning with the first calendar year beginning more than three months after
the Cutoff Date, Issuer shall furnish to Indenture Trustee an Opinion of Counsel
either stating that, in the opinion of such counsel, such action has been taken
with respect to the recording, filing, re-recording and refiling

                                       12
<PAGE>

of this Indenture, any indentures supplemental hereto and any other requisite
documents and with respect to the execution and filing of any financing
statements and continuation statements as are necessary to maintain the lien and
security interest created by this Indenture and reciting the details of such
action or stating that in the opinion of such counsel no such action is
necessary to maintain such lien and security interest. Such Opinion of Counsel
shall also describe the recording, filing, re-recording and refiling of this
Indenture, any indentures supplemental hereto and any other requisite documents
and the execution and filing of any financing statements and continuation
statements that will, in the opinion of such counsel, be required to maintain
the lien and security interest of this Indenture until January 30 in the
following calendar year.

         SECTION 3.7 Performance of Obligations; Servicing of Receivables. (a)
Issuer will not take any action and will use its best efforts not to permit any
action to be taken by others that would release any Person from any of such
Person's material covenants or obligations under any instrument or agreement
included in the Trust Estate or that would result in the amendment,
hypothecation, subordination, termination or discharge of, or impair the
validity or effectiveness of, any such instrument or agreement, except as
ordered by any bankruptcy or other court or as expressly provided in this
Indenture, the Basic Documents or such other instrument or agreement.

                  (b) Issuer may contract with other Persons to assist it in
performing its duties under this Indenture, and any performance of such duties
by a Person identified to Indenture Trustee in an Officer's Certificate of
Issuer shall be deemed to be action taken by Issuer. Initially, Issuer has
contracted with Servicer and the Administrator to assist Issuer in performing
its duties under this Indenture.

                  (c) Issuer will punctually perform and observe all of its
obligations and agreements contained in this Indenture, the Basic Documents and
in the instruments and agreements included in the Trust Estate, including but
not limited to preparing (or causing to prepared) and filing (or causing to be
filed) all UCC financing statements and continuation statements required to be
filed by the terms of this Indenture and the Sale and Servicing Agreement in
accordance with and within the time periods provided for herein and therein.
Except as otherwise expressly provided therein, Issuer shall not waive, amend,
modify, supplement or terminate any Basic Document or any provision thereof
without the consent of Indenture Trustee or the Holders of at least a majority
of the Outstanding Amount of the Notes.

                  (d) If Issuer shall have knowledge of the occurrence of a
Servicer Termination Event under the Sale and Servicing Agreement, Issuer shall
promptly notify Indenture Trustee and the Rating Agencies thereof in accordance
with Section 11.4, and shall specify in such notice the action, if any, Issuer
is taking in respect of such default. If a Servicer Termination Event shall
arise from the failure of Servicer to perform any of its duties or obligations
under the Sale and Servicing Agreement with respect to the Receivables, Issuer
shall take all reasonable steps available to it to remedy such failure.

                  (e) As promptly as possible after the giving of notice of
termination to Servicer of Servicer's rights and powers pursuant to Section 8.1
of the Sale and Servicing Agreement, Issuer shall appoint a successor servicer
(the "Successor Servicer"), and such Successor Servicer shall accept its
appointment by a written assumption in a form acceptable to

                                       13
<PAGE>

Indenture Trustee. In the event that a Successor Servicer has not been appointed
and accepted its appointment at the time when Servicer ceases to act as
Servicer, Indenture Trustee without further action shall automatically be
appointed the Successor Servicer. Indenture Trustee may resign as Servicer by
giving written notice of such resignation to Issuer and in such event will be
released from such duties and obligations, such release not to be effective
until the date a new servicer enters into a servicing agreement with Issuer as
provided below. Upon delivery of any such notice to Issuer, Issuer shall obtain
a new servicer as the Successor Servicer under the Sale and Servicing Agreement.
Any Successor Servicer other than Indenture Trustee shall (i) be an established
financial institution having a net worth of not less than $50,000,000 and whose
regular business includes the servicing of motor vehicle loans and (ii) enter
into a servicing agreement with Issuer having substantially the same provisions
as the provisions of the Sale and Servicing Agreement applicable to Servicer. If
within 30 days after the delivery of the notice referred to above, Issuer shall
not have obtained such a new servicer, Indenture Trustee may appoint, or may
petition a court of competent jurisdiction to appoint, a Successor Servicer. In
connection with any such appointment, Indenture Trustee may make such
arrangements for the compensation of such successor as it and such successor
shall agree, subject to the limitations set forth below and in the Sale and
Servicing Agreement, and in accordance with Section 8.2 of the Sale and
Servicing Agreement, Issuer shall enter into an agreement with such successor
for the servicing of the Receivables (such agreement to be in form and substance
satisfactory to Indenture Trustee). If Indenture Trustee shall succeed to
Servicer's duties as servicer of the Receivables as provided herein, it shall do
so in its individual capacity and not in its capacity as Indenture Trustee and,
accordingly, the provisions of Article VI shall be inapplicable to Indenture
Trustee in its duties as the successor to Servicer and the servicing of the
Receivables. In case Indenture Trustee shall become successor to Servicer under
the Sale and Servicing Agreement, Indenture Trustee shall be entitled to appoint
as Servicer any one of its Affiliates, or delegate any of its responsibilities
as Servicer to agents, subject to the terms of the Sale and Servicing Agreement,
provided that such appointment or delegation shall not affect or alter in any
way the liability of Indenture Trustee as a successor for the performance of the
duties and obligations of Servicer in accordance with the terms hereof.

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

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

                                       14
<PAGE>

reduce the aforesaid percentage of the Notes which are required to consent to
any such amendment, without the consent of the Holders of all the Outstanding
Notes. If any such amendment, modification, supplement or waiver shall be so
consented to by Indenture Trustee or such Holders, Issuer agrees, promptly
following a request by Indenture Trustee to do so, to execute and deliver, in
its own name and at its own expense, such agreements, instruments, consents and
other documents as Indenture Trustee may deem necessary or appropriate in the
circumstances.

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

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

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

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

                           (d) (i) permit the validity or effectiveness of this
                  Indenture to be impaired, or permit the lien of this Indenture
                  to be amended, hypothecated, subordinated, terminated or
                  discharged, or permit any Person to be released from any
                  covenants or obligations with respect to the Notes under this
                  Indenture except as may be expressly permitted hereby, (ii)
                  permit any lien, charge, excise, claim, security interest,
                  mortgage or other encumbrance (other than the lien of this
                  Indenture) to be created on or extend to or otherwise arise
                  upon or burden the Trust Estate or any part thereof or any
                  interest therein or the proceeds thereof (other than tax
                  liens, mechanics' liens and other liens that arise by
                  operation of law, in each case on a Financed Vehicle and
                  arising solely as a result of an action or omission of the
                  related Obligor) or (iii) permit the lien of this Indenture
                  not to constitute a valid first priority (other than with
                  respect to any such tax, mechanics' or other lien) security
                  interest in the Trust Estate.

         SECTION 3.9 Annual Statement as to Compliance. Issuer will deliver to
Indenture Trustee, within 120 days after the end of each fiscal year of Issuer
(commencing 120 days after the fiscal year ended _________, 200__), and
otherwise in compliance with the requirements of

                                       15
<PAGE>

TIA Section 314(a)(4) an Officer's Certificate stating, as to the Authorized
Officer signing such Officer's Certificate, that:

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

                           (b) to the best of such Authorized Officer's
                  knowledge, based on such review, Issuer has complied with all
                  conditions and covenants under this Indenture throughout such
                  year, or, if there has been a default in the compliance of any
                  such condition or covenant, specifying each such default known
                  to such Authorized Officer and the nature and status thereof.

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

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

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

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

                           (iv) Issuer shall have received an Opinion of Counsel
                  (and shall have delivered copies thereof to Indenture Trustee)
                  to the effect that such transaction will not have any material
                  adverse tax consequence to the Trust, any Noteholder or any
                  Certificateholder;

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

                           (vi) Issuer shall have delivered to Indenture Trustee
                  an Officer's Certificate and an Opinion of Counsel each
                  stating that such consolidation or merger and such
                  supplemental indenture

                                       16
<PAGE>

                  comply with this Article III and that all conditions precedent
                  herein provided for relating to such transaction have been
                  complied with (including any filing required by the Exchange
                  Act).

                  (b) Except as expressly contemplated by the Basic Documents,
Issuer shall not convey or transfer all or substantially all of its properties
or assets, including those included in the Trust Estate, to any Person, unless

                           (i) the Person that acquires by conveyance or
                  transfer the properties and assets of Issuer the conveyance or
                  transfer of which is hereby restricted shall (A) be a United
                  States citizen or a Person organized and existing under the
                  laws of the United States of America or any state, (B)
                  expressly assume, by an indenture supplemental hereto,
                  executed and delivered to Indenture Trustee, in form
                  satisfactory to Indenture Trustee, the due and punctual
                  payment of the principal of and interest on all Notes and the
                  performance or observance of every agreement and covenant of
                  this Indenture on the part of Issuer to be performed or
                  observed, all as provided herein, (C) expressly agree by means
                  of such supplemental indenture that all right, title and
                  interest so conveyed or transferred shall be subject and
                  subordinate to the rights of Holders of the Notes, (D) unless
                  otherwise provided in such supplemental indenture, expressly
                  agree to indemnify, defend and hold harmless Issuer against
                  and from any loss, liability or expense arising under or
                  related to this Indenture and the Notes and (E) expressly
                  agree by means of such supplemental indenture that such Person
                  (or if a group of persons, then one specified Person) shall
                  prepare (or cause to be prepared) and make all filings with
                  the Commission (and any other appropriate Person) required by
                  the Exchange Act in connection with the Notes;

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

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

                           (iv) Issuer shall have received an Opinion of Counsel
                  (and shall have delivered copies thereof to Indenture Trustee)
                  to the effect that such transaction will not have any material
                  adverse tax consequence to the Trust, any Noteholder or any
                  Certificateholder;

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

                                       17
<PAGE>

                           (vi) Issuer shall have delivered to Indenture Trustee
                  an Officers' Certificate and an Opinion of Counsel each
                  stating that such conveyance or transfer and such supplemental
                  indenture comply with this Article III and that all conditions
                  precedent herein provided for relating to such transaction
                  have been complied with (including any filing required by the
                  Exchange Act).

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

                  (b) Upon a conveyance or transfer of all the assets and
properties of Issuer pursuant to Section 3.10(b), Volkswagen Auto Loan Enhanced
[Trust][LLC] 200_-_ will be released from every covenant and agreement of this
Indenture to be observed or performed on the part of Issuer with respect to the
Notes immediately upon the delivery of written notice to Indenture Trustee
stating that Volkswagen Auto Loan Enhanced [Trust][LLC] 200_-_ is to be so
released.

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

         SECTION 3.13 No Borrowing. Issuer shall not issue, incur, assume,
guarantee or otherwise become liable, directly or indirectly, for any
indebtedness except for the Notes.

         SECTION 3.14 Servicer's Obligations. Issuer shall cause Servicer to
comply with the Sale and Servicing Agreement, including Sections 4.9, 4.10 and
4.11 thereof.

         SECTION 3.15 Guarantees, Loans, Advances and Other Liabilities. Except
as contemplated by the Sale and Servicing Agreement or this Indenture, Issuer
shall not make any loan or advance or credit to, or guarantee (directly or
indirectly or by an instrument having the effect of assuring another's payment
or performance on any obligation or capability of so doing or otherwise),
endorse or otherwise become contingently liable, directly or indirectly, in
connection with the obligations, stocks or dividends of, or own, purchase,
repurchase or acquire (or agree contingently to do so) any stock, obligations,
assets or securities of, or any other interest in, or make any capital
contribution to, any other Person.

         SECTION 3.16 Capital Expenditures. Issuer shall not make any
expenditure (by long-term or operating lease or otherwise) for capital assets
(either realty or personalty).

         SECTION 3.17 Restricted Payments. Issuer shall not, directly or
indirectly, (a) pay any dividend or make any distribution (by reduction of
capital or otherwise), whether in cash, property, securities or a combination
thereof, to Owner Trustee or any owner of a beneficial interest in Issuer or
otherwise with respect to any ownership or equity interest or security in or of
Issuer or to Servicer or Administrator, (b) redeem, purchase, retire or
otherwise acquire for value any such ownership or equity interest or security or
(c) set aside or otherwise segregate any

                                       18
<PAGE>

amounts for any such purpose; provided that Issuer may make, or cause to be
made, (i) distributions to Servicer, Administrator, Owner Trustee, Indenture
Trustee and the Certificateholders as permitted by, and to the extent funds are
available for such purpose under, the Sale and Servicing Agreement or Trust
Agreement and (ii) distributions to the Indenture Trustee pursuant to Section
2(a)(ii) of the Administration Agreement. Issuer will not, directly or
indirectly, make payments to or distributions from the Collection Account except
in accordance with this Indenture and the Basic Documents.

         SECTION 3.18 Notice of Events of Default. Issuer agrees to give
Indenture Trustee and the Rating Agencies prompt written notice of each Event of
Default hereunder and each Event of Servicing Termination or default on the part
of Seller of its obligations under the Sale and Servicing Agreement.

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

         SECTION 3.20 Removal of Administrator. For so long as any Notes are
Outstanding, the Issuer shall not remove the Administrator without cause unless
the Rating Agency Condition shall have been satisfied in connection therewith.

ARTICLE IV SATISFACTION AND DISCHARGE.

         SECTION 4.1 Satisfaction and Discharge of Indenture. This Indenture
shall cease to be of further effect with respect to the Notes except as to (a)
rights of registration of transfer and exchange, (b) substitution of mutilated,
destroyed, lost or stolen Notes, (c) rights of Noteholders to receive payments
of principal thereof and interest thereon, (d) Sections 3.3, 3.4, 3.5, 3.8,
3.10, 3.12, 3.13 and 3.18, (e) the rights, obligations and immunities of
Indenture Trustee hereunder (including the rights of Indenture Trustee under
Section 6.7 and the obligations of Indenture Trustee under Section 4.2) and (f)
the rights of Noteholders as beneficiaries hereof with respect to the property
so deposited with Indenture Trustee payable to all or any of them, and Indenture
Trustee, on demand of and at the expense of Issuer, shall execute proper
instruments acknowledging satisfaction and discharge of this Indenture with
respect to the Notes, when

                           (i) either

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

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

                                       19
<PAGE>

                                             (1) have become due and payable,

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

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

                           and Issuer, in the case of clauses (1), (2) or (3),
                           has irrevocably deposited or caused to be irrevocably
                           deposited with Indenture Trustee cash or direct
                           obligations of or obligations guaranteed by the
                           United States of America (which will mature prior to
                           the date such amounts are payable), in trust for such
                           purpose, in an amount sufficient to pay and discharge
                           the entire indebtedness on such Notes not theretofore
                           delivered to Indenture Trustee for cancellation when
                           due to the Final Scheduled Distribution Date or
                           Redemption Date (if Notes shall have been called for
                           redemption pursuant to Section 10.1(a)), as the case
                           may be;

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

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

         SECTION 4.2 Application of Trust Money. All moneys deposited with
Indenture Trustee pursuant to Section 4.1 shall be held in trust and applied by
it, in accordance with the provisions of the Notes and this Indenture, to the
payment, either directly or through any Paying Agent, as Indenture Trustee may
determine, to the Holders of the particular Notes for the payment or redemption
of which such moneys have been deposited with Indenture Trustee, of all sums due
and to become due thereon for principal and interest; but such moneys need not
be segregated from other funds except to the extent required herein or in the
Sale and Servicing Agreement or required by law.

         SECTION 4.3 Repayment of Moneys Held by Paying Agent. In connection
with the satisfaction and discharge of this Indenture with respect to the Notes,
all moneys then held by

                                       20
<PAGE>

any Paying Agent other than Indenture Trustee under the provisions of this
Indenture with respect to such Notes shall, upon demand of Issuer, be paid to
Indenture Trustee to be held and applied according to Section 3.3 and thereupon
such Paying Agent shall be released from all further liability with respect to
such moneys.

ARTICLE V REMEDIES.

         SECTION 5.1 Events of Default. "Event of Default", wherever used
herein, means any one of the following events (whatever the reason for such
Event of Default and whether it shall be voluntary or involuntary or be effected
by operation of law or pursuant to any judgment, decree or order of any court or
any order, rule or regulation of any administrative or governmental body):

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

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

                  (c) default in the observance or performance of any material
         covenant or agreement of Issuer made in this Indenture (other than a
         covenant or agreement, a default in the observance or performance of
         which is elsewhere in this Section specifically dealt with), or any
         representation or warranty of Issuer made in this Indenture or in any
         certificate or other writing delivered pursuant hereto or in connection
         herewith proving to have been incorrect in any material respect as of
         the time when the same shall have been made, and such default shall
         continue or not be cured, or the circumstance or condition in respect
         of which such misrepresentation or warranty was incorrect shall not
         have been eliminated or otherwise cured, for a period of 30 days (or
         for such longer period, not in excess of 90 days, as may be reasonably
         necessary to remedy such default; provided that such default is capable
         of remedy within 90 days or less and Servicer on behalf of Owner
         Trustee delivers an Officer's Certificate to Indenture Trustee to the
         effect that Issuer has commenced, or will promptly commence and
         diligently pursue, all reasonable efforts to remedy such default) after
         there shall have been given, by registered or certified mail, to Issuer
         by Indenture Trustee or to Issuer and Indenture Trustee by the Holders
         of at least 25% of the Outstanding Amount of the Notes, a written
         notice specifying such default or incorrect representation or warranty
         and requiring it to be remedied and stating that such notice is a
         "Notice of Default" hereunder;

                                       21
<PAGE>

                  (d) the filing of a decree or order for relief by a court
         having jurisdiction in the premises in respect of Issuer or any
         substantial part of the Trust Estate in an involuntary case under any
         applicable Federal or state bankruptcy, insolvency or other similar law
         now or hereafter in effect, or appointing a receiver, liquidator,
         assignee, custodian, trustee, sequestrator or similar official of
         Issuer or for any substantial part of the Trust Estate, or ordering the
         winding-up or liquidation of Issuer's affairs, and such decree or order
         shall remain unstayed and in effect for a period of 60 consecutive
         days; or

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

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

         SECTION 5.2 Acceleration of Maturity; Rescission and Annulment. If an
Event of Default should occur and be continuing, then and in every such case
Indenture Trustee or the Holders of Notes representing not less than a majority
of the Outstanding Amount of the Notes may declare all the Notes to be
immediately due and payable, by a notice in writing to Issuer (and to Indenture
Trustee if given by Noteholders), and upon any such declaration the unpaid
principal amount of such Notes, together with accrued and unpaid interest
thereon through the date of acceleration, shall become immediately due and
payable.

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

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

                           (i) all payments of principal of and interest on all
                  Notes and all other amounts that would then be due hereunder
                  or

                                       22
<PAGE>

                  upon such Notes if the Event of Default giving rise to such
                  acceleration had not occurred; and

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

                  (b) all Events of Default, other than the nonpayment of the
         principal of the Notes that has become due solely by such acceleration,
         have been cured or waived as provided in Section 5.12. No such
         rescission shall affect any subsequent default or impair any right
         consequent thereto.

         SECTION 5.3 Collection of Indebtedness and Suits for Enforcement by
Indenture Trustee. (a) Issuer covenants that if (i) default is made in the
payment of any interest on any Note when the same becomes due and payable, and
such default continues for a period of five days, or (ii) default is made in the
payment of the principal of or any installment of the principal of any Note when
the same becomes due and payable, Issuer will, upon demand of Indenture Trustee,
pay to it, for the benefit of the Holders of the Notes, the whole amount then
due and payable on such Notes for principal and interest, with interest upon the
overdue principal, and, to the extent payment at such rate of interest shall be
legally enforceable, upon overdue installments of interest, at the rate
specified in Section 2.7 and in addition thereto such further amount as shall be
sufficient to cover the costs and expenses of collection, including the
reasonable compensation, expenses, disbursements and advances of Indenture
Trustee and its agents and counsel.

                  (b) In case Issuer shall fail forthwith to pay such amounts
upon such demand, Indenture Trustee, in its own name and as trustee of an
express trust, may institute a proceeding for the collection of the sums so due
and unpaid, and may prosecute such proceeding to judgment or final decree, and
may enforce the same against Issuer or other obligor upon such Notes and collect
in the manner provided by law out of the property of Issuer or other obligor
upon such Notes, wherever situated, the moneys adjudged or decreed to be
payable.

                  (c) If an Event of Default occurs and is continuing, Indenture
Trustee may, as more particularly provided in Section 5.4, in its discretion,
proceed to protect and enforce its rights and the rights of the Noteholders, by
such appropriate proceedings as Indenture Trustee shall deem most effective to
protect and enforce any such rights, whether for the specific enforcement of any
covenant or agreement in this Indenture or in aid of the exercise of any power
granted herein, or to enforce any other proper remedy or legal or equitable
right vested in Indenture Trustee by this Indenture or by law.

                  (d) In case there shall be pending, relative to Issuer or any
other obligor upon the Notes or any Person having or claiming an ownership
interest in the Trust Estate, proceedings under Title 11 of the United States
Code or any other applicable Federal or state bankruptcy, insolvency or other
similar law, or in case a receiver, assignee or trustee in bankruptcy or
reorganization, liquidator, sequestrator or similar official shall have been

                                       23
<PAGE>

appointed for or taken possession of Issuer or its property or such other
obligor or Person, or in case of any other comparable judicial proceedings
relative to Issuer or other obligor upon the Notes, or to the creditors or
property of Issuer or such other obligor, Indenture Trustee, irrespective of
whether the principal of any Notes shall then be due and payable as therein
expressed or by declaration or otherwise and irrespective of whether Indenture
Trustee shall have made any demand pursuant to the provisions of this Section,
shall be entitled and empowered, by intervention in such proceedings or
otherwise:

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

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

                           (iii) to collect and receive any moneys or other
                  property payable or deliverable on any such claims and to
                  distribute all amounts received with respect to the claims of
                  the Noteholders and of Indenture Trustee on their behalf; and

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

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

                  (e) Nothing herein contained shall be deemed to authorize
Indenture Trustee to authorize or consent to or vote for or accept or adopt on
behalf of any Noteholder any plan of

                                       24
<PAGE>

reorganization, arrangement, adjustment or composition affecting the Notes or
the rights of any Holder thereof or to authorize Indenture Trustee to vote in
respect of the claim of any Noteholder in any such proceeding except, as
aforesaid, to vote for the election of a trustee in bankruptcy or similar
person.

