Document:

Exhibit 4.1

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                       POOLED AUTO SECURITIES SHELF LLC,
                                 as Depositor,

                                      and

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

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

                             AMENDED AND RESTATED
                                TRUST AGREEMENT

                         Dated as of ________ __, 200_
                        --------------------------------

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                               TABLE OF CONTENTS

                                                                           Page

                                  ARTICLE ONE

                                  DEFINITIONS
Section 1.01. General Definitions.............................................1
Section 1.02. Other Definitional Provisions...................................6
Section 1.03. Interpretive Provisions.........................................6

                                  ARTICLE TWO

                                 ORGANIZATION
Section 2.01. Name............................................................7
Section 2.02. Office..........................................................7
Section 2.03. Purposes and Powers.............................................7
Section 2.04. Appointment of Owner Trustee....................................8
Section 2.05. Initial Capital Contribution of Owner Trust Estate..............8
Section 2.06. Declaration of Trust............................................8
Section 2.07. Liability of Certificateholders.................................9
Section 2.08. Title to Trust Property.........................................9
Section 2.09. Situs of Issuer.................................................9
Section 2.10. Representations and Warranties of the Depositor.................9
Section 2.11. Federal Income Tax Matters.....................................10

                                 ARTICLE THREE

                    CERTIFICATES AND TRANSFER OF INTERESTS

Section 3.01. Initial Ownership..............................................12
Section 3.02. The Certificates...............................................12
Section 3.03. Authentication and Delivery of Certificates....................12
Section 3.04. Registration, Transfer and Exchange of Certificates............12
Section 3.05. Mutilated, Destroyed, Lost or Stolen Certificates..............14
Section 3.06. Persons Deemed Certificateholders..............................14
Section 3.07. Access to List of Certificateholders' Names and Addresses......15
Section 3.08. Maintenance of Office or Agency................................15
Section 3.09. Appointment of Paying Agent....................................15
Section 3.10. Certificates Nonassessable and Fully Paid......................16

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                                 ARTICLE FOUR

                           ACTIONS BY OWNER TRUSTEE

Section 4.01. Prior Notice to Certificateholders with Respect to
                Certain Matters..............................................17
Section 4.02. Action by Certificateholders with Respect to
                Certain Matters..............................................17
Section 4.03. Action by Certificateholders with Respect to Bankruptcy........18
Section 4.04. Restrictions on Certificateholders' Power......................18
Section 4.05. Majority Control...............................................18
Section 4.06. Certain Litigation Matters.....................................18

                                 ARTICLE FIVE

                  APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

Section 5.01. Establishment of Certificate Payment Account...................19
Section 5.02. Application of Trust Funds.....................................19
Section 5.03. Method of Payment..............................................20
Section 5.04. No Segregation of Monies; No Interest..........................20
Section 5.05. Accounting and Reports to Noteholders, Certificateholders,
                the IRS and Others...........................................20
Section 5.06. Signature on Returns; Tax Matters Partner......................21

                                  ARTICLE SIX

                     AUTHORITY AND DUTIES OF OWNER TRUSTEE

Section 6.01. General Authority..............................................22
Section 6.02. General Duties.................................................22
Section 6.03. Action Upon Instruction........................................23
Section 6.04. No Duties Except as Specified in this Agreement or
                in Instructions..............................................23
Section 6.05. No Action Except Under Specified Documents or Instructions.....24
Section 6.06. Restrictions...................................................24

                                 ARTICLE SEVEN

                               THE OWNER TRUSTEE

Section 7.01. Acceptance of Duties...........................................25
Section 7.02. Furnishing of Documents........................................26
Section 7.03. Representations and Warranties.................................27
Section 7.04. Reliance; Advice of Counsel....................................27
Section 7.05. Not Acting in Individual Capacity..............................28
Section 7.06. Owner Trustee Not Liable for Certificates or Receivables.......28
Section 7.07. Owner Trustee May Own Certificates and Notes...................28
Section 7.08. Paying Agent; Authenticating Agent.............................29

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                                 ARTICLE EIGHT

                COMPENSATION AND INDEMNIFICATION OF OWNER TRUSTEE

Section 8.01. Owner Trustee's Fees and Expenses..............................30
Section 8.02. Indemnification................................................30
Section 8.03. Payments to the Owner Trustee..................................30

                                 ARTICLE NINE

                        TERMINATION OF TRUST AGREEMENT

Section 9.01. Termination of Trust Agreement.................................31

                                  ARTICLE TEN

                    SUCCESSOR AND ADDITIONAL OWNER TRUSTEES

Section 10.01. Eligibility Requirements for Owner Trustee....................33
Section 10.02. Resignation or Removal of Owner Trustee.......................33
Section 10.03. Successor Owner Trustee.......................................34
Section 10.04. Merger or Consolidation of Owner Trustee......................34
Section 10.05. Appointment of Co-Trustee or Separate Trustee.................35

                                ARTICLE ELEVEN

                                 MISCELLANEOUS

Section 11.01. Supplements and Amendments....................................37
Section 11.02. No Legal Title to Owner Trust Estate in
                Certificateholders...........................................38
Section 11.03. Limitations on Rights of Others...............................38
Section 11.04. Notices.......................................................39
Section 11.05. Severability..................................................39
Section 11.06. Counterparts..................................................39
Section 11.07. Successors and Assigns........................................39
Section 11.08. Covenants of the Depositor....................................39
Section 11.09. No Petition...................................................40
Section 11.10. No Recourse...................................................40
Section 11.11. Headings......................................................40
Section 11.12. GOVERNING LAW.................................................40
Section 11.13. Servicer Payment Obligation...................................40

                                   EXHIBITS

Exhibit A - Form of Certificate.............................................A-1
Exhibit B - Form of Certificate of Trust....................................B-1

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                     AMENDED AND RESTATED TRUST AGREEMENT

     This Amended and Restated Trust Agreement, dated as of __________ __,
200_, is between Pooled Auto Securities Shelf LLC, a Delaware limited
liability company, as depositor (the "Depositor"), and ______________________,
a _______________, as trustee (the "Owner Trustee").

         WHEREAS, Wachovia Auto Owner Trust 200_-_ has been created pursuant
to a trust agreement, dated as of ___________ __, 200_, between the Depositor
and the Owner Trustee (the "Initial Trust Agreement"), and the filing of a
certificate of trust with the Secretary of State of the State of Delaware on
____________ __, 200_; and

         WHEREAS, the Depositor and the Owner Trustee wish to amend and
restate the Initial Trust Agreement on the terms and conditions hereinafter
set forth.

         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:

        "Accountants" means a firm of independent public accountants.

        "Administration Agreement" means the administration agreement, dated
as of ___________ __, 200_, 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.

        "Agreement" means this Amended and Restated Trust Agreement.

        "Applicants" has the meaning specified in Section 3.07.

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

        "Benefit Plan" means (i) an employee benefit plan (as such term is
defined in Section 3(3) of ERISA) that is subject to the provisions of Title I
of ERISA, (ii) a plan described in Section 4975(e)(1) of the Code or (iii) any
entity whose underlying assets include plan assets by reason of a plan's
investment in the entity.

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

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

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

        "Certificate Payment Account" has the meaning specified in Section
5.01.

        "Certificate Percentage Interest" has the meaning specified in the
Sale and Servicing Agreement.

        "Certificate Register" and "Certificate Registrar" shall have the
respective meanings specified in Section 3.04(a).

        "Certificateholder" or "Holder" means a Person in whose name a
Certificate is registered on the Certificate Register.

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

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

        "Corporate Trust Office" means, with respect to the Owner Trustee, the
principal corporate trust office of the Owner Trustee located at
_________________________________, or at such other address as the Owner
Trustee may designate from time to time by notice to the Certificateholders,
the Indenture Trustee, the Master Servicer and the Depositor, or the principal
corporate trust office of any successor Owner Trustee at the address
designated by such successor Owner Trustee by notice to the
Certificateholders, the Indenture Trustee, the Master Servicer and the
Depositor.

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

        "Depositor" means PASS, in its capacity as depositor hereunder, and
its successors in such capacity.

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

        "Eligible Institution" has the meaning specified in the Sale and
Servicing Agreement.

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

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

        "Exchange Act" has the meaning specified in the Sale and Servicing
Agreement.

        "Expenses" means any and all liabilities, obligations, losses,
damages, taxes, claims, actions and suits, reasonable costs, expenses and
disbursements (including reasonable legal fees and expenses) of any kind and
nature whatsoever.

        "Final Scheduled Distribution Date" has the meaning specified in the
Sale and Servicing Agreement.

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

        "Indemnified Parties" means the Owner Trustee and its successors,
assigns, directors, officers and agents.

        "Indenture" means the indenture, dated as of ______________ __, 200_,
between the Issuer and the Indenture Trustee.

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

        "Initial Receivables" has the meaning set forth in the Sale and
Servicing Agreement.

        "IRS" means the United States Internal Revenue Service.

        "Issuer" has the meaning specified in the Indenture.

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

        "Maryland Vehicle Sales Finance Act" has the meaning specified in the
Indenture.

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

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

        "Negative Carry Account" has the meaning set forth in the Sale and
Servicing Agreement.

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

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

        "Noteholder" has the meaning specified in the Indenture.

        "Notes" has the meaning specified in the Indenture.

        "Opinion of Counsel" means one or more written opinions of counsel,
who may be an employee of or counsel to the Depositor or the Master Servicer,
which counsel shall be acceptable to the Indenture Trustee or the Owner
Trustee, as the case may be.

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        "Optional Purchase" means the exercise by the Master Servicer of its
option to purchase all remaining Receivables from the Issuer on any
Distribution Date following the last day of a Collection Period as of which
the Pool Balance is 10% or less of the Cutoff Date Pool Balance.

        "Outstanding" has the meaning specified in the Indenture.

        "Owner Trust Estate" means the $1,000 initial capital contribution
from the Depositor and all right, title and interest of the Issuer in, to and
under the property and rights assigned to the Issuer pursuant to Article Two
of the Sale and Servicing Agreement.

        "Owner Trustee" means _________________, not in its individual
capacity but solely as Owner Trustee under this Agreement, and any successor
in such capacity.

        "PASS" means Pooled Auto Securities Shelf LLC.

        "Paying Agent" means the Indenture Trustee, in its capacity as Paying
Agent under this Agreement, and any successor paying agent or co-paying agent
appointed pursuant to Section 3.09 who is authorized by the Owner Trustee on
behalf of the Issuer to make distributions from the Certificate Payment
Account on behalf of the Issuer.

        "Pennsylvania Motor Vehicle Sales Finance Act" has the meaning
specified in the Indenture.

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

        "Plan Asset Regulation" means 29 C.F.R. Section 2510.3-101 issued by
the United States Department of Labor concerning the definition of what
constitutes the assets of a Benefit Plan with respect to such Benefit Plan's
investment in an entity for purposes of the fiduciary responsibility
provisions of Title I of ERISA and Section 4975 of the Code.

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

        "Pre-Funding Account" has the meaning specified in the Sale and
Servicing Agreement.

        "Pre-Funding Period" has the meaning specified in the Sale and
Servicing Agreement.

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

        "PTCE 95-60" means Prohibited Transaction Class Exemption 95-60.

        "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.

        "Receivables Purchase Agreement" means the receivables purchase
agreement, dated as of _____________ __, 200_, between the Seller and PASS.

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        "Record Date" means, with respect to the Certificates and any
Distribution Date, the close of business on the Business Day immediately
preceding such Distribution Date.

        "Required Rating" has the meaning specified in the Sale and Servicing
Agreement.

        "Reserve Fund" 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 ___________ __, 200__, among the Issuer, the Depositor, the Seller
and the Master Servicer.

        "Secretary of State" means the Secretary of State of the State of
Delaware.

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

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

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

        "State" has the meaning specified in the Indenture.

        "Statutory Trust Statute" means Chapter 38 of Title 12 of the Delaware
Code, 12 Del. Code ss. 3801 et seq.

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

        "Subsequent Receivables" has the meaning specified in the Sale and
Servicing Agreement.

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

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

        "Transfer" means a sale, exchange, transfer, assignment,
participation, pledge or other disposition of a Certificate.

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

        "UCC" has the meaning specified in the Indenture.

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

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

        "Wachovia Bank" means Wachovia Bank, National Association.

Section 1.02.  Other Definitional Provisions.

(a) Capitalized terms used herein that are not otherwise defined shall have
the meanings ascribed thereto in the Sale and Servicing Agreement or the
Indenture, as the case may be.

(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,
restated, 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.

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                                 ARTICLE TWO

                                 ORGANIZATION

         Section 2.01. Name. The statutory trust created by the Initial Trust
Agreement and the filing of the Certificate of Trust and continued hereby
shall be known as "Wachovia Auto Owner Trust 200_-_", in which name the Owner
Trustee may conduct the business of the Issuer, make and execute contracts and
other instruments on behalf of the Issuer and sue and be sued on behalf of the
Issuer, to the extent herein provided.

         Section 2.02. Office. The office of the Issuer shall be in care of
the Owner Trustee at the Corporate Trust Office or at such other address in
the State of Delaware as the Owner Trustee may designate by written notice to
the Certificateholders and the Depositor.

         Section 2.03. Purposes and Powers.

         (a) The purpose of the Issuer is, and the Issuer shall have the power
and authority to engage in, the following activities:

          (i) to issue the Notes pursuant to the Indenture and the
     Certificates pursuant to this Agreement and to sell the Notes upon the
     written order of the Depositor;

          (ii) to use the proceeds of the sale of the Notes, at the direction
     of the Depositor, to (A) fund (1) the Reserve Fund with an amount equal
     to the Reserve Fund Initial Deposit, (2) the Yield Supplement Account
     with an amount equal to the Yield Supplement Account Initial Deposit, (3)
     the Pre-Funding Account with an amount equal to the Pre-Funding Account
     Initial Deposit (4) the Negative Carry Account with the Maximum Negative
     Carry Amount, (B) purchase the Initial Receivables to be acquired on the
     Closing Date, (C) purchase the Subsequent Receivables to be acquired on
     one or more Subsequent Transfer Dates during the Pre-Funding Period and
     in connection with each such Subsequent Transfer Date to fund (1) the
     Reserve Fund with the applicable Reserve Fund Subsequent Deposit and (2)
     the Yield Supplement Account with the Yield Supplement Account Subsequent
     Deposit, (D) pay the organizational, start-up and transactional expenses
     of the Issuer and (E) to pay the balance to the Depositor pursuant to the
     Sale and Servicing Agreement;

          (iii) to pay interest on and principal of the Notes to the
     Noteholders and to cause any Excess Collections to be paid to the
     Certificateholders or otherwise in accordance with the Indenture;

          (iv) to assign, grant, transfer, pledge, mortgage and convey the
     Owner Trust Estate (other than the Certificate Payment Account and the
     proceeds thereof) to the Indenture Trustee pursuant to the Indenture;

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

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

          (vii) subject to compliance with the Basic Documents, to engage in
     such other activities as may be required in connection with conservation
     of the Owner Trust Estate and the making of distributions to the
     Noteholders and the Certificateholders.

         (b) The Issuer is hereby authorized to engage in the foregoing
activities. The Issuer shall not engage in any activities other than in
connection with the foregoing or other than as required or authorized by the
terms of this Agreement and the other Basic Documents.

         Section 2.04. Appointment of Owner Trustee. The Depositor hereby
confirms the appointment of the Owner Trustee as trustee of the Issuer
effective as of the date of creation of the Issuer, to have all the rights,
powers and duties set forth herein and in the Statutory Trust Statute, and the
Owner Trustee hereby confirms its acceptance of such appointment.

        The Owner Trustee may engage, in the name of the Issuer or in its own
name on behalf of the Issuer, in the activities of the Issuer, make and
execute contracts on behalf of the Issuer and sue on behalf of the Issuer.

         Section 2.05. Initial Capital Contribution of Owner Trust Estate. As
of __________ __, 200_, the Depositor assigned, transferred, conveyed and set
over to the Owner Trustee the sum of $1,000. The Owner Trustee hereby
acknowledges receipt in trust from the Depositor, as of such date, of the
foregoing contribution, which amounts constituted the initial Owner Trust
Estate and were deposited in the Certificate Payment Account. The Depositor
shall pay the organizational expenses of the Issuer as they may arise or
shall, upon the request of the Owner Trustee, promptly reimburse the Owner
Trustee for any such expenses paid by the Owner Trustee.

         Section 2.06. Declaration of Trust. The Owner Trustee hereby declares
that it will hold the Owner Trust Estate in trust upon and subject to the
conditions set forth herein for the use and benefit of the Certificateholders,
subject to the obligations of the Issuer under the Basic Documents. It is the
intention of the parties hereto that (i) the Issuer constitute a statutory
trust under the Statutory Trust Statute and that this Agreement constitute the
governing instrument of such statutory trust and (ii) solely for income and
franchise tax purposes, the Issuer shall be treated as either an entity that
is disregarded as separate from the beneficial owner of the equity if there is
only one such owner, or as a partnership (other than an association or
publicly traded partnership) if there are two or more such owners, with the
assets of the partnership being the Receivables and other assets held by the
Issuer, the partners of the partnership being the Certificateholders and any
holders of the Notes that are required by the IRS to be treated as equity in
the Issuer, and the remaining Notes constituting indebtedness of the
partnership. The parties agree that, unless otherwise required by appropriate
tax authorities, the Issuer will file or cause to be filed annual or other
necessary returns, reports and other forms consistent with the foregoing
characterization of the Issuer for such tax purposes. Effective as of the date
hereof, the Owner Trustee shall have all rights, powers and duties set forth
herein and in the Statutory Trust

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Statute to accomplish the purposes of the Issuer as set forth in Section
2.03(a). The Owner Trustee has filed the Certificate of Trust with the
Secretary of State.

