Document:

Exhibit 4.3

                                                                EXECUTION COPY

==============================================================================

                        WACHOVIA AUTO OWNER TRUST 2004-A,
                                   as Issuer,

                                       and

                         U.S. BANK NATIONAL ASSOCIATION,
                              as Indenture Trustee

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

                                    INDENTURE

                            Dated as of June 1, 2004

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

                $450,000,000 1.569% Class A-1 Asset Backed Notes
                 $598,000,000 2.49% Class A-2 Asset Backed Notes
                 $544,000,000 3.19% Class A-3 Asset Backed Notes
                 $278,000,000 3.66% Class A-4 Asset Backed Notes
                  $80,000,000 3.03% Class B Asset Backed Notes
                  $50,000,000 3.34% Class C Asset Backed Notes

==============================================================================

<PAGE>

                            CROSS REFERENCE TABLE*

  TIA                                                                Indenture
Section                                                               Section
-------                                                             -----------

310  (a)(1).......................................................     6.11
     (a)(2).......................................................     6.11
     (a)(3).......................................................  6.10; 6.11
     (a)(4).......................................................     N.A.**
     (a)(5).......................................................     6.11
     (b)..........................................................  6.08; 6.11
     (c)..........................................................     N.A.
311  (a)..........................................................     6.12
     (b)..........................................................     6.12
     (c)..........................................................     N.A.
312  (a)..........................................................     7.01
     (b)..........................................................     7.02
     (c)..........................................................     7.02
313  (a)..........................................................     7.04
     (b)(1).......................................................     7.04
     (b)(2).......................................................     7.04
     (c)..........................................................  7.04; 11.05
     (d)..........................................................     7.04
314  (a)..........................................................     7.03
     (b)..........................................................    11.15
     (c)(1).......................................................    11.01
     (c)(2).......................................................    11.01
     (c)(3).......................................................    11.01
     (d)..........................................................    11.01
     (e)..........................................................    11.01
     (f)..........................................................    11.01
315  (a)..........................................................     6.01
     (b)..........................................................  6.05; 11.01
     (c)..........................................................     6.01
     (d)..........................................................     6.01
     (e)..........................................................     5.13
316  (a)..........................................................     1.01
     (a)(1)(A)....................................................     5.11
     (a)(1)(B)....................................................     5.12
     (a)(2).......................................................     N.A.
     (b)..........................................................     5.07
     (c)..........................................................     N.A.

-----------------------
*     This Cross Reference Table shall not, for any purpose, be deemed to be
      part of this Indenture.

**    N.A. means Not Applicable.

<PAGE>

  TIA                                                                Indenture
Section                                                               Section
-------                                                             -----------

317  (a)(1).......................................................     5.03
     (a)(2).......................................................     5.03
     (b)..........................................................     3.03
318  (a)..........................................................    11.07

<PAGE>

                               TABLE OF CONTENTS

                                                                          Page
                                                                          ----

                                 ARTICLE ONE

                  DEFINITIONS AND INCORPORATION BY REFERENCE

Section 1.01.  Definitions................................................   2
Section 1.02.  Incorporation by Reference of Trust Indenture Act..........  14
Section 1.03.  Interpretive Provisions....................................  15

                                  ARTICLE TWO

                                   THE NOTES

Section 2.01.  Form.......................................................  16
Section 2.02.  Execution, Authentication and Delivery.....................  16
Section 2.03.  Temporary Notes............................................  17
Section 2.04.  Tax Treatment..............................................  17
Section 2.05.  Registration; Registration of Transfer and Exchange........  17
Section 2.06.  Mutilated, Destroyed, Lost or Stolen Notes.................  19
Section 2.07.  Persons Deemed Owner.......................................  19
Section 2.08.  Payment of Principal and Interest..........................  20
Section 2.09.  Cancellation...............................................  24
Section 2.10.  Book-Entry Notes...........................................  24
Section 2.11.  Notices to Clearing Agency.................................  25
Section 2.12.  Definitive Notes...........................................  25
Section 2.13.  Release of Collateral......................................  26
Section 2.14.  Employee Benefit Plans.....................................  26
Section 2.15.  Authenticating Agents......................................  26

                                 ARTICLE THREE

                                   COVENANTS

Section 3.01.  Payment of Principal and Interest..........................  28
Section 3.02.  Maintenance of Office or Agency............................  28
Section 3.03.  Money for Payments to be Held in Trust.....................  28
Section 3.04.  Existence..................................................  29
Section 3.05.  Protection of Trust Estate.................................  30
Section 3.06.  Opinions as to Trust Estate................................  30
Section 3.07.  Performance of Obligations; Servicing of Receivables.......  31
Section 3.08.  Negative Covenants.........................................  33
Section 3.09.  Annual Statement as to Compliance..........................  33
Section 3.10.  Issuer May Consolidate, etc., Only on Certain Terms........  34
Section 3.11.  Successor or Transferee....................................  35

                                       i
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                                                                          Page
                                                                          ----

Section 3.12.  No Other Business..........................................  35
Section 3.13.  No Borrowing...............................................  36
Section 3.14.  Servicer's Obligations.....................................  36
Section 3.15.  Guarantees, Loans, Advances and Other Liabilities..........  36
Section 3.16.  Capital Expenditures.......................................  36
Section 3.17.  Removal of Administrator...................................  36
Section 3.18.  Restricted Payments........................................  36
Section 3.19.  Notice of Events of Default................................  36
Section 3.20.  Further Instruments and Acts...............................  36
Section 3.21.  Compliance with Laws.......................................  37
Section 3.22.  Amendments of Sale and Servicing Agreement and Trust
                Agreement.................................................  37

                                 ARTICLE FOUR

                          SATISFACTION AND DISCHARGE

Section 4.01.  Satisfaction and Discharge of Indenture....................  38
Section 4.02.  Satisfaction, Discharge and Defeasance of the Notes........  39
Section 4.03.  Application of Trust Money.................................  40
Section 4.04.  Repayment of Monies Held by Paying Agent...................  40

                                 ARTICLE FIVE

                                   REMEDIES

Section 5.01.  Events of Default..........................................  41
Section 5.02.  Acceleration of Maturity; Rescission and Annulment.........  42
Section 5.03.  Collection of Indebtedness and Suits for Enforcement
                by Indenture Trustee......................................  43
Section 5.04.  Remedies...................................................  45
Section 5.05.  Optional Preservation of the Receivables...................  46
Section 5.06.  Limitation of Suits........................................  46
Section 5.07.  Unconditional Rights of Noteholders to Receive
                Principal and Interest....................................  47
Section 5.08.  Restoration of Rights and Remedies.........................  47
Section 5.09.  Rights and Remedies Cumulative.............................  47
Section 5.10.  Delay or Omission Not a Waiver.............................  47
Section 5.11.  Control by Noteholders of the Controlling Class............  47
Section 5.12.  Waiver of Past Defaults....................................  48
Section 5.13.  Undertaking for Costs......................................  48
Section 5.14.  Waiver of Stay or Extension Laws...........................  48
Section 5.15.  Action on Notes............................................  49
Section 5.16.  Performance and Enforcement of Certain Obligations.........  49

                                       ii
<PAGE>

                                                                          Page
                                                                          ----
                                  ARTICLE SIX

                             THE INDENTURE TRUSTEE

Section 6.01.  Duties of Indenture Trustee................................  51
Section 6.02.  Rights of Indenture Trustee................................  52
Section 6.03.  Individual Rights of Indenture Trustee.....................  53
Section 6.04.  Indenture Trustee's Disclaimer.............................  53
Section 6.05.  Notice of Defaults.........................................  53
Section 6.06.  Reports by Indenture Trustee to Noteholders................  53
Section 6.07.  Compensation and Indemnity.................................  53
Section 6.08.  Replacement of Indenture Trustee...........................  54
Section 6.09.  Successor Indenture Trustee by Merger......................  55
Section 6.10.  Appointment of Co-Trustee or Separate Trustee..............  55
Section 6.11.  Eligibility; Disqualification..............................  57
Section 6.12.  Preferential Collection of Claims Against Issuer...........  57
Section 6.13.  Representations and Warranties of Indenture Trustee........  57

                                 ARTICLE SEVEN

                        NOTEHOLDERS' LISTS AND REPORTS

Section 7.01.  Issuer to Furnish Indenture Trustee Names and
                Addresses of Noteholders..................................  59
Section 7.02.  Preservation of Information; Communications, Reports
                and Certain Documents to Noteholders......................  59
Section 7.03.  Reports by Issuer..........................................  59
Section 7.04.  Reports by Indenture Trustee...............................  60

                                 ARTICLE EIGHT

                     ACCOUNTS, DISBURSEMENTS AND RELEASES

Section 8.01.  Collection of Money........................................  61
Section 8.02.  Accounts...................................................  61
Section 8.03.  General Provisions Regarding Accounts......................  62
Section 8.04.  Release of Trust Estate....................................  63
Section 8.05.  Opinion of Counsel.........................................  63

                                 ARTICLE Nine
                            SUPPLEMENTAL INDENTURES
Section 9.01.  Supplemental Indentures Without Consent of
                Noteholders...............................................  64
Section 9.02.  Supplemental Indentures With Consent of Noteholders........  65

                                       iii
<PAGE>

                                                                          Page
                                                                          ----

Section 9.03.  Execution of Supplemental Indentures.......................  66
Section 9.04.  Effect of Supplemental Indenture...........................  67
Section 9.05.  Conformity with Trust Indenture Act........................  67
Section 9.06.  Reference in Notes to Supplemental Indentures..............  67

                                  ARTICLE Ten
                              REDEMPTION OF NOTES
Section 10.01.  Redemption................................................  68
Section 10.02.  Form of Redemption Notice.................................  68
Section 10.03.  Notes Payable on Redemption Date..........................  69

                                ARTICLE Eleven
                                 MISCELLANEOUS
Section 11.01.  Compliance Certificates and Opinions, etc.................  70
Section 11.02.  Form of Documents Delivered to Indenture Trustee..........  71
Section 11.03.  Acts of Noteholders.......................................  72
Section 11.04.  Notices, etc., to Indenture Trustee, Issuer,
                 Depositor and Rating Agencies............................  73
Section 11.05.  Notices to Noteholders; Waiver............................  73
Section 11.06.  Alternate Payment and Notice Provisions...................  74
Section 11.07.  Conflict with Trust Indenture Act.........................  74
Section 11.08.  Effect of Headings and Table of Contents..................  74
Section 11.09.  Successors and Assigns....................................  74
Section 11.10.  Severability..............................................  75
Section 11.11.  Benefits of Indenture; Third Party Beneficiaries..........  75
Section 11.12.  Legal Holidays............................................  75
Section 11.13.  Governing Law.............................................  75
Section 11.14.  Counterparts..............................................  75
Section 11.15.  Recording of Indenture....................................  75
Section 11.16.  Trust Obligation..........................................  75
Section 11.17.  No Petition...............................................  76
Section 11.18.  Inspection................................................  76

                                   EXHIBITS

Exhibit A - Form of Notes...............................................   A-1

                                      iv
<PAGE>

      This Indenture, dated as of June 1, 2004, is between Wachovia Auto Owner
Trust 2004-A, a Delaware statutory trust (the "Issuer"), and U.S. Bank
National Association, a national banking association, not in its individual
capacity but solely as trustee (the "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 the Issuer's 1.569% Class A-1
Asset Backed Notes (the "Class A-1 Notes"), 2.49% Class A-2 Asset Backed Notes
(the "Class A-2 Notes"), 3.19% Class A-3 Asset Backed Notes (the "Class A-3
Notes"), 3.66% Class A-4 Asset Backed Notes (the "Class A-4 Notes"), 3.03%
Class B Asset Backed Notes (the "Class B Notes") and 3.34% Class C Asset
Backed Notes (the "Class C Notes" and, together with the Class A-1 Notes, the
Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes and the Class B
Notes, the "Notes"):

                                GRANTING CLAUSE

      The Issuer hereby Grants to the Indenture Trustee on the Closing Date,
as Indenture Trustee for the benefit of the Noteholders, without recourse, all
of the Issuer's right, title and interest in, to and under, whether now owned
or existing or hereafter acquired or arising, (i) the Receivables, (ii) all
amounts due and collected on or in respect of the Receivables after the Cutoff
Date, (iii) the security interests in the Financed Vehicles granted by the
Obligors pursuant to the Receivables, (iv) any proceeds from claims on or
refunds of premiums of any physical damage or theft insurance policies and
extended warranties covering the Financed Vehicles and any proceeds or refunds
of premiums of any credit life or credit disability insurance policies
relating to the Financed Vehicles or the Obligors, (v) the Receivable Files,
(vi) the Collection Account, the Note Payment Account, the Yield Supplement
Account and the Reserve Fund and all amounts, securities, financial assets,
investments and other property deposited in or credited to any of the
foregoing and all proceeds thereof, (vii) all rights of the Depositor under
the Receivables Purchase Agreement, including the right to require the Seller
to repurchase Receivables from the Depositor, (viii) any proceeds of Dealer
Recourse, (ix) all rights of the Issuer under the Sale and Servicing
Agreement, including the right to require the Seller to repurchase or the
Servicer to purchase Receivables from the Issuer, (x) the right to realize
upon any property (including the right to receive future Liquidation Proceeds
and Recoveries) that shall have secured a Receivable and have been repossessed
by or on behalf of the Issuer and (xi) all present and future claims, demands,
causes of action and choses in action in respect of any or all of the
foregoing, all payments on or under and all proceeds of every kind and nature
whatsoever in respect of any and all of the foregoing, including all proceeds
of the conversion thereof, voluntary or involuntary, into cash or other liquid
property, all accounts, general intangibles, chattel paper, instruments,
documents, money, investment property, deposit accounts, letters of credit,
letter-of-credit rights, insurance proceeds, condemnation awards, rights to
payment of any and every kind and other forms of obligations and all other
property which at any time constitutes all or part of or is included in the
proceeds of any and all of the foregoing (collectively, the "Collateral").

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

<PAGE>

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

                                  ARTICLE ONE

                  DEFINITIONS AND INCORPORATION BY REFERENCE

      Section 1.01. Definitions.

      (a) Whenever used in this Indenture, the following words and phrases,
unless the context otherwise requires, shall have the following meanings.

      "Accounts" has the meaning specified in the Sale and Servicing
Agreement.

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

      "Additional Servicing Fee" means, for any Collection Period, if a
Successor Servicer is appointed pursuant to Section 7.02 of the Sale and
Servicing Agreement, the amount, if any, by which (i) the compensation payable
to such Successor Servicer for such Collection Period exceeds (ii) the Monthly
Servicing Fee for such Collection Period.

      "Administration Agreement" means the administration agreement, dated as
of June 1, 2004, among the Administrator, the Issuer, the Depositor and the
Indenture Trustee.

      "Administrator" means Wachovia Bank, in its capacity as administrator
under the Administration Agreement, and its successors in such capacity.

      "Affiliate" has the meaning specified in the Sale and Servicing
Agreement.

      "Amount Financed" has the meaning specified in the Sale and Servicing
Agreement.

      "Authenticating Agent" has the meaning specified in Section 2.15.

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

      "Available Collections" has the meaning specified in the Sale and
Servicing Agreement.

                                      2
<PAGE>

      "Aggregate Principal Distributable Amount" means, with respect to any
Distribution Date, the Priority Principal Distributable Amount, the Secondary
Principal Distributable Amount, the Tertiary Principal Distributable Amount
and the Regular Principal Distributable Amount.

      "Available Funds" has the meaning specified in the Sale and Servicing
Agreement.

      "Basic Documents" has the meaning specified in the Sale and Servicing
Agreement.

      "Benefit Plan" means (i) employee benefit plans (as defined in Section
3(3) of ERISA) that are subject to Title I of ERISA, (ii) plans described in
Section 4975(e)(1) of the Code, including individual retirement accounts or
Keogh Plans that are not exempt under Section 4975(d) of the Code, and (iii)
any entities whose underlying assets include plan assets by reason of a plan's
investment in such entities.

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

      "Business Day" has the meaning specified in the Sale and Servicing
Agreement.

      "Certificate Payment Account" has the meaning specified in the Sale and
Servicing Agreement.

      "Certificateholder" has the meaning specified in the Trust Agreement.

      "Class" means a class of Notes, which may be the Class A Notes, the
Class B Notes or the Class C Notes.

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

      "Class A Principal Distributable Amount" means, for any Distribution
Date, the amount distributable in respect of principal of the Class A-2 Notes,
the Class A-3 Notes or the Class A-4 Notes, as applicable, on such
Distribution Date, which amount shall equal the excess of (i) the principal
amount of the Class A Notes as of the day preceding such Distribution Date
over (ii) an amount equal to 93.50% of the amount by which the Pool Balance as
of the last day of the preceding Collection Period exceeds the
Overcollateralization Target Amount for that Distribution Date; provided,
however, that (a) on any Distribution Date that the Cumulative Net Loss
Percentage exceeds the related Sequential Payment Trigger, the Class A
Principal Distributable Amount shall equal the lesser of (1) the Aggregate
Principal Distributable Amount and (2) the Note Balance of the Class A Notes
and (b) on the Final Scheduled Distribution Date of any one or more of the
Class A-2 Notes, the Class A-3 Notes or the Class A-4 Notes, as applicable,
the Class A Principal Distributable Amount for such Distribution Date (and any
subsequent Distribution Date until the principal amount of each such Class of
Class A Notes has been paid in full) will not be less than the amount that is
necessary to pay the outstanding principal amount of each such Class of Class
A Notes (which amount shall be applied first to each such Class of Class A
Notes sequentially in order of numerical designation until the principal
amount of such Classes of Class A Notes have been paid in full).

                                      3
<PAGE>

      "Class A-1 Final Scheduled Distribution Date" means the June 2005
Distribution Date.

      "Class A-1 Interest Rate" means 1.569% per annum (computed on the basis
of the actual number of days in the related Interest Period divided by 360).

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

      "Class A-1 Notes" means the 1.569% Class A-1 Asset Backed Notes,
substantially in the form of Exhibit A-1.

      "Class A-2 Final Scheduled Distribution Date" means the April 2007
Distribution Date.

      "Class A-2 Interest Rate" means 2.49% per annum (computed on the basis
of a 360-day year consisting of twelve 30-day months).

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

      "Class A-2 Notes" means the 2.49% Class A-2 Asset Backed Notes,
substantially in the form of Exhibit A-2.

      "Class A-3 Final Scheduled Distribution Date" means the June 2008
Distribution Date.

      "Class A-3 Interest Rate" means 3.19% per annum (computed on the basis
of a 360-day year consisting of twelve 30-day months).

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

      "Class A-3 Notes" means the 3.19% Class A-3 Asset Backed Notes,
substantially in the form of Exhibit A-3.

      "Class A-4 Final Scheduled Distribution Date" means the July 2010
Distribution Date.

      "Class A-4 Interest Rate" means 3.66% per annum (computed on the basis
of a 360-day year consisting of twelve 30-day months).

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

      "Class A-4 Notes" means the 3.66% Class A-4 Asset Backed Notes,
substantially in the form of Exhibit A-4.

      "Class B Final Scheduled Distribution Date" means the July 2010
Distribution Date.

      "Class B Interest Rate" means 3.03% per annum (computed on the basis of
a 360-day year consisting of twelve 30-day months).

                                      4
<PAGE>

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

      "Class B Notes" means the 3.03% Class B Asset Backed Notes,
substantially in the form of Exhibit B.

      "Class B Principal Distributable Amount" means, for any Distribution
Date, the amount distributable in respect of principal of the Class B Notes on
such Distribution Date, which amount shall equal the excess of (i) the
principal amount of the Class B Notes as of the day preceding such
Distribution Date over (ii) an amount equal to 4.00% of the amount by which
the Pool Balance as of the last day of the preceding Collection Period exceeds
the Overcollateralization Target Amount for that Distribution Date; provided,
however, that (a) on any Distribution Date that the Cumulative Net Loss
Percentage exceeds the related Sequential Payment Trigger, the Class B
Principal Distributable Amount shall equal the lesser of (1) the excess of the
Aggregate Principal Distributable Amount over the Class A Principal
Distributable Amount and (2) the Note Balance of the Class B Notes and (b) on
the Class B Final Scheduled Distribution Date, the Class B Principal
Distributable Amount for such Distribution Date (and any subsequent
Distribution Date until the principal amount of the Class B Notes has been
paid in full) will not be less than the amount that is necessary to pay the
outstanding principal amount of the Class B Notes.

      "Class C Final Scheduled Distribution Date" means the July 2010
Distribution Date.

      "Class C Interest Rate" means 3.34% per annum (computed on the basis of
a 360-day year consisting of twelve 30-day months).

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

      "Class C Notes" means the 3.34% Class C Asset Backed Notes,
substantially in the form of Exhibit C.

      "Class C Principal Distributable Amount" means, for any Distribution
Date, the amount distributable in respect of principal of the Class C Notes on
such Distribution Date, which amount shall equal the excess of (i) the
principal amount of the Class C Notes as of the day preceding such
Distribution Date over (ii) an amount equal to 2.50% of the amount by which
the Pool Balance as of the last day of the preceding Collection Period exceeds
the Overcollateralization Target Amount for that Distribution Date; provided,
however, that (a) on any Distribution Date that the Cumulative Net Loss
Percentage exceeds the related Sequential Payment Trigger, the Class C
Principal Distributable Amount shall equal the lesser of (1) the excess of the
Aggregate Principal Distributable Amount over the sum of the Class A Principal
Distributable Amount and the Class B Principal Distributable Amount and (2)
the Note Balance of the Class C Notes and (b) on the Class C Final Scheduled
Distribution Date, the Class C Principal Distributable Amount for such
Distribution Date (and any subsequent Distribution Date until the principal
amount of the Class C Notes has been paid in full) will not be less than the
amount that is necessary to pay the outstanding principal amount of the Class
C Notes.

                                      5
<PAGE>

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

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

      "Closing Date" means June 29, 2004.

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

      "Collateral" has the meaning specified in the Granting Clause of this
Indenture.

      "Collection Account" has the meaning specified in the Sale and Servicing
Agreement.

      "Collection Period" means, with respect to any Distribution Date, the
immediately preceding calendar month (or, in the case of the first Collection
Period, the period from but excluding the Cutoff Date to and including the
last day of the month immediately preceding the month in which the first
Distribution Date occurs).

      "Commission" has the meaning specified in the Sale and Servicing
Agreement.

      "Controlling Class" means the Class A Notes so long as any Class A Notes
are outstanding, thereafter the Class B Notes so long as any Class B Notes are
outstanding and thereafter the Class C Notes so long as any Class C Notes are
outstanding.

      "Corporate Trust Office" means the principal office of the Indenture
Trustee at which at any particular time its corporate trust business shall be
administered, which office at the date of execution of this Indenture is
located at 60 Livingston Avenue, St. Paul, Minnesota 55107, Attention:
Structured Finance - Wachovia 2004-A, facsimile: (651) 495-8090, or at such
other address as the Indenture Trustee may designate from time to time by
written notice to the Noteholders and the Issuer, or the principal corporate
trust office of any successor Indenture Trustee at the address designated by
such successor Indenture Trustee by written notice to the Noteholders and the
Issuer.

      "Cumulative Net Loss Percentage" means, with respect to any Distribution
Date and the related Collection Period, the percentage equivalent of a
fraction, (i) the numerator of which is equal to the excess, if any, of (a)
the aggregate Principal Balance of all Receivables that became Defaulted
Receivables during such Collection Period and all prior Collection Periods (in
each case as of the day that each such Receivable became a Defaulted
Receivable) over (b) the aggregate Liquidation Proceeds and Recoveries
received by the Servicer during such Collection Period and all prior
Collection Periods and (ii) the denominator of which is the Pool Balance as of
the Cutoff Date.

      "Cutoff Date" has the meaning specified in the Sale and Servicing
Agreement.

      "Dealer Recourse" has the meaning specified in the Sale and Servicing
Agreement.

                                      6
<PAGE>

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

      "Defaulted Receivable" has the meaning specified in the Sale and
Servicing Agreement.

      "Definitive Notes" has the meaning specified in Section 2.10.

      "Depositor" has the meaning specified in the Sale and Servicing
Agreement.

      "Distribution Date" means the 20th day of each month, or if such 20th
day is not a Business Day, the following business day, commencing on July 20,
2004.

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

      "Event of Default" has the meaning specified in Section 5.01.

      "Excess Collections" has the meaning specified in Section 2.08(a)(xiii).

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

      "Executive Officer" means, with respect to any (i) corporation, limited
liability company or depository institution, the chief executive officer, the
chief operating officer, the chief financial officer, the president, any Vice
President, the secretary or the treasurer of such corporation, limited
liability company or depository institution and (ii) partnership, any general
partner thereof.

      "Final Scheduled Distribution Date" means the Class A-1 Final Scheduled
Distribution Date, the Class A-2 Final Scheduled Distribution Date, the Class
A-3 Final Scheduled Distribution Date, the Class A-4 Final Scheduled
Distribution Date, the Class B Final Scheduled Distribution Date or the Class
C Final Scheduled Distribution Date, as the context may require.

      "Financed Vehicle" has the meaning specified in the Sale and Servicing
Agreement.

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

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

      "Indenture" means this Indenture.

                                      7
<PAGE>

      "Indenture Trustee" means U.S. Bank National Association, a national
banking association, as Indenture Trustee under this Indenture, and any
successor in such capacity.

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

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

      "Interest Carryover Shortfall Amount" means, with respect to any
Distribution Date and a class of Notes, the excess, if any, of the Interest
Distributable Amount for that Class of Notes on the immediately preceding
Distribution Date over the amount in respect of interest that is actually
deposited in the Note Payment Account with respect to that Class of Notes on
that preceding Distribution Date, plus, to the extent permitted by applicable
law, interest on the amount of interest due but not paid to such Noteholders
on that preceding Distribution Date at the applicable Interest Rate.

      "Interest Distributable Amount" means, with respect to any Distribution
Date and a Class of Notes, the sum of the Monthly Interest Distributable
Amount and the Interest Carryover Shortfall Amount for that Class of Notes for
that Distribution Date.

      "Interest Period" means, with respect to any Distribution Date and the
(i) Class A-1 Notes, the period from, and including, the prior Distribution
Date (or from, and including, the Closing Date with respect to the first
Distribution Date) to, but excluding, the current Distribution Date and (ii)
Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes
and the Class C Notes, the period from, and including the 20th day of the
month of the prior Distribution Date (or from, and including, the Closing Date
with respect to the first Distribution Date) to, but excluding, the 20th day
of the month of the current Distribution Date (assuming each month has 30
days).

      "Interest Rate" means the Class A-1 Interest Rate, the Class A-2
Interest Rate, the Class A-3 Interest Rate, the Class A-4 Interest Rate, the
Class B Interest Rate and the Class C Interest Rate, as applicable.

      "Issuer" means Wachovia Auto Owner Trust 2004-A until a successor
replaces it and, thereafter, means the successor and, for purposes of any
provision contained herein and required by the TIA, each other obligor on the
Notes.

                                      8
<PAGE>

      "Issuer Order" or "Issuer Request" means a written order or request
signed in the name of the Issuer by any Authorized Officer of the Issuer and
delivered to the Indenture Trustee by the Administrator, if signed by an
officer of the Administrator, or at the written direction of the Depositor, if
signed by an officer of the Owner Trustee.

      "Liquidation Proceeds" has the meaning specified in the Sale and
Servicing Agreement.

      "Monthly Interest Distributable Amount" means, with respect to any
Distribution Date and any Class of Notes, the interest due on that Class of
Notes for the related Interest Period calculated based on the principal amount
of that Class of Notes on the preceding Distribution Date, after giving effect
to all payments of principal to such Noteholders on or prior to that
Distribution Date, or, in the case of the first Distribution Date, on the
original principal amount of that Class of Notes.

      "Monthly Servicing Fee" has the meaning specified in the Sale and
Servicing Agreement.

      "Monthly Trustee Fees" means the monthly fees payable to each of the
Trustees and the Paying Agent on each Distribution Date for the related
Collection Period for performing their respective obligations under the Basic
Documents.

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

      "Note Balance" means, at any time, the aggregate principal amount of all
Notes that are Outstanding at such time or the aggregate principal amount of
all Notes of the Controlling Class or a particular Class that are Outstanding
at such time, as the context requires.

      "Note Depository Agreement" means the agreement, dated the Closing Date,
among the Issuer, the Indenture Trustee and The Depository Trust Company, as
the initial Clearing Agency, relating to the Notes.

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

      "Note Register" and "Note Registrar" have the respective meanings
specified in Section 2.05(a).

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

      "Obligor" has the meaning specified in the Sale and Servicing Agreement.

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

                                      9
<PAGE>

      "Opinion of Counsel" means one or more written opinions of counsel who
may, except as otherwise expressly provided in this Indenture, be an employee
of, or outside counsel to, the Issuer, the Depositor, the Seller or the
Servicer and who shall be acceptable to the Indenture Trustee, and which
opinion or opinions shall be addressed to the Indenture Trustee, shall comply
with any applicable requirements of Section 11.01 and shall be in form and
substance satisfactory to the Indenture Trustee.

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

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

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

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

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

      "Overcollateralization Target Amount" means, with respect to any
Distribution Date, $5,006,786.51.

      "Owner Trustee" has the meaning specified in the Trust Agreement.

      "PASS" has the meaning specified in the Receivables Purchase Agreement.

      "Paying Agent" means the Indenture Trustee or any other Person that
meets the eligibility standards specified in Section 6.11 and is authorized by
the Issuer to make payments to and

                                      10
<PAGE>

distributions from the Collection Account, the Note Payment Account, the
Certificate Payment Account, the Yield Supplement Account and the Reserve
Fund, including payments of principal or interest on the Notes on behalf of
the Issuer. The initial Paying Agent shall be Wachovia Bank.

      "Permitted Investments" has the meaning specified in the Sale and
Servicing Agreement.

      "Person" has the meaning specified in the Sale and Servicing Agreement.

      "Pool Balance" has the meaning specified in the Sale and Servicing
Agreement.

      "Predecessor Note" means, with respect to any particular Note, every
previous Note evidencing all or a portion of the same debt as that evidenced
by such particular Note; and, for the purpose of this definition, any Note
authenticated and delivered under Section 2.06 in lieu of a mutilated, lost,
destroyed or stolen Note shall be deemed to evidence the same debt as the
mutilated, lost, destroyed or stolen Note.

      "Principal Balance" has the meaning specified in the Sale and Servicing
Agreement.

      "Priority Principal Distributable Amount" means, with respect to any
Distribution Date, the excess, if any, of the Note Balance of the Class A
Notes as of the day preceding such Distribution Date over the Pool Balance as
of the last day of the preceding Collection Period; provided, however, that
the Priority Principal Distributable Amount for each Distribution Date on or
after the Final Scheduled Distribution Date for any Class of Class A Notes
shall equal the greater of the (i) amount otherwise calculated pursuant to
this definition and (ii) outstanding principal balance of the Class A Notes of
such Class as of the day preceding such Distribution Date.

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

      "Protected Purchaser" has the meaning specified in Section 8-303 of the
UCC.

      "Purchased Receivable" has the meaning specified in the Sale and
Servicing Agreement.

      "Rating Agency" means Moody's or Standard & Poor's; provided, however,
that if Moody's and Standard & Poor's cease to exist, Rating Agency shall mean
any nationally recognized statistical rating organization or other comparable
Person designated by the Issuer, written notice of which designation shall
have been given to the Depositor, the Servicer and the Trustees.

      "Rating Agency Condition" means, with respect to any action, that each
Rating Agency shall have been given ten days (or such shorter period as is
acceptable to each Rating Agency) prior notice thereof and that each Rating
Agency shall have notified the Depositor, the Servicer and the Trustees in
writing that such action will not result in a qualification, reduction or
withdrawal of the then-current rating assigned by such Rating Agency to any
Class of Notes.

      "Receivable" has the meaning specified in the Receivables Purchase
Agreement.

                                      11
<PAGE>

      "Receivable Files" has the meaning specified in the Sale and Servicing
Agreement.

      "Receivables Purchase Agreement" means the receivables purchase
agreement, dated as of June 1, 2004, between the Seller and PASS, as
purchaser.

      "Record Date" shall mean, with respect to the Notes and any Distribution
Date or Redemption Date, the close of business on the Business Day preceding
such Distribution Date or Redemption Date, provided, however, that if
Definitive Notes have been issued pursuant to Section 2.12, Record Date shall
mean, with respect to any Distribution Date or Redemption Date, the last day
of the preceding Collection Period.

      "Redemption Date" means, in the case of a redemption of the Notes
pursuant to Section 10.01, the Distribution Date specified by the Servicer
pursuant to such Section.

      "Redemption Price" means, in the case of a redemption of the Notes
pursuant to Section 10.01, an amount equal to the unpaid principal amount of
the Notes redeemed plus accrued and unpaid interest thereon through the
related Interest Period at the related Interest Rates.

      "Regular Principal Distributable Amount" means, with respect to any
Distribution Date, an amount equal to the lesser of (i) the Note Balance as of
the day preceding such Distribution Date and (ii) the excess, if any, of (a)
the sum of the Note Balance as of the day preceding such Distribution Date and
the Overcollateralization Target Amount over the Pool Balance as of the last
day of the related Collection Period minus (b) the sum of the Priority
Principal Distributable Amount, the Secondary Principal Distributable Amount
and the Tertiary Principal Distributable Amount, if any.

      "Reserve Fund" has the meaning specified in the Sale and Servicing
Agreement.

      "Reserve Fund Deficiency" has the meaning specified in the Sale and
Servicing Agreement.

      "Reserve Fund Draw Amount" has the meaning specified in the Sale and
Servicing Agreement.

      "Responsible Officer" has the meaning specified in the Sale and
Servicing Agreement.

      "Sale and Servicing Agreement" means the sale and servicing agreement,
dated as of June 1, 2004, among the Issuer, the Depositor, the Seller and the
Servicer.

      "Secondary Principal Distributable Amount" means, with respect to any
Distribution Date, (i) the excess, if any, of the sum of the Note Balance of
the Class A Notes and the Note Balance of the Class B Notes, in each case as
of the day preceding such Distribution Date, over the Pool Balance as of the
last day of the preceding Collection Period minus (ii) the Priority Principal
Distributable Amount, if any, for such Distribution Date; provided, however,
that the Secondary Principal Distributable Amount for each Distribution Date
on or after the Class B Final Scheduled Distribution Date shall equal the
greater of the (i) amount otherwise calculated

                                      12
<PAGE>

pursuant to this definition and (ii) Note Balance of the Class B Notes as of
the day preceding such Distribution Date.

      "Securities Act" means the Securities Act of 1933.

      "Seller" has the meaning specified in the Receivables Purchase
Agreement.

      "Sequential Payment Trigger" means, with respect to a Distribution Date,
the percentage listed below for that Distribution Date.

                       Sequential                               Sequential
                        Payment                                  Payment
 Distribution Date      Trigger       Distribution Date          Trigger
 -----------------    -----------    -------------------------  ----------
July 2004                 0.50%      November 2005                 1.00%
August 2004               0.50%      December 2005                 1.00%
September 2004            0.50%      January 2006                  1.50%
October 2004              0.50%      February 2006                 1.50%
November 2004             0.50%      March 2006                    1.50%
December 2004             0.50%      April 2006                    1.50%
January 2005              0.75%      May 2006                      1.50%
February 2005             0.75%      June 2006                     1.50%
March 2005                0.75%      July 2006                     2.10%
April 2005                0.75%      August 2006                   2.10%
May 2005                  0.75%      September 2006                2.10%
June 2005                 0.75%      October 2006                  2.10%
July 2005                 1.00%      November 2006                 2.10%
August 2005               1.00%      December 2006                 2.10%
September 2005            1.00%      On and after January 2007     2.50%
October 2005              1.00%

      "Servicer" has the meaning specified in the Sale and Servicing
Agreement.

      "Servicer Termination Notice" has the meaning specified in the Sale and
Servicing Agreement.

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

      "State" means any of the 50 states of the United States or the District
of Columbia.

      "Successor Servicer" has the meaning specified in the Sale and Servicing
Agreement.

      "Tertiary Principal Distributable Amount" shall mean, with respect to
any Distribution Date, (i) the excess, if any, of the sum of the Note Balance
of the Class A Notes, the Note Balance of the Class B Notes and the Note
Balance of the Class C Notes, in each case as of the day preceding such
Distribution Date, over the Pool Balance as of the last day of the preceding
Collection Period minus (ii) the sum of the Priority Principal Distributable
Amount, if any, and the Secondary Principal Distributable Amount, if any, in
each case for such Distribution Date;

                                      13
<PAGE>

provided, however, that the Tertiary Principal Distributable Amount for each
Distribution Date on or after the Class C Final Scheduled Distribution Date
shall equal the greater of the (i) amount otherwise calculated pursuant to
this definition and (ii) Note Balance of the Class C Notes as of the day
preceding such Distribution Date.

      "Total Servicing Fee" has the meaning specified in the Sale and
Servicing Agreement.

      "Total Trustee Fees" means, for any Collection Period and the related
Distribution Date, with respect to each of the Trustees, the sum of (i) the
Monthly Trustee Fees for such Collection Period and (ii) all accrued but
unpaid Monthly Trustee Fees for the previous Collection Period.

      "Transition Costs" has the meaning specified in the Sale and Servicing
Agreement.

      "Trust Agreement" means the amended and restated trust agreement, dated
as of June 1, 2004, between the Depositor and the Owner Trustee.

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

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

      "Trustees" means the Owner Trustee and the Indenture Trustee.

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

      "United States" means the United States of America.

      "Vice President" has the meaning specified in the Sale and Servicing
Agreement.

      "Wachovia Bank" has the meaning specified in the Sale and Servicing
Agreement.

(b) Except as otherwise specified herein or as the context may otherwise
require, for all purposes of this Indenture, capitalized terms used herein
that are not otherwise defined shall have the meanings ascribed thereto in the
Sale and Servicing Agreement or the Trust Agreement, as the case may be.

Section 1.02. Incorporation by Reference of Trust Indenture Act. Whenever this
Indenture refers to a provision of the TIA, that 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:

      "indenture securities" means the Notes.

      "indenture security holder" means a Noteholder.

                                      14
<PAGE>

      "indenture to be qualified" means this Indenture.

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

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

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

      Section 1.03. Interpretive Provisions. With respect to all terms in this
Indenture, unless the context otherwise requires: (i) a term has the meaning
assigned to it; (ii) an accounting term not otherwise defined has the meaning
assigned to it in accordance with generally accepted accounting principles as
in effect from time to time in the United States; (iii) "or" is not exclusive;
(iv) "including" means including without limitation; (v) words in the singular
include the plural and words in the plural include the singular; (vi) any
agreement, instrument or statute defined or referred to herein or in any
instrument or certificate delivered in connection herewith means such
agreement, instrument or statute as from time to time amended, modified or
supplemented and includes (in the case of agreements or instruments)
references to all attachments thereto and instruments incorporated therein;
(vii) references to a Person are also to its successors and permitted assigns;
(viii) the words "hereof", "herein" and "hereunder" and words of similar
import when used in this Indenture shall refer to this Indenture as a whole
and not to any particular provision of this Indenture; (ix) references
contained in this Indenture to Section, Schedule and Exhibit, as applicable,
are references to Sections, Schedules and Exhibits in or to this Indenture
unless otherwise specified; (x) references to "writing" include printing,
typing, lithography and other means of reproducing words in a visible form;
and (xi) the term "proceeds" has the meaning set forth in the applicable UCC.

                                      15
<PAGE>

                                  ARTICLE TWO

                                   THE NOTES

      Section 2.01. Form.

      (a) The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the
Class A-4 Notes, the Class B Notes and the Class C Notes, in each case
together with the Indenture Trustee's certificate of authentication, shall be
in substantially the form set forth in Exhibit A, 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.

      (b) 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 Authorized Officers
executing such Notes, as evidenced by their execution of such Notes.

      (c) Each Note shall be dated the date of its authentication. The terms
of the Notes as set forth in Exhibit A are part of the terms of this Indenture
and are incorporated herein by reference.

      Section 2.02. Execution, Authentication and Delivery.

      (a) The Notes shall be executed on behalf of the Issuer by any of its
Authorized Officers. The signature of any such Authorized Officer on the Notes
may be manual or facsimile. Notes bearing the manual or facsimile signature of
individuals who were at any time Authorized Officers of the Issuer shall bind
the Issuer, notwithstanding that such individuals or any of them have ceased
to hold such offices prior to the authentication and delivery of such Notes or
did not hold such offices on the date of such Notes.

      (b) The Indenture Trustee shall, upon Issuer Order, authenticate and
deliver for original issue the following aggregate principal amounts of Notes:
(i) $450,000,000 of Class A-1 Notes, (ii) $598,000,000 of Class A-2 Notes,
(iii) $544,000,000 of Class A-3 Notes, (iv) $278,000,000 of Class A-4 Notes,
(v) $80,000,000 of Class B Notes and (vi) $50,000,000 of Class C Notes. The
aggregate principal amount of Class A-1 Notes, Class A-2 Notes, Class A-3
Notes, Class A-4 Notes, Class B Notes and Class C Notes Outstanding at any
time may not exceed such respective amounts except as provided in Section
2.06.

      (c) Each Note shall be dated the date of its authentication. The Notes
shall be issuable as registered Notes in minimum denominations of $1,000 and
in integral multiples of $1,000 in excess thereof.

      (d) 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

                                      16
<PAGE>

substantially in the form provided for herein executed by the Indenture
Trustee by the manual signature of one of its authorized signatories, and such
certificate upon any Note shall be conclusive evidence, and the only evidence,
that such Note has been duly authenticated and delivered hereunder.

      Section 2.03. Temporary Notes.

      (a) Pending the preparation of Definitive Notes pursuant to Section
2.12, the Issuer may execute, and upon receipt of an Issuer Order the
Indenture Trustee shall authenticate and deliver, temporary Notes that 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.