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

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

         SECTION 5.4 Remedies; Priorities. (a) If an Event of Default shall have
occurred and be continuing, Indenture Trustee may do one or more of the
following (subject to Section 5.5):

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

                           (ii) institute proceedings from time to time for the
                  complete or partial foreclosure of this Indenture with respect
                  to the Trust Estate;

                           (iii) exercise any remedies of a secured party under
                  the UCC and take any other appropriate action to protect and
                  enforce the rights and remedies of Indenture Trustee and the
                  Holders of the Notes; and

                           (iv) sell the Trust Estate or any portion thereof or
                  rights or interest therein, at one or more public or private
                  sales called and conducted in any manner permitted by law;

provided that Indenture Trustee may not sell or otherwise liquidate the Trust
Estate following an Event of Default, other than an Event of Default described
in Section 5.1(a) or (b), unless (A) the Holders of 100% of the Outstanding
Amount of the Notes and Certificates consent thereto, (B) the proceeds of such
sale or liquidation distributable to the Noteholders and Certificateholders are
sufficient to discharge in full all amounts then due and unpaid upon such Notes
and Certificates for principal and interest or (C) Indenture Trustee determines
that the Trust Estate will not continue to provide sufficient funds for the
payment of principal of and interest on the

                                       25
<PAGE>

Notes as they would have become due if the Notes had not been declared due and
payable, and Indenture Trustee obtains the consent of Holders of 66-2/3% of the
Outstanding Amount of the Notes. In determining such sufficiency or
insufficiency with respect to clause (B) and (C), Indenture Trustee may, but
need not, obtain and rely upon an opinion of an Independent investment banking
or accounting firm of national reputation as to the feasibility of such proposed
action and as to the sufficiency of the Trust Estate for such purpose.

                  (b) If Indenture Trustee collects any money or property
pursuant to this Article V, it shall pay out such money or property (and other
amounts including amounts held on deposit in the Reserve Account) held as
Collateral for the benefit of the Noteholders in the following order:

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

                           SECOND: to Servicer for due and unpaid Servicing
                  Fees;

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

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

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

         SECTION 5.5 Optional Preservation of the Receivables. If the Notes have
been declared to be due and payable under Section 5.2 following an Event of
Default and such declaration and its consequences have not been rescinded and
annulled, Indenture Trustee may, but need not, elect to maintain possession of
the Trust Estate. It is the desire of the parties hereto and the Noteholders
that there be at all times sufficient funds for the payment of principal of and
interest on the Notes, and Indenture Trustee shall take such desire into account
when determining whether or not to maintain possession of the Trust Estate. In
determining whether to maintain possession of the Trust Estate, Indenture
Trustee may, but need not, obtain and rely upon an opinion of an Independent
investment banking or accounting firm of national reputation as to the
feasibility of such proposed action and as to the sufficiency of the Trust
Estate for such purpose.

         SECTION 5.6 Limitation of Suits. No Holder of any Note shall have any
right to institute any proceeding, judicial or otherwise, with respect to this
Indenture, or for the appointment of a receiver or trustee, or for any other
remedy hereunder, unless:

                                       26
<PAGE>

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

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

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

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

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

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

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

         SECTION 5.7 Unconditional Rights of Noteholders To Receive Principal
and Interest. Notwithstanding any other provisions in this Indenture, the Holder
of any Note shall have the right, which is absolute and unconditional, to
receive payment of the principal of and interest, if any, on such Note on or
after the respective due dates thereof expressed in such Note or this Indenture
(or, in the case of redemption, on or after the Redemption Date) and to
institute suit for the enforcement of any such payment, and such right shall not
be impaired without the consent of such Holder.

         SECTION 5.8 Restoration of Rights and Remedies. If Indenture Trustee or
any Noteholder has instituted any Proceeding to enforce any right or remedy
under this Indenture and such Proceeding has been discontinued or abandoned for
any reason or has been determined adversely to Indenture Trustee or to such
Noteholder, then and in every such case Issuer, Indenture Trustee and the
Noteholders shall, subject to any determination in such Proceeding, be restored
severally and respectively to their former positions hereunder, and thereafter
all rights and remedies of Indenture Trustee and the Noteholders shall continue
as though no such Proceeding had been instituted.

                                       27
<PAGE>

         SECTION 5.9 Rights and Remedies Cumulative. No right or remedy herein
conferred upon or reserved to Indenture Trustee or to the Noteholders is
intended to be exclusive of any other right or remedy, and every right and
remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at law
or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy.

         SECTION 5.10 Delay or Omission Not a Waiver. No delay or omission of
Indenture Trustee or any Holder of any Note to exercise any right or remedy
accruing upon any Default or Event of Default shall impair any such right or
remedy or constitute a waiver of any such Default or Event of Default or an
acquiescence therein. Every right and remedy given by this Article V or by law
to Indenture Trustee or to the Noteholders may be exercised from time to time,
and as often as may be deemed expedient, by Indenture Trustee or by the
Noteholders, as the case may be.

         SECTION 5.11 Control by Noteholders. The Holders of a majority of the
Outstanding Amount of the Notes shall have the right to direct the time, method
and place of conducting any proceeding for any remedy available to Indenture
Trustee with respect to the Notes or exercising any trust or power conferred on
Indenture Trustee; provided that

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

                  (b) subject to the express terms of Section 5.4, any direction
         to Indenture Trustee to sell or liquidate the Trust Estate shall be by
         the Holders of Notes representing not less than 100% of the Outstanding
         Amount of the Notes;

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

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

                  (e) such direction shall be in writing;

provided, further, that, subject to Section 6.1, Indenture Trustee need not take
any action that it determines might involve it in liability or might materially
adversely affect the rights of any Noteholders not consenting to such action.

         SECTION 5.12 Waiver of Past Defaults. Prior to the declaration of the
acceleration of the maturity of the Notes as provided in Section 5.2, the
Holders of Notes of not less than a

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<PAGE>

majority of the Outstanding Amount of the Notes may waive any past Default or
Event of Default and its consequences except a Default (a) in payment of
principal of or interest on any of the Notes or (b) in respect of a covenant or
provision hereof which cannot be modified or amended without the consent of the
Holder of each Note. In the case of any such waiver, Issuer, Indenture Trustee
and the Holders of the Notes shall be restored to their former positions and
rights hereunder, respectively; but no such waiver shall extend to any
subsequent or other Default or impair any right consequent thereto.

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

         SECTION 5.13 Undertaking for Costs. All parties to this Indenture
agree, and each Holder of any Note by such Holder's acceptance thereof shall be
deemed to have agreed, that any court may in its discretion require, in any suit
for the enforcement of any right or remedy under this Indenture, or in any suit
against Indenture Trustee for any action taken, suffered or omitted by it as
Indenture Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit, and that such court may in its
discretion assess reasonable costs, including reasonable attorneys' fees,
against any party litigant in such suit, having due regard to the merits and
good faith of the claims or defenses made by such party litigant; but the
provisions of this Section shall not apply to (a) any suit instituted by
Indenture Trustee, (b) any suit instituted by any Noteholder, or group of
Noteholders, in each case holding in the aggregate more than 10% of the
Outstanding Amount of the Notes or (c) any suit instituted by any Noteholder for
the enforcement of the payment of principal of or interest on any Note on or
after the respective due dates expressed in such Note and in this Indenture (or,
in the case of redemption, on or after the Redemption Date).

         SECTION 5.14 Waiver of Stay or Extension Laws. Issuer covenants (to the
extent that it may lawfully do so) that it will not at any time insist upon, or
plead or in any manner whatsoever, claim or take the benefit or advantage of,
any stay or extension law wherever enacted, now or at any time hereafter in
force, that may affect the covenants or the performance of this Indenture; and
Issuer (to the extent that it may lawfully do so) hereby expressly waives all
benefit or advantage of any such law, and covenants that it will not hinder,
delay or impede the execution of any power herein granted to Indenture Trustee,
but will suffer and permit the execution of every such power as though no such
law had been enacted.

         SECTION 5.15 Action on Notes. Indenture Trustee's right to seek and
recover judgment on the Notes or under this Indenture shall not be affected by
the seeking, obtaining or application of any other relief under or with respect
to this Indenture. Neither the lien of this Indenture nor any rights or remedies
of Indenture Trustee or the Noteholders shall be impaired by the recovery of any
judgment by Indenture Trustee against Issuer or by the levy of any execution
under such judgment upon any portion of the Trust Estate or upon any of the
assets of Issuer.

         SECTION 5.16 Performance and Enforcement of Certain Obligations. (a)
Promptly following a request from Indenture Trustee to do so and at
Administrator's expense, Issuer agrees

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<PAGE>

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

                  (b) If an Event of Default has occurred and is continuing,
Indenture Trustee may, and, at the direction (which direction shall be in
writing or by telephone (confirmed in writing promptly thereafter)) of the
Holders of 66-2/3% of the Outstanding Amount of the Notes shall, exercise all
rights, remedies, powers, privileges and claims of Issuer against Seller or
Servicer under or in connection with the Sale and Servicing Agreement, or
against the Seller or Seller Affiliate under the applicable Purchase Agreement,
including the right or power to take any action to compel or secure performance
or observance by Seller, Servicer or applicable Seller Affiliate of each of
their obligations to Issuer thereunder and to give any consent, request, notice,
direction, approval, extension or waiver under the Sale and Servicing Agreement
or any Purchase Agreement, as applicable, and any right of Issuer to take such
action shall be suspended.

ARTICLE VI INDENTURE TRUSTEE.

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

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

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

                           (ii) in the absence of bad faith on its part,
                  Indenture Trustee may conclusively rely, as to the truth of
                  the statements and the correctness of the opinions expressed
                  therein, upon certificates or opinions furnished to Indenture
                  Trustee and conforming to the requirements of this Indenture;
                  however, Indenture Trustee shall

                                       30
<PAGE>

                  examine the certificates and opinions to determine whether or
                  not they conform to the requirements of this Indenture.

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

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

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

                           (iii) Indenture Trustee shall not be liable with
                  respect to any action it takes or omits to take in good faith
                  in accordance with a direction received by it pursuant to
                  Section 5.11.

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

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

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

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

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

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

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

                                       31
<PAGE>

                  (c) Indenture Trustee may execute any of the trusts or powers
hereunder or perform any duties hereunder either directly or by or through
agents or attorneys or a custodian or nominee, and Indenture Trustee shall not
be responsible for any misconduct or negligence on the part of, or for the
supervision of, Special Purpose Entity, the Servicer, or any other such agent,
attorney, custodian or nominee appointed with due care by it hereunder.
Indenture Trustee shall have no duty to monitor the performance of Issuer.

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

                  (e) Indenture Trustee may consult with counsel, and the advice
or opinion of counsel with respect to legal matters relating to this Indenture
and the Notes shall be full and complete authorization and protection from
liability in respect to any action taken, omitted or suffered by it hereunder in
good faith and in accordance with the advice or opinion of such counsel.

         SECTION 6.3 Individual Rights of Indenture Trustee. Indenture Trustee
in its individual or any other capacity may become the owner or pledgee of Notes
and may otherwise deal with Issuer or its Affiliates with the same rights it
would have if it were not Indenture Trustee. Any Paying Agent, Note Registrar,
co-registrar or co-paying agent may do the same with like rights. However,
Indenture Trustee must comply with Sections 6.11 and 6.12.

         SECTION 6.4 Indenture Trustee's Disclaimer. Indenture Trustee shall not
be responsible for and makes no representation as to the validity or adequacy of
this Indenture or the Notes, shall not be accountable for Issuer's use of the
proceeds from the Notes, and shall not be responsible for any statement of
Issuer in the Indenture

or in any document issued in connection with the sale of the Notes or in the
Notes other than Indenture Trustee's certificate of authentication.

         SECTION 6.5 Notice of Defaults. If a Default occurs and is continuing
and if it is either actually known or written notice of the existence thereof
has been delivered to a Responsible Officer of Indenture Trustee, Indenture
Trustee shall mail to each Noteholder notice of the Default within 90 days after
such knowledge or notice occurs. Except in the case of a Default in payment of
principal of or interest on any Note (including payments pursuant to the
mandatory redemption provisions of such Note), Indenture Trustee may withhold
the notice if and so long as a committee of its Responsible Officers in good
faith determines that withholding the notice is in the interests of Noteholders.

         SECTION 6.6 Reports by Indenture Trustee to Holders. Indenture Trustee
shall deliver to each Noteholder such information as may be reasonably required
to enable such Holder to prepare its Federal and state income tax returns.

         SECTION 6.7 Compensation and Indemnity. The compensation and
reimbursement of expenses of Indenture Trustee shall be governed by the
Administration Agreement. In addition, Issuer shall reimburse any expenses
incurred by the Indenture Trustee in pursuing remedies pursuant to Section 5.4.
Issuer has caused Administrator to agree to indemnify Indenture Trustee

                                       32
<PAGE>

and its officers, directors, employees and agents against any and all loss,
liability or expense (including attorneys' fees and expenses) incurred by it in
connection with the acceptance or the administration of this trust and the
performance of its duties hereunder. Neither Issuer nor Administrator need
reimburse any expense or indemnify against any loss, liability or expense
incurred by Indenture Trustee through Indenture Trustee's own wilful misconduct,
negligence or bad faith or to the extent arising from the breach by the
Indenture Trustee of any of its representations and warranties and covenants set
forth herein. Issuer's payment obligations to Indenture Trustee pursuant to this
Section and the Administration Agreement referenced in the preceding paragraph
shall survive the discharge of this Indenture subject to a satisfaction of the
Rating Agency Condition. When Indenture Trustee incurs expenses after the
occurrence of a Default specified in Section 5.1(d) or (e) with respect to
Issuer, the expenses are intended to constitute expenses of administration under
Title 11 of the United States Code or any other applicable Federal or state
bankruptcy, insolvency or similar law.

         SECTION 6.8 Replacement of Indenture Trustee. Indenture Trustee may
resign at any time by so notifying Issuer. The Holders of a majority in
Outstanding Amount of the Notes may remove Indenture Trustee by so notifying
Indenture Trustee and may appoint a successor Indenture Trustee. Issuer shall
remove Indenture Trustee if:

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

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

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

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

         A successor Indenture Trustee shall deliver a written acceptance of its
appointment to the retiring Indenture Trustee and to Issuer. Thereupon the
resignation or removal of the retiring Indenture Trustee shall become effective,
and the successor Indenture Trustee shall have all the rights, powers and duties
of Indenture Trustee under this Indenture subject to satisfaction of the Rating
Agency Condition. The successor Indenture Trustee shall mail a notice of its
succession to Noteholders. The retiring Indenture Trustee shall promptly
transfer all property held by it as Indenture Trustee to the successor Indenture
Trustee.

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

                                       33
<PAGE>

         If Indenture Trustee fails to comply with Section 6.11, any Noteholder
may petition any court of competent jurisdiction for the removal of Indenture
Trustee and the appointment of a successor Indenture Trustee. Any resignation or
removal of Indenture Trustee and appointment of a Successor Indenture Trustee
pursuant to any of the provisions of this Section shall not become effective
until acceptance of appointment by the successor Indenture Trustee pursuant to
this Section 6.8 and payment of all fees and expenses owed to the outgoing
Indenture Trustee.

         Notwithstanding the resignation or removal of Indenture Trustee
pursuant to this Section, Issuer's and Administrator's obligations under Section
6.7 shall continue for the benefit of the retiring Indenture Trustee. Indenture
Trustee shall not be liable for the acts or omissions of any successor Indenture
Trustee.

         SECTION 6.9 Successor Indenture Trustee by Merger. If Indenture Trustee
consolidates with, merges or converts into, or transfers all or substantially
all its corporate trust business or assets to, another corporation or banking
association, the resulting, surviving or transferee corporation without any
further act shall be the successor Indenture Trustee. Indenture Trustee shall
provide the Rating Agencies and the Administrator prior written notice of any
such transaction.

         In case at the time such successor or successors by merger, conversion
or consolidation to Indenture Trustee shall succeed to the trusts created by
this Indenture any of the Notes shall have been authenticated but not delivered,
any such successor to Indenture Trustee may adopt the certificate of
authentication of any predecessor trustee, and deliver such Notes so
authenticated; and in case at that time any of the Notes shall not have been
authenticated, any successor to Indenture Trustee may authenticate such Notes
either in the name of any predecessor hereunder or in the name of the successor
to Indenture Trustee; and in all such cases such certificates shall have the
full force which it is anywhere in the Notes or in this Indenture provided that
the certificate of Indenture Trustee shall have.

         SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture
Trustee. (a) Notwithstanding any other provisions of this Indenture, at any
time, after delivering written notice to the Administrator, for the purpose of
meeting any legal requirement of any jurisdiction in which any part of Issuer
may at the time be located, Indenture Trustee shall have the power and may
execute and deliver all instruments to appoint one or more Persons to act as a
co-trustee or co-trustees, or separate trustee or separate trustees, of all or
any part of the Trust, and to vest in such Person or Persons, in such capacity
and for the benefit of the Noteholders, such title to the Trust, or any part
hereof, and, subject to the other provisions of this Section, such powers,
duties, obligations, rights and trusts as Indenture Trustee may consider
necessary or desirable. No co-trustee or separate trustee hereunder shall be
required to meet the terms of eligibility as a successor trustee under Section
6.11 and no notice to Noteholders of the appointment of any co-trustee or
separate trustee shall be required under Section 6.8.

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

                           (i) all rights, powers, duties and obligations
                  conferred or imposed upon Indenture Trustee shall be conferred
                  or imposed

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<PAGE>

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

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

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

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

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

         SECTION 6.11 Eligibility; Disqualification. Indenture Trustee shall at
all times satisfy the requirements of TIA Section 310(a). Indenture Trustee
shall have a combined capital and surplus of at least $50,000,000 as set forth
in its most recent published annual report of condition and shall have a long
term debt rating of investment grade or better by the Rating Agencies or shall
otherwise be acceptable to the Rating Agencies. Indenture Trustee shall comply
with TIA Section 310(b), including the optional provision permitted by the
second sentence of TIA Section 310(b)(9); provided that there shall be excluded
from the operation of TIA Section 310(b)(1) any indenture or indentures under
which other securities of Issuer are outstanding if the requirements for such
exclusion set forth in TIA Section 310(b)(1) are met.

                                       35
<PAGE>

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

ARTICLE VII NOTEHOLDERS' LISTS AND REPORTS.

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

         SECTION 7.2 Preservation of Information; Communications to Noteholders.
(a) Indenture Trustee shall preserve, in as current a form as is reasonably
practicable, the names and addresses of the Holders contained in the most recent
list furnished to Indenture Trustee as provided in Section 7.1 and the names and
addresses of Holders received by Indenture Trustee in its capacity as Note
Registrar. Indenture Trustee may destroy any list furnished to it as provided in
such Section 7.1 upon receipt of a new list so furnished.

                  (b) Noteholders may communicate pursuant to TIA Section 312(b)
with other Noteholders with respect to their rights under this Indenture or
under the Notes. Upon receipt by the Indenture Trustee of any request by three
or more Noteholders or by one or more Noteholders of Notes evidencing not less
than 25% of the Outstanding Amount of Notes to receive a copy of the current
list of Noteholders (whether or not made pursuant to TIA Section 312(b)), the
Indenture Trustee shall promptly notify the Administrator thereof by providing
to the Administrator a copy of such request and a copy of the list of
Noteholders produced in response thereto.

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

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

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

                           (ii) file with Indenture Trustee and the Commission
                  in accordance with rules and regulations prescribed from time
                  to time

                                       36
<PAGE>

                  by the Commission such additional information, documents and
                  reports with respect to compliance by Issuer with the
                  conditions and covenants of this Indenture as may be required
                  from time to time by such rules and regulations; and

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

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

         SECTION 7.4 Reports by Indenture Trustee. If required by TIA Section
313(a), within 60 days after each March 31, beginning with March 31, 200_,
Indenture Trustee shall mail to each Noteholder as required by TIA Section
313(c) a brief report dated as of such date that complies with TIA Section
313(a). Indenture Trustee also shall comply with TIA Section 313(b)(1). A copy
of each report at the time of its mailing to Noteholders shall be filed by
Indenture Trustee with the Commission and each stock exchange, if any, on which
the Notes are listed. Issuer shall notify Indenture Trustee if and when the
Notes are listed on any stock exchange.

ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES.

         SECTION 8.1 Collection of Money. Except as otherwise expressly provided
herein, Indenture Trustee may demand payment or delivery of, and shall receive
and collect, directly and without intervention or assistance of any fiscal agent
or other intermediary, all money and other property payable to or receivable by
Indenture Trustee pursuant to this Indenture. Indenture Trustee shall apply all
such money received by it as provided in this Indenture. Except as otherwise
expressly provided in this Indenture, if any default occurs in the making of any
payment or performance under any agreement or instrument that is part of the
Trust Estate, Indenture Trustee may take such action as may be appropriate to
enforce such payment or performance, including the institution and prosecution
of appropriate proceedings. Any such action shall be without prejudice to any
right to claim a Default or Event of Default under this Indenture and any right
to proceed thereafter as provided in Article V.

         SECTION 8.2 Trust Accounts. (a) On or prior to the Closing Date, Issuer
shall cause Servicer to establish, in the name of Indenture Trustee, for the
benefit of the Noteholders and the Certificateholders, the Trust Accounts as
provided in Section 5.1 of the Sale and Servicing Agreement.

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

                                       37
<PAGE>

be transferred from the Collection Account and/or the Reserve Account to the
Note Distribution Account as provided in Sections 5.1 and 5.5 of the Sale and
Servicing Agreement.

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

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

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

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

         SECTION 8.3 General Provisions Regarding Accounts. (a) So long as no
Default or Event of Default shall have occurred and be continuing, all or a
portion of the funds in the Trust Accounts shall be invested in Eligible
Investments and reinvested by Indenture Trustee upon Issuer Order, subject to
the provisions of Section 5.1(b) of the Sale and Servicing Agreement. In
accordance with Section 5.1(b) of the Sale and Servicing Agreement, on each
Distribution Date, all interest and other investment income (net of losses and
investment expenses) on funds on deposit in the Trust Accounts shall be
distributed to the Seller by the Indenture Trustee. Issuer will not direct
Indenture Trustee to make any investment of any funds or to sell any investment
held in any of the Trust Accounts unless the security interest Granted and
perfected in such account will continue to be perfected in such investment or
the proceeds of such sale, in either

                                       38
<PAGE>

case without any further action by any Person, and, in connection with any
direction to Indenture Trustee to make any such investment or sale, if requested
by Indenture Trustee, Issuer shall deliver to Indenture Trustee an Opinion of
Counsel, acceptable to Indenture Trustee, to such effect.