         Section 2.07. Liability of Certificateholders. The Certificateholders
shall be entitled to the same limitation of personal liability extended to
stockholders of private corporations organized under the general corporation
law of the State of Delaware.

         Section 2.08. Title to Trust Property. Legal title to the entirety of
the Owner Trust Estate shall be vested at all times in the Issuer as a
separate legal entity except where applicable law in any jurisdiction requires
title to any part of the Owner Trust Estate to be vested in a trustee or
trustees, in which case title shall be deemed to be vested in the Owner
Trustee, a co-trustee or a separate trustee, as the case may be.

         Section 2.09. Situs of Issuer. The Issuer will be located and
administered in the State of Delaware. All bank accounts maintained by the
Owner Trustee on behalf of the Issuer shall be located in the States of
Delaware, North Carolina or New York. The Issuer shall not have any employees
in any State other than the State of Delaware; provided, however, that nothing
herein shall restrict or prohibit the Owner Trustee from having employees
within or without the State of Delaware. Payments will be received by the
Issuer only in, and payments will be made by the Issuer only from, the States
of Delaware, North Carolina or New York. The only office of the Issuer will be
at the Corporate Trust Office.

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

          (a) 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, authority and legal right to own its properties
     and to conduct its business as such properties are currently owned and
     such business is presently conducted, and had at all relevant times, and
     has the power, authority and legal right to acquire, own and sell the
     Receivables.

          (b) The Depositor is duly qualified to do business as a foreign
     limited liability company in good standing and has obtained all necessary
     licenses and approvals in each jurisdiction in which the failure to so
     qualify or to obtain such licenses and approvals would materially and
     adversely affect the performance by the Depositor of its obligations
     under, or the validity or enforceability of, this Agreement, any of the
     other Basic Documents to which it is a party, the Receivables, the Notes
     or the Certificates.

          (c) 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 full power and
     authority to sell, assign, transfer and convey the property to be sold
     and assigned to and deposited with the Owner Trustee as part of the Owner
     Trust Estate and the Depositor has duly authorized such sale and
     assignment and deposit to the Issuer by all necessary limited liability
     company action; and the execution, delivery and performance of this
     Agreement and the other Basic Documents to which it is

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     a party have been duly authorized by the Depositor by all necessary
     limited liability company action.

          (d) This Agreement constitutes a legal, valid and binding obligation
     of the Depositor, enforceable in accordance with its terms, except as
     such enforceability may be subject to or limited by bankruptcy,
     insolvency, reorganization, moratorium, liquidation, fraudulent
     conveyance 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.

          (e) The execution, delivery and performance by the Depositor of this
     Agreement and each other Basic Document to which the Depositor is a
     party, the consummation of the transactions contemplated hereby and
     thereby and the fulfillment of the terms hereof and thereof do not
     conflict with, result in any breach of any of the terms and provisions
     of, nor constitute (with or without notice or lapse of time 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) a default under, any indenture, agreement or other
     instrument to which the Depositor is a party or by which it is bound or
     to which any of its properties are subject; nor result in the creation or
     imposition of any Lien upon any of its properties pursuant to the terms
     of any such indenture, agreement or other instrument (other than pursuant
     to the Basic Documents); nor violate any law or, to the best of the
     Depositor's knowledge, any order of any court, rule or regulation
     applicable to the Depositor or its properties 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) 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,
     the Notes or the Certificates, (ii) seeking to prevent the issuance of
     the Notes or the Certificates or the consummation of any of the
     transactions contemplated by this Agreement or any of the other Basic
     Documents, (iii) seeking any determination or ruling that would
     materially and adversely affect the performance by the Depositor of its
     obligations under, or the validity or enforceability of, this Agreement,
     any of the other Basic Documents, the Receivables, the Notes or the
     Certificates or (iv) that would adversely affect the federal tax
     attributes of the Issuer or of the Notes or the Certificates.

          (g) The representations and warranties of the Depositor in Section
     3.01 of the Receivables Purchase Agreement are true and correct.

         Section 2.11. Federal Income Tax Matters. The Certificateholders
acknowledge that it is their intent and that they understand it is the intent
of the Depositor and the Master Servicer that, for purposes of federal income,
State and local income and franchise tax and any other income

                                      10
<PAGE>

taxes, the Issuer shall be treated as either an entity that is disregarded as
separate from the beneficial owner of the equity in the Issuer if there is
only one such owner, or as a partnership (other than an association or
publicly traded partnership) if there are two or more such owners, and income,
gain or loss of the Issuer for such month as determined for federal, State and
local income and franchise tax purposes shall be allocated among the
Certificateholders as of the Record Date occurring within such month, in
proportion to their ownership of the Certificate Percentage Interest on such
date.

         The Depositor hereby agrees and each Certificateholder by acceptance
of a Certificate agrees to such treatment and each agrees to take no action
inconsistent with the foregoing characterization. The Depositor is authorized
to modify the allocations in this Section if necessary or appropriate, in its
sole discretion, for the allocations to reflect fairly the economic income,
gain or loss to the Certificateholders or as otherwise required by the Code.

                                      11
<PAGE>

                                ARTICLE THREE

                    CERTIFICATES AND TRANSFER OF INTERESTS

         Section 3.01. Initial Ownership. Upon the formation of the Issuer by
the contribution by the Depositor as described in Section 2.05 and until the
issuance of the Certificates, the Depositor shall be the sole beneficiary of
the Issuer.

         Section 3.02. The Certificates. The Certificates shall be issued in
one or more registered, definitive, physical certificates substantially in the
form of Exhibit A. The Certificates may be in printed or typewritten form and
shall be executed on behalf of the Issuer by manual or facsimile signature of
an authorized officer of the Owner Trustee. Certificates bearing the manual or
facsimile signatures of individuals who were, at the time when such signatures
shall have been affixed, authorized to sign on behalf of the Issuer, shall be
validly issued and entitled to the benefits of this Agreement, notwithstanding
that such individuals or any of them shall have ceased to be so authorized
prior to the authentication and delivery of such Certificates or did not hold
such offices at the date of authentication and delivery of such Certificates.

         If Transfer of the Certificates is permitted pursuant to this Section
and Section 3.04, a transferee of a Certificate shall become a
Certificateholder, and shall be entitled to the rights and subject to the
obligations of a Certificateholder hereunder upon such transferee's acceptance
of a Certificate duly registered in such transferee's name pursuant to Section
3.04.

         Section 3.03. Authentication and Delivery of Certificates.
Concurrently with the sale of the Receivables to the Issuer pursuant to the
Sale and Servicing Agreement, the Owner Trustee shall cause the Certificates
to be executed on behalf of the Issuer, authenticated and delivered to or upon
the written order of the Depositor, signed by its president, any Vice
President, its treasurer, any assistant treasurer, its secretary or any
assistant secretary, without further limited liability company action by the
Depositor. No Certificate shall entitle the respective Certificateholder to
any benefit under this Agreement, or be valid for any purpose, unless there
shall appear on such Certificate a certificate of authentication substantially
in the form set forth in Exhibit A, executed by the Owner Trustee or its
authenticating agent, by manual signature; and such authentication shall
constitute conclusive evidence that such Certificate shall have been duly
authenticated and delivered hereunder. All Certificates shall be dated the
date of their authentication. Upon issuance, authentication and delivery
pursuant to the terms hereof, the Certificates will be entitled to the
benefits of this Agreement.

         Section 3.04. Registration, Transfer and Exchange of Certificates.

         (a) The Owner Trustee initially shall be the registrar (the
"Certificate Registrar") for the purpose of registering Certificates and
Transfers of Certificates as herein provided. The Certificate Registrar shall
keep or cause to be kept, at the office or agency maintained pursuant to
Section 3.08, a register (the "Certificate Register") in which, subject to
such reasonable regulations as it may prescribe, the Certificate Registrar
shall provide for the registration of Certificates and the registration of
Transfers of Certificates. Upon any resignation of any Certificate Registrar,
the Owner Trustee shall, upon receipt of written instructions from the
Depositor, promptly appoint a successor thereto.

                                      12
<PAGE>

         (b) The Certificates may not be acquired by or for the account of a
Benefit Plan. Each Certificateholder, by its acceptance of a Certificate,
shall be deemed to have represented and warranted that such Certificateholder
is not (i) a Benefit Plan and is not a Person acting on behalf of a Benefit
Plan or a Person using the assets of a Benefit Plan to effect the transfer of
such Certificate or (ii) an insurance company purchasing a Certificate with
funds contained in an "insurance company general account" (as defined in
Section V(e) of PTCE 95-60) that includes the assets of a Benefit Plan for
purposes of the Plan Asset Regulation.

        Any Person who is not an Affiliate of the Seller and acquires more
than 49.9% of the Certificates will be deemed to represent that it is not a
party in interest (within the meaning of ERISA) or a disqualified person
(within the meaning of Section 4975(e)(2) of the Code) with respect to any
Benefit Plan, other than a Benefit Plan that it sponsors for the benefit of
its employees, and that no Benefit Plan with respect to which it is a party in
interest has or will acquire any interest in the Notes.

        To the extent permitted under applicable law (including ERISA),
neither the Owner Trustee nor the Certificate Registrar shall be under any
liability to any Person for any registration of Transfer of any Certificate
that is in fact not permitted under applicable law (including ERISA) or for
taking any other action with respect to such Certificate under the provisions
of this Agreement so long as such Transfer was registered by the Owner Trustee
or the Certificate Registrar in accordance with this Agreement.

         (c) Upon surrender by a Certificateholder for registration of
Transfer of any Certificate at the office or agency of the Certificate
Registrar to be maintained as provided in Section 3.08, and upon compliance
with any provisions of this Agreement relating to such Transfer, the Owner
Trustee shall execute on behalf of the Issuer and the Owner Trustee shall
authenticate and deliver to the Certificateholder making such surrender, in
the name of the designated transferee or transferees, one or more new
Certificates in any authorized denomination evidencing the same aggregate
interest in the Issuer. Each Certificate presented or surrendered for
registration of Transfer shall be accompanied by a written instrument of
transfer and accompanied by IRS Form W-8BEN, W-8ECI or W-9, as applicable, in
form satisfactory to the Owner Trustee and the Certificate Registrar, duly
executed by the Certificateholder or his attorney duly authorized in writing.
Each Certificate presented or surrendered for registration of Transfer shall
be canceled and subsequently disposed of by the Certificate Registrar in
accordance with its customary practice. No service charge shall be made for
any registration of Transfer of Certificates, but the Owner Trustee or the
Certificate Registrar may require payment of a sum sufficient to cover any tax
or governmental charge that may be imposed in connection with any Transfer of
Certificates.

         (d) All Certificates surrendered for registration of Transfer, if
surrendered to the Issuer or any agent of the Owner Trustee or the Issuer
under this Agreement, shall be delivered to the Owner Trustee and promptly
cancelled by it, or, if surrendered to the Owner Trustee, shall be promptly
cancelled by it, and no Certificates shall be issued in lieu thereof except as
expressly permitted by any of the provisions of this Agreement. The Owner
Trustee shall dispose of cancelled Certificates in accordance with its normal
practice.

                                      13
<PAGE>

         Section 3.05. Mutilated, Destroyed, Lost or Stolen Certificates.

         (a) If (i) any mutilated Certificate is surrendered to the
Certificate Registrar, or the Certificate Registrar receives evidence to its
satisfaction of the destruction, loss or theft of any Certificate and (ii)
there is delivered to the Certificate Registrar and the Owner Trustee such
security or indemnity as may be required by them to save each of them
harmless, then, in the absence of notice that such Certificate has been
acquired by a Protected Purchaser, the Owner Trustee on behalf of the Issuer
shall execute and the Owner Trustee or its authenticating agent shall
authenticate and deliver, in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Certificate, a new Certificate of a like tenor and
Certificate Percentage Interest. If, after the delivery of such replacement
Certificate or payment of a destroyed, lost or stolen Certificate, a Protected
Purchaser of the original Certificate in lieu of which such replacement
Certificate was issued presents for payment such original Certificate, the
Issuer and the Owner Trustee shall be entitled to recover such replacement
Certificate (or such payment) from the Person to whom such replacement
Certificate was delivered or any Person taking such replacement Certificate
from such Person to whom such replacement Certificate was delivered or any
assignee of such Person, except a Protected Purchaser, and shall be entitled
to recover upon the security or indemnity provided therefor to the extent of
any loss, damage, cost or expense incurred by the Issuer or the Owner Trustee
in connection therewith. Any duplicate Certificate issued pursuant to this
Section shall constitute conclusive evidence of ownership in the Issuer, as if
originally issued, whether or not the lost, stolen or destroyed Certificate
shall be found at any time.

         (b) Upon the issuance of any replacement Certificate under this
Section, the Issuer may require the payment by the Certificateholder of a sum
sufficient to cover any tax or other governmental charge that may be imposed
in connection with such issuance and any other reasonable expenses (including
the fees and expenses of the Owner Trustee) related thereto.

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

         Section 3.06. Persons Deemed Certificateholders. Prior to due
presentation of a Certificate for registration of Transfer, the Owner Trustee,
the Certificate Registrar, any Paying Agent and any of their respective agents
may treat the Person in whose name such Certificate is registered in the
Certificate Register (as of the day of determination) as the Certificateholder
of such Certificate for the purpose of receiving distributions pursuant to
Section 5.02 and for all other purposes whatsoever, and none of the Owner
Trustee, the Certificate Registrar, any Paying Agent or any of their
respective agents shall be bound by any notice to the contrary.

                                      14
<PAGE>

         Section 3.07. Access to List of Certificateholders' Names and
Addresses. The Certificate Registrar shall furnish or cause to be furnished to
the Master Servicer and the Depositor, or to the Indenture Trustee or the
Owner Trustee, within 15 days after receipt by the Certificate Registrar of a
written request therefor from the Master Servicer, the Depositor or the
Indenture Trustee or the Owner Trustee, as the case may be, a list, in such
form as the requesting party may reasonably require, of the names and
addresses of the Certificateholders as of the most recent Record Date. If
three or more Certificateholders, or one or more Certificateholders evidencing
not less than 25% of the aggregate Certificate Percentage Interest
(hereinafter referred to as the "Applicants"), apply in writing to the
Certificate Registrar, and such application states that the Applicants desire
to communicate with other Certificateholders with respect to their rights
under this Agreement or under the Certificates and such application is
accompanied by a copy of the communication that such Applicants propose to
transmit (which shall be deemed to be a purpose reasonably related to the
Applicants' interest in the Issuer), then the Certificate Registrar shall,
within five Business Days after the receipt of such application, afford such
Applicants access during normal business hours to the current list of
Certificateholders. Each Certificateholder, by receiving and holding a
Certificate, shall be deemed to have agreed not to hold any of the Depositor,
the Certificate Registrar or the Owner Trustee accountable by reason of the
disclosure of its name and address, regardless of the source from which such
information was derived.

         Section 3.08. Maintenance of Office or Agency. The Certificate
Registrar shall maintain an office or offices or agency or agencies where
Certificates may be surrendered for registration of Transfer or exchange and
where notices and demands to or upon the Certificate Registrar in respect of
the Certificates and the Basic Documents may be served. The Certificate
Registrar initially designates the Corporate Trust Office as its office for
such purposes. The Certificate Registrar shall give prompt written notice to
the Depositor, the Owner Trustee and the Certificateholders of any change in
the location of the Certificate Registrar or any such office or agency.

         Section 3.09. Appointment of Indenture Trustee. The Paying Agent
shall make distributions to Certificateholders from the Certificate Payment
Account pursuant to Section 5.02(a) and shall report the amount of such
distributions to the Owner Trustee. The Paying Agent shall have the revocable
power to withdraw funds from the Certificate Payment Account for the purpose
of making the distributions referred to above. The Owner Trustee may revoke
such power and remove the Paying Agent if the Owner Trustee determines in its
sole discretion that the Paying Agent shall have failed to perform its
obligations under this Agreement in any material respect. The Paying Agent
shall initially be the Indenture Trustee, and any co-paying agent chosen by
the Paying Agent that is acceptable to the Owner Trustee and the Depositor.
Each Paying Agent shall be permitted to resign as Paying Agent upon 30 days'
prior written notice to the Owner Trustee. In the event that the Indenture
Trustee shall no longer be the Paying Agent, the Owner Trustee, upon receipt
of written instruction from the Depositor, shall appoint a successor to act as
Paying Agent (which shall be a bank or trust company). The Owner Trustee shall
cause such successor Paying Agent or any additional Paying Agent appointed by
the Owner Trustee to execute and deliver to the Owner Trustee an instrument in
which such successor Paying Agent or additional Paying Agent shall agree with
the Owner Trustee that, as Paying Agent, such successor or additional Paying
Agent will hold all sums, if any, held by it for payment to the
Certificateholders in trust for the benefit of the

                                      15
<PAGE>

Certificateholders entitled thereto until such sums shall be paid to such
Certificateholders. The Paying Agent shall return all unclaimed funds to the
Owner Trustee and upon removal of a Paying Agent such Paying Agent shall also
return all funds in its possession to the Owner Trustee. If at any time the
Owner Trustee shall act as Paying Agent, the rights, privileges, protections
and indemnities afforded to the Owner Trustee hereunder shall apply equally to
the Owner Trustee in its role as Paying Agent. Any reference in this Agreement
to the Paying Agent shall include any co-paying agent unless the context
requires otherwise.