      (b) If temporary Notes are issued pursuant to this Section, the Issuer
shall 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 the Note Registrar to be maintained as provided in Section 3.02,
without charge to the related Noteholder. Upon surrender for cancellation of
any one or more temporary Notes, the Issuer shall execute, and the Indenture
Trustee shall authenticate and deliver in exchange therefor, a like tenor and
principal amount of Definitive Notes of authorized denominations. Until so
exchanged, the temporary Notes shall in all respects be entitled to the same
benefits under this Indenture as Definitive Notes.

      Section 2.04. Tax Treatment. The Issuer has entered into this Indenture,
and the Notes will be issued, with the intention that, for all purposes
including federal, State and local income, single business and franchise tax
purposes, the Notes will qualify as indebtedness of the Issuer secured by the
Trust Estate. The 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 as
indebtedness of the Issuer for all purposes, including federal, State and
local income, single business and franchise tax purposes.

      Section 2.05. Registration; Registration of Transfer and Exchange.

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

      (b) If a Person other than the Indenture Trustee or Wachovia Bank is
appointed by the Issuer as Note Registrar, the Issuer will give the Indenture
Trustee prompt written notice of the appointment of such Note Registrar and of
the location, and any change in the location, of the Note Register, and the
Indenture Trustee shall have the right to inspect the Note Register at all
reasonable times and to obtain copies thereof, and the Indenture Trustee shall
have the right to rely upon a certificate executed on behalf of the Note
Registrar by an Executive Officer thereof

                                      17
<PAGE>

as to the names and addresses of the Holders of the Notes and the principal
amounts and number of such Notes.

      (c) Upon surrender for registration of transfer of any Note at the
office or agency of the Issuer to be maintained as provided in Section 3.02;
provided that the requirements of Section 8-401 of the UCC are met, the Issuer
shall execute, and the Indenture Trustee shall authenticate and deliver to the
Noteholder making such surrender and the Noteholder shall obtain from the
Indenture Trustee, in the name of the designated transferee or transferees,
one or more new Notes of the same Class in any authorized denomination and a
like aggregate principal amount. The Indenture Trustee may rely upon the
Administrator with respect to the determination of whether the requirements of
Section 8-401 of the UCC are met.

      (d) At the option of the related Holder, Notes may be exchanged for
other Notes of the same Class in any authorized denominations, of 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,
provided that the requirements of Section 8-401 of the UCC are met (as
determined by the Issuer), the Issuer shall execute, and the Indenture Trustee
shall authenticate and deliver to the Noteholder making such exchange, the
Notes which such Noteholder is entitled to receive. The Indenture Trustee may
rely upon the Administrator with respect to the determination of whether the
requirements of Section 8-401 of the UCC are met.

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

      (f) Each Note presented or surrendered for registration of transfer or
exchange shall be duly endorsed by, or be accompanied by a written instrument
of transfer in form satisfactory to the Indenture Trustee duly executed by,
the Holder thereof or such Holder's attorney duly authorized in writing, with
such signature guaranteed by an "eligible guarantor institution" meeting the
requirements of the Note Registrar.

      (g) No service charge shall be made to a Holder for any registration of
transfer or exchange of Notes, but the Issuer or the Indenture Trustee may
require payment by such Noteholder of a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection with any
registration of transfer or exchange of Notes, other than exchanges pursuant
to Section 2.03 or 9.06 not involving any transfer.

      (h) The preceding provisions of this Section notwithstanding, the Issuer
shall not be required to make, and the Note Registrar need not register,
transfers or exchanges of Notes with respect to which the due date for any
payment will occur within 15 days.

      (i) Each Person to whom a Note is transferred will be required to
represent, in the case of a Definitive Note, or deemed to represent, in the
case of a Book-Entry Note, that (i) such Person is not a Benefit Plan or (ii)
the Person's acquisition, holding and disposition of the Note are and will be
eligible for relief under a prohibited transaction exemption.

                                      18
<PAGE>

      Section 2.06. Mutilated, Destroyed, Lost or Stolen Notes.

      (a) If (i) any mutilated Note is surrendered to the Indenture Trustee,
or the Indenture Trustee receives evidence to its satisfaction of the
destruction, loss or theft of any Note, (ii) there is delivered to the
Indenture Trustee such security or indemnity as may be required by it to hold
the Issuer and the Indenture Trustee harmless and (iii) the requirements of
Section 8-405 of the UCC are met, then, in the absence of notice to the
Issuer, the Note Registrar or the Indenture Trustee that such Note has been
acquired by a Protected Purchaser, the Issuer shall execute, and upon its
request the Indenture Trustee shall authenticate and deliver, in exchange for
or in lieu of any such mutilated, destroyed, lost or stolen Note, a
replacement Note of the same Class; provided, however, that if any such
destroyed, lost or stolen Note, but not a mutilated Note, shall have become or
within seven days of the Indenture Trustee's receipt of evidence to its
satisfaction of such destruction, loss or theft shall be due and payable, or
shall have been called for redemption pursuant to Section 10.01, instead of
issuing a replacement Note, the Issuer may pay such destroyed, lost or stolen
Note when so due or payable or upon the Redemption Date without surrender
thereof. The Indenture Trustee may rely upon the Administrator with respect to
the determination of whether the requirements of Section 8-405 of the UCC are
met. 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 Protected Purchaser of the original Note in lieu of which such
replacement Note was issued presents for payment such original Note, the
Issuer and the Indenture Trustee shall be entitled to recover such replacement
Note (or such payment) from the Person to whom such replacement Note 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
Protected Purchaser, and shall be entitled to recover upon the security or
indemnity provided therefor to the extent of any loss, damage, cost or expense
incurred by the Issuer or the Indenture Trustee in connection therewith.

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

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

      (d) 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 2.07. Persons Deemed Owner. Prior to due presentment for
registration of transfer of any Note, the Issuer, the Indenture Trustee and
any of their respective agents may, subject to Section 2.06, treat the Person
in whose name such Note is registered in the Note Register (as of the day of
determination) as the owner of such Note for the purpose of receiving

                                      19
<PAGE>

payments of principal of and interest, if any, on such Note and for all other
purposes whatsoever, whether or not such Note shall be overdue, and none of
the Issuer, the Indenture Trustee or any of their respective agents shall be
affected by any notice to the contrary.

      Section 2.08. Payment of Principal and Interest.

      (a) On each Distribution Date, upon receipt of written instructions from
the Servicer pursuant to Section 4.06(c) of the Sale and Servicing Agreement,
the Indenture Trustee or the Paying Agent shall apply the Available Funds to
make the following payments and deposits in the following order of priority:

            (i) to the Servicer, the Total Servicing Fee and any
      Nonrecoverable Advances for the related Collection Period;

            (ii) to the Trustees and the Paying Agent pro rata, the Total
      Trustee Fees, provided; however, that the aggregate amount to be paid to
      the Trustees and the Paying Agent for such fees and expenses pursuant to
      this clause two shall not exceed $100,000 in any given calendar year;

            (iii) to the Note Payment Account, for payment of interest on each
      Class of Class A Notes, the Interest Distributable Amount for each Class
      of Class A Notes;

            (iv) to the Note Payment Account, for payment of principal on the
      Notes in the priority set forth in Section 2.08(b), the Priority
      Principal Distributable Amount, if any;

            (v) to the Note Payment Account, for payment of interest on the
      Class B Notes, the Interest Distributable Amount for the Class B Notes;

            (vi) to the Note Payment Account, for payment of principal on the
      Notes in the priority set forth in Section 2.08(b), the Secondary
      Principal Distributable Amount, if any;

            (vii) to the Note Payment Account, for payment of interest on the
      Class C Notes, the Interest Distributable Amount for the Class C Notes;

            (viii) to the Note Payment Account, for payment of principal on
      the Notes in the priority set forth in Section 2.08(b), the Tertiary
      Principal Distributable Amount, if any;

            (ix) to the Note Payment Account, for payment of principal on the
      Notes, the Regular Principal Distributable Amount, if any;

            (x) to the Reserve Fund, the Reserve Fund Deficiency, if any;

            (xi) if a Successor Servicer has been appointed pursuant to
      Section 7.02 of the Sale and Servicing Agreement, to such Successor
      Servicer, any Transition Costs due in connection with such transfer of
      servicing and not paid pursuant to Section 7.01 of the Sale and
      Servicing Agreement, plus the Additional Servicing Fee, if any, for the
      related Collection Period;

                                      20
<PAGE>

            (xii) to the Trustees and the Paying Agent pro rata, the Total
      Trustee Fees, to the extent that they have not previously been paid; and

            (xiii) unless the Notes have been declared immediately due and
      payable following an Event of Default, to the Certificate Payment
      Account, for payment to the Certificateholders, or if the Notes have
      been declared immediately due and payable following an Event of Default,
      to the Note Payment Account, for payment to the Noteholders, any
      remaining Available Funds (the "Excess Collections").

      Notwithstanding the foregoing, following the occurrence and during the
continuation of an Event of Default which has resulted in an acceleration of
the Notes, all Available Funds shall be deposited into the Note Payment
Account and applied in accordance with Section 2.08(f). Any distributions to
be made by the Indenture Trustee under the Basic Documents may be made by the
Paying Agent.

      If the amount on deposit in the Note Payment Account (including any
portion of the Reserve Fund Draw Amount and the Yield Supplement Account Draw
Amount) on any Distribution Date is less than the amount described in clause
(iii) above for such Distribution Date, the Indenture Trustee, either directly
or through the Paying Agent, shall pay the available amount to the Noteholders
of each Class of Class A Notes pro rata based on the Total Note Interest
payable to such Class on such Distribution Date.

      (b) The principal of each Note shall be payable in installments on each
Distribution Date in an aggregate amount (unless the Notes have been declared
immediately due and payable following an Event of Default) for all Classes of
Notes equal to the Aggregate Principal Distributable Amount. On each
Distribution Date (unless the Notes have been declared immediately due and
payable following an Event of Default), upon receipt of instructions from the
Servicer pursuant to Section 4.06(c) of the Sale and Servicing Agreement, the
Indenture Trustee shall either directly or through a Paying Agent apply or
cause to be applied the amount on deposit in the Note Payment Account on such
Distribution Date in respect of the Aggregate Principal Distributable Amount
to make the following payments in the following order of priority:

            (i) to the Class A-1 Noteholders, until the principal amount of
      the Class A-1 Notes has been paid in full;

            (ii) following payment in full of the Class A-1 Notes,
      sequentially to the remaining Class A Noteholders, the Class A Principal
      Distributable Amount (applying such Class A Principal Distributable
      Amount first to the Class A-2 Noteholders until the principal amount of
      the Class A-2 Notes has been paid in full, then to the Class A-3
      Noteholders until the principal amount of the Class A-3 Notes has been
      paid in full and then to the Class A-4 Noteholders until the principal
      amount of the Class A-4 Notes has been paid in full) until the principal
      amount of the Class A Notes has been paid in full;

            (iii) following payment in full of the Class A Principal
      Distributable Amount to the Class A Noteholders, to the Class B
      Noteholders, the Class B Principal

                                      21
<PAGE>

      Distributable Amount until the principal amount of the Class B Notes has
      been paid in full; and

            (iv) following payment in full of the Class B Principal
      Distributable Amount to the Class B Noteholders, to the Class C
      Noteholders, the Class C Principal Distributable Amount until the
      principal amount of the Class C Notes has been paid in full.

      (c) The unpaid principal amount, to the extent not previously paid of
the (i) Class A-1 Notes shall be due and payable on the Class A-1 Final
Scheduled Distribution Date, (ii) Class A-2 Notes shall be due and payable on
the Class A-2 Final Scheduled Distribution Date, (iii) Class A-3 Notes shall
be due and payable on the Class A-3 Final Scheduled Distribution Date, (iv)
Class A-4 Notes shall be due and payable on the Class A-4 Final Scheduled
Distribution Date, (v) Class B Notes shall be due and payable on the Class B
Final Scheduled Distribution Date and (vi) Class C Notes shall be due and
payable on the Class C Final Scheduled Distribution Date.

      (d) Each Class of Notes shall accrue interest during each Interest
Period at the related Interest Rate, and such interest shall be due and
payable on each Distribution Date. Interest on the Class A-1 Notes shall be
calculated on the basis of the actual number of days elapsed and a 360-day
year. Interest on the Class A-2 Notes, the Class A-3 Notes, the Class A-4
Notes, the Class B Notes and the Class C Notes shall be calculated on the
basis of a 360-day year of twelve 30-day months. Subject to Section 3.01, any
installment of interest or principal, if any, payable on any Note that is
punctually paid or duly provided for 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 related 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; provided, however, 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 shall 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 related Final Scheduled Distribution
Date (and except for the Redemption Price for any Note called for redemption
in whole pursuant to Section 10.01), which shall be payable as provided below.
The funds represented by any such checks returned undelivered shall be held in
accordance with Section 3.03. The Indenture Trustee, either directly or
through the Paying Agent, shall pay all Interest Distributable Amounts for any
Distribution Date to the Noteholders on the related Record Date even if a
portion of such Interest Distributable Amount relates to an earlier
Distribution Date.

      (e) All principal and interest payments on a Class of Notes shall be
made pro rata to the Noteholders of such Class. Except as otherwise provided
herein, the Indenture Trustee shall, before the Distribution Date on which the
Issuer expects to pay the final installment of principal of and interest on
any Note, notify the Holder of such Note as of the related Record Date of such
final installment. Such notice shall be mailed or transmitted by facsimile and
shall specify that such final installment shall 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

                                      22
<PAGE>

installment. Notices in connection with redemption of Notes shall be sent by
mail to Noteholders as provided in Section 10.02.

      (f) Notwithstanding the foregoing, the unpaid principal amount of the
Notes shall be due and payable, to the extent not previously paid, on the date
on which an Event of Default shall have occurred and be continuing, if the
Indenture Trustee or the Holders of Notes evidencing not less than 51% of the
Note Balance of the Controlling Class have declared the Notes to be
immediately due and payable in the manner provided in Section 5.02(a). On each
Distribution Date following acceleration of the Notes, upon receipt of
instructions from the Servicer pursuant to Section 4.06(c) of the Sale and
Servicing Agreement, the Indenture Trustee or the Paying Agent shall deposit
all Available Funds into the Note Payment Account and shall apply or cause to
be applied all such amounts to make the following payments and deposits in the
following order of priority:

            (i) first, to the Servicer, the Total Servicing Fee and any
      Nonrecoverable Advances for the related Collection Period;

            (ii) second, to the Trustees and the Paying Agent, the Total
      Trustee Fees;

            (iii) third, on a pro rata basis, to the Class A Noteholders, the
      Interest Distributable Amount for each Class of the Class A Notes;

            (iv) fourth, if an Event of Default described in Section 5.01(i),
      (ii), (v) or (vi) has occurred, in the following order of priority:

                  (A) to the Class A-1 Noteholders until the principal amount
            of the Class A-1 Notes has been paid in full;

                  (B) to the Holders of each Class of remaining Class A Notes,
            pro rata based on the outstanding principal amount of each such
            Class of Class A Notes as of such Distribution Date, until the
            principal amount of each such Class of remaining Class A Notes has
            been paid in full;

                  (C) to the Class B Noteholders, the Interest Distributable
            Amount for the Class B Notes;

                  (D) to the Class B Noteholders, until the principal amount
            of the Class B Notes has been paid in full;

                  (E) to the Class C Noteholders, the Interest Distributable
            Amount for the Class C Notes; and

                  (F) to the Class C Noteholders, until the principal amount
            of the Class C Notes has been paid in full;

            (v) fourth, if an Event of Default described in Section 5.1(iii)
      or (iv) has occurred, in the following order of priority:

                                      23
<PAGE>

                  (A) to the Class B Noteholders, the Interest Distributable
            Amount for the Class B Notes;

                  (B) to the Class C Noteholders, the Interest Distributable
            Amount for the Class C Notes;

                  (C) to the Class A-1 Noteholders until the principal amount
            of the Class A-1 Notes has been paid in full;

                  (D) to the Holders of each Class of remaining Class A Notes,
            pro rata based on the outstanding principal amount of each such
            Class of Class A Notes as of such Distribution Date, until the
            principal amount of each such Class of remaining Class A Notes has
            been paid in full;

                  (E) to the Class B Noteholders, until the principal amount
            of the Class B Notes has been paid in full; and

                  (F) to the Class C Noteholders, until the principal amount
            of the Class C Notes has been paid in full;

            (vi) fifth, if a Successor Servicer has been appointed pursuant to
      Section 7.02 of the Sale and Servicing Agreement, to such Successor
      Servicer, any Transition Costs due in connection with such transfer of
      servicing and not paid pursuant to Section 7.01 of the Sale and
      Servicing Agreement plus the Additional Servicing Fee, if any, for the
      related Collection Period; and

            (vii) sixth, to the Certificateholders, any remaining amounts.

      (g) The Indenture Trustee or the Paying Agent shall transfer amounts
from the Reserve Fund and the Yield Supplement Account, and deposit amounts
transferred from the Reserve Fund and the Yield Supplement Account, at the
written direction of the Servicer in accordance with the Sale and Servicing
Agreement.

      Section 2.09. Cancellation. All Notes surrendered for payment,
registration of transfer, exchange or redemption in whole pursuant to Section
10.01 shall, if surrendered to any Person other than the Indenture Trustee, be
delivered to the Indenture Trustee and shall be promptly cancelled by the
Indenture Trustee. The Issuer may at any time deliver to the Indenture Trustee
for cancellation any Notes previously authenticated and delivered hereunder
which the Issuer may have acquired in any manner whatsoever, and all Notes so
delivered shall be promptly cancelled by the Indenture Trustee. No Notes shall
be authenticated in lieu of or in exchange for any Notes cancelled as provided
in this Section, except as expressly permitted by this Indenture. All
cancelled Notes may be held or disposed of by the Indenture Trustee in
accordance with its standard retention or disposal policy as in effect at the
time unless the Issuer shall direct by an Issuer Order that they be destroyed
or returned to it; provided, that such Issuer Order is timely and the Notes
have not been previously disposed of by the Indenture Trustee.

      Section 2.10. Book-Entry Notes. The Notes, upon original issuance, will
be issued in the form of a typewritten Note or Notes representing the
Book-Entry Notes, to be delivered to The

                                      24
<PAGE>

Depository Trust Company, the initial Clearing Agency, by, or on behalf of,
the Issuer. The Book-Entry Notes shall be registered initially 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 such Note Owners pursuant to Section 2.12:

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

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

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

            (iv) 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 or the
      Clearing Agency Participants; pursuant to the Note Depository Agreement,
      unless and until Definitive Notes are issued pursuant to Section 2.12,
      the Clearing Agency will make book-entry transfers among the Clearing
      Agency Participants and receive and transmit payments of principal of
      and interest on the Notes to such Clearing Agency Participants; and

            (v) whenever this Indenture requires or permits actions to be
      taken based upon instructions or directions of the Holders of Notes (or
      Holders of Notes of any Class, including the Controlling Class)
      evidencing a specified percentage of the Note Balance, the Clearing
      Agency shall be deemed to represent such percentage only to the extent
      that it has received instructions to such effect from Note Owners and/or
      Clearing Agency Participants owning or representing, respectively, such
      required percentage of the beneficial interest in the Notes or such
      Class of Notes and has delivered such instructions to the 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 such Note Owners pursuant to
Section 2.12, the Indenture Trustee shall give all such notices and
communications specified herein to be given to the Noteholders to the Clearing
Agency, and shall have no obligation to such Note Owners.

      Section 2.12. Definitive Notes. If (i)(a) the Administrator advises the
Indenture Trustee in writing that the Clearing Agency is no longer willing or
able to properly discharge its responsibilities with respect to the Book-Entry
Notes and (b) neither the Indenture Trustee nor the Administrator is able to
locate a qualified successor or (ii) after the occurrence of an Event of
Default or a Servicer Termination Event, Owners of Book-Entry Notes
representing beneficial interests aggregating not less than 51% of the
principal amount of a Class of Notes advise the Indenture Trustee and the
Clearing Agency Participant through the Clearing Agency, in writing

                                      25
<PAGE>

that the continuation of a book-entry system through the Clearing Agency is no
longer in the best interests of such Note Owners, then, in each case, the
Indenture Trustee shall notify such Note Owners of the related Class of Notes
through the Clearing Agency of the occurrence of any such event and of the
availability of Definitive Notes of the related Class of Notes to Note Owners
requesting the same. Upon surrender to the Indenture Trustee of the Note or
Notes representing the Book-Entry Notes by the Clearing Agency, accompanied by
registration instructions, the Issuer at its own expense shall execute and
deliver the Definitive Notes to the Indenture Trustee and the Indenture
Trustee shall authenticate the Definitive Notes in accordance with the
instructions of the Clearing Agency. None of the Issuer, the Note Registrar or
the Indenture Trustee shall be liable for any delay in delivery of such
instructions and may conclusively rely on, and shall be protected in relying
on, such instructions. Upon the issuance of Definitive Notes of a Class, the
Indenture Trustee shall recognize the Noteholders of the Definitive Notes as
Noteholders hereunder.

      Section 2.13. Release of Collateral. Subject to Section 11.01 and the
terms of the other Basic Documents, the Indenture Trustee shall release
property from the lien of this Indenture only upon receipt of an Issuer
Request accompanied by an Officer's Certificate, an Opinion of Counsel and
Independent Certificates in accordance with Sections 314(c) and 314(d)(1) of
the TIA 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 the Indenture Trustee's obligations under TIA Sections 314(c) and
314(d)(1), the 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 2.14. Employee Benefit Plans. The Class C Notes may not be
acquired by a Benefit Plan. Each Person acquiring a Class C Note is deemed to
represent that such Person is not a Benefit Plan. A fiduciary of a Benefit
Plan purchasing the Notes, or a beneficial interest in Notes, with the assets
of a Benefit Plan is deemed to represent that the purchase of one or more
Notes or a beneficial interest therein is consistent with its fiduciary duties
under ERISA and does not result in a nonexempt prohibited transaction as
defined in Section 406 of ERISA or Section 4975 of the Code. If the Depositor,
the Seller, the Servicer, the Indenture Trustee, the Owner Trustee or any of
their respective Affiliates (i) has investment or administrative discretion
with respect to the assets of a Benefit Plan; (ii) has authority or
responsibility to give, or regularly gives, investment advice with respect to
such Benefit Plan assets, for a fee and pursuant to an agreement or
understanding that such advice will (a) serve as a primary basis for
investment decisions with respect to such Benefit Plan assets and (b) be based
on the particular investment needs for such Benefit Plan; or (iii) is an
employer maintaining or contributing to such Benefit Plan, then a purchase of
the Notes by such a Benefit Plan may represent a conflict of interest or act
of self-dealing by the fiduciary.

      Section 2.15. Authenticating Agents. 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 2.02, 2.03,
2.05 and 2.06, 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

                                      26
<PAGE>

Agent pursuant to this Section shall be deemed to be the authentication of
Notes "by the Indenture Trustee".

      Any corporation into which any Authenticating Agent may be merged or
converted or with which it may be consolidated, or any entity 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 document or any further act on the part of the parties hereto or
such Authenticating Agent or such successor corporation.

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

      The Administrator agrees to pay to each Authenticating Agent from time
to time reasonable compensation for its services. The provisions of Sections
2.09 and 6.04 shall be applicable to any Authenticating Agent.

                                      27
<PAGE>

                                 ARTICLE THREE

                                   COVENANTS

      Section 3.01. Payment of Principal and Interest. The Issuer will duly
and punctually pay the principal of and interest, if any, on the Notes in
accordance with the terms of the Notes and this Indenture. Amounts properly
withheld under the Code by any Person from a payment to any Noteholder of
interest or principal shall be considered as having been paid by the Issuer to
such Noteholder for all purposes of this Indenture.

      Section 3.02. Maintenance of Office or Agency. The Issuer will maintain
in 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 the Issuer in respect of the Notes and this
Indenture may be served. The Issuer hereby initially appoints the Paying Agent
to serve as its agent for the foregoing purposes. The Issuer shall give prompt
written notice to the Depositor and the Indenture Trustee of the location, and
of any change in the location, of any such office or agency. If at any time
the Issuer shall fail to maintain any such office or agency or shall fail to
furnish the Indenture Trustee with the address thereof, such surrenders,
notices and demands may be made or served at the Corporate Trust Office, and
the Issuer hereby appoints the Paying Agent as its agent to receive all such
surrenders, notices and demands.

      Section 3.03. Money for Payments to be Held in Trust.

      (a) As provided in Section 8.02, all payments of amounts due and payable
with respect to any Notes that are to be made from amounts withdrawn from the
Accounts shall be made on behalf of the Issuer by the Indenture Trustee or by
the Paying Agent, and no amounts so withdrawn from the Accounts for payments
of Notes shall be paid over to the Issuer except as provided in this Section.

      (b) On or before each Distribution Date and Redemption Date, the Issuer
shall deposit or cause to be deposited in the Note Payment 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 the Indenture Trustee) shall promptly notify
the Indenture Trustee in writing of its action or failure so to act.

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

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

                                      28
<PAGE>

            (ii) give the Indenture Trustee notice of any default by the
      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 the Indenture Trustee, forthwith pay to the
      Indenture Trustee all sums so held in trust by such Paying Agent;

            (iv) immediately resign as a Paying Agent and forthwith pay to the
      Indenture Trustee all sums held by it in trust for the payment of the
      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 and any State or
      local tax law 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.

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

      (e) Subject to applicable laws with respect to escheat of funds, any
money held by the Indenture Trustee or any Paying Agent in trust for the
payment of any amount due with respect to any Note and remaining unclaimed for
two years after such amount has become due and payable shall be discharged
from such trust and be paid to the Issuer on Issuer Request; and such
Noteholder shall thereafter, as an unsecured general creditor, look only to
the Issuer for payment thereof (but only to the extent of the amounts so paid
to the Issuer), and all liability of the Indenture Trustee or such Paying
Agent with respect to such trust money shall thereupon cease; provided,
however, that the Indenture Trustee or such Paying Agent, before being
required to make any such repayment, shall at the expense and written
direction of the Issuer cause to be published once, in a newspaper published
in the English language, customarily published on each Business Day and of
general circulation in The City of New York, notice that such money remains
unclaimed and that, after a date specified therein, which shall not be less
than 30 days from the date of such publication, any unclaimed balance of such
money then remaining will be repaid to or for the account of the Issuer. The
Indenture Trustee shall also adopt and employ, at the expense and written
direction of the Issuer, any other reasonable means of notification of such
repayment (including mailing notice of such repayment to Holders whose Notes
have been called but have not been surrendered for redemption in whole
pursuant to Section 10.01 or whose right to or interest in monies due and
payable but not claimed is determinable from the records of the Indenture
Trustee or of any Paying Agent, at the last address of record for each such
Holder).

      Section 3.04. Existence. The Issuer will keep in full effect its
existence, rights and franchises as a statutory trust under the laws of the
State of Delaware (unless it becomes, or any

                                      29
<PAGE>

successor Issuer hereunder is or becomes, organized under the laws of any
other State or of the United States, in which case the Issuer will keep in
full effect its existence, rights and franchises under the laws of such other
jurisdiction) and will obtain and preserve its qualification to do business in
each jurisdiction in which such qualification is or shall be necessary to
protect the validity and enforceability of this Indenture, the Notes, the
Collateral and each other instrument or agreement included in the Trust
Estate, including all licenses required under the Pennsylvania Motor Vehicle
Sales Finance Act in connection with this Indenture and the other Basic
Documents and the transactions contemplated hereby and thereby until such time
as the Issuer shall terminate in accordance with the terms hereof.

      Section 3.05. Protection of Trust Estate. The Issuer intends the
security interest Granted pursuant to this Indenture in favor of the Indenture
Trustee on behalf of the Noteholders to be prior to all other liens in respect
of the Trust Estate, and the Issuer shall take all actions necessary to obtain
and maintain, for the benefit of the Indenture Trustee on behalf of the
Noteholders, a first lien on and a first priority, perfected security interest
in the Trust Estate. The Issuer will from time to time authorize, execute and
deliver all such supplements and amendments hereto and all such financing
statements, continuation statements, instruments of further assurance and
other instruments, all as prepared by the Administrator and delivered to the
Issuer, and will take such other action necessary or advisable to:

            (i) Grant more effectively any portion of the Trust Estate;

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

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

            (iv) enforce any of the Collateral; or

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

The Issuer hereby authorizes the Indenture Trustee to file any financing
statement or continuation statement required pursuant to this Section and
designates the Indenture Trustee as its agent and attorney-in-fact to execute
any other instrument required under this Section.

      Section 3.06. Opinions as to Trust Estate.

      (a) On the Closing Date, the Issuer shall furnish to the Indenture
Trustee an Opinion of Counsel to the effect that, in the opinion of such
counsel, either (i) all financing statements and continuation statements have
been executed and filed that are necessary to create and continue the
Indenture Trustee's first priority perfected security interest in the
Collateral for the benefit of the Noteholders, and reciting the details of
such filings or referring to prior Opinions of Counsel in which such details
are given or (ii) no such action shall be necessary to perfect such security
interest.

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<PAGE>

      (b) Within 90 days after the beginning of each fiscal year of the Issuer
beginning with the first fiscal year beginning more than three months after
the Cutoff Date, the Issuer shall furnish to the 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 of this Indenture, any indentures supplemental hereto and any other
requisite documents and with respect to the authorization and filing of any
financing statements and continuation statements as is 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 an 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 authorization and filing of any financing
statements and continuation statements that shall, in the opinion of such
counsel, be required to maintain the lien and security interest of this
Indenture until March 31 in the following calendar year.

      Section 3.07. Performance of Obligations; Servicing of Receivables.

      (a) The Issuer will not take any action and will use its best efforts
not to permit any action to be taken by others that would release any Person
from any 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 expressly provided in this Indenture or the other Basic Documents.

      (b) The 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 the Indenture Trustee in an Officer's Certificate of
the Issuer shall be deemed to be action taken by the Issuer. Initially, the
Issuer has contracted with the Servicer and the Administrator to assist the
Issuer in performing its duties under this Indenture.

      (c) The Issuer will and will cause the Administrator to, punctually
perform and observe all of its obligations and agreements contained in this
Indenture, the other Basic Documents and in the instruments and agreements
included in the Trust Estate, including 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 other Basic Documents in accordance with and
within the time periods provided for herein and therein.

      (d) If the Issuer shall have knowledge of the occurrence of a Servicer
Termination Event, the Issuer shall promptly notify the Depositor, the
Indenture Trustee and each Rating Agency in writing of such event, and shall
specify in such notice the action, if any, the Issuer is taking in respect of
such default. If a Servicer Termination Event shall arise from the failure of
the Servicer to perform any of its duties or obligations under the Sale and
Servicing Agreement with respect to the Receivables, the 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
the Servicer of the Servicer's rights and powers pursuant to Section 7.01 of
the Sale and Servicing Agreement, the Issuer may (subject to the rights of the
Indenture Trustee to direct such appointment pursuant

                                      31
<PAGE>

to Section 7.02 of the Sale and Servicing Agreement) appoint a Successor
Servicer, and such Successor Servicer shall accept its appointment by a
written assumption in a form acceptable to the Indenture Trustee. In the event
that a Successor Servicer has not been appointed and has not accepted its
appointment at the time when the Servicer ceases to act as Servicer, the
Indenture Trustee without further action shall be the successor to the
Servicer in all respects in accordance with Section 7.02 of the Sale and
Servicing Agreement. The Indenture Trustee may resign as the Successor
Servicer by giving written notice of such resignation to the 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 as provided below. Upon delivery of any such notice to the Issuer,
the Issuer shall obtain a new Servicer as the Successor Servicer. Any
Successor Servicer other than the 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 retail motor
vehicle installment sale contracts and (ii) enter into a servicing agreement
with the Issuer and the Depositor having substantially the same provisions as
the provisions of the Sale and Servicing Agreement applicable to the Servicer.
If within 30 days after the delivery of the notice referred to above, the
Issuer shall not have obtained such a new Servicer, the Indenture Trustee may
appoint, or may petition a court of competent jurisdiction to appoint, a
Successor Servicer. In connection with any such appointment, the Indenture
Trustee may make such arrangements for the compensation of such successor as
it and such successor shall agree with, subject to the limitations set forth
below and in the Sale and Servicing Agreement, and in accordance with Section
7.02 of the Sale and Servicing Agreement, the 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 the Indenture Trustee).
If the Indenture Trustee shall succeed to the duties of the Servicer as
provided herein, it shall do so in its individual capacity and not in its
capacity as Indenture Trustee and, accordingly, except as otherwise provided
in the proviso to Section 6.01(a), the provisions of Article Six shall be
inapplicable to the Indenture Trustee in its duties as the successor to the
Servicer and the servicing of the Receivables. In case the Indenture Trustee
shall become successor to the Servicer under the Sale and Servicing Agreement,
the Indenture Trustee shall be entitled to appoint as Servicer any one of its
Affiliates or agents; provided that the Indenture Trustee, in its capacity as
Servicer, shall be fully liable for the actions and omissions of such
Affiliate or agent in such capacity as Successor Servicer. Notwithstanding any
other provisions of this Indenture to the contrary, in no event shall the
Indenture Trustee be liable for any servicing fee or for any differential in
the amount of the servicing fee paid under the Sale and Servicing Agreement
and the amount necessary to induce any Successor Servicer to act as Successor
Servicer under the Sale and Servicing Agreement.

      (f) The Issuer shall promptly notify the Depositor, the Trustees and the
Rating Agencies in writing of (i) any termination of the Servicer pursuant to
the Sale and Servicing Agreement and (ii) the appointment of each Successor
Servicer, including the name and address of such Successor Servicer.

      (g) The Issuer shall not waive timely performance or observance by the
Depositor, the Servicer or the Seller of their respective duties or
obligations under the Basic Documents if such waiver would reasonably be
expected to materially adversely affect the Noteholders.

                                      32
<PAGE>

      Section 3.08. Negative Covenants. For so long as any Notes are
Outstanding, the Issuer shall not:

            (i) except as expressly permitted by Section 3.10(b) and the Basic
      Documents, sell, transfer, exchange or otherwise dispose of any of the
      properties or assets of the Issuer, including those included in the
      Trust Estate, unless directed to do so in writing by the Indenture
      Trustee;

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

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

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

            (v) engage in any activities other than those permitted by Section
      2.03 of the Trust Agreement and financing, acquiring, owning, pledging
      and managing the Receivables as contemplated by the Basic Documents and
      activities incidental to such activities; or

            (vi) incur, assume or guarantee any indebtedness other than the
      indebtedness evidenced by the Notes or indebtedness otherwise permitted
      by the Basic Documents.

      Section 3.09. Annual Statement as to Compliance. The Issuer will deliver
to the Depositor and the Indenture Trustee, on or before June 30 of each year
(commencing with the June 30 that is at least six months after the Closing
Date), an Officer's Certificate stating, as to the Authorized Officer signing
such Officer's Certificate, that:

            (a) a review of the activities of the Issuer during the preceding
      year (or such shorter period in the case of the first such Officer's
      Certificate) and of its 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, the Issuer has complied with all conditions and covenants
      under this Indenture throughout

                                      33
<PAGE>

      the preceding year (or such shorter period in the case of the first such
      Officer's Certificate) or, if there has been a default in its compliance
      with 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) The Issuer shall not consolidate or merge with or into any other
Person, unless:

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

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

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

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

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

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

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

            (i) the Person that acquires by conveyance or transfer the
      properties or assets of the Issuer shall (A) be a United States citizen
      or a Person organized and existing under the laws of the United States
      or any State, (B) expressly assume, by an indenture supplemental hereto,
      executed and delivered to the Indenture Trustee, in form satisfactory to
      the Indenture Trustee, the due and punctual payment of the principal of
      and interest on all Notes and the performance or observance of every
      agreement and covenant of this Indenture and each other Basic Document
      on the part of the Issuer to be performed or

                                      34
<PAGE>

      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
      Noteholders, (D) unless otherwise provided in such supplemental
      indenture, expressly agree to indemnify, defend and hold harmless the
      Issuer against and from any loss, liability or expense arising under or
      related to this Indenture and the Notes and (E) expressly agree by means
      of such supplemental indenture that such Person (or if a group of
      Persons, then one specified Person) shall 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) the Issuer shall have received an Opinion of Counsel (and
      shall have delivered copies thereof to the Depositor and the Indenture
      Trustee) to the effect that such transaction will not have any material
      adverse federal tax consequence to the Issuer, any Noteholder or any
      Certificateholder;

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

            (vi) the Issuer shall have delivered to the Indenture Trustee an
      Officer's Certificate and an Opinion of Counsel each stating that such
      conveyance or transfer and such supplemental indenture comply with this
      Article and that all conditions precedent provided for in this Indenture
      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 the Issuer in accordance with
Section 3.10(a), the Person formed by or surviving such consolidation or
merger (if other than the Issuer) shall succeed to, and be substituted for,
and may exercise every right and power of, the Issuer under this Indenture
with the same effect as if such Person had been named as the Issuer herein.

      (b) Upon any conveyance or transfer of all the properties and assets of
the Issuer in accordance with Section 3.10(b), the Issuer will be released
from every covenant and agreement of this Indenture to be observed or
performed on the part of the Issuer with respect to the Notes immediately upon
the delivery of written notice to the Indenture Trustee and the Depositor
stating that the Issuer is to be so released.

      Section 3.12. No Other Business. The Issuer shall not engage in any
business other than financing, acquiring, owning and pledging the Receivables
in the manner contemplated by this Indenture and the other Basic Documents and
activities incidental thereto.

                                      35
<PAGE>

      Section 3.13. No Borrowing. The Issuer shall not issue, incur, assume,
guarantee or otherwise become liable, directly or indirectly, for any
indebtedness except for (i) the Notes and (ii) any other indebtedness
permitted by or arising under the other Basic Documents.

      Section 3.14. Servicer's Obligations. The Issuer shall cause the
Servicer to comply with the Sale and Servicing Agreement.

      Section 3.15. Guarantees, Loans, Advances and Other Liabilities. Except
as contemplated by the Basic Documents, the 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. The Issuer shall not make any
expenditure (by long-term or operating lease or otherwise) for capital assets
(either realty or personalty).

      Section 3.17. 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 with respect to
such removal.

      Section 3.18. Restricted Payments. Except as expressly permitted by the
Basic Documents, the Issuer shall not, directly or indirectly, (i) pay any
dividend or make any distribution (by reduction of capital or otherwise),
whether in cash, property, securities or a combination thereof, to the Owner
Trustee or any owner of a beneficial interest in the Issuer or otherwise with
respect to any ownership or equity interest or security in or of the Issuer or
to the Servicer, (ii) redeem, purchase, retire or otherwise acquire for value
any such ownership or equity interest or security or (iii) set aside or
otherwise segregate any amounts for any such purpose; provided, however, that
the Issuer may make, or cause to be made, (a) distributions as contemplated
by, and to the extent funds are available for such purpose under, the Sale and
Servicing Agreement or the Trust Agreement and (b) payments to the Indenture
Trustee pursuant to Section 1.02(b)(ii) of the Administration Agreement. The
Issuer will not, directly or indirectly, make payments to or distributions
from the Collection Account, the Note Payment Account, the Certificate Payment
Account, the Yield Supplement Account or the Reserve Fund except in accordance
with this Indenture and the Basic Documents.

      Section 3.19. Notice of Events of Default. The Issuer shall give each
Rating Agency, a Responsible Officer of the Indenture Trustee and the
Depositor prompt written notice of each Event of Default hereunder and each
default on the part of the Seller, the Servicer or the Depositor of its
obligations under the Sale and Servicing Agreement and each default on the
part of the Seller or the Depositor of its obligations under the Receivables
Purchase Agreement.

      Section 3.20. Further Instruments and Acts. Upon request of the
Indenture Trustee, the Issuer will execute and deliver such further
instruments and do such further acts as may be reasonably necessary or proper
to carry out more effectively the purpose of this Indenture.

                                      36
<PAGE>

      Section 3.21. Compliance with Laws. The Issuer shall comply with the
requirements of all applicable laws, the non-compliance with which would,
individually or in the aggregate, materially and adversely affect the ability
of the Issuer to perform its obligations under the Notes, this Indenture or
any Basic Document.

      Section 3.22. Amendments of Sale and Servicing Agreement and Trust
Agreement. The Issuer shall not agree to any amendment to Section 9.01 of the
Sale and Servicing Agreement or Section 11.01 of the Trust Agreement to
eliminate the requirements thereunder that the Indenture Trustee or the
Noteholders consent to amendments thereto as provided therein.

                                      37
<PAGE>

                                 ARTICLE FOUR

                          SATISFACTION AND DISCHARGE

      Section 4.01. Satisfaction and Discharge of Indenture. This Indenture
shall cease to be of further effect with respect to the Notes except as to (i)
rights of registration of transfer and exchange, (ii) substitution of
mutilated, destroyed, lost or stolen Notes, (iii) rights of Noteholders to
receive payments of principal thereof and interest thereon, (iv) Sections
3.03, 3.04, 3.05, 3.08, 3.10, 3.12, 3.13, 3.16 and 3.17, (v) the rights,
obligations and immunities of the Indenture Trustee hereunder (including the
rights of the Indenture Trustee under Section 6.07 and the obligations of the
Indenture Trustee under Section 4.02) and (vi) the rights of Noteholders as
beneficiaries hereof with respect to the property so deposited with the
Indenture Trustee payable to all or any of them, and the Indenture Trustee, on
demand of and at the expense of the Issuer, shall execute proper instruments
acknowledging satisfaction and discharge of this Indenture with respect to the
Notes, when

            (a) either

                  (i) 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 2.06 and (2)
            Notes for whose payment money has theretofore been deposited in
            trust or segregated and held in trust by the Issuer and thereafter
            repaid to the Issuer or discharged from such trust, as provided in
            Section 3.03) have been delivered to the Indenture Trustee for
            cancellation; or

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

                        (A) have become due and payable,

                        (B) will become due and payable at the Class C Final
                  Scheduled Distribution Date within one year or

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

            and the Issuer, in the case of clauses (A), (B) or (C) above, has
            irrevocably deposited or caused to be irrevocably deposited with
            the Indenture Trustee, in trust, cash or direct obligations of or
            obligations guaranteed by the United States (which will mature
            prior to the date such amounts are payable), in trust for such
            purpose, in an amount sufficient to pay and discharge the entire
            indebtedness on such Notes not theretofore delivered to the
            Indenture Trustee for cancellation when due to the related Final
            Scheduled Distribution Date or Redemption Date (if Notes shall
            have been called for redemption pursuant to Section 10.01), as the
            case may be;

                                      38
<PAGE>

      (b) the Issuer has paid or caused to be paid all other sums payable by
the Issuer hereunder and under this Indenture, the other Basic Documents;

            (i) the Issuer has delivered to the Depositor and the Indenture
      Trustee an Officer's Certificate, an Opinion of Counsel and (if required
      by the TIA or the Indenture Trustee) an Independent Certificate from a
      firm of certified public accountants, each meeting the applicable
      requirements of Section 11.01(a) and, subject to Section 11.02, each
      stating that all conditions precedent provided for in this Indenture
      relating to the satisfaction and discharge of this Indenture have been
      complied with; and

            (ii) the Issuer has delivered to the Depositor and the Indenture
      Trustee an Opinion of Counsel to the effect that the satisfaction and
      discharge of this Indenture pursuant to this Section will not cause any
      Noteholder to be treated as having sold or exchanged any of its Notes
      for purposes of Section 1001 of the Code.