                  (b) Subject to Section 6.1(c), Indenture Trustee shall not in
any way be held liable by reason of any insufficiency in any of the Trust
Accounts resulting from any loss on any Eligible Investment included therein
except for losses attributable to Indenture Trustee's failure to make payments
on such Eligible Investments issued by Indenture Trustee, in its commercial
capacity as principal obligor and not as trustee, in accordance with their
terms.

                  (c) If (i) Issuer shall have failed to give investment
directions for any funds on deposit in the Trust Accounts to Indenture Trustee
by 11:00 a.m. Eastern Time (or such other time as may be agreed by Issuer and
Indenture Trustee) on any Business Day; (ii) a Default or Event of Default shall
have occurred and be continuing with respect to the Notes but the Notes shall
not have been declared due and payable pursuant to Section 5.2, or (iii) if such
Notes shall have been declared due and payable following an Event of Default,
amounts collected or receivable from the Trust Estate are being applied in
accordance with Section 5.5 as if there had not been such a declaration; then
Indenture Trustee shall, to the fullest extent practicable, invest and reinvest
funds in the Trust Accounts in one or more Eligible Investments. Indenture
Trustee shall not be liable for losses in respect of such investments in
Eligible Investments that comply with the requirements of the Basic Documents.

         SECTION 8.4 Release of Trust Estate. (a) Subject to the payment of its
fees and expenses pursuant to Section 6.7, Indenture Trustee may, and when
required by the provisions of this Indenture shall, execute instruments to
release property from the lien of this Indenture, or convey Indenture Trustee's
interest in the same, in a manner and under circumstances that are not
inconsistent with the provisions of this Indenture. No party relying upon an
instrument executed by Indenture Trustee as provided in this Article VIII shall
be bound to ascertain Indenture Trustee's authority, inquire into the
satisfaction of any conditions precedent or see to the application of any
moneys.

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

         Each Noteholder or Note Owner, by its acceptance of a Note or, in the
case of a Note Owner, a beneficial interest in a Note, acknowledges that from
time to time the Indenture Trustee shall release the lien of this Indenture on
any Receivable to be sold to (i) Seller in accordance with Section 3.3 of the
Sale and Servicing Agreement and (ii) to Servicer in accordance with Section 4.7
of the Sale and Servicing Agreement.

                                       39
<PAGE>

         SECTION 8.5 Opinion of Counsel. Indenture Trustee shall receive at
least seven days' notice when requested by Issuer to take any action pursuant to
Section 8.4(a), accompanied by copies of any instruments involved, and Indenture
Trustee may also require as a condition to such action, an Opinion of Counsel,
in form and substance satisfactory to Indenture Trustee, stating the legal
effect of any such action, outlining the steps required to complete the same,
and concluding that all conditions precedent to the taking of such action have
been complied with and such action will not materially and adversely impair the
security for the Notes or the rights of the Noteholders in contravention of the
provisions of this Indenture; provided that such Opinion of Counsel shall not be
required to express an opinion as to the fair value of the Trust Estate. Counsel
rendering any such opinion may rely, without independent investigation, on the
accuracy and validity of any certificate or other instrument delivered to
Indenture Trustee in connection with any such action.

ARTICLE IX SUPPLEMENTAL INDENTURES.

         SECTION 9.1 Supplemental Indentures Without Consent of Noteholders. (a)
Without the consent of the Holders of any Notes but with prior notice to the
Rating Agencies by Issuer, as evidenced to Indenture Trustee, Issuer and
Indenture Trustee, when authorized by an Issuer Order, at any time and from time
to time, may enter into one or more indentures supplemental hereto (which shall
conform to the provisions of the Trust Indenture Act as in force at the date of
the execution thereof), in form satisfactory to Indenture Trustee, for any of
the following purposes:

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

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

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

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

                           (v) to cure any ambiguity, to correct or supplement
                  any provision herein or in any supplemental indenture which
                  may be inconsistent with any other provision herein or in any
                  supplemental indenture or to make any other provisions with
                  respect to matters or questions arising under this Indenture
                  or in any supplemental

                                       40
<PAGE>

                  indenture; provided that such action shall not materially and
                  adversely affect the interests of the Holders of the Notes;

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

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

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

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

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

         SECTION 9.2 Supplemental Indentures with Consent of Noteholders. Issuer
and Indenture Trustee, when authorized by an Issuer Order, also may, with prior
notice to the Rating Agencies and with the consent of the Holders of not less
than a majority of the Outstanding Amount of the Notes, by Act of such Holders
delivered to Issuer and Indenture Trustee, enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to,

                                       41
<PAGE>

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

                           (i) change the date of payment of any installment of
                  principal of or interest on any Note, or reduce the principal
                  amount thereof, the interest rate thereon or the Redemption
                  Price with respect thereto, change the provision of this
                  Indenture relating to the application of collections on, or
                  the proceeds of the sale of, the Trust Estate to payment of
                  principal of or interest on the Notes, or change any place of
                  payment where, or the coin or currency in which, any Note or
                  the interest thereon is payable, or impair the right to
                  institute suit for the enforcement of the provisions of this
                  Indenture requiring the application of funds available
                  therefor, as provided in Article V, to the payment of any such
                  amount due on the Notes on or after the respective due dates
                  thereof (or, in the case of redemption, on or after the
                  Redemption Date);

                           (ii) reduce the percentage of the Outstanding Amount
                  of the Notes, the consent of the Holders of which is required
                  for any such supplemental indenture, or the consent of the
                  Holders of which is required for any waiver of compliance with
                  certain provisions of this Indenture or certain defaults
                  hereunder and their consequences provided for in this
                  Indenture;

                           (iii) modify or alter the provisions of the proviso
                  as to the definition of the term "Outstanding";

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

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

                           (vi) modify any of the provisions of this Indenture
                  in such manner as to affect the calculation of the amount of
                  any payment of interest or principal due on any Note on any
                  Distribution Date (including the calculation of any of the
                  individual components of such calculation) or to affect the
                  rights of the Holders of Notes to the benefit of any
                  provisions for the mandatory redemption of the Notes contained
                  herein; or

                                       42
<PAGE>

                           (vii) permit the creation of any lien ranking prior
                  to or on a parity with the lien of this Indenture with respect
                  to any part of the Trust Estate or, except as otherwise
                  permitted or contemplated herein or in the Basic Documents,
                  terminate the lien of this Indenture on any property at any
                  time subject hereto or deprive the Holder of any Note of the
                  security provided by the lien of this Indenture. Indenture
                  Trustee may determine whether or not any Notes would be
                  affected by any supplemental indenture and any such
                  determination shall be conclusive upon the Holders of all
                  Notes, whether theretofore or thereafter authenticated and
                  delivered hereunder. Indenture Trustee shall not be liable for
                  any such determination made in good faith.

         It shall not be necessary for any Act of Noteholders under this Section
to approve the particular form of any proposed supplemental indenture, but it
shall be sufficient if such Act shall approve the substance thereof.

         Promptly after the execution by Issuer and Indenture Trustee of any
supplemental indenture pursuant to this Section, Indenture Trustee shall mail to
the Holders of the Notes to which such amendment or supplemental indenture
relates a notice setting forth in general terms the substance of such
supplemental indenture. Any failure of Indenture Trustee to mail such notice, or
any defect therein, shall not, however, in any way impair or affect the validity
of any such supplemental indenture.

         SECTION 9.3 Execution of Supplemental Indentures. In executing, or
permitting the additional trusts created by, any supplemental indenture
permitted by this Article IX or the modifications thereby of the trusts created
by this Indenture, Indenture Trustee shall be entitled to receive, and subject
to Sections 6.1 and 6.2, shall be fully protected in relying upon, an Opinion of
Counsel stating that the execution of such supplemental indenture is authorized
or permitted by this Indenture. Indenture Trustee may, but shall not be
obligated to, enter into any such supplemental indenture that affects Indenture
Trustee's own rights, duties, liabilities or immunities under this Indenture or
otherwise.

         SECTION 9.4 Effect of Supplemental Indenture. Upon the execution of any
supplemental indenture pursuant to the provisions hereof, this Indenture shall
be and be deemed to be modified and amended in accordance therewith with respect
to the Notes affected thereby, and the respective rights, limitations of rights,
obligations, duties, liabilities and immunities under this Indenture of
Indenture Trustee, Issuer and the Holders of the Notes shall thereafter be
determined, exercised and enforced hereunder subject in all respects to such
modifications and amendments, and all the terms and conditions of any such
supplemental indenture shall be and be deemed to be part of the terms and
conditions of this Indenture for any and all purposes.

         SECTION 9.5 Conformity With Trust Indenture Act. Every amendment of
this Indenture and every supplemental indenture executed pursuant to this
Article IX shall conform to the requirements of the Trust Indenture Act as then
in effect so long as this Indenture shall then be qualified under the Trust
Indenture Act.

                                       43
<PAGE>

         SECTION 9.6 Reference in Notes to Supplemental Indentures. Notes
authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article IX may, and if required by Indenture Trustee shall,
bear a notation in form approved by Indenture Trustee as to any matter provided
for in such supplemental indenture. If Issuer or Indenture Trustee shall so
determine, new Notes so modified as to conform, in the opinion of Indenture
Trustee and Issuer, to any such supplemental indenture may be prepared and
executed by Issuer and authenticated and delivered by Indenture Trustee in
exchange for Outstanding Notes.

ARTICLE X REDEMPTION OF NOTES.

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

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

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

         All notices of redemption shall state:

                           (i) the Redemption Date;

                           (ii) the Redemption Price;

                           (iii) that the Record Date otherwise applicable to
                  such Redemption Date is not applicable and that payments shall
                  be made only upon presentation and surrender of such Class A-2

                                       44
<PAGE>

                  Notes and the place where such Class A-2 Notes are to be
                  surrendered for payment of the Redemption Price (which shall
                  be the office or agency of Issuer to be maintained as provided
                  in Section 3.2); and

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

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

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

         SECTION 10.3 Notes Payable on Redemption Date. The Class A-2 Notes to
be redeemed shall, following notice of redemption as required by Section 10.2
(in the case of redemption pursuant to Section 10.1(a)), on the Redemption Date
become due and payable at the Redemption Price and (unless Issuer shall default
in the payment of the Redemption Price) no interest shall accrue on the
Redemption Price for any period after the date to which accrued interest is
calculated for purposes of calculating the Redemption Price.

ARTICLE XI MISCELLANEOUS.

         SECTION 11.1 Compliance Certificates and Opinions, etc. (a) Upon any
application or request by Issuer to Indenture Trustee to take any action under
any provision of this Indenture, Issuer shall furnish to Indenture Trustee (i)
an Officer's Certificate stating that all conditions precedent, if any, provided
for in this Indenture relating to the proposed action have been complied with,
(ii) an Opinion of Counsel stating that in the opinion of such counsel all such
conditions precedent, if any, have been complied with and (iii) (if required by
the TIA) an Independent Certificate from a firm of certified public accountants
meeting the applicable requirements of this Section, except that, in the case of
any such application or request as to which the furnishing of such documents is
specifically required by any provision of this Indenture, no additional
certificate or opinion need be furnished.

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

                           (i) a statement that each signatory of such
                  certificate or opinion has read or has caused to be read such
                  covenant or condition and the definitions herein relating
                  thereto;

                           (ii) a brief statement as to the nature and scope of
                  the examination or investigation upon which the statements or
                  opinions contained in such certificate or opinion are based;
                  (iii) a statement that, in the opinion of each such signatory,
                  such signatory has made such examination or investigation as
                  is

                                       45
<PAGE>

                  necessary to enable such signatory to express an informed
                  opinion as to whether or not such covenant or condition has
                  been complied with; and

                           (iii) a statement as to whether, in the opinion of
                  each such signatory such condition or covenant has been
                  complied with.

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

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

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

                           (iv) Whenever Issuer is required to furnish to
                  Indenture Trustee an Officer's Certificate certifying or
                  stating the opinion of any signer thereof as to the matters
                  described in clause (iii), Issuer shall also furnish to
                  Indenture Trustee an Independent Certificate

                                       46
<PAGE>

                  as to the same matters if the fair value of the property or
                  securities and of all other property other than Purchased
                  Receivables and Defaulted Receivables, or securities released
                  from the lien of this Indenture since the commencement of the
                  then current calendar year, as set forth in the certificates
                  required by clause (iii) and this clause (iv), equals 10% or
                  more of the Outstanding Amount of the Notes, but such
                  certificate need not be furnished in the case of any release
                  of property or securities if the fair value thereof as set
                  forth in the related Officer's Certificate is less than
                  $25,000 or less than one percent of the then Outstanding
                  Amount of the Notes.

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

         SECTION 11.2 Form of Documents Delivered to Indenture Trustee. In any
case where several matters are required to be certified by, or covered by an
opinion of, any specified Person, it is not necessary that all such matters be
certified by, or covered by the opinion of, only one such Person, or that they
be so certified or covered by only one document, but one such Person may certify
or give an opinion with respect to some matters and one or more other such
Persons as to other matters, and any such Person may certify or give an opinion
as to such matters in one or several documents.

         Any certificate or opinion of an Authorized Officer of Issuer may be
based, insofar as it relates to legal matters, upon a certificate or opinion of,
or representations by, counsel, unless such officer knows, or in the exercise of
reasonable care should know, that the certificate or opinion or representations
with respect to the matters upon which his or her certificate or opinion is
based are erroneous. Any such certificate of an Authorized Officer or Opinion of
Counsel may be based, insofar as it relates to factual matters, upon a
certificate or opinion of, or representations by, an officer or officers of
Servicer, Seller, Administrator or Issuer, stating that the information with
respect to such factual matters is in the possession of Servicer, Seller,
Administrator or Issuer, unless such counsel knows, or in the exercise of
reasonable care should know, that the certificate or opinion or representations
with respect to such matters are erroneous.

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

         Whenever in this Indenture, in connection with any application or
certificate or report to Indenture Trustee, it is provided that Issuer shall
deliver any document as a condition of the granting of such application, or as
evidence of Issuer's compliance with any term hereof, it is intended that the
truth and accuracy, at the time of the granting of such application or at the
effective date of such certificate or report (as the case may be), of the facts
and opinions stated in

                                       47
<PAGE>

such document shall in such case be conditions precedent to the right of Issuer
to have such application granted or to the sufficiency of such certificate or
report. The foregoing shall not, however, be construed to affect Indenture
Trustee's right to rely upon the truth and accuracy of any statement or opinion
contained in any such document as provided in Article VI.

         SECTION 11.3 Acts of Noteholders. (a) Any request, demand,
authorization, direction, notice, consent, waiver or other action provided by
this Indenture to be given or taken by Noteholders may be embodied in and
evidenced by one or more instruments of substantially similar tenor signed by
such Noteholders in person or by agents duly appointed in writing; and except as
herein otherwise expressly provided such action shall become effective when such
instrument or instruments are delivered to Indenture Trustee, and, where it is
hereby expressly required, to Issuer. Such instrument or instruments (and the
action embodied therein and evidenced thereby) are herein sometimes referred to
as the "Act" of the Noteholders signing such instrument or instruments. Proof of
execution of any such instrument or of a writing appointing any such agent shall
be sufficient for any purpose of this Indenture and (subject to Section 6.1)
conclusive in favor of Indenture Trustee and Issuer, if made in the manner
provided in this Section.

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

                           (c) The ownership of Notes shall be proved by the
                  Note Register.

                           (d) Any request, demand, authorization, direction,
                  notice, consent, waiver or other action by the Holder of any
                  Notes shall bind the Holder of every Note issued upon the
                  registration thereof or in exchange therefor or in lieu
                  thereof, in respect of anything done, omitted or suffered to
                  be done by Indenture Trustee or Issuer in reliance thereon,
                  whether or not notation of such action is made upon such Note.

         SECTION 11.4 Notices, etc., to Indenture Trustee, Issuer and Rating
Agencies. Any request, demand, authorization, direction, notice, consent, waiver
or Act of Noteholders or other documents provided or permitted by this Indenture
to be made upon, given or furnished to or filed with:

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

                           (b) Issuer by Indenture Trustee or by any Noteholder
                  shall be sufficient for every purpose hereunder if personally

                                       48
<PAGE>

                  delivered, delivered by overnight courier or mailed certified
                  mail, return receipt requested and shall be deemed to have
                  been duly given upon receipt to Issuer addressed to:
                  Volkswagen Auto Loan Enhanced [Trust][LLC] 200_-_, in care of
                  [____________________], with a copy to Administrator at 3800
                  Hamlin Road, Auburn Hills, Michigan 48326, Attention:
                  ______________, or at any other address previously furnished
                  in writing to Indenture Trustee by Issuer or Administrator.
                  Issuer shall promptly transmit any notice received by it from
                  the Noteholders to Indenture Trustee.

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

         SECTION 11.5 Notices to Noteholders; Waiver. Where this Indenture
provides for notice to Noteholders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing
and mailed, first-class, postage prepaid to each Noteholder affected by such
event, at his address as it appears on the Note Register, not later than the
latest date, and not earlier than the earliest date, prescribed for the giving
of such notice. In any case where notice to Noteholders is given by mail,
neither the failure to mail such notice nor any defect in any notice so mailed
to any particular Noteholder shall affect the sufficiency of such notice with
respect to other Noteholders, and any notice that is mailed in the manner herein
provided shall conclusively be presumed to have been duly given.

         Where this Indenture provides for notice in any manner, such notice may
be waived in writing by any Person entitled to receive such notice, either
before or after the event, and such waiver shall be the equivalent of such
notice. Waivers of notice by Noteholders shall be filed with Indenture Trustee
but such filing shall not be a condition precedent to the validity of any action
taken in reliance upon such a waiver.

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

         Where this Indenture provides for notice to the Rating Agencies,
failure to give such notice shall not affect any other rights or obligations
created hereunder, and shall not under any circumstance constitute a Default or
Event of Default.

                                       49
<PAGE>

         SECTION 11.6 Alternate Payment and Notice Provisions. Notwithstanding
any provision of this Indenture or any of the Notes to the contrary, Issuer may
enter into any agreement with any Holder of a Note providing for a method of
payment, or notice by Indenture Trustee or any Paying Agent to such Holder, that
is different from the methods provided for in this Indenture for such payments
or notices, provided that such methods are reasonable and consented to by
Indenture Trustee (which consent shall not be unreasonably withheld). Issuer
will furnish to the trustee a copy of each such agreement and Indenture Trustee
will cause payments to be made and notices to be given in accordance with such
agreements.

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

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

         SECTION 11.8 Effect of Headings and Table of Contents. The Article and
Section headings herein and the Table of Contents are for convenience only and
shall not affect the construction hereof.

         SECTION 11.9 Successors and Assigns. All covenants and agreements in
this Indenture and the Notes by Issuer shall bind its successors and assigns,
whether so expressed or not. All agreements of Indenture Trustee in this
Indenture shall bind its successors.

         SECTION 11.10 Separability. In case any provision in this Indenture or
in the Notes shall be invalid, illegal or unenforceable, the validity, legality,
and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby.

         SECTION 11.11 Benefits of Indenture. Nothing in this Indenture or in
the Notes, express or implied, shall give to any Person, other than the parties
hereto and their successors hereunder, and the Noteholders, and any other party
secured hereunder, and any other person with an ownership interest in any part
of the Trust Estate, any benefit or any legal or equitable right, remedy or
claim under this Indenture.

         SECTION 11.12 Legal Holidays. In any case where the date on which any
payment is due shall not be a Business Day, then (notwithstanding any other
provision of the Notes or this Indenture) payment need not be made on such date,
but may be made on the next succeeding Business Day with the same force and
effect as if made on the date on which nominally due, and no interest shall
accrue for the period from and after any such nominal date.

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

                                       50
<PAGE>

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

         SECTION 11.15 Recording of Indenture. If this Indenture is subject to
recording in any appropriate public recording offices, such recording is to be
effected by Issuer and at its expense accompanied by an Opinion of Counsel
(which may be counsel to Indenture Trustee or any other counsel reasonably
acceptable to Indenture Trustee) to the effect that such recording is necessary
either for the protection of the Noteholders or any other person secured
hereunder or for the enforcement of any right or remedy granted to Indenture
Trustee under this Indenture.

         SECTION 11.16 Trust Obligation. No recourse may be taken, directly or
indirectly, with respect to the obligations of Issuer, Seller, Servicer, Owner
Trustee or Indenture Trustee on the Notes or under this Indenture or any
certificate or other writing delivered in connection herewith or therewith,
against (i) Seller, Servicer, Indenture Trustee or Owner Trustee in its
individual capacity, (ii) any owner of a beneficial interest in Issuer or (iii)
any partner, owner, beneficiary, agent, officer, director, employee or agent of
Seller, Servicer, Indenture Trustee or Owner Trustee in its individual capacity,
any holder of a beneficial interest in Issuer, Seller, Servicer, Owner Trustee
or Indenture Trustee or of any successor or assign of Seller, Servicer,
Indenture Trustee or Owner Trustee in its individual capacity, except as any
such Person may have expressly agreed (it being understood that Indenture
Trustee and Owner Trustee have no such obligations in their individual capacity)
and except that any such partner, owner or beneficiary shall be fully liable, to
the extent provided by applicable law, for any unpaid consideration for stock,
unpaid capital contribution or failure to pay any installment or call owing to
such entity. For all purposes of this Indenture, in the performance of any
duties or obligations of Issuer hereunder, Owner Trustee shall be subject to,
and entitled to the benefits of, the terms and provisions of Article VI, VII and
VIII of the Trust Agreement.

         SECTION 11.17 No Petition. Indenture Trustee, by entering into this
Indenture, and each Noteholder, by accepting a Note, hereby covenant and agree
that they will not at any time institute against Seller or Issuer, or join in
any institution against Seller or Issuer of, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings, or other proceedings under
any United States Federal or state bankruptcy or similar law in connection with
any obligations relating to the Notes, this Indenture or any of the Basic
Documents.

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

                                       51
<PAGE>

         IN WITNESS WHEREOF, Issuer and Indenture Trustee have caused this
Indenture to be duly executed by their respective officers, thereunto duly
authorized, all as of the day and year first above written.