         Section 3.10. Certificates Nonassessable and Fully Paid.
Certificateholders shall not be personally liable for obligations of the
Issuer. The interests represented by the Certificates shall be nonassessable
for any losses or expenses of the Issuer or for any reason whatsoever, and,
upon the authentication thereof by the Owner Trustee pursuant to Section 3.03,
3.04 or 3.05, the Certificates are and shall be deemed fully paid.

                                      16
<PAGE>

                                 ARTICLE FOUR

                           ACTIONS BY OWNER TRUSTEE

         Section 4.01. Prior Notice to Certificateholders with Respect to
Certain Matters. Subject to the provisions and limitations of Section 4.04,
with respect to the following matters, the Owner Trustee shall not take action
unless at least 30 days before the taking of such action, the Owner Trustee
shall have notified the Certificateholders and the Rating Agencies in writing
of the proposed action and the Certificateholders evidencing not less than 51%
of the aggregate Certificate Percentage Interest shall not have notified the
Owner Trustee in writing prior to the 30th day after such notice is given that
such Certificateholders have withheld consent or provided alternative
direction:

          (a) the initiation of any claim or lawsuit by the Issuer and the
     settlement of any action, proceeding, investigation, claim or lawsuit
     brought by or against the Issuer, in each case (except claims or lawsuits
     for collection by the Master Servicer of the Receivables brought by the
     Issuer);

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

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

          (d) the amendment of the Indenture by a supplemental indenture in
     circumstances where the consent of any Noteholder is not required and
     such amendment materially adversely affects the interests of the
     Certificateholders;

          (e) the amendment of the Sale and Servicing Agreement or the
     Administration Agreement, except to cure any ambiguity or to amend or
     supplement any provision in a manner or to add any provision that would
     not materially adversely affect the interests of the Certificateholders;
     or

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

         Section 4.02. Action by Certificateholders with Respect to Certain
Matters. The Owner Trustee may not, except upon the occurrence of a Servicer
Termination Event, subsequent to the payment in full of the Notes and in
accordance with the written direction of the Certificateholders evidencing not
less than 51% of the aggregate Certificate Percentage Interest, (i) remove the
Master Servicer pursuant to Article Seven of the Sale and Servicing Agreement,
(ii) appoint a Successor Servicer pursuant to Article Seven of the Sale and
Servicing Agreement, (iii) remove the Administrator pursuant to Section 1.09
of the Administration Agreement, (iv) appoint a successor Administrator
pursuant to Section 1.09 of the Administration Agreement

                                      17
<PAGE>

or (v) sell the Receivables after the termination of the Indenture, except as
expressly provided in the Basic Documents.

         Section 4.03. Action by Certificateholders with Respect to
Bankruptcy. The Owner Trustee shall not have the power to commence a voluntary
proceeding in bankruptcy relating to the Issuer unless (i) the Notes have been
paid in full and (ii) each Certificateholder approves of such commencement in
writing in advance and delivers to the Owner Trustee a certificate certifying
that such Person reasonably believes that the Issuer is insolvent.

         Section 4.04. Restrictions on Certificateholders' Power. The
Certificateholders shall not direct the Owner Trustee to take or refrain from
taking any action if such action or inaction would be contrary to any
obligation of the Issuer or the Owner Trustee under this Agreement or any of
the other Basic Documents or would be contrary to the purposes of the Issuer
as set forth in Section 2.03, nor shall the Owner Trustee be obligated to
follow any such direction, if given.

         Section 4.05. Majority Control. Except as expressly provided herein,
any action that may be taken by the Certificateholders under this Agreement
may be taken by the Certificateholders evidencing not less than 51% of the
aggregate Certificate Percentage Interest. Except as expressly provided
herein, any written notice of the Certificateholders delivered pursuant to
this Agreement shall be effective if signed by Certificateholders evidencing
not less than 51% of the aggregate Certificate Percentage Interest at the time
of the delivery of such notice.

         Section 4.06. Certain Litigation Matters. The Owner Trustee shall
provide prompt written notice to the Depositor, the Seller and the Master
Servicer of any action, proceeding or investigation actually known to a
Responsible Officer of the Owner Trustee that could reasonably be expected to
adversely affect the Issuer or the Owner Trust Estate or their respective
rights or obligations under any of the Basic Documents.

                                      18
<PAGE>

                                 ARTICLE FIVE

                   APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

         Section 5.01. Establishment of Certificate Payment Account. Pursuant
to Section 4.01 of the Sale and Servicing Agreement, the Master Servicer has
agreed to establish, on or before the Closing Date, and maintain in the name
of the Owner Trustee at an Eligible Institution (which shall initially be
Wachovia Bank) a segregated account designated as the "Wachovia Auto Owner
Trust 200_-_ Certificate Payment Account" (the "Certificate Payment Account").
The Certificate Payment Account shall be held in trust for the benefit of the
Certificateholders. Except as expressly provided in Section 3.09, the
Certificate Payment Account shall be under the sole dominion and control of
the Owner Trustee. All monies deposited from time to time in the Certificate
Payment Account pursuant to the Sale and Servicing Agreement or the Indenture
shall be applied as provided in this Agreement, the Sale and Servicing
Agreement and the Indenture.

         Section 5.02. Application of Trust Funds.

         (a) On each Distribution Date, upon receipt from the Master Servicer
of a distribution statement pursuant to Section 4.09(a) of the Sale and
Servicing Agreement, the Owner Trustee shall (if at any time it is the Paying
Agent) or shall direct the Paying Agent to distribute to the
Certificateholders, in proportion to each Certificateholder's Certificate
Percentage Interest, amounts deposited in the Certificate Payment Account on
such Distribution Date pursuant to Section 4.06 of the Sale and Servicing
Agreement and Section 2.08 of the Indenture.

         (b) On each Distribution Date, the Owner Trustee shall (if at any
time it is the Paying Agent), or shall direct the Paying Agent to, send to
each Certificateholder the statement or statements provided to the Owner
Trustee by the Master Servicer pursuant to Section 4.09 of the Sale and
Servicing Agreement with respect to such Distribution Date.

         (c) In the event that any withholding tax is imposed on the Issuer's
payment (or allocations of income) to a Certificateholder, such tax shall
reduce the amount otherwise distributable to such Certificateholder in
accordance with this Section. The Owner Trustee and each Paying Agent are
hereby authorized and directed to retain from amounts otherwise distributable
to the Certificateholders sufficient funds for the payment of any such
withholding tax that is legally owed by the Issuer (but such authorization
shall not prevent the Owner Trustee or any Paying Agent from contesting any
such tax in appropriate proceedings and withholding payment of such tax, if
permitted by law, pending the outcome of such proceedings, it being understood
that neither the Owner Trustee nor any Paying Agent shall have any duty to
contest such amounts). The amount of any withholding tax imposed with respect
to a Certificateholder shall be treated as cash distributed to such
Certificateholder at the time it is withheld by the Issuer and remitted to the
appropriate taxing authority. If there is a possibility that withholding tax
is payable with respect to a distribution (such as a distribution to a
non-U.S. Certificateholder), the Owner Trustee or any Paying Agent may, but
shall not be obligated to, withhold such amounts in accordance with this
Section. If a Certificateholder wishes to apply for a refund of any such
withholding tax, the Owner Trustee and each Paying Agent shall reasonably
cooperate with such Certificateholder in making such claim so long as such

                                      19
<PAGE>

Certificateholder agrees to reimburse the Owner Trustee and each Paying Agent
for any out-of-pocket expenses incurred, as applicable.

         Section 5.03. Method of Payment. Subject to Section 9.01(c),
distributions required to be made to Certificateholders on any Distribution
Date shall be made to each Certificateholder of record on the related Record
Date by wire transfer, in immediately available funds, to the account of such
Certificateholder at a bank or other entity having appropriate facilities
therefor, if such Certificateholder shall have provided to the Certificate
Registrar and the Paying Agent appropriate written instructions at least five
Business Days prior to such Distribution Date and such Certificateholder is
the Seller or an Affiliate thereof or, if not, by check mailed to such
Certificateholder at the address of such Certificateholder appearing in the
Certificate Register. Notwithstanding the foregoing, the final distribution in
respect of any Certificate (whether on the Final Scheduled Distribution Date
or otherwise) will be payable only upon presentation and surrender of such
Certificate at the office or agency maintained for that purpose by the
Certificate Registrar pursuant to Section 3.08.

         Section 5.04. No Segregation of Monies; No Interest. Subject to
Sections 5.01 and 5.02, monies received by the Owner Trustee hereunder need
not be segregated in any manner except to the extent required by law, the
Indenture or the Sale and Servicing Agreement and may be deposited under such
general conditions as may be prescribed by law, and the Owner Trustee shall
not be liable for any interest thereon.

         Section 5.05. Accounting and Reports to Noteholders,
Certificateholders, the IRS and Others. The Owner Trustee shall, upon receipt
of and based on information provided by the Seller, (i) maintain (or cause to
be maintained) the books of the Issuer on the basis of a fiscal year ending
December 31 and, based on the accrual method of accounting, (ii) deliver to
each Certificateholder, as may be required by the Code and applicable Treasury
Regulations, such information as may be required (including Schedule K-1) to
enable such Certificateholder to prepare its federal and State income tax
returns, (iii) file such tax returns relating to the Issuer (including a
partnership information return, IRS Form 1065, if required) and make such
elections as may from time to time be required or appropriate under any
applicable State or federal statute or rule or regulation thereunder so as to
maintain the Issuer's characterization as a partnership, if so characterized,
for federal income tax purposes, (iv) cause such tax returns to be signed in
the manner required by law and (v) collect or cause to be collected any
withholding tax as described in and in accordance with Section 5.02(c) with
respect to income or distributions to Certificateholders. The Owner Trustee,
on behalf of the Issuer, shall elect under Section 1278 of the Code to include
in income currently any market discount that accrues with respect to the
Receivables. The Owner Trustee, on behalf of the Issuer, shall not make the
election provided under Section 754 of the Code.

         The Owner Trustee may satisfy its obligations with respect to this
Section and Section 5.02(c) by retaining, at the expense of the Seller,
Accountants selected by the Seller. The Owner Trustee may require the
Accountants to provide to the Owner Trustee, on or before ____________ __,
200_, a letter in form and substance satisfactory to the Owner Trustee as to
whether any federal tax withholding on Certificates is then required and, if
required, the procedures to be followed with respect thereto to comply with
the requirements of the Code. The Accountants shall be required to update such
letter in each instance that any additional tax

                                      20
<PAGE>

withholding is subsequently required or any previously required tax
withholding shall no longer be required. The Owner Trustee shall be deemed to
have discharged its obligations pursuant to this Section and Section 5.02(c)
upon its retention of the Accountants, and the Owner Trustee shall not have
any liability with respect to the default, negligence or misconduct of the
Accountants. The Owner Trustee shall be entitled to rely on and shall be fully
protected in so relying, upon the letter, referred to in this paragraph, from
the Accountants and shall have no duty or obligation to verify the accuracy of
the contents of such letter.

         Section 5.06. Signature on Returns; Tax Matters Partner.

         (a) The Owner Trustee shall sign, on behalf of the Issuer, the tax
returns of the Issuer upon receipt of such completed tax returns.

         (b) In the event that the Issuer is required to be treated as a
partnership for federal income tax purposes, PASS Holding LLC, or the Holder
of the greatest percentage interest of the Certificates, in the event that
PASS Holding LLC no longer owns any Certificates, shall be designated the "tax
matters partner" of the Issuer pursuant to Section 6231(a)(7)(A) of the Code
and applicable Treasury Regulations.

                                      21
<PAGE>

                                 ARTICLE SIX

                     AUTHORITY AND DUTIES OF OWNER TRUSTEE

         Section 6.01. General Authority. Subject to the provisions and
limitations of Section 2.03, the Owner Trustee is authorized and directed to
execute and deliver each Basic Document to which the Issuer is to be a party
and each certificate or other document attached as an exhibit to or
contemplated by any Basic Document to which the Issuer is to be a party, in
each case in such form as the Depositor shall approve and provide to the Owner
Trustee for execution, as evidenced conclusively by the Owner Trustee's
execution thereof and the Depositor's execution of this Agreement, and to
direct the Indenture Trustee to authenticate and deliver Notes in the
aggregate principal amount of $________________ (comprised of $_____________
aggregate principal amount of Class A-1 Notes, $_______________ aggregate
principal amount of Class A-2 Notes, $______________ aggregate principal
amount of Class A-3 Notes, $______________ aggregate principal amount of Class
A-4 Notes, $_______________ aggregate principal amount of Class A-5 Notes and
$________________ aggregate principal amount of Class B Notes). In addition to
the foregoing, the Owner Trustee is authorized, but shall not be obligated, to
take all actions required of the Issuer pursuant to the Basic Documents.
Subject to Section 2.03, the Owner Trustee is further authorized from time to
time to take such action on behalf of the Issuer as is permitted by the Basic
Documents and which the Certificateholders, the Master Servicer or the
Administrator recommends in writing with respect to the Basic Documents,
except to the extent that this Agreement expressly requires the consent of the
Certificateholders for such action.

         Section 6.02. General Duties.

         (a) Subject to the provisions and limitations of Section 2.03, it
shall be the duty of the Owner Trustee to discharge (or cause to be
discharged) all of its responsibilities pursuant to the terms of this
Agreement and each other Basic Document to which it is a party and to
administer the Issuer for the benefit of the Certificateholders, subject to
and in accordance with the Basic Documents. Notwithstanding the foregoing, the
Owner Trustee shall be deemed to have discharged (or caused to be discharged)
its duties and responsibilities hereunder and under the other Basic Documents
to the extent the Administrator has agreed in the Administration Agreement to
perform any act or to discharge any duty of the Owner Trustee or the Issuer
hereunder or under any other Basic Document, and the Owner Trustee shall not
be held liable for the default, negligence or failure of the Administrator to
carry out its obligations under the Administration Agreement. The Owner
Trustee shall have no duty or obligation to oversee the Administrator in the
exercise of its duties or obligations under the Administration Agreement.

         (b) The Owner Trustee shall cooperate with the Administrator in
carrying out the Administrator's obligation to qualify and preserve the
Issuer's qualification to do business in each jurisdiction, if any, in which
such qualification is or shall be necessary to protect the validity and
enforceability of the Indenture, the Notes, the Receivables and any other
instrument and agreement included in the Owner Trust Estate; provided that the
Owner Trustee may rely on advice of counsel with respect to such obligation.

                                      22
<PAGE>

         Section 6.03. Action Upon Instruction.

         (a) Subject to Article Four, and in accordance with the terms of the
Basic Documents, the Certificateholders may, by written instruction, direct
the Owner Trustee in the management of the Issuer.

         (b) The Owner Trustee shall not be required to take any action under
this Agreement or any other Basic Document if the Owner Trustee shall have
reasonably determined, or shall have been advised by counsel, that such action
is likely to result in liability on the part of the Owner Trustee or is
contrary to the terms of this Agreement or any other Basic Document or is
otherwise contrary to law.

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

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

         Section 6.04. No Duties Except as Specified in this Agreement or in
Instructions. The Owner Trustee shall not have any duty or obligation to
manage, make any payment with respect to, register, record, sell, dispose of,
or otherwise deal with the Owner Trust Estate, or to otherwise take or refrain
from taking any action under, or in connection with, any document

                                      23
<PAGE>

contemplated hereby to which the Owner Trustee or the Issuer is a party,
except as expressly provided by the terms of this Agreement or in any document
or written instruction received by the Owner Trustee pursuant to Section 6.03;
and no implied duties or obligations shall be read into this Agreement or any
other Basic Document against the Owner Trustee. The Owner Trustee shall have
no responsibility for filing any financing or continuation statement in any
public office at any time or to otherwise perfect or maintain the perfection
of any security interest or Lien granted to it hereunder or to prepare or file
any Commission filing for the Issuer or to record this Agreement or any other
Basic Document. The Owner Trustee nevertheless agrees that it will, at its own
cost and expense, promptly take all action as may be necessary to discharge
any Liens (other than the Lien of the Indenture) on any part of the Owner
Trust Estate that result from actions by, or claims against, the Owner Trustee
in its individual capacity that are not related to the ownership or the
administration of the Owner Trust Estate.

         Section 6.05. No Action Except Under Specified Documents or
Instructions. The Owner Trustee shall not manage, control, use, sell, dispose
of or otherwise deal with any part of the Owner Trust Estate except in
accordance with (i) the powers granted to and the authority conferred upon the
Owner Trustee pursuant to this Agreement, (ii) the other Basic Documents to
which the Issuer is a party and (iii) any document or written instruction
delivered to the Owner Trustee pursuant to Section 6.03.