      Section 4.02. Satisfaction, Discharge and Defeasance of the Notes.

      (a) Upon satisfaction of the conditions set forth in Section 4.02(b),
the Issuer shall be deemed to have paid and discharged the entire indebtedness
on all the Notes Outstanding, and the provisions of this Indenture, as it
relates to such Notes, shall no longer be in effect (and the Indenture
Trustee, at the expense of the Issuer, shall execute proper instruments
acknowledging the same), except as to:

            (i) the rights of the Noteholders to receive, from the trust funds
      described in Section 4.02(b)(i), payment of the principal of and
      interest on the Notes Outstanding at maturity of such principal or
      interest;

            (ii) the obligations of the Issuer with respect to the Notes under
      Sections 2.05, 2.06, 3.02 and 3.03;

            (iii) the obligations of the Administrator to the Indenture
      Trustee under Section 6.07; and

            (iv) the rights, powers, trusts and immunities of the Indenture
      Trustee hereunder and the duties of the Indenture Trustee hereunder.

      (b) The satisfaction, discharge and defeasance of the Notes pursuant to
Section 4.02(a) is subject to the satisfaction of all of the following
conditions:

            (i) the Issuer has deposited or caused to be deposited irrevocably
      (except as provided in Section 4.04) with the Indenture Trustee as trust
      funds in trust, specifically pledged as security for, and dedicated
      solely to, the benefit of the Noteholders, which, through the payment of
      interest and principal in respect thereof in accordance with their terms
      will provide, not later than one day prior to the due date of any
      payment referred to below, money in an amount sufficient, in the opinion
      of a nationally recognized firm of independent certified public
      accountants expressed in a written certification thereof

                                      39
<PAGE>

      delivered to the Indenture Trustee, to pay and discharge the entire
      indebtedness on the Notes Outstanding, for principal thereof and
      interest thereon to the date of such deposit (in the case of Notes that
      have become due and payable) or to the maturity of such principal and
      interest, as the case may be;

            (ii) such deposit will not result in a breach or violation of, or
      constitute an event of default under, any Basic Document or other
      agreement or instrument to which the Issuer is bound;

            (iii) no Event of Default has occurred and is continuing on the
      date of such deposit or on the 91st day after such date;

            (iv) the Issuer has delivered to the Depositor and the Indenture
      Trustee an Opinion of Counsel to the effect that the satisfaction,
      discharge and defeasance of the Notes pursuant to this Section will not
      cause any Noteholder to be treated as having sold or exchanged any of
      its Notes for purposes of Section 1001 of the Code; and

            (v) the Issuer has delivered to the Depositor and the Indenture
      Trustee an Officer's Certificate and an Opinion of Counsel, each stating
      that all conditions precedent provided for in this Indenture relating to
      the defeasance contemplated by this Section have been complied with.

      Section 4.03. Application of Trust Money. All monies deposited with the
Indenture Trustee pursuant to this Article shall be held in and applied by the
Indenture Trustee, in accordance with the provisions of the Notes and this
Indenture, to the payment, either directly or through any Paying Agent, to the
Holders of the Notes for the payment or redemption of which such monies have
been deposited with the Indenture Trustee, of all sums due and to become due
thereon for principal and interest; but such monies 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 4.04. Repayment of Monies Held by Paying Agent. In connection
with the satisfaction and discharge of this Indenture with respect to the
Notes, all monies then held by any Paying Agent other than the Indenture
Trustee under the provisions of this Indenture with respect to such Notes
shall, upon demand of the Issuer, be paid to the Indenture Trustee to be held
and applied according to Section 3.03 and thereupon such Paying Agent shall be
released from all further liability with respect to such monies.

                                      40
<PAGE>

                                 ARTICLE FIVE

                                   REMEDIES

      Section 5.01. Events of Default. Wherever used herein, "Event of
Default" means the occurrence of 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):

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

            (ii) default in the payment of the principal of any Note on its
      related Final Scheduled Distribution Date;

            (iii) default in the observance or performance of any material
      covenant or agreement of the Issuer made in this Indenture (other than a
      covenant or agreement, a default in the observance or performance of
      which is specifically dealt with elsewhere in this Section) and such
      default shall continue or not be cured for a period of 60 days after
      there shall have been given, by registered or certified mail, to the
      Issuer by the Depositor or the Indenture Trustee or to the Issuer, the
      Depositor and the Indenture Trustee, by the Holders of Notes evidencing
      not less than 25% of the Note Balance of the Controlling Class, a
      written notice specifying such default and requiring it to be remedied
      and stating that such notice is a "Notice of Default" hereunder;

            (iv) any representation or warranty of the 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
      the circumstance or condition in respect of which such representation or
      warranty was incorrect shall not have been eliminated or otherwise cured
      for a period of 30 days after there shall have been given, by registered
      or certified mail, to the Issuer by the Depositor or the Indenture
      Trustee or to the Issuer, the Depositor and the Indenture Trustee by the
      Holders of Notes evidencing not less than 25% of the Note Balance of the
      Controlling Class, a written notice specifying such incorrect
      representation or warranty and requiring it to be remedied and stating
      that such notice is a notice of Default hereunder;

            (v) the filing of a decree or order for relief by a court having
      jurisdiction in the premises in respect of the 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 the Issuer or
      for any substantial part of the Trust Estate, or ordering the winding-up
      or liquidation of the Issuer's affairs, and such decree or order shall
      remain unstayed and in effect for a period of 60 consecutive days; or

                                      41
<PAGE>

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

      The Issuer shall deliver to the Depositor and the 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 or the
lapse of time or both would become an Event of Default under clause (iii) or
(iv) above, its status and what action the Issuer is taking or proposes to
take with respect thereto.

      Section 5.02. Acceleration of Maturity; Rescission and Annulment.

      (a) If an Event of Default shall have occurred and be continuing, the
Indenture Trustee or the Holders of Notes evidencing not less than 51% of the
Note Balance of the Controlling Class may, upon prior written notice to each
Rating Agency, declare the Notes to be immediately due and payable by written
notice to the Issuer (and to the Indenture Trustee if given by Noteholders),
the Depositor and the Servicer, and upon any such declaration the unpaid
principal amount of the Notes, together with accrued and unpaid interest
thereon through the date of acceleration, shall become immediately due and
payable.

      (b) If the Notes have been declared immediately due and payable
following an Event of Default, before a judgment or decree for payment of the
amount due has been obtained by the Indenture Trustee as hereinafter provided
in this Article, the Holders of Notes evidencing not less than 51% of the Note
Balance of the Controlling Class, by written notice to the Issuer, the
Depositor and the Indenture Trustee, may rescind and annul such declaration of
acceleration and its consequences if:

            (i) the Issuer has paid or deposited with the Indenture Trustee a
      sum sufficient to pay all payments of principal of and interest on the
      Notes and all other amounts that would then be due hereunder or upon the
      Notes if the Event of Default giving rise to such acceleration had not
      occurred; and

            (ii) 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.

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<PAGE>

      Section 5.03. Collection of Indebtedness and Suits for Enforcement by
Indenture Trustee.

      (a) If a default is made in the payment of (i) any interest on any Note
of the Controlling Class when the same becomes due and payable, and such
default continues for a period of five days, or (ii) the principal of any Note
on the related Final Scheduled Distribution Date, the Issuer will, upon demand
of the Indenture Trustee, pay to it, for the benefit of the Noteholders, the
entire amount then due and payable on such Notes for principal and interest,
with interest upon the overdue principal at the applicable Interest Rate and,
to the extent payment at such rate of interest shall be legally enforceable,
upon overdue installments of interest at the applicable Interest Rate and, in
addition thereto, such further amount as shall be sufficient to cover the
costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Indenture Trustee and its agents
and counsel and other amounts due and owing to the Indenture Trustee pursuant
to Section 6.07.

      (b) If the Issuer shall fail forthwith to pay such amounts upon such
demand, the 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 the Issuer or any other obligor upon the Notes and
collect in the manner provided by law out of the property of the Issuer or
other obligor upon such Notes, wherever situated, the monies adjudged or
decreed to be payable.

      (c) If an Event of Default shall have occurred and be continuing, the
Indenture Trustee may, as more particularly provided in Section 5.04, in its
discretion, proceed to protect and enforce its rights and the rights of the
Noteholders by such appropriate Proceedings as the Indenture Trustee shall
deem most effective to protect and enforce such rights, whether for the
specific enforcement of any covenant or agreement in this Indenture or in aid
of the exercise of any power granted herein, or to enforce any other proper
remedy or legal or equitable right vested in the Indenture Trustee by this
Indenture or by law.

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

            (i) to file and prove a claim or claims for the whole amount of
      principal and interest owing and unpaid in respect of the Notes and to
      file such other papers or documents as may be necessary or advisable in
      order to have the claims of the Indenture Trustee (including any claim
      for reasonable compensation to the Indenture Trustee and

                                      43
<PAGE>

      each predecessor Indenture Trustee, and their respective agents and
      attorneys, and for all expenses and other amounts due and owing to the
      Indenture Trustee pursuant to Section 6.07 and of the Noteholders
      allowed in such Proceedings;

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

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

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

and any trustee, receiver, liquidator, custodian or other similar official in
any such Proceeding is hereby authorized by each of the Noteholders to make
payments to the Indenture Trustee and, in the event that the Indenture Trustee
shall consent to the making of payments directly to the Noteholders, to pay to
the Indenture Trustee such amounts as shall be sufficient to cover reasonable
compensation to the Indenture Trustee, each predecessor Indenture Trustee and
their respective agents and attorneys, and all other expenses and amounts due
and owing to the Indenture Trustee pursuant to Section 6.07.

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

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

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

                                      44
<PAGE>

      Section 5.04. Remedies.

      (a) If the Notes have been declared to be immediately due and payable
following an Event of Default, the Indenture Trustee may, or at the written
direction of the Holders of Notes evidencing not less than 51% of the Note
Balance of the Controlling Class shall, take one or more of the following
actions as so directed (subject to Sections 5.02 and 5.05):

            (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
      the Issuer and any other obligor upon the Notes monies 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 the Indenture Trustee and the Noteholders; 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, however, that the Indenture Trustee may not sell or otherwise
liquidate the Trust Estate at the direction of the Noteholders following an
Event of Default, other than an Event of Default described in Section 5.01(i)
or (ii), unless (A) the Holders of Notes evidencing 100% of the Note Balance
consent thereto, (B) the proceeds of such sale or liquidation will be
sufficient to pay in full the Note Balance and all accrued but unpaid interest
on the Outstanding Notes or (C) the Indenture Trustee determines that the
Trust Estate will not continue to provide sufficient funds for the payment of
principal of and interest on the Notes as they would have become due if the
Notes had not been declared immediately due and payable, and the Indenture
Trustee obtains the consent of the Holders of Notes evidencing not less than
66 2/3% of the Note Balance of the Controlling Class. In determining such
sufficiency or insufficiency with respect to clauses (B) and (C) above, the
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 the Indenture Trustee collects any money or property pursuant to
this Section as a result of selling or liquidating the Trust Estate, it shall
pay out such money or property (together with all Available Collections and
all amounts on deposit in the Reserve Fund and the Yield Supplement Account)
on the related Distribution Date or other date fixed pursuant to Section
5.04(c) in the order of priority set forth in Section 2.08(f):

      (c) The Indenture Trustee may fix a record date and distribution date
for any payment to Noteholders pursuant to this Section. At least five days
before such record date, the Indenture Trustee on behalf of the Issuer shall
mail to each Noteholder and the Indenture Trustee a notice that states the
record date, the distribution date and the amount to be paid.

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<PAGE>

      Section 5.05. Optional Preservation of the Receivables. If the Notes
have been declared to be due and payable under Section 5.02 following an Event
of Default and such declaration and its consequences have not been rescinded
and annulled, the Indenture Trustee may, but need not, elect to maintain
possession of the Trust Estate and apply proceeds as if there had been no
declaration of acceleration; provided however, that the Available Funds shall
be applied in accordance with such declaration of acceleration in the manner
specified in Section 2.08(f). 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 the 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, the 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 5.06. Limitation of Suits. No Holder of any Note shall have any
right to institute any Proceeding with respect to this Indenture, or for the
appointment of a receiver or trustee, or for any other remedy hereunder,
unless:

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

            (b) the Holders of Notes evidencing not less than 25% of the Note
      Balance of the Controlling Class have made written request to the
      Indenture Trustee to institute such Proceeding in respect of such Event
      of Default in its own name as Indenture Trustee hereunder;

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

            (d) the 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 the Indenture Trustee during such 60-day period by the Holders
      of Notes evidencing not less than 51% of the Note Balance of the
      Controlling Class.

      It is understood and intended that no one or more Noteholders 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 Noteholders or to obtain or to seek to obtain priority or preference
over any other Noteholders or to enforce any right under this Indenture,
except in the manner herein provided.

      In the event the Indenture Trustee shall receive conflicting or
inconsistent requests and indemnity from two or more groups of Holders of
Notes, each evidencing less than 51% of the Note Balance of the Controlling
Class, the Indenture Trustee in its sole discretion may determine what action,
if any, shall be taken, notwithstanding any other provisions of this
Indenture.

                                      46
<PAGE>

      Section 5.07. Unconditional Rights of Noteholders to Receive Principal
and Interest. Notwithstanding any other provisions of 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
the respective due dates thereof expressed in such Note or in this Indenture
(or, in the case of redemption, on 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 5.08. Restoration of Rights and Remedies. If the Indenture
Trustee or any Noteholder has instituted any Proceeding to enforce any right
or remedy under this Indenture and such Proceeding has been discontinued or
abandoned for any reason or has been determined adversely to the Indenture
Trustee or such Noteholder, then and in every such case the Issuer, the
Indenture Trustee and the Noteholders shall, subject to any determination in
such Proceeding, be restored severally and respectively to their former
positions hereunder, and thereafter all rights and remedies of the Indenture
Trustee and the Noteholders shall continue as though no such Proceeding had
been instituted.

      Section 5.09. Rights and Remedies Cumulative. No right or remedy herein
conferred upon or reserved to the Indenture Trustee or 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
the Indenture Trustee or any Noteholder 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 any
acquiescence therein. Every right and remedy given by this Article or by law
to the Indenture Trustee or the Noteholders may be exercised from time to
time, and as often as may be deemed expedient, by the Indenture Trustee or the
Noteholders, as the case may be.

      Section 5.11. Control by Noteholders of the Controlling Class. The
Holders of Notes evidencing not less than 51% of the Note Balance of the
Controlling Class shall have the right to direct the time, method and place of
conducting any Proceeding for any remedy available to the Indenture Trustee
with respect to the Notes or exercising any trust or power conferred on the
Indenture Trustee; provided, however, that:

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

            (ii) subject to the terms of Section 5.04, any direction to the
      Indenture Trustee to sell or liquidate the Trust Estate shall be by the
      Holders of Notes evidencing not less than 100% of the Note Balance;

            (iii) if the conditions set forth in Section 5.05 have been
      satisfied and the Indenture Trustee elects to retain the Trust Estate
      pursuant to such Section, then any written direction to the Indenture
      Trustee by the Holders of Notes evidencing less than

                                      47
<PAGE>

      100% of the Note Balance to sell or liquidate the Trust Estate shall be
      of no force and effect; and

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

Notwithstanding the rights of Noteholders set forth in this Section, subject
to Section 6.01, the Indenture Trustee need not take any action that it
reasonably believes might involve it in costs, expenses and liabilities for
which it will not be adequately indemnified 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 5.02, the
Holders of Notes evidencing not less than 51% of the Note Balance of the
Controlling Class may, on behalf of all Noteholders, waive any past Default or
Event of Default and its consequences except a Default or Event of Default (i)
in the payment of principal of or interest on any of the Notes or (ii) in
respect of a covenant or provision hereof that cannot be amended, supplemented
or modified without the consent of all the Noteholders. Upon any such waiver,
the Issuer, the Indenture Trustee and the Noteholders shall be restored to
their former positions and rights hereunder, respectively; but no such waiver
shall extend to any subsequent or other Default or Event of Default or impair
any right consequent thereto. Upon any such waiver, such Default or Event of
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 the Indenture Trustee for any action taken, suffered or
omitted by it as Indenture Trustee, the filing by any party litigant in such
suit of an undertaking to pay the costs of such suit, and that such court may
in its discretion assess reasonable costs, including reasonable attorneys'
fees, against any party litigant in such suit, having due regard to the merits
and good faith of the claims or defenses made by such party litigant;
provided, however, that the provisions of this Section shall not apply to any
suit instituted by (i) the Indenture Trustee, (ii) any Noteholder, or group of
Noteholders, in each case holding Notes evidencing in the aggregate more than
10% of the Note Balance (or, in the case of any suit which is instituted by
the Controlling Class, more than 10% of the Note Balance of the Controlling
Class) or (iii) 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. The Issuer covenants (to
the extent that it may lawfully do so) that it shall not at any time insist
upon, or plead or in any manner whatsoever claim or take the benefit or
advantage of, any stay or extension law wherever enacted, now or at any time
hereafter in force, that may affect the covenants or the performance of this
Indenture; and the Issuer (to the extent that it may lawfully do so) hereby
expressly

                                      48
<PAGE>

waives all benefit or advantage of any such law, and covenants that it shall
not hinder, delay or impede the execution of any power herein granted to the
Indenture Trustee, but will suffer and permit the execution of every such
power as though no such law had been enacted.

      Section 5.15. Action on Notes. The Indenture Trustee's right to seek and
recover judgment on the Notes or under this Indenture shall not be affected by
the seeking, obtaining or application of any other relief under or with
respect to this Indenture. Neither the lien of this Indenture nor any rights
or remedies of the Indenture Trustee or the Noteholders shall be impaired by
the recovery of any judgment by the Indenture Trustee against the Issuer or by
the levy of any execution under such judgment upon any portion of the Trust
Estate or upon any of the assets of the Issuer. Any money or property
collected by the Indenture Trustee shall be applied in accordance with Section
5.04(b).

      Section 5.16. Performance and Enforcement of Certain Obligations.

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

      (b) If an Event of Default shall have occurred and be continuing, the
Indenture Trustee may, and at the direction (which direction shall be in
writing or by telephone (confirmed in writing promptly thereafter)) of Holders
of Notes evidencing not less than 66 2/3% of the Note Balance of the
Controlling Class shall, exercise all rights, remedies, powers, privileges and
claims of the Issuer against the Depositor, the Seller or the Servicer under
or in connection with the Sale and Servicing Agreement or against the Seller
under or in connection with the Receivables Purchase Agreement, including the
right or power to take any action to compel or secure performance or
observance by the Depositor, the Seller or the Servicer, as the case may be,
of its obligations to the Issuer thereunder and to give any consent, request,
notice, direction, approval, extension or waiver under the Sale and Servicing
Agreement or the Receivables Purchase Agreement, as the case may be, and any
right of the Issuer to take such action shall be suspended.

      (c) Promptly following a request from the Indenture Trustee to do so and
at the Administrator's expense, the Issuer agrees to take all such lawful
action as the Indenture Trustee may request to compel or secure the
performance and observance by the Seller of its obligations to the Depositor
under or in connection with the Receivables Purchase Agreement in accordance
with the terms thereof, and to exercise any and all rights, remedies, powers
and privileges lawfully available to the Depositor or the Issuer under or in
connection with the Receivables

                                      49
<PAGE>

Purchase Agreement to the extent and in the manner directed by the Indenture
Trustee, including the transmission of notices of default on the part of the
Depositor or the Seller thereunder and the institution of legal or
administrative actions or proceedings to compel or secure performance by the
Seller of its obligations under the Receivables Purchase Agreement.

      (d) If an Event of Default shall have occurred and be continuing, the
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 Notes evidencing not less than 66 2/3% of the Note Balance of the
Controlling Class shall, exercise all rights, remedies, powers, privileges and
claims of the Depositor against the Seller under or in connection with the
Receivables Purchase Agreement, including the right or power to take any
action to compel or secure performance or observance by the Seller of its
obligations to the Depositor thereunder and to give any consent, request,
notice, direction, approval, extension or waiver under the Receivables
Purchase Agreement, and any right of the Depositor to take such action shall
be suspended.

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                                  ARTICLE SIX

                             THE INDENTURE TRUSTEE

      Section 6.01. Duties of Indenture Trustee.

      (a) If an Event of Default shall have occurred and be continuing, the
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; provided, however, that if the Indenture Trustee
shall assume the duties of the Servicer, pursuant to Section 3.07(e), the
Indenture Trustee in performing such duties shall use the degree of care and
skill customarily exercised by a prudent institutional Servicer, with respect
to retail motor vehicle installment sale contracts that it administers or
services, as the case may be, for itself or others.

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

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

            (ii) in the absence of bad faith on its part, the Indenture
      Trustee may conclusively rely, as to the truth of the statements and the
      correctness of the opinions expressed therein, upon certificates or
      opinions furnished to the Indenture Trustee and, if required by the
      terms of this Indenture, conforming to the requirements of this
      Indenture; provided, however, that the Indenture Trustee shall examine
      the certificates and opinions to determine whether or not they conform
      to the requirements of this Indenture.

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

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

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

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

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

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

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<PAGE>

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

      (g) No provision of this Indenture shall require the Indenture Trustee
to expend or risk its own funds or otherwise incur financial liability in the
performance of any of its duties hereunder or in the exercise of any of its
rights or powers hereunder, if the Indenture Trustee 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.

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

      (i) The Indenture Trustee shall not be charged with knowledge of any
Event of Default unless either (i) a Responsible Officer of the Indenture
Trustee shall have actual knowledge of such Event of Default or (ii) written
notice of such Event of Default shall have been given to the Indenture Trustee
in accordance with the provisions of this Indenture.

      Section 6.02. Rights of Indenture Trustee.

      (a) The Indenture Trustee may rely on any document believed by it to be
genuine and to have been signed or presented by the proper Person. The
Indenture Trustee need not investigate any fact, calculation or matter stated
in any such document. Notwithstanding the foregoing, the Indenture Trustee,
upon receipt of all resolutions, certificates, statements, opinions, reports,
documents, orders or other instruments furnished to the Indenture Trustee that
shall be specifically required to be furnished pursuant to any provision of
this Indenture, shall examine them to determine whether they comply as to form
to the requirements of this Indenture.

      (b) Before the Indenture Trustee acts or refrains from acting, it may
request and be entitled to receive an Officer's Certificate or an Opinion of
Counsel. The Indenture Trustee shall not be liable for any action it takes or
omits to take in good faith in reliance on an Officer's Certificate or Opinion
of Counsel unless it is proved that the Indenture Trustee was negligent in
such reliance.

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

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

      (e) The Indenture Trustee may consult with counsel, and the advice or
opinion of counsel with respect to legal matters relating to this Indenture
and the Notes shall be full and

                                      52
<PAGE>

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.

      (f) The Indenture Trustee shall be under no obligation to exercise any
of the rights or powers vested in it by this Indenture at the request or
direction of any of the Noteholders pursuant to this Indenture, unless such
Noteholders shall have offered to the Indenture Trustee security or indemnity
satisfactory to it against the costs, expenses and liabilities which might be
incurred by it in compliance with such request or direction.

      Section 6.03. Individual Rights of Indenture Trustee. The Indenture
Trustee in its individual or any other capacity may become the owner or
pledgee of Notes and may otherwise deal with the Issuer or its Affiliates with
the same rights it would have if it were not Indenture Trustee. Any Paying
Agent, Note Registrar, co-registrar or co-paying agent may do the same with
like rights.

      Section 6.04. Indenture Trustee's Disclaimer. The Indenture Trustee
shall not be (i) responsible for and makes no representation as to the
validity or adequacy of this Indenture, or the Notes, (ii) accountable for the
Issuer's use of the proceeds from the Notes and (iii) responsible for any
statement of the Issuer in this Indenture or in any document issued in
connection with the sale of the Notes or in the Notes other than the Indenture
Trustee's certificate of authentication.

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

      Section 6.06. Reports by Indenture Trustee to Noteholders. The Indenture
Trustee shall deliver, within a reasonable period of time after the end of
each calendar year, to each Person who at any time during such calendar year
was a Noteholder, such information furnished to the Indenture Trustee as may
be required to enable such Person to prepare its federal and State income tax
returns.

      Section 6.07. Compensation and Indemnity.

      (a) The Administrator, on behalf of the Issuer, shall pay to the
Indenture Trustee from time to time reasonable compensation for its services.
The Indenture Trustee's compensation shall not be limited by any law on
compensation of a trustee of an express trust. The Administrator, on behalf of
the Issuer, shall reimburse the Indenture Trustee for all expenses, advances
and disbursements reasonably incurred or made by it, including costs of
collection, in addition to the compensation for its services; provided,
however, that the Administrator need not reimburse the Indenture Trustee for
any expense incurred through the Indenture Trustee's willful misconduct,
negligence, or bad faith. Such expenses shall include the reasonable
compensation

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<PAGE>

and expenses, disbursements and advances of the Indenture Trustee's agents,
counsel, accountants and experts. The Administrator, on behalf of the Issuer,
shall indemnify the Indenture Trustee for, and hold it and its officers,
directors, employees, representatives and agents, harmless against, any and
all loss, liability or expense (including reasonable attorneys' fees and
expenses) incurred by it in connection with the administration of this trust
and the performance of its duties hereunder; provided, however, that the
Administrator need not indemnify the Indenture Trustee for, or hold it
harmless against, any such loss, liability or expense incurred through the
Indenture Trustee's willful misconduct, negligence, or bad faith. The
Indenture Trustee shall notify the Issuer and the Administrator promptly of
any claim for which it may seek indemnity. Any failure by the Indenture
Trustee to so notify the Issuer and the Administrator shall not, however,
relieve the Administrator of its obligations hereunder. The Administrator, on
behalf of the Issuer, shall defend any such claim. The Indenture Trustee may
have separate counsel in connection with the defense of any such claim, and
the Administrator, on behalf of the Issuer, shall pay the fees and expenses of
such counsel. Neither the Issuer nor the Administrator need reimburse any
expense or indemnify against any loss, liability or expense incurred by the
Indenture Trustee through the Indenture Trustee's own willful misconduct,
negligence or bad faith.

      (b) The payment obligations to the Indenture Trustee pursuant to this
Section shall survive the resignation or removal of the Indenture Trustee and
the discharge of this Indenture. When the Indenture Trustee incurs fees or
expenses after the occurrence of a Default specified in Section 5.01(v) or
(vi) with respect to the Issuer, such fees and 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 6.08. Replacement of Indenture Trustee.

      (a) No resignation or removal of the Indenture Trustee and no
appointment of a successor Indenture Trustee shall become effective until the
acceptance of appointment by the successor Indenture Trustee pursuant to this
Section. The Indenture Trustee may resign at any time by so notifying the
Issuer, the Depositor and the Noteholders. The Holders of Notes evidencing not
less than 51% of the Note Balance of the Controlling Class may remove the
Indenture Trustee without cause by notifying the Indenture Trustee (with a
copy to the Issuer, the Depositor and the Rating Agencies) of such removal
and, following such removal, may appoint a successor Indenture Trustee. The
Issuer shall remove the Indenture Trustee if:

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

            (ii) the Indenture Trustee is adjudged to be bankrupt or
      insolvent;

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

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

If the Indenture Trustee resigns or is removed or if a vacancy exists in the
office of the Indenture Trustee for any reason (the Indenture Trustee in such
event being referred to herein as the

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<PAGE>

retiring Indenture Trustee), the Administrator shall promptly appoint a
successor Indenture Trustee.

      (b) Any successor Indenture Trustee shall deliver a written acceptance
of its appointment to the retiring Indenture Trustee, the Issuer and the
Depositor. Upon delivery of such written acceptance, 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
the Indenture Trustee under this Indenture. The successor Indenture Trustee
shall mail a notice of its succession to the Noteholders. The retiring
Indenture Trustee shall promptly transfer all property held by it as Indenture
Trustee to the successor Indenture Trustee.

      (c) If a successor Indenture Trustee does not take office within 60 days
after the retiring Indenture Trustee resigns or is removed, the retiring
Indenture Trustee, the Issuer or the Holders of Notes evidencing not less than
51% of the Note Balance of the Controlling Class may petition any court of
competent jurisdiction for the appointment of a successor Indenture Trustee.
If the Indenture Trustee fails to comply with Section 6.11, any Noteholder may
petition any court of competent jurisdiction for the removal of the Indenture
Trustee and the appointment of a successor Indenture Trustee.

      (d) Notwithstanding the replacement of the Indenture Trustee pursuant to
this Section, the Issuer's and the Administrator's obligations under Section
6.07 shall continue for the benefit of the retiring Indenture Trustee.

      Section 6.09. Successor Indenture Trustee by Merger.

      (a) If the 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 or banking association, without any further act, shall
be the successor Indenture Trustee; provided, however, that such corporation
or banking association must be otherwise qualified and eligible under Section
6.11. The Indenture Trustee shall provide the Rating Agencies with prior
written notice of any such transaction.

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

      Section 6.10. Appointment of Co-Trustee or Separate Trustee.

      (a) Notwithstanding any other provision of this Indenture, at any time,
for the purpose of meeting any legal requirement of any jurisdiction in which
any part of the Trust Estate may at the time be located, the Indenture Trustee
and the Administrator, acting jointly, shall have the power and may execute
and deliver an instrument to appoint one or more Persons

                                      55
<PAGE>

to act as a co-trustee or co-trustees, jointly with the Indenture Trustee, or
separate trustee or separate trustees, of all or any part of the Trust Estate,
and to vest in such Person or Persons, in such capacity and for the benefit of
the Noteholders, such title to the Trust Estate or any part thereof, and,
subject to the other provisions of this Section, such powers, duties,
obligations, rights and trusts as the Indenture Trustee may consider necessary
or desirable. No co-trustee or separate trustee under this Indenture shall be
required to meet the terms of eligibility as a successor trustee under Section
6.11 and no notice of the appointment of any co-trustee or separate trustee
shall be required under Section 6.08.

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

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

            (iii) the Indenture Trustee and the Administrator 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 the 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 Indenture
and the conditions of this Article. Each separate trustee and co-trustee, upon
its acceptance of the trusts conferred, shall be vested with the estates or
property specified in its instrument of appointment, either jointly with the
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, the Indenture Trustee. Each such instrument shall be
filed with the Indenture Trustee and a copy thereof given to the
Administrator.

      (d) Any separate trustee or co-trustee may at any time constitute the
Indenture Trustee, its agent or attorney-in-fact with full power and
authority, to the extent permitted by law, to do any lawful act under or in
respect of this Indenture on its behalf and in its name. If any separate
trustee or co-trustee shall die, become incapable of acting, resign or be
removed, all of its estates, properties, rights, remedies and trusts shall
vest in and be exercised by the Indenture Trustee, to the extent permitted by
law, without the appointment of a new or successor trustee.

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<PAGE>

      Section 6.11. Eligibility; Disqualification. The Indenture Trustee shall
at all times satisfy the requirements of TIA Section 310(a). The Indenture
Trustee or its parent 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 by each
of the Rating Agencies or shall otherwise be acceptable to each Rating Agency.
The Indenture Trustee shall comply with TIA Section 310(b).

      Within 90 days after ascertaining the occurrence of an Event of Default
which shall not have been cured or waived, unless authorized by the
Commission, the Indenture Trustee shall resign with respect to the Class A
Notes, the Class B Notes or the Class C Notes in accordance with Section 6.08,
and the Issuer shall appoint a successor Indenture Trustee for one or more of
such Classes, as applicable, so that there will be separate Indenture Trustees
for the Class A Notes, the Class B Notes or the Class C Notes. In the event
the Indenture Trustee fails to comply with the terms of the preceding
sentence, the Indenture Trustee shall comply with clauses (ii) and (iii) of
TIA Section 310(b).

      In the case of the appointment pursuant to this Section of a successor
Indenture Trustee with respect to any Class of Notes, the Issuer, the retiring
Indenture Trustee and the successor Indenture Trustee with respect to such
Class of Notes shall execute and deliver an indenture supplemental hereto
wherein each successor Indenture Trustee shall accept such appointment and
which (i) shall contain such provisions as shall be necessary or desirable to
transfer and confirm to, and to vest in, the successor Indenture Trustee all
the rights, powers, trusts and duties of the retiring Indenture Trustee with
respect to the Notes of the Class to which the appointment of such successor
Indenture Trustee relates, (ii) if the retiring Indenture Trustee is not
retiring with respect to all Classes of Notes, shall contain such provisions
as shall be deemed necessary or desirable to confirm that all rights, powers,
trusts and duties of the retiring Indenture Trustee with respect to the Notes
of each Class as to which the retiring Indenture Trustee is not retiring shall
continue to be vested in the Indenture Trustee and (iii) shall add to or
change any of the provisions of this Indenture as shall be necessary to
provide for or facilitate the administration of the trusts hereunder by more
than one Indenture Trustee, it being understood that nothing herein or in such
supplemental indenture shall constitute such Indenture Trustees co-trustees of
the same trust and that each such Indenture Trustee shall be a trustee of a
trust or trusts hereunder separate and apart from any trust or trusts
hereunder administered by any other such Indenture Trustee; and upon the
removal of the retiring Indenture Trustee shall become effective to the extent
provided herein.

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

      Section 6.13. Representations and Warranties of Indenture Trustee. The
Indenture Trustee hereby makes the following representations and warranties on
which the Issuer and the Noteholders shall rely:

            (a) it is a national banking association duly organized, validly
      existing and in good standing under the laws of the United States;

                                      57
<PAGE>

            (b) it has full power, authority and legal right to execute,
      deliver, and perform its obligations under this Indenture and has taken
      all necessary action to authorize the execution, delivery and
      performance by it of this Indenture; and

            (c) this Indenture is an enforceable obligation of the Indenture
      Trustee.

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                                 ARTICLE SEVEN

                        NOTEHOLDERS' LISTS AND REPORTS

      Section 7.01. Issuer to Furnish Indenture Trustee Names and Addresses of
Noteholders. The Issuer shall furnish or cause to be furnished to the
Indenture Trustee (i) not more than five days after each Record Date, a list,
in such form as the Indenture Trustee may reasonably require, of the names and
addresses of the Noteholders as of such Record Date and (ii) at such other
times as the Indenture Trustee may request in writing, within 30 days after
receipt by the Issuer of any such request, a list of similar form and content
as of a date not more than ten days prior to the time such list is furnished;
provided, however, that so long as the Indenture Trustee is the Note Registrar
or the Notes are issued as Book-Entry Notes, no such list shall be required to
be furnished.

      Section 7.02. Preservation of Information; Communications, Reports and
Certain Documents to Noteholders.

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

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

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

      (d) The Indenture Trustee will provide to Securityholders the reports,
certificates, opinions and documents specified in Section 3.15 of the Sale and
Servicing Agreement, upon written request to the Indenture Trustee.

      Section 7.03. Reports by Issuer.

      (a) The Issuer shall:

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

            (ii) file with the Indenture Trustee, the Commission, in
      accordance with rules and regulations prescribed from time to time by
      the Commission, such additional information, documents and reports with
      respect to compliance by the Issuer with the

                                      59
<PAGE>

      conditions and covenants of this Indenture as may be required from time
      to time by such rules and regulations; and

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

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

      Section 7.04. Reports by Indenture Trustee.

      (a) If required by TIA Section 313(a), within 60 days after each
December 15 beginning with December 15, 2004, the Indenture Trustee shall mail
to each Noteholder as required by TIA Section 313(c) a brief report dated as
of such date that complies with TIA Section 313(a). The Indenture Trustee
shall also comply with TIA Section 313(b).

      (b) The Indenture Trustee shall file with the Commission and each stock
exchange, if any, on which the Notes are listed a copy of each report mailed
to Noteholders pursuant to this Indenture. The Issuer shall notify the
Indenture Trustee if and when the Notes are listed on any stock exchange.

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                                ARTICLE EIGHT

                     ACCOUNTS, DISBURSEMENTS AND RELEASES

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

      Section 8.02. Accounts.

      (a) On or before the Closing Date, the Issuer shall cause the Servicer
to establish and maintain, at Wachovia Bank in the name of the Indenture
Trustee, for the benefit of the Securityholders, the Servicer, the Trustees
and the Paying Agent, the Collection Account as provided in Section 4.01(a) of
the Sale and Servicing Agreement. On or before each Distribution Date, the
Servicer shall deposit in the Collection Account all amounts required to be
deposited therein with respect to the preceding Collection Period as provided
in Section 4.02 of the Sale and Servicing Agreement. On each Distribution
Date, the Indenture Trustee shall, directly or through the Paying Agent, apply
or cause to be applied the amount on deposit in the Collection Account on such
Distribution Date in accordance with Section 2.08(a).

      (b) On or before the Closing Date, the Issuer shall cause the Servicer
to establish and maintain, at Wachovia Bank in the name of the Indenture
Trustee, for the benefit of the Securityholders, the Reserve Fund as provided
in Section 4.07 of the Sale and Servicing Agreement. On each Distribution
Date, upon receipt of instructions from the Servicer pursuant to Section
4.06(b) of the Sale and Servicing Agreement, the Indenture Trustee, directly
or through the Paying Agent, shall withdraw from the Reserve Fund (up to the
amount on deposit in the Reserve Fund) and deposit in the Collection Account
the amount, if any, by which the Required Payment Amount for such Distribution
Date exceeds the Available Collections for such Distribution Date.

      (c) On or before the Closing Date, the Issuer shall cause the Servicer
to establish and maintain, at Wachovia Bank in the name of the Indenture
Trustee, for the benefit of the Noteholders, the Servicer, the Trustees and
the Paying Agent, the Note Payment Account as provided in Section 4.01(a) of
the Sale and Servicing Agreement. On each Distribution Date, the Indenture
Trustee shall, directly or through the Paying Agent, apply or cause to be
applied the amount on deposit in the Note Payment Account on such Distribution
Date in accordance with Section 2.08.

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<PAGE>

      (d) On or before the Closing Date, the Issuer shall cause the Servicer
to establish and maintain, at Wachovia Bank in the name of the Indenture
Trustee, for the benefit of the Securityholders, the Yield Supplement Account
as provided in Section 4.01(a) of the Sale and Servicing Agreement. On each
Distribution Date, the Indenture Trustee shall, directly or through the Paying
Agent, apply or cause to be applied the Yield Supplement Account Draw Amount
on such Distribution Date in accordance with Section 4.06 of the Sale and
Servicing Agreement.

      Section 8.03. General Provisions Regarding Accounts.

      (a) So long as no Default or Event of Default shall have occurred and be
continuing, all or a portion of the funds in the Accounts shall be invested by
the Indenture Trustee at the written direction of the Servicer in Permitted
Investments as provided in Sections 4.01 and 4.07 of the Sale and Servicing
Agreement. All income or other gain (net of losses and investment expenses)
from investments of monies deposited in the Accounts shall be withdrawn by the
Indenture Trustee, either directly or through the Paying Agent, from such
accounts and distributed (but only under the circumstances set forth in the
Sale and Servicing Agreement) as provided in Section 4.01 or 4.06 of the Sale
and Servicing Agreement. The Servicer shall not direct the Indenture Trustee
to make any investment of any funds or to sell any investment held in any of
the Accounts unless the security interest granted and perfected in such
account will continue to be perfected in such investment or the proceeds of
such sale, in either case without any further action by any Person, and, in
connection with any direction to the Indenture Trustee to make any such
investment or sale, if requested by the Indenture Trustee, the Issuer shall
deliver to the Indenture Trustee an Opinion of Counsel, acceptable to the
Indenture Trustee, to such effect.

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

      (c) If (i) the Servicer shall have failed to give written investment
directions for any funds on deposit in the Accounts to the Indenture Trustee
by 11:00 A.M., New York City time (or such other time as may be agreed upon by
the Issuer and the Indenture Trustee), on the Business Day preceding such
Distribution Date or (ii) a Default or Event of Default shall have occurred
and be continuing with respect to the Notes but the Notes shall not have been
declared due and payable pursuant to Section 5.02 or (iii) if the Notes shall
have been declared due and payable following an Event of Default but amounts
collected or receivable from the Trust Estate are being applied in accordance
with Section 5.05 as if there had not been such a declaration, then the
Indenture Trustee upon actual knowledge by a Responsible Officer of the
Indenture Trustee of such event shall, to the fullest extent practicable,
invest and reinvest funds in the Accounts in the one or more Permitted
Investments listed in clause (vii) of the definition of the term "Permitted
Investments".

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      Section 8.04. Release of Trust Estate.