                                       VOLKSWAGEN AUTO LOAN ENHANCED
                                            [TRUST][LLC] 200_-_

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

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

                                      ---------------------------------------
                                      not in its individual capacity
                                      but solely as Indenture Trustee,

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

                                       52
<PAGE>

                                                                       EXHIBIT A

                             SCHEDULE OF RECEIVABLES

                     Delivered on Disk to Indenture Trustee

                                       A
<PAGE>

                                                                       EXHIBIT B

                                FORM OF A-1 NOTES

REGISTERED                                           $__________(3) No.  R-___
CUSIP NO.  _____________

         Unless this Note is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Issuer or its
agent for registration of transfer, exchange or payment, and any Note issued is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC (and any payment is made to Cede & Co. or to
such other entity as is requested by an authorized representative of DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.

         THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH
HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

                VOLKSWAGEN AUTO LOAN ENHANCED [TRUST][LLC] 200_-_
                       _____% CLASS A-1 ASSET BACKED NOTES

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

-----------------
(3) Denominations of $[1,000] and integral multiples of $1,000 in excess
    thereof.

                                      B-1
<PAGE>

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

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

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

Dated:                ,  200
         -------------      --

                                     VOLKSWAGEN AUTO LOAN ENHANCED
                                     [TRUST][LLC] 200_-_

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

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

                                      B-2
<PAGE>

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Dated:                ,  200
         -------------      --

                                            ----------------------------------,
                                            not in its individual capacity,
                                            but solely as Indenture Trustee

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

                                      B-3
<PAGE>

                                [REVERSE OF NOTE]

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its ______% Class A-1 Asset Backed Notes (herein called the "A-1
Notes" or the "Notes"), all issued under an Indenture dated as of __________,
200__ (such Indenture, as supplemented or amended, is herein called the
"Indenture"), between the Issuer and _____________________, not in its
individual capacity but solely as trustee (the "Indenture Trustee"), which term
includes any successor Indenture Trustee under the Indenture, to which Indenture
and all indentures supplemental thereto reference is hereby made for a statement
of the respective rights and obligations thereunder of the Issuer, the Indenture
Trustee and the Holders of the Notes. The Notes are subject to all terms of the
Indenture. All terms used in this Note that are not otherwise defined herein and
that are defined in the Indenture shall have the meanings assigned to them in or
pursuant to the Indenture.

         The Notes and the Class A-2 Notes are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture.

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

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

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

         Each Noteholder or Note Owner, by acceptance of a Note, or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that they
will not at any time institute against Seller or Issuer, or join in any
institution against Seller or Issuer of, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings, or other

                                      B-4
<PAGE>

proceedings under any United States Federal or state bankruptcy or similar law
in connection with any obligations relating to the Notes, this Indenture or any
of the Basic Documents.

         This Note and the Indenture shall be construed in accordance with the
laws of the State of New York, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder
and thereunder shall be determined in accordance with such laws. No reference
herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Issuer, which is absolute and
unconditional, to pay the principal of and interest on this Note at the times,
place and rate, and in the coin or currency, herein prescribed. Anything herein
to the contrary notwithstanding, except as expressly provided in the Basic
Documents, neither _________________, in its individual capacity, any owner of a
beneficial interest in the Issuer, nor any of their respective partners,
beneficiaries, agents, officers, directors, employees, successors or assigns
shall be personally liable for, nor shall recourse be had to any of them for,
the payment of principal of or interest on, or performance of, or omission to
perform, any of the covenants, obligations or indemnifications contained in this
Note or the Indenture, it being expressly understood that said covenants,
obligations and indemnifications have been made by the Owner Trustee for the
sole purposes of binding the interests of the Owner Trustee in the assets of the
Issuer. The Holder of this Note by the acceptance hereof agrees that, except as
expressly provided in the Basic Documents, in the case of an Event of Default
under the Indenture, the Holder shall have no claim against any of the foregoing
for any deficiency, loss or claim therefrom; provided that nothing contained
herein shall be taken to prevent recourse to, and enforcement against, the
assets of the Issuer for any and all liabilities, obligations and undertakings
contained in the Indenture or in this Note.

                                      B-5

<PAGE>

                                   ASSIGNMENT

         Social Security or taxpayer I.D. or other identifying number of
assignee

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

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

-------------------------------------------------------------------------------
                         (name and address of assignee)

the within Note and all rights thereunder, ____ and hereby irrevocably
constitutes and appoints ______________________, attorney, to transfer said Note
on the books kept for registration thereof, with full power of substitution in
the premises.

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

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

---------
*/ NOTE: The signature to this assignment must correspond with the name of the
registered owner as it appears on the face of the within Note in every
particular without alteration, enlargement or any change whatsoever.

                                       B-6
<PAGE>

                                    EXHIBIT C

                                FORM OF A-2 NOTES

REGISTERED                                           $___________(4) No.  R-___
CUSIP NO.  _____________

         Unless this Note is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Issuer or its
agent for registration of transfer, exchange or payment, and any Note issued is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC (and any payment is made to Cede & Co. or to
such other entity as is requested by an authorized representative of DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.

         THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH
HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

                VOLKSWAGEN AUTO LOAN ENHANCED [TRUST][LLC] 200_-_
                       _____% CLASS A-2 ASSET BACKED NOTES

         Volkswagen Auto Loan Enhanced [Trust][LLC] 200_-_, a [common law
trust][limited liability company][statutory trust] [organized and existing under
the laws of the State of Delaware] (including any successor, the "Issuer"), for
value received, hereby promises to pay to CEDE & CO., or registered assigns, the
principal sum of __________________ DOLLARS ($___________), partially payable on
each Distribution Date in an amount equal to the result obtained by multiplying
(i) a fraction the numerator of which is the initial principal amount of this
Note and the denominator of which is the aggregate initial principal amount of
the Class A-2 Notes ("the Fraction") by (ii) the aggregate amount, if any,
payable from the Note Distribution Account in respect of principal on the A-2
Notes pursuant to Section 3.1 of the Indenture; provided that the entire unpaid
principal amount of this Note shall be due and payable on the earlier of the
Final Scheduled Distribution Date for the Class A-2 Notes and the Redemption

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

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

                                      C-1
<PAGE>

Date, if any, pursuant to Section 10.1 of the Indenture. No payments of
principal of the A-2 Notes will be made until the principal of the A-1 Notes has
been paid in full. The Issuer will pay interest on this Note on each
Distribution Date until the principal of this Note is paid or made available for
payment in an amount equal to the product of the Class A-2 Noteholders' Interest
distributable Amount for the related Transfer Date multiplied by the Fraction,
subject to certain limitations contained in Section 3.1 and Section 8.2 of the
Indenture. Such principal of and interest on this Note shall be paid in the
manner specified in the Indenture. The principal of and interest on this Note
are payable in such coin or currency of the United States of America as at the
time of payment is legal tender for payment of public and private debts. All
payments made by the Issuer with respect to this Note shall be applied first to
interest due and payable on this Note as provided above and then to the unpaid
principal of this Note. Reference is made to the further provisions of this Note
set forth on the reverse hereof, which shall have the same effect as though
fully set forth on the face of this Note.

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

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

Dated:   _____________, 200__

                                      VOLKSWAGEN AUTO LOAN ENHANCED
                                      [TRUST][LLC] 200_-_

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

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

                                      C-2
<PAGE>

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Dated:   ______________, 200_

                                      -----------------------------------------
                                      not in its individual capacity,
                                      but solely as Indenture Trustee

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

                                      C-3

<PAGE>

                                [REVERSE OF NOTE]

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its ______% Class A-2 Asset Backed Notes (herein called the "A-2
Notes" or the "Notes"), all issued under an Indenture dated as of __________,
200__ (such Indenture, as supplemented or amended, is herein called the
"Indenture"), between the Issuer and _____________________, not in its
individual capacity but solely as trustee (the "Indenture Trustee"), which term
includes any successor Indenture Trustee under the Indenture, to which Indenture
and all indentures supplemental thereto reference is hereby made for a statement
of the respective rights and obligations thereunder of the Issuer, the Indenture
Trustee and the Holders of the Notes. The Notes are subject to all terms of the
Indenture. All terms used in this Note that are not otherwise defined herein and
that are defined in the Indenture shall have the meanings assigned to them in or
pursuant to the Indenture.

         The Notes and the Class A-1 Notes are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture.

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

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

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

         Each Noteholder or Note Owner, by acceptance of a Note, or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that they
will not at any time institute against Seller or Issuer, or join in any
institution against Seller or Issuer of, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings, or other

                                      C-4
<PAGE>

proceedings under any United States Federal or state bankruptcy or similar law
in connection with any obligations relating to the Notes, this Indenture or any
of the Basic Documents.

         This Note and the Indenture shall be construed in accordance with the
laws of the State of New York, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder
and thereunder shall be determined in accordance with such laws. No reference
herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Issuer, which is absolute and
unconditional, to pay the principal of and interest on this Note at the times,
place and rate, and in the coin or currency, herein prescribed. Anything herein
to the contrary notwithstanding, except as expressly provided in the Basic
Documents, neither ________________________, in its individual capacity, any
owner of a beneficial interest in the Issuer, nor any of their respective
partners, beneficiaries, agents, officers, directors, employees, successors or
assigns shall be personally liable for, nor shall recourse be had to any of them
for, the payment of principal of or interest on, or performance of, or omission
to perform, any of the covenants, obligations or indemnifications contained in
this Note or the Indenture, it being expressly understood that said covenants,
obligations and indemnifications have been made by the Owner Trustee for the
sole purposes of binding the interests of the Owner Trustee in the assets of the
Issuer. The Holder of this Note by the acceptance hereof agrees that, except as
expressly provided in the Basic Documents, in the case of an Event of Default
under the Indenture, the Holder shall have no claim against any of the foregoing
for any deficiency, loss or claim therefrom; provided that nothing contained
herein shall be taken to prevent recourse to, and enforcement against, the
assets of the Issuer for any and all liabilities, obligations and undertakings
contained in the Indenture or in this Note.

                                      C-5
<PAGE>

                                   ASSIGNMENT

Social Security or taxpayer I.D.  or other identifying number of assignee

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

         FOR VALUE RECEIVED, the undersigned hereby sells,

assigns and transfers unto _______________________________

--------------------------------------------------------------------------------
                         (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints ______________________, attorney, to transfer said Note on the
books kept for registration thereof, with full power of substitution in the
premises.

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

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

-------------------------
*/ NOTE: The signature to this assignment must correspond with the name of the
registered owner as it appears on the face of the within Note in every
particular without alteration, enlargement or any change whatsoever.

                                      C-6<PAGE>
                                                                     EXHIBIT 4.2

                 Volkswagen Public Auto Loan Securitization, LLC

                                     Seller,

                                 VW Credit, Inc.
                                    Servicer

                                       and

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

                                     Trustee

                            on behalf of the Holders

                     FORM OF POOLING AND SERVICING AGREEMENT

                          Dated as of ________ __, 200_

                   VOLKSWAGEN AUTO LOAN ENHANCED TRUST 200_-_

                    ____% Asset Backed Certificates, Class A

                    ____% Asset Backed Certificates, Class B

<PAGE>

                                TABLE OF CONTENTS
<Table>
<Caption>
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<S>                                                                                                             <C>
ARTICLE I             DEFINITIONS................................................................................  1

         Section 1.1           Definitions.......................................................................  1

         Section 1.2           Other Interpretative Provisions..................................................  19

         Section 1.3           Calculations.....................................................................  19

         Section 1.4           References.......................................................................  19

         Section 1.5           Action by or Consent of Holders..................................................  19

ARTICLE II            THE TRUST PROPERTY........................................................................  19

         Section 2.1           Conveyance of Trust Property.....................................................  19

         Section 2.2           Representations and Warranties as to Each Receivable.............................  20

         Section 2.3           Representations and Warranties as to the Receivables in the Aggregate............  23

         Section 2.4           Repurchase upon Breach...........................................................  23

         Section 2.5           Custodian of Receivable Files....................................................  24

ARTICLE III           ADMINISTRATION AND SERVICING OF TRUST PROPERTY............................................  27

         Section 3.1           Duties of Servicer...............................................................  27

         Section 3.2           Collection of Receivable Payments................................................  28

         Section 3.3           Realization upon Receivables.....................................................  28

         Section 3.4           Physical Damage Insurance........................................................  29

         Section 3.5           Maintenance of Security Interests in Financed Vehicles...........................  30

         Section 3.6           Covenants of Servicer............................................................  30

         Section 3.7           Purchase by Servicer upon Breach.................................................  30

         Section 3.8           Servicing Compensation...........................................................  31

        Section 3.9           Servicer's Report.................................................................  31

        Section 3.10          Annual Statement as to Compliance.................................................  32

        Section 3.11          Annual Independent Certified Public Accountants' Report...........................  32

        Section 3.12          Access to Certain Documentation and Information Regarding Receivables.............  33

        Section 3.13          Reports to the Commission.........................................................  33

        Section 3.14          Reports to the Rating Agency......................................................  33
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        Section 3.15          Servicer Expenses.................................................................  33

RTICLE IV            DISTRIBUTIONS; RESERVE ACCOUNT; STATEMENTS TO HOLDERS......................................  33

        Section 4.1           Establishment of Accounts.........................................................  33

        Section 4.2           Collections.......................................................................  34

        Section 4.3           [RESERVED]........................................................................  36

        Section 4.4           Additional Deposits; Net Deposits.................................................  36

        Section 4.5           Distributions.....................................................................  36

        Section 4.6           Reserve Account...................................................................  38

        Section 4.7           Statements to Holders.............................................................  40

ARTICLE V             THE CERTIFICATES..........................................................................  42

         Section 5.1           The Certificates.................................................................  42

         Section 5.2           Authentication of Certificates...................................................  42

         Section 5.3           Registration of Transfer and Exchange of Certificates............................  42

         Section 5.4           Mutilated, Destroyed, Lost or Stolen Certificates................................  43

         Section 5.5           Persons Deemed Owners............................................................  43

         Section 5.6           Access to List of Holders' Names and Addresses...................................  43

         Section 5.7           Maintenance of Office or Agency..................................................  44

         Section 5.8           Book Entry Certificates..........................................................  44

         Section 5.9           Notices to Clearing Agency.......................................................  45

         Section 5.10          Definitive Certificates..........................................................  45

ARTICLE VI            SELLER....................................................................................  46

         Section 6.1           Representations and Warranties of Seller.........................................  46

         Section 6.2           Merger or Consolidation of, or Assumption of the Obligations of, Seller..........  47

         Section 6.3           Limitation on Liability of Seller and Others.....................................  48

ARTICLE VII           SERVICER..................................................................................  48

         Section 7.1           Representations and Warranties of Servicer.......................................  48

         Section 7.2           Indemnities of Servicer..........................................................  50

         Section 7.3           Merger or Consolidation of or Assumption of the Obligations of Servicer..........  51
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         Section 7.4           Limitation on Liability of Servicer and Others...................................  51

         Section 7.5           VW Credit, Inc...................................................................  52

         Section 7.6           Servicer May Own Certificates....................................................  52

         Section 7.7           Existence........................................................................  52

ARTICLE VIII          SERVICING TERMINATION.....................................................................  52

         Section 8.1           Servicer Termination Events......................................................  52

         Section 8.2           Trustee to Act; Appointment of Successor Servicer................................  54

         Section 8.3           Effect of Servicing Transfer.....................................................  55

         Section 8.4           Notification to Holders..........................................................  56

         Section 8.5           Waiver of Past Servicer Termination Events.......................................  56

         Section 8.6           Transfer of Accounts.............................................................  56

ARTICLE IX            TRUSTEE...................................................................................  56

         Section 9.1           Acceptance by Trustee............................................................  56

         Section 9.2           Duties of Trustee................................................................  56

         Section 9.3           Trustee's Certificate............................................................  58

         Section 9.4           Trustee's Assignment of Purchased Receivables....................................  58

         Section 9.5           Certain Matters Affecting Trustee................................................  59

         Section 9.6           Trustee Not Liable for Certificates or Receivables...............................  60

         Section 9.7           Trustee May Own Certificates.....................................................  62

         Section 9.8           Trustee's Fees and Expenses......................................................  62

         Section 9.9           Eligibility Requirements for Trustee.............................................  62

         Section 9.10          Resignation or Removal of Trustee................................................  62

         Section 9.11          Successor Trustee................................................................  63

         Section 9.12          Merger or Consolidation of or Assumption of Obligations of Trustee...............  64

         Section 9.13          Appointment of Co-Trustee or Separate Trustee....................................  64

         Section 9.14          Representations and Warranties of Trustee........................................  65

         Section 9.15          Reports by Trustee...............................................................  66

         Section 9.16          Tax Returns......................................................................  67

         Section 9.17          Trustee May Enforce Claims Without Possession of Certificates....................  67
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ARTICLE X             TERMINATION...............................................................................  67

         Section 10.1          Termination of the Trust.........................................................  67

         Section 10.2          Optional Purchase of All Receivables.............................................  68

ARTICLE XI            MISCELLANEOUS PROVISIONS..................................................................  68

         Section 11.1          Amendment........................................................................  68

         Section 11.2          Protection of Title to Trust Property............................................  70

         Section 11.3          Limitation on Rights of Holders..................................................  71

         Section 11.4          Governing Law....................................................................  72

         Section 11.5          Notices..........................................................................  72

         Section 11.6          Severability of Provisions.......................................................  73

         Section 11.7          Assignment.......................................................................  73

         Section 11.8          Certificates Nonassessable and Fully Paid........................................  73

         Section 11.9          Intention of Parties.............................................................  73

         Section 11.10         Counterparts.....................................................................  74

         Section 11.11         Further Assurances...............................................................  74

         Section 11.12         No Waiver; Cumulative Remedies...................................................  74
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                                       iv
<PAGE>

                                    SCHEDULE

SCHEDULE A      LOCATION OF RECEIVABLE FILES

                                    EXHIBITS

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

                                       v
<PAGE>

                  POOLING AND SERVICING AGREEMENT dated as of ____________,
200_, between Volkswagen Public Auto Loan Securitization, LLC, a Delaware
limited liability company, as Seller, VW Credit, Inc., a Delaware corporation,
as Servicer, and __________, a ______________________, as trustee hereunder.

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

                                   ARTICLE I

                                  DEFINITIONS.

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

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

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

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

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

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

<PAGE>

Distribution Date and (z) the amount, if any, deposited in the Reserve Account
on such Distribution Date.

                  "Administration Agreement" means the Administration Agreement
dated as of _______, 200_ by and among the Trust, the Administrator and the
Indenture Trustee as amended, restated and otherwise modified from time to time

                  "Administrator" means VW Credit in its capacity as
administrator of the Trust under the Administration Agreement, and any successor
thereto.

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

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

                  "Authorized Officer" means any officer within the Corporate
Trust Office of Trustee, including any vice president, assistant vice president,
secretary, assistant secretary or any other officer of Trustee customarily
performing functions similar to those performed by any of the above designated
officers and also, with respect to a particular matter, any other officer to
whom such matter is referred because of such officer's knowledge of and
familiarity with the particular subject.

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

                  "Available Principal" means, for any Distribution Date the sum
of the following amounts with respect to the related Collection Period: (a) that
portion of all Collections on the Receivables received during such Collection
Period that is allocable to principal in accordance

                                       2
<PAGE>

with Servicer's customary servicing procedures; and (b) the Purchase Amounts, to
the extent attributable to principal, of all Receivables purchased by Servicer
as of the last day of the related Collection Period. "Available Principal" on
any Distribution Date shall exclude all payments and proceeds of any Receivables
the Purchase Amount of which has been distributed on a prior Distribution Date.

                  "Available Reserve Amount" is defined in Section 4.6.

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

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

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

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

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

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

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

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

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

                  "Class A Holder" means the Person in whose name a Class A
Certificate is registered in the Certificate Register, except that, solely for
the purpose of giving any consent, request or waiver pursuant to this Agreement,
the interest evidenced by any Class A Certificate

                                       3
<PAGE>

registered in the name of the Transferor, Servicer, or any Person actually known
to an Authorized Officer of Trustee to be an Affiliate, the Transferor, or
Servicer, shall not be taken into account in determining whether the requisite
percentage necessary to effect any such consent, request or waiver shall have
been obtained.

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

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

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

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

                  "Class A Percentage" means _____%.

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

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

                  "Class A Principal Distributable Amount" means, with respect
to any Distribution Date, the sum of Class A Monthly Principal for such
Distribution Date and, in the case of any

                                       4
<PAGE>

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

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

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

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

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

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

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

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

                                       5
<PAGE>

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

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

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

                  "Class B Percentage" means __%.

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

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

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

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

                                       6
<PAGE>

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

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

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

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

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

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

                  "Commission" means the Securities and Exchange Commission.

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

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

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

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

                  "Cutoff Date Principal Balance" means, with respect to any
Receivable, the Initial Principal Balance of such Receivable minus the sum of
the portion of all payments received

                                       7
<PAGE>

under such Receivable from or on behalf of the related Obligor on or prior to
the Cutoff Date and allocable to principal in accordance with the terms of the
Receivable.

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

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

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

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

                  "Definitive Certificates" is defined in Section 5.8.

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

                           (a) with respect to bankers' acceptances, commercial
                  paper, negotiable certificates of deposit and other
                  obligations that constitute "instruments" within the meaning
                  of Section 9-102(47) of the UCC and are susceptible of
                  physical delivery, transfer thereof to Trustee or its nominee
                  or custodian by physical delivery to Trustee or its nominee or
                  custodian endorsed to, or registered in the name of, Trustee
                  or its nominee or custodian or endorsed in blank, and, with
                  respect to a "certificated security" (as defined in Section
                  8-102 of the UCC) transfer thereof (i) by delivery of such
                  certificated security endorsed to, or registered in the name
                  of, Trustee or its nominee or custodian or endorsed in blank
                  to a "financial intermediary" (as defined in Section 8-313 of
                  the UCC) and the making by such financial intermediary of
                  entries on its books and records identifying such certificated
                  securities as belonging to Trustee or its nominee or custodian
                  and the sending by such financial intermediary of a
                  confirmation of the purchase of such certificated security by
                  Trustee or its nominee or custodian, or (ii) by delivery
                  thereof to a "clearing corporation" (as defined in Section
                  8-102(3) of the UCC) and the making by such clearing
                  corporation of appropriate entries on its books reducing the
                  appropriate securities account of the transferor and

                                       8
<PAGE>

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

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

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

                                       9
<PAGE>

                  books and records identifying such uncertificated certificates
                  as belonging to Trustee or its nominee or custodian.