         Section 6.06. Restrictions. The Owner Trustee shall not take any
action that (i) is inconsistent with the purposes of the Issuer set forth in
Section 2.03 or (ii) to the actual knowledge of a Responsible Officer of the
Owner Trustee, would (a) affect the treatment of the Notes as indebtedness for
federal income or North Carolina income or franchise tax purposes, (b) be
deemed to cause a taxable exchange of the Notes for federal income or North
Carolina income or franchise tax purposes or (c) cause the Issuer or any
portion thereof to be taxable as an association or publicly traded partnership
taxable as a corporation for federal income or North Carolina income or
franchise tax purposes. The Certificateholders, the Administrator and the
Master Servicer shall not direct the Owner Trustee to take action that would
violate the provisions of this Section.

                                      24
<PAGE>

                                ARTICLE SEVEN

                               THE OWNER TRUSTEE

         Section 7.01. Acceptance of Duties. The Owner Trustee accepts the
trust hereby continued and agrees to perform its duties hereunder, but only
upon the terms of this Agreement. The Owner Trustee also agrees to disburse
all monies actually received by it in accordance with the Basic Documents and
constituting part of the Owner Trust Estate upon the terms of this Agreement.
The Owner Trustee shall not be answerable or accountable hereunder or under
any other Basic Document under any circumstances, except (i) for its own
willful misconduct, bad faith or negligence or (ii) in the case of the
inaccuracy of any representation or warranty contained in Section 7.03
expressly made by the Owner Trustee, in its individual capacity. In
particular, but not by way of limitation (and subject to the exceptions set
forth in the preceding sentence):

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

          (b) the Owner Trustee shall not be liable with respect to any action
     taken or omitted to be taken in good faith by it in accordance with the
     provisions of this Agreement at the instructions of the Administrator,
     the Depositor, the Indenture Trustee, the Master Servicer or the
     Certificateholders;

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

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

          (e) the Owner Trustee shall not be responsible for or in respect of
     the validity or sufficiency of this Agreement or for the due execution
     hereof by the Depositor or for the form, character, genuineness,
     sufficiency, value or validity of any of the Owner Trust Estate, or for
     or in respect of the validity or sufficiency of the Basic Documents,
     other than the signature and the certificate of authentication of the
     Owner Trustee on the Certificates, and the Owner Trustee shall in no
     event assume or incur any liability, duty or obligation to any Noteholder
     or Certificateholder, other than as expressly provided for in the Basic
     Documents;

          (f) the Owner Trustee shall not be liable for the default,
     negligence or misconduct of the Administrator, the Depositor, any
     Certificateholder, the Indenture Trustee, the Master Servicer or the
     Seller under any Basic Document or otherwise, and

                                      25
<PAGE>

     the Owner Trustee shall have no obligation or liability to perform the
     obligations of the Issuer under this Agreement or the other Basic
     Documents that are required to be performed by the Administrator under
     the Administration Agreement, the Indenture Trustee under the Indenture
     or the Seller, the Master Servicer or the Depositor under the Sale and
     Servicing Agreement;

          (g) the Owner Trustee shall be under no obligation to exercise any
     of the rights or powers vested in it by this Agreement, or to institute,
     conduct or defend any litigation under this Agreement or otherwise or in
     relation to this Agreement or any other Basic Document, at the request,
     order or direction of any of the Certificateholders, unless such
     Certificateholders have offered to the Owner Trustee security or
     indemnity satisfactory to it against the costs, expenses and liabilities
     that may be incurred by the Owner Trustee therein or thereby, the right
     of the Owner Trustee to perform any discretionary act enumerated in this
     Agreement or in any other Basic Document shall not be construed as a
     duty, and the Owner Trustee shall not be answerable other than for its
     negligence, bad faith or willful misconduct in the performance of any
     such act;

          (h) the right of the Owner Trustee to perform any discretionary act
     enumerated in this Agreement or any other Basic Document shall not be
     construed as a duty, and the Owner Trustee shall not be answerable other
     than for its willful misconduct, bad faith or negligence in the
     performance of any such act;

          (i) the Owner Trustee shall have no responsibility for the accuracy
     of any information provided to Certificateholders or any other individual
     or entity that has been obtained from, or provided to the Owner Trustee
     by, any other Person;

          (j) in the absence of negligence or bad faith on its part, the Owner
     Trustee may conclusively rely upon certificates or Opinions of Counsel
     furnished to the Owner Trustee and conforming to the requirements of this
     Agreement in determining the truthfulness of the statements and the
     correctness of the opinions contained therein; provided, however, that
     the Owner Trustee shall have examined such certificates or Opinions of
     Counsel so as to determine compliance of the same with the requirements
     of this Agreement; and

          (k) the Owner Trustee shall incur no liability if, by reason of any
     provision of any present or future law or regulation thereunder, or by
     any force majeure event, including natural disaster, war or other
     circumstances beyond its reasonable control, the Owner Trustee shall be
     prevented from doing or performing any act or thing which the terms of
     this Agreement provide shall or may be done or performed, or by reason of
     any exercise of, or failure to exercise, any directions provided for
     herein.

         Section 7.02. Furnishing of Documents. The Owner Trustee shall
furnish to the Certificateholders, promptly upon receipt of a written request
therefor, duplicates or copies of all reports, notices, requests, demands,
certificates, financial statements and any other instruments furnished to the
Owner Trustee under the Basic Documents.

                                      26
<PAGE>

         Section 7.03. Representations and Warranties. The Owner Trustee, in
its individual capacity, hereby represents and warrants to the Depositor for
the benefit of the Certificateholders, that:

          (a) it is a Delaware banking corporation duly organized and validly
     existing in good standing under the laws of the State of Delaware and
     meets the eligibility criteria set forth in Section 10.01;

          (b) it has all requisite corporate power and authority to execute,
     deliver and perform its obligations under this Agreement;

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

          (d) neither the execution nor the delivery by it of this Agreement,
     nor the consummation by it of the transactions contemplated hereby, nor
     compliance by it with any of the terms or provisions hereof will
     contravene any federal or Delaware law, governmental rule or regulation
     governing the banking or trust powers of the Owner Trustee or any
     judgment or order binding on it, constitute any default under its charter
     documents or bylaws or any indenture, mortgage, contract, agreement or
     instrument to which it is a party or by which any of its properties may
     be bound or result in the creation or imposition of any lien, charge or
     encumbrance on the Owner Trust Estate pursuant to the provisions of any
     mortgage, indenture, contract, agreement or undertaking to which it is a
     party (other than the Basic Documents), which lien, charge or encumbrance
     could reasonably be expected to have a materially adverse effect on the
     Owner Trustee's performance or ability to perform its duties as trustee
     under this Agreement or on the transactions contemplated in this
     Agreement.

         Section 7.04. Reliance; Advice of Counsel.

         (a) The Owner Trustee may rely upon, shall be protected in relying
upon and shall incur no liability to anyone in acting upon any signature,
instrument, notice, resolution, request, consent, order, certificate, report,
opinion, bond or other document or paper believed by it to be genuine and
believed by it to be signed by the proper party or parties and need not
investigate any fact or matter in any such document as long as the Owner
Trustee has otherwise satisfied its obligations under this Agreement (nothing
in this sentence shall be construed to relieve the Owner Trustee of any
obligation it may have in this Agreement, including the obligations set forth
in Section 7.01). The Owner Trustee may accept a certified copy of a
resolution of the board of directors or other governing body of any corporate
party as conclusive evidence that such resolution has been duly adopted by
such body and that the same is in full force and effect. As to any fact or
matter the method of determination of which is not specifically prescribed
herein, the Owner Trustee may for all purposes hereof rely on a certificate,
signed by the president or any Vice President or by the treasurer or other
authorized officers of the relevant party, as to such fact or matter, and such
certificate shall constitute full protection to the Owner Trustee for any
action taken or omitted to be taken by it in good faith in reliance thereon.

                                      27
<PAGE>

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

         Section 7.05. Not Acting in Individual Capacity. Except as otherwise
provided in this Article, in accepting the trusts hereby created,
_________________ acts solely as Owner Trustee hereunder and not in its
individual capacity, and all Persons having any claim against the Owner
Trustee by reason of the transactions contemplated by this Agreement or any
other Basic Document shall look only to the Owner Trust Estate for payment or
satisfaction thereof.

         Section 7.06. Owner Trustee Not Liable for Certificates or
Receivables. The recitals contained herein and in the Certificates (other than
the signature and the certificate of authentication of the Owner Trustee on
the Certificates) shall be taken as the statements of the Depositor, and the
Owner Trustee assumes no responsibility for the correctness thereof. The Owner
Trustee makes no representations as to the validity or sufficiency of this
Agreement, any other Basic Document, the Certificates (other than the
signature and the certificate of authentication of the Owner Trustee on the
Certificates and the representations and warranties in Section 7.03) or the
Notes, or of any Receivable or related documents. The Owner Trustee shall at
no time have any responsibility or liability for or with respect to the
legality, validity and enforceability of any Receivable, or the perfection and
priority of any security interest created by any Receivable in any Financed
Vehicle or the maintenance of any such perfection and priority, or for or with
respect to the sufficiency of the Owner Trust Estate or its ability to
generate the payments to be distributed to the Certificateholders under this
Agreement or to the Noteholders under the Indenture, including the existence,
condition and ownership of any Financed Vehicle; the existence and
enforceability of any insurance thereon; the existence and contents of any
Receivable on any computer or other record thereof; the validity of the
assignment of any Receivable to the Issuer or of any intervening assignment;
the completeness of any Receivable; the performance or enforcement of any
Receivable; the compliance by the Depositor, the Seller or the Master Servicer
with any warranty or representation made under any Basic Document or in any
related document or the accuracy of any such warranty or representation, or
any action of the Administrator, the Indenture Trustee or the Master Servicer
taken in the name of the Owner Trustee.

         Section 7.07. Owner Trustee May Own Certificates and Notes. The Owner
Trustee in its individual or any other capacity may become a Certificateholder
or Noteholder or pledgee of Certificates or Notes and may deal with the
Depositor, the Administrator, the Indenture Trustee, the Seller and the Master
Servicer in banking transactions with the same rights as it would have if it
were not Owner Trustee.

                                      28
<PAGE>

         Section 7.08. Paying Agent; Authenticating Agent. The rights and
protections afforded to the Owner Trustee pursuant to this Article and
Sections 8.02, 10.02 and 10.03 shall also be afforded to each Paying Agent,
any authenticating agent and the Certificate Registrar.

                                      29
<PAGE>

                                ARTICLE EIGHT

               COMPENSATION AND INDEMNIFICATION OF OWNER TRUSTEE

         Section 8.01. Owner Trustee's Fees and Expenses. The Owner Trustee
shall receive as compensation for its services hereunder such fees as have
been separately agreed upon before the date hereof between the Master Servicer
and the Owner Trustee, and upon the formation of the Issuer, the Owner Trustee
shall be entitled to be reimbursed, except as otherwise provided in the Basic
Documents, by the Master Servicer for its other reasonable expenses hereunder,
including the reasonable compensation, expenses and disbursements of such
agents, representatives, experts and counsel as the Owner Trustee may employ
in connection with the exercise and performance of its rights and its duties
hereunder.

         Section 8.02. Indemnification. The initial Master Servicer shall be
liable as prime obligor for, and shall indemnify the Indemnified Parties from
and against, any and all Expenses, which may at any time be imposed on,
incurred by, or asserted against the Owner Trustee or any other Indemnified
Party in any way relating to or arising out of this Agreement, the other Basic
Documents, the Owner Trust Estate, the administration of the Owner Trust
Estate or the action or inaction of the Owner Trustee hereunder; provided,
however, that the initial Master Servicer shall not be liable for or required
to indemnify an Indemnified Party from and against Expenses arising or
resulting from any of the matters described in the third sentence of Section
7.01. In no event will the initial Master Servicer or the Owner Trustee be
entitled to make any claim upon the Owner Trust Estate for the payment or
reimbursement of any Expenses. The indemnities contained in this Section shall
survive the resignation or termination of the Owner Trustee or the termination
of this Agreement. In the event of any claim, action or proceeding for which
indemnity will be sought pursuant to this Section, the Owner Trustee's choice
of legal counsel shall be subject to the approval of the initial Master
Servicer, which approval shall not be unreasonably withheld.

         Section 8.03. Payments to the Owner Trustee. Any amounts paid to the
Owner Trustee pursuant to this Article shall be deemed not to be a part of the
Owner Trust Estate immediately after such payment.

                                      30
<PAGE>

                                 ARTICLE NINE

                        TERMINATION OF TRUST AGREEMENT

         Section 9.01. Termination of Trust Agreement.

         (a) This Agreement (other than the provisions of Article Eight) shall
terminate and be of no further force or effect and the Issuer shall dissolve
upon the earlier of (i) the payment to the Master Servicer, the Paying Agent,
the Owner Trustee, the Indenture Trustee, the Noteholders and the
Certificateholders of all amounts required to be paid to them pursuant to the
terms of the Indenture, the Sale and Servicing Agreement and Article Five,
(ii) the Distribution Date next succeeding the month which is one year after
the maturity or other liquidation of the last Receivable and the disposition
of any amounts received upon liquidation of any property remaining in the
Issuer or (iii) upon the purchase of the Receivables by the Master Servicer in
connection with an Optional Purchase and retirement of the Notes and
Certificates. The bankruptcy, liquidation, dissolution, death or incapacity of
any Certificateholder shall not (i) operate to terminate this Agreement or the
Issuer, (ii) entitle such Certificateholder's legal representatives or heirs
to claim an accounting or to take any action or proceeding in any court for a
partition or winding up of all or any part of the Issuer or the Owner Trust
Estate or (iii) otherwise affect the rights, obligations and liabilities of
the parties hereto.

         (b) Except as provided in Section 9.01(a), neither the Depositor nor
any Certificateholder shall be entitled to revoke or terminate the Issuer.

         (c) Notice of any termination of the Issuer, specifying the
Distribution Date upon which Certificateholders shall surrender their
Certificates to the Paying Agent for payment of the final distribution and
cancellation, shall be given by the Owner Trustee by letter to
Certificateholders mailed within five Business Days of receipt of notice of
such termination from the Master Servicer, stating (i) the Distribution Date
upon or with respect to which final payment of the Certificates shall be made
upon presentation and surrender of the Certificates at the office of the
Paying Agent therein designated, (ii) the amount of any such final payment and
(iii) that the Record Date otherwise applicable to such Distribution Date is
not applicable and that payments are being made only upon presentation and
surrender of the Certificates at the office of the Paying Agent therein
specified. The Owner Trustee shall give such notice to the Certificate
Registrar (if other than the Owner Trustee) and the Paying Agent at the time
such notice is given to Certificateholders. Upon presentation and surrender of
the Certificates, the Paying Agent shall cause to be distributed to
Certificateholders, subject to Section 3808 of the Statutory Trust Statute,
amounts distributable on such Distribution Date pursuant to Section 5.02.

         (d) In the event that all of the Certificateholders shall not
surrender their Certificates for cancellation within six months after the date
specified in the above mentioned written notice, the Owner Trustee shall give
a second written notice to the remaining Certificateholders to surrender their
Certificates for cancellation and receive the final distribution with respect
thereto. If within one year after the second notice all the Certificates shall
not have been surrendered for cancellation, the Owner Trustee may take
appropriate steps, or may appoint an agent to take appropriate steps, to
contact the remaining Certificateholders concerning surrender of their
Certificates and the cost thereof shall be paid out of the funds and other
assets that shall remain

                                      31
<PAGE>

subject to this Agreement. Subject to applicable escheat laws, any funds
remaining in the Issuer after exhaustion of such remedies shall be distributed
by the Owner Trustee to the Seller, as Certificateholder.

         (e) Upon the winding up of the Issuer, in accordance with Section
3808 of the Statutory Trust Statute, and its termination, the Owner Trustee,
acting pursuant to the written instructions of the Depositor, which
instructions shall certify that the winding up of the Issuer has been duly
completed in accordance with this Article, shall cause the Certificate of
Trust to be cancelled by filing a certificate of cancellation with the
Secretary of State in accordance with the provisions of Section 3810(d) of the
Statutory Trust Statute.

                                      32
<PAGE>

                                  ARTICLE TEN

                    SUCCESSOR AND ADDITIONAL OWNER TRUSTEES

         Section 10.01. Eligibility Requirements for Owner Trustee. The Owner
Trustee shall at all times (i) be authorized to exercise corporate trust
powers, (ii) have a combined capital and surplus of at least $50,000,000 and
be subject to supervision or examination by federal or State authorities and
(iii) have (or have a parent that has) a long-term debt rating of investment
grade by each of the Rating Agencies or otherwise be acceptable to each of the
Rating Agencies. If such entity shall publish reports of condition at least
annually pursuant to law or to the requirements of the aforesaid supervising
or examining authority, then for the purpose of this Section, the combined
capital and surplus of such corporation or banking association shall be deemed
to be its combined capital and surplus as set forth in its most recent report
of condition so published. If at any time the Owner Trustee shall cease to be
eligible in accordance with the provisions of this Section, the Owner Trustee
shall resign immediately in the manner and with the effect specified in
Section 10.02.

         Section 10.02. Resignation or Removal of Owner Trustee.