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

      (b) The Indenture Trustee shall, at such time as there are no Notes
Outstanding and all sums due the Indenture Trustee pursuant to Section 6.07
have been paid in full, release any remaining portion of the Trust Estate that
secured the Notes from the lien of this Indenture and release to the Issuer or
any other Person entitled thereto any funds then on deposit in the Accounts.
The Indenture Trustee shall release property from the lien of this Indenture
pursuant to this Section 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 11.01.

      Section 8.05. Opinion of Counsel. The Indenture Trustee shall receive at
least seven days notice when requested by the Issuer to take any action
pursuant to Section 8.04(a), accompanied by copies of any instruments
involved, and the Indenture Trustee shall also require, except in connection
with any action contemplated by Section 8.04(b), as a condition to such
action, an Opinion of Counsel, in form and substance satisfactory to the
Indenture Trustee, stating the legal effect of any such action, outlining the
steps required to complete such action, and concluding that all conditions
precedent to the taking of such action have been complied with and such action
will not materially and adversely impair the security for the Notes or the
rights of the Noteholders in contravention of the provisions of this
Indenture; provided, however, that such Opinion of Counsel shall not be
required to express an opinion as to the fair value of the 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 the Indenture Trustee in connection with any such
action.

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                                 ARTICLE NINE

                            SUPPLEMENTAL INDENTURES

      Section 9.01. Supplemental Indentures Without Consent of Noteholders.

      (a) The Issuer and the Indenture Trustee, when authorized by an Issuer
Order, may, without the consent of any Holders of any Notes but with the
consent of the Rating Agencies, with prior written notice to the Rating
Agencies at any time and from time to time, enter into one or more indentures
supplemental hereto, in form satisfactory to the Indenture Trustee, for any of
the following purposes:

            (i) to correct or amplify the description of any property at any
      time subject to the lien of this Indenture, or better to assure, convey
      and confirm unto the Indenture Trustee any property subject or required
      to be subjected to the lien 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 the Issuer, and the assumption
      by any such successor of the covenants of the Issuer herein and in the
      Notes contained;

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

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

            (v) to cure any ambiguity, to correct or supplement any provision
      herein or in any supplemental indenture that may be inconsistent with
      any other provision herein or in any supplemental indenture or in any
      (i) offering document used in connection with the initial offer and sale
      of the Notes or to add any provisions to or change in any manner or
      eliminate any of the provisions of this Indenture which will not be
      inconsistent with other provisions of this Indenture or (ii) other Basic
      Document with respect to matters or questions arising under this
      Indenture or in any supplemental indenture;

            (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 Six; or

            (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;

provided, however, that no such supplemental indenture (i) may materially
adversely affect the interests of any Noteholder and (ii) will be permitted
unless an Opinion of Counsel is delivered to the Indenture Trustee to the
effect that such supplemental indenture will not cause the Issuer to

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be characterized for federal income tax purposes as an association taxable as
a corporation or otherwise have any material adverse impact on the federal
income taxation of any Notes Outstanding or any Noteholder. A supplemental
indenture shall be deemed not to materially adversely affect the interests of
any Noteholder if (i) the Person requesting such supplemental indenture
obtains and delivers to the Indenture Trustee an Opinion of Counsel to that
effect or (ii) the Rating Agency Condition is satisfied. The 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.

      Section 9.02. Supplemental Indentures With Consent of Noteholders. The
Issuer and the Indenture Trustee, when authorized by an Issuer Order, may,
with the consent of the Holders of Notes evidencing not less than 51% of the
Note Balance of the Controlling Class and with prior notice to the Rating
Agencies, by Act of such Holders delivered to the Issuer and the Indenture
Trustee, at any time and from time to time enter into one or more 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
modifying in any manner the rights of the Holders of the Notes under this
Indenture; provided, however, that (i) no such supplemental indenture may
materially adversely affect the interests of any Noteholder and (ii) no such
supplemental indenture will be permitted unless an Opinion of Counsel is
delivered to the Indenture Trustee to the effect that such supplemental
indenture will not cause the Issuer to be characterized for federal income tax
purposes as an association taxable as a corporation or otherwise have any
material adverse impact on the federal income taxation of any Notes
Outstanding or any Noteholder; and, provided further, that no such
supplemental indenture may, without the consent of the Holder of each
Outstanding Note affected by such supplemental indenture:

            (a) change any Final Scheduled Distribution Date or the date of
      payment of any installment of principal of or interest on any Note, or
      reduce the principal amount thereof, the Interest Rate applicable
      thereto or the Redemption Price with respect thereto, change the
      provisions 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;

            (b) impair the right to institute suit for the enforcement of the
      provisions of this Indenture requiring the application of available
      funds, as provided in Article Five, to the payment of any 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);

            (c) reduce the percentage of the Note Balance or the Note Balance
      of the Controlling Class, the consent of the Holders of Notes of which
      is required for any such supplemental indenture, or the consent of the
      Holders of Notes of which is required for any waiver of compliance with
      the provisions of this Indenture or of defaults hereunder and their
      consequences as provided in this Indenture;

            (d) modify or alter (A) the provisions of the proviso to the
      definition of the term "Outstanding", (B) the definition of the term
      "Note Balance" or (C) the definition of the term "Controlling Class";

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            (e) reduce the percentage of the Note Balance required to direct
      the Indenture Trustee to sell or liquidate the Trust Estate pursuant to
      Section 5.04 if the proceeds of such sale would be insufficient to pay
      in full the principal amount of and accrued but unpaid interest on the
      Notes;

            (f) reduce the percentage of the Note Balance of the Controlling
      Class the consent of the Holders of Notes of which is required for any
      such supplemental indenture amending the provisions of this Indenture
      which specify the applicable percentage of the Note Balance of the
      Controlling Class the consent of which is required for such supplemental
      indenture or the amendment of any other Basic Document;

            (g) affect the calculation of the amount of any interest on or
      principal of the Notes payable on any Distribution Date (including the
      calculation of any of the individual components of such calculation);

            (h) modify any of the provisions of this Indenture in such a
      manner as to affect the rights of the Holders of the Notes to the
      benefit of any provisions for the mandatory redemption of the Notes; or

            (i) 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,
      terminate the lien of this Indenture on any such collateral at any time
      subject hereto or deprive the Noteholders of the security provided by
      the lien of this Indenture.

      The Administrator shall certify to the Indenture Trustee whether or not
any Notes would be affected by any supplemental indenture and any such
certification shall be conclusive upon the Holders of all Notes, whether
theretofore or thereafter authenticated and delivered hereunder.

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

      Section 9.03. Execution of Supplemental Indentures. In executing, or
permitting the additional trusts created by, any supplemental indenture
permitted by this Article or the modification thereby of the trusts created by
this Indenture, the Indenture Trustee shall be entitled to receive, and
subject to Sections 6.01 and 6.02, shall be fully protected in relying upon,
an Opinion of Counsel stating that the execution of such supplemental
indenture is authorized or permitted by this Indenture and that all conditions
precedent in this Indenture to the execution and delivery of such supplemental
indenture have been satisfied. The Indenture Trustee may, but

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shall not be obligated to, enter into any such supplemental indenture that
affects the Indenture Trustee's own rights, duties, liabilities or immunities
under this Indenture or otherwise.

      Section 9.04. Effect of Supplemental Indenture. Upon the execution of
any supplemental indenture pursuant to the provisions hereof, this Indenture
shall be and shall be deemed to be modified and amended in accordance
therewith with respect to the Notes affected thereby, and the respective
rights, limitations of rights, obligations, duties, liabilities and immunities
under this Indenture of the Indenture Trustee, the Issuer and the Noteholders
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 9.05. Conformity with Trust Indenture Act. Every amendment of
this Indenture and every supplemental indenture executed pursuant to this
Article shall conform to the requirements of the TIA as then in effect so long
as this Indenture shall then be qualified under the TIA.

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

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                                  ARTICLE TEN

                              REDEMPTION OF NOTES

      Section 10.01. Redemption.

      (a) The Notes are subject to redemption in whole, but not in part, at
the direction of the Servicer pursuant to Section 8.01 of the Sale and
Servicing Agreement, on any Distribution Date on which the Servicer exercises
its option to purchase the assets of the Issuer pursuant to said Section, and
the amount paid by the Servicer shall be treated as collections in respect of
the Receivables and applied to pay all amounts due to the Servicer under the
Sale and Servicing Agreement, all amounts due to the Trustees, and the unpaid
principal amount of the Notes plus accrued and unpaid interest thereon. The
Servicer or the Issuer shall furnish each Rating Agency notice of such
redemption. If the Notes are to be redeemed pursuant to this Section, the
Servicer shall furnish notice of such redemption to the Seller, the Indenture
Trustee, the Depositor and the Rating Agencies not later than 30 days prior to
the Redemption Date and the Issuer shall deposit by 10:00 A.M., New York City
time, on the Redemption Date with the Indenture Trustee in the Note Payment
Account the Redemption Price of the Notes to be redeemed, whereupon all such
Notes shall be due and payable on the Redemption Date upon the furnishing of a
notice complying with Section 10.02 to each Noteholder.

      (b) In the event that the assets of the Issuer are purchased by the
Servicer pursuant to Section 8.01(a) of the Sale and Servicing Agreement, all
amounts on deposit in the Note Payment Account shall be paid to the
Noteholders up to the unpaid principal amount of the Notes and all accrued and
unpaid interest thereon. If such amounts are to be paid to Noteholders
pursuant to this Section, the Issuer shall, to the extent practicable, furnish
or cause the Servicer to furnish notice of such event to the Depositor, the
Indenture Trustee and the Rating Agencies not later than 30 days prior to the
Redemption Date, whereupon all such amounts shall be payable on the Redemption
Date.

      Section 10.02. Form of Redemption Notice. Notice of redemption of the
Notes under Section 10.01 shall be given by the Indenture Trustee by
first-class mail, postage prepaid, or by facsimile transmitted promptly
following receipt of notice from the Issuer or the Servicer pursuant to
Section 10.01(a), but not later than ten days prior to the applicable
Redemption Date to each Noteholder, as of the close of business on the Record
Date preceding the applicable Redemption Date, at such Noteholder's address or
facsimile number appearing in the Note Register.

      All notices of redemption shall state:

            (i) the Redemption Date;

            (ii) the Redemption Price;

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

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            (iv) that on the Redemption Date, the Redemption Price will become
      due and payable upon each Note and that interest thereon shall cease to
      accrue from and after the Redemption Date.

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

      Section 10.03. Notes Payable on Redemption Date. The Notes to be
redeemed shall, following notice of redemption as required by Section 10.02,
on the Redemption Date become due and payable at the Redemption Price and
(unless the 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.

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                                ARTICLE ELEVEN

                                 MISCELLANEOUS

      Section 11.01. Compliance Certificates and Opinions, etc.

      (a) Upon any application or request by the Issuer to the Indenture
Trustee to take any action under any provision of this Indenture, the Issuer
shall furnish to the Indenture Trustee (i) an Officer's Certificate stating
that all conditions precedent, if any, provided for in this Indenture relating
to the proposed action have been complied with, (ii) an Opinion of Counsel
stating that in the opinion of such counsel all such conditions precedent, if
any, have been complied with and (iii) if required by the TIA, 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 signatory, such
      signatory has made such examination or investigation as is necessary to
      enable such signatory to express an informed opinion as to whether or
      not such covenant or condition has been complied with; and

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

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

            (ii) Whenever the Issuer is required to furnish to the Indenture
      Trustee an Officer's Certificate certifying or stating the opinion of
      any signer thereof as to the matters described in clause (i) above, the
      Issuer shall also furnish to the Indenture Trustee an Independent
      Certificate as to the same matters, if the fair value to the Issuer of
      the

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      property or 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 the Issuer, as set forth
      in the certificates furnished pursuant to clause (i) above and this
      clause (ii), is 10% or more of the Note Balance, but such a certificate
      need not be furnished with respect to any property or securities so
      deposited, if the fair value thereof to the Issuer as set forth in the
      related Officer's Certificate is less than $25,000 or less than 1% of
      the Note Balance.

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

            (iv) Whenever the Issuer is required to furnish to the Indenture
      Trustee an Officer's Certificate certifying or stating the opinion of
      any signer thereof as to the matters described in clause (iii) above,
      the Issuer shall also furnish to the Indenture Trustee an Independent
      Certificate as to the same matters if the fair value of the property or
      securities and of all other property (other than property described in
      clauses (A) or (B) of Section 11.01(b)(v)) 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) above and this
      clause (iv), equals 10% or more of the Note Balance, 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 Note Balance.

            (v) Notwithstanding Section 2.13 or any other provision of this
      Section, the Issuer may, without compliance with the requirements of the
      other provisions of this Section, (A) collect, liquidate, sell or
      otherwise dispose of Receivables and Financed Vehicles as and to the
      extent permitted or required by the Basic Documents and (B) make cash
      payments out of the Accounts as and to the extent permitted or required
      by the Basic Documents.

      Section 11.02. Form of Documents Delivered to Indenture Trustee.

      (a) 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.

      (b) Any certificate or opinion of an Authorized Officer of the Issuer
may be based, insofar as it relates to legal matters, upon a certificate or
opinion of, or representations by, counsel, unless such officer knows, or in
the exercise of reasonable care should know, that the

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certificate or opinion or representations with respect to the matters upon
which such officer's 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, one or more officers of the Seller, the Servicer, the
Depositor, the Issuer or the Administrator, stating that the information with
respect to such factual matters is in the possession of the Seller, the
Servicer, the Depositor, the Issuer or the Administrator, unless such
Authorized Officer or 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.

      (c) 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.

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

      Section 11.03. Acts of Noteholders.

      (a) Any request, demand, authorization, direction, notice, consent,
waiver or other action provided by this Indenture to be given or taken by
Noteholders may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such Noteholders in person or by agents
duly appointed in writing; and except as herein otherwise expressly provided
such action shall become effective when such instrument or instruments are
delivered to the Indenture Trustee and, where it is hereby expressly required,
to the Issuer. Such instrument or instruments (and the action embodied therein
and evidenced thereby) are herein sometimes referred to as the "Act" of the
Noteholders signing such instrument or instruments. Proof of execution of any
such instrument or of a writing appointing any such agent shall be sufficient
for any purpose of this Indenture and (subject to Section 6.01) conclusive in
favor of the Indenture Trustee and the Issuer, if made in the manner provided
in this Section.

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

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

      (d) Any request, demand, authorization, direction, notice, consent,
waiver or other action by the Holder of any Note 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

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

      Section 11.04. Notices, etc., to Indenture Trustee, Issuer, Depositor
and Rating Agencies. Any request, demand, authorization, direction, notice,
consent, waiver or Act of Noteholders or other documents provided or permitted
by this Indenture shall be in writing and if such request, demand,
authorization, direction, notice, consent, waiver or Act of Noteholders is to
be made upon, given or furnished to or filed with:

            (a) the Indenture Trustee by any Noteholder or the Issuer shall be
      sufficient for every purpose hereunder if made, given, furnished or
      filed in writing and sent by first-class mail, postage prepaid,
      overnight courier or facsimile (followed by original) to or with the
      Indenture Trustee at its Corporate Trust Office;

            (b) the Issuer by the Indenture Trustee or any Noteholder shall be
      sufficient for every purpose hereunder if in writing and sent by
      first-class mail, postage prepaid, overnight courier or facsimile
      (followed by original) to the Issuer addressed to: Wachovia Auto Owner
      Trust 2004-A, in care of Wilmington Trust Company, Rodney Square North,
      1100 North Market Street, Wilmington, Delaware 19890-1605, Attention:
      Corporate Trust Administration (with a copy to the Administrator, 401
      South Tryon Street, 12th Floor, Mailcode NC 1179, Charlotte, North
      Carolina 28288, Attention: ABS Trust Services Manager), or at any other
      address previously furnished in writing to the Indenture Trustee by the
      Issuer or the Administrator; the Issuer shall promptly transmit any
      notice received by it from the Noteholders to the Indenture Trustee; or

            (c) the Depositor by the Indenture Trustee, the Servicer or any
      Noteholder, shall be sufficient for every purpose hereunder if in
      writing and sent by first-class mail, postage prepaid, overnight courier
      or facsimile (followed by original) to the Depositor addressed to Pooled
      Auto Securities Shelf LLC, One Wachovia Center, 301 South College
      Street, Suite E, Charlotte, North Carolina 28288-5578, Attention:
      General Counsel or at any other address previously furnished in writing
      to the Indenture Trustee by the Depositor.

      Notices required to be given to each Rating Agency by the Issuer, the
Indenture Trustee or the Owner Trustee shall be in writing, personally
delivered, telecopied or mailed by certified mail, return receipt requested,
in the case of (i) Moody's, at Moody's Investors Service, Inc., ABS Monitoring
Department, 99 Church Street, New York, New York 10007 or (ii) Standard &
Poor's, at Standard & Poor's Ratings Services, a Division of The McGraw-Hill
Companies, Inc., 55 Water Street, New York, New York 10041, Attention of Asset
Backed Surveillance Department; or at such other address as shall be
designated by written notice to the other parties.

      Section 11.05. Notices to Noteholders; Waiver. Where this Indenture
provides for notice to Noteholders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing
and sent by first-class mail, postage prepaid to each Noteholder affected by
such event, at such Noteholder's 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

                                      73
<PAGE>

nor any defect in any notice so mailed to any particular Noteholder shall
affect the sufficiency of such notice with respect to other Noteholders, and
any notice that is mailed in the manner herein provided shall conclusively be
presumed to have been duly given.

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

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

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

      Section 11.06. Alternate Payment and Notice Provisions. Notwithstanding
any provision of this Indenture or any of the Notes to the contrary, the
Issuer may enter into any agreement with any Noteholder providing for a method
of payment, or notice by the Indenture Trustee or any Paying Agent to such
Noteholder, that is different from the methods provided for in this Indenture
for such payments or notices. The Issuer will furnish to the Indenture Trustee
a copy of each such agreement and the Indenture Trustee will cause payments to
be made and notices to be given in accordance with such agreements.

      Section 11.07. 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 11.08. 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 meaning or interpretation of the terms or provisions
hereof.

      Section 11.09. Successors and Assigns. All covenants and agreements in
this Indenture and the Notes by the Issuer shall bind its successors and
assigns, whether so expressed or not. All agreements of the Indenture Trustee
in this Indenture shall bind its successors, co-trustees and agents.

                                      74
<PAGE>

      Section 11.10. Severability. 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 of this Indenture and
the Notes shall not in any way be affected or impaired thereby.

      Section 11.11. Benefits of Indenture; Third Party Beneficiaries. 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.
Notwithstanding the foregoing, this Indenture shall inure to the benefit of
and be binding upon the parties hereto, and the Owner Trustee, the
Noteholders, the Certificateholders and their respective successors and
permitted assigns shall be third party beneficiaries. Except as otherwise
provided in this Article, no other Person shall have any right or obligation
hereunder.

      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 (OTHER THAN SECTION 5-1401 OF THE GENERAL
OBLIGATIONS LAW), and the obligations, rights and remedies of the parties
hereunder shall be determined in accordance with such laws.

      Section 11.14. Counterparts. This Indenture may be executed in any
number of counterparts, each of which when so executed shall be deemed to be
an original, but all of which 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 shall be
effected by the Issuer and at its expense accompanied by an Opinion of Counsel
(which may be counsel to the Indenture Trustee or any other counsel reasonably
acceptable to the Indenture Trustee) to the effect that such recording is
necessary either for the protection of the Noteholders or any other Person
secured hereunder or for the enforcement of any right or remedy granted to the
Indenture Trustee under this Indenture.

      Section 11.16. Trust Obligation. Except as otherwise provided in Section
3.07(e), no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the
Notes or under this Indenture or any certificate or other writing delivered in
connection herewith or therewith, against (i) the Indenture Trustee or the
Owner Trustee in its individual capacity, (ii) any owner of a beneficial
interest in the Issuer or (iii) any partner, owner, beneficiary, agent,
officer, director, employee or agent of the Indenture Trustee or the Owner
Trustee in its individual capacity, any holder of a beneficial interest in the
Issuer, the Owner Trustee or the Indenture Trustee or of any successor or
assign of

                                      75
<PAGE>

the Indenture Trustee or the Owner Trustee in its individual capacity, except
as any such Person may have expressly agreed (it being understood that the
Indenture Trustee, except as otherwise provided in Section 3.07(e), and the
Owner Trustee have no such obligations in their individual capacities) and
except that any such partner, owner or beneficiary shall be fully liable, to
the extent provided by applicable law, for any unpaid consideration for stock,
unpaid capital contribution or failure to pay any installment or call owing to
such entity. For all purposes of this Indenture, in the performance of any
duties or obligations of the Issuer hereunder, the Owner Trustee shall be
subject to, and entitled to the benefits of, the terms and provisions of
Articles Six, Seven and Eight of the Trust Agreement.

      Section 11.17. No Petition. The Indenture Trustee, by entering into this
Indenture, and each Noteholder or Note Owner, by accepting a Note or a
beneficial interest therein, as the case may be, hereby covenant and agree
that they will not at any time institute against the Issuer or the Depositor,
or join in any institution against the Issuer or the Depositor of, any
bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings, or other proceedings under any United States federal or State
bankruptcy or similar law in connection with any obligations relating to the
Notes, this Indenture or any of the other Basic Documents.

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

                                      76
<PAGE>

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

                                    WACHOVIA AUTO OWNER TRUST 2004-A,

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

                                    By:     /s/ Kathleen A. Pedelini
                                        --------------------------------------
                                        Name: Kathleen A. Pedelini
                                        Title: Financial Services Officer

                                    U.S. BANK NATIONAL ASSOCIATION, not in its
                                    individual capacity but solely as
                                    Indenture Trustee

                                    By:     /s/ Shannon M. Rantz
                                        --------------------------------------
                                        Name: Shannon M. Rantz
                                        Title: Vice President

                                                                     Indenture

<PAGE>

                                                                     EXHIBIT A

               FORM OF CLASS A-1 [A-2] [A-3] [A-4] [B] [C] NOTE

      [For Class A-2, A-3 and A-4 Notes: This Note is subordinated in right of
payment to the Class A-1 Notes [, the Class A-2 Notes] [and the Class A-3
Notes] as described in the Indenture referred to herein.]

      [For Class B NOTES and CLASS C Notes: This Note is subordinated in right
of payment to the Class A Notes [and Class B Notes] as described in the
Indenture referred to herein.]

      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 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.

      THIS NOTE IS NOT A DEPOSIT OR OBLIGATION OF OR AN INTEREST IN WACHOVIA
BANK, NATIONAL ASSOCIATION OR ANY OF ITS AFFILIATES. THIS NOTE IS NOT
GUARANTEED OR INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY
GOVERNMENTAL ENTITY OR FUND OF THE UNITED STATES.

REGISTERED                                                        $___________
No. R-A1-1 [R-A2-1] [R-A3-1] [R-A4-1] [R-B-1] [R-C-1]    CUSIP NO. ___________

                       WACHOVIA AUTO OWNER TRUST 2004-A
         _____% CLASS A-1 [A-2] [A-3] [A-4] [B] [C] ASSET BACKED NOTE

      Wachovia Auto Owner Trust 2004-A, a statutory trust organized and
existing under the laws of the State of Delaware (the "Issuer"), for value
received, hereby promises to pay to Cede & Co., or its registered assigns, the
principal sum of ___________________ DOLLARS ($___________), payable to the
extent described in the Indenture referred to on the reverse hereof on each
Distribution Date; provided, however, that the entire unpaid principal amount
of this Note shall be payable on the earlier of _______________, 200__ (the
"Class A-1 Final

                                      A-1
<PAGE>

Scheduled Distribution Date") and the Redemption Date, if any, selected
pursuant to the Indenture.

      The Issuer will pay interest on this Note at the rate per annum shown
above on each Distribution Date until the principal of this Note is paid or
made available for payment, on the principal amount of this Note outstanding
on the preceding Distribution Date (after giving effect to all payments of
principal made on such preceding Distribution Date), or on the Closing Date in
the case of the first Distribution Date or if no interest has yet been paid,
subject to certain limitations contained in the Indenture. Interest on this
Note will accrue for each Distribution Date from, and including, the most
recent Distribution Date on which interest has been paid (or, in the case of
the first Distribution Date or if no interest has yet been paid, from and
including the Closing Date), to but excluding such current Distribution Date.
Interest will be computed on the basis of the actual number of days during the
related Interest Period divided by 360. [For Class A-2, A-3, A-4, B and C
Notes: Interest on this Note will accrue for each Distribution Date from and
including the 20th day of the prior month (or from and including the Closing
Date, in the case of the first Distribution Date or if no interest has yet
been paid) to but excluding the 20th day of the current month. Interest will
be computed on the basis of a 360-day year consisting of twelve 30-day
months.] The Issuer shall pay interest on overdue installments of interest at
the interest rate shown above to the extent lawful. Such principal and
interest on this Note shall be paid in the manner specified on the reverse
hereof.

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

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

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

                                      A-2
<PAGE>

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

      Date:  June __, 2004          WACHOVIA AUTO OWNER TRUST 2004-A

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

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

              INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

      Date:  June __, 2004          U.S. BANK NATIONAL ASSOCIATION,
                                    not in its individual capacity but solely
                                    as Indenture Trustee,

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

                                      A-3
<PAGE>

            [REVERSE OF CLASS A-1 [A-2] [A-3] [A-4] [B] [C] NOTE]

      This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its _____% Class A-1 [A-2] [A-3] [A-4] [B] [C] Asset Backed
Notes (the "Class A-1 Notes"), all issued under the Indenture, dated as of
June 1, 2004 (the "Indenture"), between the Issuer and U.S. Bank National
Association, as trustee (the "Indenture Trustee"), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of
the respective rights and obligations thereunder of the Issuer, the Indenture
Trustee and the Noteholders. The Notes are subject to all terms of the
Indenture. Capitalized terms used herein that are not otherwise defined shall
have the meanings ascribed thereto in the Indenture, which also contains rules
as to construction that shall be applicable hereto.

      The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class
A-4 Notes, the Class B Notes and the Class C Notes (collectively, the "Notes")
are, except as otherwise provided in the Indenture or in the Sale and
Servicing Agreement, equally and ratably secured by the Collateral pledged as
security therefor as provided in the Indenture.

      Principal payable on the Class A-1 [A-2] [A-3] [A-4] [B] [C] Notes will
be paid on each Distribution Date in the amount specified in the Indenture and
in the Sale and Servicing Agreement. As described above, the entire unpaid
principal amount of this Note will be payable on the earlier of the Class A-1
[A-2] [A-3] [A-4] [B] [C] Final Scheduled Distribution Date and the Redemption
Date, if any, selected pursuant to the Indenture. Notwithstanding the
foregoing, under certain circumstances, the entire unpaid principal amount of
the Class A-1 [A-2] [A-3] [A-4] [B] [C] Notes shall be due and payable
following the occurrence and continuance of an Event of Default, if the
Indenture Trustee or the Noteholders evidencing not less than 51% of the Note
Balance of the Controlling Class have declared the Notes to be immediately due
and payable in the manner provided in Section 5.02 of the Indenture. All
principal payments on the Class A-1 [A-2] [A-3] [A-4] [B] [C] Notes shall be
made pro rata to the Class A-1 [A-2] [A-3] [A-4] [B] [C] Noteholders entitled
thereto.

      Payments of principal and interest on this Note due and payable on each
Distribution Date or Redemption Date shall be made by check mailed to the
Person whose name appears as the registered Noteholder (or one or more
Predecessor Notes) on the Note Register as of the close of business on the
related Record Date, except that 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.), payments will be made by wire transfer in
immediately available funds to the account designated by such nominee. Such
checks shall be mailed to the Person entitled thereto at the address of such
Person as it appears on the Note Register as of the applicable Record Date
without requiring that this Note be submitted for notation of payment. Any
reduction in the principal amount of this Note (or any one or more Predecessor
Notes) effected by any payments made on any Distribution Date or Redemption
Date shall be binding upon all future Noteholders of this Note and of any Note
issued upon the registration of transfer hereof or in exchange hereof or in
lieu hereof, whether or not noted hereon. If funds are expected to be
available, as provided in the Indenture, for payment in full of the remaining
unpaid principal amount of this Note on a Distribution Date or Redemption
Date, then the Indenture Trustee, in the name of and on behalf of the Issuer,
will notify the Person who was the registered Noteholder as of the Record Date
preceding such Distribution Date or Redemption Date by notice mailed within 20
days of such

                                      A-4
<PAGE>

Distribution Date or Redemption Date and the amount then due and payable shall
be payable only upon presentation and surrender of this Note at the Corporate
Trust Office of the Indenture Trustee or at the office of the Indenture
Trustee's agent appointed for such purposes located in the City of New York.

      As provided in the Indenture, the Notes may be redeemed, in whole but
not in part, in the manner and to the extent described in the Indenture and
the Sale and Servicing Agreement.

      As provided in the Indenture and subject to the limitations set forth
therein and on the face hereof, the transfer of this Note may be registered on
the Note Register upon surrender of this Note for registration of transfer at
the office or agency designated by the Issuer pursuant to the Indenture, duly
endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Indenture Trustee duly executed by, the Noteholder or such
Noteholder's attorney duly authorized in writing, with such signature
guaranteed by an "eligible guarantor institution" meeting the requirements of
the Note Registrar, all in accordance with the Exchange Act, and thereupon one
or more new Notes of authorized denominations and in the same aggregate
principal amount will be issued to the designated transferee or transferees.
No service charge will be charged for any registration of transfer or exchange
of this Note, but the transferor may be required to pay a sum sufficient to
cover any tax or other governmental charge that may be imposed in connection
with any such registration of transfer or exchange.

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

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

      [For Class A-1, A-2, A-3, A-4 and B Notes: A fiduciary of a Benefit Plan
purchasing the Class A-1, A-2, A-3, A-4 or B Notes with the assets of a
Benefit Plan is deemed to represent that the purchase of one or more Notes is
consistent with its fiduciary duties under ERISA and does

                                      A-5
<PAGE>

not result in a nonexempt prohibited transaction as defined in Section 406 of
ERISA or Section 4975 of the Code.]

      [For the Class C Notes: Each person acquiring a Class C Note is deemed
to represent that such person is not an employee benefit plan (as such term is
defined in Section 3(3) of ERISA) that is subject to the provisions of Title I
or ERISA, a plan described in Section 4975(e)(1) of the Code and that is not
exempt under Section 4975(d) of the Code, any entity whose underlying assets
include plan assets by reason of a plan's investment in the entity or a person
investing on behalf of, or with, plan assets of such a plan.]

      The Issuer has entered into the Indenture and this Note is issued with
the intention that, for federal, State and local income, single business and
franchise tax purposes, the Notes will qualify as indebtedness of the Issuer
secured by the Trust Estate. Each Noteholder, by acceptance of a Note (and
each Note Owner by acceptance of a beneficial interest in a Note), agrees to
treat the Notes for federal, State and local income, single business and
franchise tax purposes as indebtedness of the Issuer.

      Prior to the due presentment for registration of transfer of this Note,
the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of
determination or as of such other date as may be specified in the Indenture)
is registered as the owner hereof for all purposes, whether or not this Note
shall be overdue, and none of the Issuer, the Indenture Trustee or any such
agent shall be affected by notice to the contrary.

      The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Noteholders under the Indenture at any time by
the Issuer with the consent of the Holders of Notes representing at least 51%
of the Note Balance of the Controlling Class. The Indenture also contains
provisions permitting the Noteholders representing specified percentages of
the Note Balance of the Controlling Class, on behalf of all Noteholders, to
waive compliance by the Issuer with certain provisions of the Indenture and
certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Noteholder of this Note (or any one of more
Predecessor Notes) shall be conclusive and binding upon such Noteholder and
upon all future Noteholders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof
whether or not notation of such consent or waiver is made upon this Note. The
Indenture also permits the Issuer and the Indenture Trustee to amend or waive
certain terms and conditions set forth in the Indenture without the consent of
the Noteholders.

      The Indenture permits the Issuer, under certain circumstances, to
consolidate or merge with or into another Person, subject to the rights of the
Indenture Trustee and the Noteholders under the Indenture.

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

      This Note and the Indenture shall be construed in accordance with the
laws of the State of New York, without reference to its conflict of law
provisions (other than Section 5-1401 of the

                                      A-6
<PAGE>

General Obligations Law), 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.

                                      A-7
<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:

                                                                             *
                                          -----------------------------------

---------------------------
*  NOTICE: 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. Such
   signature must be guaranteed by an "eligible guarantor institution" meeting
   the requirements of the Note Registrar.

                                      A-8Exhibit 10.1
                                                                 EXECUTION COPY

===============================================================================

                        WACHOVIA AUTO OWNER TRUST 2004-A,
                                   as Issuer,

                        POOLED AUTO SECURITIES SHELF LLC,
                                  as Depositor,

                                       and

                      WACHOVIA BANK, NATIONAL ASSOCIATION,
                             as Seller and Servicer

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

                          SALE AND SERVICING AGREEMENT

                            Dated as of June 1, 2004

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

===============================================================================

<PAGE>

<TABLE>
<CAPTION>

                                                  TABLE OF CONTENTS

                                                                                                               Page
                                                                                                               ----

                                                     ARTICLE ONE

                                                     DEFINITIONS
<S>            <C>                                                                                               <C>
Section 1.01.  General Definitions..........................................................................     1
Section 1.02.  Other Definitional Provisions................................................................    15
Section 1.03.  Interpretive Provisions......................................................................    15

                                                     ARTICLE TWO

                                            CONVEYANCE OF TRUST PROPERTY

Section 2.01.  Conveyance of Trust Property.................................................................    16
Section 2.02.  Representations and Warranties of the Seller as to the Receivables...........................    17
Section 2.03.  Representations and Warranties of the Depositor as to the Receivables........................    18
Section 2.04.  Repurchase of Receivables Upon Breach........................................................    19
Section 2.05.  Custody of Receivable Files..................................................................    19
Section 2.06.  Duties of Servicer as Custodian..............................................................    20
Section 2.07.  Instructions; Authority to Act...............................................................    21
Section 2.08.  Indemnification by Custodian.................................................................    21
Section 2.09.  Effective Period and Termination.............................................................    21

                                                    ARTICLE THREE

                                 ADMINISTRATION AND SERVICING OF THE TRUST PROPERTY

Section 3.01.  Duties of Servicer...........................................................................    23
Section 3.02.  Subservicers.................................................................................    24
Section 3.03.  Collection of Receivable Payments; Modification of Receivables...............................    25
Section 3.04.  Realization Upon Receivables.................................................................    26
Section 3.05.  Maintenance of Physical Damage Insurance Policies............................................    26
Section 3.06.  Maintenance of Security Interests in Financed Vehicles.......................................    27
Section 3.07.  Covenants of Servicer........................................................................    27
Section 3.08.  Purchase of Receivables Upon Breach..........................................................    27
Section 3.09.  Servicing Compensation; Payment of Certain Expenses by Servicer..............................    28
Section 3.10.  Servicer's Certificate.......................................................................    28
Section 3.11.  Annual Statement as to Compliance; Notice of Default.........................................    28
Section 3.12.  Annual Accountants' Report...................................................................    29
Section 3.13.  Access to Certain Documentation and Information Regarding Receivables........................    29
Section 3.14.  Reports to the Commission....................................................................    30

                                                          i
<PAGE>

                                                                                                               Page
                                                                                                               ----

Section 3.15.  Reports to Rating Agencies...................................................................    30

                                                    ARTICLE FOUR

                             DISTRIBUTIONS; RESERVE FUND; STATEMENTS TO SECURITYHOLDERS

Section 4.01.  Establishment of Accounts....................................................................    31
Section 4.02.  Collections..................................................................................    32
Section 4.03.  Application of Collections...................................................................    32
Section 4.04.  Advances.....................................................................................    33
Section 4.05.  Additional Deposits..........................................................................    33
Section 4.06.  Determination Date Calculations; Application of Available Funds..............................    34
Section 4.07.  Reserve Fund.................................................................................    35
Section 4.08.  Net Deposits.................................................................................    36
Section 4.09.  Statements to Securityholders................................................................    37
Section 4.10.  Control of Accounts..........................................................................    38

                                                    ARTICLE FIVE

                                                    THE DEPOSITOR

Section 5.01.  Representations and Warranties of Depositor..................................................    39
Section 5.02.  Liability of Depositor; Indemnities..........................................................    40
Section 5.03.  Merger, Consolidation or Assumption of the Obligations of Depositor; Certain Limitations.....    41
Section 5.04.  Limitation on Liability of Depositor and Others..............................................    44
Section 5.05.  Seller Not to Resign.........................................................................    44
Section 5.06.  Depositor May Own Securities.................................................................    44

                                                     ARTICLE SIX

                                                    THE SERVICER

Section 6.01.  Representations and Warranties of Servicer...................................................    45
Section 6.02.  Liability of Servicer; Indemnities...........................................................    46
Section 6.03.  Merger, Consolidation or Assumption of the Obligations of Servicer...........................    48
Section 6.04.  Limitation on Liability of Servicer and Others...............................................    48
Section 6.05.  Wachovia Bank Not to Resign as Servicer......................................................    49
Section 6.06.  Servicer May Own Securities..................................................................    49

                                                         ii
<PAGE>

                                                                                                               Page
                                                                                                               ----

                                                    ARTICLE SEVEN

                                             SERVICER TERMINATION EVENTS

Section 7.01.  Servicer Termination Events..................................................................    50
Section 7.02.  Appointment of Successor Servicer............................................................    51
Section 7.03.  Effect of Servicing Transfer.................................................................    52
Section 7.04.  Notification to Noteholders, Certificateholders and Rating Agencies..........................    53
Section 7.05.  Waiver of Past Servicer Termination Events...................................................    53
Section 7.06.  Repayment of Advances........................................................................    53

                                                    ARTICLE EIGHT

                                                     TERMINATION

Section 8.01.  Optional Purchase of All Receivables.........................................................    54

                                                    ARTICLE NINE

                                                    MISCELLANEOUS

Section 9.01.  Amendment....................................................................................    55
Section 9.02.  Protection of Title to Issuer................................................................    56
Section 9.03.  Notices......................................................................................    58
Section 9.04.  Assignment...................................................................................    58
Section 9.05.  Severability.................................................................................    59
Section 9.06.  Further Assurances...........................................................................    59
Section 9.07.  No Waiver; Cumulative Remedies...............................................................    59
Section 9.08.  Third-Party Beneficiaries....................................................................    59
Section 9.09.  Actions by Noteholder or Certificateholders..................................................    59
Section 9.10.  Separate Counterparts........................................................................    60
Section 9.11.  Headings.....................................................................................    60
Section 9.12.  GOVERNING LAW................................................................................    60
Section 9.13.  Nonpetition Covenants........................................................................    60
Section 9.14.  Limitation of Liability of Owner Trustee and Indenture Trustee...............................    60

                                                      SCHEDULES

Schedule A      -   Location of Receivable Files............................................................  SA-1

                                                         iii
<PAGE>

                                                      EXHIBITS

                                                                                                               Page
                                                                                                               ----

Exhibit A - Representations and Warranties as to the Receivables............................................   A-1
Exhibit B - Form of Distribution Statement..................................................................   B-1
Exhibit C - Form of Servicer's Certificate..................................................................   C-1

</TABLE>

                                                         iv

<PAGE>

     This Sale and Servicing Agreement, dated as of June 1, 2004, is among
Pooled Auto Securities Shelf LLC, a Delaware limited liability company
("PASS"), as depositor (the "Depositor"), Wachovia Bank, National Association,
a national banking association ("Wachovia Bank"), as seller (in such capacity,
the "Seller") and as servicer (in such capacity, the "Servicer"), and Wachovia
Auto Owner Trust 2004-A, a Delaware statutory trust, as issuer (the "Issuer").

     WHEREAS the Issuer desires to purchase from the Depositor a portfolio of
receivables arising in connection with motor vehicle retail installment sale
contracts (the "Receivables") purchased by Wachovia Bank in the ordinary
course of its business, which Receivables have been sold by Wachovia Bank to
the Depositor as of the date hereof;

     WHEREAS, the Depositor is willing to sell the Receivables to the Issuer
pursuant to the terms hereof; and

     WHEREAS, the Servicer is willing to service the Receivables pursuant to
the terms hereof.

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

                                  ARTICLE ONE

                                  DEFINITIONS

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

     "Account Collateral" means, with respect to each Account, such Account,
together with all cash, securities, financial assets and investments and other
property from time to time deposited or credited to such Account and all
proceeds thereof, including, with respect to (i) the Reserve Fund, the Reserve
Fund Initial Deposit and (ii) the Yield Supplement Account, the Yield
Supplement Account Initial Deposit.

     "Accounts" means the Collection Account, the Note Payment Account, the
Reserve Fund and the Yield Supplement Account.

     "Administration Agreement" means the administration agreement, dated as
of June 1, 2004, among the Administrator, the Issuer, the Depositor and the
Indenture Trustee.

     "Administrator" means Wachovia Bank, in its capacity as administrator
under the Administration Agreement, and its successors in such capacity.

     "Advance" means, with respect to a Receivable, the amount, as of the last
day of a Collection Period, which is advanced with respect to such Receivable
by the Servicer pursuant to Section 4.04.

<PAGE>

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

     "Agreement" means this Sale and Servicing Agreement.

     "Amount Financed" means, with respect to any Receivable, the aggregate
amount advanced under such Receivable toward the purchase price of the related
Financed Vehicle and any related costs, including accessories, insurance
premiums, service and warranty contracts and other items customarily financed
as part of a motor vehicle retail installment sale contract.