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

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

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

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

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

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

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

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

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

                                       10
<PAGE>

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

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

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

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

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

                           (f) repurchase obligations with respect to any
                  security that is a direct obligation of, or fully guaranteed
                  by, the United States of America or any agency or
                  instrumentality thereof the obligations of which are backed by
                  the full faith and credit of the United States of America, in
                  either case entered into with a depository institution or
                  trust company (acting as principal) referred to in clause (b)
                  above; and

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

                                       11
<PAGE>

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

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

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

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

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

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

                  "Fitch" means Fitch Ratings, or its successor.

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

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

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

                                       12
<PAGE>

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

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

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

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

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

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

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

                  "Motor Vehicle Loan" means a Direct Loan or retail installment
sales contract secured by a Motor Vehicle originated by the Transferor or
another financial institution.

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

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

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

                                       13
<PAGE>

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

                  "Original Class A Certificate Balance" means $_________.

                  "Original Class B Certificate Balance" means $_________.

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

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

                  "Payaheads" means early payments by or on behalf of Obligors
on Precomputed Receivables which, in accordance with the Servicer's customary
practices, do not constitute scheduled payments or full prepayments and are
applied to principal and interest in a subsequent period.

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

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

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

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

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

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

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

                                       14
<PAGE>

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

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

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

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

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

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

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

                  "Receivable File" is defined in Section 2.5.

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

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

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

                                       15
<PAGE>

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

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

                  "Reserve Account Property" is defined in Section 4.6.

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

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

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

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

                  "Seller" means Volkswagen Public Auto Loan Securitization,
LLC, in its capacity as seller of the Receivables to the Trust under this
Agreement, or any successor pursuant to Section 6.3.

                  "Servicer" means VW Credit, Inc., in its capacity as servicer
of the Receivables under this Agreement, any successor pursuant to Section 7.3
or any successor Servicer appointed and acting pursuant to Section 8.2.

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

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

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

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

                                       16
<PAGE>

                  "Servicing Officer" means any individual involved in, or
responsible for, the administration and servicing of the Receivables, whose name
appears on a list of servicing officers attached to an Officer's Certificate
furnished to Trustee by Servicer, as such list may be amended from time to time
by Servicer in writing.

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

                  "Simple Interest Receivable" means any Receivable under which
the portion of a payment allocable to interest and the portion allocable to
principal is determined in accordance with the Simple Interest Method.

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

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

                  "Supplemental Servicing Fee" is defined in Section 3.8.

                  "Transferor" means                                          .
                                     -----------------------------------------

                  "Trust" means the trust created by this Agreement, which shall
be known as Volkswagen Auto Loan Enhanced Trust 200_-_.

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

                  "Trust Property" means:

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

                                       17
<PAGE>

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

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

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

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

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

                           (g) all right, title and interest of Seller under
                  each Purchase Agreement, including the right of Seller to
                  cause the Transferor to repurchase Receivables from Seller;

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

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

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

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

                                       18
<PAGE>

                  Section 1.2 Other Interpretative Provisions. For purposes of
this Agreement, unless the context otherwise requires: (a) accounting terms not
otherwise defined in this Agreement, and accounting terms partly defined in this
Agreement to the extent not defined, shall have the respective meanings given to
them under generally accepted accounting principles; (b) terms defined in
Article 9 of the UCC as in effect in the relevant jurisdiction and not otherwise
defined in this Agreement are used as defined in that Article; (c) the words
"hereof," "herein" and "hereunder" and words of similar import refer to this
Agreement as a whole and not to any particular provision of this Agreement; (d)
references to any Article, Section, Schedule, Appendix or Exhibit are references
to Articles, Sections, Schedules, Appendices and Exhibits in or to this
Agreement and references to any paragraph, subsection, clause or other
subdivision within any Section or definition refer to such paragraph,
subsection, clause or other subdivision of such Section or definition; (e) the
term "including" means "including without limitation"; (f) except as otherwise
expressly provided herein, references to any law or regulation refer to that law
or regulation as amended from time to time and include any successor law or
regulation; (g) references to any Person include that Person's successors and
assigns; and (h) headings are for purposes of reference only and shall not
otherwise affect the meaning or interpretation of any provision hereof.

                  Section 1.3 Calculations. All calculations of the amount of
interest accrued on the Certificates during any Collection Period and all
calculations of the amount of the Servicing Fee payable with respect to a
Collection Period shall be made on the basis of a 360-day year consisting of
twelve 30-day months.

                  Section 1.4 References. All references to the Record Date
prior to the first Record Date in the life of the Trust shall be to the Closing
Date. All references to the first day of a Collection Period shall refer to the
opening of business on such day. All references to the last day of a Collection
Period shall refer to the close of business on such day. All references herein
to the close of business means the close of business, Detroit, Michigan time.

                  Section 1.5 Action by or Consent of Holders. Whenever any
provision of this Agreement refers to action to be taken, or consented to, by
Holders, such provision shall be deemed to refer to Holders of record as of the
Record Date immediately preceding the date on which such action is to be taken,
or consented to, by Holders.

                                   ARTICLE II

                               THE TRUST PROPERTY.

                  Section 2.1 Conveyance of Trust Property. In consideration of
Trustee's delivery to Seller or its designee of authenticated Certificates, in
authorized denominations, in an aggregate amount equal to the Original
Certificate Balance, Seller hereby sells, transfers, assigns and conveys to
Trustee, upon the terms and conditions hereof, in trust for the benefit of the
Holders, the Trust Property, without recourse (except to the extent of the
Servicer's obligations under this Agreement and the Related Agreements). The
sale, transfer, assignment, setting over

                                       19
<PAGE>

and conveyance made hereunder shall not constitute and is not intended to result
in an assumption by Trustee, any Holder or any Certificate Owner of any
obligation of the Transferor to the Obligors, the Dealers or any other Person in
connection with the Receivables and the other Trust Property or any agreement,
document or instrument related thereto.

                  Section 2.2 Representations and Warranties as to Each
Receivable. The Servicer hereby makes the following representations and
warranties as to each Receivable on which Trustee shall rely in accepting the
Trust Property in trust and authenticating the Certificates. Unless otherwise
indicated, such representations and warranties shall speak as of the Closing
Date, but shall survive the sale, transfer and assignment of the Receivables and
the other Trust Property to the Trust.

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

                           (b) Individual Characteristics. The Receivables have
                  the following individual characteristics as of the Cutoff
                  Date: (i) each Receivable is secured by a Motor Vehicle; (ii)
                  each Receivable has a Contract Rate of at least ____% and not
                  more than ___%; (iii) each Receivable had a remaining number
                  of scheduled payments, as of the Cutoff Date, of not less than
                  ______ and not more than _____; (iv) each Receivable had an
                  initial Principal Balance of not less than $_______ and not
                  more than $_____; (v) no Receivable was more than 30 days past
                  due as of the Cutoff Date; (vi) no Financed Vehicle had been
                  repossessed as

                                       20
<PAGE>

                  of the Cutoff Date; (vii) no Receivable is subject to a force
                  placed Physical Damage Insurance Policy on the related
                  Financed Vehicle; [(viii) each Receivable is a Simple Interest
                  Receivable;] and (ix) the Dealer of the Financed Vehicle has
                  no participation in, or other right to receive, any proceeds
                  of the Receivable. The Receivables were selected using
                  selection procedures that were not intended by the Transferor
                  or Seller to be adverse to the Holders.

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

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

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

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

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

                           (h) No Liens. Neither Seller nor the Transferor has
                  received notice of any Liens or claims, including Liens for
                  work, labor, materials or unpaid state or

                                       21
<PAGE>

                  federal taxes, relating to the Financed Vehicle securing the
                  Receivable, that are or may be prior to or equal to the Lien
                  granted by the Receivable.

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

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

                           (k) Good Title. No Receivable has been sold,
                  transferred, assigned, or pledged by Seller to any Person
                  other than the Trust. Immediately prior to the transfer and
                  assignment herein contemplated, Seller had good and marketable
                  title to the Receivable free and clear of any Lien and had
                  full right and power to transfer and assign the Receivable to
                  the Trust and immediately upon the transfer and assignment of
                  the Receivable to the Trust, the Trust shall have good and
                  marketable title to the Receivable, free and clear of any
                  Lien; and the Trust's interest in the Receivable resulting
                  from the transfer has been perfected under the UCC.

                           (l) Obligations. The Transferor has duly fulfilled
                  all obligations on its part to be fulfilled under, or in
                  connection with, the Receivable.

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

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

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

                           (p) No Assignment. As of the Closing Date, Seller
                  shall not have taken any action to convey any right to any
                  Person that would result in such Person having a right to
                  payments received under the Insurance Policies or Dealer

                                       22
<PAGE>

                  Agreements, or payments due under the Receivable, that is
                  senior to, or equal with, that of Trustee.

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

                  Section 2.3 Representations and Warranties as to the
Receivables in the Aggregate. The Servicer hereby makes the following
representations and warranties as to the Receivables on which Trustee shall rely
in accepting the Trust Property in trust and authenticating the Certificates.
Unless otherwise indicated, such representations and warranties shall speak as
of the Closing Date, but shall survive the sale, transfer and assignment of the
Receivables and the other Trust Property to the Trust.

                           (a) Amounts. The Original Pool Balance was
                  $______________.

                           (b) Aggregate Characteristics. The Receivables had
                  the following characteristics in the aggregate as of the
                  Cutoff Date: (i) approximately ___% of the Original Pool
                  Balance was attributable to loans for purchases of new
                  Financed Vehicles, and approximately ___% of the Original Pool
                  Balance was attributable to loans for purchases of used
                  Financed Vehicles; (ii) approximately ___%, ___%, ___% and
                  ____% of the Original Pool Balance was attributable to
                  Receivables the mailing addresses of the Obligors with respect
                  to which are located in the States of __________, __________,
                  __________, and ___________, respectively, and no other state
                  accounts for more than 5% of the Original Pool Balance; (iii)
                  the weighted average Contract Rate of the Receivables was
                  ____%; (iv) there are Receivables being conveyed by Seller to
                  the Trust; (v) the average Cutoff Date Principal Balance of
                  the Receivables was $________; and (vi) the weighted average
                  original term and weighted average remaining term of the
                  Receivables were ______ months and ___ months, respectively.

                  Section 2.4 Repurchase upon Breach. Seller, Servicer or
Trustee, as the case may be, shall inform the other parties to this Agreement
promptly, in writing, upon the discovery of any breach or failure to be true of
the representations or warranties made by Servicer in Section 2.2, provided that
the failure to give such notice shall not affect any obligation of The Servicer.
If the breach or failure shall not have been cured by the last day of the
Collection Period which includes the 60th day (or if Servicer elects, the 30th
day) after the date on which Servicer becomes aware of, or receives written
notice from Trustee or the Servicer of, such breach or failure, and such breach
or failure materially and adversely affects the interests of Trustee and the
Holders in any Receivable, Servicer shall purchase each such affected

                                       23
<PAGE>

Receivable from Trustee as of such last day of such Collection Period at a
purchase price equal to the Purchase Amount for such Receivable as of such last
day of such Collection Period. Notwithstanding the foregoing, any such breach or
failure with respect to the representations and warranties contained in Section
2.2 will not be deemed to have such a material and adverse effect with respect
to a Receivable if the facts resulting in such breach or failure do not affect
the ability of the Trust to receive and retain payment in full on such
Receivable. In consideration of the repurchase of a Receivable hereunder,
Servicer shall remit the Purchase Amount of such Receivable, no later than the
close of business on the next Deposit Date, in the manner specified in Section
4.4. The sole remedy of the Trust, Trustee or the Holders with respect to a
breach or failure to be true of the representations or warranties made by
Servicer pursuant to Section 2.2 shall be to require Servicer to purchase
Receivables pursuant to this Section.

                  Section 2.5 Custodian of Receivable Files. (a) Custody. To
assure uniform quality in servicing the Receivables and to reduce administrative
costs, Trustee, upon the execution and delivery of this Agreement, revocably
appoints the Custodian, as agent, and the Custodian accepts such appointment, to
act as agent on behalf of Trustee to maintain custody of the following documents
or instruments, which are hereby constructively delivered to Trustee with
respect to each Receivable (collectively, a "Receivable File"):

                           (i) the fully executed original of the Receivable;

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

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

                           (iv) the original certificate of title, or such other
                           documents as the Transferor, as appropriate, keeps on
                           file, in accordance with its customary procedures,
                           evidencing the security interest of the Transferor in
                           the Financed Vehicle;

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

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

                           (b) Safekeeping. Servicer, in its capacity as
                  Custodian, shall hold the Receivable Files as agent on behalf
                  of Trustee for the benefit of all present and future Holders,
                  and maintain such accurate and complete accounts, records and
                  computer systems pertaining to each Receivable as shall enable
                  Servicer and Trustee to comply with the terms and provisions
                  of this Agreement applicable to them. In performing its duties
                  as Custodian hereunder, the Custodian shall act

                                       24
<PAGE>

                  with reasonable care, exercising the degree of skill,
                  attention and care that Custodian exercises with respect to
                  receivable files relating to other similar motor vehicle loans
                  owned and/or serviced by the Custodian and that is consistent
                  with industry standards. In accordance with its customary
                  practice with respect to its retail installment sale
                  contracts, Custodian shall conduct, or cause to be conducted,
                  periodic audits of the Receivable Files held by it under this
                  Agreement, and of the related accounts, records, and computer
                  systems, and shall maintain the Receivable Files in such a
                  manner as shall enable Trustee to verify, if Trustee so
                  elects, the accuracy of the record keeping of Custodian.
                  Custodian shall promptly report to Trustee any failure on its
                  part to hold the Receivable Files and maintain its accounts,
                  records and computer systems as herein provided, and promptly
                  take appropriate action to remedy any such failure. The
                  Custodian hereby acknowledges receipt of the Receivable File
                  for each Receivable listed on the Schedule of Receivables.
                  Nothing herein shall be deemed to require Trustee to verify
                  the accuracy of the record keeping of the Custodian.

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

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

                           (e) Title to Receivables. The Custodian agrees that,
                  in respect of any Receivable File held by the Custodian
                  hereunder, the Custodian will not at any time have or in any
                  way attempt to assert any interest in such Receivable File or
                  the related Receivable, other than solely for the purpose of
                  collecting or enforcing the Receivable for the benefit of the
                  Trust and that the entire equitable interest in such
                  Receivable and the related Receivable File shall at all times
                  be vested in the Trust.

                                       25
<PAGE>

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

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

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

                                       26
<PAGE>

                  reasonably request, for the purpose of carrying out its duties
                  and responsibilities with respect to the servicing of the
                  Receivables hereunder.

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

                                  ARTICLE III

                 ADMINISTRATION AND SERVICING OF TRUST PROPERTY.

                  Section 3.1 Duties of Servicer. (a) Servicer is hereby
authorized to act as agent for the Trust and in such capacity shall manage,
service, administer and make collections on the Receivables (other than
Purchased Receivables), and perform the other actions required by Servicer under
this Agreement, with reasonable care. Without limiting the standard set forth in
the preceding sentence, Servicer shall use a degree of skill, attention and care
that is not less than Servicer exercises with respect to comparable Motor
Vehicle Loans that it services for itself or others and that is consistent with
prudent industry standards. Servicer's duties shall include the collection and
posting of all payments, responding to inquiries by obligors on the Receivables,
or by federal, state or local governmental authorities, investigating
delinquencies, sending payment coupons or monthly invoices to Obligors,
reporting required tax information to Obligors, accounting for Collections,
monitoring the status of Physical Damage Insurance Policies with respect to the
Financed Vehicles as provided in Section 3.4(a), furnishing monthly and annual
statements to Trustee with respect to distributions, providing collection and
repossession services in the event of Obligor default and performing the other
duties specified herein. Servicer shall also administer and enforce all rights
and responsibilities of the holder of the Receivables provided for in the
Physical Damage Insurance Policies as provided in Section 3.4(b) and the Dealer
Agreements. Without limiting the generality of the foregoing, Servicer is hereby
authorized and empowered by Trustee to execute and deliver, on behalf of itself,
the Trust, Trustee and the Holders, any and all instruments of satisfaction or
cancellation, or of partial or full release or discharge, and all other
comparable instruments, with respect to the Receivables or to the Financed
vehicles, all in accordance with this Agreement; provided that notwithstanding
the foregoing, Servicer shall not, except pursuant to an order from a court of
competent jurisdiction, release an Obligor from payment of any unpaid amount
under any Receivable or waive the right to collect the unpaid balance of any
Receivable from the Obligor, except in connection with a de minimis deficiency
which Servicer would not attempt to collect in accordance with its customary
procedures. If Servicer shall commence a legal proceeding to enforce a
Receivable, Trustee shall thereupon be deemed to have automatically assigned
such Receivable to Servicer, which assignment shall be solely for purposes of
collection. Trustee shall furnish Servicer with any powers of attorney and other
documents or instruments necessary or appropriate to enable Servicer to carry
out its servicing and administrative duties hereunder.

                                       27
<PAGE>

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

                  Section 3.2 Collection of Receivable Payments. (a) Servicer
shall make reasonable efforts to collect all payments called for under the terms
and provisions of the Receivables as and when the same shall become due, and
otherwise act with respect to the Receivables, the Physical Damage Insurance
Policies, the Dealer Agreements and the other Trust Property in such manner as
will, in the reasonable judgment of Servicer, maximize the amount to be received
by the Trust with respect thereto, in accordance with the standard of care
required by Section 3.1. Servicer shall be entitled to amend or modify any
Receivable in accordance with its customary procedures if Servicer believes in
good faith that such amendment or modification is in the best interests of the
Trust; provided that Servicer may not, unless ordered by a court of competent
jurisdiction or otherwise required by applicable law, (i) extend a Receivable
beyond the Final Scheduled Maturity Date, or (ii) reduce the Principal Balance
or Contract Rate of any Receivable. If Servicer fails to comply with the
provisions of the preceding sentence, Servicer shall be required to purchase the
Receivable or Receivables affected thereby, for the Purchase Amount, in the
manner specified in Section 4.7 as of the close of business for the Collection
Period in which such failure occurs. Servicer may, in its discretion (in
accordance with its customary standards, policies and procedures), waive any
prepayment charge, late payment charge, extension fee or any other fee that may
be collected in the ordinary course of servicing a Receivable.

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

                  Section 3.3 Realization upon Receivables. On behalf of the
Trust, Servicer shall charge off a Receivable as a Defaulted Receivable in
accordance with its customary standards (and, in no event later than ___ days
after a Receivable shall have become delinquent) and shall use reasonable
efforts to repossess and liquidate the Financed Vehicle securing any Defaulted
Receivable as soon as feasible after default, in accordance with the standard of
care required by Section 3.1. In taking such action, Servicer shall follow such
customary and usual practices and procedures as it shall deem necessary or
advisable in its servicing of Motor Vehicle

                                       28
<PAGE>

Loans, and as are otherwise consistent with the standard of care required under
Section 3.1, which shall include exercising any rights under the Dealer
Agreements and selling the Financed Vehicle at public or private sale. Servicer
shall be entitled to recover all reasonable expenses incurred by it in the
course of repossessing and liquidating a Financed Vehicle into cash proceeds or
pursuing any deficiency claim against the related Obligor, but only out of the
cash proceeds of such Financed Vehicle or any deficiency obtained from the
Obligor. The foregoing shall be subject to the provision that, in any case in
which a Financed Vehicle shall have suffered damage, Servicer shall not expend
funds in connection with the repair or the repossession of such Financed Vehicle
unless it shall determine in its discretion that such repair and/or repossession
will increase the Liquidation Proceeds of the related Receivable by an amount
equal to or greater than the amount of such expenses.

                  If Servicer elects to commence a legal proceeding to enforce a
Dealer Agreement, the act of commencement shall be deemed to be an automatic
assignment from Trustee to Servicer of the rights under such Dealer Agreement.
If, however, in any enforcement suit or legal proceeding, it is held that
Servicer may not enforce a Dealer Agreement on the grounds that it is not a real
party in interest or a Person entitled to enforce the Dealer Agreement, Trustee,
on behalf of the Trust, at Servicer's expense, shall take such steps as Servicer
deems necessary to enforce the Dealer Agreement, including bringing suit in its
name or the names of the Holders.

                  Section 3.4 Physical Damage Insurance. (a) The Receivables
require that each Financed Vehicle be insured under a Physical Damage Insurance
Policy. Servicer shall monitor or cause to be monitored, the status of such
physical damage insurance coverage to the extent consistent with its customary
servicing procedures. If Servicer shall determine that an Obligor has failed to
obtain or maintain a Physical Damage Insurance Policy covering the related
Financed Vehicle, Servicer shall use its reasonable efforts to enforce the
rights of the holder of the Receivable under the Receivable to require the
Obligor to obtain such physical damage insurance, provided that Servicer shall
not be required to take such actions if there is in place a lender's single
interest policy with respect to the related Financed Vehicle that complies with
Servicer's customary requirements. It is understood that Servicer will not
"force-place" any Physical Damage Insurance Policy on any Financed Vehicle.

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

                                       29
<PAGE>

                  Holders. Servicer shall make all claims and enforce its rights
                  under any lender's single interest insurance policy (to the
                  extent such claims or rights relate to Receivables) for the
                  benefit of the Trust and shall treat as Collections all
                  related proceeds of such policies.

                  Section 3.5 Maintenance of Security Interests in Financed
Vehicles. Servicer, in accordance with the standard of care required under
Section 3.1, shall take such reasonable steps as are necessary to maintain
perfection of the security interest created by each Receivable in the related
Financed Vehicle for the benefit of the Trust. Trustee, on behalf of the Trust,
hereby authorizes Servicer, and Servicer hereby agrees, to take such reasonable
steps as are necessary to re-perfect such security interest on behalf of the
Trust in the event Servicer receives notice of the relocation of a Financed
Vehicle. If there has been a Servicer Termination Event, upon the request of
Trustee, Servicer, at its expense, shall promptly and duly execute and deliver
such documents and instruments, and take such other reasonable actions as may be
necessary, as evidenced by an Opinion of Counsel delivered to Trustee to perfect
the Trust's interest in the Trust Property against all other Persons, including
the delivery of the Receivables and the Receivable Files to Trustee, its agent,
or its designee, the endorsement and delivery of the Physical Damage Insurance
Policies or the notification of the insurers thereunder, the execution of
transfer instruments, and the endorsement to Trustee and the delivery of the
certificates of title to the Financed Vehicles to the appropriate department or
departments of motor vehicles (or other appropriate governmental agency).