         (a) The Owner Trustee may at any time resign and be discharged from
the trusts hereby created by giving written notice thereof to the
Administrator and the Depositor, and will provide to the Depositor in writing
and in form and substance reasonably satisfactory to the Depositor, all
information reasonably requested by the Depositor in order to comply with its
reporting obligation under the Exchange Act with respect to the resignation of
the Owner Trustee. Upon receiving such notice of resignation, the
Administrator shall promptly appoint a successor Owner Trustee acceptable to
the Depositor by written instrument, in duplicate, one copy of which
instrument shall be delivered to the resigning Owner Trustee and one copy to
the successor Owner Trustee. If no successor Owner Trustee shall have been so
appointed and have accepted appointment within 30 days after the giving of
such notice of resignation, the resigning Owner Trustee may petition any court
of competent jurisdiction for the appointment of a successor Owner Trustee.

         (b) If at any time the Owner Trustee shall: (i) cease to be eligible
in accordance with Section 10.01 and shall fail to resign after written
request therefor by the Administrator, or if at any time the Owner Trustee
shall be legally unable to act; (ii) be adjudged bankrupt or insolvent, or a
receiver of the Owner Trustee or of its property shall be appointed, or any
public officer shall take charge or control of the Owner Trustee or of its
property or affairs for the purpose of rehabilitation, conservation or
liquidation; (iii) fail to comply with any of its obligations under Section
9.02 or Section 9.04 of this Agreement or Article Nine of the Sale and
Servicing Agreement, during the period that the Depositor is required to file
Exchange Act Reports with respect to the Issuer and such failure is not
remedied within the lesser of ten calendar days and the period of time in
which the related Exchange Act Report is required to be filed (without taking
into account any extensions) or (iv) otherwise become incapable of acting,
then the Administrator or the Depositor may remove the Owner Trustee. If the
Administrator or Depositor shall remove the Owner Trustee under the authority
of the immediately preceding sentence, the Administrator shall promptly
appoint a successor Owner Trustee acceptable to the Depositor by written
instrument, in duplicate, one copy of which instrument shall be delivered to

                                       33
<PAGE>

the outgoing Owner Trustee so removed and one copy to the successor Owner
Trustee, and shall pay all fees and expenses owed to the outgoing Owner
Trustee.

         Any resignation or removal of the Owner Trustee and appointment of a
successor Owner Trustee pursuant to any of the provisions of this Section
shall not become effective until acceptance of appointment by the successor
Owner Trustee pursuant to Section 10.03 and payment of all fees and expenses
owed to the outgoing Owner Trustee. The Administrator shall provide notice of
such resignation or removal of the Owner Trustee to each Rating Agency, the
Depositor, the Certificateholders and the Indenture Trustee.

         Section 10.03. Successor Owner Trustee. Any successor Owner Trustee
appointed pursuant to Section 10.02 shall execute, acknowledge and deliver to
the Administrator and to its predecessor Owner Trustee an instrument accepting
such appointment under this Agreement and deliver to the Depositor in writing
and in form and substance reasonably satisfactory to the Depositor, all
information reasonably requested by the Depositor in order to comply with its
reporting obligation under the Exchange Act with respect to the successor
Owner Trustee, and thereupon, subject to the payment of all fees and expenses
owed to the predecessor Owner Trustee, the resignation or removal of the
predecessor Owner Trustee shall become effective, and such successor Owner
Trustee, without any further act, deed or conveyance, shall become fully
vested with all the rights, powers, duties and obligations of its predecessor
under this Agreement, with like effect as if originally named as Owner
Trustee. The predecessor Owner Trustee shall upon payment of its fees and
expenses deliver to the successor Owner Trustee all documents and statements
and monies held by it under this Agreement and the Administrator and the
predecessor Owner Trustee shall execute and deliver such instruments and do
such other things as may reasonably be required for fully and certainly
vesting and confirming in the successor Owner Trustee all such rights, powers,
duties and obligations.

         No successor Owner Trustee shall accept appointment as provided in
this Section unless at the time of such acceptance such successor Owner
Trustee shall be eligible pursuant to Section 10.01.

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

         Upon acceptance of appointment by a successor Owner Trustee pursuant
to this Section, the Administrator shall mail notice thereof to all
Certificateholders, the Indenture Trustee, the Noteholders and each Rating
Agency. If the Administrator shall fail to mail such notice within ten days
after acceptance of such appointment by the successor Owner Trustee, the
successor Owner Trustee shall cause such notice to be mailed at the expense of
the Administrator.

         Section 10.04. Merger or Consolidation of Owner Trustee.

         (a) If the Owner Trustee consolidates with, merges or converts into,
or transfers all or substantially all its corporate trust business or assets
to, another entity, the resulting, surviving or transferee corporation or
banking association without any further act, except the filing of an amendment
to the Certificate of Trust, if required under the Statutory Trust Statute,
shall be the

                                       34
<PAGE>

successor Owner Trustee; provided, however, that such corporation or banking
association must be otherwise qualified and eligible under Section 10.01. The
Owner Trustee shall (i) provide the Rating Agencies with written notice as
soon as practicable after a public announcement is made regarding any such
transaction, (ii) file an amendment to the Certificate of Trust as required by
Section 9.3 and (iii) provide the Depositor in writing and in form and
substance reasonably satisfactory to the Depositor, all information reasonably
requested by the Depositor in order to comply with its reporting obligation
under the Exchange Act with respect to the successor Owner Trustee.

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

         Section 10.05. Appointment of Co-Trustee or Separate Trustee.
Notwithstanding any other provision of this Agreement, at any time, for the
purpose of meeting any legal requirement of any jurisdiction in which any part
of the Owner Trust Estate or any Financed Vehicle may at the time be located,
the Administrator and the Owner Trustee acting jointly shall have the power
and shall execute and deliver all instruments to appoint one or more Persons
approved by the Administrator and Owner Trustee to act as co-trustee, jointly
with the Owner Trustee, or as separate trustee or separate trustees, of all or
any part of the Owner Trust Estate, and to vest in such Person, in such
capacity and for the benefit of the Certificateholders, such title to the
Owner Trust Estate or any part thereof and, subject to the other provisions of
this Section, such powers, duties, obligations, rights and trusts as the
Administrator and the Owner Trustee may consider necessary or desirable. If
the Administrator shall not have joined in such appointment within 15 days
after the receipt by it of a request so to do, the Owner Trustee alone shall
have the power to make such appointment. No co-trustee or separate trustee
under this Agreement shall be required to meet the terms of eligibility as a
successor Owner Trustee pursuant to Section 10.01, except that such co-trustee
or successor trustee shall have the Required Rating or otherwise be acceptable
to each Rating Agency, and no notice of the appointment of any co-trustee or
separate trustee shall be required pursuant to Section 10.03.

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

          (a) all rights, powers, duties and obligations conferred or imposed
     upon the Owner Trustee shall be conferred or imposed upon and exercised
     or performed by the Owner Trustee and such separate trustee or co-trustee
     jointly (it being understood that such separate trustee or co-trustee is
     not authorized to act separately without the Owner Trustee joining in
     such act), except to the extent that under any law of any jurisdiction in
     which any particular act or acts are to be performed, the Owner Trustee
     shall be incompetent or unqualified to perform such act or acts, in which
     event such rights,

                                      35
<PAGE>

     powers, duties and obligations (including the holding of title to the
     Owner 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 Owner Trustee;

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

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

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

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

                                      36
<PAGE>

                                ARTICLE ELEVEN

                                 MISCELLANEOUS

         Section 11.01. Supplements and Amendments.

         (a) This Agreement may be amended from time to time by the Depositor
and the Owner Trustee with prior written notice to the Rating Agencies,
without the consent of any of the Noteholders or the Certificateholders, to
cure any ambiguity, to correct or supplement any provision herein that may be
inconsistent with any other provision herein or in any offering document used
in connection with the initial offer and sale of the Notes or the Certificates
or for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Agreement which will not be
inconsistent with other provisions of this Agreement; provided, however, that
no such amendment (i) may materially adversely affect the interests of any
Noteholder or Certificateholder and (ii) will be permitted unless an Opinion
of Counsel is delivered to the Owner Trustee to the effect that such amendment
will not cause the Issuer to be characterized for federal income tax purposes
as an association or publicly-traded partnership taxable as a corporation or
otherwise have any material adverse impact on the federal income taxation of
any Notes Outstanding or outstanding Certificates.

         (b) This Agreement may be amended from time to time by the Depositor
and the Owner Trustee with prior written notice to the Rating Agencies and
with the consent of the Noteholders of Notes evidencing not less than 51% of
the Note Balance or, if the Notes have been paid in full, the
Certificateholders evidencing not less than 51% of the aggregate Certificate
Percentage Interest, for the purpose of adding any provisions to, or changing
in any manner or eliminating any of the provisions of, this Agreement or
modifying in any manner the rights of the Noteholders or the
Certificateholders; provided, however, that no such amendment will be
permitted unless an Opinion of Counsel is delivered to the Owner Trustee to
the effect that such amendment will not cause the Issuer to be characterized
for federal income tax purposes as an association or a publicly traded
partnership taxable as a corporation or otherwise have any material adverse
impact on the federal income taxation of any Notes Outstanding or outstanding
Certificates; and, provided further, that no such amendment 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 the
     Certificateholders without the consent of all Noteholders and
     Certificateholders adversely affected by such amendment;

          (ii) reduce the percentage of the Note Balance or the percentage of
     the aggregate Certificate Percentage Interest the consent of the
     Noteholders or Certificateholders, as applicable, of which is required
     for any amendment to this Agreement without the consent of all the
     Noteholders and Certificateholders adversely affected by the amendment;
     or

                                      37
<PAGE>

          (iii) adversely affect the rating assigned by either Rating Agency
     to any Class of Notes without the consent of the Noteholders evidencing
     not less than 66 2/3% of the Note Balance of such Class of Notes.

         (c) An amendment to this Agreement shall be deemed not to materially
adversely affect the interests of any Noteholder or Certificateholder if (i)
the Person requesting such amendment obtains and delivers to the Owner Trustee
an Opinion of Counsel to that effect or (ii) the Rating Agency Condition is
satisfied.

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

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

         (f) Promptly after the execution of any amendment to the Certificate
of Trust, the Owner Trustee shall file such amendment or cause such amendment
to be filed with the Secretary of State.

         (g) The Owner Trustee may, but shall not be obligated to, enter into
any such amendment that affects the Owner Trustee's own rights, duties,
liabilities or immunities under this Agreement or otherwise.

         (h) Prior to the execution of any amendment to this Agreement or any
amendment to any other agreement to which the Issuer is a party, the Owner
Trustee shall be entitled to receive and shall be fully protected in relying
upon an Opinion of Counsel stating that the execution of such amendment is
authorized or permitted by this Agreement and that all conditions precedent in
this Agreement to the execution and delivery of such amendment have been
satisfied.

         Section 11.02. No Legal Title to Owner Trust Estate in
Certificateholders. The Certificateholders shall not have legal title to any
part of the Owner Trust Estate. The Certificateholders shall be entitled to
receive distributions with respect to their undivided beneficial interest
therein only in accordance with Articles Five and Nine. No transfer, by
operation of law or otherwise, of any right, title or interest of the
Certificateholders to and in their beneficial interest in the Owner Trust
Estate shall operate to terminate this Agreement or the trusts hereunder or
entitle any transferee to an accounting or to the transfer to it of legal
title to any part of the Owner Trust Estate.

         Section 11.03. Limitations on Rights of Others. The provisions of
this Agreement are solely for the benefit of the Owner Trustee, the
Indemnified Parties, the Depositor, the Certificateholders, the Administrator,
the Master Servicer and, to the extent expressly provided

                                      38
<PAGE>

herein, the Indenture Trustee and the Noteholders, and nothing in this
Agreement or in the Certificates, whether express or implied, shall be
construed to give to any other Person any legal or equitable right, remedy or
claim in the Owner Trust Estate or under or in respect of this Agreement or
any covenants, conditions or provisions contained herein.

         Section 11.04. Notices. All demands, notices and other communications
under this Agreement shall be in writing, personally delivered, sent by
telecopier, overnight courier or mailed by certified mail, return receipt
requested, or where electronic delivery is applicable and requested, shall be
delivered by electronic delivery, and shall be deemed to have been duly given
upon receipt in the case of (i) the Owner Trustee, at the Corporate Trust
Office, (ii) the Depositor, at One Wachovia Center, 301 South College Street,
Suite E, Charlotte, North Carolina 28288-5578, Attention: Treasury ABS
Department, (iii) the Indenture Trustee, at the Corporate Trust Office (as
defined in the Indenture), (iv) Moody's, to Moody's Investors Service, Inc.,
ABS Monitoring Department, 99 Church Street, New York, New York 10007 (e-mail:
Servicer_reports@moodys.com), (v) 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 (e-mail: Servicer_reports@sandp.com) or (vi) as to each of the
foregoing, at such other address as shall be designated by written notice to
the other entities whose addresses are listed in this Section. Any notice
required or permitted to be mailed to a Certificateholder shall be given by
first class mail, postage prepaid, at the address of such Certificateholder as
shown in the Certificate Register. Any notice so mailed within the time
prescribed in this Agreement shall be conclusively presumed to have been duly
given, whether or not the Certificateholder shall receive such notice.

         Section 11.05. Severability. If any one or more of the covenants,
agreements, provisions or terms of this Agreement or the Certificates shall be
for any reason whatsoever held invalid, illegal or unenforceable, then such
covenants, agreements, provisions or terms shall be deemed severable from the
remaining covenants, agreements, provisions and terms of this Agreement and
the Certificates and shall in no way affect or impair the validity or
enforceability of the other covenants, agreements, provisions and terms of
this Agreement or of the Certificates or the rights of the Certificateholders.

         Section 11.06. Counterparts. This Agreement may be executed by the
parties hereto in separate counterparts, each of which when so executed and
delivered shall be an original, but all such counterparts shall together
constitute but one and the same instrument.

         Section 11.07. Successors and Assigns. All covenants and agreements
contained herein and in the Certificates shall be binding upon, and inure to
the benefit of, each of the Depositor, the Owner Trustee, and each
Certificateholder and their respective successors and permitted assigns, all
as herein provided. Any request, notice, direction, consent, waiver or other
instrument or action by a Certificateholder shall bind the successors and
assigns of such Certificateholder.

         Section 11.08. Covenants of the Depositor. The Depositor shall not at
any time institute against the Issuer, or join in any institution against the
Issuer of, any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings, or other proceedings under any United

                                      39
<PAGE>

States federal or State bankruptcy or similar law in connection with any
obligations relating to the Certificates, the Notes, this Agreement or any of
the other Basic Documents.

         Section 11.09. No Petition. The Owner Trustee (not in its individual
capacity but solely as Owner Trustee), by entering into this Agreement, each
Certificateholder, by accepting a Certificate or a beneficial interest
therein, and the Indenture Trustee and each Noteholder, by accepting the
benefits of this Agreement, hereby covenant and agree that they will not at
any time institute against the Depositor or the Issuer, or join in any
institution against the Depositor or the Issuer of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings or other
proceedings under any United States federal or State bankruptcy or similar law
in connection with any obligations relating to the Certificates, the Notes,
this Agreement or any other Basic Document.

         Section 11.10. No Recourse. Each Certificateholder by accepting a
Certificate acknowledges that the Certificates represent beneficial interests
in the Issuer only and do not represent interests in or obligations of the
Depositor, the Seller, the Master Servicer, the Administrator, the Owner
Trustee, the Indenture Trustee or any of their respective Affiliates and no
recourse may be had against such parties or their assets, except as may be
expressly set forth or contemplated in the Certificates, this Agreement or any
other Basic Document.

         Section 11.11. Headings. The Article and Section headings and the
Table of Contents herein are for purposes of reference only and shall not
otherwise affect the meaning or interpretation of any provision hereof.

         Section 11.12. GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

         Section 11.13. Servicer Payment Obligation. The Master Servicer shall
be responsible for the payment of all fees and expenses of the Issuer, the
Owner Trustee and the Indenture Trustee paid by any of them in connection with
any of their obligations under the Basic Documents to obtain or maintain or
cause to be obtained or maintained any required license under the (i) Maryland
Vehicle Sales Finance Act or (ii) Pennsylvania Motor Vehicle Sales Finance
Act.

                                      40
<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.

                         POOLED AUTO SECURITIES SHELF LLC,
                            as Depositor

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

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

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

                                        Amended and Restated Trust Agreement
<PAGE>

                                                                     EXHIBIT A

        THIS ASSET BACKED CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO
THE NOTES TO THE EXTENT DESCRIBED IN THE TRUST AGREEMENT, THE SALE AND
SERVICING AGREEMENT AND THE INDENTURE REFERRED TO HEREIN.

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

        THIS ASSET BACKED CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR AN
OBLIGATION OF POOLED AUTO SECURITIES SHELF LLC, WACHOVIA BANK, NATIONAL
ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.

        THIS ASSET BACKED CERTIFICATE MAY NOT BE ACQUIRED BY OR WITH PLAN
ASSETS OF AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN OR ARRANGEMENT THAT IS
SUBJECT TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE.