     "Available Collections" means, for any Distribution Date and the related
Collection Period, (i) all payments received on or in respect of the
Receivables during such Collection Period (other than amounts comprising the
Supplemental Servicing Fee), (ii) all Liquidation Proceeds and Recoveries
received with respect to the Receivables during such Collection Period, (iii)
in the event that collections on or in respect of the Receivables are required
to be deposited by the Servicer into the Collection Account on a daily basis
pursuant to Section 4.02, all investment earnings on funds on deposit in the
Collection Account, (iv) the aggregate Purchase Amount deposited in the
Collection Account on the related Deposit Date, (v) all Prepayments received
with respect to the Receivables during such Collection Period attributable to
any refunded item included in the Amount Financed (including amounts received
as a result of rebates of extended warranty contract costs and insurance
premiums and proceeds received under physical damage, theft, credit life and
credit disability insurance policies) and (vi) all Advances deposited into the
Collection Account by the Servicer on the related Deposit Date; provided,
however, that Available Collections shall not include any payments or other
amounts (including Liquidation Proceeds) received with respect to (a) any
Purchased Receivable, the Purchase Amount for which was included in Available
Collections for a previous Distribution Date and (b) any Receivable to the
extent that the Servicer has made an unreimbursed Advance with respect to such
Receivable and is entitled to reimbursement from payments in respect of such
Receivables or other Receivables or other amounts pursuant to Section 4.04.

     "Available Funds" means, with respect to any Distribution Date, the sum
of (i) Available Collections, (ii) the Reserve Fund Draw Amount, if any, and
(iii) the Yield Supplement Account Draw Amount.

     "Basic Documents" means this Agreement, the Administration Agreement, the
Indenture, the Note Depository Agreement, the Control Agreement, the
Receivables Purchase Agreement, the Trust Agreement and any other documents or
certificates delivered in connection herewith or therewith including, the
Power of Attorney pursuant to Section 1.02(c) of the Administration Agreement.

     "Bankruptcy Code" means Title 11 of the United States Code, 11
U.S.C.ss.101 et seq.

                                      2
<PAGE>

     "Business Day" means any day other than a Saturday, a Sunday or a day on
which banking institutions or trust companies in New York, New York,
Wilmington, Delaware, St. Paul, Minnesota or Charlotte, North Carolina are
authorized by law, regulation or executive order to be closed.

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

     "Certificate Payment Account" means the account established and
maintained pursuant to Section 4.01.

     "Certificate Percentage Interest" means, with respect to a Certificate,
the percentage specified on such Certificate as the Certificate Percentage
Interest, which percentage represents the beneficial interest of the holder of
such Certificate in the Issuer. The initial Certificate Percentage Interest
held by the Pass Holding, LLC shall be 100%.

     "Certificateholder" has the meaning specified in the Trust Agreement.

     "Class" has the meaning specified in the Indenture.

     "Class A Notes" has the meaning specified in the Indenture.

     "Class A-1 Noteholder" has the meaning specified in the Indenture.

     "Class A-2 Noteholder" has the meaning specified in the Indenture.

     "Class A-3 Noteholder" has the meaning specified in the Indenture.

     "Class A-4 Noteholder" has the meaning specified in the Indenture.

     "Class B Noteholder" has the meaning specified in the Indenture.

     "Class B Notes" has the meaning specified in the Indenture.

     "Class C Final Scheduled Distribution Date" has the meaning specified in
the Indenture.

     "Class C Noteholder" has the meaning specified in the Indenture.

     "Class C Notes" has the meaning specified in the Indenture.

     "Closing Date" has the meaning specified in the Indenture.

     "Code" has the meaning specified in the Indenture.

     "Collection Account" means the account designated as such, and
established and maintained pursuant to Section 4.01.

     "Collection Period" has the meaning specified in the Indenture.

     "Commission" means the Securities and Exchange Commission.

                                      3
<PAGE>

     "Contract Rate" means, with respect to any Receivable, the annual
percentage rate of interest stated in such Receivable.

     "Control" has the meaning specified in Section 8-106 of the UCC.

     "Control Agreement" means the control agreement, dated as of June 1,
2004, among the Issuer, the Servicer, Wachovia Bank and the Indenture Trustee,
relating to the Accounts.

     "Controlling Class" has the meaning specified in the Indenture.

     "Corporate Trust Office" has the meaning specified in the Indenture or
the Trust Agreement, depending on whether reference is made to the Indenture
Trustee or the Owner Trustee.

     "Cutoff Date" means the close of business on May 31, 2004.

     "Dealer" means the dealer of motor vehicles who sold a Financed Vehicle
and who originated and assigned the Receivable relating to such Financed
Vehicle to the Seller under an existing agreement between such dealer and the
Seller.

     "Dealer Agreement" means an agreement between the Seller and a Dealer,
entered into by the Seller in the ordinary course of its business, providing
for the sale of Receivables by the Dealer to the Seller.

     "Dealer Recourse" means, with respect to a Receivable, all recourse
rights against the Dealer which originated the Receivable, and any successor
to such Dealer.

     "Defaulted Receivable" means a Receivable as to which, the earlier of (i)
any payment, or any part of any payment, due under such Receivable has become
120 days or more delinquent (whether or not the Servicer has repossessed the
related Financed Vehicle), (ii) the Servicer has repossessed and sold the
related Financed Vehicle or (iii) the Servicer has determined in accordance
with its customary practices that such Receivable is uncollectible; provided,
however, that a Receivable will not become a Defaulted Receivable until the
last day of the Collection Period during which one of the foregoing events
first occurs; and, provided further, that a Purchased Receivable will not be
deemed to be a Defaulted Receivable.

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

     "Depositor" has the meaning specified in the Trust Agreement.

     "Determination Date" means, with respect to any Distribution Date, the
third Business Day preceding such Distribution Date, commencing on July 15,
2004.

     "Distribution Date" has the meaning specified in the Indenture.

     "Dollars" or "$" mean the lawful currency of the United States.

                                      4
<PAGE>

     "Eligible Account" means either (i) a segregated deposit account over
which the Indenture Trustee or the Owner Trustee, as the case may be, and the
Paying Agent has sole signature authority, maintained with an Eligible
Institution meeting the requirements of clause (i) of the definition of the
term "Eligible Institution" or (ii) a segregated trust account maintained with
the trust department of an Eligible Institution meeting the requirements of
clause (ii) of the definition of the term "Eligible Institution", in each case
bearing a designation clearly indicating that the funds deposited therein are
held for the benefit of the Securityholders, the Noteholders or the
Certificateholders, as the case may be.

     "Eligible Institution" means (i) Wachovia Bank, the corporate trust
department of the Indenture Trustee or the corporate trust department of the
Owner Trustee or (ii) any other depository institution organized under the
laws of the United States or any State or incorporated under the laws of a
foreign jurisdiction with a branch or agency located in the United States or
any State qualified to take deposits and subject to supervision and
examination by federal or state banking authorities which at all times has
either a long-term unsecured debt rating of at least "Baa3" from Moody's or a
long-term unsecured debt rating, a short-term unsecured debt rating or a
certificate of deposit rating acceptable to Moody's and whose deposits are
insured by the Federal Deposit Insurance Corporation; provided, however, that
(a) the commercial paper, short-term debt obligations or other short-term
deposits of the depository institution described in clause (ii) above must be
rated at least "Prime-1" by Moody's and at least "A-1+" by Standard & Poor's
if deposits are to be held in an account maintained with such depository
institution pursuant to this Agreement for fewer than 30 days and (b) the
long-term unsecured debt obligations of the depository institution described
in clause (ii) above must be rated at least "AA-" by Standard & Poor's if
deposits are to be held in an account maintained with such depository
institution pursuant to this Agreement for more than 30 days.

     "Eligible Servicer" means a Person which, at the time of its appointment
as Servicer, (i) has a net worth of not less than $50,000,000, (ii) is
servicing a portfolio of motor vehicle retail installment sale contracts or
motor vehicle loans, (iii) is legally qualified, and has the capacity, to
service the Receivables, (iv) has demonstrated the ability to service a
portfolio of motor vehicle retail installment sale contracts or 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 (v) is qualified and entitled to use pursuant to a license or
other written agreement, and agrees to maintain the confidentiality of, the
software which the Servicer uses in connection with performing its duties and
responsibilities under 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.

     "Entitlement Holder" has the meaning specified in Section 8-102 of the
UCC.

     "Entitlement Order" has the meaning specified in Section 8-102 of the
UCC.

     "Excess Collections" has the meaning specified in the Indenture.

     "Exchange Act" has the meaning specified in the Indenture.

     "FDIC Rule" has the meaning specified in the Receivables Purchase
Agreement.

                                      5
<PAGE>

     "Final Scheduled Distribution Date" means the Class C Final Scheduled
Distribution Date.

     "Financed Vehicle" means, with respect to any Receivable, the related new
or used motor vehicle, together with all accessions thereto, securing the
related Obligor's indebtedness under such Receivable.

     "Financial Asset" has the meaning specified in Section 8-102(a)(9) of the
UCC.

     "Holders" has the meaning specified in the Indenture.

     "Indenture" means the indenture, dated as of June 1, 2004, between the
Issuer and the Indenture Trustee.

     "Indenture Trustee" has the meaning specified in the Indenture.

     "Independent" has the meaning specified in the Indenture.

     "Initial Note Balance" means, as the context may require, with respect to
(i) all of the Notes, $2,000,000,000 or (ii) any Note, an amount equal to the
initial denomination of such Note.

     "Interest Distributable Amount" has the meaning specified in the
Indenture.

     "Interest Period" has the meaning specified in the Indenture.

     "Interest Rate" has the meaning specified in the Indenture.

     "Issuer" has the meaning specified in the Indenture.

     "Lien" means any security interest, lien, charge, pledge, equity or
encumbrance of any kind other than tax liens, mechanics' or materialmen's
liens, judicial liens and any liens that may attach to a Financed Vehicle by
operation of law.

     "Liquidation Proceeds" means all amounts received by the Servicer with
respect to any Defaulted Receivable during the Collection Period in which such
Receivable became a Defaulted Receivable, net of the sum of (i) any amount
required by law to be remitted to the related Obligor and (ii) any expenses
incurred by the Servicer in connection with collection of such Receivable and
the disposition of the related Financed Vehicle (to the extent not previously
reimbursed).

     "Monthly Payment" means, with respect to any Receivable, the amount of
each fixed monthly payment payable to the obligee under such Receivable in
accordance with the terms thereof, net of any portion of such monthly payment
that represents late payment charges, extension fees or similar items.

     "Monthly Remittance Condition" means that (i) (a) Wachovia Bank is the
Servicer, (b) Wachovia Bank's short-term unsecured debt is rated at least
"Prime-1" by Moody's and

                                      6
<PAGE>

"A-1" by Standard & Poor's and (c) no Servicer Termination Event shall have
occurred and be continuing or (ii) each Rating Agency has agreed that the
deposit of collections on or in respect of the Receivables into the Collection
Account may be made by the Servicer on a monthly, rather than a daily, basis.

     "Monthly Servicing Fee" means, for any Collection Period, the fee payable
to the Servicer on the related Distribution Date for services rendered during
such Collection Period as determined pursuant to Section 3.09.

     "Monthly Trustee Fees" has the meaning specified in the Indenture.

     "Moody's" has the meaning specified in the Indenture.

     "Motor Vehicle Receivables" has the meaning specified in Section
5.03(b)(ii)(A).

     "Motor Vehicle Securities" has the meaning specified in Section
5.03(b)(ii)(B).

     "Net Losses" means, with respect to any Collection Period, the excess, if
any, of (i) the aggregate Principal Balance of all Receivables that became
Defaulted Receivables during such Collection Period over (ii) the aggregate
Liquidation Proceeds and Recoveries received by the Servicer during such
Collection Period.

     "Nonrecoverable Advance" means an Advance which the Servicer determines
in its sole discretion is not recoverable from payments made on or in respect
of the related Receivable.

     "Note Balance" has the meaning specified in the Indenture.

     "Note Depository Agreement" has the meaning specified in the Indenture.

     "Note Owner" has the meaning specified in the Indenture.

     "Note Payment Account" means the account designated as such, and
established and maintained pursuant to Section 4.01.

     "Note Pool Factor" means, with respect to each Class of Notes as of any
Distribution Date, a seven-digit decimal figure equal to the Note Balance of
such Class of Notes as of such Distribution Date (after giving effect to any
reductions thereof to be made on such Distribution Date) divided by the
original principal amount of such Class of Notes.

     "Noteholder" has the meaning specified in the Indenture.

     "Notes" has the meaning specified in the Indenture.

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

                                      7
<PAGE>

     "Officer's Certificate" means a certificate signed by the chairman, the
president, any Vice President, the treasurer or the secretary of the Depositor
or the Servicer, as the case may be, and delivered to the Indenture Trustee or
the Owner Trustee.

     "Opinion of Counsel" means a written opinion of counsel (who may be an
employee of or outside counsel to the Depositor or the Servicer), which
counsel shall be acceptable to the related Trustee or the Rating Agencies, as
the case may be.

     "Outstanding" has the meaning specified in the Indenture.

     "Overcollateralization Target Amount" has the meaning specified in the
Indenture.

     "Owner Trust Estate" has the meaning specified in the Trust Agreement.

     "Owner Trustee" has the meaning specified in the Trust Agreement.

     "PASS" has the meaning specified in the Receivables Purchase Agreement.

     "Paying Agent" has the meaning specified in the Indenture.

     "Permitted Investments" means, at any time, any one or more of the
following obligations, instruments, investments and securities:

          (i) direct obligations of, and obligations fully guaranteed by, the
     United States or any agency or instrumentality thereof the obligations of
     which are backed by the full faith and credit of the United States;

          (ii) demand deposits, time deposits, bankers' acceptances or
     certificates of deposit, having maturities of not more than 365 days, of
     any depository institution or trust company incorporated under the laws
     of the United States or any State (or any domestic branch of a foreign
     bank) and subject to supervision and examination by federal or State
     banking or depository institution authorities; provided, however, that
     such investment shall not have an `r' highlighter affixed to its rating
     and its terms shall have a predetermined fixed dollar amount of principal
     due at maturity that cannot vary or change; and, provided further, that,
     at the time of the investment, the commercial paper or other short-term
     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 rating from Standard & Poor's of at least "A-1+" and
     from Moody's of at least "Prime-1";

          (iii) repurchase obligations, having maturities of not more than 365
     days, with respect to any security that is a direct obligation of, or
     fully guaranteed by, the United States or any agency or instrumentality
     thereof the obligations of which are backed by the full faith and credit
     of the United States, in either case entered into with a depository
     institution or trust company (acting as principal) described in clause
     (ii) above;

          (iv) short-term corporate securities bearing interest or sold at a
     discount issued by any corporation incorporated under the laws of the
     United States or any State thereof;

                                      8
<PAGE>

     provided, however, that such investment shall not have an `r' highlighter
     affixed to its rating and its terms shall have a predetermined fixed
     dollar amount of principal due at maturity that cannot vary or change;
     and, provided further, that, at the time of the investment, the
     short-term unsecured debt obligations (other than such obligations the
     rating of which is based on the credit of a Person other than such
     corporation) of such corporation shall have a rating from Standard &
     Poor's of at least "AAA" and from Moody's of at least "Aaa";

          (v) commercial paper having, maturities of not more than 365 days,
     at the time of the investment, a rating from Standard & Poor's of at
     least "A-1+" and from Moody's of at least "Prime-1"; provided, however,
     that such investment shall not have an `r' highlighter affixed to its
     rating and its terms shall have a predetermined fixed dollar amount of
     principal due at maturity that cannot vary or change;

          (vi) guaranteed investment contracts issued by an insurance company
     or other corporation as to which the Rating Agency Condition shall have
     been satisfied;

          (vii) investments in money market funds having a rating from
     Standard & Poor's of at least "AAA-m" or "AAAm-G" and from Moody's of at
     least "Aaa" (including funds for which the Indenture Trustee, the Owner
     Trustee or the Paying Agent or any of their respective Affiliates is
     investment manager or advisor); and

          (viii) any other investment as to which the Rating Agency Condition
     shall have been satisfied; provided, however, that in no event shall any
     such investment have a long-term rating of less than "AA" by Standard &
     Poor's or "Aa3" by Moody's or a short-term rating of less than "A-1" by
     Standard & Poor's or "Prime-1" by Moody's;

provided, that, except as otherwise provided in Section 4.07(b), each of the
foregoing investments shall mature no later than the Deposit Date immediately
following the Collection Period in which such investment was made (other than
in the case of the investment of monies in instruments of which the entity at
which the related Account, as the case may be, is located is the obligor,
which may mature on the related Distribution Date following the Collection
Period in which such investment was made), and shall be required to be held to
such maturity.

     Notwithstanding anything to the contrary contained in this definition,
(a) no Permitted Investment may be purchased at a premium and (b) no
obligation or security is a "Permitted Investment" unless (i) the Indenture
Trustee has Control over such obligation or security and (ii) at the time such
obligation or security was delivered to the Indenture Trustee or the Indenture
Trustee became the related Entitlement Holder, the Indenture Trustee did not
have notice of any adverse claim with respect thereto within the meaning of
Section 8-102 of the UCC.

     For purposes of this definition, any reference to the highest available
credit rating of an obligation means the highest available credit rating for
such obligation, or such lower credit rating (as approved in writing by each
Rating Agency) as will not result in the qualification, downgrading or
withdrawal of the rating then assigned to any Securities by such Rating
Agency.

     "Person" means any legal person, including any individual, corporation,
estate, partnership, joint venture, association, joint stock company, limited

                                      9
<PAGE>

liability company, limited liability partnership, trust, unincorporated
organization or government or any agency or political subdivision thereof, or
any other entity of whatever nature.

     "Pool Balance" means, as of the first or last day of any Collection
Period, the aggregate Principal Balance of the Receivables as of such first or
last day, as the case may be; provided, however, that if the Receivables are
purchased by the Servicer pursuant to Section 8.01(a) or are sold or otherwise
liquidated by the Indenture Trustee following an Event of Default pursuant to
Section 5.04 of the Indenture, the Pool Balance shall be deemed to be zero as
of the last day of the Collection Period during which such purchase, sale or
other liquidation occurs.

     "Prepayment" means any prepayment, whether in part or in full, in respect
of such Receivable.

     "Principal Balance" means, with respect to any Receivable as of any date,
the Amount Financed under such Receivable minus the sum of (i) that portion of
all Monthly Payments actually received on or prior to such date allocable to
principal using the Simple Interest Method (to the extent collected), (ii) any
rebates of extended warranty contract costs or physical damage, theft, credit
life or credit disability insurance premiums included in the Amount Financed
and (iii) any Prepayment applied to reduce the unpaid principal balance of
such Receivable; provided, however, that the Principal Balance of a (a)
Defaulted Receivable shall be zero as of the last day of the Collection Period
during which it became a Defaulted Receivable and (b) Purchased Receivable
shall be zero as of the last day of the Collection Period during which it
became a Purchased Receivable.

     "Priority Principal Distributable Amount" has the meaning specified in
the Indenture.

     "Purchase Amount" means the price at which the Seller must repurchase or
the Servicer must purchase a Receivable in an amount equal to the sum of (i)
the Principal Balance of such Receivable plus (ii) the amount of accrued but
unpaid interest on such Principal Balance at the related Contract Rate to the
last day of the month of repurchase.

     "Purchased Receivable" means a Receivable repurchased as of the last day
of a Collection Period as to which payment of the Purchase Amount has been
made by the Seller pursuant to Section 2.04 or by the Servicer pursuant to
Section 3.08 or 8.01.

     "Rating Agency" has the meaning specified in the Indenture.

     "Rating Agency Condition" has the meaning specified in the Indenture.
"Receivable" has the meaning specified in the Receivables Purchase Agreement.

     "Receivable Files" has the meaning specified in Section 2.05.

     "Receivables Purchase Agreement" means the receivables purchase
agreement, dated as of June 1, 2004, between the Seller and PASS.

     "Receivables Schedule" means the schedule of Receivables attached as
Schedule A to the Receivables Purchase Agreement.

                                      10
<PAGE>

     "Recoveries" means, with respect to any Collection Period following the
Collection Period in which a Receivable became a Defaulted Receivable, all
amounts received by the Servicer with respect to such Defaulted Receivable
during such Collection Period, net of the sum of (i) any amount required by
law to be remitted to the related Obligor and (ii) any expenses incurred by
the Servicer in connection with collection of such Receivable and the
disposition of the related Financed Vehicle (to the extent not previously
reimbursed).

     "Registrar of Titles" means the agency, department or office having the
responsibility for maintaining records of titles to motor vehicles and issuing
documents evidencing such titles in the jurisdiction in which a particular
Financed Vehicle is registered.

     "Regular Principal Distributable Amount" has the meaning specified in the
Indenture.

     "Representative" means Wachovia Capital Markets, LLC, as representative
of the Underwriters.

     "Required Payment Amount" has, with respect to each Distribution Date,
the meaning specified in Section 4.06(a)(x).

     "Required Rating" means, with respect to any entity, the short-term
credit rating of the related entity is at least equal to "Prime-1" by Moody's
and "A-1+" by Standard & Poor's.

     "Required Reserve Fund Amount" means, for any Distribution Date, the
greater of $25,033,932.57 and an amount equal to 2.25% of the Pool Balance as
of the last day of the related Collection Period; provided, however, that the
Required Reserve Fund Amount (i) may not exceed the Note Balance and (ii) will
be zero if the Pool Balance as of the last day of the related Collection
Period is zero.

     "Reserve Fund" means the account designated as such, and established and
maintained pursuant to Section 4.07.

     "Reserve Fund Amount" means, with respect to any Distribution Date, the
amount on deposit in and available for withdrawal from the Reserve Fund on
such Distribution Date (after giving effect to all deposits to and withdrawals
from the Reserve Fund on such Distribution Date), including all interest and
other investment earnings (net of losses and investment expenses) earned on
such amount during the related Collection Period.

     "Reserve Fund Deficiency" has the meaning specified in Section
4.06(b)(iii).

     "Reserve Fund Draw Amount" has the meaning specified in Section
4.06(b)(i).

     "Reserve Fund Initial Deposit" means $25,033,932.57.

     "Reserve Fund Property" has the meaning specified in Section 4.07(a).

     "Responsible Officer" means, in the case of (i) the Indenture Trustee,
any officer within the Corporate Trust Office of the Indenture Trustee,
including any principal, managing director, president, Vice President,
assistant treasurer, assistant secretary or any other officer of the

                                      11
<PAGE>

Indenture Trustee customarily performing functions similar to those performed
by any of the above-designated officers and also, with respect to a particular
matter, any other officer to whom such matter is referred because of such
officer's knowledge of and familiarity with the particular subject and (ii)
the Owner Trustee, any officer in the Corporate Trust Administration
department of the Owner Trustee with direct responsibility for the
administration of the Issuer and, with respect to a particular corporate trust
matter, any other officer of the Owner Trustee to whom such matter is referred
because of such officer's knowledge of and familiarity with the particular
subject.

     "Secondary Principal Distributable Amount" has the meaning specified in
the Indenture.

     "Securitization Trust" has the meaning specified in Section 5.03(b)(ii).

     "Security" means a Note or a Certificate, as the case may be.

     "Security Entitlement" has the meaning specified in Section 8-102(a)(17)
of the UCC.

     "Securityholders" means the Noteholders and the Certificateholders.

     "Seller" has the meaning specified in the Receivables Purchase Agreement.

     "Sequential Payment Trigger" has the meaning specified in the Indenture.

     "Servicer" means Wachovia Bank, in its capacity as servicer of the
Receivables under this Agreement, and its successors in such capacity.

     "Servicer's Certificate" means an Officer's Certificate signed by a
Servicing Officer of the Servicer delivered pursuant to Section 3.10,
substantially in the form of Exhibit C.

     "Servicer Termination Event" has the meaning specified in Section 7.01.

     "Servicer Termination Notice" has the meaning specified in Section 7.01.

     "Servicing Officer" means any officer of the Servicer 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 on the Closing Date to the Trustees by the Servicer, as
such list may be amended from time to time by the Servicer in writing.

     "Servicing Rate" means 1.00% per annum.

     "Simple Interest Method" means the method of allocating a fixed level
payment between principal and interest, pursuant to which a portion of such
payment is allocated to interest in an amount equal to the product of the
Contract Rate of the related Receivable multiplied by the unpaid Principal
Balance of such Receivable multiplied by the period of time (expressed as a
fraction of a year, based on the actual number of days in the applicable
calendar month and a 365-day year) elapsed since the preceding payment was
made and the remainder of such payment is allocated to principal.

                                      12
<PAGE>

     "Simple Interest Receivable" means any Receivable under which each
payment is allocated between principal and interest in accordance with the
Simple Interest Method.

     "Standard & Poor's" has the meaning specified in the Indenture.

     "State" has the meaning specified in the Indenture.

     "Successor Servicer" means any entity appointed as a successor to the
Servicer pursuant to Section 7.02.

     "Supplemental Servicing Fee" has the meaning specified in Section 3.09.

     "Tertiary Principal Distributable Amount" has the meaning specified in
the Indenture.

     "Total Servicing Fee" means, for any Collection Period and the related
Distribution Date, the sum of (i) the Monthly Servicing Fee for such
Collection Period and (ii) all accrued but unpaid Monthly Servicing Fees for
one or more previous Collection Periods.

     "Total Trustee Fees" has the meaning specified in the Indenture.

     "Transition Costs" has the meaning specified in Section 7.01.

     "Trust Agreement" means the amended and restated trust agreement, dated
as of June 1, 2004, between the Depositor and the Owner Trustee.

     "Trust Fees and Expenses" means all accrued and unpaid fees of the
Trustees and the Paying Agent, any amounts due to the Trustees or the Paying
Agent for reimbursement of expenses or in respect of indemnification and other
administrative fees of the Issuer.

     "Trust Property" has the meaning specified in Section 2.01(a).

     "Trustees" has the meaning specified in the Indenture.

     "UCC" has the meaning specified in the Indenture.

     "Underwriters" means the underwriters named in Schedule A to the
Underwriting Agreement.

     "Underwriting Agreement" means the underwriting agreement, dated June 15,
2004, between PASS and the Representative, relating to the purchase of the
Class A Notes by the Underwriters from PASS.

     "United States" has the meaning specified in the Indenture.

     "Vice President" of any Person means any vice president of such Person,
whether or not designated by a number or words before or after the title "Vice
President", who is a duly elected officer of such Person.

     "Wachovia Bank" means Wachovia Bank, National Association.

                                      13
<PAGE>

     "Yield Supplement Account" means the account designated as such, and
established and maintained pursuant to Section 4.01(a).

     "Yield Supplement Account Initial Deposit" means $4,564,385.16.

     "Yield Supplement Account Amount" means, with respect to any Distribution
Date, the amount listed below for that Distribution Date.

<TABLE>
<CAPTION>

                            Yield                                     Yield
                          Supplement                               Supplement
                            Account                                  Account
  Distribution Date         Amount        Distribution Date           Amount
--------------------- ---------------  -------------------------- ------------
<S>                     <C>            <C>                         <C>
Closing Date            $4,564,385.16  September 2006              $976,502.66
July 2004               $4,386,651.90  October 2006                $893,203.29
August 2004             $4,212,285.06  November 2006               $813,546.49
September 2004          $4,041,294.49  December 2006               $737,542.88
October 2004            $3,873,690.06  January 2007                $665,203.17
November 2004           $3,709,481.67  February 2007               $596,538.07
December 2004           $3,548,679.24  March 2007                  $531,558.33
January 2005            $3,391,292.74  April 2007                  $470,274.73
February 2005           $3,237,332.14  May 2007                    $412,698.07
March 2005              $3,086,807.47  June 2007                   $358,839.21
April 2005              $2,939,728.77  July 2007                   $308,709.02
May 2005                $2,796,106.11  August 2007                 $262,318.41
June 2005               $2,655,949.60  September 2007              $219,678.32
July 2005               $2,519,269.37  October 2007                $180,799.72
August 2005             $2,386,075.59  November 2007               $145,693.61
September 2005          $2,256,378.45  December 2007               $114,371.04
October 2005            $2,130,188.18  January 2008                 $86,843.07
November 2005           $2,007,515.02  February 2008                $63,120.81
December 2005           $1,888,369.27  March 2008                   $43,204.78
January 2006            $1,772,761.23  April 2008                   $27,106.14
February 2006           $1,660,701.26  May 2008                     $14,836.05
March 2006              $1,552,199.73  June 2008                     $6,230.16
April 2006              $1,447,267.04  July 2008                     $1,299.28
May 2006                $1,345,913.64  August 2008                      $54.25
June 2006               $1,248,149.98  On and after September 2008       $0.00
July 2006               $1,153,986.58
August 2006             $1,063,433.95

</TABLE>

     "Yield Supplement Account Draw Amount" means, with respect to any
Distribution Date, the amount equal to the difference between (i) the amount
on deposit in the Yield Supplement Account and (ii) the Yield Supplement
Account Amount for such Distribution Date.

                                      14
<PAGE>

     Section 1.02. Other Definitional Provisions.

     (a) Capitalized terms used herein that are not otherwise defined herein
shall have the meanings ascribed thereto in the Indenture.

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

     Section 1.03. Interpretive Provisions. With respect to all terms in this
Agreement, unless the context otherwise requires: (i) a term has the meaning
assigned to it; (ii) an accounting term not otherwise defined has the meaning
assigned to it in accordance with generally accepted accounting principles as
in effect from time to time in the United States; (iii) "or" is not exclusive;
(iv) "including" means including without limitation; (v) words in the singular
include the plural and words in the plural include the singular; (vi) any
agreement, instrument or statute defined or referred to herein or in any
instrument or certificate delivered in connection herewith means such
agreement, instrument or statute as from time to time amended, modified or
supplemented and includes (in the case of agreements or instruments)
references to all attachments thereto and instruments incorporated therein;
(vii) references to a Person are also to its successors and permitted assigns;
(viii) the words "hereof", "herein" and "hereunder" and words of similar
import when used in this Agreement shall refer to this Agreement as a whole
and not to any particular provision of this Agreement; (ix) Section,
subsection, Schedule and Exhibit references in this Agreement are references
to Sections, subsections, Schedules and Exhibits in or to this Agreement
unless otherwise specified; (x) references to "writing" include printing,
typing, lithography and other means of reproducing words in a visible form;
and (xi) the term "proceeds" has the meaning set forth in the applicable UCC.

                                      15
<PAGE>

                                 ARTICLE TWO

                         CONVEYANCE OF TRUST PROPERTY

     Section 2.01. Conveyance of Trust Property.

     (a) In consideration of the Issuer's delivery to or upon the order of the
Depositor on the Closing Date of authenticated Notes, in authorized
denominations in aggregate principal amounts equal to the Initial Note
Balance, and authenticated Certificates, the Depositor hereby irrevocably
sells, transfers, assigns and otherwise conveys to the Issuer, without
recourse (subject to the obligations of the Depositor set forth herein), all
right, title and interest of the Depositor, whether now owned or hereafter
acquired or arising in, to and under the following (collectively, the "Trust
Property"):

               (i) the Receivables and all amounts due and collected on or in
          respect of the Receivables (including proceeds of the repurchase of
          Receivables by the Seller pursuant to Section 2.04 or the purchase
          of Receivables by the Servicer pursuant to Section 3.08 or 8.01)
          after the Cutoff Date;

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

               (iii) all proceeds from claims on or refunds of premiums with
          respect to any physical damage or theft insurance policies and
          extended warranties covering the Financed Vehicles and any proceeds
          of or refunds of premiums of any credit life or credit disability
          insurance policies relating to the Receivables, the Financed
          Vehicles or the Obligors;

               (iv) the Receivable Files;

               (v) any proceeds of Dealer Recourse;

               (vi) the Collection Account, the Note Payment Account, the
          Certificate Payment Account, the Reserve Fund and the Yield
          Supplement Account and all amounts, securities, financial assets,
          investments and other property deposited in or credited to any of
          the foregoing and all proceeds thereof;

               (vii) all rights of the Depositor, but none of the obligations,
          under the Receivables Purchase Agreement, including the right to
          require the Seller to repurchase Receivables from the Depositor;

               (viii) the right to realize upon any property (including the
          right to receive future Liquidation Proceeds and Recoveries) that
          shall have secured a Receivable and have been repossessed by or on
          behalf of the Issuer; and

               (ix) all present and future claims, demands, causes of action
          or 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

                                      16
<PAGE>

          proceeds of the conversion thereof, voluntary or involuntary, into
          cash or other liquid property, all accounts, general intangibles,
          chattel paper, instruments, documents, money, investment property,
          deposit accounts, letters of credit, letter of credit rights,
          insurance proceeds, condemnation awards, rights to payment of any
          and every kind and other forms of obligations and all other property
          which at any time constitutes all or part of, or is included in, the
          proceeds of any of the foregoing.

     (b) The Depositor and the Issuer intend that the transfer of the Trust
Property contemplated by Section 2.01(a) constitute a sale of the Trust
Property from the Depositor to the Issuer, conveying good title to the Trust
Property free and clear of any liens and, in the event of the filing of a
bankruptcy petition by or against the Depositor under any bankruptcy or
similar law, that the Trust Property shall not be part of the Depositor's
estate. However, in the event that such transfer is deemed to be a pledge, the
Depositor hereby grants to the Trust a first priority security interest in all
of the Depositor's right, title and interest in, to and under the Trust
Property, and all proceeds thereof, to secure the payment of the Notes, and in
such event, this Agreement shall constitute a security agreement under
applicable law.

     (c) The sale, transfer, assignment and conveyance of the Trust Property
made under Section 2.01(a) shall not constitute, and is not intended to result
in, an assumption by the Issuer of any obligation of the Depositor or the
Seller to the Obligors or any other Person in connection with the Receivables
and the other Trust Property or any obligation of the Depositor or the Seller
under any agreement, document or instrument related thereto.

     (d) Each of the parties hereto intend that the (i) FDIC Rule shall apply
to the transactions contemplated by this Agreement and the other Basic
Documents and (ii) transactions contemplated by this Agreement and the other
Basic Documents, taken as a whole, constitute a "securitization" within the
meaning of the FDIC Rule.

     Section 2.02. Representations and Warranties of the Seller as to the
Receivables. The Seller has made, under the Receivables Purchase Agreement,
each of the representations and warranties as to the Receivables set forth in
Exhibit A. The Issuer shall be deemed to have relied on such representations
and warranties in accepting the Receivables. The representations and
warranties set forth in Exhibit A speak as of the execution and delivery of
this Agreement, except to the extent otherwise provided, but shall survive the
sale, transfer, assignment and conveyance of the Receivables to the Issuer
pursuant to this Agreement and the pledge of the Receivables to the Indenture
Trustee pursuant to the Indenture. Pursuant to Section 2.01(a), the Depositor
has sold, transferred, assigned and otherwise conveyed to the Issuer, as part
of the Trust Property, its rights under the Receivables Purchase Agreement,
including its right to require the Seller to repurchase Receivables in
accordance with the Receivables Purchase Agreement upon a breach of the
representations and warranties set forth in Exhibit A.

     The Seller hereby agrees that the Issuer shall have the right to enforce
any and all rights under the Receivables Purchase Agreement assigned to the
Issuer under this Agreement, including the right to require the Seller to
repurchase Receivables in accordance with the Receivables Purchase Agreement
upon a breach of the representations and warranties set forth in Exhibit A,
directly against the Seller as though the Issuer were a party to the
Receivables

                                      17
<PAGE>

Purchase Agreement and that the Issuer shall not be obligated to enforce any
such right indirectly through the Depositor.

     Section 2.03. Representations and Warranties of the Depositor as to the
Receivables. The Depositor makes the following representations and warranties
as to the Receivables on which the Issuer shall be deemed to have relied in
accepting the Receivables. The representations and warranties speak as of the
execution and delivery of this Agreement, except to the extent otherwise
provided, but shall survive the sale, transfer, assignment and conveyance of
the Receivables to the Issuer pursuant to this Agreement and the pledge of the
Receivables to the Indenture Trustee pursuant to the Indenture.

     (a) Title. The Depositor has purchased the Receivables from the Seller.
The Depositor intends that the transfer of the Receivables contemplated by
Section 2.01(a) constitute a sale of the Receivables from the Depositor to the
Issuer and that the beneficial interest in, and title to, the Receivables not
be part of the Depositor's estate in the event of the filing of a bankruptcy
petition by or against the Depositor under any bankruptcy law. The Depositor
has not sold, transferred, assigned or pledged any Receivable to any Person
other than the Issuer. The Depositor has not created, incurred or suffered to
exist any Lien, encumbrance or security interest on any Receivable except for
the Lien of (i) this Agreement and (ii) Indenture.

     (b) Security Interest Matters. This Agreement creates a valid and
continuing "security interest" (as defined in the UCC) in the Receivables in
favor of the Issuer, which security interest is prior to all other Liens and
is enforceable as such as against creditors of and purchasers from the
Depositor. The Receivables constitute "tangible chattel paper" (as defined in
the UCC). The Depositor owns and has good and marketable title to the
Receivables free and clear of any Lien, claim or encumbrance of any Person.
The Depositor has caused or will cause prior to the Closing Date the filing of
all appropriate financing statements in the proper filing offices in the
appropriate jurisdictions under applicable law necessary to perfect the
security interest in the Receivables granted to the Issuer under this
Agreement. Other than the security interest granted to the Issuer under this
Agreement, the Depositor has not pledged, assigned, sold, granted a security
interest in or otherwise conveyed any of the Receivables. The Depositor has
not authorized the filing of and is not aware of any financing statements
against the Depositor that include a description of collateral covering the
Receivables other than any financing statement relating to the security
interest granted to the Issuer under this Agreement or that has been
terminated. The Depositor is not aware of any judgment or tax lien filings
against the Depositor. The security interest of the Seller in each Financed
Vehicle has been validly assigned by the Depositor to the Issuer.

     (c) Financing Statements. All financing statements filed or to be filed
against the Depositor in favor of the Indenture Trustee (as assignee of the
Issuer) contain a statement substantially to the following effect: "A purchase
of or security interest in any collateral described in this financing
statement will violate the rights of the Indenture Trustee".

     (d) No Transfer Restrictions. The Depositor has not created, incurred or
suffered to exist any restriction on transferability of the Receivables except
for the restrictions on transferability imposed by this Agreement. The
transfer of the Receivables and the Receivable

                                      18
<PAGE>

Files by the Depositor to the Issuer pursuant to this Agreement is not subject
to the bulk transfer laws or any similar statutory provisions in effect in any
applicable jurisdiction.

     Section 2.04. Repurchase of Receivables Upon Breach. The Depositor, the
Seller, the Servicer or the Owner Trustee, as the case may be, shall inform
the other parties to this Agreement and the Indenture Trustee promptly, in
writing, upon the discovery of any breach or failure to be true of the
representations and warranties set forth in Exhibit A. If such breach or
failure shall not have been cured by the close of business on the last day of
the Collection Period which includes the 30th day after the date on which the
Seller becomes aware of, or receives written notice from the Depositor, the
Servicer or the Owner Trustee of, such breach or failure, and such breach or
failure materially and adversely affects the interest of the Issuer in a
Receivable, the Seller shall repurchase such Receivable from the Issuer on the
Distribution Date immediately following such Collection Period. In
consideration of the repurchase of a Receivable hereunder, the Seller shall
remit the Purchase Amount of such Receivable in the manner specified in
Section 4.05. The sole remedy of the Issuer, the Owner Trustee, the Indenture
Trustee, the Noteholders and the Certificateholders with respect to a breach
or failure to be true of the representations and warranties set forth in
Exhibit A shall be to require the Seller to repurchase Receivables pursuant to
this Section or Section 3.03(c) of the Receivables Purchase Agreement. Neither
the Owner Trustee nor the Indenture Trustee shall have any duty to conduct an
affirmative investigation as to the occurrence of any condition requiring the
repurchase of any Receivable pursuant to this Section or the eligibility of
any Receivable for purposes of this Agreement.

     Section 2.05. Custody of Receivable Files. To assure uniform quality in
servicing the Receivables and to reduce administrative costs, the Issuer
hereby revocably appoints the Servicer as its agent, and the Servicer hereby
accepts such appointment, to act as custodian on behalf of the Issuer and the
Indenture Trustee of the following documents or instruments which are hereby
constructively delivered to the Indenture Trustee, as pledgee of the Trust
Property pursuant to the Indenture with respect to each Receivable
(collectively, a "Receivable File"):

          (i) the fully executed original of the Receivable;

          (ii) the original (or image of the original) credit application with
     respect to such Receivable fully executed by the related Obligor or a
     photocopy thereof or a record thereof on a computer file or disc or on
     microfiche;

          (iii) the original certificate of title for the related Financed
     Vehicle (or evidence that such certificate of title has been applied for)
     or such other documents that the Seller or the Servicer shall keep on
     file, in accordance with its customary practices and procedures,
     evidencing the security interest of the Seller in such Financed Vehicle;

          (iv) documents evidencing the commitment of the related Obligor to
     maintain physical damage insurance covering the related Financed Vehicle;
     and

          (v) any and all other documents (including any computer file or disc
     or microfiche) that the Seller or the Servicer shall keep on file, in
     accordance with its

                                      19
<PAGE>

     customary practices and procedures, relating to the Receivable, the
     related Obligor or the related Financed Vehicle.

     On the Closing Date, the Servicer shall deliver an Officer's Certificate
to the Issuer and the Indenture Trustee confirming that the Servicer has
received, on behalf of the Issuer and the Indenture Trustee, all the documents
and instruments necessary for the Servicer to act as the agent of the Issuer
and the Indenture Trustee for the purposes set forth in this Section,
including the documents referred to herein, and the Issuer and the Trustees
are hereby authorized to rely on such Officer's Certificate. In addition,
within 180 days after the Closing Date, the Servicer shall deliver to the
Issuer and the Indenture Trustee an Officer's Certificate certifying that the
Servicer has received the original certificate of title for each Financed
Vehicle except each Financed Vehicle securing an outstanding Receivable for
which the Servicer has not received the original certificate of title as shall
be identified in such Officer's Certificate (and indicating whether such
Financed Vehicle is subject to a certificate of title statute or motor vehicle
registration law that requires that the original certificate of title for such
Financed Vehicle be delivered to the Seller).

     Section 2.06. Duties of Servicer as Custodian.