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

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

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

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

                  Section 3.7 Purchase by Servicer upon Breach. Seller, Servicer
or Trustee, as the case may be, shall inform the other parties promptly, in
writing, upon the discovery of any breach by Servicer of its covenants under
Section 3.5 or 3.6; provided that the failure to give

                                       30
<PAGE>

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

                  Section 3.8 Servicing Compensation. The servicing fee for (a)
the _____ 200_ Distribution Date shall equal $________ and (b) for each
Distribution Date thereafter shall equal the product of (i) one-twelfth, (ii)
the Servicing Fee Rate and (iii) the Pool Balance as of the opening of business
on the first day of the related Collection Period (the "Servicing Fee").
Servicer shall also be entitled to retain any late fees, extension fees,
prepayment charges (including, in the case of any Rule of 78's Receivable or Sum
of Periodic Balances Receivable that is prepaid in full, amounts received in
excess of the outstanding Principal Balance of such Receivable and accrued
interest thereon calculated as if such Receivable were an Actuarial Receivable)
and certain non-sufficient funds charges and other administrative fees or
similar charges allowed by applicable law with respect to Receivables collected
(from whatever source) on the Receivables and shall be paid any interest earned
on deposits in the Accounts (the "Supplemental Servicing Fee"). It is understood
and agreed that Available Interest or Available Principal shall not include any
amounts retained by Servicer which constitute Supplemental Servicing Fees. The
Servicing Fee in respect of a Collection Period (together with any portion of
the Servicing Fee that remains unpaid from prior Distribution Dates), if the
Rating Agency Condition is satisfied, may be paid at the beginning of such
Collection Period out of Collections for such Collection Period. As provided in
Section 4.5, as additional compensation, Servicer shall be entitled to receive
on each Distribution Date, any Additional Servicing for such Distribution Date.

                  Section 3.9 Servicer's Report. (a) On each Determination Date,
Servicer shall deliver to Trustee, each Paying Agent and Seller, with a copy to
the Rating Agencies, a Servicer's Report substantially in the form of Exhibit C
(a "Servicer's Report") containing, among other things, (i) all information
necessary to make the deposits, transfers and distributions required by Sections
4.4, 4.5 and 4.6, (ii) all information necessary for sending statements to
Holders pursuant to Section 4.7, (iii) all information necessary to prepare the
certificate described in Section 9.3, (iv) all information necessary to
determine if there has been a Servicer Termination Event under Section 8.1, and
(v) all information necessary to reconcile all deposits to, and withdrawals
from, the Collection Account for such Distribution Date and the related

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<PAGE>

Collection Period. Servicer also shall separately identify (by account number of
the Receivable as it appears in the Schedule of Receivables) to Trustee in a
written notice or a list in computer readable form the Receivables to be
purchased by Servicer, as the case may be, on the related Deposit Date, and each
Receivable which became a Defaulted Receivable during the related Collection
Period.

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

                  Section 3.10 Annual Statement as to Compliance. (a) Servicer
shall deliver to Trustee and each Rating Agency, on or before ___________ of
each year, beginning on ___________, 200_, an Officer's Certificate, dated as of
_______________ of such year, stating that (i) a review of the activities of
Servicer during the preceding 12-month period (or, in the case of the first such
report, during the period from the Closing Date to ___________, 200_) and of its
performance under this Agreement has been made under such officer's supervision
and (ii) to the best of such officer's knowledge, based on such review, Servicer
has fulfilled all its obligations in all material respects under this Agreement
throughout such year, or, if there exists any uncured default in the fulfillment
of any such obligation, specifying each such default known to such officer and
the nature and status thereof.

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

                  Section 3.11 Annual Independent Certified Public Accountants'
Report. The Servicer shall cause a firm of independent certified public
accountants (who may also render other services to the Servicer or Seller), to
deliver to Seller, Trustee and each Rating Agency within 120 days following the
end of each fiscal year of the Servicer, a report to the effect that such firm
has examined the Servicer's assertion that it has complied with the minimum
servicing standards set forth in the Mortgage Banker's Association of America's
Uniform Single Attestation Program for Mortgage Bankers ("USAP") for the
previous twelve months ended June 30, and that such examination (1) included
test relating to the servicing or administration of the Receivables in
accordance with the requirements of the USAP, to the extent the procedures in
such program apply to the servicing or administration of the Receivables and (2)
except as described in the report, disclosed no exceptions or errors in the
records relating to the servicing or administration of the Receivables that, in
the firm's opinion, paragraph six of such program requires such firm to report.

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

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<PAGE>

                  Section 3.12 Access to Certain Documentation and Information
Regarding Receivables. Servicer shall provide Trustee and the Holders with
access to the Receivable Files (in the case of the Holders, only in such cases
where it shall be required by applicable statutes or regulations to give access
to such documentation as demonstrated by evidence satisfactory to Servicer in
its reasonable judgment). Such access shall be afforded without charge, but only
upon reasonable request and during normal business hours at the offices of
Servicer. Nothing in this Section shall affect the obligation of Servicer to
observe any applicable law prohibiting disclosure of information regarding the
Obligors, and the failure of Servicer to provide access to information as a
result of such obligation shall not constitute a breach of this Section. Any
Holder, by its acceptance of a Certificate, shall be deemed to have agreed to
keep any information obtained by it pursuant to this Section confidential and
not to use such information for any other purpose, except as required by
applicable law.

                  Section 3.13 Reports to the Commission. Servicer shall, on
behalf of the Trust, cause to be filed with the Commission any periodic reports
required to be filed under the provisions of the Exchange Act, and the rules and
regulations of the Commission thereunder.

                  Section 3.14 Reports to the Rating Agency. Servicer shall
deliver to each Rating Agency a copy of all reports or notices furnished or
delivered pursuant to this Article and a copy of any amendments, supplements or
modifications to this Agreement and any other information reasonably requested
by such Rating Agency to monitor this transaction.

                  Section 3.15 Servicer Expenses. Servicer shall be required to
pay all expenses incurred by it in connection with its activities hereunder,
including fees and disbursements of the Trustee, independent accountants, taxes
imposed on Servicer and expenses incurred in connection with distributions and
reports to Holders.

                                   ARTICLE IV

             DISTRIBUTIONS; RESERVE ACCOUNT; STATEMENTS TO HOLDERS.

                  Section 4.1 Establishment of Accounts. (a) Trustee, on behalf
of the Trust and for the benefit of the Holders, shall establish and maintain in
the name of Trustee one or more segregated Eligible Deposit Accounts
(collectively, the "Collection Account"), bearing a designation clearly
indicating that the funds deposited therein are held for the benefit of the
Holders. Trustee, on behalf of the Trust and for the benefit of the Class A
Holders, shall establish and maintain in the name of Trustee an Eligible Deposit
Account (the "Class A Distribution Account"), bearing a designation clearly
indicating that the funds deposited therein are held for the benefit of the
Class A Holders. Trustee, on behalf of the Trust and for the benefit of the
Class B Holders, shall establish and maintain in the name of Trustee an Eligible
Deposit Account (the "Class B Distribution Account"), bearing a designation
clearly indicating that the funds deposited therein are held for the benefit of
the Class B Holders. Trustee on behalf of the Trust and for the benefit of the
Holders, shall establish and maintain in the name of Trustee an Eligible Deposit
Account (the "Payahead Account"), bearing a designation clearly indicating that

                                       33
<PAGE>

the funds therein are held for the benefit of the Holders. The Collection
Account, the Class A Distribution Account, the Class B Distribution Account, and
the Payahead Account shall be initially established and maintained with the
trust department of Trustee.

                           (b) Funds on deposit in the Collection Account, the
                  Class A Distribution Account, the Class B Distribution
                  Account, and the Payahead Account shall be invested by Trustee
                  in Eligible Investments selected by Servicer (pursuant to
                  standing instructions or otherwise) and confirmed in writing
                  by Servicer to Trustee; provided that, it is understood and
                  agreed that neither Servicer nor Trustee shall be liable for
                  any loss arising from such investment in Eligible Investments.
                  All such Eligible Investments shall be held by Trustee for the
                  benefit of the beneficiaries of the applicable Account;
                  provided that on each Distribution Date all interest and other
                  investment income (net of losses and investment expenses) on
                  funds on deposit therein shall be withdrawn from the Accounts
                  at the written direction of Servicer and shall be paid to
                  Servicer and shall not be available or otherwise subject to
                  any claims or rights of the Holders. Other than as permitted
                  by each Rating Agency, funds on deposit in the Accounts with
                  respect to any Collection Period or Distribution Date shall be
                  invested only in Eligible Investments that, except for money
                  market funds, will mature so that such funds will be available
                  at the close of business on the related Deposit Date. Funds
                  deposited in an Account on a Deposit Date which immediately
                  precedes a Distribution Date upon the maturity of any Eligible
                  Investments are not required to be (but may be) invested
                  overnight. No Eligible Investment with a stated maturity shall
                  be disposed of prior to that maturity unless a default occurs
                  with respect to that Eligible Investment and Servicer directs
                  Trustee in writing to dispose of it.

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

                  Section 4.2 Collections. (a) Subject to the provisions of the
succeeding sentence and of subsections (b) and (c), Servicer shall remit to the
Collection Account all payments (other than amounts constituting Supplemental
Servicing Fees) by or on behalf of the Obligors on the Receivables, including
all Liquidation Proceeds received by Servicer during any Collection Period, as
soon as practicable, but in no event after the close of business on the

                                       34
<PAGE>

second Business Day, after receipt thereof. Subject to the provisions of
subsections (b) and (c), on the Closing Date, Servicer shall deposit in the
Collection Account all payments by or on behalf of the Obligors on the
Receivables received by Servicer after the Cutoff Date and on or prior to the
second Business Day immediately preceding the Closing Date.

                           (b) Notwithstanding the provisions of subsection (a),
                  if _________ is the Servicer and (i) Servicer shall have the
                  Required Rating or (ii) Trustee otherwise shall have received
                  written notice from each of the Rating Agencies that the then
                  outstanding rating on the Class A Certificates and the Class B
                  Certificates would not be lowered or withdrawn as a result,
                  Servicer may deposit all amounts referred to in subsection (a)
                  for any Collection Period into the Collection Account not
                  later than the close of business on the Deposit Date with
                  respect to such Collection Period; provided that if (x) a
                  Servicer Termination Event has occurred and is continuing, (y)
                  Servicer has been terminated as such pursuant to Section 8.1
                  or (z) Servicer ceases to have the Required Rating, Servicer
                  shall deposit such amounts (including any amounts then being
                  held by Servicer) into the Collection Account as provided in
                  Section 4.2(a). Notwithstanding the foregoing, the provisions
                  of the proviso to the preceding sentence shall not be
                  applicable to a successor Servicer solely by reason of the
                  occurrence of an event specified in clauses (x), (y) and (z)
                  of such proviso with respect to the outgoing Servicer. Pending
                  the deposit of the amounts referred to in subsection (a) into
                  the Collection Account, such amounts may be employed by
                  Servicer at its own risk and for its own benefit and need not
                  be segregated from Servicer's own funds. Any losses resulting
                  from Servicer's actions shall be borne exclusively by the
                  Servicer. Servicer shall promptly notify Trustee in writing if
                  it shall obtain or lose the Required Rating.

                           (c) Notwithstanding the provisions of subsections (a)
                  and (b), Servicer may retain, or will be entitled to be
                  reimbursed, from amounts otherwise payable into, or on deposit
                  in, the Collection Account with respect to a Collection Period
                  any amounts previously deposited in the Collection Account but
                  later determined to have resulted from mistaken deposits or
                  postings or checks returned for insufficient funds, in each
                  case, with respect to which Servicer has not been previously
                  reimbursed hereunder. The amount to be retained or reimbursed
                  hereunder shall not be included in Collections with respect to
                  the related Distribution Date.

                           (d) With respect to each Precomputed Receivable,
                  collections and payments by or on behalf of an obligor (other
                  than any amounts constituting Supplemental Servicing Fees) for
                  each Collection Period shall be applied to the scheduled
                  payment on such Precomputed Receivable for such Collection
                  Period.

To the extent such collections and payments on a Precomputed Receivable during a
Collection Period exceed the scheduled payment on such Precomputed Receivable
and are insufficient to

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<PAGE>

prepay the Precomputed Receivable in full, collections shall be treated as
Payaheads until such later Collection Period as such Payaheads may be
transferred to the Collection Account and applied either to the scheduled
payments due or to prepay the Precomputed Receivable in full in accordance with
Section 4.5.

                  Section 4.3 [RESERVED].

                  Section 4.4 Additional Deposits; Net Deposits. (a) On or prior
to each Deposit Date, Servicer shall remit to the Collection Account, in
next-day or immediately available funds, the aggregate Purchase Amounts of the
Receivables to be purchased by it under an obligation that arose during the
preceding Collection Period pursuant to Section 2.4, 3.7 or 10.2, respectively.

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

         Section 4.5 Distributions. (a) On each Determination Date, Servicer
shall calculate all amounts required to determine the amounts to be deposited on
the related Distribution Date in the Class A Distribution Account and the Class
B Distribution Account which calculations shall be set forth in the Servicer's
Report delivered to Trustee on or before such Determination Date.

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

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

                                       36
<PAGE>

                           by or on behalf of the Obligor for the related
                           Collection Period, the amount of Payaheads, if any,
                           made with respect to such Receivable which, when
                           added to the amount of such prepayments, is equal to
                           an amount sufficient to prepay such Receivable in
                           full, and (z) the amount of all Payaheads, if any,
                           made with respect to any Purchased Receivable; and

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

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

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

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

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

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

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

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

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

                                       37
<PAGE>

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

                           (v) to the Transferor, any amounts remaining.

                           (d) On each Distribution Date, all amounts on deposit
                  in the Class A Distribution Account will be distributed to the
                  Class A Holders (determined as of the related Record Date) by
                  Trustee and all amounts on deposit in the Class B Distribution
                  Account will be distributed to the Class B Holders (determined
                  as of the related Record Date) by Trustee. Except as provided
                  in Section 10.1, payments under this paragraph shall be made
                  to the Holders by check mailed by Trustee to each Holder's
                  respective address of record (or, in the case of Certificates
                  registered in the name of a Clearing Agency, or its nominee,
                  by wire transfer of immediately available funds). To the
                  extent that Trustee is required to wire funds to the Holders
                  from the Class A Distribution Account or the Class B
                  Distribution Account, as applicable, it shall request the bank
                  maintaining the Class A Distribution Account or the Class B
                  Distribution Account, as applicable, to make a wire transfer
                  of the amount to be distributed and the bank maintaining the
                  Class A Distribution Account or the Class B Distribution
                  Account, as applicable, shall promptly deliver to Trustee a
                  confirmation of such wire transfer. To the extent that Trustee
                  is required to make payments to Holders by check hereunder, it
                  shall request the bank maintaining the Class A Distribution
                  Account or the Class B Distribution Account, as applicable, to
                  provide it with a supply of checks to make such payments. The
                  bank shall, if a request is made by Trustee for a wire
                  transfer by ___________ a.m. (______ _______, time) on any
                  Distribution Date, wire such funds in accordance with such
                  instructions by _________ a.m. (_____ ________, time) on such
                  Distribution Date, and it will otherwise act in compliance
                  with the provisions of this paragraph and the other provisions
                  of this Agreement applicable to it as the bank maintaining the
                  Class A Distribution Account or the Class B Distribution
                  Account, as applicable. Servicer shall take all necessary
                  action (including requiring an agreement to such effect) to
                  ensure that any bank maintaining the Class A Distribution
                  Account or the Class B Distribution Account, as applicable,
                  agrees to comply, and complies, with the provisions of this
                  paragraph and the other provisions of this Agreement
                  applicable to it as the bank maintaining the Class A
                  Distribution Account or the Class B Distribution Account, as
                  applicable.

                  Section 4.6 Reserve Account. (a) Servicer shall establish and
maintain in the name of the Trustee an Eligible Deposit Account (the "Reserve
Account"). The Reserve Account shall be initially established and maintained
with the Trustee (the "Securities Intermediary"). On the Closing Date, Servicer
shall deposit or cause to be deposited in the Reserve Account an amount equal to
the Reserve Account Initial Deposit.

                                       38
<PAGE>

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

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

                           (d) The Reserve Account shall be under the sole
                  custody and control of Trustee. If, at any time, the Reserve
                  Account ceases to be an Eligible Deposit Account, Trustee
                  shall within 10 Business Days (or such longer period, not to
                  exceed 30 calendar days, as to which each Rating Agency may
                  consent) establish a new Reserve Account as an Eligible
                  Deposit Account and shall transfer any cash and/or any
                  investments that are in the existing account which is no
                  longer an Eligible Deposit Account to such new Reserve
                  Account.

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

                                       39
<PAGE>

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

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

                           (h) Transferor may at any time, without consent of
                  Holders, sell, transfer, convey or assign in any manner its
                  rights to and interests in distributions from the Reserve
                  Account provided that (i) the Rating Agencies confirm in
                  writing that such action will not result in a reduction or
                  withdrawal of the rating of the Class A Certificates or the
                  Class B Certificates, (ii) Transferor provides to Trustee an
                  Opinion of Counsel from independent counsel that such action
                  will not cause Trust to be classified as an association (or
                  publicly traded partnership) taxable as a corporation for
                  federal income tax purposes and (iii) such transferee or
                  assignee agrees in writing to take positions for federal
                  income tax purposes consistent with the federal income tax
                  positions agreed to be taken by Transferor.

                  Section 4.7 Statements to Holders. On each Distribution Date,
Servicer shall provide to Trustee (with a copy to each Rating Agency) written
instructions for Trustee to forward to each Holder of record a statement setting
forth at least the following information as to the Certificates to the extent
applicable:

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

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

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

                                       40
<PAGE>

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

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

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

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

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

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

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

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

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

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

                                       41
<PAGE>

                                   ARTICLE V

                                THE CERTIFICATES.

                  Section 5.1 The Certificates. Trustee shall, upon written
order or request signed in the name of Seller by one of its officers authorized
to do so and delivered to an Authorized Officer of Trustee, execute on behalf of
the Trust, authenticate and deliver the Certificates to or upon the order of
Seller in the aggregate principal amount and denominations as set forth in such
written order or request. The Certificates shall be issuable in denominations of
$1,000 and integral multiples thereof; provided that one Class A Certificate and
one Class B Certificate may be issued in a denomination that represents the
residual amount of the original Class A Certificate Balance and the Original
Class B Certificate Balance, respectively. Upon initial issuance, the Class A
Certificates and the Class B Certificates shall be in the form of Exhibit A and
Exhibit B, respectively, which are incorporated by reference herein, and shall
be issued as provided in Section 5.8, in an aggregate amount equal to the
Original Class A Certificate Balance and the Original Class B Certificate
Balance, respectively. The Certificates shall be executed by Trustee on behalf
of the Trust by manual or facsimile signature of an Authorized Officer of
Trustee under Trustee's seal imprinted thereon and attested by the manual or
facsimile signature of an Authorized Officer of Trustee. Certificates bearing
the manual or facsimile signatures of individuals who were, at the time when
such signatures shall have been affixed, authorized to sign on behalf of the
Trust, shall be valid and binding obligations of the Trust, notwithstanding that
such individuals shall have ceased to be so authorized prior to the
authentication and delivery of such Certificates or did not hold such offices at
the date of such Certificates.

                  Section 5.2 Authentication of Certificates. No Certificate
shall entitle the Holder thereof to any benefit under this Agreement, or shall
be valid for any purpose, unless there shall appear on such Certificate a
certificate of authentication, substantially in the form set forth in the form
of Certificates attached hereto as Exhibit A and Exhibit B, executed by Trustee
by manual signature. Such authentication shall constitute conclusive evidence,
and the only evidence, that such Certificate has been duly authenticated and
delivered hereunder. All Certificates shall be dated the date of their
authentication.

                  Section 5.3 Registration of Transfer and Exchange of
Certificates. Trustee shall maintain, or cause to be maintained, at the office
or agency to be maintained by it in accordance with Section 5.7, a Certificate
Register in which, subject to such reasonable regulations as it may prescribe,
Trustee shall provide for the registration of Certificates and of transfers and
exchanges of Certificates as herein provided. Upon surrender for registration of
transfer of any Class A Certificate or Class B Certificate at such office or
agency, Trustee shall execute, authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Class A Certificates or
Class B Certificates, as the case may be, in authorized denominations of a like
aggregate amount. At the option of a Holder, Class A Certificates or Class B
Certificates may be exchanged for other Class A Certificates or Class B
Certificates, as the case may be, of authorized denominations of a like
aggregate amount at the office or agency

                                       42
<PAGE>

maintained by Trustee in accordance with Section 5.7. Every Certificate
presented or surrendered for registration of transfer or exchange shall be
accompanied by a written instrument of transfer duly executed by the Holder and
in a form satisfactory to Trustee. No service charge shall be made for any
registration of transfer or exchange of Certificates, but Trustee may require
payment of a sum sufficient to cover any tax or governmental charge that may be
imposed in connection with any transfer or exchange of Certificates. All
Certificates surrendered for registration of transfer or exchange shall be
cancelled and disposed of in accordance with the customary procedures of
Trustee.

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

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

                  Section 5.4 Mutilated, Destroyed, Lost or Stolen Certificates.
If (a) any mutilated Class A Certificate or Class B Certificate shall be
surrendered to Trustee, or if Trustee shall receive evidence to its satisfaction
of the destruction, loss or theft of any Class A Certificate or Class B
Certificate and (b) there shall be delivered to Trustee such security or
indemnity as may be required to save Trustee harmless, then in the absence of
notice that such Class A Certificate or Class B Certificate shall have been
acquired by a bona fide purchaser, Trustee shall execute, authenticate and
deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or
stolen Class A Certificate or Class B Certificate, a new Class A Certificate or
Class B Certificate of like tenor and denomination. In connection with the
issuance of any new Certificate under this Section 5.4, Trustee may require the
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection herewith. Any replacement Certificate issued
pursuant to this Section 5.4 shall constitute conclusive evidence of ownership
in the Trust, as if originally issued, whether or not the lost, stolen or
destroyed Certificate shall be found at any time.

                  Section 5.5 Persons Deemed Owners. Prior to due presentation
of a Certificate for registration of transfer, Trustee may treat the Person in
whose name any Certificate shall be registered as the owner of such Certificate
for the purpose of receiving distributions pursuant to Section 4.5 and for all
other purposes, and Trustee shall not be bound by any notice to the contrary.