REGISTERED                                                            NO. R-1

                       WACHOVIA AUTO OWNER TRUST 200_-_
                           ASSET BACKED CERTIFICATE

        evidencing a beneficial interest in the property of Wachovia Auto
        Owner Trust 200_-_, a Delaware statutory trust (the "Issuer"), which
        property includes a pool of retail installment sale contracts secured
        by new and used motor vehicles sold by Wachovia Bank, National
        Association, a national banking association ("Wachovia Bank"), to
        Pooled Auto Securities Shelf LLC, a Delaware limited liability company
        (the "Depositor"), and sold by the Depositor to the Issuer. The
        property of the Issuer (other than the Certificate Payment Account and
        the proceeds thereof) has been pledged by the Issuer to
        _______________, a _______________, as trustee (the "Indenture
        Trustee"), pursuant to an indenture, dated as of ____________ __, 200_
        (as amended, restated, supplemented or otherwise modified from time to
        time, the "Indenture"), between the Issuer and the Indenture Trustee,
        to secure the payment of the Notes issued thereunder.

        This certifies that PASS HOLDING LLC is the registered owner of a 100%
Certificate Percentage Interest nonassessable, fully paid, beneficial interest
in the Issuer. The Issuer was created pursuant to a trust agreement dated
___________ __, 200_ between the Depositor and _____________________, as
trustee (in such capacity, and not in its individual capacity, the "Owner
Trustee"), and as amended and restated by the amended and restated trust
agreement, dated as of ____________ __, 200_ (as amended, restated,
supplemented or otherwise modified from time to time, the "Trust Agreement"),
between the Depositor and the Owner Trustee, a summary of certain of the
pertinent provisions of which is set forth below. Capitalized terms used
herein that are not otherwise defined shall have the meanings ascribed in the
Trust

                                      A-1
<PAGE>

Agreement, the Indenture or in the sale and servicing agreement, dated as of
____________ __, 200_ (as amended, restated, supplemented or otherwise
modified from time to time, the "Sale and Servicing Agreement"), among the
Issuer, the Depositor and Wachovia Bank, as seller (in such capacity, the
"Seller") and master servicer (in such capacity, the "Master Servicer").

        This Certificate is issued under and is subject to the terms,
provisions and conditions of the Trust Agreement, to which Trust Agreement the
registered holder of this Certificate (the "Certificateholder") by virtue of
the acceptance hereof assents and by which such Certificateholder is bound.
The property of the Issuer primarily includes: (i) a pool of retail
installment sale contracts originated in connection with the sale of new or
used motor vehicles (the "Receivables"), (ii) all amounts received 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
and (iv) all proceeds of the foregoing.

        THE RIGHTS OF THE ISSUER IN THE FOREGOING PROPERTY OF THE ISSUER
(OTHER THAN THE CERTIFICATE PAYMENT ACCOUNT AND THE PROCEEDS THEREOF) HAVE
BEEN PLEDGED TO THE INDENTURE TRUSTEE TO SECURE THE PAYMENT OF THE NOTES.

        Pursuant to the Trust Agreement, there will be distributed on each
Distribution Date to the Person in whose name this Certificate is registered
at the close of business on the Business Day preceding such Distribution Date
such Certificateholder's Certificate Percentage Interest in the amount to be
distributed to Certificateholders on such Distribution Date. "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 ____________ __, 200_.

        THE HOLDER OF THIS CERTIFICATE ACKNOWLEDGES AND AGREES THAT ITS RIGHTS
TO RECEIVE DISTRIBUTIONS IN RESPECT OF THIS CERTIFICATE ARE SUBORDINATED TO
THE RIGHTS OF THE NOTEHOLDERS AS DESCRIBED IN THE TRUST AGREEMENT, THE SALE
AND SERVICING AGREEMENT AND THE INDENTURE.

        It is the intent of the Depositor, the Seller, the Master Servicer and
the Certificateholders that, for purposes of federal income taxes, State and
local income taxes and any other income taxes the Issuer will be treated as
either an entity that is disregarded as separate from the beneficial owner of
the equity in the Issuer if there is only one such owner, or as a partnership
(other than an association or publicly traded partnership) if there are two or
more such owners. The Depositor and any other Certificateholders, by
acceptance of a Certificate, agree with the foregoing characterization of the
Certificates for such tax purposes and further agree to take no action
inconsistent therewith.

        Each Certificateholder, by its acceptance of a Certificate or a
beneficial interest therein, covenants and agrees that such Certificateholder
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 or other
proceedings under any United States federal or State bankruptcy or similar law
in connection

                                      A-2
<PAGE>

with any obligations relating to the Notes, the Certificates, the Trust
Agreement or any other Basic Document.

        Distributions on this Certificate will be made as provided in the
Trust Agreement by the Paying Agent by wire transfer or check mailed to the
Certificateholder of record in the Certificate Register without the
presentation or surrender of this Certificate or the making of any notation
hereon. Except as otherwise provided in the Trust Agreement and
notwithstanding the above, the final distribution on this Certificate will be
made after due notice by the Owner Trustee of the pendency of such
distribution and only upon presentation and surrender of this Certificate at
the office or agency of the Certificate Registrar maintained for that purpose
in Wilmington, Delaware.

        Reference is hereby made to the further provisions of this Certificate
set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if fully set forth on the face of this
Certificate.

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

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

                                      A-3
<PAGE>

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

        Dated:  __________ __, 200_      WACHOVIA AUTO OWNER TRUST 200_-_,

                                         By: _______________________________,
                                              not in its individual capacity
                                              but solely as Owner Trustee

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

                  OWNER TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

        Dated:  __________ __, 200_      ___________________________________,
                                         not in its individual capacity
                                         but solely as Owner Trustee

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

                                      A-4
<PAGE>

                           [REVERSE OF CERTIFICATE]

        This Certificate does not represent an obligation of, or an interest
in, the Depositor, the Seller, the Master Servicer, the Administrator, the
Owner Trustee or any of their respective Affiliates, and no recourse may be
had against such parties or their assets, except as may be expressly set forth
or contemplated herein, in the Trust Agreement or in the other Basic
Documents. In addition, this Certificate is not guaranteed by any governmental
agency or instrumentality and is limited in right of payment to certain
collections with respect to the Receivables (and certain other amounts), all
as more specifically set forth herein and in the Indenture and the Sale and
Servicing Agreement.

        The Trust Agreement permits the Depositor and the Owner Trustee, on
behalf of the Issuer, with certain exceptions therein provided, to amend from
time to time certain terms and conditions set forth in the Trust Agreement
without the consent of the Certificateholders. The Trust Agreement also
permits the Depositor and the Owner Trustee, on behalf of the Issuer, with
certain exceptions as therein provided, to amend certain terms and conditions
set forth in the Trust Agreement with the consent of the Noteholders
evidencing not less than 51% of the Note Balance and the Certificateholders
evidencing not less than 51% of the aggregate Certificate Percentage Interest.
Any such consent by the Certificateholder shall be conclusive and binding on
such Certificateholder and on all future Certificateholders and of any
Certificate issued upon the registration of transfer hereof or in exchange
hereof or in lieu hereof whether or not notation of such consent is made upon
this Certificate.

        As provided in the Trust Agreement and subject to certain limitations
therein set forth, the Transfer of this Certificate may be registered in the
Certificate Register upon surrender of this Certificate for registration of
Transfer at the Corporate Trust Office and a written instrument of transfer in
form satisfactory to the Owner Trustee and the Certificate Registrar duly
executed by the Certificateholder or such Certificateholder's attorney duly
authorized in writing, and thereupon one or more new Certificates in any
authorized denomination and in the same aggregate Certificate Percentage
Interest in the Issuer will be issued to the designated transferee or
transferees. No service charge shall be made for any registration of Transfer
or exchange of Certificates, but the Owner Trustee or the Certificate
Registrar may require payment of a sum sufficient to cover any tax or
governmental charge that may be imposed in connection therewith. The initial
Certificate Registrar appointed under the Trust Agreement is the Owner
Trustee.

        Each Certificateholder, by its acceptance of a Certificate, shall be
deemed to have represented and warranted that such Certificateholder is not an
(i) employee benefit plan or arrangement subject to Title I of ERISA or a plan
subject to Section 4975 of the Code (a "Benefit Plan"), nor a person acting on
behalf of a Benefit Plan nor using the assets of a Benefit Plan to effect the
transfer of such Certificate, or (ii) insurance company purchasing a
Certificate with funds contained in an "insurance company general account" (as
defined in Section V(e) of PTCE 95-60) that includes the assets of a Benefit
Plan for purposes of the Plan Asset Regulation.

        Any Person who is not an Affiliate of the Seller and acquires more
than 49.9% of the Certificates will be deemed to represent that it is not a
party in interest (within the meaning of ERISA) or a disqualified person
(within the meaning of Section 4975(e)(2) of the Code) with respect to any
Benefit Plan, other than a Benefit Plan that it sponsors for the benefit of
its

                                      A-5
<PAGE>

employees, and that no Benefit Plan with respect to which it is a party in
interest has or will acquire any interest in the Notes.

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

        The Owner Trustee, the Certificate Registrar and any Paying Agent may
treat the Person in whose name this Certificate is registered in the
Certificate Register (as of the day of determination) as the owner of this
Certificate for the purpose of receiving distributions pursuant to the Trust
Agreement and for all other purposes whatsoever, and none of the Owner
Trustee, the Certificate Registrar or any Paying Agent shall be bound by any
notice to the contrary.

        The Trust Agreement, with certain exceptions therein provided, and the
Issuer shall terminate and be of no further force or effect upon the earlier
of (i) the payment to the Master Servicer, the Noteholders and the
Certificateholders of all amounts required to be paid to them pursuant to the
terms of the Indenture, the Sale and Servicing Agreement and the Trust
Agreement, (ii) the Distribution Date next succeeding the month which is one
year after the maturity or other liquidation of the last Receivable and the
disposition of any amounts received upon liquidation of any property remaining
in the Issuer and (iii) upon the purchase of the Receivables by the Master
Servicer in connection with an Optional Purchase.

                                     A-6

<PAGE>

                                  ASSIGNMENT

SOCIAL SECURITY NUMBER
OR OTHER IDENTIFICATION
NUMBER OF ASSIGNEE: ________________

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

_______________________________________________________________________________

                        (name and address of assignee)

the within Certificate and all rights thereunder, and hereby irrevocably
constitutes and appoints ________________________, attorney, to transfer said
Certificate on the Certificate Register, with full power of substitution in
the premises.

Dated:

                                    ________________________________________*/

                                    Signature Guaranteed:

                                    ________________________________________*/

*/  NOTICE: The signature to this assignment must correspond with the name
    of the registered owner as it appears on the face of the within
    Certificate in every particular, without alteration, enlargement or
    any change whatsoever. Such signature must be guaranteed by an
    "eligible guarantor institution" meeting the requirements of the
    Certificate Registrar.

                                     A-7

<PAGE>

                                                                     EXHIBIT B

                            CERTIFICATE OF TRUST OF
                       WACHOVIA AUTO OWNER TRUST 200_-_

        This Certificate of Trust of Wachovia Auto Owner Trust 200_-_ (the
"Trust"), is being duly executed and filed by _______________________, a
_____________________, as trustee (the "Trustee"), to form a statutory trust
under the Delaware Statutory Trust Act (12 Del. Code, ss. 3801 et seq.) (the
"Act").

        1. Name. The name of the statutory trust formed hereby is Wachovia
Auto Owner Trust 200_-_.

        2. Delaware Trustee. The name and business address of a trustee of the
Trust having its principal place of business in the State of Delaware is

        3. Effective Date. This Certificate of Trust shall be effective upon
its filing with the Secretary of State of the State of Delaware.

        IN WITNESS WHEREOF, the undersigned, being the sole trustee of the
Trust, has executed this Certificate of Trust in accordance with Section 3811
of the Act.

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

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

                                     B-1Exhibit 4.2

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

                      WACHOVIA AUTO OWNER TRUST 200__-_,
                                  as Issuer,

                                      and

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

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

                                   INDENTURE

                          Dated as of ________, 200__

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

               $___________ ______% Class A-1 Asset Backed Notes
               $___________ ______% Class A-2 Asset Backed Notes
               $___________ ______% Class A-3 Asset Backed Notes
               $___________ ______% Class A-4 Asset Backed Notes
               $___________ ______% Class A-5 Asset Backed Notes
                $__________ ______ % Class B 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)......................................................    3.09; 7.03
       (b)......................................................   3.06; 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.
317    (a)(1)...................................................       5.03
       (a)(2)...................................................       5.03
       (b)......................................................       3.03
318    (a)......................................................      11.07

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

**   N.A. means Not Applicable. Page

<PAGE>

<TABLE>
<CAPTION>
                                                 TABLE OF CONTENTS

                                                                                                               Page
                                                                                                               ----

                                                    ARTICLE ONE

                                     DEFINITIONS AND INCORPORATION BY REFERENCE

<S>           <C>                                                                                             <C>
Section 1.01.  Definitions........................................................................................2
Section 1.02.  Incorporation by Reference of Trust Indenture Act.................................................15
Section 1.03.  Interpretive Provisions...........................................................................16

                                                    ARTICLE TWO

                                                     THE NOTES

Section 2.01.  Form..............................................................................................17
Section 2.02.  Execution, Authentication and Delivery............................................................17
Section 2.03.  Temporary Notes...................................................................................18
Section 2.04.  Tax Treatment.....................................................................................18
Section 2.05.  Registration; Registration of Transfer and Exchange...............................................18
Section 2.06.  Mutilated, Destroyed, Lost or Stolen Notes........................................................20
Section 2.07.  Persons Deemed Owner..............................................................................21
Section 2.08.  Payment of Principal and Interest.................................................................21
Section 2.09.  Cancellation......................................................................................26
Section 2.10.  Book-Entry Notes..................................................................................26
Section 2.11.  Notices to Clearing Agency........................................................................27
Section 2.12.  Definitive Notes..................................................................................27
Section 2.13.  Release of Collateral.............................................................................27
Section 2.14.  Employee Benefit Plans............................................................................27
Section 2.15.  Authenticating Agents.............................................................................28

                                                   ARTICLE THREE

                                                     COVENANTS

Section 3.01.  Payment of Principal and Interest.................................................................29
Section 3.02.  Maintenance of Office or Agency...................................................................29
Section 3.03.  Money for Payments to be Held in Trust............................................................29
Section 3.04.  Existence.........................................................................................30
Section 3.05.  Protection of Trust Estate........................................................................31
Section 3.06.  Opinions as to Trust Estate.......................................................................31
Section 3.07.  Performance of Obligations; Servicing of Receivables..............................................32
Section 3.08.  Negative Covenants................................................................................34
Section 3.09.  Annual Statement as to Compliance.................................................................34
Section 3.10.  Issuer May Consolidate, etc., Only on Certain Terms...............................................35
Section 3.11.  Successor or Transferee...........................................................................36

                                                         i
<PAGE>
                                                                                                               Page
                                                                                                               ----

Section 3.12.  No Other Business.................................................................................36
Section 3.13.  No Borrowing......................................................................................37
Section 3.14.  Master Servicer's Obligations.....................................................................37
Section 3.15.  Guarantees, Loans, Advances and Other Liabilities.................................................37
Section 3.16.  Capital Expenditures..............................................................................37
Section 3.17.  Removal of Administrator..........................................................................37
Section 3.18.  Restricted Payments...............................................................................37
Section 3.19.  Notice of Events of Default.......................................................................37
Section 3.20.  Further Instruments and Acts......................................................................37
Section 3.21.  Compliance with Laws..............................................................................38
Section 3.22.  Amendments of Sale and Servicing Agreement and Trust Agreement....................................38

                                                    ARTICLE FOUR

                                             SATISFACTION AND DISCHARGE

Section 4.01.  Satisfaction and Discharge of Indenture...........................................................39
Section 4.02.  Satisfaction, Discharge and Defeasance of the Notes...............................................40
Section 4.03.  Application of Trust Money........................................................................41
Section 4.04.  Repayment of Monies Held by Paying Agent..........................................................41

                                                    ARTICLE FIVE

                                            EVENTS OF DEFAULT; REMEDIES

Section 5.01.  Events of Default.................................................................................42
Section 5.02.  Acceleration of Maturity; Rescission and Annulment................................................43
Section 5.03.  Collection of Indebtedness and Suits for Enforcement by Indenture Trustee.........................44
Section 5.04.  Remedies..........................................................................................46
Section 5.05.  Optional Preservation of the Receivables..........................................................47
Section 5.06.  Limitation of Suits...............................................................................47
Section 5.07.  Unconditional Rights of Noteholders to Receive Principal and Interest.............................48
Section 5.08.  Restoration of Rights and Remedies................................................................48
Section 5.09.  Rights and Remedies Cumulative....................................................................48
Section 5.10.  Delay or Omission Not a Waiver....................................................................48
Section 5.11.  Control by Noteholders of the Controlling Class...................................................48
Section 5.12.  Waiver of Past Defaults...........................................................................49
Section 5.13.  Undertaking for Costs.............................................................................49
Section 5.14.  Waiver of Stay or Extension Laws..................................................................49
Section 5.15.  Action on Notes...................................................................................50
Section 5.16.  Performance and Enforcement of Certain Obligations................................................50

                                                        ii

<PAGE>

                                                    ARTICLE SIX

                                               THE INDENTURE TRUSTEE
                                                                                                               Page
                                                                                                               ----