     (a) Safekeeping. The Servicer, in its capacity as custodian, shall hold
the Receivable Files for the benefit of the Issuer and the Indenture Trustee
and maintain such accurate and complete accounts, records and computer systems
pertaining to each Receivable File as shall enable the Servicer and the Issuer
to comply with this Agreement and the Indenture Trustee to comply with the
Indenture. In performing its duties as custodian, the Servicer shall act with
reasonable care, using that degree of skill and attention that it exercises
with respect to the files of comparable motor vehicle installment sale
contracts that the Servicer services for itself or others. The Servicer shall
conduct, or cause to be conducted, in accordance with its customary practices
and procedures, periodic examinations of the files of all receivables owned or
serviced by it which shall include the Receivable Files held by it under this
Agreement, and of the related accounts, records and computer systems, in such
a manner as shall enable the Issuer or the Indenture Trustee to verify the
accuracy of the Servicer's record keeping. The Servicer shall promptly report
to the Trustees any failure on its part to hold the Receivable Files and to
maintain its accounts, records and computer systems as herein provided and
promptly take appropriate action to remedy any such failure. Nothing herein
shall be deemed to require an initial review or any periodic review of the
Receivable Files by the Issuer or the Trustees, and none of the Issuer or
either Trustee shall be liable or responsible for any action or failure to act
by the Servicer in its capacity as custodian hereunder.

     (b) Maintenance of and Access to Records. The Servicer shall maintain
each Receivable File at one of the locations specified in Schedule A or at
such other location as shall be specified to the Issuer and the Indenture
Trustee by 30 days' prior written notice. The Servicer may temporarily move
individual Receivable Files or any portion thereof without notice as necessary
to conduct collection and other servicing activities in accordance with its
customary practices and procedures. The Servicer shall make available to the
Issuer and the Indenture Trustee or its duly authorized representatives,
attorneys or auditors a list of locations of the Receivable Files, the
Receivable Files and the related accounts, records and computer systems
maintained by the Servicer at such times during normal business hours as the
Issuer and the Indenture Trustee shall reasonably request.

                                      20
<PAGE>

     (c) Release of Documents. As soon as practicable after receiving written
instructions from the Indenture Trustee, the Servicer shall release any
document in the Receivable Files to the Indenture Trustee or its agent or
designee, as the case may be, at such place or places as the Indenture Trustee
may reasonably designate. The Servicer shall not be responsible for any loss
occasioned by the failure of the Indenture Trustee to return any document or
any delay in so doing.

     (d) Title to Receivables. The Servicer shall not at any time have, or in
any way attempt to assert, any interest in any Receivable held by it as
custodian hereunder or in the related Receivable File, other than for
collecting or enforcing such Receivable for the benefit of the Issuer. The
entire equitable interest in such Receivable and the related Receivable File
shall at all times be vested in the Issuer.

     Section 2.07. Instructions; Authority to Act. The Servicer shall be
deemed to have received proper instructions with respect to the Receivable
Files upon its receipt of written instructions signed by a Responsible Officer
of the Indenture Trustee. A certified copy of excerpts of authorizing
resolutions of the board of directors of the Indenture Trustee shall
constitute conclusive evidence of the authority of any such Responsible
Officer to act and shall be considered in full force and effect until receipt
by the Servicer of written notice to the contrary given by the Indenture
Trustee.

     Section 2.08. Indemnification by Custodian. The Servicer, in its capacity
as custodian of the Receivable Files, shall indemnify and hold harmless the
Issuer, the Trustees and each of their respective officers, directors,
employees and agents from and against any and all liabilities, obligations,
losses, compensatory damages, payments, costs or expenses (including
reasonable legal fees, if any) of any kind whatsoever that may be imposed on,
incurred or asserted against the Issuer, the Trustees and each of their
respective officers, directors, employees and agents as the result of any
improper act or omission in any way relating to the maintenance and custody of
the Receivable Files by the Servicer, as custodian; provided, however, that
the Servicer shall not be liable for any portion of any such liabilities,
obligations, losses, compensatory damages, payments, costs or expenses
resulting from the willful misfeasance, bad faith or negligence of either
Trustee.

     Section 2.09. Effective Period and Termination. The Servicer's
appointment as custodian shall become effective as of the Cutoff Date and
shall continue in full force and effect until terminated pursuant to this
Section. If the Servicer shall resign as Servicer under Section 6.05, or if
all of the rights and obligations of the Servicer shall have been terminated
under Section 7.01, the appointment of the Servicer as custodian hereunder may
be terminated by (i) the Issuer, with the consent of the Indenture Trustee,
(ii) Holders of Notes evidencing not less than 25% of the Note Balance of the
Controlling Class or, if the Notes have been paid in full, by
Certificateholders evidencing not less than 25% of the aggregate Certificate
Percentage Interest or (iii) the Owner Trustee, with the consent of Holders of
Notes evidencing not less than 25% of the Note Balance of the Controlling
Class, in each case by notice then given in writing to the Depositor and the
Servicer (with a copy to the Trustees if given by the Noteholders or the
Certificateholders). As soon as practicable after any termination of such
appointment, the Servicer shall deliver, or cause to be delivered, the
Receivable Files and the related accounts and records maintained by the
Servicer to the Indenture Trustee, the Indenture Trustee's agent or the

                                      21
<PAGE>

Indenture Trustee's designee, as the case may be, at such place as the
Indenture Trustee may reasonably designate or, if the Notes have been paid in
full, at such place as the Owner Trustee may reasonably designate.

                                      22
<PAGE>

                                ARTICLE THREE

               ADMINISTRATION AND SERVICING OF THE TRUST PROPERTY

     Section 3.01. Duties of Servicer. The Servicer, acting alone or through
one or more subservicers to the extent permitted hereunder, for the benefit of
the Issuer, shall manage, service, administer and make collections on the
Receivables with reasonable care but in no event less than the Servicer
exercises with respect to all comparable motor vehicle receivables that it
services for itself or others. The Servicer's duties shall include collection
and posting of all payments, responding to inquiries of Obligors or by
federal, state or local government authorities with respect to the
Receivables, investigating delinquencies, sending payment coupons to Obligors,
reporting tax information to Obligors in accordance with its customary
practices, policing the collateral, accounting for collections and furnishing
monthly and annual statements to the Trustees with respect to distributions,
providing collection and repossession services in the event of Obligor
default, generating federal income tax information and performing the other
duties specified herein. The Servicer shall have full power and authority to
do any and all things in connection with such managing, servicing,
administration and collection that it may deem necessary or desirable, it
being understood, however, that the Servicer shall at all times remain
responsible to the Issuer, the Paying Agent and the Indenture Trustee for the
performance of its duties and obligations hereunder. Subject to the foregoing
and to Section 3.02, the Servicer shall follow its customary standards,
policies, practices and procedures in performing its duties hereunder as
Servicer. Without limiting the generality of the foregoing, the Servicer shall
be authorized and empowered to execute and deliver, on behalf of itself, the
Depositor, the Issuer, the Trustees, the Securityholders or any of them, any
and all instruments of satisfaction or cancellation, or of partial or full
release or discharge and all other comparable instruments, with respect to the
Receivables and the Financed Vehicles. The Servicer is hereby authorized to
commence, in its own name or in the name of the Issuer, a legal proceeding to
enforce a Receivable pursuant to Section 3.04 or to commence or participate in
a legal proceeding (including a bankruptcy proceeding) relating to or
involving a Receivable, including a Defaulted Receivable. If the Servicer
commences or participates in such a legal proceeding in its own name, the
Issuer shall thereupon be deemed to have automatically assigned, solely for
the purpose of collection on behalf of the party retaining an interest in such
Receivable, such Receivable and the other property conveyed to the Issuer
pursuant to Section 2.01 with respect to such Receivable to the Servicer for
purposes of commencing or participating in any such proceeding as a party or
claimant, and the Servicer is authorized and empowered by the Issuer to
execute and deliver in the Servicer's name any notices, demands, claims,
complaints, responses, affidavits or other documents or instruments in
connection with any such proceeding. If in any enforcement suit or legal
proceeding it shall be held that the Servicer may not enforce a Receivable on
the grounds that it shall not be a real party in interest or a holder entitled
to enforce such Receivable, the Owner Trustee shall, at the Servicer's expense
and written direction, take steps to enforce such Receivable, including
bringing suit in the Servicer's or the Issuer's name or the name of the Owner
Trustee, the Indenture Trustee, the Noteholders, the Certificateholders or any
of them. The Owner Trustee, on behalf of the Issuer, shall furnish the
Servicer with any powers of attorney and other documents and take any other
steps which the Servicer may deem necessary or appropriate to enable the
Servicer to carry out its servicing and administrative duties hereunder. The
Servicer, at its expense, shall obtain on behalf of the Trust or the Owner
Trustee all licenses, if any, required by the laws of any jurisdiction to be
held by

                                      23
<PAGE>

the Trust or the Owner Trustee in connection with ownership of the Receivables
and shall make all filings and pay all fees as may be required in connection
therewith during the term of this Agreement.

     Section 3.02. Subservicers. The Servicer may enter into subservicing
agreements with one or more subservicers approved by the Indenture Trustee for
the servicing and administration of certain of the Receivables (including
holding the related Receivable Files as custodian). The Servicer shall notify
each Rating Agency promptly if a subservicer is hired. References herein to
actions taken or to be taken by the Servicer in servicing the Receivables
include actions taken or to be taken by a subservicer on behalf of the
Servicer. Each subservicing agreement will be upon such terms and conditions
as are not inconsistent with this Agreement and as the Servicer and the
subservicer have agreed. With the approval of the Servicer, a subservicer may
delegate its servicing obligations to third-party servicers, but such
subservicer will remain obligated under the related subservicing agreement.
The Servicer and a subservicer may enter into amendments thereto or different
forms of subservicing agreements; provided, however, that any such amendments
or different forms shall be consistent with and not violate the provisions of
this Agreement or materially adversely affect the rights of the
Securityholders hereunder.

     The Servicer shall be entitled to terminate any subservicing agreement
that may exist in accordance with the terms and conditions of such
subservicing agreement and without any limitation by virtue of this Agreement;
provided, however, that in the event of termination of any subservicing
agreement by the Servicer or the related subservicer, the Servicer shall
either act directly as servicer of the related Receivable or enter into a
subservicing agreement with a successor subservicer approved by the Indenture
Trustee which will be bound by the terms of the related subservicing
agreement.

     Notwithstanding any subservicing agreement, any of the provisions of this
Agreement relating to agreements or arrangements between the Servicer or a
subservicer or reference to actions taken through such Persons or otherwise,
the Servicer shall remain obligated and liable to the Indenture Trustee, the
Owner Trustee, the Issuer and the Securityholders for the servicing and
administering of the Receivables in accordance with the provisions of this
Agreement without diminution of such obligation or liability by virtue of such
subservicing agreements or arrangements or by virtue of indemnification from a
subservicer and to the same extent and under the same terms and conditions as
if the Servicer alone were servicing and administering the Receivables. The
Servicer shall be entitled to enter into an agreement with a subservicer for
indemnification of the Servicer and nothing contained in this Agreement shall
be deemed to limit or modify such indemnification.

     Any subservicing agreement that may be entered into and any other
transactions or servicing arrangements relating to the Receivables involving a
subservicer or an Affiliate of the Servicer in its capacity as such, and not
as an originator of Receivables, shall be deemed to be between the subservicer
or such Affiliate, as the case may be, and the Servicer alone, and none of the
Indenture Trustee, the Owner Trustee, the Issuer, the Noteholders nor the
Certificateholders shall be deemed parties thereto and shall have no claims,
rights, obligations, duties or liabilities with respect to the subservicer
except as set forth in the immediately succeeding paragraph.

                                      24
<PAGE>

     In the event the Servicer shall for any reason no longer be acting as
servicer under this Agreement (including by reason of a Servicer Termination
Event), the Indenture Trustee or its designee may, at the sole discretion of
the Indenture Trustee, thereupon assume all of the rights and obligations of
such Servicer under each subservicing agreement selected by the Indenture
Trustee in its sole discretion. In such event, the Indenture Trustee, its
designee or the Successor Servicer for the Indenture Trustee shall be deemed
to have assumed all of the Servicer's interest therein and to have replaced
the Servicer as a party to each such subservicing agreement to the same extent
as if such subservicing agreement had been assigned to the assuming party
except that the Servicer shall not thereby be relieved of any liability or
obligations under the subservicing agreement. The Servicer shall, upon request
of the Indenture Trustee but at the expense of the Servicer, deliver to the
assuming party all documents and records relating to each such subservicing
agreement and the Receivables then being serviced and an accounting of amounts
collected and held by it and otherwise use its best efforts to effect the
orderly and efficient transfer of the subservicing agreement to the assuming
party.

     The Servicer, each subservicer and any Successor Servicer shall at all
times comply with all applicable federal, State and local laws, rules,
regulations and ordinances governing or relating to the privacy rights of the
Obligors in connection with its performance of its duties under this Agreement
including the Gramm-Leach-Bliley Act. The Servicer, each subservicer and any
Successor Servicer shall implement such physical and other security measures
as shall be necessary to (i) ensure the security and confidentiality of the
"nonpublic personal information" of each Obligor, (ii) protect against any
threats or hazards to the security and integrity of such nonpublic personal
information and (iii) protect against any unauthorized access to or use of
such nonpublic personal information.

     In those cases where a subservicer is servicing a Receivable pursuant to
a subservicing agreement, the Servicer shall cause the subservicer to remit to
the Servicer for deposit in the Collection Account, on a daily basis, within
two Business Days after receipt by the subservicer, all proceeds of the
Receivables and all Available Collections received by the subservicer.

     Section 3.03. Collection of Receivable Payments; Modification of
Receivables. The 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 and the other Trust Property in such manner as will, in the
reasonable judgment of the Servicer, maximize the amount to be received by the
Issuer with respect thereto and in accordance with the standard of care
required by Section 3.01. The Servicer shall allocate collections on or in
respect of the Receivables between principal and interest in accordance with
the Simple Interest Method and the customary servicing practices and
procedures it follows with respect to all comparable motor vehicle retail
installment sale contracts that it services for itself or others. The Servicer
shall not increase or decrease the number or amount of any Monthly Payment,
the Amount Financed under any Receivable or the Contract Rate of any
Receivable, or extend, rewrite or otherwise modify the payment terms of any
Receivable; provided, however, that the Servicer may extend the due date for
one or more payments due on any Receivable for credit-related reasons that
would be acceptable to the Servicer with respect to comparable motor vehicle
retail installment sale contracts that it services for itself or others and in
accordance with its customary standards, policies, practices and procedures if
the cumulative extensions with respect to any Receivable shall not cause the
term of such Receivable to extend beyond the last

                                      25
<PAGE>

day of the Collection Period relating to the Class C Final Scheduled
Distribution Date. If the Servicer fails to comply with the provisions of the
preceding sentence, the Servicer shall be required to purchase each Receivable
affected thereby for the related Purchase Amount, in the manner specified in
Section 3.08, as of the close of business on the last day of the Collection
Period which includes the 30th day after the Servicer becomes aware of such
failure. The Servicer may, in its discretion (but only in accordance with its
customary standards, policies, practices and procedures), waive any late
payment charge or any other fee that may be collected in the ordinary course
of servicing a Receivable. In addition, in the event that any such extension
of a Receivable modifies the terms of such Receivable in such a manner as to
constitute a cancellation of such Receivable and the creation of a new motor
vehicle receivable that results in a deemed exchange thereof within the
meaning of Section 1001 of the Code, the Servicer shall purchase such
Receivable pursuant to Section 3.08, and the Receivable created shall not be
included in the Trust Property.

     Section 3.04. Realization Upon Receivables.

     (a) The Servicer shall use commercially reasonable efforts on behalf of
the Issuer, in accordance with the standard of care required under Section
3.01, to repossess or otherwise convert the ownership of each Financed Vehicle
securing a Defaulted Receivable. In taking such action, the Servicer shall
follow such customary and usual practices and procedures as it shall deem
necessary or advisable in its servicing of comparable motor vehicle
installment sale contracts, and as are otherwise consistent with the standard
of care required under Section 3.01. The Servicer shall be entitled to recover
all reasonable expenses incurred by it with respect to realizing on a
Defaulted Receivable, including such expenses incurred in the course of
repossessing and liquidating a Financed Vehicle into cash proceeds, but only
out of the cash proceeds of such Financed Vehicle and any deficiency amount
obtained from the Obligor. The foregoing is subject to the proviso that, in
any case in which the Financed Vehicle shall have suffered damage, the
Servicer shall not expend funds in connection with any repair or towards the
repossession of such Financed Vehicle unless it shall determine in its
discretion that such repair or repossession shall increase the Liquidation
Proceeds or Recoveries of the related Receivable.

     (b) If the 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 the Issuer to the Servicer of the rights of recourse under
such Dealer Agreement. If, however, in any enforcement suit or legal
proceeding, it is held that the 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, the Owner Trustee, at the Servicer's expense and
direction, shall take such steps as the Servicer deems necessary to enforce
the Dealer Agreement, including bringing suit in its name or the names of the
Indenture Trustee, the Securityholders or any of them.

     Section 3.05. Maintenance of Physical Damage Insurance Policies. The
Servicer shall follow its customary practices and procedures to determine
whether or not each Obligor shall have maintained physical damage insurance
covering the related Financed Vehicle. In the event that the Servicer has
determined that an Obligor fails to maintain the required insurance, the
Servicer shall treat the Obligor as being in default under the related
Receivable.

                                      26
<PAGE>

     Section 3.06. Maintenance of Security Interests in Financed Vehicles. The
Servicer shall take such steps, in accordance with the standard of care
required under Section 3.01, as are necessary to maintain perfection of the
security interest created by each Receivable in the related Financed Vehicle.
The Issuer hereby authorizes the Servicer, and the Servicer hereby agrees, to
take such steps as are necessary to re-perfect such security interest on
behalf of the Issuer and the Indenture Trustee in the event the Servicer
receives notice of, or otherwise has actual knowledge of, the fact that such
security interest is not perfected as a result of the relocation of a Financed
Vehicle or for any other reason. In the event that the assignment of a
Receivable to the Issuer is insufficient, without a notation on the related
Financed Vehicle's certificate of title, to grant to the Issuer a first
priority perfected security interest in the related Financed Vehicle, the
Servicer hereby agrees to serve as the agent of the Issuer for the purpose of
perfecting the security interest of the Issuer in such Financed Vehicle and
agrees that the Servicer's listing as the secured party on the certificate of
title is solely in its capacity as agent of the Issuer. The Servicer shall not
release, in whole or in part, any security interest in a Financed Vehicle
created by the related Receivable except as permitted herein or in accordance
with its customary standards, policies, practices and procedures.

     Section 3.07. Covenants of Servicer. The Servicer makes the following
covenants:

          (a) Liens in Force. Except upon the payment in full of a Receivable
     or as otherwise contemplated by this Agreement or applicable law, the
     Servicer shall not release in whole or in part any Financed Vehicle from
     the security interest securing the related Receivable.

          (b) No Impairment. The Servicer shall not impair in any material
     respect the rights of the Depositor, the Issuer, the Trustees or the
     Securityholders in the Receivables or, except as permitted under Section
     3.03, otherwise amend or alter the terms of the Receivables and as a
     result of such amendment or modification or alteration, the interests of
     the Depositor, the Issuer, the Trustees or the Securityholder would be
     materially adversely affected.

     Section 3.08. Purchase of Receivables Upon Breach. The Depositor, the
Seller, the Servicer or the Owner Trustee, as the case may be, shall inform
the other parties to this Agreement and the Indenture Trustee promptly, in
writing, upon the discovery of any breach of Section 3.03, 3.06 or 3.07. If
such breach shall not have been cured by the close of business on the last day
of the Collection Period which includes the 30th day after the date on which
the Servicer becomes aware of, or receives written notice from the Depositor,
the Seller, the or Owner Trustee of, such breach, and such breach materially
and adversely affects the interest of the Issuer in a Receivable, the Servicer
shall purchase such Receivable from the Issuer on the Distribution Date
following such Collection Period; provided, however, that, with respect to a
breach of Section 3.03, the Servicer shall purchase the affected Receivable
from the Issuer at the end of the Collection Period in which such breach
occurs. In consideration of the purchase of a Receivable hereunder, the
Servicer shall remit the related Purchase Amount of such Receivable to the
Collection Account in the manner specified in Section 4.05. The sole remedy of
the Issuer, the Owner Trustee, the Indenture Trustee, the Noteholders and the
Certificateholders with respect to a breach of Section 3.03, 3.06 or 3.07
shall be to require the Servicer to purchase Receivables pursuant to this
Section. Neither the Owner Trustee nor the Indenture Trustee shall

                                      27
<PAGE>

have any duty to conduct an affirmative investigation as to the occurrence of
any condition requiring the purchase of any Receivable pursuant to this
Section.

     Section 3.09. Servicing Compensation; Payment of Certain Expenses by
Servicer. The Servicer shall receive the Monthly Servicing Fee for servicing
the Receivables. The Monthly Servicing Fee for any Collection Period shall
equal the product of one-twelfth of the Servicing Rate and the Pool Balance as
of the first day of such Collection Period (or, in the case of the initial
Collection Period, as of the Cutoff Date). As additional servicing
compensation, the Servicer shall be entitled to receive or retain (i) all
extension fees charged in connection with extensions of Receivables, (ii) any
administration fees and charges and all late payment fees actually collected
(from whatever source) on the Receivables and (iii) in the event that
collections on or in respect of the Receivable are permitted to be deposited
by the Servicer into the Collection Account on a monthly basis pursuant to
Section 4.02, all investment earnings on funds on deposit in the Collection
Account (collectively, the "Supplemental Servicing Fee"). The Servicer shall
pay all expenses incurred by it in connection with the activities under this
Agreement (including fees and expenses of the Trustees and the Paying Agent,
the independent accountants and any subservicer, taxes imposed on the
Servicer, expenses incurred in connection with distributions and reports to
Securityholders and all other fees and expenses not expressly stated under
this Agreement to be for the account of the Securityholders), except expenses
incurred in realizing upon Receivables under Section 3.04.

     Section 3.10. Servicer's Certificate. On or before each Determination
Date, the Servicer shall deliver to the Depositor, the Seller, the Trustees,
each Paying Agent and each Rating Agency a Servicer's Certificate containing
all information necessary to make the transfers and distributions required by
Sections 4.05, 4.06, 4.07 and 4.08 in respect of the related Collection Period
on the related Distribution Date and all information necessary for the
Trustees to send statements to Securityholders pursuant to Section 4.09 and
pursuant to Section 6.06 of the Indenture. The Servicer shall also specify to
the Trustees, no later than the Determination Date following the last day of a
Collection Period as of which the Seller shall separately identify (by account
number) in a written notice to the Depositor and the Trustees, the Receivables
to be repurchased by the Seller or purchased by the Servicer, as the case may
be, on the related Deposit Date and, upon request of one of the foregoing
parties, each Receivable that became a Defaulted Receivable during the related
Collection Period. The Servicer shall deliver to the Rating Agencies any
information, to the extent that it is available to the Servicer, that the
Rating Agencies reasonably request in order to monitor the Issuer.

     Section 3.11. Annual Statement as to Compliance; Notice of Default.

     (a) The Servicer shall deliver to the Depositor, the Trustees and each
Rating Agency, within 90 days after each year end, beginning with the first
year end that is at least four months after the Closing Date, an Officer's
Certificate of the Servicer, stating that (i) a review of the activities of
the Servicer during the preceding 12-month period ended December 31 (or, if
applicable, such shorter period in the case of the first such Officer's
Certificate) and of its performance under this Agreement has been made under
such officer's supervision and (ii) to such officer's knowledge, based on such
review, the Servicer has fulfilled all its obligations under this Agreement
throughout such period, or, if there has been a default in the fulfillment of
any such obligation, specifying each such default known to such officer and
the nature and status

                                      28
<PAGE>

thereof. Notwithstanding the foregoing, to the extent that the Commission
adopts a rule requiring the delivery by the Servicer of an annual report on an
assessment of servicing compliance on the basis of detailed servicing
criteria, the delivery of a copy of such report to the Depositor, the Trustees
and each Rating Agency shall be deemed to satisfy the provisions of this
subsection.

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

     Section 3.12. Annual Accountants' Report. The Servicer shall cause a firm
of independent certified public accountants (who may also render other
services to the Servicer or to the Depositor or their respective Affiliates)
to deliver to the Depositor and the Trustees within 90 days after each year
end, beginning with the first year end that is at least four months after the
Closing Date, a report with respect to the preceding 12-month period ended
December 31 (or, if applicable, such shorter period in the case of the first
such report) to the effect that such accountants have examined, on a test
basis, evidence of the Servicer's compliance with the covenants and conditions
set forth in this Agreement. The report will express an opinion on the
Servicer's assertion that the Servicer complied in all material respects with
the aforementioned covenants and conditions is fairly stated, in all material
respects or the reason why such an opinion cannot be expressed. Such report
shall also indicate that the firm is independent with respect to the Depositor
and the Servicer within the meaning of the Code of Professional Ethics of the
American Institute of Certified Public Accountants. Notwithstanding the
foregoing, to the extent the Commission adopts a rule requiring the delivery
of an annual attestation of a firm of independent public accountants with
respect to the assessment of servicing compliance with specified servicing
criteria by the Servicer stating, among other things, that the Servicer's
assertion of compliance with the specified servicing criteria is fairly stated
in all material respects, or the reason why such an opinion cannot be
expressed, the delivery of a copy of such attestation to the Depositor and the
Trustees shall be deemed to satisfy the provisions of this Section.

     Section 3.13. Access to Certain Documentation and Information Regarding
Receivables. Subject to Section 2.06(b), the Servicer shall provide the
Depositor, the Trustees and the Securityholders with access to the Receivables
Files in the cases where the related Trustee or such Securityholder is
required by applicable statutes or regulations to have access to such
documentation. Such access shall be afforded without charge but only upon
reasonable request and during normal business hours which does not
unreasonably interfere with the normal operations or customer or employee
relations of the Servicer, at the respective offices of the Servicer. Nothing
in this Section shall affect the obligation of the Servicer to observe any
applicable law prohibiting disclosure of information regarding the Obligors,
and the failure of the Servicer to provide access to information as a result
of such obligation shall not constitute a breach of this Section. Each
Securityholder, by its acceptance of the related Security or a beneficial
interest therein, shall be deemed to have agreed to keep any information
obtained by it pursuant to this Section confidential, except as may be
required by applicable law.

                                      29
<PAGE>

     Section 3.14. Reports to the Commission. The Servicer shall, on behalf of
the Issuer, cause to be filed with the Commission any periodic reports
required to be filed under the provisions of the Exchange Act, and the rules
and regulations of the Commission thereunder. The Depositor shall, at its
expense, cooperate in any reasonable request made by the Servicer in
connection with such filings.

     Section 3.15. Reports to Rating Agencies. The Servicer shall deliver to
each Rating Agency, at such address as such Rating Agency may request, 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.

                                      30
<PAGE>

                                 ARTICLE FOUR

                         DISTRIBUTIONS; RESERVE FUND;
                         STATEMENTS TO SECURITYHOLDERS

     Section 4.01. Establishment of Accounts.

     (a) The Servicer shall establish, on or before the Closing Date, and
maintain an Eligible Account with, and in the name of the Indenture Trustee,
at an Eligible Institution (which shall initially be the Paying Agent) a
segregated trust account for the benefit of (i) the Securityholders, the
Servicer, the Trustees and the Paying Agent, designated as the "Wachovia Auto
Owner Trust 2004-A Collection Account" (the "Collection Account"), (ii) the
Noteholders, the Servicer, the Trustees and the Paying Agent, designated as
the "Wachovia Auto Owner Trust 2004-A Note Payment Account" (the "Note Payment
Account"), and (iii) the Securityholders, designated as the "Wachovia Auto
Owner Trust 2004-A Yield Supplement Account" (the "Yield Supplement Account"),
in each case bearing a designation clearly indicating that the funds deposited
therein are held in trust for the benefit of the related Persons. On the
Closing Date, the Depositor shall deposit the Yield Supplement Account Initial
Deposit into the Yield Supplement Account from the net proceeds of the sale of
the Notes. The Collection Account, the Note Payment Account and the Yield
Supplement Account shall be under the sole dominion and control of the
Indenture Trustee; provided, however, that the Servicer may direct the Paying
Agent or the Indenture Trustee in writing to make deposits to and withdrawals
from the Collection Account, the Note Payment Account and the Yield Supplement
Account in accordance with this Agreement and the other Basic Documents. All
monies deposited from time to time in the Collection Account, the Note Payment
Account and the Yield Supplement Account shall be held by the Indenture
Trustee or the Paying Agent as part of the Trust Property, and all deposits to
and withdrawals therefrom shall be made only upon the terms and conditions of
the Basic Documents.

     (b) If the Servicer is required to remit collections on a daily basis
pursuant to the first sentence of Section 4.02(a), (i) all amounts held in the
Accounts shall, to the extent permitted by applicable law, rules and
regulations, be either invested by the Indenture Trustee or the Paying Agent
in Permitted Investments selected in writing by the Servicer or maintained in
cash and (ii) all interest and other income (net of losses and investment
expenses) on funds on deposit in the Accounts shall be retained on deposit in
the related Account. In the event that the Servicer is permitted to remit
collections on a monthly basis pursuant to Section 4.02, all interest and
other income (net of losses and investment expenses) on funds on deposit in
(A) the Collection Account shall be payable to the Servicer as part of the
Supplemental Servicing Fee and (B) the Note Payment Account and the Yield
Supplement Account shall be retained on deposit therein.

     (c) The Servicer shall establish, on or before the Closing Date, and
maintain in the name of the Owner Trustee at an Eligible Institution (which
shall initially be the Paying Agent) a segregated trust account designated as
the "Wachovia Auto Owner Trust 2004-A Certificate Payment Account" (the
"Certificate Payment Account"). The Certificate Payment Account shall be held
in trust for the benefit of the Certificateholders. The Certificate Payment
Account shall be under the sole dominion and control of the Owner Trustee;
provided, however, that the Servicer may direct the Indenture Trustee or the
Paying Agent in writing to make deposits to and

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<PAGE>

withdrawals from the Certificate Payment Account in accordance with this
Agreement and the other Basic Documents. All monies deposited from time to
time in the Certificate Payment Account shall be held by the Owner Trustee as
part of the Trust Property and shall be applied as provided in the Basic
Documents. The amounts on deposit in the Certificate Payment Account shall not
be invested.

     (d) In the event that the Paying Agent is no longer an Eligible
Institution, the Servicer shall, with the Paying Agent's assistance as
necessary, promptly (and in any case within ten calendar days) cause the
Collection Account, the Note Payment Account, the Yield Supplement Account and
the Certificate Payment Account to be moved to an Eligible Institution. The
Servicer shall promptly notify the Rating Agencies and the Trustees in writing
of any change in the account number or location of the Collection Account, the
Note Payment Account, the Yield Supplement Account and the Certificate Payment
Account.

     Section 4.02. Collections. The Servicer shall remit to the Collection
Account all amounts received by the Servicer on or in respect of the
Receivables (including Liquidation Proceeds and all amounts received by the
Servicer in connection with the repossession and sale of a Financed Vehicle
(whether or not the related Receivable has been classified as a Defaulted
Receivable) but excluding payments with respect to Purchased Receivables) as
soon as practicable and in no event after the close of business on the second
Business Day after such receipt; provided, however, that for so long as the
Monthly Remittance Condition shall be satisfied, the Servicer may remit all
such amounts received on or in respect of the Receivables during any
Collection Period to the Collection Account in immediately available funds on
the related Deposit Date. As of the Closing Date, the Servicer shall make
remittances to the Collection Account on a monthly basis. Neither Trustee
shall be deemed to have knowledge of any event or circumstance under clause
(i) or (ii) of the definition of the term "Monthly Remittance Condition" that
would require daily remittances by the Servicer to the Collection Account
unless such Trustee has received notice of such event or circumstance from the
Depositor or the Servicer in an Officer's Certificate or from the Holders of
Notes evidencing not less than 25% of the Note Balance of the Controlling
Class or a Responsible Officer of such Trustee has actual knowledge of such
event or circumstance. The Servicer shall remit to the Collection Account on
the Closing Date all amounts received by the Servicer on or in respect of the
Receivables (including Liquidation Proceeds and all amounts received by the
Servicer in connection with the repossession and sale of a Financed Vehicle
(whether or not the related Receivable has been classified as a Defaulted
Receivable)) during the period from but excluding the Cutoff Date to and
including the second Business Day preceding the Closing Date.

     Section 4.03. Application of Collections. For purposes of this Agreement,
all amounts received on or in respect of a Receivable during any Collection
Period (including Liquidation Proceeds and all amounts received by the
Servicer in connection with the repossession and sale of a Financed Vehicle
(whether or not the related Receivable has been classified as a Defaulted
Receivable) but excluding payments with respect to Purchased Receivables)
shall be applied by the Servicer, as of the last day of such Collection
Period, to interest and principal on such Receivable in accordance with the
Simple Interest Method.

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     Section 4.04. Advances.

     (a) If, as of the end of any Collection Period, the payments received
during such Collection Period by or on behalf of an Obligor in respect of a
Receivable (other than a Purchased Receivable) shall be less than the related
Monthly Payment, whether as a result of any extension granted to the Obligor
or otherwise, then an amount equal to the product of the Principal Balance of
such Receivable as of the first day of the related Collection Period and
one-twelfth of its Contract Rate minus the amount of interest actually
received on such Receivable during such Collection Period (each, an "Advance")
may be deposited by the Servicer, at its option, into the Collection Account
on the related Deposit Date. If such a calculation in respect of a Receivable
results in a negative number, an amount equal to such negative amount shall be
paid to the Servicer in reimbursement of any outstanding Advances. In
addition, in the event that a Receivable becomes a Defaulted Receivable, the
amount of accrued and unpaid interest thereon (but not including interest for
the current Collection Period) shall, up to the amount of outstanding
Advances, be withdrawn from the Collection Account and paid to the Servicer in
reimbursement of such outstanding Advances. No Advances will be made with
respect to the Principal Balance of Receivables. The Servicer shall not be
required to make an Advance to the extent that the Servicer, in its sole
discretion, shall determine that such Advance is likely to become a
Nonrecoverable Advance.

     (b) Notwithstanding the provisions of Section 4.02, the Servicer shall be
entitled to reimbursement for an outstanding Advance made in respect of a
Receivable, without interest, from the following sources with respect to such
Receivable: (i) subsequent payments made by or on behalf of the related
Obligor, (ii) Liquidation Proceeds and Recoveries and (iii) the Purchase
Amount. If the Servicer determines that it has made a Nonrecoverable Advance,
the Servicer shall reimburse itself, without interest, from unrelated amounts
received by the Servicer on or in respect of the Receivables (including
Liquidation Proceeds and all amounts received by the Servicer in connection
with the repossession and sale of a Financed Vehicle (whether or not the
related Receivable has been classified as a Defaulted Receivable)) to the
extent it shall, concurrently with the withholding of any such amounts from
deposit in or credit to the Collection Account, furnish to the Trustees a
certificate of a Servicing Officer setting forth the basis for the Servicer's
determination, the amount of, and Receivable with respect to which, such
Nonrecoverable Advance was made and the installment or installments or other
proceeds respecting which such reimbursement has been taken.

     Section 4.05. Additional Deposits.

     (a) The following additional deposits shall be made to the Collection
Account: (i) the Seller shall remit the aggregate Purchase Amount with respect
to Purchased Receivables pursuant to Section 2.04, (ii) the Servicer shall
remit (A) the aggregate Purchase Amount with respect to Purchased Receivables
pursuant to Section 3.08 and (B) the amount required upon the optional
purchase of all Receivables by the Servicer pursuant to Section 8.01 and (iii)
the Indenture Trustee, directly or through the Paying Agent, shall remit (A)
the Reserve Fund Draw Amount pursuant to Sections 4.06 and 4.07 and (B) the
Yield Supplement Account Draw Amount pursuant to Sections 4.06 and 4.07.

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<PAGE>

     (b) All deposits required to be made in respect of a Collection Period
pursuant to this Section by the Servicer, as the case may be, may be made in
the form of a single deposit and shall be made in immediately available funds,
no later than 5:00 p.m., New York City time, on the related Deposit Date.

     Section 4.06. Determination Date Calculations; Application of Available
Funds.

     (a) On each Determination Date, the Servicer shall calculate the
following amounts with respect to the related Distribution Date and Collection
Period

          (i)    the Available Collections;

          (ii)   the Total Servicing Fee;

          (iii)  the Total Trustee Fees;

          (iv)   the Interest Distributable Amount for each Class of Class A
     Notes;

          (v)    the Priority Principal Distributable Amount;

          (vi)   the Interest Distributable Amount for the Class B Notes;

          (vii)  the Secondary Principal Distributable Amount;

          (viii) the Interest Distributable Amount for the Class C Notes;

          (ix)   the Tertiary Principal Distributable Amount;

          (x)    the sum of the amounts described in clauses (ii) through (ix)
     above (the "Required Payment Amount"); and

          (xi)   the Regular Principal Distributable Amount.

     (b) On each Determination Date, the Servicer shall calculate the
following amounts with respect to the related Distribution Date and Collection
Period:

          (i) the lesser of (A) the amount, if any, by which the Required
     Payment Amount exceeds Available Collections and (B) the Reserve Fund
     Amount (before giving effect to any deposits to or withdrawals from the
     Reserve Fund on such Distribution Date) (such lesser amount, the "Reserve
     Fund Draw Amount"); provided, however, that the Reserve Fund Draw Amount
     will equal the Reserve Fund Amount if (1) Available Collections, the
     amount on deposit in the Yield Supplement Account and the Reserve Fund
     Amount equals or exceeds the Note Balance, accrued and unpaid interest
     therein and all amounts on the related Distribution Date required to be
     paid to the Servicer, the Trustees and the Paying Agent or (2) on the
     last day of the related Collection Period the Pool Balance is zero;

          (ii) the Required Reserve Fund Amount (after giving effect to the
     withdrawal of the Reserve Fund Draw Amount for such Distribution Date);

                                      34
<PAGE>

          (iii) the amount, if any, by which the Required Reserve Fund Amount
     exceeds the Reserve Fund Amount (after giving effect to the withdrawal of
     the Reserve Fund Draw Amount for such Distribution Date) (such excess,
     the "Reserve Fund Deficiency"); and

          (iv) the Yield Supplement Account Draw Amount.

     On each Distribution Date, the Servicer shall instruct the Indenture
Trustee or the Paying Agent to transfer and deposit into the Collection
Account (i) the Reserve Fund Draw Amount, if any, from the Reserve Fund and
(ii) the Yield Supplement Account Draw Amount from the Yield Supplement
Account.

     (c) On each Distribution Date, the Servicer shall instruct the Indenture
Trustee and the Paying Agent in writing to apply the Available Funds for such
Distribution Date to make the related payments and deposits set forth in
Section 2.08 of the Indenture. Any distributions to be made by the Indenture
Trustee under the Basic Documents may be made by the Paying Agent.

     Section 4.07. Reserve Fund.

     (a) The Servicer shall establish, on or before the Closing Date, and
maintain in the name of the Indenture Trustee, at an Eligible Institution
(which shall initially be the Paying Agent) a segregated trust account
designated as the "Wachovia Auto Owner Trust 2004-A Reserve Fund" (the
"Reserve Fund"). The Reserve Fund shall be held in trust for the benefit of
the Securityholders. The Reserve Fund shall be under the sole dominion and
control of the Indenture Trustee; provided, however, that the Servicer may
direct the Indenture Trustee or the Paying Agent in writing to make deposits
to and withdrawals from the Reserve Fund in accordance with this Agreement and
the other Basic Documents. On the Closing Date, the Depositor shall deposit
the Reserve Fund Initial Deposit into the Reserve Fund from the net proceeds
of the sale of the Notes. The Reserve Fund and all amounts, securities,
investments, financial assets and other property deposited in or credited to
the Reserve Fund (the "Reserve Fund Property") has been conveyed by the
Depositor to the Issuer pursuant to Section 2.01(a). Pursuant to the
Indenture, the Issuer will pledge all of its right, title and interest in, to
and under the Reserve Fund and the Reserve Fund Property to the Indenture
Trustee on behalf of the Securityholders to secure its obligations under the
Notes and the Indenture.

     (b) The Reserve Fund Property shall, to the extent permitted by
applicable law, rules and regulations, be invested, as directed in writing by
the Servicer, by the bank or trust company then maintaining the Reserve Fund
in Permitted Investments that mature not later than the Deposit Date following
the date of investment. All such Permitted Investments shall be held to
maturity. All interest and other income (net of losses and investment
expenses) on funds on deposit in the Reserve Fund shall be retained on deposit
therein. If the Reserve Fund is no longer to be maintained at the Paying
Agent, the Servicer shall, with the Paying Agent's assistance as necessary,
promptly (and in any case within ten calendar days) cause the Reserve Fund to
be moved to an Eligible Institution. The Servicer shall promptly notify the
Rating Agencies and the Trustees in writing of any change in the account
number or location of the Reserve Fund.

                                      35
<PAGE>

     (c) With respect to any Reserve Fund Property:

          (i) any Reserve Fund Property that is a Financial Asset shall be
     physically delivered to, or credited to an account in the name of, the
     Eligible Institution maintaining the Reserve Fund, in accordance with
     such institution's customary procedures such that such institution
     establishes a Securities Entitlement in favor of the Indenture Trustee
     with respect thereto;

          (ii) any Reserve Fund Property that is held in deposit accounts
     shall be held solely in the name of the Indenture Trustee at one or more
     depository institutions having the Required Rating and each such deposit
     account shall be subject to the exclusive custody and control of the
     Indenture Trustee and the Indenture Trustee either directly or through
     the Paying Agent shall have sole signature authority with respect
     thereto; and

          (iii) except for any deposit accounts specified in clause (ii)
     above, the Reserve Fund shall only be invested in securities or in other
     assets which the Eligible Institution maintaining the Reserve Fund agrees
     to treat as Financial Assets.