                  Section 5.6 Access to List of Holders' Names and Addresses.
Trustee shall furnish or cause to be furnished to Servicer, within fifteen days
after receipt by Trustee of a

                                       43
<PAGE>

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

                  Section 5.7 Maintenance of Office or Agency. Trustee shall
maintain, or cause to be maintained, at its expense, in _________, an office or
agency where Certificates may be surrendered for registration of transfer or
exchange and where notices and demands to or upon Trustee in respect of the
Certificates and this Agreement may be served. Trustee initially designates its
office located at ________ for such purposes. Trustee shall give prompt written
notice to Servicer and to Holders of any change in the location of any such
office or agency.

                  Section 5.8 Book Entry Certificates. Upon original issuance,
the Class A Certificates and the Class B Certificates, other than the Class A
Certificate representing the residual amount of the Original Class A Certificate
Balance and the Class B Certificate representing the residual amount of the
Original Class B Certificate Balance, which shall be issued upon the written
order of Seller, shall be issued in the form of one or more typewritten
Certificates representing the Book Entry Certificates, to be delivered to the
initial Clearing Agency, by, or on behalf of, Seller. Such Certificates shall
initially be registered on the Certificate Register in the name of CEDE & Co.,
the nominee of the initial Clearing Agency, and no Certificate Owner will
receive a Definitive Certificate representing such Certificate Owner's interest
in the Class A Certificates or the Class B Certificates, as the case may be,
except as provided in Section 5.10. Unless and until definitive, fully
registered Certificates ("Definitive Certificates") have been issued to the
Holders pursuant to Section 5.10:

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

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

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

                           (d) the rights of Certificate Owners shall be
                  exercised only through the Clearing Agency and shall be
                  limited to those established by law, the rules,

                                       44
<PAGE>

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

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

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

                  Section 5.9 Notices to Clearing Agency. Whenever notice or
other communication to the Holders is required under this Agreement unless and
until Definitive Certificates shall have been issued to Certificate Owners
pursuant to Section 5.10, Trustee shall give all such notices and communications
specified herein to be given to Holders to the Clearing Agency.

                  Section 5.10 Definitive Certificates. If (a) (i) Servicer
advises Trustee in writing that the Clearing Agency is no longer willing or able
properly to discharge its responsibilities under the Depository Agreement and
(ii) Trustee or Servicer is unable to locate a qualified successor, (b)
Servicer, at its option, advises Trustee in writing that it elects to terminate
the book-entry system through the Clearing Agency or (c) after the occurrence of
a Servicer Termination Event, Certificate Owners representing in the aggregate
not less than a majority of the aggregate outstanding principal balance of the
Certificates, advise Trustee and the Clearing Agency through the Clearing Agency
Participants in writing that the continuation of a book-entry system through the
Clearing Agency is no longer in the Certificate Owners' best interests, Trustee
shall notify the Clearing Agency which shall be responsible to notify the
Certificate Owners of the occurrence of any such event and of the availability
of Definitive Certificates to Certificate Owners requesting the same. Upon
surrender to Trustee by the Clearing Agency of the Certificates registered in
the name of the nominee of the Clearing Agency, accompanied by re-registration
instructions from the Clearing Agency for registration, Trustee shall execute,
on behalf of the Trust, authenticate and deliver Definitive Certificates in
accordance with such instructions. Seller shall arrange for, and will bear all
costs of, the printing

                                       45
<PAGE>

and issuance of such Definitive Certificates. Neither Seller, Servicer nor
Trustee shall be liable for any delay in delivery of such instructions and may
conclusively rely on, and shall be protected in relying on, such instructions.
Upon the issuance of Definitive Certificates, Trustee shall recognize the
Holders of the Definitive Certificates as Holders hereunder.

                                   ARTICLE VI

                                     SELLER.

                  Section 6.1 Representations and Warranties of Seller. Seller
makes the following representations and warranties, on which Trustee relies in
accepting the Receivables and the other Trust Property in trust and executing
and authenticating the Certificates. Such representations are made as of the
execution and delivery of this Agreement, but shall survive the sale, transfer
and assignment of the Receivables and the other Trust Property to the Trust.

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

                           (b) Power and Authority. Seller has the power,
                  authority and legal right to execute and deliver this
                  Agreement and the Related Agreements to which it is a party
                  and to carry out their respective terms and to sell and assign
                  the property to be sold and assigned to and deposited with
                  Trustee as Trust Property; and the execution, delivery and
                  performance of this Agreement and the Related Agreements to
                  which it is a party have been duly authorized by Seller by all
                  necessary limited liability company action.

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

                           (d) Valid Sale; Binding Obligation. Seller intends
                  this Agreement to effect a valid sale, transfer, and
                  assignment of the Receivables and the other Trust Property
                  conveyed by Seller to the Trust hereunder, enforceable against
                  creditors of and purchasers from Seller; and each of this
                  Agreement and the Related

                                       46
<PAGE>

                  Agreements to which it is a party constitutes a legal, valid
                  and binding obligation of Seller, enforceable against Seller
                  in accordance with its respective terms, subject, as to
                  enforceability, to applicable bankruptcy, insolvency,
                  reorganization, conservatorship, receivership, liquidation and
                  other similar laws affecting enforcement of the rights of
                  creditors generally and to equitable limitations on the
                  availability of specific remedies.

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

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

                           (g) Chief Executive Office. The chief executive
                  office of Seller is _______________.

                  Section 6.2 Merger or Consolidation of, or Assumption of the
Obligations of, Seller. Any Person (a) into which Seller may be merged or
consolidated, (b) that may result from any merger, conversion or consolidation
to which Seller is a party, or (c) that may succeed by purchase and assumption
to all or substantially all of the business of Seller, where Seller in any of
the foregoing cases is not the surviving entity, which corporation or other
entity shall execute an agreement of assumption to perform every obligation of
Seller under this Agreement, shall be the successor to Seller hereunder without
the execution or filing of any document or any further act by any of the parties
to this Agreement; provided that (x) Servicer shall have delivered to Trustee an
Officer's Certificate and an Opinion of Counsel each stating that such

                                       47
<PAGE>

merger, conversion, consolidation or succession and such agreement of assumption
comply with this Section, and (y) Servicer shall have delivered to Trustee an
Opinion of Counsel either (A) stating that, in the opinion of such counsel, all
financing statements and continuation statements and amendments thereto have
been executed and filed that are necessary fully to preserve and protect the
interest of Trustee in the Receivables, and reciting the details of such
filings, or (B) stating that, in the opinion of such counsel, no such action
shall be necessary to fully preserve and protect such interest. Seller shall
promptly inform Trustee and each Rating Agency of any such merger, conversion,
consolidation or purchase and assumption, where Seller is not the surviving
entity.

                  Section 6.3 Limitation on Liability of Seller and Others.
Seller and any director or officer or employee or agent of Seller may rely in
good faith on the advice of counsel or on any document of any kind, prima facie
properly executed and submitted by any Person respecting any matters arising
under this Agreement or any Related Agreement (provided that such reliance shall
not limit in any way Seller's obligations under Section 3.2). Seller shall not
be under any obligation to appear in, prosecute or defend any legal action that
shall not be incidental to its obligations under this Agreement, and that in its
opinion may involve it in any expense or liability.

                                  ARTICLE VII

                                    SERVICER.

                  Section 7.1 Representations and Warranties of Servicer.
Servicer makes the following representations and warranties on which Trustee
relies in accepting the Receivables and the other Trust Property in trust and in
authenticating the Certificates. These representations are made as of the
Closing Date, but shall survive the sale, transfer and assignment of the
Receivables and the other Trust Property to the Trust.

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

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

                           (c) Power and Authority. Servicer has the power,
                  authority and legal right to execute and deliver this
                  Agreement and the Related Agreements to which

                                       48
<PAGE>

                  it is a party and to carry out their respective terms; and the
                  execution, delivery and performance of this Agreement and the
                  Related Agreements to which it is a party have been duly
                  authorized by Servicer by all necessary corporate action.

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

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

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

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

                                       49
<PAGE>

                  Section 7.2 Indemnities of Servicer. (a) Servicer shall be
liable in accordance herewith only to the extent of the obligations specifically
undertaken by Servicer under this Agreement.

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

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

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

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

Indemnification under this Section shall survive the resignation or removal of
Trustee and the termination of this Agreement and shall include reasonable fees
and expenses of counsel and other expenses of litigation. If Servicer shall have
made any indemnity payments pursuant to

                                       50
<PAGE>

this Section and the Person to or on behalf of whom such payments are made
thereafter shall collect any of such amounts from others, such Person shall
promptly repay such amounts to Servicer, without interest.

                  Section 7.3 Merger or Consolidation of or Assumption of the
Obligations of Servicer. Any corporation or other entity (a) into which Servicer
may be merged or consolidated, (b) that may result from any merger, conversion,
or consolidation to which Servicer is a party, (c) that may succeed by purchase
and assumption to all or substantially all of the business of Servicer or (d)
50% of the voting stock of which is owned directly or indirectly by VW Credit,
where, in the case of clauses (a), (b) and (c), Servicer is not the surviving
entity, which corporation or other entity in any of the foregoing cases shall
execute an agreement of assumption to perform every obligation of Servicer under
this Agreement, shall be the successor to Servicer under this Agreement without
any further act on the part of any of the parties to this Agreement; provided
that, unless VW Credit is the surviving party to such transaction (x) Servicer
shall have delivered to Trustee an Officer's Certificate and an Opinion of
Counsel each stating that such merger, conversion, consolidation or succession
and such agreement of assumption comply with this Section, and (y) Servicer
shall have delivered to Trustee an Opinion of Counsel either (A) stating that,
in the opinion of such counsel, all financing statements and continuation
statements and amendments thereto have been executed and filed that are
necessary fully to preserve and protect the interest of Trustee in the
Receivables, and reciting the details of such filings, or (B) stating that, in
the opinion of such counsel, no such action shall be necessary to fully preserve
and protect such interest. Servicer shall promptly inform Trustee and each
Rating Agency of any such merger, conversion, consolidation or purchase and
assumption where Servicer is not the surviving entity.

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

                  Except as provided in this Agreement, Servicer shall not be
under any obligation to appear in, prosecute or defend any legal action that
shall be incidental to its duties to service the Receivables in accordance with
this Agreement, and that in its opinion may involve it in any expense or
liability; provided that Servicer may (but shall not be required to) undertake
any reasonable action that it may deem necessary or desirable in respect of this
Agreement and the Related Agreements to protect the interests of the Holders
under this Agreement and the Related

                                       51
<PAGE>

Agreements. In such event, the legal expense and costs of such action and any
liability resulting therefrom shall be expenses, costs and liabilities of the
Servicer.

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

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

                  Section 7.7 Existence. Subject to the provisions of Section
7.3, during the term of this Agreement, VW Credit, Inc. will keep in full force
and effect its existence, rights and franchises as a corporation under the laws
of the jurisdiction of its organization.

                                  ARTICLE VIII

                             SERVICING TERMINATION.

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

                           (i) any failure by Servicer to deliver to Trustee a
                           Servicer's Report for any Collection Period, which
                           failure shall continue beyond the related Deposit
                           Date;

                           (ii) any failure by Servicer to deliver to any
                           Account or the Reserve Account any payment or deposit
                           required to be so delivered or paid under the terms
                           of the Certificates and this Agreement, or to direct
                           Trustee to

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                           make any required distribution from any Account or
                           the Reserve Account, which failure shall continue
                           unremedied for a period of five Business Days after
                           written notice is received from the Trustee by
                           Servicer or after discovery of such failure by
                           Servicer (or, in the case of a payment or deposit to
                           be made no later than a Deposit Date immediately
                           preceding a Distribution Date, the failure to make
                           such payment or deposit by such Distribution Date);

                           (iii) any failure on the part of Servicer to duly
                           observe or to perform in any material respect any
                           other covenants or agreements set forth in the
                           Certificates or in this Agreement, which failure
                           shall (A) materially and adversely affect the rights
                           of Holders (which determination shall be made without
                           regard to whether funds are available to the Holders
                           pursuant to the Reserve Account) and (B) continue
                           unremedied for a period of 60 days after the date on
                           which written notice of such failure, requiring the
                           same to be remedied, shall have been given (1) to
                           Servicer by Trustee, or (2) to Trustee and Servicer
                           by the Holders of Certificates representing not less
                           than 25% of the outstanding principal amount of the
                           Certificates (or for such longer period, not in
                           excess of 120 days, as may be reasonably necessary to
                           remedy such default; provided that such default is
                           capable of remedy within 120 days and Servicer
                           delivers an Officer's Certificate to Trustee to such
                           effect and to the effect that Servicer has commenced
                           or will promptly commence, and will diligently
                           pursue, all reasonable efforts to remedy such
                           default);

                           (iv) the entry of a decree or order by a court or
                           agency or supervisory authority of competent
                           jurisdiction for the appointment of a conservator,
                           receiver, liquidator or trustee for Servicer, Seller,
                           Transferor, or any of their respective successors, in
                           any bankruptcy, receivership, conservatorship,
                           insolvency or similar proceedings, or for the winding
                           up or liquidation of its affairs, and any such decree
                           or order continues unstayed and in effect for a
                           period of 60 consecutive days; or

                           (v) the consent by Servicer, Seller, Transferor, or
                           any of their respective successors, to the
                           appointment of a conservator, receiver, liquidator or
                           trustee in any bankruptcy, receivership,
                           conservatorship, insolvency or similar proceedings of
                           or relating to such Person or relating to
                           substantially all of its property, the admission in
                           writing by such Person of its inability to pay its
                           debts generally as they become due, the filing by
                           such Person of a petition to take advantage of any
                           applicable bankruptcy, receivership, conservatorship,
                           insolvency or similar statute, the making by such
                           Person of an assignment for the benefit of its
                           creditors or the voluntary suspension by such Person
                           of payment of its obligations.

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<PAGE>

Upon the occurrence of any Servicer Termination Event, and so long as a Servicer
Termination Event shall not have been remedied, either Trustee, or the Majority
Holders, by notice then given in writing to Servicer, may terminate all of the
rights and obligations of Servicer (other than the obligations set forth in
Section 7.2) under this Agreement. On or after the receipt by Servicer of such
written notice, all authority and power of Servicer under this Agreement,
whether with respect to the Certificates or the Trust Property or otherwise,
shall pass to and be vested in Trustee or such successor Servicer as may be
appointed under Section 8.2 pursuant to this Section 8.1; and thereupon Trustee
shall be authorized and empowered to execute and deliver, on behalf of Servicer,
as attorney-in-fact or otherwise, any and all documents and other instruments,
and to do or accomplish all other acts or things necessary or appropriate to
effect the purposes of such notice of termination, whether to complete the
transfer and endorsement of the Receivable Files or the Physical Damage
Insurance Policies, the certificates of title to the Financed Vehicles, or
otherwise. Servicer shall cooperate with Trustee or any successor Servicer in
effecting the termination of its responsibilities and rights as Servicer under
this Agreement, including the transfer to Trustee or any successor Servicer for
administration of all cash amounts that are at the time held by Servicer for
deposit, shall have been deposited by Servicer in the Collection Account, or
thereafter shall be received with respect to a Receivable, all Receivable Files
and all information or documents that Trustee or such successor Servicer may
require. In addition, Servicer shall transfer its electronic records relating to
the Receivables to the successor Servicer in such electronic form as the
successor Servicer may reasonably request and shall transfer to the successor
Servicer all other records, correspondence and documents necessary for the
continued servicing of the Receivables in the manner and at such times as the
successor Servicer shall reasonably request. All reasonable out-of-pocket costs
and expenses incurred by the successor Servicer in connection with the transfer
of servicing shall be paid by the predecessor Servicer upon presentation of
reasonable documentation of such costs and expenses.

                           (b) If any of the foregoing Servicer Termination
                  Events occur, Trustee shall have no obligation to notify
                  Holders or any other Person of such occurrence prior to the
                  continuance of such event through the end of any cure period
                  specified in Section 8.1(a).

                  Section 8.2 Trustee to Act; Appointment of Successor Servicer.
Upon Servicer's resignation pursuant to Section 7.5 or upon Servicer's receipt
of notice of termination as Servicer pursuant to Section 8.1, Trustee shall be
the successor in all respects to Servicer in its capacity as Servicer under this
Agreement, and shall be subject to all the responsibilities, duties and
liabilities relating thereto placed on Servicer by the terms and provisions of
this Agreement, except that Trustee, when acting as successor Servicer, shall
not be obligated to purchase Receivables pursuant to Section 3.7 unless the
obligation to repurchase arose after the date of the notice of termination given
to Servicer pursuant to Section 8.1, and neither Trustee nor any successor
Servicer shall be liable for any acts or omissions of the terminated Servicer or
for any breach by such Servicer of any of its representations or warranties
contained herein or in any related documents or agreements. As compensation
therefor, Trustee shall be entitled to the same Servicing Fees (whether payable
out of the Collection Account or otherwise) and Supplemental Servicing Fees as
Servicer would have been entitled to under this Agreement if no

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<PAGE>

such notice of termination or resignation had been given. Notwithstanding the
above, Trustee may appoint, or petition a court of competent jurisdiction to
appoint, an Eligible Servicer as the successor to the terminated Servicer under
this Agreement; provided that Trustee shall continue to be the successor to
Servicer until another successor Servicer shall have assumed the
responsibilities and obligations of Servicer. In connection with such
appointment, Trustee may make such arrangements for the compensation of such
successor Servicer out of payments on Receivables as it and such successor shall
agree, which shall in no event be greater than the Servicing Fees and
Supplemental Servicing Fees payable to VW Credit, Inc. as Servicer hereunder.
Trustee and such successor shall take such action, consistent with this
Agreement, as shall be necessary to effectuate any such succession. No Servicer
shall resign or be relieved of its duties under this Agreement until a newly
appointed Servicer shall have assumed the responsibilities and obligations of
the terminated Servicer under this Agreement.

                  Section 8.3 Effect of Servicing Transfer. (a) After the
transfer of servicing hereunder, Trustee or successor Servicer shall notify
Obligors to make directly to the successor Servicer payments that are due under
the Receivables after the effective date of such transfer.

                           (b) Except as provided in Sections 7.2 and 9.8 after
                  the transfer of servicing hereunder, the predecessor Servicer
                  shall have no further obligations with respect to the
                  management, administration, servicing, custody or collection
                  of the Receivables and the successor Servicer shall have all
                  of such obligations, except that the predecessor Servicer will
                  transmit or cause to be transmitted directly to the successor
                  Servicer for its own account, promptly on receipt and in the
                  same form in which received, any amounts held by the
                  predecessor Servicer (properly endorsed where required for the
                  successor Servicer to collect any such items) received as
                  payments upon or otherwise in connection with the Receivables
                  and the predecessor Servicer shall continue to cooperate with
                  the successor Servicer by providing information and in the
                  enforcement of the Dealer Agreements and the Physical Damage
                  Insurance Policies.

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

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<PAGE>

                           (d) Any successor Servicer shall provide Seller with
                  access to the Receivable Files and to the successor Servicer's
                  records (whether written or automated) with respect to the
                  Receivable Files. Such access shall be afforded without
                  charge, but only upon reasonable request and during normal
                  business hours at the offices of the successor Servicer.
                  Nothing in this Section shall affect the obligation of the
                  successor Servicer to observe any applicable law prohibiting
                  disclosure of information regarding the Obligors, and the
                  failure of Servicer to provide access to information as a
                  result of such obligation shall not constitute a breach of
                  this Section.

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

                  Section 8.5 Waiver of Past Servicer Termination Events. The
Majority Holders may, on behalf of all Holders of Certificates, waive any
Servicer Termination Event hereunder and its consequences, except an event
resulting from the failure to make any required deposits or payments to the
Collection Account in accordance with this Agreement. Upon any such waiver of a
past Servicer Termination Event, such event shall cease to exist and shall be
deemed to have been remedied for every purpose of this Agreement. No such waiver
shall extend to any subsequent or other event or impair any right arising
therefrom, except to the extent expressly so waived.

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

                                   ARTICLE IX

                                    TRUSTEE.

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

                  Section 9.2 Duties of Trustee. (a) Trustee, both prior to and
after the curing of a Servicer Termination Event, undertakes to perform only
such duties as are specifically set forth

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<PAGE>

in this Agreement and no implied covenants or obligations shall be read into
this Agreement against Trustee. If a Servicer Termination Event, of which an
Authorized Officer of Trustee has actual knowledge, shall have occurred and
shall not have been cured (the appointment of a successor Servicer (including
Trustee) to constitute a cure for the purposes of this Article), Trustee shall
exercise such of the rights and powers vested in it by this Agreement, and shall
use the same degree of care and skill in their exercise, as a prudent man would
exercise or use under the circumstances in the conduct of his own affairs;
provided that if Trustee assumes the duties of Servicer pursuant to Section 8.2,
Trustee in performing such duties shall use the degree of skill and attention
required by Section 3.1.

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

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

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

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

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

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<PAGE>

                           available to Trustee, or exercising any trust or
                           power conferred upon Trustee, under this Agreement.

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

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

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

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

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

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<PAGE>

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

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

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

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

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

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

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<PAGE>
                  Holders is, in the opinion of Trustee, not reasonably assured
                  to Trustee by the security afforded to it by the terms of this
                  Agreement, Trustee may require indemnity satisfactory to it
                  against such cost, expense, or liability as a condition to so
                  proceeding. The reasonable expense of every such examination
                  shall be paid by Servicer, or, if paid by Trustee, shall be
                  reimbursed by Servicer upon demand. Nothing in this clause (e)
                  shall affect the obligation of Servicer to observe any
                  applicable law prohibiting disclosure of information regarding
                  the Obligors; provided further, that Trustee shall be entitled
                  to make such further inquiry or investigation into such facts
                  or matter as it may reasonably see fit, and if Trustee shall
                  determine to make such further inquiry or investigation it
                  shall be entitled to examine the books and records of
                  Servicer, personally or by agent or attorney, at the sole cost
                  and expense of Servicer.

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

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

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

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

                  Section 9.6 Trustee Not Liable for Certificates or
Receivables. Trustee assumes no responsibility for the correctness of the
recitals contained herein and in the Certificates (other than the certificate of
authentication on the Certificates). Except as expressly

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

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<PAGE>

such amounts are deposited in the Collection Account (whether or not the
Collection Account is maintained with Trustee). Trustee shall have no liability
for any losses from the investment or reinvestment in Eligible Investments made
in accordance with Section 4.1.