Section 6.01.  Duties of Indenture Trustee.......................................................................52
Section 6.02.  Rights of Indenture Trustee.......................................................................53
Section 6.03.  Individual Rights of Indenture Trustee............................................................54
Section 6.04.  Indenture Trustee's Disclaimer....................................................................54
Section 6.05.  Notice of Defaults................................................................................54
Section 6.06.  Reports by Indenture Trustee to Noteholders.......................................................54
Section 6.07.  Compensation and Indemnity........................................................................54
Section 6.08.  Replacement of Indenture Trustee..................................................................55
Section 6.09.  Successor Indenture Trustee by Merger.............................................................56
Section 6.10.  Appointment of Co-Trustee or Separate Trustee.....................................................56
Section 6.11.  Eligibility; Disqualification.....................................................................58
Section 6.12.  Preferential Collection of Claims Against Issuer..................................................58
Section 6.13.  Representations and Warranties of Indenture Trustee...............................................58

                                                   ARTICLE SEVEN

                                           NOTEHOLDERS' LISTS AND REPORTS

Section 7.01.  Issuer to Furnish Indenture Trustee Names and Addresses of Noteholders............................60
Section 7.02.  Preservation of Information; Communications, Reports and Certain Documents to Noteholders.........60
Section 7.03.  Reports by Issuer.................................................................................60
Section 7.04.  Reports by Indenture Trustee......................................................................61

                                                   ARTICLE EIGHT

                                        ACCOUNTS, DISBURSEMENTS AND RELEASES

Section 8.01.  Collection of Money...............................................................................62
Section 8.02.  Accounts..........................................................................................62
Section 8.03.  General Provisions Regarding Accounts.............................................................63
Section 8.04.  Release of Trust Estate...........................................................................64
Section 8.05.  Opinion of Counsel................................................................................64

                                                    ARTICLE NINE

                                              SUPPLEMENTAL INDENTURES

Section 9.01.  Supplemental Indentures Without Consent of Noteholders............................................66
Section 9.02.  Supplemental Indentures With Consent of Noteholders...............................................67

                                                        iii

<PAGE>

                                                                                                               Page
                                                                                                               ----
Section 9.03.  Execution of Supplemental Indentures..............................................................68
Section 9.04.  Effect of Supplemental Indenture..................................................................69
Section 9.05.  Conformity with Trust Indenture Act...............................................................69
Section 9.06.  Reference in Notes to Supplemental Indentures.....................................................69

                                                    ARTICLE TEN

                                                REDEMPTION OF NOTES

Section 10.01.  Redemption.......................................................................................70
Section 10.02.  Form of Redemption Notice........................................................................70
Section 10.03.  Notes Payable on Redemption Date.................................................................71

                                                   ARTICLE ELEVEN

                                                   MISCELLANEOUS

Section 11.01.  Compliance Certificates and Opinions, etc........................................................72
Section 11.02.  Form of Documents Delivered to Indenture Trustee.................................................73
Section 11.03.  Acts of Noteholders..............................................................................74
Section 11.04.  Notices, etc., to Indenture Trustee, Issuer, Depositor and Rating Agencies.......................75
Section 11.05.  Notices to Noteholders; Waiver...................................................................75
Section 11.06.  Alternate Payment and Notice Provisions..........................................................76
Section 11.07.  Conflict with Trust Indenture Act................................................................76
Section 11.08.  Effect of Headings and Table of Contents.........................................................76
Section 11.09.  Successors and Assigns...........................................................................76
Section 11.10.  Severability.....................................................................................77
Section 11.11.  Benefits of Indenture; Third Party Beneficiaries.................................................77
Section 11.12.  Legal Holidays...................................................................................77
Section 11.13.  GOVERNING LAW....................................................................................77
Section 11.14.  Counterparts.....................................................................................77
Section 11.15.  Recording of Indenture...........................................................................77
Section 11.16.  Trust Obligation.................................................................................77
Section 11.17.  No Petition......................................................................................78
Section 11.18.  Inspection.......................................................................................78
Section 11.19.  Subordination Agreement..........................................................................78

                                                      EXHIBITS

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

                                                        iv
</TABLE>

<PAGE>

         This Indenture, dated as of _______, 200__, is between Wachovia Auto
Owner Trust 200__-_, a Delaware statutory trust (the "Issuer"), and ________,
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 ________%
Class A-1 Asset Backed Notes (the "Class A-1 Notes"), ________% Class A-2
Asset Backed Notes (the "Class A-2 Notes"), ________% Class A-3 Asset Backed
Notes (the "Class A-3 Notes"), 4.84% Class A-4 Asset Backed Notes (the "Class
A-4 Notes"), ________% Class A-5 Asset Backed Notes (the "Class A-5 Notes")
and ________% Class B Asset Backed Notes (the "Class B 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 A-5 Notes, the "Notes"):

                                GRANTING CLAUSE

         The Issuer hereby Grants to the Indenture Trustee on the Closing Date
(with respect to each Initial Receivable) and on each Subsequent Transfer Date
(with respect to each related Subsequent Receivable) on behalf of and 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 (including proceeds of the repurchase of
Receivables by the Seller pursuant to the Receivables Purchase Agreement)
after the related Cutoff Date, (iii) the security interests in the Financed
Vehicles granted by the Obligors pursuant to the Receivables, (iv) all
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 Receivables, the Financed Vehicles or the
Obligors, (v) the Receivable Files, (vi) the Collection Account, the Note
Payment Account, the Reserve Fund, the Yield Supplement Account, the
Pre-Funding Account and the Negative Carry 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 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 Master Servicer to purchase Receivables from the Issuer, (x) the right
to realize upon any property (including the right to receive future Net
Liquidation Proceeds and Recoveries) that shall have secured a Receivable and
have been repossessed by or on behalf of the Issuer, (xi) all of the Issuer's
rights under each First-Tier and Second-Tier Subsequent Assignment and (xii)
all present and future claims, demands, causes of action and choses in action
in respect of any or all of the foregoing, and all payments on or under and
all proceeds of every kind and nature whatsoever in respect of any or all of
the foregoing, including all proceeds of the conversion thereof, voluntary or
involuntary, into cash or other liquid property, all accounts, accounts
receivable, general intangibles, chattel paper, documents, money, investment
property, deposit accounts, notes, drafts, acceptances, 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 receivables,
instruments and other property which at any time constitute all or part of or
are included in the proceeds of any of the foregoing (collectively, the
"Collateral").

<PAGE>

         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.

         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) .henever 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 _____, 200__, 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.

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

         "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

                                      2
<PAGE>

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.

         "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(g) 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-1 Notes,
Class A-2 Notes, Class A-3 Notes, Class A-4 Notes, Class A-5 Notes or the
Class B Notes, as the context may require.

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

         "Class A Notes" means the Class A-1 Notes, the Class A-2 Notes, the
Class A-3 Notes, the Class A-4 Notes and the Class A-5 Notes.

         "Class A Principal Distributable Amount" means, for any Distribution
Date, the amount distributable in respect of principal of the Class A-3 Notes,
the Class A-4 Notes or the Class A-5 Notes, as applicable, on such
Distribution Date, which amount shall equal the excess of (i) the sum of the
principal amounts of the Class A-3 Notes, the Class A-4 Notes and the Class
A-5 Notes as of the day preceding such Distribution Date over (ii) an amount
equal to ________% of the amount by which the Pool Balance plus the
Pre-Funding Account Amount as of the last day of the preceding Collection
Period exceeds the Overcollateralization Target Amount for that Distribution
Date; provided, however, that on (a) any Distribution Date that the Cumulative
Net Loss Percentage exceeds the related Sequential Payment Trigger (and on
each subsequent Distribution Date until the Cumulative Net Loss Percentage is
less than or equal to the related Sequential Payment Trigger for three
consecutive Distribution Dates), the Class A Principal

                                      3
<PAGE>

Distributable Amount shall equal the lesser of (1) the Aggregate Principal
Distributable Amount (less amounts distributed to the Class A-1 Notes and
Class A-2 Notes on such Distribution Date) and (2) the Note Balance of the
Class A-3, Class A-4 and Class A-5 Notes and (b) the Final Scheduled
Distribution Date of any one or more of the Class A-3 Notes, Class A-4 Notes
or the Class A-5 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).

         "Class A-1 Final Scheduled Distribution Date" means the ______ 20__
Distribution Date.

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

         "Class A-2 Final Scheduled Distribution Date" means the _______ 20__
Distribution Date.

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

         "Class A-3 Final Scheduled Distribution Date" means the _______ 20__
Distribution Date.

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

                                      4
<PAGE>

         "Class A-4 Final Scheduled Distribution Date" means the _______ 20__
Distribution Date.

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

         "Class A-5 Final Scheduled Distribution Date" means the _______ 20__
Distribution Date.

         "Class A-5 Interest Rate" means ______% per annum (computed on the
basis of a 360-day year consisting of twelve 30-day months).

         "Class A-5 Noteholder" means the Person in whose name a Class A-5
Note is registered in the Note Register.

         "Class A-5 Notes" means the ______% Class A-5 Asset Backed Notes,
substantially in the form of Exhibit A.

         "Class B Final Scheduled Distribution Date" means the _______ 20__
Distribution Date.

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

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

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

         "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 ______% of the amount by which
the Pool Balance plus the Pre-Funding Account Amount as of the last day of the
preceding Collection Period exceeds the Overcollateralization Target Amount
for that Distribution Date; provided, however, that on (a) any Distribution
Date that the Cumulative Net Loss Percentage exceeds the related Sequential
Payment Trigger (and on each subsequent Distribution Date until the Cumulative
Net Loss Percentage is less than or equal to the related Sequential Payment
Trigger for three consecutive Distribution Dates), 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) the Class B Final
Scheduled Distribution Date, the Class B Principal Distributable Amount

                                      5
<PAGE>

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.

         "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 ________, 200_.

         "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 Initial 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 and thereafter the Class B Notes so long as any Class B
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______________________________, Attention:
______________________________, 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 Net Liquidation Proceeds and Recoveries
received by the Master Servicer during such Collection Period and all prior
Collection Periods and (ii) the denominator of which is the Cutoff Date Pool
Balance.

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

                                      6
<PAGE>

         "Cutoff Date Pool Balance" means the sum of (i) the aggregate
principal balance of the Initial Receivables as of the Initial Cutoff Date and
(ii) the aggregate principal balance of all Subsequent Receivables as of the
related Subsequent Cutoff Date or Dates.

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

         "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 Trust 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 _______,
200_.

         "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)(xi).

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

         "Exchange Act Reports" has the meaning specified in the Sale and
Servicing Agreement.

         "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 A-5 Final Scheduled Distribution Date or the
Class B Final Scheduled Distribution Date, as the context may require.

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

         "Financial Asset" 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

                                      7
<PAGE>

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.

         "Indenture Trustee" means ____________, 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 Master 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 Master Servicer or any of their respective
Affiliates and (iii) is not connected with the Issuer, any such other obligor,
the Depositor, the Seller, the Master 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.

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

         "Initial Receivable" has the meaning set forth in the Sale and
Servicing Agreement.

         "Insurance Proceeds" has the meaning set forth in the Sale and
Servicing Agreement.

         "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.

                                      8
<PAGE>

         "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
A-5 Notes and the Class B 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 A-5 Interest Rate and the Class B Interest Rate, as applicable.

         "Issuer" means Wachovia Auto Owner Trust 200__-_ 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.

         "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.

         "Maryland Vehicle Sales Finance Act" means Maryland Code Annotated,
Financial Institutions ss.11-401 et seq.

         "Master Servicer" means Wachovia Bank, in its capacity as master
servicer under the Sale and Servicing Agreement and its successors in such
capacity.

         "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 Interest Rate
for that Class of Notes and 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 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.

         "Negative Carry Account" has the meaning set forth in the Sale and
Servicing Agreement.

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

                                      9
<PAGE>

         "Nonrecoverable Advance" has the meaning specified in the Sale and
Servicing Agreement.

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

         "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 A-5 Notes and the Class B 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.

         "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 Master 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

                                      10
<PAGE>

         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 Master 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
Master 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 Master Servicer or any
of their respective Affiliates.

         "Overcollateralization Target Amount" means, with respect to any
Distribution Date, an amount equal to ______% of the Pool Balance as of the
last day of the related Collection Period but in no event less than ______% of
the Cutoff Date Pool Balance.

         "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 distributions from the Collection Account,
the Note Payment Account, the Certificate Payment Account, the Yield
Supplement Account, the Negative Carry Account, the Pre-Funding Account and
the Reserve Fund, including payments of principal or interest on the Notes on
behalf of the Issuer. The Indenture Trustee shall be the initial Paying Agent
hereunder.

         "Pennsylvania Motor Vehicle Sales Finance Act" means 69 P.S. ss. 601
et seq.

         "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.

                                      11
<PAGE>

         "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.

         "Pre-Funding Account" has the meaning specified in the Sale and
Servicing Agreement.

         "Pre-Funding Account Amount" has the meaning set forth in the Sale
and Servicing Agreement.

         "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 such Distribution Date (before giving effect to any payments made
to Noteholders on that Distribution Date) over the sum of the Pool Balance as
of the last day of the preceding Collection Period and any Pre-Funding Account
Amount 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 (i) the amount otherwise
calculated pursuant to this definition and (ii) the outstanding principal
balance of such Class of Class A Notes 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.

         "PTCE" means Prohibited Transaction Class Exemption.

         "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 Master 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 Master 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.

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

                                      12
<PAGE>

         "Receivables Purchase Agreement" means the receivables purchase
agreement, dated as of ______, 200_, 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.

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

         "Redemption Date" means, in the case of a redemption of the Notes
pursuant to Section 10.01, the Distribution Date specified by the Master
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 excess, if any, of (i) the lesser of
(a) the Note Balance of all Notes as of such Distribution Date (before giving
effect to any payments made to Noteholders on that Distribution Date) and (b)
the excess, if any, of (1) the sum of the Note Balance of all Notes as of such
Distribution Date (before giving effect to any payments made to Noteholders on
that Distribution Date) and the Overcollateralization Target Amount over (2)
the Pool Balance as of the last day of the related Collection Period plus any
Pre-Funding Account Amount as of the last day of the related Collection
Period, over (ii) the sum of the Priority Principal Distributable Amount and
the Secondary 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 ________, 200_, among the Issuer, the Depositor, the
Seller and the Master Servicer.

         "Secondary Principal Distributable Amount" means, with respect to any
Distribution Date, (i) the excess, if any, of (a) the sum of the Note Balance
of all Notes as of such Distribution Date (before giving effect to any
payments made to Noteholders on that Distribution Date), over (b) the Pool
Balance as of the last day of the preceding Collection Period plus any
Pre-Funding Account Amount as of the last day of such Collection Period, over
(ii) the Priority Principal Distributable Amount, if any, for such
Distribution Date; provided, however, that the

                                      13
<PAGE>

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

         "Securities Act" means the Securities Act of 1933.

         "Securityholders" has the meaning specified in the Sale and Servicing
Agreement

         "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
                          Payment                                Sequential
Distribution Date         Trigger      Distribution Date      Payment Trigger
________ 20__              ____%      ________ 20__                 ____%
________ 20__              ____%      ________ 20__                 ____%
________ 20__              ____%      ________ 20__                 ____%
________ 20__              ____%      ________ 20__                 ____%
________ 20__              ____%      ________ 20__                 ____%
________ 20__              ____%      ________ 20__                 ____%
________ 20__              ____%      ________ 20__                 ____%
________ 20__              ____%      ________ 20__                 ____%
________ 20__              ____%      ________ 20__                 ____%
________ 20__              ____%      ________ 20__                 ____%
________ 20__              ____%      ________ 20__                 ____%
________ 20__              ____%      ________ 20__                 ____%
________ 20__              ____%      ________ 20__                 ____%
________ 20__              ____%      ________ 20__                 ____%
________ 20__              ____%      On and after ____ 20__        ____%
________ 20__              ____%

         "Servicer Termination Event" 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.

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

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

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

                                      14
<PAGE>

         "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.

         "Treasury Regulations" has the meaning specified in the Trust
Agreement.

         "Trust Agreement" means the amended and restated trust agreement,
dated as of ______, 200_, 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.

         "indenture to be qualified" means this Indenture.

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

                                      15
<PAGE>

         "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.

                                      16
<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 A-5 Notes and the Class B 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) $________ of Class A-1 Notes, (ii) $________0 of Class A-2 Notes, (iii)
$________ of Class A-3 Notes, (iv) $________0 of Class A-4 Notes, (v)
$________ of Class A-5 Notes and (vi) $________ of Class B Notes. The
aggregate principal amount of Class A-1 Notes, Class A-2 Notes, Class A-3
Notes, Class A-4 Notes, Class A-5 Notes and Class B 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 $2,000
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

                                      17
<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,

                                      18
<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)
such Person is acquiring a Class A Note and the Person's acquisition, holding
and disposition of the Note are and will be eligible for relief under PTCE
84-14, 90-1, 91-38, 95-60 or 96-23.

                                      19

<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

                                      20
<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 Master Servicer pursuant to Section 4.06(c) of the Sale and Servicing
Agreement, the Indenture Trustee shall apply the Available Funds to make the
following payments and deposits in the following order of priority:

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

                  (ii) to the Trustees pro rata, the Total Trustee Fees,
         provided; however, that the aggregate amount to be paid to the
         Trustees for such fees and expenses pursuant to this clause 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 Reserve Fund, the Reserve Fund Deficiency, if
         any;

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

                  (ix) 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;

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

                  (xi) 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

                                      21
<PAGE>

         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) 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 Interest Distributable Amount payable to such Class on such
Distribution Date.