     (d) If any Class of Notes has not been paid in full on any Distribution
Date on and after its Final Scheduled Distribution Date (after giving effect
to the distribution of Available Funds on such Distribution Date), the
Servicer shall instruct the Indenture Trustee and the Paying Agent to
distribute from amounts on deposit in the Reserve Fund to the Noteholders of
that Class of Notes, an amount equal to the lesser of (i) the amount on
deposit in the Reserve Fund and (ii) the outstanding principal amount of that
Class of Notes. If the Reserve Fund Amount for any Distribution Date (after
giving effect to the withdrawal of the Reserve Fund Draw Amount for such
Distribution Date and the distribution described in the preceding sentence)
exceeds the Required Reserve Fund Amount for such Distribution Date, the
Servicer shall instruct the Indenture Trustee and the Paying Agent in writing
to distribute the amount of such excess to the Certificate Payment Account for
payment to the Certificateholders. The Trustees hereby release, on each
Distribution Date, their security interest in, to and under Reserve Fund
Property distributed to the Certificateholders.

     (e) If the Note Balance and all other amounts owing or to be distributed
hereunder or under the Indenture or the Trust Agreement to the Noteholders or
the Certificateholders have been paid in full and the Issuer has been
terminated, any remaining Reserve Fund Property shall be distributed to the
Certificateholders.

     Section 4.08. Net Deposits. For so long as the Monthly Remittance
Condition is met, unless the Servicer is required to remit collections on a
daily basis pursuant to the first sentence of Section 4.02, the Depositor and
the Servicer may make any remittances pursuant to this Article with respect to
a Collection Period net of distributions or reimbursements to be made to the
Depositor or the Servicer with respect to such Collection Period; provided,
however, that such obligations shall remain separate obligations, no party
shall have a right of offset, and each such party shall account for all of the
above described remittances and distributions as if the amounts were deposited
or transferred separately.

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<PAGE>

     Section 4.09. Statements to Securityholders.

     (a) On each Distribution Date, the Servicer shall provide to the Owner
Trustee (with copies to the Depositor, the Rating Agencies and each Paying
Agent) to forward to each Certificateholder of record, and to the Indenture
Trustee, either directly or through a Paying Agent, to forward to each
Noteholder of record a statement, based on the related Servicer's Certificate
setting forth at least the following information as to the Securities with
respect to the related Distribution Date and Collection Period, in
substantially the form of Exhibit B, to the extent applicable:

          (i)    the amount of such distribution allocable to principal for
     each Class of Notes;

          (ii)   the Priority Principal Distributable Amount;

          (iii)  the Secondary Principal Distributable Amount;

          (iv)   the Tertiary Principal Distributable Amount;

          (v)    the Regular Principal Distributable Amount;

          (vi)   the amount of such distribution allocable to current and
     overdue interest (including any interest on overdue interest) for each
     Class of Notes;

          (vii)  the Total Servicing Fee;

          (viii) the Total Trustee Fees;

          (ix)   the aggregate outstanding principal balance of each Class of
     Notes and the Note Pool Factor with respect to each Class of Notes (in
     each case after giving effect to payments allocated to principal reported
     under clause (i) above);

          (x)    the Pool Balance as of the close of business on the last day of
     the related Collection Period;

          (xi)   the Reserve Fund Amount on such Distribution Date (after giving
     effect to all deposits to or withdrawals from the Reserve Fund on such
     Distribution Date) and the Reserve Fund Draw Amount;

          (xii)  the aggregate Purchase Amount of Receivables repurchased by
     the Seller or purchased by the Servicer, if any, with respect to the
     related Collection Period;

          (xiii) the number and aggregate Principal Balance of Receivables
     that were 31-60 days, 61-90 days or 91 days or more delinquent as of the
     last day of the related Collection Period;

          (xiv) the Net Losses with respect to the related Collection Period;

                                      37
<PAGE>

          (xv)   the Overcollateralization Target Amount and the amount by
     which the Pool Balance exceeds the Note Balance (after giving effect to
     any payments made to the Noteholders on such Distribution Date);

          (xvi)  the amount of Available Collections for the related Collection
     Period;

          (xvii) the Cumulative Net Loss Percentage and the Sequential Payment
     Trigger;

          (xviii) the Yield Supplement Account Draw Amount; and

          (xix) the amount of Excess Collections.

     (b) Within the prescribed period of time for tax reporting purposes after
the end of each calendar year during the term of the Issuer, but not later
than the latest date permitted by law, the related Trustee, upon receipt
thereof, shall mail to each Person who at any time during such calendar year
shall have been a Securityholder, a statement, prepared by the Servicer,
containing certain information for such calendar year or, in the event such
Person shall have been a Securityholder during a portion of such calendar
year, for the applicable portion of such year, for the purposes of such
Securityholder's preparation of federal income tax returns. In addition, the
Servicer shall furnish to the Trustees for distribution to such Person at such
time any other information necessary under applicable law for the preparation
of such income tax returns.

     Section 4.10. Control of Accounts. Notwithstanding anything to the
contrary contained herein, the Issuer agrees that each Account will be
established only with an Eligible Institution which agrees substantially as
follows: (i) it will comply with Entitlement Orders related to such account
issued by the Indenture Trustee without further consent by the Servicer, (ii)
until termination of this Agreement, it will not enter into any other
agreement related to such account pursuant to which it agrees to comply with
Entitlement Orders of any Person other than the Indenture Trustee, (iii) all
Account Collateral delivered or credited to it in connection with such account
and all proceeds thereof will be promptly credited to such account, (iv) it
will treat all Account Collateral as Financial Assets and (v) all Account
Collateral will be physically delivered (accompanied by any required
endorsements) to, or credited to an account in the name of, the Eligible
Institution maintaining the related Account in accordance with such Eligible
Institution's customary procedures such that such Eligible Institution
establishes a Security Entitlement in favor of the Indenture Trustee with
respect thereto over which the Indenture Trustee (or such other Eligible
Institution) has Control.

                                      38
<PAGE>

                                 ARTICLE FIVE

                                 THE DEPOSITOR

     Section 5.01. Representations and Warranties of Depositor. The Depositor
makes the following representations and warranties on which the Issuer is
deemed to have relied in acquiring the Trust Property. The representations and
warranties speak as of the execution and delivery of this Agreement and as of
the Closing Date, and shall survive the sale, transfer, assignment and
conveyance of the Trust Property to the Issuer and the pledge thereof to the
Indenture Trustee pursuant to the Indenture.

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

          (b) Due Qualification. The Depositor is duly qualified to do
     business as a foreign limited liability company in good standing and has
     obtained all necessary licenses and approvals in each jurisdiction in
     which the failure to so qualify or to obtain such licenses and approvals
     would, in the reasonable judgment of the Depositor, materially and
     adversely affect the performance by the Depositor of its obligations
     under, or the validity or enforceability of, this Agreement, each other
     Basic Document to which the Depositor is a party, the Receivables, the
     Notes or the Certificates.

          (c) Power and Authority. The Depositor has the power and authority
     to execute, deliver and perform its obligations under this Agreement and
     each other Basic Document to which it is a party. The Depositor has the
     power and authority to sell, assign, transfer and convey the property to
     be transferred to and deposited with the Issuer and has duly authorized
     such sale, assignment, transfer and conveyance by all necessary limited
     liability company action; and the execution, delivery and performance of
     this Agreement and each other Basic Document to which the Depositor is a
     party has been duly authorized by the Depositor by all necessary limited
     liability company action.

          (d) Valid Sale; Binding Obligation. This Agreement effects a valid
     sale, transfer, assignment and conveyance to the Issuer of the
     Receivables and the other Trust Property, enforceable against all
     creditors of and purchasers from the Depositor. Each of this Agreement
     and each other Basic Document to which the Depositor is a party
     constitutes a legal, valid and binding obligation of the Depositor
     enforceable against the Depositor in accordance with its terms, except as
     enforceability may be subject to or limited by bankruptcy, insolvency,
     reorganization, moratorium or other similar laws affecting the
     enforcement of creditors' rights in general and by general principles of
     equity, regardless of whether such enforceability shall be considered in
     a proceeding in equity or at law.

                                      39
<PAGE>

          (e) No Violation. The execution, delivery and performance by the
     Depositor of this Agreement and the other Basic Documents to which the
     Depositor is a party and the consummation of the transactions
     contemplated hereby and thereby and the fulfillment of the terms hereof
     and thereof does not conflict with, result in any breach of any of the
     terms and provisions of, nor constitute (with or without notice or lapse
     of time, or both) a default under, the certificate of formation or
     limited liability company agreement of the Depositor, or conflict with or
     violate any of the material terms or provisions of, or constitute (with
     or without notice or lapse of time, or both) a default under, any
     indenture, agreement or other instrument to which the Depositor is a
     party or by which it shall be bound or to which any of its properties is
     subject; nor result in the creation or imposition of any Lien upon any of
     its properties pursuant to the terms of any such indenture, agreement or
     other instrument (other than this Agreement); nor violate any law or, to
     the Depositor's knowledge, any order, rule or regulation applicable to
     the Depositor or of any federal or State regulatory body, court,
     administrative agency or other governmental instrumentality having
     jurisdiction over the Depositor or its properties, which breach, default,
     conflict, Lien or violation would have a material adverse effect on the
     earnings, business affairs or business prospects of the Depositor.

          (f) No Proceedings. There are no proceedings or investigations
     pending, or to the Depositor's knowledge, threatened against the
     Depositor, before any court, regulatory body, administrative agency or
     other governmental instrumentality having jurisdiction over the Depositor
     or its properties: (i) asserting the invalidity of this Agreement, any
     other Basic Document or the Securities, (ii) seeking to prevent the
     issuance of the Securities or the consummation of any of the transactions
     contemplated by the Basic Documents, (iii) seeking any determination or
     ruling that, in the reasonable judgment of the Depositor, would
     materially and adversely affect the performance by the Depositor of its
     obligations under, or the validity or enforceability of, the Basic
     Documents, the Receivables or the Securities or (iv) relating to the
     Depositor and which might adversely affect the federal income tax
     attributes of the Issuer or the Securities.

     Section 5.02. Liability of Depositor; Indemnities.

     (a) The Depositor shall be liable in accordance herewith only to the
extent of the obligations specifically undertaken by the Depositor under this
Agreement.

     (b) The Depositor shall indemnify, defend and hold harmless the Issuer,
the Owner Trustee and the Indenture Trustee from and against any taxes that
may at any time be asserted against any such Person with respect to the
transactions contemplated by the Basic Documents, including any sales, gross
receipts, general corporation, tangible personal property, privilege or
license taxes (but not including any taxes asserted with respect to, and as of
the date of the sale of the Receivables to the Issuer or the issuance and
original sale of the Securities, or asserted with respect to ownership of the
Receivables or federal or other State income taxes arising out of
distributions on the Securities), and all costs and expenses in defending
against such taxes.

     (c) The Depositor shall indemnify, defend and hold harmless the Issuer,
the Trustees and the Securityholders from and against any loss, liability,
claim, damage or expense incurred by reason of (i) the Depositor's willful
misfeasance, bad faith or negligence (other than errors in

                                      40
<PAGE>

judgment) in the performance of its duties under this Agreement or any other
Basic Document to which it is a party, or by reason of reckless disregard of
its obligations and duties under this Agreement or any other Basic Document to
which it is a party.

     (d) The Depositor shall indemnify, defend and hold harmless the Trustees
from and against all losses, liabilities, claims, damages or expenses arising
out of or incurred in connection with the acceptance or performance of the
trusts and duties contained herein, in the Trust Agreement (in the case of the
Owner Trustee) and in the Indenture (in the case of the Indenture Trustee),
except to the extent that such loss, liability, claim, damage or expense (i)
shall be due to the willful misfeasance, bad faith or negligence of the Owner
Trustee or the Indenture Trustee, as applicable, (ii) in the case of the Owner
Trustee, shall arise from the breach by the Owner Trustee of any of its
representations or warranties set forth in the Trust Agreement, (iii) in the
case of the Indenture Trustee, shall arise from the breach by the Indenture
Trustee of any of its representations and warranties set forth in the
Indenture or shall arise out of or be incurred in connection with the
performance by the Indenture Trustee of duties of a Successor Servicer
hereunder, (iv) shall be one as to which the Servicer is required to indemnify
the Owner Trustee or the Indenture Trustee, as the case may be, or (v) relates
to any tax other than the taxes with respect to which the Servicer shall be
required to indemnify the Owner Trustee or the Indenture Trustee, as the case
may be.

     (e) The Depositor shall pay any and all taxes levied or assessed upon all
or any part of the Trust Property.

     (f) Indemnification under this Section shall survive the resignation or
removal of the Owner Trustee or the Indenture Trustee, as the case may be, and
the termination of this Agreement and shall include reasonable fees and
expenses of counsel and expenses of litigation. If the Depositor shall have
made any indemnity payments pursuant to this Section and the Person to or on
behalf of whom such payments are made thereafter shall collect any of such
amounts from others, such Person shall promptly repay such amounts to the
Depositor, without interest. Notwithstanding anything to the contrary
contained herein, the Depositor shall only be required to pay (i) any fees,
expenses, indemnities or other liabilities that it may incur under the Basic
Documents from funds available pursuant to, and in accordance with, the
payment priorities set forth in this Agreement and the other Basic Documents
and (ii) to the extent the Depositor has additional funds available (other
than funds described in the preceding clause (i)) that would be in excess of
amounts that would be necessary to pay the debt and other obligations of the
Depositor in accordance with the Depositor's certificate of formation,
operating agreement and all financing documents to which the Depositor is a
party. The agreement set forth in the preceding sentence shall constitute a
subordination agreement for purposes of Section 510(a) of the Bankruptcy Code.
In addition, no amount owing by the Depositor hereunder in excess of
liabilities that it is required to pay in accordance with the preceding
sentence shall constitute a "claim" (as defined in Section 101(5) of the
Bankruptcy Code) against it.

     Section 5.03. Merger, Consolidation or Assumption of the Obligations of
Depositor; Certain Limitations.

     (a) Any Person (i) into which the Depositor shall be merged or
consolidated, (ii) resulting from any merger, conversion or consolidation to
which the Depositor shall be a

                                      41
<PAGE>

party or (iii) that shall succeed by purchase and assumption to all or
substantially all of the business of the Depositor, which Person in any of the
foregoing cases executes an agreement of assumption to perform every
obligation of the Depositor under this Agreement, shall be the successor to
the Depositor under this Agreement without the execution or filing of any
other document or any further act on the part of any of the parties to this
Agreement; provided, however, that (A) the Depositor shall have delivered to
the Trustees 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, (B) the Depositor shall have delivered
to the Trustees an Opinion of Counsel stating that, in the opinion of such
counsel, either (1) all financing statements and continuation statements and
amendments thereto have been authorized and filed that are necessary to fully
preserve and protect the interest of the Issuer and the Indenture Trustee,
respectively, in the Receivables, and reciting the details of such filings or
referring to prior Opinions of Counsel in which such details are given, or (2)
no such action shall be necessary to fully preserve and protect such interest
and (C) the Rating Agency Condition shall have been satisfied. Notwithstanding
anything to the contrary contained herein, the execution of the foregoing
agreement of assumption and compliance with clauses (A), (B) and (C) above
shall be conditions to the consummation of the transactions referred to in
clauses (i), (ii) and (iii) above.

     (b) (i) Subject to paragraph (ii) below, the purpose of the Depositor
shall be to engage in any lawful activity for which a limited liability
company may be organized under the general limited liability company law of
Delaware other than the banking business, the trust company business or the
practice of a profession permitted to be incorporated by the Delaware Limited
Liability Company Act.

          (ii) Notwithstanding paragraph (b)(i) above, the purpose of the
     Depositor shall be limited to the conduct or promotion of the following
     activities: (A) to acquire retail installment sales contracts, purchase
     money notes or other notes between motor vehicle dealers or lenders and
     purchasers of new and used automobiles, minivans, sport utility vehicles,
     light-duty trucks, motorcycles or commercial vehicles (the "Motor Vehicle
     Receivables"); (B) to act as settlor or grantor of one or more trusts or
     special purpose entities (each, a "Securitization Trust") formed pursuant
     to a trust agreement or other agreement for the purpose of issuing one or
     more series or classes of certificates, bonds, notes or other evidences
     of interest or indebtedness (collectively, the "Motor Vehicle
     Securities") secured by or representing beneficial interests in the Motor
     Vehicle Receivables; (C) to acquire, lease, own, hold, sell, transfer,
     convey, dispose of, pledge, assign, borrow money against, finance,
     refinance or otherwise deal with, publicly or privately and whether with
     unrelated third parties or with affiliated entities, retail installment
     sales contracts, purchase money notes or other notes between motor
     vehicle dealers or lenders and purchasers of Motor Vehicle Receivables;
     (D) to acquire Motor Vehicle Securities or other property of a
     Securitization Trust (including remainder interests in collateral or
     reserve accounts) or any interest in any of the foregoing; (E) to issue,
     authorize, sell and deliver Motor Vehicle Securities or other instruments
     secured or collateralized by the Motor Vehicle Securities; (F) to own
     equity interests in other limited liability companies or partnerships
     whose purposes are substantially restricted to those described in clauses
     (A) through (E) above; (G) to borrow money other than pursuant to clause
     (C) above, but only to the extent that such borrowing is permitted by the
     terms of

                                      42
<PAGE>

     the transactions contemplated by clauses (A) through (F) above; and (H)
     to (1) negotiate, authorize, execute, deliver or assume or perform the
     obligations under any agreement, instrument or document relating to the
     activities set forth in clauses (A) through (G) above, including the
     Basic Documents and (2) engage in any lawful act or activity and to
     exercise any powers permitted to limited liability companies organized
     under the laws of the State of Delaware that are incidental to and
     necessary, convenient or advisable for the accomplishment of the
     above-mentioned purposes, including the entering into of interest rate or
     basis swap, cap, floor or collar agreements, currency exchange agreements
     or similar hedging transactions and referral, management, servicing and
     administration agreements. So long as any outstanding debt of the
     Depositor or securities are rated by any nationally recognized
     statistical rating organization, the Depositor shall not issue notes or
     otherwise borrow money unless (A) the Depositor has made a written
     request to the related nationally recognized statistical rating
     organization to issue notes or incur borrowings, which notes or
     borrowings are rated by the related nationally recognized statistical
     rating organization the same as or higher than the rating afforded any
     outstanding rated debt or securities, or (B) such notes or borrowings (1)
     are fully subordinated (and which shall provide for payment only after
     payment in respect of all outstanding rated debt or securities) or are
     nonrecourse against any assets of the Depositor other than the assets
     pledged to secure such notes or borrowings, (2) do not constitute a claim
     against the Depositor in the event such assets are insufficient to pay
     such notes or borrowings and (3) where such notes or borrowings are
     secured by the rated debt or securities, are fully subordinated (and
     which shall provide for payment only after payment in respect of all
     outstanding rated debt or securities) to such rated debt or securities.

     (c) Notwithstanding any other provision of this Section and any provision
of law, the Depositor shall not do any of the following:

          (i) engage in any business or activity other than as set forth in
     Section 5.03(a);

          (ii) without the unanimous written consent of the members of the
     Depositor and the members of the Board of Directors of the Depositor
     (including all independent directors of the Depositor), (A) consolidate
     or merge the Depositor with or into any Person or sell all or
     substantially all of the assets of the Depositor, (B) institute
     proceedings to have the Depositor be adjudicated bankrupt or insolvent,
     or consent to the institution of bankruptcy or insolvency proceedings
     against Depositor, (C) file a petition seeking, or consent to,
     reorganization or relief with respect to the Depositor under any
     applicable federal or state law relating to bankruptcy, (D) consent to
     the appointment of a receiver, liquidator, assignee, trustee,
     sequestrator or other similar official of the Depositor or a substantial
     part of its property, (E) make any assignment for the benefit of
     creditors of the Depositor, (F) admit in writing the Depositor's
     inability to pay its debts generally as they become due, (G) take any
     action in furtherance of any action set forth in clauses (A) through (F)
     above or (H) to the fullest extent permitted by law, dissolve or
     liquidate the Depositor; or

                                      43
<PAGE>

          (iii) change the current number of independent special members under
     the limited liability company agreement of the Depositor.

     (d) The Depositor shall not amend its organizational documents except in
accordance with the provisions thereof.

     Section 5.04. Limitation on Liability of Depositor and Others. The
Depositor and any director or officer or employee or agent of the Depositor
may rely in good faith on any document of any kind, prima facie properly
executed and submitted by any Person respecting any matters arising hereunder.
The Depositor and any director or officer or employee or agent of the
Depositor shall be reimbursed by the Owner Trustee or the Indenture Trustee,
as the case may be, for any contractual damages, liability or expense incurred
by reason of the Owner Trustee's or the Indenture Trustee's willful
misfeasance, bad faith or negligence (except for errors in judgment) in the
performance of their respective duties hereunder, or by reason of reckless
disregard of their respective obligations and duties hereunder. The Depositor
shall not be under any obligation to appear in, prosecute or defend any legal
action that shall not be incidental to its obligations under this Agreement,
and that in its opinion may involve it in any expense or liability. The
indemnities contained in this Section shall survive the resignation or
termination of the Owner Trustee or the termination of this Agreement.

     Section 5.05. Seller Not to Resign. Subject to the provisions of Section
5.03, the Seller shall not resign from the obligations and duties hereby
imposed on it as Seller hereunder.

     Section 5.06. Depositor May Own Securities. The Depositor and any of its
Affiliates may, in its individual or any other capacity, become the owner or
pledgee of Securities with the same rights as it would have if it were not the
Depositor or an Affiliate of the Depositor, except as otherwise expressly
provided herein or in any other Basic Document (including in the definition of
the term "Note Balance"). Except as otherwise expressly provided herein or in
the other Basic Documents (including in the definition of the term "Note
Balance"), Securities so owned by or pledged to the Depositor or such
Affiliate shall have an equal and proportionate benefit under the provisions
of this Agreement and the other Basic Documents, without preference, priority
or distinction as among the Notes and the Certificates as the case may be.

                                      44
<PAGE>

                                 ARTICLE SIX

                                 THE SERVICER

     Section 6.01. Representations and Warranties of Servicer. The Servicer
makes the following representations and warranties on which the Issuer is
deemed to have relied in acquiring the Trust Property. The representations and
warranties speak as of the execution and delivery of this Agreement and as of
the Closing Date, and shall survive the sale, transfer, assignment and
conveyance of the Trust Property to the Issuer and the pledge thereof to the
Indenture Trustee pursuant to the Indenture:

          (a) Organization and Good Standing. The Servicer is a national
     banking association duly organized and validly existing as a banking
     institution under the laws of the United States and continues to hold a
     valid certificate to do business as such. It is duly authorized to own
     its properties and transact its business and is in good standing in each
     jurisdiction in which the character of the business transacted by it or
     any properties owned or leased by it requires such authorization and in
     which the failure to be so authorized would have a material adverse
     effect on its business, properties, assets, or condition (financial or
     other) and those of its subsidiaries, considered as one enterprise. The
     Servicer has, and at all relevant times had, the power, authority and
     legal right to acquire, own, and service the Receivables and to hold the
     Receivable Files as custodian on behalf of the Issuer.

          (b) Due Qualification. The Servicer is duly qualified to do business
     in good standing and has obtained all necessary licenses and approvals in
     each jurisdiction in which the failure to so qualify or to obtain such
     licenses and approvals would, in the reasonable judgment of the Servicer,
     materially and adversely affect the performance by the Servicer of its
     obligations under, or the validity or enforceability of, this Agreement,
     each other Basic Document to which the Servicer is a party, the
     Receivables, the Notes or the Certificates.

          (c) Power and Authority. The Servicer has the power and authority to
     execute, deliver and perform its obligations under this Agreement and
     each other Basic Document to which it is a party; and the execution,
     delivery and performance of this Agreement and each other Basic Document
     to which it is a party have been duly authorized by the Servicer by all
     necessary action.

          (d) Binding Obligation. This Agreement and each other Basic Document
     to which the Servicer is a party constitute legal, valid and binding
     obligations of the Servicer, enforceable against the Servicer in
     accordance with their respective terms, except that such enforceability
     may be subject to bankruptcy, insolvency, reorganization, moratorium,
     fraudulent conveyance, fraudulent transfer and other similar laws
     relating to or affecting creditors generally, and creditors of national
     banking associations and financial institutions the accounts of which are
     insured by the Federal Deposit Insurance Corporation in particular, and
     to general equitable principles (regardless of whether considered in a
     proceeding in equity or at law), including concepts of commercial

                                      45
<PAGE>

     reasonableness, good faith and fair dealing and the possible
     unavailability of specific performance or injunctive relief.

          (e) No Violation. The execution, delivery and performance by the
     Servicer of this Agreement and each other Basic Document to which the
     Servicer is a party, the consummation of the transactions contemplated
     hereby and thereby and the fulfillment of their respective terms shall
     not conflict with, result in any breach of any of the terms and
     provisions of, or constitute (with or without notice or lapse of time or
     both) a default under, the articles of association or bylaws of the
     Servicer, or any material indenture, agreement, mortgage, deed of trust
     or other instrument to which the Servicer is a party, by which the
     Servicer is bound or to which any of its properties are subject; or
     result in the creation or imposition of any Lien upon any of its
     properties pursuant to the terms of any such indenture, agreement,
     mortgage, deed of trust or other instrument, other than this Agreement
     and the other Basic Documents, or violate any law, order, rule or
     regulation applicable to the Servicer or its properties of any federal or
     state regulatory body, court, administrative agency or other governmental
     instrumentality having jurisdiction over the Servicer or any of its
     properties.

          (f) No Proceedings. There are no proceedings or investigations
     pending or, to the knowledge of the Servicer, threatened, against the
     Servicer before any court, regulatory body, administrative agency or
     other tribunal or governmental instrumentality having jurisdiction over
     the Servicer or its properties: (i) asserting the invalidity of this
     Agreement or any of the other Basic Documents, (ii) seeking to prevent
     the issuance of the Securities or the consummation of any of the
     transactions contemplated by this Agreement or any of the other Basic
     Documents, (iii) seeking any determination or ruling that, in the
     reasonable judgment of the Servicer, would materially and adversely
     affect the performance by it of its obligations under, or the validity or
     enforceability of, this Agreement or the Receivables or (iv) seeking to
     adversely affect the federal income tax or other federal, State or local
     tax attributes of the Securities.

     Section 6.02. Liability of Servicer; Indemnities. The Servicer shall be
liable in accordance herewith only to the extent of the obligations
specifically undertaken by the Servicer under this Agreement. Such obligations
shall include the following:

          (a) The Servicer shall indemnify, defend and hold harmless the
     Issuer, the Trustees, the Securityholders and the Depositor from and
     against all losses, liabilities, claims, damages and expenses arising out
     of or incurred in connection with the use, ownership or operation by the
     Servicer or any Affiliate of the Servicer of a Financed Vehicle.

          (b) The Servicer shall indemnify, defend and hold harmless the
     Issuer, the Depositor and the Trustees from and against any taxes that
     may at any time be asserted against any such Person with respect to the
     transactions contemplated herein and in the other Basic Documents,
     including any sales, gross receipts, general corporation, tangible
     personal property, privilege or license taxes (but not including any
     taxes asserted with respect to, and as of the date of, the sale of the
     Receivables to the Issuer or the issuance and original sale of the
     Securities, or asserted with respect to ownership of the

                                      46
<PAGE>

     Receivables, or federal or other State income taxes arising out of
     distributions on the Securities) and costs and expenses in defending
     against such taxes.

          (c) The Servicer shall indemnify, defend and hold harmless the
     Issuer, the Trustees, the Securityholders and the Depositor from and
     against any loss, liability, claim, damage or expense incurred by reason
     of the Servicer's willful misfeasance, bad faith or negligence in the
     performance of its duties under this Agreement or any other Basic
     Document to which it is a party or by reason of a reckless disregard of
     its obligations and duties under this Agreement or any other Basic
     Document to which it is a party.

          (d) The Servicer shall indemnify, defend and hold harmless the
     Trustees and their respective officers, directors, employees and agents
     from and against all losses, liabilities, claims, damages and expenses
     arising out of or incurred in connection with the acceptance or
     performance of the trusts and duties herein and contained in the Trust
     Agreement (in the case of the Owner Trustee) and contained in the
     Indenture (in the case of the Indenture Trustee), except to the extent
     that such loss, liability, claim, damage or expense: (i) shall be due to
     the willful misfeasance, bad faith or negligence (except for errors in
     judgment) of the Owner Trustee or the Indenture Trustee, as applicable,
     (ii) in the case of the Owner Trustee, shall arise from the breach by the
     Owner Trustee of any of its representations or warranties set forth in
     Section 7.03 of the Trust Agreement, (iii) in the case of the Indenture
     Trustee, shall arise from the breach by the Indenture Trustee of any of
     its representations and warranties set forth in the Indenture or shall
     arise out of or be incurred in connection with the performance by the
     Indenture Trustee of the duties of a Successor Servicer hereunder or (iv)
     relates to any tax other than to the taxes with respect to which either
     the Depositor or the Servicer shall be required to indemnify the Owner
     Trustee or the Indenture Trustee, as applicable.

          (e) The Servicer shall pay the Owner Trustee compensation,
     reimbursement or other payments owed to it pursuant to Sections 8.01 and
     8.02 of the Trust Agreement.

     In addition to the foregoing indemnities, if the Owner Trustee or the
Indenture Trustee is entitled to indemnification by the Depositor pursuant to
Section 5.02 and the Depositor is unable for any reason to provide such
indemnification to the Owner Trustee or the Indenture Trustee, then the
Servicer shall be liable for any indemnification that the Owner Trustee or the
Indenture Trustee is entitled to under Section 5.02. For purposes of this
Section, in the event of a termination of the rights and obligations of the
Servicer (or any Successor Servicer) pursuant to Section 7.01 or a resignation
by such Servicer pursuant to Section 6.05, such Servicer shall be deemed to be
the Servicer pending appointment of a Successor Servicer (other than the
Indenture Trustee) pursuant to Section 7.02. Indemnification under this
Section by the Servicer (or any Successor Servicer), with respect to the
period such Person was (or was deemed to be) the Servicer, shall survive the
termination of each Person as Servicer or a resignation by such Person as
Servicer, as well as the resignation or removal of the Owner Trustee or the
Indenture Trustee, as the case may be, or the termination of this Agreement
and shall include reasonable fees and expenses of counsel and expenses of
litigation. If the Servicer shall have made any indemnity payments pursuant to
this Section and the Person to or on behalf of whom such payments are

                                      47
<PAGE>

made thereafter collects any of such amounts from others, such Person shall
promptly repay such amounts to the Servicer, as the case may be, without
interest.

     Section 6.03. Merger, Consolidation or Assumption of the Obligations of
Servicer. Any Person (i) into which the Servicer shall be merged or
consolidated, (ii) which may result from any merger, conversion or
consolidation to which the Servicer shall be a party or (iii) which may
succeed to all or substantially all of the business of the Servicer, which
Person in any of the foregoing cases is an Eligible Servicer and executes an
agreement of assumption to perform every obligation of the Servicer under this
Agreement, shall be the successor to the Servicer under this Agreement without
the execution or filing of any other document or any further act on the part
of any of the parties hereto; provided, however, (a) the Servicer shall have
delivered to the Depositor and the Trustees an Officer's Certificate and an
Opinion of Counsel each stating that such merger, conversion or consolidation
and such agreement of assumption comply with this Section and (b) the Servicer
shall have delivered to the Depositor and the Trustees an Opinion of Counsel
stating that, in the opinion of such counsel, either (A) all financing
statements and continuation statements and amendments thereto have been
authorized and filed that are necessary to preserve and protect the interest
of the Issuer and the Indenture Trustee, respectively, in the assets of the
Issuer and reciting the details of such filings or referring to prior Opinions
of Counsel in which such details are given or (B) no such action shall be
necessary to preserve and protect such interest. Notwithstanding anything to
the contrary contained herein, the execution of the foregoing agreement of
assumption and compliance with clauses (a) and (b) above shall be conditions
to the consummation of the transactions referred to in clauses (i), (ii) and
(iii) above. The Servicer shall provide prior written notice of any merger,
conversion, consolidation or succession pursuant to this Section to the
Trustees and the Rating Agencies.

     Section 6.04. Limitation on Liability of Servicer and Others.

     (a) Neither the Servicer nor any of its directors, officers, employees or
agents shall be under any liability to the Issuer or any Securityholders for
any action taken or for refraining from the taking of any action pursuant
hereto, or for errors in judgment; provided, however, that this provision
shall not protect the Servicer or any such Person against any liability that
would otherwise be imposed by reason of willful misfeasance, bad faith or
negligence in the performance of duties or by reason of reckless disregard of
obligations and duties hereunder. The Servicer and any of its 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
in respect of any matters arising under this Agreement.

     (b) Except as provided herein, the Servicer shall not be under any
obligation to appear in, prosecute or defend any legal action that shall not
be incidental to its duties to administer and service the Receivables in
accordance with this Agreement, and that in its opinion may involve it in any
expense or liability; provided, however, that the Servicer may undertake any
reasonable action that it may deem necessary or desirable in respect of this
Agreement and the rights and duties of the parties to this Agreement and the
interests of the Noteholders and the Certificateholders under this Agreement.
In such event, the legal expenses and costs of such action and any liability
resulting therefrom shall be expenses, costs and liabilities of the Servicer.

                                      48
<PAGE>

     Section 6.05. Wachovia Bank Not to Resign as Servicer. Subject to the
provisions of Section 6.03, Wachovia Bank shall not resign from the
obligations and duties imposed on it pursuant hereto as Servicer under this
Agreement except upon determination that the performance of its duties
hereunder is no longer permissible under applicable law. Any such
determination permitting the resignation of the Servicer shall be evidenced by
an Opinion of Counsel to such effect delivered to the Depositor and the
Trustees. No such resignation shall become effective until the Indenture
Trustee or a Successor Servicer shall have (i) assumed the obligations and
duties of the Servicer in accordance with Section 8.02 and (ii) become the
Administrator under the Administration Agreement pursuant to Section 8
thereof.

     Section 6.06. Servicer May Own Securities. The Servicer and any of its
Affiliates may, in its individual or other capacity, become the owner or
pledgee of Securities with the same rights as it would have if it were not the
Servicer or an Affiliate of the Servicer, except as otherwise expressly
provided herein or in any other Basic Document (including in the definition of
the term "Note Balance"). Except as otherwise expressly provided herein or in
the other Basic Documents (including in the definition of the term "Note
Balance"), Securities so owned by or pledged to the Servicer or such Affiliate
shall have an equal and proportionate benefit under the provisions of this
Agreement and the other Basic Documents, without preference, priority or
distinction as among the Notes and the Certificates, as the case may be.

                                      49
<PAGE>

                                ARTICLE SEVEN

                          SERVICER TERMINATION EVENTS

     Section 7.01. Servicer Termination Events. The occurrence of any one of
the following events shall constitute an event of servicing termination
hereunder (each, a "Servicer Termination Event"):

          (a) any failure by the Servicer to deliver to the Owner Trustee or
     the Indenture Trustee the Servicer's Certificate for any Collection
     Period, which failure shall continue unremedied beyond the earlier of
     three Business Days following the date such Servicer's Certificate was
     required to be delivered and the Business Day preceding the related
     Distribution Date, or any failure by the Servicer to make any required
     payment or deposit under this Agreement, which failure shall continue
     unremedied beyond the earlier of five Business Days following the date
     such payment or deposit was due and, in the case of a payment or deposit
     to be made no later than a Distribution Date or the related Deposit Date,
     such Distribution Date or Deposit Date, as applicable;

          (b) any failure by the Servicer to duly observe or to perform in any
     material respect any other covenant or agreement of the Servicer set
     forth in this Agreement, which failure shall materially and adversely
     affect the rights of the Depositor or the Noteholders and shall 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
     (i) to the Servicer by the Depositor, the Owner Trustee or the Indenture
     Trustee or (ii) to the Depositor, the Servicer and the Trustees by the
     Holders of Notes evidencing not less than 25% of the Note Balance of the
     Controlling Class;

          (c) any representation or warranty of the Servicer made in this
     Agreement, or in any certificate delivered pursuant hereto or in
     connection herewith, other than any representation or warranty relating
     to a Receivable that has been purchased by the Servicer, proving to have
     been incorrect in any material respect as of the time when the same shall
     have been made, and the circumstance or condition in respect of which
     such representation or warranty was incorrect shall not have been
     eliminated or otherwise cured for a period of 30 days after the date on
     which written notice of such circumstance or condition, requiring the
     same to be eliminated or cured, shall have been given (i) to the Servicer
     by the Depositor, the Owner Trustee or the Indenture Trustee or (ii) to
     the Depositor, the Servicer and the Trustees by the Holders of Notes
     evidencing not less than 25% of the Note Balance of the Controlling
     Class;

          (d) 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 the Servicer in any
     insolvency, readjustment of debt, marshalling of assets and liabilities
     or similar proceeding, or for the winding up or liquidation of its
     affairs, which decree or order continues unstayed and in effect for a
     period of 60 consecutive days; or

          (e) the consent by the Servicer to the appointment of a conservator,
     receiver, liquidator or trustee in any insolvency, readjustment of debt,
     marshalling of assets and

                                      50
<PAGE>

     liabilities or similar proceeding of or relating to the Servicer or
     relating to substantially all of its property, the admission in writing
     by the Servicer of its inability to pay its debts generally as they
     become due, the filing by the Servicer of a petition to take advantage of
     any applicable insolvency or reorganization statute, the making by the
     Servicer of an assignment for the benefit of its creditors or the
     voluntary suspension by the Servicer of payment of its obligations.

     If a Servicer Termination Event shall have occurred and not have been
remedied, either the Indenture Trustee or the Holders of Notes evidencing not
less than 51% of the Note Balance of the Controlling Class, in each case by
notice then given in writing to the Depositor, the Owner Trustee and the
Servicer (and to the Trustees if given by the Noteholders) (each, a "Servicer
Termination Notice") may terminate all the rights and obligations of the
Servicer under this Agreement; provided, however, that the indemnification
obligations of the Servicer under Section 6.02 shall survive such termination.
On or after the receipt by the Servicer of such written notice, all authority
and power of the Servicer under this Agreement, whether with respect to the
Notes, the Certificates, the Trust Property or otherwise, shall, without
further action, pass to and be vested in the Indenture Trustee or such
Successor Servicer as may be appointed under Section 7.02; and, without
limitation, the Trustees are hereby authorized and empowered to execute and
deliver, on behalf of the outgoing 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 certificates of title to the Financed Vehicles, or
otherwise. The outgoing Servicer shall cooperate with the Indenture Trustee,
the Owner Trustee and such Successor Servicer in effecting the termination of
the responsibilities and rights of the outgoing Servicer under this Agreement,
including the transfer to the Indenture Trustee or such Successor Servicer for
administration by it of all cash amounts that shall at the time be held by the
outgoing Servicer for deposit, or have been deposited by the outgoing
Servicer, in the Accounts or thereafter received with respect to the
Receivables, all Receivable Files and all information or documents that the
Indenture Trustee or such Successor Servicer may require. In addition, the
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. All reasonable costs and expenses (including reasonable
attorneys' fees) incurred or payable by the Successor Servicer in connection
with the transfer of servicing (whether due to termination, resignation or
otherwise), including allowable compensation of employees and overhead costs
incurred or payable in connection with the transfer of the Receivable Files or
any amendment to this Agreement required in connection with the transfer of
servicing (the "Transition Costs") shall be paid by the outgoing Servicer (or
by the initial Servicer if the outgoing Servicer is the Indenture Trustee
acting on an interim basis) upon presentation of reasonable documentation of
such costs and expenses.

     The Trustees shall have no obligation to notify the Noteholders, the
Certificateholders or any other Person of the occurrence of any event
specified in this Section prior to the continuance of such event through the
end of any cure period specified in this Section.

     Section 7.02. Appointment of Successor Servicer. Upon the resignation of
the Servicer pursuant to Section 6.05 or the termination of the Servicer
pursuant to Section 7.01, the Indenture Trustee shall be the successor in all
respects to the Servicer in its capacity as Servicer

                                      51
<PAGE>

under this Agreement and shall be subject to all the obligations and duties
placed on the Servicer by the terms and provisions of this Agreement;
provided, however, that the Indenture Trustee, as Successor Servicer, shall
not, in any event, be required to make any Advances pursuant to Section 4.04
and shall have no obligations pursuant to Section 3.09 with respect to the
fees and expenses of the Owner Trustee or the Indenture Trustee, the fees and
expenses of the Owner Trustee's attorneys or the Indenture Trustee's
attorneys, the fees and expenses of any custodian appointed by the Trustees,
the fees and expenses of independent accountants or expenses incurred in
connection with distributions and reports to the Certificateholders and the
Noteholders. As compensation therefor, the Indenture Trustee shall be entitled
to such compensation (whether payable out of the Collection Account or
otherwise) as the Servicer would have been entitled to under this Agreement if
no such resignation or termination had occurred, except that all collections
on or in respect of the Receivables shall be deposited in the Collection
Account within two Business Days of receipt and shall not be retained by the
Servicer. Notwithstanding the foregoing, the Indenture Trustee may, if it
shall be unwilling so to act, or shall, if it is legally unable so to act,
appoint, or petition a court of competent jurisdiction to appoint, an Eligible
Servicer as the successor to the terminated Servicer under this Agreement. In
connection with such appointment, the Indenture Trustee may make such
arrangements for the compensation of such Successor Servicer out of
collections on or in respect of the Receivables as it and such successor shall
agree; provided, however, that such compensation shall not be greater than
that payable to Wachovia Bank as Servicer hereunder without the prior consent
of the Holders of Notes evidencing not less than 51% of the Note Balance of
the Controlling Class. The Indenture Trustee and such successor shall take
such action, consistent with this Agreement, as shall be necessary to
effectuate any such succession. The Indenture Trustee shall not be relieved of
its duties as Successor Servicer under this Section until a newly appointed
Servicer shall have assumed the obligations and duties of the terminated
Servicer under this Agreement. Notwithstanding anything to the contrary
contained herein, in no event shall the Indenture Trustee be liable for any
servicing fee or for any differential in the amount of the servicing fee paid
hereunder and the amount necessary to induce any Successor Servicer to act as
Successor Servicer hereunder.