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

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

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

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

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<PAGE>

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

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

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

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

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

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

                           (c) Upon acceptance of appointment by a successor
                  Trustee pursuant to this Section 9.11, Servicer shall mail
                  notice of such acceptance by the

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

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

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

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

                           (b) 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 Trustee shall be conferred
                           upon and exercised or performed by

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

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

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

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

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

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

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

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

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

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

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

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

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Certificate Owner requesting such report to pay a reasonable sum to cover the
cost of Trustee's complying with such request.

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

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

                                   ARTICLE X

                                  TERMINATION.

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

                           (b) Notice of any termination, specifying the
                  Distribution Date upon which the Holders may surrender the
                  Certificates to Trustee for payment of the final distribution
                  and cancellation, shall be given promptly by Trustee by letter
                  to Holders of record and the Rating Agencies mailed not
                  earlier than the 15th day and not later than the 25th day of
                  the month next preceding the specified

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                  Distribution Date stating the amount of any such final payment
                  and that the Record Date otherwise applicable to such
                  Distribution Date is not applicable, payments being made only
                  upon presentation and surrender of the Certificates at the
                  office of Trustee therein specified. Upon presentation and
                  surrender of the Certificates, Trustee shall cause to be
                  distributed to Holders amounts distributable on such
                  Distribution Date pursuant to Section 4.5. Amounts remaining
                  in the Trust after distribution, or after setting aside all
                  funds required for distribution, to the Holders shall be
                  distributed to the Transferor.

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

                  Section 10.2 Optional Purchase of All Receivables. If the Pool
Factor shall be .1000000 or less as of the last day of any Collection Period,
Servicer shall have the option to purchase the remaining Trust Property on any
Distribution Date occurring in a subsequent Collection Period. To exercise such
option, Servicer shall deposit the aggregate Purchase Amount for the remaining
Receivables (other than Defaulted Receivables) into the Collection Account on
the Deposit Date occurring in the month in which such repurchase is to be
effected. The payment shall be made in the manner specified in Section 4.4, and
shall be distributed pursuant to Section 4.5. Upon such payment Servicer shall
succeed to and own all interests in and to the Trust Property (subject to the
rights of the Holders to receive a final distribution on the related
Distribution Date).

                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS.

                  Section 11.1 Amendment. (a) This Agreement may be amended by
Seller, Servicer and Trustee, without the consent of any of the Holders, for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of this Agreement or modifying in any manner the rights of the
Holders; provided that such action shall not, as evidenced by an Opinion of
Counsel to Seller delivered to Trustee, materially and adversely affect the
interests of any Holder.

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

                           (c) This Agreement may also be amended from time to
                  time by Seller, Servicer and Trustee, with the consent of the
                  Majority Holders, for the purpose of adding any provisions to
                  or changing in any manner or eliminating any of the provisions
                  of this Agreement, or of modifying in any manner the rights of
                  the Holders; provided that no such amendment shall (i)
                  increase or reduce in any manner the amount of, or accelerate
                  or delay the timing of, collections of payments on Receivables
                  or distributions that shall be required to be made on any
                  Certificate without the consent of all adversely affected
                  Holders, (ii) reduce the percentage of the aggregate
                  outstanding principal balance of the Certificates, the Holders
                  of which are required to consent to any such amendment,
                  without the consent of all Holders, (iii) materially and
                  adversely affect the interests of either the Class A Holders
                  or the Class B Holders without the consent of the Holders of
                  Class A Certificates or Class B Certificates, as the case may
                  be, evidencing not less than a majority of the aggregate
                  outstanding principal balance of the Class A Certificates or
                  the Class B Certificates, as the case may be, or (iv) cause
                  either Rating Agency to downgrade or withdraw its rating of
                  the Class A Certificates or the Class B Certificates without
                  the consent of Holders of Class A Certificates or Class B
                  Certificates, as the case may be, evidencing more than 66 2/3%
                  of the aggregate outstanding principal balance of the Class A
                  Certificates or the Class B Certificates, as the case may be.
                  Promptly after the execution of any such amendment or consent,
                  Trustee shall furnish written notification of the substance of
                  such amendment or consent to each Holder.

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

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

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

                  Section 11.2 Protection of Title to Trust Property. (a)
Servicer shall execute and file such financing statements and cause to be
executed and filed such continuation statements, all in such manner and in such
places as may be required by law fully to preserve, maintain and protect the
interest of the Holders and Trustee under this Agreement in the Trust Property
and in the proceeds thereof. Servicer shall deliver (or cause to be delivered)
to Trustee file-stamped copies of, or filing receipts for, any document filed as
provided above, as soon as available following such filing. If Servicer fails to
perform its obligations under this subsection, Trustee may (but shall not be
obligated to) do so, at the expense of Servicer.

                           (b) Neither Seller nor Servicer shall change its
                  name, identity or corporate structure in any manner that
                  would, could or might make any financing statement or
                  continuation statement filed by Servicer in accordance with
                  subsection (a) misleading within the meaning of the UCC,
                  unless it shall have given Trustee at least 60 days' prior
                  written notice thereof and shall have promptly filed
                  appropriate amendments to all previously filed financing
                  statements or continuation statements.

                           (c) Seller and Servicer shall give Trustee at least
                  60 days' prior written notice of any relocation of its
                  principal executive office if, as a result of such relocation,
                  the applicable provisions of the UCC would require the filing
                  of any amendment of any previously filed financing or
                  continuation statement or of any new financing statement.
                  Seller and Servicer shall at all times maintain each office
                  from which it shall service Receivables, and its principal
                  executive office, within the United States of America.

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

                           (e) Servicer shall maintain its computer systems so
                  that, from and after the time of sale under this Agreement of
                  the Receivables to Trustee, Servicer's master computer records
                  (including archives) that shall refer to a Receivable

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<PAGE>

                  indicate clearly that such Receivable is owned by the Trust.
                  Indication of the Trust's ownership of a Receivable shall be
                  deleted from or modified on Servicer's computer systems when,
                  and only when, the Receivable shall be paid or shall become a
                  Purchased Receivable.

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

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

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

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

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

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

                           (c) No Holder shall have any right by virtue or by
                  availing itself of any provisions of this Agreement to
                  institute any suit, action or proceeding in equity or at law
                  upon or under or with respect to this Agreement, unless such
                  Holder previously shall have given to Trustee a written notice
                  of default and of the continuance thereof, as hereinbefore
                  provided, and unless, with respect to the Class A
                  Certificates, Class A Holders evidencing not less than a
                  majority of the aggregate outstanding principal balance of the
                  Class A Certificates or, with respect to the Class B
                  Certificates, Class B Holders evidencing not less than a
                  majority of the aggregate outstanding principal balance of the
                  Class B Certificates, shall have made written request upon
                  Trustee to institute such action, suit or proceeding in its
                  own name as Trustee under the Agreement and shall have offered
                  to Trustee such reasonable indemnity as it may require against
                  the costs, expenses and liabilities to be incurred therein or
                  thereby, and Trustee, for _ days after its receipt of such
                  notice, request and offer of indemnity satisfactory to it,
                  shall have neglected or refused to institute any such action,
                  suit or proceeding; no one or more Holders of Certificates
                  shall have any right in any manner whatever by virtue or by
                  availing itself or themselves of any provisions of this
                  Agreement to affect, disturb or prejudice the rights of the
                  Holders of any other of the Certificates, or to obtain or seek
                  to obtain priority over or preference to any other such Holder
                  or to enforce any right under this Agreement, except in the
                  manner provided in this Agreement and for the equal, ratable
                  and common benefit of all Class A Holders or Class B Holders,
                  as the case may be. For the protection and enforcement of the
                  provisions of this Section 11.3, each Holder and Trustee shall
                  be entitled to such relief as can be given either at law or in
                  equity.

                  Section 11.4 Governing Law. THIS AGREEMENT SHALL BE CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS; EXCEPT THAT
THE GRANT OF A SECURITY INTEREST IN THE RESERVE ACCOUNT PROPERTY AND THE
PERFECTION, EFFECT OF PERFECTION, AND PRIORITY OF SUCH SECURITY INTEREST SHALL
BE GOVERNED BY THE LAWS OF THE STATE OF ______________.

                  Section 11.5 Notices. All demands, notices, and communications
under this Agreement shall be in writing, personally delivered, or sent by
telecopier, overnight mail or

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mailed by certified mail, return receipt requested, and shall be deemed to have
been duly given upon receipt (a) in the case of Seller to _____________,
Attention: _______________; (b) in the case of Servicer, to _______________,
Attention: ______________; (c) in the case of Trustee, at the Corporate Trust
Office, facsimile number: ______________; (d) [in the case of Moody's, at the
following address: Moody's Investors Service, Inc., ABS Monitoring Department,
99 Church Street, New York, New York 10007, facsimile number: (212) 553-3850];
(e) in the case of [Standard & Poor's, at the following address: Standard &
Poor's Ratings Services, a division of The McGraw-Hill Companies, Inc., 25
Broadway, 20th Floor, New York, New York 10004, Attention: Asset Backed
Surveillance Department, facsimile number: (212) 208-0030]; and (f) in the case
of Fitch, to __________________. Any notice required or permitted to be mailed
to a Holder shall be given by first class mail, postage prepaid, at the address
of record of such Holder. Any notice so mailed within the time prescribed in
this Agreement shall be conclusively presumed to have been duly given, whether
or not the Holder shall receive such notice.

                  Section 11.6 Severability of Provisions. If any one or more of
the covenants, provisions or terms of this Agreement shall be for any reason
whatsoever held invalid, then such covenants, provisions or terms shall be
deemed severable from the remaining covenants, provisions or terms of this
Agreement, and shall in no way affect the validity or enforceability of the
other provisions of this Agreement or of the Certificates or the rights of the
Holders thereof.

                  Section 11.7 Assignment. Notwithstanding anything to the
contrary contained herein, except as provided in Section 2.5, 3.1, 6.3 and 7.3,
this Agreement may not be assigned by Seller or Servicer. This Agreement may not
be assigned by Trustee except as provided by Sections 9.10 through 9.13.

                  Section 11.8 Certificates Nonassessable and Fully Paid. The
interests represented by the Certificates shall be nonassessable for any losses
or expenses of the Trust or for any reason whatsoever, and, upon authentication
thereof by Trustee pursuant to Section 5.1, each Certificate shall be deemed
fully paid.

                  Section 11.9 Intention of Parties. (a) The execution and
delivery of this Agreement shall constitute an acknowledgment by Seller and
Trustee, on behalf of the Holders, that it is intended that the assignment and
transfer herein contemplated constitute a sale and assignment outright, and not
for security, of the Receivables and the other Trust Property, conveying good
title thereto free and clear of any liens, from Seller to the Trust, and that
the Receivables and the other Trust Property shall not be a part of Seller's
estate in the event of the insolvency, receivership, conservatorship or the
occurrence of another similar event, of, or with respect to, Seller. In the
event that such conveyance is determined to be made as security for a loan made
by the Trust or the Holders to the Seller, the parties intend that Seller shall
have granted to Trustee a security interest in all of Seller's right, title and
interest in and to the Trust Property conveyed to the Trust pursuant to Section
2.1, and that this Agreement shall constitute a security agreement under
applicable law.

                                       73
<PAGE>

                           (b) The execution and delivery of this Agreement
                  shall constitute an acknowledgment by Seller and Trustee on
                  behalf of the Holders that they intend that the Trust be
                  classified (for Federal tax purposes) as a grantor trust under
                  Subpart E, Part I of Subchapter J of the Internal Revenue Code
                  of which the Holders are owners, rather than as an association
                  taxable as a corporation. The powers granted and obligations
                  undertaken in this Agreement shall be construed so as to
                  further such intent.

                  Section 11.10 Counterparts. For the purpose of facilitating
the execution of this Agreement and for other purposes, this Agreement may be
executed simultaneously in any number of counterparts, each of which
counterparts shall be deemed to be an original, and all of which counterparts
shall constitute but one and the same instrument.

                  Section 11.11 Further Assurances. Seller and Servicer agree to
do and perform, from time to time, any and all acts and to execute any and all
further instruments required or reasonably requested by Trustee more fully to
effect the purposes of this Agreement, including without limitation, the
execution of any financing statements or continuation statements relating to the
Receivables for filing under the provisions of the UCC of any applicable
jurisdiction.

                  Section 11.12 No Waiver; Cumulative Remedies. No failure to
exercise and no delay in exercising, on the part of the Trustee or the Holders,
any right, remedy, power or privilege hereunder, shall operate as a waiver
thereof; nor shall any single or partial exercise of any right, remedy, power or
privilege hereunder preclude any other or further exercise thereof or the
exercise of any other right, remedy, power or privilege. The rights, remedies,
powers and privileges therein provided are cumulative and not exhaustive of any
rights, remedies, powers and privileges provided by law.

                                       74
<PAGE>

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

                                       VOLKSWAGEN PUBLIC AUTO LOAN
                                       SECURITIZATION, LLC

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

                                       VW CREDIT, INC., Servicer
                                       By:
                                          -------------------------------------
                                          Name:
                                               --------------------------------
                                          Title:
                                                -------------------------------

                                                                     , Trustee
                                       ------------------------------
                                       By:
                                          -------------------------------------
                                          Name:
                                               --------------------------------
                                          Title:
                                                -------------------------------

<PAGE>

                                   SCHEDULE A

                          LOCATION OF RECEIVABLE FILES

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

<PAGE>

                           FORM OF CLASS A CERTIFICATE

                                                                       EXHIBIT A

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

                    _____% ASSET BACKED CERTIFICATE, CLASS A

Evidencing a fractional undivided interest in the Trust, as defined below, the
property of which includes a pool of fixed rate simple interest retail motor
vehicle loans and/or retail installment sales contracts (the "Receivables")
secured by the new and used automobiles and light duty trucks financed thereby
(the "Financed Vehicles") and sold to the Trust by VOLKSWAGEN PUBLIC AUTO LOAN
SECURITIZATION, LLC.

THIS CERTIFICATE REPRESENTS A FRACTIONAL UNDIVIDED INTEREST IN THE TRUST AND
DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF
_____________________________. THIS CERTIFICATE AND THE RECEIVABLES ARE NOT
DEPOSITS AND ARE NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE
CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY.

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

NUMBER                                                      CUSIP
                                                                  -------------

--------------------------------------------------------------------------------
                                                     Original Certificate Amount

<PAGE>

                  THIS CERTIFIES THAT ___________________ is the registered
owner of a ______________ dollars, nonassessable, fully paid, fractional
undivided interest in Volkswagen Auto Loan Enhanced Trust 200_-_ (the "Trust")
formed pursuant to a Pooling and Servicing Agreement dated as of ___________,
200_ (the "Agreement") among Volkswagen Public Auto Loan Securitization, LLC, a
Delaware limited liability company (the "Seller"), VW Credit, Inc. (the
"Servicer") and _____________, a _______________, as trustee (the "Trustee").

                  To the extent not otherwise defined herein, the capitalized
terms used herein have the meanings assigned to them in the Agreement. This
Certificate is one of the duly authorized Certificates designated as "_____%
Asset Backed Certificates, Class A" (herein called the "Class A Certificates").
Also issued under the Agreement are Certificates designated as "_____% Asset
Backed Certificates, Class B" (the "Class B Certificates"). The Class A
Certificates and the Class B Certificates are hereinafter collectively called
the "Certificates." This Certificate is issued under and is subject to the
terms, provisions, and conditions of the Agreement, to which the Holder of this
Certificate by virtue of the acceptance hereof assents and by which such Holder
is bound. The Trust Property includes (as more fully described in the Agreement)
a pool of Receivables, certain monies received under the Receivables after
___________ __, 200_ (the "Cutoff Date"), security interests in the Financed
Vehicles, and proceeds of the foregoing.

                  Subject to the terms and conditions of the Agreement
(including the availability of funds for distributions) and until the
obligations created by the Agreement shall have terminated in accordance
therewith, there will be distributed, but only from funds on deposit in the
Class A Distribution Account, on the _th day of each month or, if such _th day
is not a Business Day, the next succeeding Business Day (each such date, a
"Distribution Date"), commencing _________ __, 200_, to the Person in whose name
this Certificate is registered at the close of business on the last day of the
preceding Collection Period (the "Record Date"), such Holder's fractional
undivided interest in the amounts to be distributed to Class A Holders pursuant
to the Agreement on such Distribution Date.

                  Distributions on this Certificate will be made by Trustee by
check mailed to the Holder of record at its address as it appears in the
Certificate Register without the presentation or surrender of this Certificate
or the making of any notation hereon, except that with respect to a Certificate
registered in the name of a Clearing Agency or its nominee, distributions will
be made by wire transfer of immediately available funds. Except as otherwise
provided in the Agreement and notwithstanding the above, the final distribution
on this Certificate will be made after due notice by Trustee of the pendency of
such distribution and only upon presentation and surrender of this Certificate
at the office or agency maintained for that purpose by Trustee.

                  This Certificate does not purport to summarize the Agreement
and reference is hereby made to the Agreement for information with respect to
the rights, benefits, obligations and duties evidenced thereby.

<PAGE>

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

                  Each Holder, by its acceptance of a Certificate or a
beneficial interest in a Certificate, acknowledges and agrees that they intend
that the Trust be classified (for Federal tax purposes) as a grantor trust under
Subpart E, Part I of Subchapter J of the Internal Revenue Code of which the
Holders are owners, rather than as an association taxable as a corporation.

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

                                     VOLKSWAGEN AUTO LOAN ENHANCED TRUST 200_-_

                                     By:                                      ,
                                        --------------------------------------
                                     as Trustee

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

                                     DATED:

                                     [SEAL]

                                     ATTEST:

                                     Authorized Officer

Trustee's Certificate of Authentication:

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

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

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

<PAGE>

                           FORM OF CLASS B CERTIFICATE

                                                                       EXHIBIT B

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

                    _____% ASSET BACKED CERTIFICATE, CLASS B

Evidencing a fractional undivided interest in the Trust, as defined below, the
property of which includes a pool of fixed rate simple interest retail motor
vehicle loans and/or retail installment sales contracts (the "Receivables")
secured by the new and used automobiles and light duty trucks financed thereby
(the "Financed Vehicles") and sold to the Trust by Volkswagen Public Auto Loan
Securitization, LLC.

THIS CERTIFICATE REPRESENTS A FRACTIONAL UNDIVIDED INTEREST IN THE TRUST AND
DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF _________________________
THIS CERTIFICATE AND THE RECEIVABLES ARE NOT DEPOSITS AND ARE NOT INSURED OR
GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER
GOVERNMENTAL AGENCY.

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

NUMBER                                                      CUSIP
                                                                  -------------

--------------------------------------------------------------------------------
                                                     Original Certificate Amount

<PAGE>

                  THIS CERTIFIES THAT ________________ is the registered owner
of a _________________ dollars, nonassessable, fully paid, fractional undivided
interest in the Volkswagen Auto Loan Enhanced Trust 200_-_ (the "Trust") formed
pursuant to a Pooling and Servicing Agreement dated as of ________ __, 200_ (the
"Agreement") among Volkswagen Public Auto Loan Securitization, LLC, a Delaware
limited liability company (the "Seller"), VW Credit, Inc. (the "Servicer") and
_____________, a _____________, as trustee (the "Trustee").

                  To the extent not otherwise defined herein, the capitalized
terms used herein have the meanings assigned to them in the Agreement. This
Certificate is one of the duly authorized Certificates designated as "_____%
Asset Backed Certificates, Class B" (herein called the "Class B Certificates").
Also issued under the Agreement are Certificates designated as "_____% Asset
Backed Certificates, Class A" (the "Class A Certificates"). The Class A
Certificates and the Class B Certificates are hereinafter collectively called
the "Certificates." This Certificate is issued under and is subject to the
terms, provisions, and conditions of the Agreement, to which the Holder of this
Certificate by virtue of the acceptance hereof assents and by which such Holder
is bound. The Trust Property includes (as more fully described in the Agreement)
a pool of Receivables, certain monies received under the Receivables after
________ __, 200_ (the "Cutoff Date"), security interests in the Financed
Vehicles, and proceeds of the foregoing. The rights of the Holder of the Class B
Certificates are subordinated to the rights of the Holders of the Class A
Certificates to the extent set forth in the Agreement.

                  Subject to the terms and conditions of the Agreement
(including the availability of funds for distributions and the subordination of
the Class B Certificates) and until the obligations created by the Agreement
shall have terminated in accordance therewith, there will be distributed, but
only from funds on deposit in the Class B Distribution Account, on the _th day
of each month or, if such _th day is not a Business Day, the next succeeding
Business Day (each such date, a "Distribution Date"), commencing _______ _,
200_, to the Person in whose name this Certificate is registered at the close of
business on the last day of the preceding Collection Period (the "Record Date"),
such Holder's fractional undivided interest in the amounts to be distributed to
Class B Holders pursuant to the Agreement on such Distribution Date.

                  Distributions on this Certificate will be made by Trustee by
check mailed to the Holder of record at its address as it appears in the
Certificate Register without the presentation or surrender of this Certificate
or the making of any notation hereon, except that with respect to a Certificate
registered in the name of a Clearing Agency or its nominee, distributions will
be made by wire transfer of immediately available funds. Except as otherwise
provided in the Agreement and notwithstanding the above, the final distribution
on this Certificate will be made after due notice by Trustee of the pendency of
such distribution and only upon presentation and surrender of this Certificate
at the office or agency maintained for that purpose by Trustee.

                  This Certificate does not purport to summarize the Agreement
and reference is hereby made to the Agreement for information with respect to
the rights, benefits, obligations and duties evidenced thereby.

<PAGE>

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

                  Each Holder, by its acceptance of a Certificate or a
beneficial interest in a Certificate, acknowledges and agrees that they intend
that the Trust be classified (for Federal tax purposes) as a grantor trust under
Subpart E, Part I of Subchapter J of the Internal Revenue Code of which the
Holders are owners, rather than as an association taxable as a corporation.

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

                                     VOLKSWAGEN AUTO LOAN ENHANCED TRUST 200_-_

                                     By:                           , as Trustee
                                        ---------------------------

                                     By:
                                        ---------------------------------------
                                        Authorized officer

                                     DATED:

                                     [SEAL]

                                     ATTEST:

                                     Authorized Officer

Trustee's Certificate of Authentication:

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

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

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

<PAGE>

                                                                       EXHIBIT C

                            Form of Servicer's Report

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