         If on any Distribution Date, the aggregate amount on deposit in the
Collection Account, the Yield Supplement Account, the Negative Carry Account
and the Reserve Fund equals or exceeds the Note Balance of all Notes
Outstanding as of the last day of the related Collection Period, the accrued
and unpaid interest thereon and all amounts due to the Master Servicer and the
Trustees, all such amounts will be applied to retire the Notes and pay all
such amounts due to the Master Servicer and the Trustees in accordance with
the provisions of this Section.

         (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, upon receipt of instructions from the Master Servicer
pursuant to Section 4.06(c) of the Sale and Servicing Agreement and subject to
Section 2.08(f), 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) to the Class A-2 Noteholders, until the principal
         amount of the Class A-2 Notes has been paid in full;

                  (iii) following payment in full of the Class A-2 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-3 Noteholders until the
         principal amount of the Class A-3 Notes has been paid in full, then
         to the Class A-4 Noteholders until the principal amount of the Class
         A-4 Notes has been paid in full and then to the Class A-5 Noteholders
         until the principal amount of the Class A-5 Notes has been paid in
         full) until the principal amount of the Class A Notes has been paid
         in full; and

                                      22
<PAGE>

                  (iv) 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 Distributable Amount until the
         principal amount of the Class B Notes has been paid in full.

         In addition, on the Distribution Date following the Collection Period
in which the Pre-Funding Period ends, any funds remaining on deposit in the
Pre-Funding Account as of the end of the Pre-Funding Period will be deposited
into the Collection Account for further deposit into the Note Payment Account
without deduction and distributed to Noteholders as an additional payment of
principal (i) in the priority described above, to the extent such remaining
funds are less than $5,000,000 or (ii) pro rata to each Class of Notes based
on the aggregate initial principal balance of each Class of Notes (and, to the
extent that the outstanding principal amounts of one or more Classes of Class
A Notes have been reduced to zero prior to such Distribution Date or will be
reduced to zero with a portion of the funds allocated to pay principal of such
Class or Classes of Class A Notes pursuant to this clause, such unused funds
will be distributed, pro rata, to the remaining Classes of Class A Notes based
on the aggregate initial principal balance of each remaining Class of Class A
Notes), to the extent such remaining funds are equal to or greater than
$5,000,000.

         (c) If on any Distribution Date, the Cumulative Net Loss Percentage
exceeds the related Sequential Payment Trigger, then on such Distribution Date
and on each following Distribution Date until the Cumulative Net Loss
Percentage is less than or equal to the related Sequential Payment Trigger for
three consecutive Distribution Dates, all principal payments on the Notes will
be allocated sequentially, starting with the Class of Notes with the highest
alphabetical designation then outstanding (and, with respect to the Class A
Notes, sequentially, beginning with the Class A-1 Notes or the Class of Class
A Notes at that time with the lowest numerical designation) until that Class
of Notes has been paid in full. Further, 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 A-5 Notes, shall be due and
payable on the Class A-5 Final Scheduled Distribution Date and (vi) Class B
Notes shall be due and payable on the Class B 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 A-5 Notes and the Class B 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

                                      23
<PAGE>

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 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 Master 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 Master Servicer, the Total Servicing Fee
         and any Nonrecoverable Advances for the related Collection Period;

                  (ii) second, to the Trustees, 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) (a) 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, payments of
                  principal 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

                                      24
<PAGE>

                  of such Distribution Date, payments of principal 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; and

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

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

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

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

                           (C) 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, payments of principal until the principal amount of
                  each such Class of remaining Class A Notes has been paid in
                  full; and

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

                  (v) 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

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

         (g) The Indenture Trustee shall transfer or shall cause to be
transferred, amounts from the Reserve Fund, the Yield Supplement Account, the
Negative Carry Account and the Pre-Funding Account and deposit amounts
transferred therefrom at the written direction of the Master 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

                                      25
<PAGE>

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 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 respon-

                                      26
<PAGE>

sibilities 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 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 B Notes may not be
acquired by a Benefit Plan. Each Person acquiring a Class B Note is deemed to
represent that such Person is not a Benefit Plan. A fiduciary of a Benefit
Plan purchasing the Class A Notes, or a beneficial interest in Class A Notes,
with the assets of a Benefit Plan is deemed to represent that the purchase of
one or more Class A 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 Master 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 Class A 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

                                      27
<PAGE>

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
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.

                                      28
<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 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.

         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;

                  (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;

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<PAGE>

                  (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 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

                                      30
<PAGE>

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 (i) the Maryland Vehicle Sales Finance Act or (ii) 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.

         (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

                                      31
<PAGE>

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 Master 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 Master 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 Master Servicer of the Master 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 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 Master Servicer ceases to

                                      32
<PAGE>

act as Master Servicer, the Indenture Trustee without further action shall be
the successor to the Master 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 the Depositor and in such event will be released from such
duties and obligations, such release not to be effective until the date a new
Master Servicer enters into a servicing agreement as provided below. In each
case of either the appointment of the Indenture Trustee (or any Affiliate as
provided below) as Successor Servicer, or resignation of the Indenture Trustee
as Servicer, the Indenture Trustee shall provide to the Depositor, in writing,
such information as reasonably requested by the Depositor to comply with its
reporting obligation under the Exchange Act with respect to a Successor
Servicer or the resignation of the Master Servicer. Upon delivery of any such
notice to the Issuer, the Issuer shall obtain a new Master 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, (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 Master Servicer and (iii) shall provide to the Depositor, in writing, such
information as reasonably requested by the Depositor to comply with its
reporting obligation under the Exchange Act with respect to a successor Master
Servicer.. If within 30 days after the delivery of the notice referred to
above, the Issuer shall not have obtained such a new Master 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 Master 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 Master Servicer and the servicing of the
Receivables. In case the Indenture Trustee shall become successor to the
Master Servicer under the Sale and Servicing Agreement, the Indenture Trustee
shall be entitled to appoint as Master Servicer any one of its Affiliates or
agents; provided that the Indenture Trustee, in its capacity as Master
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 Master 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.

                                      33
<PAGE>

         (g) The Issuer shall not waive timely performance or observance by
the Depositor, the Master 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.

         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:

                                      34
<PAGE>

                  (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 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:

                                      35
<PAGE>

                  (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 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

                                      36
<PAGE>

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.

         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 Basic Documents.

         Section 3.14. Master Servicer's Obligations. The Issuer shall cause
the Master 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 Master 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 other 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 Master Servicer or the

                                      37
<PAGE>

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.

         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.

                                      38
<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 Notes (1) that have been destroyed,
                  lost or stolen and that have been replaced or paid as
                  provided in Section 2.06 and (2) 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 B 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;

                                      39
<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;

                  (c) 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

                  (d) 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 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

                                      40
<PAGE>

         (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.

                                      41
<PAGE>

                                 ARTICLE FIVE

                          EVENTS OF DEFAULT; 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 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

                                      42
<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 Master 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 each predecessor Indenture Trustee, and

                                      44
<PAGE>

         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.

                                      45
<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), 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 Accounts) 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), provided that amounts on deposit in the Pre-Funding
Account shall be distributed in the order of priority set forth in 2.08(b).

         (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.

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<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

                                      48
<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 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

                                      49
<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 Master
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 Master Servicer thereunder and the institution of legal or
administrative actions or proceedings to compel or secure performance by the
Depositor, the Seller and the Master 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 Master 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 Master 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

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<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 Master 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

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<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, and will provide all information
reasonably requested by the Depositor in order to comply with its reporting
obligation under Item 6.02 of Form 8-K under the Exchange Act, with respect to
the resignation of the Indenture Trustee. The Holders of Notes evidencing not
less than 51% of the Note Balance of the Notes 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.

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<PAGE>

The Depositor may remove the Indenture Trustee if the Indenture Trustee fails
to comply with Section 3.07(e), Section 6.08 or Section 6.09 with respect to
notice to or providing information to the Depositor, or with Article Nine of
the Sale and Servicing Agreement, in each case if such failure continues for
the lesser or 10 days or such period in which the applicable Exchange Act
Report can be filed timely (without taking into account any extensions). 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 retiring Indenture Trustee), the
Administrator shall promptly appoint a successor Indenture Trustee and notify
the Depositor such appointment.

         (b) Any successor Indenture Trustee shall deliver a written
acceptance of its appointment to the retiring Indenture Trustee, the Issuer
and the Depositor and shall also provide all information reasonably requested
by the Depositor in order to comply with its reporting obligation under the
Exchange Act with respect to the replacement Indenture Trustee. 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 and the Depositor with prior written notice of any such transaction
and shall provide the Depositor with written notice of such event no later
than one Business Day after the effective date of such merger, together with
the information reasonably requested by the Depositor in order to comply with
its reporting obligation under the Exchange Act with respect to a successor
Indenture Trustee.

         (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

                                      56
<PAGE>

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 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,

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<PAGE>

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.

         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 or the Class B 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 and the Class B 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

                                      58
<PAGE>

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;

                  (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 Wachovia Bank 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

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<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, 20__, 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 Master
Servicer to establish and maintain, at Wachovia Bank in the name of the
Indenture Trustee, for the benefit of the Securityholders, the Master
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 Master Servicer shall deposit in the Collection
Account all amounts required to be deposited therein with respect to the
preceding Collection Period as provided in Sections 4.02 and 4.05 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 Master
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 Master 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 Reserve Fund Draw Amount, if any, for such
Distribution Date.

         (c) On or before the Closing Date, the Issuer shall cause the Master
Servicer to establish and maintain, at Wachovia Bank in the name of the
Indenture Trustee, for the benefit of the Noteholders, the Master 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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         (d) On or before the Closing Date, the Issuer shall cause the Master
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.

         (e) On or before the Closing Date, the Issuer shall cause the Master
Servicer to establish and maintain, at Wachovia Bank in the name of the
Indenture Trustee, for the benefit of the Securityholders, the Pre-Funding
Account as provided in Section 4.01(a) of the Sale and Servicing Agreement.
During the Pre-Funding Period, at the direction of the Master Servicer, the
Indenture Trustee shall, directly or through the Paying Agent, apply or cause
to be applied amounts on deposit in the Pre-Funding Account to purchase
Subsequent Receivables in accordance with Section 4.08 of the Sale and
Servicing Agreement and on the Distribution Date following the Collection
Period in which the Pre-Funding Period ends, distribute any remaining funds on
deposit in the Pre-Funding Account in accordance with the final paragraph of
Section 2.08(b).

         (f) On or before the Closing Date, the Issuer shall cause the Master
Servicer to establish and maintain, at Wachovia Bank in the name of the
Indenture Trustee, for the benefit of the Securityholders, the Negative Carry
Account as provided in Section 4.01(a) of the Sale and Servicing Agreement. On
each Distribution Date, pursuant to Section 4.06 of the Sale and Servicing
Agreement, the Indenture Trustee shall, directly or through the Paying Agent,
apply or cause to be applied, pursuant to the written direction of the Master
Servicer, the Negative Carry Account Draw Amount on such Distribution Date and
on the Distribution Date following the Collection Period in which the
Pre-Funding Period ends, distribute any remaining funds on deposit in the
Negative Carry Account to the Collection Account.

         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 Master Servicer in
Permitted Investments as provided in Sections 4.01, 4.07, 4.08, 4.09 and 4.10
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, 4.06 or 4.08 of the Sale and Servicing Agreement. The Master
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.

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         (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 Master 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 related
Deposit 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".

         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,

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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 or publicly
traded partnership 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 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 be
characterized for federal income tax purposes as an association or publicly
traded partnership 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 Master Servicer pursuant to Section 8.01 of the Sale and
Servicing Agreement, on any Distribution Date on which the Master Servicer
exercises its option to purchase the assets of the Issuer pursuant to said
Section, and the amount paid by the Master Servicer shall be treated as
collections in respect of the Receivables and applied to pay all amounts due
to the Master Servicer under the Sale and Servicing Agreement, all amounts due
to the Trustees and the Paying Agent, and the unpaid principal amount of the
Notes plus accrued and unpaid interest thereon. The Master 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 Master 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 (all or a portion of
which deposit may be made from Available Funds), 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
Master 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 Master 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 Master 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;

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                  (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

                  (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 Note Balance at the
         time of such release.

                  (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

                                      73
<PAGE>

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 Master 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
Master 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

                                      74
<PAGE>

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 200__-_, in care of __________, Attention:
         ___________ (with a copy to the Administrator, 201 S. College Street,
         17th Floor, Mail code NC 5578, Charlotte, North Carolina 28288,
         Attention: ABS Deal Administrator), 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 Master
         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: Treasury ABS Department 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, mailed by certified mail, return receipt requested, or
sent by electronic delivery in the case of (i) Moody's, at Moody's Investors
Service, Inc., ABS Monitoring Department, 99 Church Street, New York, New York
10007 (e-mail: ServicerReports@Moodys.com) 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: Asset Backed
Surveillance Department (e-mail: Servicer_Reports@sandp.com); 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.

                                      75
<PAGE>

In any case where notice to Noteholders is given by mail, neither the failure
to mail such notice nor any defect in any notice so mailed to any particular
Noteholder shall affect the sufficiency of such notice with respect to other
Noteholders, and any notice that is mailed in the manner herein provided shall
conclusively be presumed to have been duly given.

         Where this Indenture provides for notice in any manner, such notice
may be waived in writing by any Person entitled to receive such notice, either
before or after the event, and such waiver shall be the equivalent of such
notice. Waivers of notice by Noteholders shall be filed with 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.

                                      76
<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

                                      77
<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.

         Section 11.19. Subordination Agreement. Each Noteholder, by accepting
a Note, hereby covenants and agrees that, to the extent it is deemed to have
any interest in any assets of the Depositor, or a securitization vehicle
(other than the Issuer) related to the Depositor, dedicated to other debt
obligations of the Depositor or debt obligations of any other securitization
vehicle (other than the Issuer) related to the Depositor, its interest in
those assets is subordinate to claims or rights of such other debtholders to
those other assets. Furthermore, each Noteholder, by accepting a Note, hereby
covenants and agrees that such agreement constitutes a subordination agreement
for purposes of Section 510(a) of the Bankruptcy Code.

                                      78
<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 200__-_,

                                  By: ____________________,
                                        not in its individual capacity but
                                        solely as Owner Trustee

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

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

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

                                                                     Indenture
<PAGE>

                                                                     EXHIBIT A

              FORM OF CLASS A-1 [A-2] [A-3] [A-4] [A-5] [B] NOTE

         [FOR CLASS A-2, A-3, A-4 AND A-5 NOTES: THIS NOTE IS SUBORDINATED IN
RIGHT OF PAYMENT TO THE CLASS A-1 NOTES [, THE CLASS A-2 NOTES] [THE CLASS A-3
NOTES] [AND THE CLASS A-4 NOTES] AS DESCRIBED IN THE INDENTURE REFERRED TO
HEREIN.]

         [FOR CLASS B NOTES: THIS NOTE IS SUBORDINATED IN RIGHT OF PAYMENT TO
THE CLASS A 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.

         [FOR CLASS A NOTES: ANY INVESTOR THAT IS AN EMPLOYEE BENEFIT PLAN OR
OTHER PLAN OR ARRANGEMENT THAT IS SUBJECT TO SECTION 406 OF ERISA OR SECTION
4975 OF THE CODE, BY ITS ACCEPTANCE OF AN INTEREST IN THIS NOTE, WILL BE
DEEMED TO MAKE CERTAIN REPRESENTATIONS.]

         [FOR CLASS B NOTES: THIS NOTE MAY NOT BE ACQUIRED BY OR WITH PLAN
ASSETS OF AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN OR ARRANGEMENT THAT IS
SUBJECT TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE.]

                                     A-1
<PAGE>

REGISTERED                                                          $___________
No. R-A1-1 [R-A2-1] [R-A3-1] [R-A4-1] [R-A5-1] [R-B-1]     CUSIP NO. ___________

                       WACHOVIA AUTO OWNER TRUST 200_-_
        _____% CLASS A-1 [A-2] [A-3] [A-4] [A-5] [B] ASSET BACKED NOTE

         Wachovia Auto Owner Trust 200__-_, 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 [A-2] [A-3] [A-4] [A-5] [B] Final 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.
[For Class A-1 Notes: 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, A-5 and B 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:  ______, 200_          WACHOVIA AUTO OWNER TRUST 200_-_

                                      By:    _______________________________,
                                             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:  ________, 200_       ______________________,
                                     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] [A-5] [B] 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] [A-5] [B] Asset Backed
Notes (the "Class A-[___] Notes"), all issued under the Indenture, dated as of
_________, 200_ (the "Indenture"), between the Issuer and ______________, 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 A-5 Notes and the Class B 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] [A-5] [B] 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] [A-5] [B] 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] [A-5] [B] Notes shall be
due and payable following the occurrence and continuance of an Event of
Default, 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 of
the Indenture. All principal payments on the Class A-1 [A-2] [A-3] [A-4] [A-5]
[B] Notes shall be made pro rata to the Class A-1 [A-2] [A-3] [A-4] [A-5] [B]
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 30
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 A-5 Notes: A fiduciary of a Benefit
Plan purchasing the Class A-1, A-2, A-3, A-4 or A-5 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

                                     A-5
<PAGE>

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

         [For the Class B Notes: Each person acquiring a Class B 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(g) 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
General Obligations Law), and the

                                      A-6
<PAGE>

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-8

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