     Section 7.03. Effect of Servicing Transfer.

     (a) After a transfer of servicing hereunder, the Indenture Trustee or
Successor Servicer shall notify the 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 Section 7.02, after a transfer of servicing
hereunder, the outgoing Servicer shall have no further obligations with
respect to the administration, servicing, custody or collection of the
Receivables and the Successor Servicer shall have all of such obligations,
except that the outgoing 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 or items held by the
outgoing 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.

     (c) Any Successor Servicer shall provide the Depositor with access to the
Receivable Files and to the Successor Servicer's records (whether written or
automated) with respect to the

                                      52
<PAGE>

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 the Servicer to provide
access to information as a result of such obligation shall not constitute a
breach of this Section.

     (d) Any transfer of servicing hereunder shall not constitute an
assumption by the related Successor Servicer of any liability of the related
outgoing Servicer arising out of any breach by such outgoing Servicer of such
outgoing Servicer's duties hereunder prior to such transfer of servicing.

     Section 7.04. Notification to Noteholders, Certificateholders and Rating
Agencies. Upon any notice of a Servicer Termination Event or upon any
termination of, or any appointment of a successor to, the Servicer pursuant to
this Article, the Indenture Trustee shall give prompt written notice thereof
to the Noteholders and the Owner Trustee shall give prompt written notice
thereof to the Certificateholders and to the Rating Agencies.

     Section 7.05. Waiver of Past Servicer Termination Events. The Noteholders
evidencing not less than 51% of the Note Balance of the Controlling Class may,
on behalf of all Noteholders, waive any Servicer Termination Event and its
consequences, except an event resulting from the failure to make any required
deposits to or payments from the Collection Account, the Note Payment Account,
the Certificate Payment Account or the Reserve Fund in accordance with this
Agreement. Upon any such waiver of a 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 7.06. Repayment of Advances. If the identity of the Servicer
shall change, the outgoing Servicer shall be entitled to receive reimbursement
for outstanding and unreimbursed Advances made pursuant to Section 4.04 by the
outgoing Servicer.

                                      53
<PAGE>

                                ARTICLE EIGHT

                                  TERMINATION

     Section 8.01. Optional Purchase of All Receivables.

     (a) If, as of the last day of any Collection Period, the Pool Balance
shall be less than or equal to 10% of the initial Pool Balance, the Servicer
shall have the option to purchase on the following Distribution Date the Owner
Trust Estate, other than the Collection Account, the Note Payment Account, the
Certificate Payment Account, the Yield Supplement Account or the Reserve Fund.
To exercise such option, the Servicer shall notify the Depositor, the Seller,
the Owner Trustee, the Indenture Trustee and the Rating Agencies no later than
30 days prior to the Distribution Date on which such repurchase is to be
effected and shall deposit into the Collection Account on the related Deposit
Date an amount equal to the lesser of the (i) fair market value of the
Receivables and (ii) aggregate Purchase Amount for the Receivables (including
Receivables that became Defaulted Receivables during the related Collection
Period); provided, however, that the Servicer shall not be permitted to
exercise such option unless the amount to be deposited in the Collection
Account pursuant to this Section is at least equal to the sum of all amounts
due to the Servicer under this Agreement plus the Note Balance plus all
accrued but unpaid interest (including any overdue interest) on the Notes plus
all amounts due to the Servicer for any outstanding and unreimbursed Advances
and Nonrecoverable Advances plus all accrued but unpaid Total Trustee Fees.
Upon such payment, the Servicer shall succeed to and own all interests in and
to the Issuer. The aggregate amount so deposited in respect of such
Distribution Date, plus, to the extent necessary, all amounts in the Reserve
Fund, shall be used to make payments in full to the Noteholders in the manner
set forth in Article Four.

     (b) Following the satisfaction and discharge of the Indenture and the
payment in full of the principal of and interest on the Notes, the
Certificateholders shall succeed to the rights of the Noteholders hereunder
and the Indenture Trustee shall continue to carry out its obligations
hereunder with respect to the Certificateholders, including making
distributions from the Collection Account in accordance with Section 4.06(c)
and making withdrawals from the Reserve Fund in accordance with Sections
4.06(b) and 4.07.

                                      54
<PAGE>

                                 ARTICLE NINE

                                 MISCELLANEOUS

     Section 9.01. Amendment.

     (a) This Agreement may be amended from time to time by the Depositor, the
Seller, the Servicer and the Owner Trustee, on behalf of the Issuer, with the
consent of the Indenture Trustee, but without the consent of any of the
Noteholders, to cure any ambiguity, to correct or supplement any provision in
this Agreement that may be inconsistent with any other provisions in this
Agreement or any offering document used in connection with the initial offer
and sale of the Notes, to add, change or eliminate any other provisions with
respect to matters or questions arising under this Agreement that are not
inconsistent with the provisions of this Agreement; provided, however, that
(i) no such amendment may materially adversely affect the interests of any
Noteholder and (ii) no such amendment will be permitted unless an Opinion of
Counsel is delivered to the Depositor, the Owner Trustee and the Indenture
Trustee to the effect that such amendment will not cause the Issuer to be
characterized for federal income tax purposes as an association taxable as a
corporation or otherwise have any material adverse impact on the federal
income taxation of any Notes Outstanding or any Noteholder.

     (b) This Agreement may also be amended from time to time by the
Depositor, the Seller, the Servicer and the Owner Trustee, on behalf of the
Issuer, with the consent of the Indenture Trustee and the consent of the
Holders of Notes evidencing at least 66 2/3% of the Note Balance of the
Controlling Class, for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of this Agreement, or of
modifying in any manner the rights of the Noteholders; provided, however, that
no such amendment (1) will be permitted unless an Opinion of Counsel is
delivered to the Depositor and the Trustees to the effect that such amendment
will not cause the Issuer to be characterized for federal income tax purposes
as an association taxable as a corporation or otherwise have any material
adverse impact on the federal income taxation of any Notes Outstanding or any
Noteholder and (2) may:

          (i) increase or reduce in any manner the amount of, or accelerate or
     delay the timing of, or change the allocation or priority of, collections
     of payments on or in respect of the Receivables or distributions that are
     required to be made for the benefit of the Noteholders or change any
     Interest Rate or the Required Reserve Fund Amount, without the consent of
     100% of the Noteholders of Notes then Outstanding; or

          (ii) reduce the percentage of the Note Balance of the Controlling
     Class, the consent of the Noteholders of which is required for any
     amendment to this Agreement without the consent of 100% of the
     Noteholders of Notes then Outstanding.

     (c) An amendment to this Agreement shall be deemed not to materially
adversely affect the interests of any Noteholder if (i) the Person requesting
such amendment obtains and delivers to the Trustees an Opinion of Counsel to
that effect or (ii) the Rating Agency Condition is satisfied.

                                      55
<PAGE>

     (d) Prior to the execution of any amendment or consent pursuant to this
Section, the Servicer shall provide written notification of the substance of
such amendment or consent to each Rating Agency.

     (e) Promptly after the execution of any amendment or consent pursuant to
Section 9.01(b), the Owner Trustee shall furnish written notification of the
substance of such amendment or consent to each Certificateholder. It shall not
be necessary for the consent of the Noteholders pursuant to Section 9.01(b) to
approve the particular form of any proposed amendment or consent, but it shall
be sufficient if such consent shall approve the substance thereof. The manner
of obtaining such consents (and any other consents of the Noteholders provided
for in this Agreement) and of evidencing the authorization of the execution
thereof by the Noteholders shall be subject to such reasonable requirements as
the Trustees may prescribe.

     (f) Prior to the execution of any amendment pursuant to this Section, the
Depositor and the Trustees shall be entitled to receive and rely upon (i) an
Opinion of Counsel stating that the execution of such amendment is authorized
or permitted by this Agreement and (ii) an Officer's Certificate of the
Servicer that all conditions precedent provided for in this Agreement to the
execution of such amendment have been complied with. The Owner Trustee or the
Indenture Trustee may, but shall not be obligated to, enter into any such
amendment which affects such Owner Trustee's or Indenture Trustee's own
rights, duties or immunities under this Agreement or otherwise.

     Section 9.02. Protection of Title to Issuer.

     (a) The Depositor or the Servicer, or both, shall authorize and file such
financing statements and cause to be authorized 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 Issuer and of the
Indenture Trustee for the benefit of the Noteholders in the Receivables and in
the proceeds thereof. The Depositor or the Servicer, or both, shall deliver
(or cause to be delivered) to the Trustees file-stamped copies of, or filing
receipts for, any document filed as provided above, as soon as available
following such filing.

     (b) Neither the Depositor nor the Servicer shall change its name,
identity or organizational structure in any manner that would make any
financing statement or continuation statement filed in accordance with Section
9.02(a) seriously misleading within the meaning of Section 9-506 of the UCC,
unless it shall have given the Trustees at least 60 days' prior written notice
thereof and shall have promptly filed such amendments to previously filed
financing statements or continuation statements or such new financing
statements as may be necessary to continue the perfection of the interest of
the Issuer and the Indenture Trustee for the benefit of the Noteholders in the
Receivables and the proceeds thereof.

     (c) Each of the Seller, the Depositor and the Servicer shall give the
Trustees at least 60 days' prior written notice of any change in its name,
identity, organizational structure or jurisdiction of organization or any
relocation of its principal place of business or chief executive office if, as
a result of such change or relocation, the applicable provisions of the UCC
would require the filing of any amendment to any previously filed financing
statement or continuation statement or of any new financing statement and
shall promptly file any such amendment,

                                      56
<PAGE>

continuation statement or new financing statement. The Depositor shall at all
times maintain its jurisdiction of organization, its principal place of
business and its chief executive office within the United States. The Servicer
shall at all times maintain each office from which it shall service
Receivables, and each office at which the Receivable Files are located, within
the United States.

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

     (e) The Servicer shall maintain its computer systems so that, from and
after the time of transfer of the Receivables to the Trust pursuant to this
Agreement, the Servicer's master computer records (including any back-up
archives) that refer to a Receivable shall indicate clearly and unambiguously
the interest of the Issuer and the Indenture Trustee in such Receivable and
that such Receivable is owned by the Issuer and has been pledged to the
Indenture Trustee pursuant to the Indenture. Indication of the Issuer's and
the Indenture Trustee's interest in a Receivable shall be deleted from or
modified on the Servicer's computer systems when, and only when, such
Receivable shall have been paid in full or repurchased by the Seller or
purchased by the Servicer.

     (f) If at any time the Depositor or the Servicer shall propose to sell,
grant a security interest in, or otherwise transfer any interest in any motor
vehicle retail installment sale contract to any prospective purchaser, lender
or other transferee, the Servicer shall give to such prospective purchaser,
lender or other transferee computer tapes, CDs, records or printouts
(including any restored from back-up archives) that, if they shall refer in
any manner whatsoever to any Receivable, shall indicate clearly and
unambiguously that such Receivable has been sold and is owned by the Issuer
and has been pledged to the Indenture Trustee (unless such Receivable has been
paid in full or repurchased by the Seller or purchased by the Servicer).

     (g) The Servicer shall permit the Trustees and their respective agents at
any time during normal business hours to inspect, audit and make copies of and
abstracts from the Servicer's records regarding any Receivable.

     (h) If the Seller has repurchased one or more Receivables from the Issuer
pursuant to Section 2.04 or the Servicer has purchased one or more Receivables
from the Issuer pursuant to Section 3.08, the Servicer shall, upon request,
furnish to the Owner Trustee or to the Indenture Trustee, within ten Business
Days, a list of all Receivables (by contract number and name of Obligor) then
held as part of the Issuer, together with a reconciliation of such list to the
Receivables Schedule and to each of the Servicer's Certificates furnished
before such request indicating removal of Receivables from the Issuer.

     (i) The Servicer shall deliver to the Depositor and the Trustees:

          (i) promptly after the authorization and delivery of each amendment
     to any financing statement delivered pursuant to this Agreement, an
     Opinion of Counsel stating

                                      57
<PAGE>

     that, in the opinion of such counsel, either (A) all financing statements
     and continuation statements have been authorized and filed that are
     necessary fully to preserve and protect the interest of the Depositor (in
     the case of an opinion delivered by the Servicer) or the Issuer and the
     Indenture Trustee (in the case of an opinion delivered by the Depositor)
     in the Receivables, and reciting the details of such filings or referring
     to prior Opinions of Counsel in which such details are given, or (B) no
     such action shall be necessary to preserve and protect such interest; and

          (ii) within 90 days after the beginning of each calendar year
     (beginning with the first year beginning more than three months after the
     Cutoff Date) an Opinion of Counsel, dated as of a date during such 90-day
     period, stating that, in the opinion of such counsel, either (A) all
     financing statements and continuation statements have been authorized and
     filed that are necessary fully to preserve and protect the interest of
     the Depositor (in the case of an opinion delivered by the Servicer) or
     the Issuer and the Indenture Trustee (in the case of an opinion delivered
     by the Depositor) in the Receivables, and reciting the details of such
     filings or referring to prior Opinions of Counsel in which such details
     are given, or (B) no such action shall be necessary to preserve and
     protect such interest.

     Each Opinion of Counsel referred to in clause (i) or (ii) above shall
specify any action necessary (as of the date of such opinion) to be taken on
or before March 31 of the following year to preserve and protect such
interest.

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

     Section 9.03. Notices. All demands, notices and communications under this
Agreement shall be in writing, personally delivered, sent by telecopier,
overnight courier or mailed by certified mail, return receipt requested, and
shall be deemed to have been duly given upon receipt in the case of (i) the
Depositor, at One Wachovia Center, 301 South College Street, Suite E,
Charlotte, North Carolina 28288-5578, Attention: General Counsel, (ii) the
Seller or the Servicer, at One Wachovia Center, 301 South College Street,
Charlotte, North Carolina 28288-0600, Attention: General Counsel, (iii) the
Issuer or the Owner Trustee, at the Corporate Trust Office (as such term is
defined in the Trust Agreement), (iv) the Indenture Trustee, at the Corporate
Trust Office, (v) Moody's, to Moody's Investors Service, Inc., ABS Monitoring
Department, 99 Church Street, New York, New York 10007, (vi) Standard &
Poor's, to Standard & Poor's Ratings Services, a Division of The McGraw-Hill
Companies, Inc., 55 Water Street, New York, New York 10041, Attention: Asset
Backed Surveillance Department or (vii) as to each of the foregoing, at such
other address as shall be designated by written notice to the other parties.

     Section 9.04. Assignment.

     (a) Notwithstanding anything to the contrary contained herein, except as
provided in the remainder of this Section or as provided in Sections 6.03 and
7.02, this Agreement may not

                                      58
<PAGE>

be assigned by the Depositor or the Servicer without the prior written consent
of the Trustees and the Holders of Notes evidencing at least 66 2/3% of the
Note Balance of the Controlling Class.

     (b) The Depositor hereby acknowledges and consents to the mortgage,
pledge, assignment and grant of a security interest by the Issuer to the
Indenture Trustee pursuant to the Indenture for the benefit of the Noteholders
of all right, title and interest of the Issuer in, to and under the Trust
Property and the assignment of any or all of the Issuer's rights and
obligations hereunder to the Indenture Trustee.

     Section 9.05. Severability. If any one or more of the covenants,
agreements, provisions or terms of this Agreement shall be for any reason
whatsoever held invalid, then such covenants, agreements, provisions or terms
shall be deemed severable from the remaining covenants, agreements, provisions
and terms of this Agreement and shall in no way affect the validity or
enforceability of the other covenants, agreements, provisions and terms of
this Agreement.

     Section 9.06. Further Assurances. The Depositor, the Seller, the Servicer
and the Issuer agree to do and perform, from time to time, any and all acts
and to authorize or execute any and all further instruments required or
reasonably requested by the Owner Trustee or the Indenture Trustee more fully
to effect the purposes of this Agreement, including the authorization and
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 9.07. No Waiver; Cumulative Remedies. No failure to exercise and
no delay in exercising, on the part of the Depositor, the Owner Trustee, the
Indenture Trustee, the Noteholders or the Certificateholders, any right,
remedy, power or privilege hereunder, shall operate as a waiver thereof, nor
shall any single or partial exercise of any right, remedy, power or privilege
hereunder preclude any other or further exercise thereof or the exercise of
any other right, remedy, power or privilege. The rights, remedies, powers and
privileges provided in this Agreement are cumulative and not exhaustive of any
rights, remedies, powers and privileges provided by law.

     Section 9.08. Third-Party Beneficiaries. This Agreement shall inure to
the benefit of and be binding upon the parties hereto, the Owner Trustee, the
Noteholders, the Certificateholders and their respective successors and
permitted assigns. Except as otherwise provided in this Article, no other
Person shall have any right or obligation hereunder. The parties hereto hereby
acknowledge and consent to the pledge of this Agreement by the Issuer to the
Indenture Trustee for the benefit of the Noteholders pursuant to the
Indenture.

     Section 9.09. Actions by Noteholder or Certificateholders.

     (a) Wherever in this Agreement a provision is made that an action may be
taken or a notice, demand or instruction given by the Noteholders or the
Certificateholders, such action, notice or instruction may be taken or given
by any Noteholder or any Certificateholder, as applicable, unless such
provision requires a specific percentage of the Noteholders or the
Certificateholders.

     (b) Any request, demand, authorization, direction, notice, consent,
waiver or other act by a Noteholder or a Certificateholder shall bind such
Noteholder or Certificateholder and every

                                      59
<PAGE>

subsequent Holder of the related Note or Certificate issued upon the
registration of transfer thereof or in exchange therefor or in lieu thereof in
respect of anything done or omitted to be done by the Owner Trustee, the
Indenture Trustee or the Servicer in reliance thereon, whether or not notation
of such action is made upon such Note or Certificate.

     Section 9.10. Separate Counterparts. This Agreement may be executed by
the parties hereto in separate counterparts, each of which when so executed
and delivered shall be an original, but all such counterparts shall together
constitute but one and the same instrument.

     Section 9.11. Headings. The Article and Section headings herein and the
Table of Contents are for convenience of reference only and shall not affect
the meaning or interpretation of the terms or provisions hereof.

     Section 9.12. 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 (OTHER THAN SECTION 5-1401 OF THE GENERAL
OBLIGATIONS LAW), and the obligations, rights and remedies of the parties
hereunder shall be determined in accordance with such laws.

     Section 9.13. Nonpetition Covenants. The Owner Trustee, the Indenture
Trustee and the Servicer each covenants and agrees that it will not at any
time institute against, or join any other Person in instituting against, the
Depositor or the Issuer any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings or other proceedings under any federal
or State bankruptcy or similar law. This Section shall survive the resignation
or removal of the Owner Trustee under the Trust Agreement and the Indenture
Trustee under the Indenture and shall survive the termination of the Trust
Agreement and the Indenture.

     Section 9.14. Limitation of Liability of Owner Trustee and Indenture
Trustee.

     (a) Notwithstanding anything to the contrary contained herein, this
Agreement has been executed by the Owner Trustee not in its individual
capacity but solely in its capacity as Owner Trustee of the Issuer and in no
event shall the Owner Trustee in its individual capacity have any liability
for the representations, warranties, covenants, agreements or other
obligations of the Issuer hereunder or in any of the certificates, notices or
agreements delivered pursuant hereto, as to all of which recourse shall be had
solely to the assets of the Issuer. For all purposes of this Agreement, in the
performance of its duties or obligations hereunder or in the performance of
any duties or obligations of the Issuer hereunder, the Owner Trustee shall be
subject to, and entitled to the benefits of, the terms and provisions of
Articles Six, Seven and Eight of the Trust Agreement.

     (b) Notwithstanding anything to the contrary contained herein, this
Agreement has been accepted by the Indenture Trustee, not in its individual
capacity but solely as Indenture Trustee and in no event shall the Indenture
Trustee in its individual capacity have any liability for the representations,
warranties, covenants, agreements or other obligations of the Issuer hereunder
or in any of the certificates, notices or agreements delivered pursuant
hereto, as to all of which recourse shall be had solely to the assets of the
Issuer.

                                      60
<PAGE>

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

                               WACHOVIA AUTO OWNER TRUST 2004-A

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

                               By:     /s/ Kathleen A. Pedelini
                                   --------------------------------------
                                     Name: Kathleen A. Pedelini
                                     Title: Financial Services Officer

                                POOLED AUTO SECURITIES SHELF LLC,
                                    as Depositor

                               By:     /s/ David T. Mason
                                      -------------------------------------
                                      Name: David T. Mason
                                      Title:  Vice President

                               WACHOVIA BANK, NATIONAL
                                  ASSOCIATION,
                                  as Seller and Servicer

                               By:     /s/ April Hughey
                                      -----------------------------------
                                      Name: April Hughey
                                      Title:  Vice President

Acknowledged and accepted as of
the day and year first above written:

U.S. BANK NATIONAL ASSOCIATION,
not in its individual capacity but
solely as Indenture Trustee

By:     /s/ Shannon M. Rantz
    ---------------------------------
    Name: Shannon M. Rantz
    Title: Vice President

                                                  Sale and Servicing Agreement

<PAGE>

                                                                    SCHEDULE A

                         LOCATION OF RECEIVABLE FILES

Wachovia Bank, National Association
1628 Browning Road, SC8846
Columbia, South Carolina  29226-0002

Wachovia Bank, National Association
Dealer Service Center
1451 Thomas Langston Road
Winterville, North Carolina  28590

                                     SA-1

<PAGE>

                                                                     EXHIBIT A

             REPRESENTATIONS AND WARRANTIES AS TO THE RECEIVABLES

     (i) Characteristics of Receivables. Each Receivable (A) was originated in
the United States by a Dealer located in the United States for the retail sale
of a Financed Vehicle in the ordinary course of the applicable Dealer's
business in accordance with the Seller's credit policies as of the date of
origination or acquisition of the related Receivable, is payable in United
States dollars, has been fully and properly executed by the parties thereto,
has been purchased by the Seller from such Dealer under an existing Dealer
Agreement (or approved form of assignment) and has been validly assigned by
such Dealer to the Seller, (B) has created a valid, subsisting and enforceable
security interest in favor of the Seller in the Financed Vehicle, which
security interest shall be perfected and prior to any other interest in such
Financed Vehicle, and which security interest is assignable by the Seller and
reassignable by the assignee, (C) contains customary and enforceable
provisions such that the rights and remedies of the holder thereof are
adequate for realization against the collateral of the benefits of the
security, (D) shall, except as otherwise provided in the Sale and Servicing
Agreement, provide for level Monthly Payments (provided that the payment in
the first or last month in the life of the Receivable may be minimally
different from the level payment) that fully amortize the Amount Financed over
its original term and shall provide for a finance charge or shall yield
interest at its Contract Rate, (E) is a Simple Interest Receivable, (F) is due
from an Obligor with a mailing addresses within the United States or its
territories, (G) to the best of the Seller's knowledge, is due from an Obligor
who is a natural person and (H) to the best of the Seller's knowledge, is not
assumable by another person in a manner which would release the Obligor
thereof from such Obligor's obligations to the Seller with respect to such
Receivable.

     (ii) Receivables Schedule. The information set forth in the Receivables
Schedule shall be true and correct in all material respects as of the close of
business on the Cutoff Date, and the Receivables were selected from those
motor vehicle receivables of the Seller which met the selection criteria set
forth in this Agreement.

     (iii) Compliance with Law. Each Receivable complied at the time it was
originated or made, and at the Closing Date complies, in all material respects
with all requirements of applicable federal, State and, to the best knowledge
of the Seller, local laws, rulings and regulations thereunder.

     (iv) Binding Obligation. Each Receivable represents the genuine, legal,
valid and binding payment obligation in writing of the related Obligor,
enforceable by the holder thereof in accordance with its terms, except (A) as
enforceability thereof may be limited by bankruptcy, insolvency,
reorganization or similar laws affecting the enforcement of creditors' rights
generally and by equitable limitations on the availability of specific
remedies, regardless of whether such enforceability is considered in a
proceeding in equity or at law and (B) as such Receivable may be modified by
the application after the Cutoff Date of the Servicemembers Civil Relief Act
or by any similar applicable State law.

                                     A-1
<PAGE>

     (v) No Government Obligor. No Receivable is due from the United States or
any State or any agency, department, subdivision or instrumentality thereof.

     (vi) Obligor Bankruptcy. To the best of the Seller's knowledge, at the
Cutoff Date, no Obligor is the subject of a bankruptcy proceeding.

     (vii) Security Interest in Financed Vehicles. Immediately prior to the
transfer of the Receivables by the Seller to the Depositor, each Receivable
was secured by a valid, binding and enforceable first priority perfected
security interest in favor of the Seller in the related Financed Vehicle,
which security interest has been validly assigned by the Seller to the
Depositor. The Servicer has received, or will receive within 180 days after
the Closing Date, the original certificate of title for each Financed Vehicle
(other than any Financed Vehicle that is subject to a certificate of title
statute or motor vehicle registration law that does not require that the
original certificate of title for such Financed Vehicle be delivered to the
Seller).

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

     (ix) No Waivers. No provision of a Receivable shall have been waived in
such a manner that such Receivable fails to meet all of the other
representations and warranties made by the Seller herein with respect thereto.

     (x) No Amendments. No Receivable shall have been amended or modified in
such a manner that the total number of Monthly Payments has been increased or
decreased or that the related Amount Financed has been increased or decreased
or that such Receivable fails to meet all of the other representations and
warranties made by the Seller herein with respect thereto.

     (xi) No Defenses. No Receivable is subject to any right of rescission,
setoff, counterclaim or defense, including the defense of usury, and the
operation of any of the terms of any Receivable, or the exercise of any right
thereunder, will not render such Receivable unenforceable in whole or in part
or subject to any right of rescission, setoff, counterclaim or defense,
including the defense of usury, and the Seller has not received written notice
of the assertion with respect to any Receivable of any such right of
rescission, setoff, counterclaim or defense.

     (xii) No Liens. No Liens or claims shall have been filed, including Liens
for work, labor or materials or for unpaid local, State or federal taxes
relating to any Financed Vehicle that shall be prior to, or equal or
coordinate with, the security interest in such Financed Vehicle granted by the
related Receivable.

     (xiii) No Defaults; Repossessions. Except for payment defaults that, as
of the Cutoff Date, have been continuing for a period of not more than 30
days, no default, breach or violation under the terms of any Receivable shall
have occurred as of the Cutoff Date and no continuing condition that with
notice or the lapse of time or both would constitute a default, breach or
violation under the terms of any Receivable shall have arisen; and the Seller
shall not have waived any of the foregoing except as otherwise permitted
hereunder. On or prior to the Cutoff Date, no Financed Vehicle has been
repossessed.

                                     A-2
<PAGE>

     (xiv) Insurance. Each Receivable requires the related Obligor to obtain
physical damage insurance covering the related Financed Vehicle and to
maintain such insurance.

     (xv) Title. It is the intention of the Seller that the transfers and
assignments herein contemplated constitute a sale of the Receivables from the
Seller to the Purchaser and that the beneficial interest in and title to the
Receivables not be part of the debtor's estate in the event of the appointment
of a receiver or conservator for the Seller under any receivership, bankruptcy
law, insolvency or banking law; no Receivable has been sold, transferred,
assigned or pledged by the Seller to any Person other than the Purchaser, and
no provision of a Receivable shall have been waived, except as provided in
clause (ix) above; immediately prior to the transfer and assignment herein
contemplated, the Seller had good and marketable title to each Receivable free
and clear of all Liens and rights of others, except for Liens that shall be
released on or before the Closing Date; immediately upon the transfer and
assignment thereof, the Purchaser shall have good and marketable title to each
Receivable, free and clear of all Liens and rights of others; and the transfer
and assignment herein contemplated has been perfected under the UCC.

     (xvi) Security Interest Matters. This Agreement creates a valid and
continuing "security interest" (as defined in the UCC) in the Receivables in
favor of the Depositor, which security interest is prior to all other Liens
and is enforceable as such as against creditors of and purchasers from the
Seller. With respect to each Receivable, the Seller has taken all steps
necessary to perfect its security interest against the related Obligor in the
related Financed Vehicle. The Receivables constitute "tangible chattel paper"
(as defined in the UCC). The Seller has caused or will cause prior to the
Closing Date the filing of all appropriate financing statements in the proper
filing offices in the appropriate jurisdictions under applicable law necessary
to perfect the security interest in the Receivables granted to the Depositor
under the Receivables Purchase Agreement. Other than the security interest
granted to the Depositor under the Receivables Purchase Agreement, the Seller
has not pledged, assigned, sold, granted a security interest in or otherwise
conveyed any of the Receivables. The Seller has not authorized the filing of
and is not aware of any financing statements against the Seller that include a
description of collateral covering the Receivables other than any financing
statement relating to the security interest granted to the Depositor under the
Sale and Servicing Agreement or that has been terminated. The motor vehicle
retail installment sale contracts that constitute or evidence the Receivables
do not have any marks or notations indicating that they have been pledged,
assigned or otherwise conveyed to any Person other than the Depositor, the
Issuer or the Indenture Trustee. The Seller is not aware of any judgment or
tax lien filings against the Seller.

     (xvii) Financing Statements. All financing statements filed or to be
filed against the Seller in favor of the Issuer (as assignee of the Depositor)
contain a statement substantially to the following effect: "A purchase of or
security interest in any collateral described in this financing statement will
violate the rights of the Issuer". All financing statements filed or to be
filed against the Seller in favor of the Indenture Trustee (as assignee of the
Issuer) contain a statement substantially to the following effect: "A purchase
of or security interest in any collateral described in this financing
statement will violate the rights of the Indenture Trustee".

     (xviii) Lawful Assignment. No Receivable has been originated in, or is
subject to the laws of, any jurisdiction under which the sale, transfer,
assignment and conveyance of such Receivable under this Agreement or the Sale
and Servicing Agreement or the pledge of such

                                     A-3
<PAGE>

     Receivables hereunder or under the Indenture is unlawful, void or
     voidable or under which such Receivable would be rendered void or
     voidable as a result of any such sale, transfer, assignment, conveyance
     or pledge. The Seller has not entered into any agreement with any account
     debtor that prohibits, restricts or conditions the assignment of the
     Receivables.

     (xix) All Filings Made. All filings (including UCC filings) necessary in
any jurisdiction to give the Purchaser, the Issuer and the Indenture Trustee a
first priority security interest in the Receivables shall have been made or
will be made on the Closing Date.

     (xx) One Original. There shall be only one original executed copy of each
Receivable.

     (xxi) Location of Receivable Files. Each Receivable File shall be kept at
one of the locations listed in Schedule A.

     (xxii) Custodial Agreements. Immediately prior to the transfer of the
Receivables by the Seller to the Purchaser, the Seller, an Affiliate of the
Seller or an agent on behalf of the Seller had possession of the Receivable
Files and there were no, and there will not be, any custodial agreements in
effect affecting the right or ability of the Seller to make, or cause to be
made, any delivery required under this Agreement.

     (xxiii) Bulk Transfer Laws. The transfer of the Receivables and the
Receivable Files by the Seller to the Purchaser pursuant to this Agreement is
not subject to the bulk transfer laws or any similar statutory provisions in
effect in any applicable jurisdiction.

     (xxiv) Principal Balance. Each Receivable had an original Principal
Balance of not more than $98,113.77 and a remaining Principal Balance as of
the Cutoff Date of not less than $501.25.

     (xxv) New and Used Vehicles. As of the Cutoff Date, approximately 65.92%
of the Pool Balance related to Receivables secured by new Financed Vehicles
and approximately 34.08% of the Pool Balance related to Receivables secured by
used Financed Vehicles.

     (xxvi) Origination. Each Receivable was originated after December 31,
1998.

     (xxvii) Original Term to Maturity. Each Receivable had an original term
to maturity of not more than 72 months and not less than 18 months and a
remaining term to maturity as of the Cutoff Date of not more than 67 months
and not less than 11 months.

     (xxviii) Weighted Average Remaining Term to Maturity. As of the Cutoff
Date, the weighted average remaining term to maturity of the Receivables was
approximately 48.59 months.

     (xxix) Annual Percentage Rate. Each Receivable has an Contract Rate of at
least 2.50% and not more than 11.99%.

     (xxx) Simple Interest Method. All payments with respect to the
Receivables have been allocated consistently in accordance with the Simple
Interest Method.

                                     A-4
<PAGE>

     (xxxi) Marking Records. As of the Closing Date, the Seller will have
caused its computer and accounting records relating to each Receivable to be
marked to show that the Receivables have been sold to the Purchaser by the
Seller and transferred and assigned by the Purchaser to the Issuer in
accordance with the terms of the Sale and Servicing Agreement and pledged by
the Issuer to the Indenture Trustee in accordance with the terms of the
Indenture.

     (xxxii) Chattel Paper. Each Receivable constitutes "tangible chattel
paper" within the meaning of the UCC as in effect in the State of origination;
provided, however, that upon satisfaction of the Rating Agency Condition, a
Receivable may constitute "electronic chattel paper" within the meaning of the
UCC as in effect in the State of origination.

     (xxxiii) Final Scheduled Distribution Date. No Receivable has a final
scheduled payment date later than six months prior to the Class C Final
Scheduled Distribution Date.

     (xxxiv) No Fleet Sales. None of the Receivables have been included in a
"fleet" sale (i.e., a sale to any single Obligor of more than eight Financed
Vehicles).

     (xxxv) No Fraud or Misrepresentation. Each Receivable that was originated
by a Dealer and was sold by the Dealer to the Seller, to the best of the
Seller's knowledge, was so originated and sold without fraud or
misrepresentation on the part of such Dealer in either case.

     (xxxvi) No Impairment. The Seller has not done anything to convey any
right to any Person that would result in such Person having a right to
payments due under a Receivable or otherwise to impair the rights of the
Depositor in any Receivable or the proceeds thereof.

     (xxxvii) Servicing. Each Receivable has been serviced in conformity with
all applicable laws, rules and regulation and in conformity with the Seller's
policies and procedures which are consistent with customary, prudent industry
standards.

     (xxxviii) No Consent. To the best of the Seller's knowledge, no notice to
or consent from any Obligor is necessary to effect the acquisition of the
Receivables by the Purchaser or the Issuer or the pledge of the Receivables by
the Issuer to the Indenture Trustee.

     (xxxix) Other Receivables. To the best of the Seller's knowledge, neither
the Obligor on any Receivable nor any of its Affiliates is the obligor on
Receivables with an aggregate principal amount representing more than 0.05% of
the aggregate Principal Balance of the Receivables as of the Cutoff Date.

                                     A-5
<PAGE>

<TABLE>
<CAPTION>
                                                                                           EXHIBIT B

                                    FORM OF DISTRIBUTION STATEMENT

                                   Wachovia Auto Owner Trust 2004-A

<S>                                                                                     <C>
Priority Principal Distributable Amount                                                 $__________

Secondary Principal Distributable Amount                                                $__________

Tertiary Principal Distributable Amount                                                 $__________

Regular Principal Distributable Amount                                                  $__________

Interest Distributable Amount                                                           $__________
     Class A-1 Notes:      $         per $1,000 original principal amount
     Class A-2 Notes:      $         per $1,000 original principal amount
     Class A-3 Notes:      $         per $1,000 original principal amount
     Class A-4 Notes:      $         per $1,000 original principal amount
     Class B Notes:        $         per $1,000 original principal amount
     Class C Notes:        $         per $1,000 original principal amount

Available Collections                                                                   $__________

Available Funds                                                                         $__________

Pool Balance as of the close of business on the last day of the Collection Period       $__________
     (per $1,000 original principal amount)

Note Pool Factor                                                                        $__________
     Class A-1 Notes:                                                                   $__________
     Class A-2 Notes:                                                                   $__________
     Class A-3 Notes:                                                                   $__________
     Class A-4 Notes:                                                                   $__________
     Class B Notes:                                                                     $__________
     Class C Notes:                                                                     $__________

Note Balance                                                                            $__________
     Class A-1 Notes:                                                                   $__________
     Class A-2 Notes:                                                                   $__________
     Class A-3 Notes:                                                                   $__________
     Class A-4 Notes:                                                                   $__________
     Class B Notes:                                                                     $__________
     Class C Notes:                                                                     $__________
     Class D Notes:                                                                     $__________

Reserve Fund Amount                                                                     $__________
     change from immediately preceding Distribution Date                                $__________

Reserve Fund Draw Amount                                                                $__________

Total Servicing Fee                                                                     $__________

Total Trustee Fees                                                                      $__________

Required Payment Amount                                                                 $__________

                                                  B-1
</TABLE>

<PAGE>

<TABLE>
<CAPTION>

<S>                                                                                     <C>
Aggregate Amount of Defaulted Receivables                                               $__________

Aggregate Purchase Amount of Purchased Receivables                                      $__________

Purchase Amount                                                                         $__________

Net Losses on the Receivables                                                           $__________

Aggregate Principal Balance of Receivables                                              $__________
     31 to 60 days past due (No. of Receivables ____)                                   $__________
     61 to 90 days past due (No. of Receivables ____)                                   $__________
     91 or more days past due (No. of Receivables ____)                                 $__________

</TABLE>

                                                  B-2
<PAGE>

<TABLE>
<CAPTION>

                                                                                            EXHIBIT C
                                    FORM OF SERVICER'S CERTIFICATE

                                   Wachovia Auto Owner Trust 2004-A

<S>                                                                                     <C>
Collection Period                                                                       ____________________
Determination Date                                                                      ____________________
Distribution Date                                                                       ____________________

1.       Pool Balance as of the close of business on the last day of the                $__________
         Collection Period  (per $1,000 original principal amount)

2.       Note Balance
         a.       Class A-1 Notes                                                       $
         b.       Class A-2 Notes                                                       $
         c.       Class A-3 Notes                                                       $
         d.       Class A-4 Notes                                                       $
         e.       Class B Notes                                                         $
         f.       Class C Notes                                                         $

3.       Pool Factors
         a.       Class A-1 Notes
         b.       Class A-2 Notes
         c.       Class A-3 Notes
         d.       Class A-4 Notes
         e.       Class B Notes
         f.       Class C Notes

4.       Available Funds                                                                $__________

5.       Available Collections                                                          $__________

6.       Total Servicing Fee                                                            $__________
         a.       Monthly Servicing Fee                                                 $__________
         b.       Amount Unpaid from prior months                                       $__________

7.       Total Trustee Fees                                                             $__________
         a.       Monthly Trustee Fees                                                  $__________
         b.       Amount Unpaid from prior months                                       $__________

8.       Priority Principal Distributable Amount                                        $__________

9.       Secondary Principal Distributable Amount                                       $__________

10.      Tertiary Principal Distributable Amount                                        $__________

11.      Regular Principal Distributable Amount                                         $__________

12.      Interest Distributable Amount (per $1,000 original principal amount)           $__________
         a.       Class A-1 Notes (per $1,000 original principal amount)                $__________
         b.       Class A-2 Notes (per $1,000 original principal amount)                $__________
         c.       Class A-3 Notes (per $1,000 original principal amount)                $__________
         d.       Class A-4 Notes (per $1,000 original principal amount)                $__________
         e.       Class B Notes (per $1,000 original principal amount)                  $__________
         f.       Class C Notes (per $1,000 original principal amount)                  $__________

                                                 C-1
<PAGE>

13.      Required Payment Amount                                                        $__________

14.      Reserve Fund Amount                                                            $__________
         Change from immediately preceding Distribution Date                            $__________

15.      Reserve Fund Draw Amount                                                       $__________

16.      The lesser of: (a or b)
         a.       The amount, if any, by which the Required Payment Amount for
                  the Distribution Date exceeds Available Collections
                  for such Distribution Date                                            $__________
         b.       The Reserve Fund Amount for such Distribution Date (before
                  giving effect to any deposits to or withdrawals from the
                  Reserve Fun on the related Distribution Date)                         $__________

17.      The amount by which the Required Payment Amount exceeds the sum of Available
         Collections plus the Reserve Fund Draw Amount:                                 $__________

18.      Reserve Fund Amount                                                            $__________

19.      The amount by which the Required Reserve Fund Amount exceeds
         the Reserve Fund Amount                                                        $__________

20.      Aggregate Amount of Defaulted Receivables                                      $__________
         Account No. ___                                                                $__________

21.      Aggregate Purchase Amount of Purchased Receivables                             $__________
         Account No. ___                                                                $__________

22.      Trustee Fees and Expenses                                                      $__________

23.      Purchase Amount                                                                $__________

24.      Net Losses on the Receivables                                                  $__________

25.      Aggregate Principal Balance of Receivables                                     $__________
         a.       31 to 60 days past due (No. of Receivables ____)                      $__________
         b.       61 to 90 days past due (No. of Receivables ____)                      $__________
         c.       91 or more days past due (No. of Receivables ____)                    $__________

26.      Cumulative Losses and the Sequential Payment Trigger $__________

27.      Yield Supplement Account Draw Amount                                           $__________

Instructions to the Indenture Trustee or Paying Agent
-----------------------------------------------------

  From the Collection Account:

                                                 C-2
<PAGE>

1.       To the Servicer                                                                $__________

2.       To the Trustees                                                                $__________

3.       To the Note Payment Account                                                    $__________

4.       To the Reserve Fund                                                            $__________

5.       To the Certificate Payment Account                                             $__________

From the Note Payment Account:

1.       To the Class A-1 Noteholders                                                   $__________

2.       To the Class A-2 Noteholders                                                   $__________

3.       To the Class A-3 Noteholders                                                   $__________

4.       To the Class A-4 Noteholders                                                   $__________

5.       To the Class B Noteholders                                                     $__________

5.       To the Class C Noteholders                                                     $__________

From the Certificate Payment Account:

1.      To the Certificateholders                                                       $__________

From the Reserve Fund:

1.       To the Collection Account                                                      $__________

2.       To the Certificateholders                                                      $__________

From the Yield Supplement Account:

1.       To the Collection Account                                                      $__________

2.       To the Certificateholders                                                      $__________

                                                 C-3
<PAGE>

</TABLE>

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